| Total | |||
| operating | Operating | ||
| Revenue | profit | margin | |
| \u00a3m | \u00a3m | % | |
Steam Thermal Solutions | 910.1 | 205.2 | 22.5% |
Electric Thermal Solutions | 378.5 | 25.8 | 6.8% |
Watson-Marlow | 394.0 | 81.2 | 20.6% |
Corporate | \u2014 | (27.8) | |
Total | 1,682.6 | 284.4 | 16.9% |
Net financing expense | (39.9) | ||
Share of (loss)/profit of Associate | \u2014 | ||
Profit before tax | 244.5 |
| Total | |||
| operating | Operating | ||
| Revenue | profit | margin | |
| \u00a3m | \u00a3m | % | |
Steam Thermal Solutions | 866.0 | 196.2 | 22.7% |
Electric Thermal Solutions | 256.1 | 7.3 | 2.9% |
Watson-Marlow | 488.5 | 154.4 | 31.6% |
Corporate | \u2014 | (39.1) | |
Total | 1,610.6 | 318.8 | 19.8% |
Net financing expense | (10.7) | ||
Share of (loss)/profit of Associate | \u2014 | ||
Profit before tax | 308.1 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Europe, Middle East and Africa | 718.7 | 649.6 |
Asia Pacific | 357.4 | 384.3 |
Americas | 606.5 | 576.7 |
Total revenue | 1,682.6 | 1,610.6 |
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| Income\ue691 | Expense\ue691 | Net\ue691 | Income | Expense | Net | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Steam Thermal Solutions | 4.1 | (3.3) | 0.8 | 3.6 | (1.8) | 1.8 |
Electric Thermal Solutions | 0.8 | (1.6) | (0.8) | 0.3 | (0.5) | (0.2) |
Watson-Marlow | 0.9 | (1.2) | (0.3) | 0.3 | (0.6) | (0.3) |
Corporate | 5.5 | (45.1) | (39.6) | 1.4 | (13.4) | (12.0) |
Total net financing expense | 11.3 | (51.2) | (39.9) | 5.6 | (16.3) | (10.7) |
| 2023 | 2023 | 2022 | 2022 | |
| Assets | Liabilities | Assets | Liabilities | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Steam Thermal Solutions | 714.1 | (203.7) | 756.8 | (219.2) |
Electric Thermal Solutions | 1,128.8 | (82.7) | 1,171.9 | (80.2) |
Watson-Marlow | 429.3 | (43.6) | 423.8 | (55.3) |
Corporate* | 31.9 | (1.1) | 15.5 | (7.4) |
2,304.1 | (331.1) | 2,368.0 | (362.1) | |
Liabilities | (331.1) | (362.1) | ||
Net deferred tax | (37.2) | (59.1) | ||
Net tax payable | (14.7) | (21.4) | ||
Net debt including lease liabilities | (763.4) | (755.6) | ||
Net assets | 1,157.7 | 1,169.8 |
| 2023 | 2022 | |||
| 2023 | Depreciation, | 2022 | Depreciation, | |
| Capital | amortisation | Capital | amortisation | |
| additions | and\ue691impairment | additions | and impairment | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Steam Thermal Solutions | 48.2 | 47.9 | 43.8 | 32.9 |
Electric Thermal Solutions | 32.2 | 40.3 | 285.4 | 24.7 |
Watson-Marlow | 66.6 | 24.5 | 76.4 | 19.0 |
Corporate* | 14.1 | \u2014 | 3.3 | 4.4 |
Group total | 161.1 | 112.7 | 408.9 | 81.0 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Cost of inventories recognised as an expense | 402.5 | 385.1 |
Staff costs (Note 4) | 630.4 | 570.3 |
Depreciation, amortisation and impairment | 112.7 | 81.0 |
Other operating charges | 252.6 | 255.4 |
Total operating costs | 1,398.2 | 1,291.8 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Cost of inventories recognised as an expense | 402.5 | 385.1 |
Staff costs (Note 4) | 630.4 | 570.3 |
Depreciation, amortisation and impairment | 112.7 | 81.0 |
Other operating charges | 252.6 | 255.4 |
Total operating costs | 1,398.2 | 1,291.8 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Depreciation of property, plant and equipment | (35.5) | (33.2) |
Depreciation of right-of-use assets | (16.2) | (13.5) |
Amortisation of acquired intangibles | (37.2) | (23.7) |
Amortisation of other intangibles | (8.1) | (8.1) |
Non-current asset impairment | (15.7) | (2.5) |
Leases exempt from IFRS 16 (short-term, low value or variable lease payments) | (3.1) | (2.5) |
Exchange difference gains | 1.8 | 5.1 |
(Loss)/profit on disposal of non-current assets | (0.1) | 1.4 |
Research and development | (16.8) | (15.8) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Cost of inventories recognised as an expense | 402.5 | 385.1 |
Staff costs (Note 4) | 630.4 | 570.3 |
Depreciation, amortisation and impairment | 112.7 | 81.0 |
Other operating charges | 252.6 | 255.4 |
Total operating costs | 1,398.2 | 1,291.8 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Cost of inventories recognised as an expense | 402.5 | 385.1 |
Staff costs (Note 4) | 630.4 | 570.3 |
Depreciation, amortisation and impairment | 112.7 | 81.0 |
Other operating charges | 252.6 | 255.4 |
Total operating costs | 1,398.2 | 1,291.8 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Depreciation of property, plant and equipment | (35.5) | (33.2) |
Depreciation of right-of-use assets | (16.2) | (13.5) |
Amortisation of acquired intangibles | (37.2) | (23.7) |
Amortisation of other intangibles | (8.1) | (8.1) |
Non-current asset impairment | (15.7) | (2.5) |
Leases exempt from IFRS 16 (short-term, low value or variable lease payments) | (3.1) | (2.5) |
Exchange difference gains | 1.8 | 5.1 |
(Loss)/profit on disposal of non-current assets | (0.1) | 1.4 |
Research and development | (16.8) | (15.8) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Audit of these Financial Statements | 0.7 | 0.4 |
| Amounts receivable by the Company\u2019s Auditor and its Associates in respect of: | ||
Audit of Financial Statements of subsidiaries of the Company | 1.9 | 1.9 |
Total audit fees\ue691 | 2.6 | 2.3 |
Audit-related assurance services | 0. 2 | 0.1 |
Total non-audit fees\ue691 | 0.2 | 0.1 |
Total Auditor\u2019s remuneration | 2.8 | 2.4 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Cost of inventories recognised as an expense | 402.5 | 385.1 |
Staff costs (Note 4) | 630.4 | 570.3 |
Depreciation, amortisation and impairment | 112.7 | 81.0 |
Other operating charges | 252.6 | 255.4 |
Total operating costs | 1,398.2 | 1,291.8 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Depreciation of property, plant and equipment | (35.5) | (33.2) |
Depreciation of right-of-use assets | (16.2) | (13.5) |
Amortisation of acquired intangibles | (37.2) | (23.7) |
Amortisation of other intangibles | (8.1) | (8.1) |
Non-current asset impairment | (15.7) | (2.5) |
Leases exempt from IFRS 16 (short-term, low value or variable lease payments) | (3.1) | (2.5) |
Exchange difference gains | 1.8 | 5.1 |
(Loss)/profit on disposal of non-current assets | (0.1) | 1.4 |
Research and development | (16.8) | (15.8) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Cost of inventories recognised as an expense | 402.5 | 385.1 |
Staff costs (Note 4) | 630.4 | 570.3 |
Depreciation, amortisation and impairment | 112.7 | 81.0 |
Other operating charges | 252.6 | 255.4 |
Total operating costs | 1,398.2 | 1,291.8 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Depreciation of property, plant and equipment | (35.5) | (33.2) |
Depreciation of right-of-use assets | (16.2) | (13.5) |
Amortisation of acquired intangibles | (37.2) | (23.7) |
Amortisation of other intangibles | (8.1) | (8.1) |
Non-current asset impairment | (15.7) | (2.5) |
Leases exempt from IFRS 16 (short-term, low value or variable lease payments) | (3.1) | (2.5) |
Exchange difference gains | 1.8 | 5.1 |
(Loss)/profit on disposal of non-current assets | (0.1) | 1.4 |
Research and development | (16.8) | (15.8) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Audit of these Financial Statements | 0.7 | 0.4 |
| Amounts receivable by the Company\u2019s Auditor and its Associates in respect of: | ||
Audit of Financial Statements of subsidiaries of the Company | 1.9 | 1.9 |
Total audit fees\ue691 | 2.6 | 2.3 |
Audit-related assurance services | 0. 2 | 0.1 |
Total non-audit fees\ue691 | 0.2 | 0.1 |
Total Auditor\u2019s remuneration | 2.8 | 2.4 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Wages and salaries | 523.1 | 463.2 |
Social security costs | 82.0 | 79.9 |
Pension costs | 29.1 | 29.2 |
Total payroll costs | 634.2 | 572.3 |
2023 | 2022 | |
United Kingdom | 2,608 | 2,699 |
Rest of the world | 7,514 | 6,670 |
Group average | 10,122 | 9,369 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
| Financial expenses | ||
Bank and other borrowing interest payable | (46.9) | (14.0) |
Interest expense on lease liabilities | (2.2) | (1.5) |
Net interest on pension scheme liabilities | (2.1) | (0.8) |
(51.2) | (16.3) | |
| Financial income | ||
Bank interest receivable | 11.3 | 5.6 |
Net financing expense | (39.9) | (10.7) |
Net bank interest | (35.6) | (8.4) |
Interest expense on lease liabilities | (2.2) | (1.5) |
Net interest on pension scheme liabilities | (2.1) | (0.8) |
Net financing expense | (39.9) | (10.7) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
| Financial expenses | ||
Bank and other borrowing interest payable | (46.9) | (14.0) |
Interest expense on lease liabilities | (2.2) | (1.5) |
Net interest on pension scheme liabilities | (2.1) | (0.8) |
(51.2) | (16.3) | |
| Financial income | ||
Bank interest receivable | 11.3 | 5.6 |
Net financing expense | (39.9) | (10.7) |
Net bank interest | (35.6) | (8.4) |
Interest expense on lease liabilities | (2.2) | (1.5) |
Net interest on pension scheme liabilities | (2.1) | (0.8) |
Net financing expense | (39.9) | (10.7) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
| Financial expenses | ||
Bank and other borrowing interest payable | (46.9) | (14.0) |
Interest expense on lease liabilities | (2.2) | (1.5) |
Net interest on pension scheme liabilities | (2.1) | (0.8) |
(51.2) | (16.3) | |
| Financial income | ||
Bank interest receivable | 11.3 | 5.6 |
Net financing expense | (39.9) | (10.7) |
Net bank interest | (35.6) | (8.4) |
Interest expense on lease liabilities | (2.2) | (1.5) |
Net interest on pension scheme liabilities | (2.1) | (0.8) |
Net financing expense | (39.9) | (10.7) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
| Financial expenses | ||
Bank and other borrowing interest payable | (46.9) | (14.0) |
Interest expense on lease liabilities | (2.2) | (1.5) |
Net interest on pension scheme liabilities | (2.1) | (0.8) |
(51.2) | (16.3) | |
| Financial income | ||
Bank interest receivable | 11.3 | 5.6 |
Net financing expense | (39.9) | (10.7) |
Net bank interest | (35.6) | (8.4) |
Interest expense on lease liabilities | (2.2) | (1.5) |
Net interest on pension scheme liabilities | (2.1) | (0.8) |
Net financing expense | (39.9) | (10.7) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
| Financial expenses | ||
Bank and other borrowing interest payable | (46.9) | (14.0) |
Interest expense on lease liabilities | (2.2) | (1.5) |
Net interest on pension scheme liabilities | (2.1) | (0.8) |
(51.2) | (16.3) | |
| Financial income | ||
Bank interest receivable | 11.3 | 5.6 |
Net financing expense | (39.9) | (10.7) |
Net bank interest | (35.6) | (8.4) |
Interest expense on lease liabilities | (2.2) | (1.5) |
Net interest on pension scheme liabilities | (2.1) | (0.8) |
Net financing expense | (39.9) | (10.7) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
| Financial expenses | ||
Bank and other borrowing interest payable | (46.9) | (14.0) |
Interest expense on lease liabilities | (2.2) | (1.5) |
Net interest on pension scheme liabilities | (2.1) | (0.8) |
(51.2) | (16.3) | |
| Financial income | ||
Bank interest receivable | 11.3 | 5.6 |
Net financing expense | (39.9) | (10.7) |
Net bank interest | (35.6) | (8.4) |
Interest expense on lease liabilities | (2.2) | (1.5) |
Net interest on pension scheme liabilities | (2.1) | (0.8) |
Net financing expense | (39.9) | (10.7) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Depreciation of property, plant and equipment | (35.5) | (33.2) |
Depreciation of right-of-use assets | (16.2) | (13.5) |
Amortisation of acquired intangibles | (37.2) | (23.7) |
Amortisation of other intangibles | (8.1) | (8.1) |
Non-current asset impairment | (15.7) | (2.5) |
Leases exempt from IFRS 16 (short-term, low value or variable lease payments) | (3.1) | (2.5) |
Exchange difference gains | 1.8 | 5.1 |
(Loss)/profit on disposal of non-current assets | (0.1) | 1.4 |
Research and development | (16.8) | (15.8) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Audit of these Financial Statements | 0.7 | 0.4 |
| Amounts receivable by the Company\u2019s Auditor and its Associates in respect of: | ||
Audit of Financial Statements of subsidiaries of the Company | 1.9 | 1.9 |
Total audit fees\ue691 | 2.6 | 2.3 |
Audit-related assurance services | 0. 2 | 0.1 |
Total non-audit fees\ue691 | 0.2 | 0.1 |
Total Auditor\u2019s remuneration | 2.8 | 2.4 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Audit of these Financial Statements | 0.7 | 0.4 |
| Amounts receivable by the Company\u2019s Auditor and its Associates in respect of: | ||
Audit of Financial Statements of subsidiaries of the Company | 1.9 | 1.9 |
Total audit fees\ue691 | 2.6 | 2.3 |
Audit-related assurance services | 0. 2 | 0.1 |
Total non-audit fees\ue691 | 0.2 | 0.1 |
Total Auditor\u2019s remuneration | 2.8 | 2.4 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Salaries and short-term benefits | 2.4 | 2.9 |
Post-retirement benefits | 0.1 | 0.2 |
Share-based payments | 0.3 | 2.0 |
Total Directors\u2019 remuneration | 2.8 | 5.1 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
| Analysis of charge in the year | ||
| UK corporation tax: | ||
Current tax on income for the year | 9.4 | 7.1 |
Adjustments in respect of prior years | (0.1) | (0.7) |
9.3 | 6.4 | |
| Foreign tax: | ||
Current tax on income for the year | 75.3 | 88.6 |
Adjustments in respect of prior years | (0.7) | (1.3) |
74.6 | 8 7.3 | |
Total current tax charge/(credit) | 83.9 | 93.7 |
| UK deferred tax: | ||
Origination and reversal of timing differences | (11.4) | (0.4) |
Adjustment in respect of prior years | 0.7 | (0.7) |
(10.7) | (1.1) | |
| Foreign deferred tax: | ||
Origination and reversal of timing differences | (8.6) | (11.9) |
Adjustment in respect of prior years | (4.1) | 2.4 |
(12.7) | (9.5) | |
Total deferred tax (credit)/charge | (23.4) | (10.6) |
Tax on profit on ordinary activities | 60.5 | 83.1 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Profit before tax and share of profit/(loss)\ue691of\ue691Associate | 244.5 | 308.1 |
Expected tax at blended rate of 26.6% (2022 : 25.5%) | 65.0 | 78.7 |
Increased withholding tax on overseas dividends | 7.6 | 6.2 |
Non-deductible expenditure | 0.8 | 3.6 |
Overprovided in prior years | (4.2) | (0.3) |
Other reconciling items | (8.7) | (5.1) |
Total tax in Consolidated Income Statement\ue691 | 60.5 | 83.1 |
Effective tax rate\ue691 | 24.7% | 27.0% |
| 1st January | Recognised | Recognised | Recognised | 31st December\ue691 | ||
| 2023 | in income | in OCI | in equity | Acquisitions | 2023 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Accelerated capital allowances | (22.8) | 1.4 | \u2014 | 0.4 | \u2014 | (21.0) |
Provisions | 11.8 | (0.7) | \u2014 | (0.7) | \u2014 | 10.4 |
Losses | 16.2 | 11.3 | \u2014 | \u2014 | \u2014 | 2 7.5 |
Inventory | 7.3 | (0.9) | \u2014 | (0.1) | \u2014 | 6.3 |
Pensions | 13.2 | (0.7) | 1.1 | (0.3) | \u2014 | 13.3 |
Acquired intangibles | (91.0) | 9.2 | \u2014 | 2.3 | (0.8) | (80.3) |
Leases - right of use assets* | (14.4) | (7.3) | \u2014 | 0.6 | \u2014 | (21.1) |
Leases - liabilities* | 15.1 | 7.1 | \u2014 | (0.6) | \u2014 | 21.6 |
Other temporary differences | 5.5 | 4.0 | (2.1) | (1.3) | \u2014 | 6.1 |
Group total | (59.1) | 23.4 | (1.0) | 0.3 | (0.8) | (37.2) |
| 1st January | Recognised | Recognised | Recognised | 31st December | ||
| 2022 | in income | in OCI | in equity | Acquisitions | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Accelerated capital allowances | (12.3) | (9.9) | \u2014 | (0.4) | (0.2) | (22.8) |
Provisions | 8.1 | 3.4 | (0.4) | 0.5 | 0.2 | 11.8 |
Losses | 5.6 | 9.5 | \u2014 | 0.1 | 1.0 | 16.2 |
Inventory | 5.0 | 2.3 | \u2014 | \u2014 | \u2014 | 7.3 |
Pensions | 12.0 | (1.5) | 1.7 | 0.7 | 0.3 | 13.2 |
Acquired intangibles | (55.0) | 4.1 | (2.3) | (5.6) | (32.2) | (91.0) |
Leases - right of use assets* | (13.5) | 0.8 | \u2014 | (0.6) | (1.1) | (14.4) |
Leases - liabilities* | 14.1 | (0.7) | \u2014 | 0.6 | 1.1 | 15.1 |
Other temporary differences | 0.3 | 2.6 | 2.8 | (0.4) | 0.2 | 5.5 |
Group total | (35.7) | 10.6 | 1.8 | (5.1) | (30.7) | (59.1) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Deferred tax asset | 31.0 | 69.0 |
Deferred tax liability | (68.2) | (128.1) |
Net deferred tax liability | (37.2) | (59.1) |
2023 | 2022 | |
Profit attributable to equity shareholders (\u00a3m) | 183.6 | 224.7 |
Weighted average shares (million) | 73.6 | 73.6 |
Dilution (million) | 0.2 | 0.2 |
Diluted weighted average shares (million) | 73.8 | 73.8 |
Basic earnings per share | 249.5p | 305.1p |
Diluted earnings per share | 248.9p | 304.4p |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
| Amounts paid in the year: | ||
Final dividend for the year ended 31st December 2022 of 109.5p (2021: 97.5p) per share | 80.7 | 71.9 |
Interim dividend for the year ended 31st December 2023 of 46.0p (2022: 42.5p) per share | 33.8 | 31.2 |
Total dividends paid | 114.5 | 103.1 |
| Amounts arising in respect of the year: | ||
Interim dividend for the year ended 31st December 2023 of 46.0p (2022: 42.5p) per share | 33.8 | 31.2 |
Proposed final dividend for the year ended 31st December 2023 of 114 . 0p (2022: 109. 5p) per share | 84.0 | 80.8 |
Total dividends arising | 117 .8 | 112. 0 |
| Associate | Associate | |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Cost of investment | 3.0\ue691 | 1.4 |
Share of equity | \u2014 | (1.4) |
Total investment in Associate | 3.0 | \u2014 |
Profit for the year | \u2014 | 0.1 |
| Country of incorporation | Proportion of ownership interest and\ue691 | ||
| Name of Associate | and operation | voting power held | Principal activity |
Kyoto Group AS | Norway | 15.0% | Manufacturing and selling |
| Country of incorporation | Proportion of ownership interest and | ||
| Name of Associate | and operation | voting power held | Principal activity |
Econotherm (UK) Ltd | UK | 14.7% | Manufacturing and selling |
| Associate | Associate | |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Cost of investment | 3.0\ue691 | 1.4 |
Share of equity | \u2014 | (1.4) |
Total investment in Associate | 3.0 | \u2014 |
Profit for the year | \u2014 | 0.1 |
| Country of incorporation | Proportion of ownership interest and\ue691 | ||
| Name of Associate | and operation | voting power held | Principal activity |
Kyoto Group AS | Norway | 15.0% | Manufacturing and selling |
| Country of incorporation | Proportion of ownership interest and | ||
| Name of Associate | and operation | voting power held | Principal activity |
Econotherm (UK) Ltd | UK | 14.7% | Manufacturing and selling |
| Associate | Associate | |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Cost of investment | 3.0\ue691 | 1.4 |
Share of equity | \u2014 | (1.4) |
Total investment in Associate | 3.0 | \u2014 |
Profit for the year | \u2014 | 0.1 |
| Country of incorporation | Proportion of ownership interest and\ue691 | ||
| Name of Associate | and operation | voting power held | Principal activity |
Kyoto Group AS | Norway | 15.0% | Manufacturing and selling |
| Country of incorporation | Proportion of ownership interest and | ||
| Name of Associate | and operation | voting power held | Principal activity |
Econotherm (UK) Ltd | UK | 14.7% | Manufacturing and selling |
| Fixtures, | ||||||
| Freehold | Leasehold | fittings, | ||||
| land and | land and | Plant and | tools and | Assets under | ||
| buildings | buildings | machinery | equipment | construction | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | ||||||
At 1st January 2023 | 165.1 | 53.6 | 244.4 | 121.5 | 58.2 | 642.8 |
Exchange adjustments | (4.4) | (3.3) | (6.6) | (4.5) | (2.0) | (20.8) |
160.7 | 50.3 | 237.8 | 117.0 | 56.2 | 622.0 | |
Additions | 3.4 | 1.3 | 27.9 | 10.6 | 40.8 | 84.0 |
Transfers | 35.9 | \u2014 | 3.1 | 5.5 | (45.8) | (1.3) |
Disposals | (2.4) | (1.4) | (14.9) | (7.8) | (0.4) | (26.9) |
At 31st December 2023 | 197.6 | 50.2 | 253.9 | 125.3 | 50.8 | 67 7.8 |
| Depreciation: | ||||||
At 1st January 2023 | 38.5 | 12.9 | 139.2 | 67.7 | \u2014 | 258.3 |
Exchange adjustments | (1.1) | (0.8) | (3.7) | (2.2) | \u2014 | (7.8) |
37.4 | 12.1 | 135.5 | 65.5 | \u2014 | 250.5 | |
Charged in year | 4.8 | 2.1 | 17.2 | 11.4 | \u2014 | 35. 5 |
Impairment | \u2014 | \u2014 | 1.8 | \u2014 | \u2014 | 1.8 |
Transfers | \u2014 | \u2014 | (0.2) | 0.3 | \u2014 | 0.1 |
Disposals | (2.4) | (1.4) | (13.6) | (7.8) | \u2014 | (25.2) |
At 31st December 2023 | 39.8 | 12.8 | 140.7 | 69.4 | \u2014 | 262.7 |
| Net book value: | ||||||
At 31st December 2023 | 157.8 | 37.4 | 113.2 | 55.9 | 50.8 | 415.1 |
| Fixtures, | ||||||
| Freehold | Leasehold | fittings, | ||||
| land and | land and | Plant and | tools and | Assets under | ||
| buildings | buildings | machinery | equipment | construction | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | ||||||
At 1st January 2022 | 157.7 | 40.8 | 204.2 | 89.4 | 22.3 | 514.4 |
Exchange adjustments | 6.1 | 1.7 | 9.0 | 3.1 | 1.8 | 21.7 |
163.8 | 42.5 | 213.2 | 92.5 | 24.1 | 536.1 | |
Acquisitions | 7.3 | 9.4 | 11.2 | 2.1 | 0.7 | 30.7 |
Additions | 2.8 | 1.4 | 23.1 | 1 7.1 | 59.9 | 104.3 |
Transfers | \u2014 | 0.7 | 7.9 | 17.5 | (26.4) | (0.3) |
Disposal of subsidiaries | \u2014 | (0.3) | (0.6) | (0.3) | \u2014 | (1.2) |
Disposals | (8.8) | (0.1) | (10.4) | (7.4) | (0.1) | (26.8) |
At 31st December 2022 | 165.1 | 53.6 | 244.4 | 121.5 | 58.2 | 642.8 |
| Depreciation: | ||||||
At 1st January 2022 | 36.9 | 10.9 | 127.4 | 61.8 | \u2014 | 237.0 |
Exchange adjustments | 1.8 | 0.5 | 5.9 | 2.7 | \u2014 | 10.9 |
38.7 | 11.4 | 133.3 | 64.5 | \u2014 | 247.9 | |
Charged in year | 6.4 | 1.8 | 15.5 | 9.5 | \u2014 | 33.2 |
Impairment | 2.1 | \u2014 | 0.4 | \u2014 | \u2014 | 2.5 |
Transfers | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Disposals of subsidiaries | \u2014 | (0.3) | (0.4) | (0.2) | \u2014 | (0.9) |
Disposals | (8.7) | \u2014 | (9.6) | (6.1) | \u2014 | (24.4) |
At 31st December 2022 | 38.5 | 12.9 | 139.2 | 67.7 | \u2014 | 258.3 |
| Net book value: | ||||||
At 31st December 2022 | 126.6 | 40.7 | 105.2 | 53.8 | 58.2 | 384.5 |
| Leased fixtures, | ||||
| Leased land | Leased plant | fittings, tools | Total right-of- | |
| and buildings | and machinery | and equipment | use assets | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | ||||
At 1st January 2023 | 86.2 | 21.6 | 3.1 | 110.9 |
Exchange adjustments | (3.1) | (0.6) | (0.2) | (3.9) |
83.1 | 21.0 | 2.9 | 107.0 | |
Additions | 44.4 | 7.4 | 0.3 | 52.1 |
Disposals | (7.4) | (4.0) | (0.6) | (12.0) |
At 31st December 2023 | 120.1 | 24.4 | 2.6 | 147.1 |
| Depreciation: | ||||
| At 1st January 2023 | 28.2 | 13.3 | 2.2 | 43 .7 |
Exchange adjustments | (0.9) | (0.4) | (0.1) | (1.4) |
27.3 | 12.9 | 2.1 | 42.3 | |
Charged in the year | 11.5 | 4.5 | 0.2 | 16.2 |
Disposals | (5.9) | (3.3) | (0.6) | (9.8) |
At 31st December 2023 | 32.9 | 14.1 | 1.7 | 48.7 |
| Net book value: | ||||
At 31st December 2023 | 87.2 | 10.3 | 0.9 | 98.4 |
| Leased fixtures, | ||||
| Leased land | Leased plant | fittings, tools | Total right-of- | |
| and buildings | and machinery | and equipment | use assets | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | ||||
At 1st January 2022 | 73.9 | 17.2 | 2.4 | 93.5 |
Exchange adjustments | 3.9 | 1.0 | 0.2 | 5.1 |
77.8 | 18.2 | 2.6 | 98.6 | |
Acquisitions | 3.8 | 0.1 | 0.2 | 4.1 |
Additions | 6.5 | 4.7 | 0.3 | 11.5 |
Disposals | (1.9) | (1.4) | \u2014 | (3.3) |
At 31st December 2022 | 86.2 | 21.6 | 3.1 | 110.9 |
| Depreciation: | ||||
At 1st January 2022 | 19.0 | 9.8 | 1.8 | 30.6 |
Exchange adjustments | 1.6 | 0.6 | 0.1 | 2.3 |
20.6 | 10.4 | 1.9 | 32.9 | |
Charged in the year | 9.1 | 4.1 | 0.3 | 13.5 |
Disposals | (1.5) | (1.2) | \u2014 | (2.7) |
At 31st December 2022 | 28.2 | 13.3 | 2.2 | 43.7 |
| Net book value: | ||||
At 31st December 2022 | 58.0 | 8.3 | 0.9 | 67.2 |
| 31st\ue691 | 31st | |
| December | December | |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Depreciation expense on right-of-use assets | 16.2 | 13.5 |
Interest expense on lease liabilities | 2.2 | 1.5 |
Expense relating to short-term leases | 1.9 | 1.9 |
Expense relating to leases of low value assets | 0.9 | 0.4 |
Expense relating to variable lease payments not included in the measurement of the lease liability | 0.3 | 0.2 |
Income from sublease right-of-use assets | (0.1) | (0.2) |
Total impact on profit before tax | 21.4 | 17.3 |
| Leased fixtures, | ||||
| Leased land | Leased plant | fittings, tools | Total right-of- | |
| and buildings | and machinery | and equipment | use assets | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | ||||
At 1st January 2023 | 86.2 | 21.6 | 3.1 | 110.9 |
Exchange adjustments | (3.1) | (0.6) | (0.2) | (3.9) |
83.1 | 21.0 | 2.9 | 107.0 | |
Additions | 44.4 | 7.4 | 0.3 | 52.1 |
Disposals | (7.4) | (4.0) | (0.6) | (12.0) |
At 31st December 2023 | 120.1 | 24.4 | 2.6 | 147.1 |
| Depreciation: | ||||
| At 1st January 2023 | 28.2 | 13.3 | 2.2 | 43 .7 |
Exchange adjustments | (0.9) | (0.4) | (0.1) | (1.4) |
27.3 | 12.9 | 2.1 | 42.3 | |
Charged in the year | 11.5 | 4.5 | 0.2 | 16.2 |
Disposals | (5.9) | (3.3) | (0.6) | (9.8) |
At 31st December 2023 | 32.9 | 14.1 | 1.7 | 48.7 |
| Net book value: | ||||
At 31st December 2023 | 87.2 | 10.3 | 0.9 | 98.4 |
| Leased fixtures, | ||||
| Leased land | Leased plant | fittings, tools | Total right-of- | |
| and buildings | and machinery | and equipment | use assets | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | ||||
At 1st January 2022 | 73.9 | 17.2 | 2.4 | 93.5 |
Exchange adjustments | 3.9 | 1.0 | 0.2 | 5.1 |
77.8 | 18.2 | 2.6 | 98.6 | |
Acquisitions | 3.8 | 0.1 | 0.2 | 4.1 |
Additions | 6.5 | 4.7 | 0.3 | 11.5 |
Disposals | (1.9) | (1.4) | \u2014 | (3.3) |
At 31st December 2022 | 86.2 | 21.6 | 3.1 | 110.9 |
| Depreciation: | ||||
At 1st January 2022 | 19.0 | 9.8 | 1.8 | 30.6 |
Exchange adjustments | 1.6 | 0.6 | 0.1 | 2.3 |
20.6 | 10.4 | 1.9 | 32.9 | |
Charged in the year | 9.1 | 4.1 | 0.3 | 13.5 |
Disposals | (1.5) | (1.2) | \u2014 | (2.7) |
At 31st December 2022 | 28.2 | 13.3 | 2.2 | 43.7 |
| Net book value: | ||||
At 31st December 2022 | 58.0 | 8.3 | 0.9 | 67.2 |
| 31st\ue691 | 31st | |
| December | December | |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Depreciation expense on right-of-use assets | 16.2 | 13.5 |
Interest expense on lease liabilities | 2.2 | 1.5 |
Expense relating to short-term leases | 1.9 | 1.9 |
Expense relating to leases of low value assets | 0.9 | 0.4 |
Expense relating to variable lease payments not included in the measurement of the lease liability | 0.3 | 0.2 |
Income from sublease right-of-use assets | (0.1) | (0.2) |
Total impact on profit before tax | 21.4 | 17.3 |
| Acquired | Development\ue691 | Computer | Total other | ||
| intangibles | costs | software | intangibles | Goodwill | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | |||||
At 1st January 2023 | 632.6 | 34.9 | 88.6 | 756.1 | 710.8 |
Exchange and other adjustments | (19.8) | (0.2) | (2.9) | (22.9) | (22.6) |
612.8 | 34.7 | 85.7 | 733.2 | 688.2 | |
Additions | 3.6 | 7.2 | 14.2 | 25.0 | \u2014 |
Transfers from property, plant and equipment | \u2014 | 1.7 | (0.4) | 1.3 | \u2014 |
Disposals | \u2014 | (7.1) | (1.7) | (8.8) | \u2014 |
At 31st December 2023 | 616.4 | 36.5 | 97.8 | 750.7 | 688.2 |
| Amortisation: | |||||
At 1st January 2023 | 176.8 | 22.0 | 57.0 | 255.8 | 7.5 |
Exchange adjustments | (4.1) | (0.1) | (1.5) | (5.7) | 0.2 |
172.7 | 21.9 | 55.5 | 250.1 | 7.7 | |
Charged in the year | 37.2 | 3.0 | 5.1 | 45.3 | \u2014 |
Impairment | \u2014 | \u2014 | 13.9 | 13.9 | \u2014 |
Transfers from property, plant and equipment | \u2014 | \u2014 | (0.1) | (0.1) | \u2014 |
Disposals | \u2014 | (5.6) | (1.7) | (7.3) | \u2014 |
At 31st December 2023 | 209.9 | 19.3 | 72.7 | 301.9 | 7.7 |
| Net book value: | |||||
At 31st December 2023 | 406.5 | 17.2 | 25.1 | 448.8 | 680.5 |
| Acquired | Development | Computer | Total other | ||
| intangibles | costs | software | intangibles | Goodwill | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | |||||
At 1st January 2022 | 359.2 | 30.2 | 78.0 | 467.4 | 418.4 |
Exchange and other adjustments | 28.8 | 0.3 | 1.7 | 30.8 | 33.1 |
388.0 | 30.5 | 79.7 | 498.2 | 451.5 | |
Acquisitions | 244.6 | 0.1 | 0.4 | 245.1 | 259.3 |
Additions | \u2014 | 4.3 | 8.9 | 13.2 | \u2014 |
Transfers from property, plant and equipment | \u2014 | \u2014 | 0.3 | 0.3 | \u2014 |
Disposal of subsidiary | \u2014 | \u2014 | (0.3) | (0.3) | \u2014 |
Disposals | \u2014 | \u2014 | (0.4) | (0.4) | \u2014 |
At 31st December 2022 | 632.6 | 34.9 | 88.6 | 756.1 | 710.8 |
| Amortisation: | |||||
At 1st January 2022 | 142.4 | 19.5 | 49.8 | 211.7 | 7. 2 |
Exchange adjustments | 10.7 | 0.2 | 2.0 | 12.9 | 0.3 |
153.1 | 19.7 | 51.8 | 224.6 | 7.5 | |
Charged in the year | 23.7 | 2.3 | 5.8 | 31.8 | \u2014 |
Disposal of subsidiary | \u2014 | \u2014 | (0.3) | (0.3) | \u2014 |
Disposals | \u2014 | \u2014 | (0.3) | (0.3) | \u2014 |
At 31st December 2022 | 176.8 | 22.0 | 57.0 | 255.8 | 7.5 |
| Net book value: | |||||
At 31st December 2022 | 455.8 | 12.9 | 31.6 | 500.3 | 703.3 |
| Manufacturing | |||||
| Brand names | designs and | Non-compete | Total | ||
| Customer | and\ue691 | core\ue691 | undertakings | acquired | |
| relationships | trademarks | technology | and other | intangibles | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | |||||
At 1st January 2023 | 181.9 | 338.1 | 84.2 | 28.4 | 632.6 |
Exchange and other adjustments | (5.9) | (11.4) | (2.3) | (0.2) | (19.8) |
176.0 | 326.7 | 81.9 | 28.2 | 612.8 | |
Additions | 3.6 | \u2014 | \u2014 | \u2014 | 3.6 |
At 31st December 2023 | 179.6 | 326.7 | 81.9 | 28.2 | 616.4 |
| Amortisation and impairment: | |||||
At 1st January 2023 | 51.9 | 6 7.0 | 34 .8 | 23.1 | 176.8 |
Exchange adjustments | (1.0) | (2.4) | (0.5) | (0.2) | (4.1) |
50.9 | 64.6 | 34.3 | 22.9 | 172.7 | |
Amortisation and impairment | 11.9 | 17.1 | 4.6 | 3.6 | 37.2 |
At 31st December 2023 | 62.8 | 81.7 | 38.9 | 26.5 | 209.9 |
| Net book value: | |||||
At 31st December 2023 | 116.8 | 245.0 | 43.0 | 1.7 | 406.5 |
| Manufacturing | |||||
| Brand names | designs | Non-compete | Total | ||
| Customer | and | and core | undertakings | acquired | |
| relationships | trademarks | technology | and other | intangibles | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | |||||
At 1st January 2022 | 87.1 | 190.2 | 60.2 | 21.7 | 359.2 |
Exchange and other adjustments | 5.0 | 19.0 | 3.9 | 0.9 | 28.8 |
92.1 | 209.2 | 64.1 | 22.6 | 388.0 | |
Acquisitions | 89.8 | 128.9 | 20.1 | 5.8 | 244.6 |
At 31st December 2022 | 181.9 | 338.1 | 84.2 | 28.4 | 632.6 |
| Amortisation and impairment: | |||||
At 1st January 2022 | 42.2 | 49.9 | 28.6 | 21.7 | 142.4 |
Exchange adjustments | 2.9 | 5.0 | 1.8 | 1.0 | 10.7 |
45.1 | 54.9 | 30.4 | 22.7 | 153.1 | |
Amortisation and impairment | 6.8 | 12.1 | 4.4 | 0.4 | 23.7 |
At 31st December 2022 | 51.9 | 67.0 | 34.8 | 23.1 | 176.8 |
| Net book value: | |||||
At 31st December 2022 | 130.0 | 271.1 | 49.4 | 5.3 | 455.8 |
| 2023 | 2022 | |
| Goodwill | Goodwill | |
| \u00a3m | \u00a3m | |
Steam Thermal Solutions | 125.8 | 127.4 |
Electric Thermal Solutions | 494.7 | 514.9 |
Watson-Marlow | 60.0 | 61.0 |
Total goodwill | 680.5 | 703.3 |
| Period of | Period of | |||||||
| 2023 | annual\ue691 | 2022 | annual | |||||
| Short to | 2023 | cashflow\ue691 | Short to | 2022 | cashflow | |||
| 2023 | medium-term | Long-term | forecast | 2022 | medium-term | Long-term | forecast | |
| Operating segment | Discount rate | growth rate | growth rate | (years) | Discount rate | growth rate | growth rate | (years) |
Steam Thermal Solutions | 13.7% | 5.0% \u2013 6.3%\ue691 | 3.8% | 5 | 14.1% | 5.5%\u201310.5% | 3.1% | 5 |
Electric Thermal Solutions | 11.3% | 6.3% \u2013 17.1% | 3.2% | 5 | 11.3% | 5.9%\u201310.1% | 2.4% | 8 |
Watson-Marlow | 12.6% 11.0% \u2013 11.4% | 3.5% | 5 | 12.0% | (1.0)%\u201312.4% | 2.7% | 5 |
| Acquired | Development\ue691 | Computer | Total other | ||
| intangibles | costs | software | intangibles | Goodwill | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | |||||
At 1st January 2023 | 632.6 | 34.9 | 88.6 | 756.1 | 710.8 |
Exchange and other adjustments | (19.8) | (0.2) | (2.9) | (22.9) | (22.6) |
612.8 | 34.7 | 85.7 | 733.2 | 688.2 | |
Additions | 3.6 | 7.2 | 14.2 | 25.0 | \u2014 |
Transfers from property, plant and equipment | \u2014 | 1.7 | (0.4) | 1.3 | \u2014 |
Disposals | \u2014 | (7.1) | (1.7) | (8.8) | \u2014 |
At 31st December 2023 | 616.4 | 36.5 | 97.8 | 750.7 | 688.2 |
| Amortisation: | |||||
At 1st January 2023 | 176.8 | 22.0 | 57.0 | 255.8 | 7.5 |
Exchange adjustments | (4.1) | (0.1) | (1.5) | (5.7) | 0.2 |
172.7 | 21.9 | 55.5 | 250.1 | 7.7 | |
Charged in the year | 37.2 | 3.0 | 5.1 | 45.3 | \u2014 |
Impairment | \u2014 | \u2014 | 13.9 | 13.9 | \u2014 |
Transfers from property, plant and equipment | \u2014 | \u2014 | (0.1) | (0.1) | \u2014 |
Disposals | \u2014 | (5.6) | (1.7) | (7.3) | \u2014 |
At 31st December 2023 | 209.9 | 19.3 | 72.7 | 301.9 | 7.7 |
| Net book value: | |||||
At 31st December 2023 | 406.5 | 17.2 | 25.1 | 448.8 | 680.5 |
| Acquired | Development | Computer | Total other | ||
| intangibles | costs | software | intangibles | Goodwill | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | |||||
At 1st January 2022 | 359.2 | 30.2 | 78.0 | 467.4 | 418.4 |
Exchange and other adjustments | 28.8 | 0.3 | 1.7 | 30.8 | 33.1 |
388.0 | 30.5 | 79.7 | 498.2 | 451.5 | |
Acquisitions | 244.6 | 0.1 | 0.4 | 245.1 | 259.3 |
Additions | \u2014 | 4.3 | 8.9 | 13.2 | \u2014 |
Transfers from property, plant and equipment | \u2014 | \u2014 | 0.3 | 0.3 | \u2014 |
Disposal of subsidiary | \u2014 | \u2014 | (0.3) | (0.3) | \u2014 |
Disposals | \u2014 | \u2014 | (0.4) | (0.4) | \u2014 |
At 31st December 2022 | 632.6 | 34.9 | 88.6 | 756.1 | 710.8 |
| Amortisation: | |||||
At 1st January 2022 | 142.4 | 19.5 | 49.8 | 211.7 | 7. 2 |
Exchange adjustments | 10.7 | 0.2 | 2.0 | 12.9 | 0.3 |
153.1 | 19.7 | 51.8 | 224.6 | 7.5 | |
Charged in the year | 23.7 | 2.3 | 5.8 | 31.8 | \u2014 |
Disposal of subsidiary | \u2014 | \u2014 | (0.3) | (0.3) | \u2014 |
Disposals | \u2014 | \u2014 | (0.3) | (0.3) | \u2014 |
At 31st December 2022 | 176.8 | 22.0 | 57.0 | 255.8 | 7.5 |
| Net book value: | |||||
At 31st December 2022 | 455.8 | 12.9 | 31.6 | 500.3 | 703.3 |
| Manufacturing | |||||
| Brand names | designs and | Non-compete | Total | ||
| Customer | and\ue691 | core\ue691 | undertakings | acquired | |
| relationships | trademarks | technology | and other | intangibles | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | |||||
At 1st January 2023 | 181.9 | 338.1 | 84.2 | 28.4 | 632.6 |
Exchange and other adjustments | (5.9) | (11.4) | (2.3) | (0.2) | (19.8) |
176.0 | 326.7 | 81.9 | 28.2 | 612.8 | |
Additions | 3.6 | \u2014 | \u2014 | \u2014 | 3.6 |
At 31st December 2023 | 179.6 | 326.7 | 81.9 | 28.2 | 616.4 |
| Amortisation and impairment: | |||||
At 1st January 2023 | 51.9 | 6 7.0 | 34 .8 | 23.1 | 176.8 |
Exchange adjustments | (1.0) | (2.4) | (0.5) | (0.2) | (4.1) |
50.9 | 64.6 | 34.3 | 22.9 | 172.7 | |
Amortisation and impairment | 11.9 | 17.1 | 4.6 | 3.6 | 37.2 |
At 31st December 2023 | 62.8 | 81.7 | 38.9 | 26.5 | 209.9 |
| Net book value: | |||||
At 31st December 2023 | 116.8 | 245.0 | 43.0 | 1.7 | 406.5 |
| Manufacturing | |||||
| Brand names | designs | Non-compete | Total | ||
| Customer | and | and core | undertakings | acquired | |
| relationships | trademarks | technology | and other | intangibles | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | |||||
At 1st January 2022 | 87.1 | 190.2 | 60.2 | 21.7 | 359.2 |
Exchange and other adjustments | 5.0 | 19.0 | 3.9 | 0.9 | 28.8 |
92.1 | 209.2 | 64.1 | 22.6 | 388.0 | |
Acquisitions | 89.8 | 128.9 | 20.1 | 5.8 | 244.6 |
At 31st December 2022 | 181.9 | 338.1 | 84.2 | 28.4 | 632.6 |
| Amortisation and impairment: | |||||
At 1st January 2022 | 42.2 | 49.9 | 28.6 | 21.7 | 142.4 |
Exchange adjustments | 2.9 | 5.0 | 1.8 | 1.0 | 10.7 |
45.1 | 54.9 | 30.4 | 22.7 | 153.1 | |
Amortisation and impairment | 6.8 | 12.1 | 4.4 | 0.4 | 23.7 |
At 31st December 2022 | 51.9 | 67.0 | 34.8 | 23.1 | 176.8 |
| Net book value: | |||||
At 31st December 2022 | 130.0 | 271.1 | 49.4 | 5.3 | 455.8 |
| 2023 | 2022 | |
| Goodwill | Goodwill | |
| \u00a3m | \u00a3m | |
Steam Thermal Solutions | 125.8 | 127.4 |
Electric Thermal Solutions | 494.7 | 514.9 |
Watson-Marlow | 60.0 | 61.0 |
Total goodwill | 680.5 | 703.3 |
| Period of | Period of | |||||||
| 2023 | annual\ue691 | 2022 | annual | |||||
| Short to | 2023 | cashflow\ue691 | Short to | 2022 | cashflow | |||
| 2023 | medium-term | Long-term | forecast | 2022 | medium-term | Long-term | forecast | |
| Operating segment | Discount rate | growth rate | growth rate | (years) | Discount rate | growth rate | growth rate | (years) |
Steam Thermal Solutions | 13.7% | 5.0% \u2013 6.3%\ue691 | 3.8% | 5 | 14.1% | 5.5%\u201310.5% | 3.1% | 5 |
Electric Thermal Solutions | 11.3% | 6.3% \u2013 17.1% | 3.2% | 5 | 11.3% | 5.9%\u201310.1% | 2.4% | 8 |
Watson-Marlow | 12.6% 11.0% \u2013 11.4% | 3.5% | 5 | 12.0% | (1.0)%\u201312.4% | 2.7% | 5 |
| Acquired | Development\ue691 | Computer | Total other | ||
| intangibles | costs | software | intangibles | Goodwill | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | |||||
At 1st January 2023 | 632.6 | 34.9 | 88.6 | 756.1 | 710.8 |
Exchange and other adjustments | (19.8) | (0.2) | (2.9) | (22.9) | (22.6) |
612.8 | 34.7 | 85.7 | 733.2 | 688.2 | |
Additions | 3.6 | 7.2 | 14.2 | 25.0 | \u2014 |
Transfers from property, plant and equipment | \u2014 | 1.7 | (0.4) | 1.3 | \u2014 |
Disposals | \u2014 | (7.1) | (1.7) | (8.8) | \u2014 |
At 31st December 2023 | 616.4 | 36.5 | 97.8 | 750.7 | 688.2 |
| Amortisation: | |||||
At 1st January 2023 | 176.8 | 22.0 | 57.0 | 255.8 | 7.5 |
Exchange adjustments | (4.1) | (0.1) | (1.5) | (5.7) | 0.2 |
172.7 | 21.9 | 55.5 | 250.1 | 7.7 | |
Charged in the year | 37.2 | 3.0 | 5.1 | 45.3 | \u2014 |
Impairment | \u2014 | \u2014 | 13.9 | 13.9 | \u2014 |
Transfers from property, plant and equipment | \u2014 | \u2014 | (0.1) | (0.1) | \u2014 |
Disposals | \u2014 | (5.6) | (1.7) | (7.3) | \u2014 |
At 31st December 2023 | 209.9 | 19.3 | 72.7 | 301.9 | 7.7 |
| Net book value: | |||||
At 31st December 2023 | 406.5 | 17.2 | 25.1 | 448.8 | 680.5 |
| Acquired | Development | Computer | Total other | ||
| intangibles | costs | software | intangibles | Goodwill | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | |||||
At 1st January 2022 | 359.2 | 30.2 | 78.0 | 467.4 | 418.4 |
Exchange and other adjustments | 28.8 | 0.3 | 1.7 | 30.8 | 33.1 |
388.0 | 30.5 | 79.7 | 498.2 | 451.5 | |
Acquisitions | 244.6 | 0.1 | 0.4 | 245.1 | 259.3 |
Additions | \u2014 | 4.3 | 8.9 | 13.2 | \u2014 |
Transfers from property, plant and equipment | \u2014 | \u2014 | 0.3 | 0.3 | \u2014 |
Disposal of subsidiary | \u2014 | \u2014 | (0.3) | (0.3) | \u2014 |
Disposals | \u2014 | \u2014 | (0.4) | (0.4) | \u2014 |
At 31st December 2022 | 632.6 | 34.9 | 88.6 | 756.1 | 710.8 |
| Amortisation: | |||||
At 1st January 2022 | 142.4 | 19.5 | 49.8 | 211.7 | 7. 2 |
Exchange adjustments | 10.7 | 0.2 | 2.0 | 12.9 | 0.3 |
153.1 | 19.7 | 51.8 | 224.6 | 7.5 | |
Charged in the year | 23.7 | 2.3 | 5.8 | 31.8 | \u2014 |
Disposal of subsidiary | \u2014 | \u2014 | (0.3) | (0.3) | \u2014 |
Disposals | \u2014 | \u2014 | (0.3) | (0.3) | \u2014 |
At 31st December 2022 | 176.8 | 22.0 | 57.0 | 255.8 | 7.5 |
| Net book value: | |||||
At 31st December 2022 | 455.8 | 12.9 | 31.6 | 500.3 | 703.3 |
| Manufacturing | |||||
| Brand names | designs and | Non-compete | Total | ||
| Customer | and\ue691 | core\ue691 | undertakings | acquired | |
| relationships | trademarks | technology | and other | intangibles | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | |||||
At 1st January 2023 | 181.9 | 338.1 | 84.2 | 28.4 | 632.6 |
Exchange and other adjustments | (5.9) | (11.4) | (2.3) | (0.2) | (19.8) |
176.0 | 326.7 | 81.9 | 28.2 | 612.8 | |
Additions | 3.6 | \u2014 | \u2014 | \u2014 | 3.6 |
At 31st December 2023 | 179.6 | 326.7 | 81.9 | 28.2 | 616.4 |
| Amortisation and impairment: | |||||
At 1st January 2023 | 51.9 | 6 7.0 | 34 .8 | 23.1 | 176.8 |
Exchange adjustments | (1.0) | (2.4) | (0.5) | (0.2) | (4.1) |
50.9 | 64.6 | 34.3 | 22.9 | 172.7 | |
Amortisation and impairment | 11.9 | 17.1 | 4.6 | 3.6 | 37.2 |
At 31st December 2023 | 62.8 | 81.7 | 38.9 | 26.5 | 209.9 |
| Net book value: | |||||
At 31st December 2023 | 116.8 | 245.0 | 43.0 | 1.7 | 406.5 |
| Manufacturing | |||||
| Brand names | designs | Non-compete | Total | ||
| Customer | and | and core | undertakings | acquired | |
| relationships | trademarks | technology | and other | intangibles | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Cost: | |||||
At 1st January 2022 | 87.1 | 190.2 | 60.2 | 21.7 | 359.2 |
Exchange and other adjustments | 5.0 | 19.0 | 3.9 | 0.9 | 28.8 |
92.1 | 209.2 | 64.1 | 22.6 | 388.0 | |
Acquisitions | 89.8 | 128.9 | 20.1 | 5.8 | 244.6 |
At 31st December 2022 | 181.9 | 338.1 | 84.2 | 28.4 | 632.6 |
| Amortisation and impairment: | |||||
At 1st January 2022 | 42.2 | 49.9 | 28.6 | 21.7 | 142.4 |
Exchange adjustments | 2.9 | 5.0 | 1.8 | 1.0 | 10.7 |
45.1 | 54.9 | 30.4 | 22.7 | 153.1 | |
Amortisation and impairment | 6.8 | 12.1 | 4.4 | 0.4 | 23.7 |
At 31st December 2022 | 51.9 | 67.0 | 34.8 | 23.1 | 176.8 |
| Net book value: | |||||
At 31st December 2022 | 130.0 | 271.1 | 49.4 | 5.3 | 455.8 |
| 2023 | 2022 | |
| Goodwill | Goodwill | |
| \u00a3m | \u00a3m | |
Steam Thermal Solutions | 125.8 | 127.4 |
Electric Thermal Solutions | 494.7 | 514.9 |
Watson-Marlow | 60.0 | 61.0 |
Total goodwill | 680.5 | 703.3 |
| Period of | Period of | |||||||
| 2023 | annual\ue691 | 2022 | annual | |||||
| Short to | 2023 | cashflow\ue691 | Short to | 2022 | cashflow | |||
| 2023 | medium-term | Long-term | forecast | 2022 | medium-term | Long-term | forecast | |
| Operating segment | Discount rate | growth rate | growth rate | (years) | Discount rate | growth rate | growth rate | (years) |
Steam Thermal Solutions | 13.7% | 5.0% \u2013 6.3%\ue691 | 3.8% | 5 | 14.1% | 5.5%\u201310.5% | 3.1% | 5 |
Electric Thermal Solutions | 11.3% | 6.3% \u2013 17.1% | 3.2% | 5 | 11.3% | 5.9%\u201310.1% | 2.4% | 8 |
Watson-Marlow | 12.6% 11.0% \u2013 11.4% | 3.5% | 5 | 12.0% | (1.0)%\u201312.4% | 2.7% | 5 |
| 1st January | Recognised | Recognised | Recognised | 31st December\ue691 | ||
| 2023 | in income | in OCI | in equity | Acquisitions | 2023 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Accelerated capital allowances | (22.8) | 1.4 | \u2014 | 0.4 | \u2014 | (21.0) |
Provisions | 11.8 | (0.7) | \u2014 | (0.7) | \u2014 | 10.4 |
Losses | 16.2 | 11.3 | \u2014 | \u2014 | \u2014 | 2 7.5 |
Inventory | 7.3 | (0.9) | \u2014 | (0.1) | \u2014 | 6.3 |
Pensions | 13.2 | (0.7) | 1.1 | (0.3) | \u2014 | 13.3 |
Acquired intangibles | (91.0) | 9.2 | \u2014 | 2.3 | (0.8) | (80.3) |
Leases - right of use assets* | (14.4) | (7.3) | \u2014 | 0.6 | \u2014 | (21.1) |
Leases - liabilities* | 15.1 | 7.1 | \u2014 | (0.6) | \u2014 | 21.6 |
Other temporary differences | 5.5 | 4.0 | (2.1) | (1.3) | \u2014 | 6.1 |
Group total | (59.1) | 23.4 | (1.0) | 0.3 | (0.8) | (37.2) |
| 1st January | Recognised | Recognised | Recognised | 31st December | ||
| 2022 | in income | in OCI | in equity | Acquisitions | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Accelerated capital allowances | (12.3) | (9.9) | \u2014 | (0.4) | (0.2) | (22.8) |
Provisions | 8.1 | 3.4 | (0.4) | 0.5 | 0.2 | 11.8 |
Losses | 5.6 | 9.5 | \u2014 | 0.1 | 1.0 | 16.2 |
Inventory | 5.0 | 2.3 | \u2014 | \u2014 | \u2014 | 7.3 |
Pensions | 12.0 | (1.5) | 1.7 | 0.7 | 0.3 | 13.2 |
Acquired intangibles | (55.0) | 4.1 | (2.3) | (5.6) | (32.2) | (91.0) |
Leases - right of use assets* | (13.5) | 0.8 | \u2014 | (0.6) | (1.1) | (14.4) |
Leases - liabilities* | 14.1 | (0.7) | \u2014 | 0.6 | 1.1 | 15.1 |
Other temporary differences | 0.3 | 2.6 | 2.8 | (0.4) | 0.2 | 5.5 |
Group total | (35.7) | 10.6 | 1.8 | (5.1) | (30.7) | (59.1) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Deferred tax asset | 31.0 | 69.0 |
Deferred tax liability | (68.2) | (128.1) |
Net deferred tax liability | (37.2) | (59.1) |
| 1st January | Recognised | Recognised | Recognised | 31st December\ue691 | ||
| 2023 | in income | in OCI | in equity | Acquisitions | 2023 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Accelerated capital allowances | (22.8) | 1.4 | \u2014 | 0.4 | \u2014 | (21.0) |
Provisions | 11.8 | (0.7) | \u2014 | (0.7) | \u2014 | 10.4 |
Losses | 16.2 | 11.3 | \u2014 | \u2014 | \u2014 | 2 7.5 |
Inventory | 7.3 | (0.9) | \u2014 | (0.1) | \u2014 | 6.3 |
Pensions | 13.2 | (0.7) | 1.1 | (0.3) | \u2014 | 13.3 |
Acquired intangibles | (91.0) | 9.2 | \u2014 | 2.3 | (0.8) | (80.3) |
Leases - right of use assets* | (14.4) | (7.3) | \u2014 | 0.6 | \u2014 | (21.1) |
Leases - liabilities* | 15.1 | 7.1 | \u2014 | (0.6) | \u2014 | 21.6 |
Other temporary differences | 5.5 | 4.0 | (2.1) | (1.3) | \u2014 | 6.1 |
Group total | (59.1) | 23.4 | (1.0) | 0.3 | (0.8) | (37.2) |
| 1st January | Recognised | Recognised | Recognised | 31st December | ||
| 2022 | in income | in OCI | in equity | Acquisitions | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Accelerated capital allowances | (12.3) | (9.9) | \u2014 | (0.4) | (0.2) | (22.8) |
Provisions | 8.1 | 3.4 | (0.4) | 0.5 | 0.2 | 11.8 |
Losses | 5.6 | 9.5 | \u2014 | 0.1 | 1.0 | 16.2 |
Inventory | 5.0 | 2.3 | \u2014 | \u2014 | \u2014 | 7.3 |
Pensions | 12.0 | (1.5) | 1.7 | 0.7 | 0.3 | 13.2 |
Acquired intangibles | (55.0) | 4.1 | (2.3) | (5.6) | (32.2) | (91.0) |
Leases - right of use assets* | (13.5) | 0.8 | \u2014 | (0.6) | (1.1) | (14.4) |
Leases - liabilities* | 14.1 | (0.7) | \u2014 | 0.6 | 1.1 | 15.1 |
Other temporary differences | 0.3 | 2.6 | 2.8 | (0.4) | 0.2 | 5.5 |
Group total | (35.7) | 10.6 | 1.8 | (5.1) | (30.7) | (59.1) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Deferred tax asset | 31.0 | 69.0 |
Deferred tax liability | (68.2) | (128.1) |
Net deferred tax liability | (37.2) | (59.1) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Raw materials, consumables and components | 130.4 | 136.1 |
Work in progress | 40.2 | 39.5 |
Finished goods and goods for resale | 114.6 | 114.4 |
Total inventories | 285.2 | 290.0 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Contract assets | 17.0 | 11.7 |
Prepayments | 24.9 | 25.5 |
Other receivables | 29.5 | 42.4 |
Total other current assets | 71.4 | 79.6 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Contract assets | 17.0 | 11.7 |
Prepayments | 24.9 | 25.5 |
Other receivables | 29.5 | 42.4 |
Total other current assets | 71.4 | 79.6 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Contract assets | 17.0 | 11.7 |
Prepayments | 24.9 | 25.5 |
Other receivables | 29.5 | 42.4 |
Total other current assets | 71.4 | 79.6 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Contract assets | 17.0 | 11.7 |
Prepayments | 24.9 | 25.5 |
Other receivables | 29.5 | 42.4 |
Total other current assets | 71.4 | 79.6 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Trade payables | 79.2 | 89.9 |
Contract liabilities | 32.9 | 20.6 |
Social security | 9.5 | 9.4 |
Accruals | 95.2 | 113.2 |
Other payables | 34.4 | 49.9 |
Total trade and other payables | 251.2 | 283.0 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Trade payables | 79.2 | 89.9 |
Contract liabilities | 32.9 | 20.6 |
Social security | 9.5 | 9.4 |
Accruals | 95.2 | 113.2 |
Other payables | 34.4 | 49.9 |
Total trade and other payables | 251.2 | 283.0 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Trade payables | 79.2 | 89.9 |
Contract liabilities | 32.9 | 20.6 |
Social security | 9.5 | 9.4 |
Accruals | 95.2 | 113.2 |
Other payables | 34.4 | 49.9 |
Total trade and other payables | 251.2 | 283.0 |
| Legal,\ue691 | |||
| Product | contractual | ||
| warranty | and other | Total | |
| 2023 | \u00a3m | \u00a3m | \u00a3m |
At 1st January 2023 | 2.7 | 15.5 | 18.2 |
Additional provision in the year | 0.4 | 9.3 | 9.7 |
Utilised or released during the year | (0.5) | (8.5) | (9.0) |
Exchange adjustments | (0.6) | (1.2) | (1.8) |
At 31st December 2023 | 2.0 | 15.1 | 17.1 |
| Legal, | |||
| Product | contractual | ||
| warranty | and other | Total | |
| 2022 | \u00a3m | \u00a3m | \u00a3m |
At 1st January 2022 | 2.1 | 4.6 | 6.7 |
Additional provision in the year | 0.6 | 7.9 | 8.5 |
Utilised or released during the year | (0.9) | (2.5) | (3.4) |
Acquisition of subsidiary | 0.8 | 5.2 | 6.0 |
Exchange adjustments | 0.1 | 0.3 | 0.4 |
At 31st December 2022 | 2.7 | 15.5 | 18.2 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Current provisions | 9.5 | 12.0 |
Non-current provisions | 7.6 | 6.2 |
Total provisions | 17.1 | 18.2 |
| Legal,\ue691 | |||
| Product | contractual | ||
| warranty | and other | Total | |
| 2023 | \u00a3m | \u00a3m | \u00a3m |
At 1st January 2023 | 2.7 | 15.5 | 18.2 |
Additional provision in the year | 0.4 | 9.3 | 9.7 |
Utilised or released during the year | (0.5) | (8.5) | (9.0) |
Exchange adjustments | (0.6) | (1.2) | (1.8) |
At 31st December 2023 | 2.0 | 15.1 | 17.1 |
| Legal, | |||
| Product | contractual | ||
| warranty | and other | Total | |
| 2022 | \u00a3m | \u00a3m | \u00a3m |
At 1st January 2022 | 2.1 | 4.6 | 6.7 |
Additional provision in the year | 0.6 | 7.9 | 8.5 |
Utilised or released during the year | (0.9) | (2.5) | (3.4) |
Acquisition of subsidiary | 0.8 | 5.2 | 6.0 |
Exchange adjustments | 0.1 | 0.3 | 0.4 |
At 31st December 2022 | 2.7 | 15.5 | 18.2 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Current provisions | 9.5 | 12.0 |
Non-current provisions | 7.6 | 6.2 |
Total provisions | 17.1 | 18.2 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Capital expenditure contracted for but not provided | 14.5 | 67.0 |
| 2023 | 2022 | |||
| \u00a3m | \u00a3m | |||
| Ordinary shares of 26 12/13p (2022: 26 12/13p) each: | ||||
Authorised 111,428,571 | (2022: | 111,428,571) | 30.0 | 30.0 |
Allotted, called up and fully paid 73,776,048 (2022: 73,776,048) | 19.8 | 19.8 |
| 1st January | Change | 31st December\ue691 | |
| 2023\ue691 | in year 2023 | ||
| \u00a3m | \u00a3m | \u00a3m | |
Net investment hedge reserve | (2.7) | 8.3 | 5.6 |
Translation reserve | 20.2 | (86.2) | (66.0) |
Total translation reserve | 17.5 | (77.9) | (60.4) |
| 1st January | Change | 31st December | |
| 2022 | in year 2022 | ||
| \u00a3m | \u00a3m | \u00a3m | |
Net investment hedge reserve | 12.7 | (15.4) | (2.7) |
Translation reserve | (53.2) | 73.4 | 20.2 |
Total translation reserve | (40.5) | 58.0 | 17.5 |
| 1st January | Change | 31st December\ue691 | |
| 2023\ue691 | in year 2023 | ||
| \u00a3m | \u00a3m | \u00a3m | |
Cash flow hedges reserve | (3.7) | 5.0 | 1.3 |
Capital redemption reserve | 1.8 | \u2014 | 1.8 |
Employee Benefit Trust reserve | (21.5) | 5.5 | (16.0) |
Total other reserves | (23.4) | 10.5 | (12.9) |
| 1st January | Change | 31st December | |
| 2022 | in year 2022 | ||
| \u00a3m | \u00a3m | \u00a3m | |
Cash flow hedges reserve | (0.2) | (3.5) | (3.7) |
Capital redemption reserve | 1.8 | \u2014 | 1.8 |
Employee Benefit Trust reserve | (19.3) | (2.2) | (21.5) |
Total other reserves | (17.7) | (5.7) | (23.4) |
| 2023 | 2022 | |||
| \u00a3m | \u00a3m | |||
| Ordinary shares of 26 12/13p (2022: 26 12/13p) each: | ||||
Authorised 111,428,571 | (2022: | 111,428,571) | 30.0 | 30.0 |
Allotted, called up and fully paid 73,776,048 (2022: 73,776,048) | 19.8 | 19.8 |
| 1st January | Change | 31st December\ue691 | |
| 2023\ue691 | in year 2023 | ||
| \u00a3m | \u00a3m | \u00a3m | |
Net investment hedge reserve | (2.7) | 8.3 | 5.6 |
Translation reserve | 20.2 | (86.2) | (66.0) |
Total translation reserve | 17.5 | (77.9) | (60.4) |
| 1st January | Change | 31st December | |
| 2022 | in year 2022 | ||
| \u00a3m | \u00a3m | \u00a3m | |
Net investment hedge reserve | 12.7 | (15.4) | (2.7) |
Translation reserve | (53.2) | 73.4 | 20.2 |
Total translation reserve | (40.5) | 58.0 | 17.5 |
| 1st January | Change | 31st December\ue691 | |
| 2023\ue691 | in year 2023 | ||
| \u00a3m | \u00a3m | \u00a3m | |
Cash flow hedges reserve | (3.7) | 5.0 | 1.3 |
Capital redemption reserve | 1.8 | \u2014 | 1.8 |
Employee Benefit Trust reserve | (21.5) | 5.5 | (16.0) |
Total other reserves | (23.4) | 10.5 | (12.9) |
| 1st January | Change | 31st December | |
| 2022 | in year 2022 | ||
| \u00a3m | \u00a3m | \u00a3m | |
Cash flow hedges reserve | (0.2) | (3.5) | (3.7) |
Capital redemption reserve | 1.8 | \u2014 | 1.8 |
Employee Benefit Trust reserve | (19.3) | (2.2) | (21.5) |
Total other reserves | (17.7) | (5.7) | (23.4) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Capital expenditure contracted for but not provided | 14.5 | 67.0 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Capital expenditure contracted for but not provided | 14.5 | 67.0 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Capital expenditure contracted for but not provided | 14.5 | 67.0 |
| Assumptions weighted by value of liabilities % per annum | ||||
| Overseas pensions | ||||
| UK pensions | and\ue691medical | |||
| 2023\ue691 | 2022 | 2023\ue691 | 2022 | |
| % | % | % | % | |
Rate of increase in salaries | n/a | n/a | 2.7 | 2.9 |
Rate of increase in pensions | 2.9 | 2.9 | 2.3 | 2.6 |
Rate of price inflation | 3.0 | 3.2 | 2.2 | 2.4 |
Discount rate | 4.5 | 4.7 | 4.4 | 4.7 |
Medical trend rate | n/a | n/a | 7.5 | 7.5 |
| Spirax-Sarco Employees\u2019\ue691 | At 31st December 2023: 100% of the SAPS 3 normal tables, CMI 2021 future |
| Pension Fund | improvements, 1.25% long term trend, smoothing factor of 7, 0.25% initial addition and a |
| w parameter of 10%. | |
| At 31st December 2022: 100% of SAPS 3, with CMI 2021 projections with a long-term | |
| trend of 1.25% pa and an initial addition parameter of 0.25% and w2020 parameter of | |
| 10%. | |
| Spirax-Sarco Executives\u2019\ue691 | At 31st December 2023: 84%/87% (male/female) of SAPS S3 light normal, CMI 2021 |
| Retirement Benefits Scheme | future improvements, 1.25% long term trend, smoothing factor of 7, 0.25% initial addition |
| and a w parameter of 10%. | |
| At 31st December 2022: 84%/87% (male/female) of SAPS S3 light normal, CMI 2021 | |
| projections with a long-term trend of 1.25% pa and an initial additional parameter of | |
| 0.25% and w2020 parameter of 10%. | |
Watson-Marlow Pension Fund | At 31st December 2023: 102% of the SAPS 3 pensioner tables, CMI 2021 future |
| improvements, 1.25% long term trend, smoothing factor of 7, 0.25% initial addition and a | |
| w parameter of 10%. | |
| At 31st December 2022: 102% of SAPS S3, CMI 2021 projections with a long-term trend | |
| of 1.25% pa and an initial additional parameter of 0.25% and w2020 parameter of 10%. | |
US Pension Scheme | At 31st December 2023: SOA Pri-2012 Amount-Weighted Blue Collar Mortality Tables |
| projected generationally with MP2021 | |
| At 31st December 2022: SOA Pri-2012 Amount-Weighted Blue Collar Mortality Tables | |
| with Mortality Improvement Scale MP2021. |
2023 life expectancy at 65 | 2022 life expectancy at 65 | |||
Current age | Male | Female | Male | Female |
65 | 21.9 | 24.5 | 22.1 | 24.6 |
50 | 22.8 | 25.5 | 23.0 | 25.6 |
| Overseas pensions\ue691 | ||||||
| UK pensions | and medical | Total | ||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Fair value of schemes\u2019 assets | 285.8 | 284.6 | 51.7 | 57.0 | 337.5 | 341.6 |
Present value of funded schemes\u2019 liabilities | (313.6) | (309.2) | (56.9) | (65.5) | (370.5) | (374.7) |
Deficit in the funded schemes | (27.8) | (24.6) | (5.2) | (8.5) | (33.0) | (33.1) |
Present value of unfunded schemes\u2019 liabilities | \u2014 | \u2014 | (18.4) | (19.0) | (18.4) | (19.0) |
| Retirement benefit liability recognised in the Consolidated | ||||||
Statement of Financial Position | (27.8) | (24.6) | (23.6) | (27.5) | (51.4) | (52.1) |
Related deferred tax asset | 6.9 | 6.2 | 6.4 | 7.0 | 13.3 | 13.2 |
Net pension liability | (20.9) | (18.4) | (17.2) | (20.5) | (38.1) | (38.9) |
| Overseas pensions\ue691 | ||||||
| UK pensions | and medical | Total | ||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Quoted equities | 44.6 | 46.9 | 29.7 | 30.1 | 74.3 | 7 7.0 |
Quoted bonds | 109.0 | 132.5 | 15.4 | 13.1 | 124.4 | 145.6 |
Other | 45.0 | 54.4 | 0. 5 | 7. 4 | 45.5 | 61.8 |
Total with quoted market price | 198.6 | 233.8 | 45.6 | 50.6 | 244.2 | 284.4 |
Cash and cash equivalents | 43.8 | 45.9 | 0.7 | 0.6 | 44.5 | 46.5 |
Unquoted equities | 2.7 | 2.8 | \u2014 | \u2014 | 2.7 | 2.8 |
Unquoted bonds | 0.7 | \u2014 | \u2014 | \u2014 | 0.7 | \u2014 |
Real estate | 14.4 | 0.3 | \u2014 | \u2014 | 14.4 | 0.3 |
Derivatives | 12.2 | \u2014 | \u2014 | \u2014 | 12.2 | \u2014 |
Other | 13.4 | 1.8 | 5.4 | 5.8 | 18.8 | 7.6 |
Total other securities | 87.2 | 50.8 | 6.1 | 6.4 | 93.3 | 57.2 |
Total market value in aggregate | 285.8 | 284.6 | 51.7 | 57.0 | 337.5 | 341.6 |
| Overseas pensions\ue691 | ||||||
| UK pensions | and medical | Total | ||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Defined benefit obligation at beginning of year | (309.2) | (507.5) | (84.5) | (97.9) | (393.7) | (605.4) |
Acquisitions | \u2014 | \u2014 | \u2014 | (1.5) | \u2014 | (1.5) |
Current service cost | \u2014 | \u2014 | (0.1) | (0.7) | (0.1) | (0.7) |
Interest cost | (14.1) | (9.1) | (3.8) | (2.5) | (17.9) | (11.6) |
Administration costs | \u2014 | \u2014 | (0.6) | (0.7) | (0.6) | (0.7) |
Remeasurement gain/(loss) | 2.7 | 207.0 | (1.5) | 23.0 | 1.2 | 230.0 |
Actual benefit payments | 17.4 | 15.9 | 5.3 | 5.3 | 22.7 | 21.2 |
Experience (loss)/gain | (10.4) | (15.5) | 0.4 | (0.5) | (10.0) | (16.0) |
Settlements | \u2014 | \u2014 | 5.9 | \u2014 | 5.9 | \u2014 |
Currency gain/(loss) | \u2014 | \u2014 | 3.6 | (9.0) | 3.6 | (9.0) |
Defined benefit obligation at end of year | (313.6) | (309.2) | (75.3) | (84.5) | (388.9) | (393.7) |
| Overseas pensions\ue691 | ||||||
| UK pensions | and medical | Total | ||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Value of assets at beginning of year | 284.6 | 4 97.5 | 57.0 | 63.2 | 341.6 | 560.7 |
Acquisitions | \u2014 | \u2014 | \u2014 | 0.4 | \u2014 | 0.4 |
Expected return on assets | 13.1 | 9.0 | 2.7 | 1.8 | 15.8 | 10.8 |
Remeasurement gain/(loss) | 1.0 | (210.9) | 4.0 | (11.5) | 5.0 | (222.4) |
Contributions paid by employer | 5.3 | 5.4 | 2.0 | 1.8 | 7.3 | 7. 2 |
Actual benefit payments | (17.3) | (15.9) | (5.4) | (5.3) | (22.7) | (21.2) |
Administration costs | (0.9) | (0.5) | (6.0) | \u2014 | (6.9) | (0.5) |
Currency (loss)/gain | \u2014 | \u2014 | (2.6) | 6.6 | (2.6) | 6.6 |
Value of assets at end of year | 285.8 | 284.6 | 51.7 | 57.0 | 337.5 | 341.6 |
| 2023 | 2022 | 2021 | 2020 | 2019 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Defined benefit obligation at end of year | (388.9) | (393.7) | (605.4) | (630.3) | (559.1) |
Fair value of schemes\u2019 assets | 337.5 | 341.6 | 560.7 | 531.7 | 487.8 |
Retirement benefit liability recognised in the Statement of Financial Position | (51.4) | (52.1) | (44.7) | (98.6) | (71.3) |
Experience adjustment on schemes\u2019 liabilities | (10.0) | (16.0) | (2.9) | 11.4 | \u2014 |
As a percentage of schemes\u2019 liabilities | 2.6% | 4.1% | 0.5% | 1.8% | 0.0% |
Experience adjustment on schemes\u2019 assets | 5.0 | (222.4) | 35.7 | 46.5 | 49.0 |
As a percentage of schemes\u2019 assets | 1.5% | 65.1% | 6.4% | 8.7% | 10.0% |
| Overseas pensions\ue691 | ||||||
| UK pensions | and medical | Total | ||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Current service cost | \u2014 | \u2014 | (0.1) | (0.7) | (0.1) | (0.7) |
Administration costs | (0.9) | (0.5) | (0.6) | (0.7) | (1.5) | (1.2) |
Net interest on schemes\u2019 liabilities | (1.1) | \u2014 | (1.0) | (0.8) | (2.1) | (0.8) |
Total expense recognised in Consolidated Income Statement | (2.0) | (0.5) | (1.7) | (2.2) | (3.7) | (2.7) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Operating costs | (1.6) | (1.9) |
Net financing expense | (2.1) | (0.8) |
Total expense recognised in Consolidated Income Statement | (3.7) | (2.7) |
| Overseas pensions\ue691 | ||||||
| UK pensions | and medical | Total | ||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Remeasurement effects recognised in OCI: | ||||||
Due to experience on DBO | (10.4) | (15.5) | 0.4 | (0.5) | (10.0) | (16.0) |
Due to demographic assumption changes in DBO | 10.2 | 4.3 | \u2014 | \u2014 | 10.2 | 4.3 |
Due to financial assumption changes in DBO | (7.5) | 202.8 | (1.5) | 23.0 | (9.0) | 225.8 |
Return on assets | 1.0 | (210.9) | 4.0 | (11.5) | 5.0 | (222.4) |
Total remeasurement (loss)/gain recognised in OCI | (6.7) | (19.3) | 2.9 | 11.0 | (3.8) | (8.3) |
| Deferred tax on remeasurement (loss)/gain and change in rate | ||||||
recognised in OCI | 1.7 | 4.8 | (0.6) | (3.0) | 1.1 | 1.8 |
Cumulative loss recognised in OCI at beginning of year | (54.1) | (39.6) | (13.1) | (21.1) | (67.2) | (60.7) |
Cumulative loss recognised in OCI at end of year | (59.1) | (54.1) | (10.8) | (13.1) | (69.9) | (67.2) |
| Overseas | |||
| pensions\ue691and\ue691 | |||
| UK pensions | medical | Total | |
| \u00a3m | \u00a3m | \u00a3m | |
| (Decrease)/increase in pension deficit: | |||
Discount rate assumption being 1.0% higher | (36.7) | (7.7) | (44.4) |
Discount rate assumption being 1.0% lower | 42.1 | 9.3 | 51.4 |
Inflation assumption being 1.0% higher | 25.6 | 1.5 | 2 7.1 |
Inflation assumption being 1.0% lower | (23.9) | (1.3) | (25.2) |
Mortality assumption life expectancy at age 65 being one year higher | 11.1 | (0.6) | 10.5 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Defined benefit arrangements | (1.6) | (1.9) |
Defined contribution arrangements | (26.7) | (27.0) |
Total expense recognised in operating costs | (28.3) | (28.9) |
Defined benefit arrangements | 7.3 | 7.2 |
Defined contribution arrangements | 26.7 | 2 7.0 |
Total contributions paid by employer | 34.0 | 34.2 |
Cash payments to the pension scheme greater than the expense to operating profit | 5.7 | 5.3 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Performance Share Plan | 4.3 | 7.3 |
Employee Share Ownership Plan | 1.8 | 1.6 |
Total expense recognised in Consolidated Income Statement | 6.1 | 8.9 |
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Grant | Grant | Grant | Grant | Grant | |
Grant date | 15th May | 12th March | 4th May | 14th March 13th March | |
Mid-market share price at grant date | 8,161.0p | 7,775.0p | 11,770.0p | 11,910.0p | 10,880p |
Number of employees | 133 | 104 | 106 | 108 | 138 |
Shares under scheme | 112,159 | 140,934 | 89,806 | 92,951 | 145,505 |
Vesting period | 3 years | 3 years | 3 years | 3 years | 3 years |
Probability of vesting | 74.1% | 74.3% | 73.9% | 76.1% | 81.2% |
Fair value | 6,048.9p | 5,779.2p | 8,698.0p | 9,057.6p | 8,829.1p |
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Grant | Grant | Grant | Grant | Grant | |
Grant date | 1st October 1st October 1st October 1st October 1st October | ||||
Exercise price | 7,835.0p | 11,102.0p | 15,043.3p | 10,348.3p | 9,413p |
Number of employees | 1,318 | 1,373 | 1,400 | 1,671 | 1,644 |
Shares under scheme | 16,820 | 12,480 | 9,429 | 16,832 | 19,256 |
Vesting period | 3 years | 3 years | 3 years | 3 years | 3 years |
Expected volatility | 21% | 25% | 26.5% | 28.7% | 26.5% |
Risk-free interest rate | 0.5% | 0.1% | 0.2% | 4.0% | 4.9% |
Expected dividend yield | 1.8% | 1.5% | 1.0% | 1.0% | 1.2% |
Fair value | 8,305.1p | 11,956.9p | 16,382.2p | 11,579.7p | 10,486.4p |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Performance Share Plan | 4.3 | 7.3 |
Employee Share Ownership Plan | 1.8 | 1.6 |
Total expense recognised in Consolidated Income Statement | 6.1 | 8.9 |
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Grant | Grant | Grant | Grant | Grant | |
Grant date | 15th May | 12th March | 4th May | 14th March 13th March | |
Mid-market share price at grant date | 8,161.0p | 7,775.0p | 11,770.0p | 11,910.0p | 10,880p |
Number of employees | 133 | 104 | 106 | 108 | 138 |
Shares under scheme | 112,159 | 140,934 | 89,806 | 92,951 | 145,505 |
Vesting period | 3 years | 3 years | 3 years | 3 years | 3 years |
Probability of vesting | 74.1% | 74.3% | 73.9% | 76.1% | 81.2% |
Fair value | 6,048.9p | 5,779.2p | 8,698.0p | 9,057.6p | 8,829.1p |
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Grant | Grant | Grant | Grant | Grant | |
Grant date | 1st October 1st October 1st October 1st October 1st October | ||||
Exercise price | 7,835.0p | 11,102.0p | 15,043.3p | 10,348.3p | 9,413p |
Number of employees | 1,318 | 1,373 | 1,400 | 1,671 | 1,644 |
Shares under scheme | 16,820 | 12,480 | 9,429 | 16,832 | 19,256 |
Vesting period | 3 years | 3 years | 3 years | 3 years | 3 years |
Expected volatility | 21% | 25% | 26.5% | 28.7% | 26.5% |
Risk-free interest rate | 0.5% | 0.1% | 0.2% | 4.0% | 4.9% |
Expected dividend yield | 1.8% | 1.5% | 1.0% | 1.0% | 1.2% |
Fair value | 8,305.1p | 11,956.9p | 16,382.2p | 11,579.7p | 10,486.4p |
| 1st | 31st | ||||
| January | Acquired | Exchange\ue691 | December | ||
| 2023 | Cash flow | debt\u200a* | movement | 2023 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Current portion of long-term borrowings | (202.9) | (3.6) | |||
Non-current portion of long-term borrowings | (731.3) | (875.9) | |||
Total borrowings | (934.2) | (879.5) | |||
Lease liabilities | (65.2) | 16.1 | (49.9) | 2.3 | (96.7) |
Borrowings | (934.2) | 28.3 | \u2014 | 26.4 | (879.5) |
Changes in liabilities arising from financing | (999.4) | 44.4 | (49.9) | 28.7 | (976.2) |
Cash at bank | 328.9 | 46.5 | \u2014 | (15.7) | 359.7 |
Bank overdrafts | (85.1) | (62.8) | \u2014 | 1.0 | (146.9) |
Net cash and cash equivalents | 243.8 | (16.3) | \u2014 | (14.7) | 212.8 |
Net debt and lease liability | (755.6) | 28.1 | (49.9) | 14.0 | (763.4) |
Net debt excluding lease liability | (690.4) | 12.0 | \u2014 | 11.7 | (666.7) |
| 1st | 31st | |||||
| January | Acquired | Disposal of | Exchange | December | ||
| 2022 | Cash flow | debt\u200a* | subsidiaries | movement | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Current portion of long-term borrowings | (59.6) | (202.9) | ||||
Non-current portion of long-term borrowings | (289.9) | (731.3) | ||||
Total borrowings | (349.5) | (934.2) | ||||
Lease liabilities | (60.1) | 12.9 | (15.2) | \u2014 | (2.8) | (65.2) |
Borrowings | (349.5) | (497.7) | (67.0) | \u2014 | (20.0) | (934.2) |
Changes in liabilities arising from financing | (409.6) | (484.8) | (82.2) | \u2014 | (22.8) | (999.4) |
Cash at bank | 274.6 | 46.3 | \u2014 | (2.8) | 10.8 | 328.9 |
Bank overdrafts | (55.6) | (26.7) | \u2014 | \u2014 | (2.8) | (85.1) |
Net cash and cash equivalents | 219.0 | 19.6 | \u2014 | (2.8) | 8.0 | 243.8 |
Net debt and lease liability | (190.6) | (465.2) | (82.2) | (2.8) | (14.8) | (755.6) |
Net debt excluding lease liability | (130.5) | (478.1) | (67.0) | (2.8) | (12.0) | (690.4) |
| 1st | 31st | ||||
| January | Acquired | Exchange\ue691 | December | ||
| 2023 | Cash flow | debt\u200a* | movement | 2023 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Current portion of long-term borrowings | (202.9) | (3.6) | |||
Non-current portion of long-term borrowings | (731.3) | (875.9) | |||
Total borrowings | (934.2) | (879.5) | |||
Lease liabilities | (65.2) | 16.1 | (49.9) | 2.3 | (96.7) |
Borrowings | (934.2) | 28.3 | \u2014 | 26.4 | (879.5) |
Changes in liabilities arising from financing | (999.4) | 44.4 | (49.9) | 28.7 | (976.2) |
Cash at bank | 328.9 | 46.5 | \u2014 | (15.7) | 359.7 |
Bank overdrafts | (85.1) | (62.8) | \u2014 | 1.0 | (146.9) |
Net cash and cash equivalents | 243.8 | (16.3) | \u2014 | (14.7) | 212.8 |
Net debt and lease liability | (755.6) | 28.1 | (49.9) | 14.0 | (763.4) |
Net debt excluding lease liability | (690.4) | 12.0 | \u2014 | 11.7 | (666.7) |
| 1st | 31st | |||||
| January | Acquired | Disposal of | Exchange | December | ||
| 2022 | Cash flow | debt\u200a* | subsidiaries | movement | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Current portion of long-term borrowings | (59.6) | (202.9) | ||||
Non-current portion of long-term borrowings | (289.9) | (731.3) | ||||
Total borrowings | (349.5) | (934.2) | ||||
Lease liabilities | (60.1) | 12.9 | (15.2) | \u2014 | (2.8) | (65.2) |
Borrowings | (349.5) | (497.7) | (67.0) | \u2014 | (20.0) | (934.2) |
Changes in liabilities arising from financing | (409.6) | (484.8) | (82.2) | \u2014 | (22.8) | (999.4) |
Cash at bank | 274.6 | 46.3 | \u2014 | (2.8) | 10.8 | 328.9 |
Bank overdrafts | (55.6) | (26.7) | \u2014 | \u2014 | (2.8) | (85.1) |
Net cash and cash equivalents | 219.0 | 19.6 | \u2014 | (2.8) | 8.0 | 243.8 |
Net debt and lease liability | (190.6) | (465.2) | (82.2) | (2.8) | (14.8) | (755.6) |
Net debt excluding lease liability | (130.5) | (478.1) | (67.0) | (2.8) | (12.0) | (690.4) |
| 1st | 31st | ||||
| January | Acquired | Exchange\ue691 | December | ||
| 2023 | Cash flow | debt\u200a* | movement | 2023 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Current portion of long-term borrowings | (202.9) | (3.6) | |||
Non-current portion of long-term borrowings | (731.3) | (875.9) | |||
Total borrowings | (934.2) | (879.5) | |||
Lease liabilities | (65.2) | 16.1 | (49.9) | 2.3 | (96.7) |
Borrowings | (934.2) | 28.3 | \u2014 | 26.4 | (879.5) |
Changes in liabilities arising from financing | (999.4) | 44.4 | (49.9) | 28.7 | (976.2) |
Cash at bank | 328.9 | 46.5 | \u2014 | (15.7) | 359.7 |
Bank overdrafts | (85.1) | (62.8) | \u2014 | 1.0 | (146.9) |
Net cash and cash equivalents | 243.8 | (16.3) | \u2014 | (14.7) | 212.8 |
Net debt and lease liability | (755.6) | 28.1 | (49.9) | 14.0 | (763.4) |
Net debt excluding lease liability | (690.4) | 12.0 | \u2014 | 11.7 | (666.7) |
| 1st | 31st | |||||
| January | Acquired | Disposal of | Exchange | December | ||
| 2022 | Cash flow | debt\u200a* | subsidiaries | movement | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Current portion of long-term borrowings | (59.6) | (202.9) | ||||
Non-current portion of long-term borrowings | (289.9) | (731.3) | ||||
Total borrowings | (349.5) | (934.2) | ||||
Lease liabilities | (60.1) | 12.9 | (15.2) | \u2014 | (2.8) | (65.2) |
Borrowings | (349.5) | (497.7) | (67.0) | \u2014 | (20.0) | (934.2) |
Changes in liabilities arising from financing | (409.6) | (484.8) | (82.2) | \u2014 | (22.8) | (999.4) |
Cash at bank | 274.6 | 46.3 | \u2014 | (2.8) | 10.8 | 328.9 |
Bank overdrafts | (55.6) | (26.7) | \u2014 | \u2014 | (2.8) | (85.1) |
Net cash and cash equivalents | 219.0 | 19.6 | \u2014 | (2.8) | 8.0 | 243.8 |
Net debt and lease liability | (190.6) | (465.2) | (82.2) | (2.8) | (14.8) | (755.6) |
Net debt excluding lease liability | (130.5) | (478.1) | (67.0) | (2.8) | (12.0) | (690.4) |
| Durex | ||||
| Cotopaxi | Vulcanic | Industries | ||
| fair value | fair value | fair value | Total | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Non-current assets: | ||||
Property, plant and equipment | \u2014 | 15.8 | 14.9 | 30.7 |
Right-of-use assets | \u2014 | 4.1 | \u2014 | 4.1 |
Acquired intangibles | 2.8 | 115.6 | 126.2 | 244.6 |
Software and other intangibles | \u2014 | 0.5 | \u2014 | 0.5 |
Deferred tax assets | \u2014 | 2.9 | 0.5 | 3.4 |
2.8 | 138.9 | 141.6 | 283.3 | |
| Current assets: | ||||
Inventories | \u2014 | 17.4 | 7.3 | 24.7 |
Trade receivables | 0.8 | 24.5 | 9.5 | 34.8 |
Other receivables | 0.4 | 3.5 | 1.2 | 5.1 |
Cash and cash equivalents | 0.6 | 10.3 | 14.8 | 25.7 |
1.8 | 55.7 | 32.8 | 90.3 | |
Total assets | 4.6 | 194.6 | 174.4 | 373.6 |
| Current liabilities: | ||||
Trade payables | 0.1 | 7.5 | 1.1 | 8.7 |
Other payables, accruals and provisions | 0.6 | 15.9 | 7.0 | 23.5 |
Short-term lease liabilities | \u2014 | 1.1 | \u2014 | 1.1 |
0.7 | 24.5 | 8.1 | 33.3 | |
| Non-current liabilities: | ||||
Long-term borrowings | \u2014 | 67.0 | \u2014 | 67.0 |
Long-term payables | \u2014 | 3.7 | \u2014 | 3.7 |
Long-term lease liabilities | \u2014 | 3.0 | \u2014 | 3.0 |
Deferred tax liabilities | 0.6 | 33.4 | 0.1 | 34.1 |
Non-current provisions | \u2014 | 4.6 | 0.1 | 4.7 |
Post-retirement benefit plans | \u2014 | 1.1 | \u2014 | 1.1 |
0.6 | 112.8 | 0.2 | 113.6 | |
Total liabilities | 1.3 | 137.3 | 8.3 | 146.9 |
Total net assets | 3.3 | 57.3 | 166.1 | 226.7 |
Goodwill | 10.0 | 119.2 | 130.1 | 259.3 |
Total | 13.3 | 176.5 | 296.2 | 486.0 |
| Satisfied by: | ||||
Cash paid | 13.3 | 176.5 | 296.2 | 486.0 |
Total consideration | 13.3 | 176.5 | 296.2 | 486.0 |
| Cash outflow for acquired businesses in the Statement of Cash Flows: | ||||
Cash paid for businesses acquired in the period and debt repaid | 13.3 | 243.5 | 296.2 | 553.0 |
Debt repaid | \u2014 | (67.0) | \u2014 | (67.0) |
Cash paid for businesses acquired in the period | 13.3 | 176.5 | 296.2 | 486.0 |
Less cash acquired | (0.6) | (10.3) | (14.8) | (25.7) |
Net cash outflow | 12.7 | 166.2 | 281.4 | 460.3 |
| 2023 | 2023 | 2022 | 2022 | |
| Carrying | Fair | Carrying | Fair | |
| value | value | value | value | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Financial assets: | ||||
Cash and cash equivalents | 359.7 | 359.7 | 328.9 | 328.9 |
Trade, other receivables and contract assets | 346.3 | 346.3 | 395.2 | 395.2 |
Total financial assets | 706.0 | 706.0 | 724.1 | 724.1 |
| 2023 | 2023 | 2022 | 2022 | |
| Carrying | Fair | Carrying | Fair | |
| value | value | value | value | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Financial liabilities: | ||||
Borrowings | 879.5 | 888.5 | 934.2 | 918.1 |
Lease liabilities | 96.7 | 96.7 | 65.2 | 65.2 |
Bank overdrafts | 146.9 | 146.9 | 85.1 | 85.1 |
Trade payables | 79.2 | 79.2 | 89.9 | 89.9 |
Other payables and contract liabilities | 67.3 | 67.3 | 70.5 | 70.5 |
Long-term payables | 11.4 | 11.4 | 8.8 | 8.8 |
Accruals | 95.2 | 95.2 | 113.2 | 113.2 |
Total financial liabilities | 1,376.2 | 1,385.2 | 1,366.9 | 1,350.8 |
| Financial | ||||
| Fixed rate | Floating rate | liabilities on | ||
| financial | financial | which no | ||
| Total | liabilities | liabilities | interest is paid | |
| 2023 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Euro | 758.8 | 628.8 | 6 6.7 | 63.3 |
US dollar | 363.2 | 310.7 | 1.8 | 50.7 |
Sterling | 149.0 | 20.7 | 90.1 | 38.2 |
Renminbi | 39.5 | 5.1 | \u2014 | 34.4 |
Other | 65.7 | 16.2 | 1.2 | 48.3 |
Group total | 1,376.2 | 981.5 | 159.8 | 234.9 |
| Financial | ||||
| Fixed rate | Floating rate | liabilities on | ||
| financial | financial | which no | ||
| Total | liabilities | liabilities | interest is paid | |
| 2022 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Euro | 762.9 | 642.2 | 44.9 | 75.8 |
US dollar | 341.9 | 283.6 | 3.0 | 55.3 |
Sterling | 107.3 | 21.0 | 36.3 | 50.0 |
Renminbi | 46.3 | 2.0 | \u2014 | 44.3 |
Other | 108.5 | 18.3 | 36.1 | 54.1 |
Group total | 1,366.9 | 967.1 | 120.3 | 279.5 |
| 2023 | 2022 | ||||
| Nominal | Year | Carrying value | Carrying value | ||
| Currency | interest rate | of maturity | \u00a3m | \u00a3m | |
Unsecured private placement \u2013 \u20ac225.0m | \u20ac | 1.1% | 2023 | \u2014 | 202.0 |
Unsecured private placement \u2013 $185.0m | $ | 5.3% | 2028 | 145.3 | 152.9 |
Unsecured bank facility \u2013 $150.0m | $ | 6.8% | 2025 | 117.8 | 124.0 |
Unsecured private placement \u2013 \u20ac140.0m | \u20ac | 3.9% | 2027 | 124.7 | 123.9 |
Unsecured private placement \u2013 \u20ac125.0m | \u20ac | 4.2% | 2029 | 108.4 | 110.6 |
Unsecured private placement \u2013 \u20ac120.0m | \u20ac | 2.4% | 2026 | 104.4 | 106.2 |
Unsecured private placement \u2013 \u20ac110.0m | \u20ac | 4.4% | 2030 | 95.4 | \u2014 |
Unsecured bank facility \u2013 \u20ac90.0m | \u20ac | 4.7% | 2026 | 78.0 | \u2014 |
Unsecured bank facility | \u20ac | 4.6% | 2029 | 95.5 | 79.6 |
Unsecured bank facility | \u00a3 | 5.6% | 2024 | 81.7 | 39.3 |
Unsecured bank facility | \u20ac | 3.9% | 2024 | 64.4 | 38.5 |
Unsecured bank facility | \u00a3 | 5.9% | 2029 | 10.0 | 35.0 |
Unsecured bank facility | \u20ac | 0.0% | 2023 | \u2014 | 5.2 |
Unsecured bank facility | \u20ac | 3.9% | 2024 | 0.5 | 2.0 |
Unsecured bank facility | \u20ac | 3.9% | 2024 | 0.2 | 0.1 |
Unsecured bank facility | $ | 5.2% | 2024 | 0.1 | \u2014 |
Total outstanding borrowings | 1,026.4 | 1,019.3 |
| Floating\ue691 | Financial assets | |||
| Fixed rate | rate | on which no | ||
| financial | financial | interest is | ||
| Total | assets | assets | earned | |
| 2023 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Euro | 211.6 | 7.9 | 76.5 | 127.2 |
US dollar | 193.5 | 1.1 | 1.7 | 190.7 |
Sterling | 41.8 | 0.1 | 16.4 | 25.3 |
Renminbi | 67.6 | 2.8 | 23.4 | 41.4 |
Other | 191.5 | 11.3 | 41.4 | 138.8 |
Group total | 706.0 | 23.2 | 159.4 | 523.4 |
| Floating | Financial assets | |||
| Fixed rate | rate | on which no | ||
| financial | financial | interest is | ||
| Total | assets | assets | earned | |
| 2022 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Euro | 205.8 | 0.2 | 62.2 | 143.4 |
US dollar | 186.3 | 0.8 | 36.4 | 149.1 |
Sterling | 49.5 | 0.1 | 19.6 | 29.8 |
Renminbi | 92.4 | 6.4 | 41.1 | 44.9 |
Other | 190.1 | 8.6 | 22.7 | 158.8 |
Group total | 724.1 | 16.1 | 182.0 | 526.0 |
| Trade, other\ue691 | |||||
| payables, accruals\ue691 | |||||
| and contract\ue691 | Lease | ||||
| liabilities | Overdrafts | liabilities | Long-term | Total | |
| 2023 | \u00a3m | \u00a3m | \u00a3m | borrowings | \u00a3m |
In six months or less, or on demand | 233.4 | 146.9 | 9.6 | 2.7 | 392.6 |
In more than six months but no more than twelve | 9.0 | \u2014 | 9.1 | 1.2 | 19.3 |
In more than one year but no more than two | 2.1 | \u2014 | 16.3 | 119.8 | 138.2 |
In more than two years but no more than three | 6.2 | \u2014 | 13.8 | 183.4 | 203.4 |
In more than three years but no more than four | 1.5 | \u2014 | 11.2 | 122.9 | 135.6 |
In more than four years but no more than five | 0.2 | \u2014 | 7.9 | 145.3 | 153.4 |
In more than five years | 0.7 | \u2014 | 56.4 | 310.0 | 367.1 |
Total contractual cash flows | 253.1 | 146.9 | 124.3 | 885.3 | 1,409.6 |
Statement of Financial Position values | 253.1 | 146.9 | 96.7 | 87 9.5 | 1,376.2 |
| Trade, other | |||||
| payables | |||||
| and contract | Lease | ||||
| liabilities | Overdrafts | liabilities | Long-term | Total | |
| 2022 | \u00a3m | \u00a3m | \u00a3m | borrowings | \u00a3m |
In six months or less, or on demand | 271.0 | 85.1 | 7.9 | 37.3 | 401.3 |
In more than six months but no more than twelve | 6.8 | \u2014 | 7.0 | 201.4 | 215.2 |
In more than one year but no more than two | 1.7 | \u2014 | 10.9 | 84.2 | 96.8 |
In more than two years but no more than three | 1.3 | \u2014 | 7.7 | 147.0 | 156.0 |
In more than three years but no more than four | 0.8 | \u2014 | 5.6 | 107.5 | 113.9 |
In more than four years but no more than five | \u2014 | \u2014 | 4.2 | 341.5 | 345.7 |
In more than five years | 0.8 | \u2014 | 28.1 | 142.6 | 171.5 |
Total contractual cash flows | 282.4 | 85.1 | 71.4 | 1,061.5 | 1,500.4 |
Statement of Financial Position values | 282.4 | 85.1 | 65.2 | 934.2 | 1,366.9 |
| Less than | 6 to 12 | More than | ||
| 6 months | months | 12 months | Total | |
| 2023 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Contracted cash in/(out):\ue691 | ||||
Sterling | 54.9 | 67.5 | \u2014 | 122.4 |
Euro | (20.5) | (22.3) | \u2014 | (42.8) |
US dollar | (13.6) | (18.8) | \u2014 | (32.4) |
Other | (19.6) | (24.9) | \u2014 | (44.5) |
Total contractual cash flows | 1.2 | 1.5 | \u2014 | 2.7 |
| Less than | 6 to 12 | More than | ||
| 6 months | months | 12 months | Total | |
| 2022 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Contracted cash in/(out):\ue691 | ||||
Sterling | 72.8 | 70.0 | \u2014 | 142.8 |
Euro | (30.4) | (26.2) | \u2014 | (56.6) |
US dollar | (23.7) | (27.9) | \u2014 | (51.6) |
Other | (22.8) | (20.8) | \u2014 | (43.6) |
Total contractual cash flows | (4.1) | (4.9) | \u2014 | (9.0) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Expiring in one year or less | \u2014 | \u2014 |
Expiring in more than one year but no more than two years | \u2014 | \u2014 |
Expiring in more than two years but no more than three years | \u2014 | \u2014 |
Expiring in more than three years | 294.5 | 285.4 |
Total Group undrawn committed facilities | 294.5 | 285.4 |
| Gross | Impairment | Net | Gross | Impairment | Net | |
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Not past due date | 236.6 | (1.0) | 235.6 | 236.2 | (1.8) | 234.4 |
0\u201330 days past due date | 35.0 | (0.2) | 34.8 | 48.8 | (0.1) | 48.7 |
31\u201390 days past due date | 17.3 | (0.1) | 17.2 | 29.0 | (0.1) | 28.9 |
91 days to one year past due date | 13.9 | (1.7) | 12.2 | 26.9 | (1.3) | 25.6 |
More than one year | 7.3 | (7.3) | \u2014 | 13.9 | (10.4) | 3.5 |
Group total | 310.1 | (10.3) | 299.8 | 354.8 | (13.7) | 341.1 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Balance at 1st January | 13.7 | 12.9 |
Additional impairment | 3.0 | 1.0 |
Amounts written off as uncollectable | (0.4) | (0.3) |
Amounts recovered | (0.4) | (0.6) |
Impairment losses reversed | (5.1) | (0.3) |
Exchange differences | (0.5) | 1.0 |
Balance at 31st December\ue691 | 10.3 | 13.7 |
| 2023 | 2023 | 2022 | 2022 | |
| Carrying | Fair | Carrying | Fair | |
| value | value | value | value | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Financial assets: | ||||
Cash and cash equivalents | 359.7 | 359.7 | 328.9 | 328.9 |
Trade, other receivables and contract assets | 346.3 | 346.3 | 395.2 | 395.2 |
Total financial assets | 706.0 | 706.0 | 724.1 | 724.1 |
| 2023 | 2023 | 2022 | 2022 | |
| Carrying | Fair | Carrying | Fair | |
| value | value | value | value | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Financial liabilities: | ||||
Borrowings | 879.5 | 888.5 | 934.2 | 918.1 |
Lease liabilities | 96.7 | 96.7 | 65.2 | 65.2 |
Bank overdrafts | 146.9 | 146.9 | 85.1 | 85.1 |
Trade payables | 79.2 | 79.2 | 89.9 | 89.9 |
Other payables and contract liabilities | 67.3 | 67.3 | 70.5 | 70.5 |
Long-term payables | 11.4 | 11.4 | 8.8 | 8.8 |
Accruals | 95.2 | 95.2 | 113.2 | 113.2 |
Total financial liabilities | 1,376.2 | 1,385.2 | 1,366.9 | 1,350.8 |
| Financial | ||||
| Fixed rate | Floating rate | liabilities on | ||
| financial | financial | which no | ||
| Total | liabilities | liabilities | interest is paid | |
| 2023 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Euro | 758.8 | 628.8 | 6 6.7 | 63.3 |
US dollar | 363.2 | 310.7 | 1.8 | 50.7 |
Sterling | 149.0 | 20.7 | 90.1 | 38.2 |
Renminbi | 39.5 | 5.1 | \u2014 | 34.4 |
Other | 65.7 | 16.2 | 1.2 | 48.3 |
Group total | 1,376.2 | 981.5 | 159.8 | 234.9 |
| Financial | ||||
| Fixed rate | Floating rate | liabilities on | ||
| financial | financial | which no | ||
| Total | liabilities | liabilities | interest is paid | |
| 2022 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Euro | 762.9 | 642.2 | 44.9 | 75.8 |
US dollar | 341.9 | 283.6 | 3.0 | 55.3 |
Sterling | 107.3 | 21.0 | 36.3 | 50.0 |
Renminbi | 46.3 | 2.0 | \u2014 | 44.3 |
Other | 108.5 | 18.3 | 36.1 | 54.1 |
Group total | 1,366.9 | 967.1 | 120.3 | 279.5 |
| 2023 | 2022 | ||||
| Nominal | Year | Carrying value | Carrying value | ||
| Currency | interest rate | of maturity | \u00a3m | \u00a3m | |
Unsecured private placement \u2013 \u20ac225.0m | \u20ac | 1.1% | 2023 | \u2014 | 202.0 |
Unsecured private placement \u2013 $185.0m | $ | 5.3% | 2028 | 145.3 | 152.9 |
Unsecured bank facility \u2013 $150.0m | $ | 6.8% | 2025 | 117.8 | 124.0 |
Unsecured private placement \u2013 \u20ac140.0m | \u20ac | 3.9% | 2027 | 124.7 | 123.9 |
Unsecured private placement \u2013 \u20ac125.0m | \u20ac | 4.2% | 2029 | 108.4 | 110.6 |
Unsecured private placement \u2013 \u20ac120.0m | \u20ac | 2.4% | 2026 | 104.4 | 106.2 |
Unsecured private placement \u2013 \u20ac110.0m | \u20ac | 4.4% | 2030 | 95.4 | \u2014 |
Unsecured bank facility \u2013 \u20ac90.0m | \u20ac | 4.7% | 2026 | 78.0 | \u2014 |
Unsecured bank facility | \u20ac | 4.6% | 2029 | 95.5 | 79.6 |
Unsecured bank facility | \u00a3 | 5.6% | 2024 | 81.7 | 39.3 |
Unsecured bank facility | \u20ac | 3.9% | 2024 | 64.4 | 38.5 |
Unsecured bank facility | \u00a3 | 5.9% | 2029 | 10.0 | 35.0 |
Unsecured bank facility | \u20ac | 0.0% | 2023 | \u2014 | 5.2 |
Unsecured bank facility | \u20ac | 3.9% | 2024 | 0.5 | 2.0 |
Unsecured bank facility | \u20ac | 3.9% | 2024 | 0.2 | 0.1 |
Unsecured bank facility | $ | 5.2% | 2024 | 0.1 | \u2014 |
Total outstanding borrowings | 1,026.4 | 1,019.3 |
| Floating\ue691 | Financial assets | |||
| Fixed rate | rate | on which no | ||
| financial | financial | interest is | ||
| Total | assets | assets | earned | |
| 2023 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Euro | 211.6 | 7.9 | 76.5 | 127.2 |
US dollar | 193.5 | 1.1 | 1.7 | 190.7 |
Sterling | 41.8 | 0.1 | 16.4 | 25.3 |
Renminbi | 67.6 | 2.8 | 23.4 | 41.4 |
Other | 191.5 | 11.3 | 41.4 | 138.8 |
Group total | 706.0 | 23.2 | 159.4 | 523.4 |
| Floating | Financial assets | |||
| Fixed rate | rate | on which no | ||
| financial | financial | interest is | ||
| Total | assets | assets | earned | |
| 2022 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Euro | 205.8 | 0.2 | 62.2 | 143.4 |
US dollar | 186.3 | 0.8 | 36.4 | 149.1 |
Sterling | 49.5 | 0.1 | 19.6 | 29.8 |
Renminbi | 92.4 | 6.4 | 41.1 | 44.9 |
Other | 190.1 | 8.6 | 22.7 | 158.8 |
Group total | 724.1 | 16.1 | 182.0 | 526.0 |
| Trade, other\ue691 | |||||
| payables, accruals\ue691 | |||||
| and contract\ue691 | Lease | ||||
| liabilities | Overdrafts | liabilities | Long-term | Total | |
| 2023 | \u00a3m | \u00a3m | \u00a3m | borrowings | \u00a3m |
In six months or less, or on demand | 233.4 | 146.9 | 9.6 | 2.7 | 392.6 |
In more than six months but no more than twelve | 9.0 | \u2014 | 9.1 | 1.2 | 19.3 |
In more than one year but no more than two | 2.1 | \u2014 | 16.3 | 119.8 | 138.2 |
In more than two years but no more than three | 6.2 | \u2014 | 13.8 | 183.4 | 203.4 |
In more than three years but no more than four | 1.5 | \u2014 | 11.2 | 122.9 | 135.6 |
In more than four years but no more than five | 0.2 | \u2014 | 7.9 | 145.3 | 153.4 |
In more than five years | 0.7 | \u2014 | 56.4 | 310.0 | 367.1 |
Total contractual cash flows | 253.1 | 146.9 | 124.3 | 885.3 | 1,409.6 |
Statement of Financial Position values | 253.1 | 146.9 | 96.7 | 87 9.5 | 1,376.2 |
| Trade, other | |||||
| payables | |||||
| and contract | Lease | ||||
| liabilities | Overdrafts | liabilities | Long-term | Total | |
| 2022 | \u00a3m | \u00a3m | \u00a3m | borrowings | \u00a3m |
In six months or less, or on demand | 271.0 | 85.1 | 7.9 | 37.3 | 401.3 |
In more than six months but no more than twelve | 6.8 | \u2014 | 7.0 | 201.4 | 215.2 |
In more than one year but no more than two | 1.7 | \u2014 | 10.9 | 84.2 | 96.8 |
In more than two years but no more than three | 1.3 | \u2014 | 7.7 | 147.0 | 156.0 |
In more than three years but no more than four | 0.8 | \u2014 | 5.6 | 107.5 | 113.9 |
In more than four years but no more than five | \u2014 | \u2014 | 4.2 | 341.5 | 345.7 |
In more than five years | 0.8 | \u2014 | 28.1 | 142.6 | 171.5 |
Total contractual cash flows | 282.4 | 85.1 | 71.4 | 1,061.5 | 1,500.4 |
Statement of Financial Position values | 282.4 | 85.1 | 65.2 | 934.2 | 1,366.9 |
| Less than | 6 to 12 | More than | ||
| 6 months | months | 12 months | Total | |
| 2023 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Contracted cash in/(out):\ue691 | ||||
Sterling | 54.9 | 67.5 | \u2014 | 122.4 |
Euro | (20.5) | (22.3) | \u2014 | (42.8) |
US dollar | (13.6) | (18.8) | \u2014 | (32.4) |
Other | (19.6) | (24.9) | \u2014 | (44.5) |
Total contractual cash flows | 1.2 | 1.5 | \u2014 | 2.7 |
| Less than | 6 to 12 | More than | ||
| 6 months | months | 12 months | Total | |
| 2022 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Contracted cash in/(out):\ue691 | ||||
Sterling | 72.8 | 70.0 | \u2014 | 142.8 |
Euro | (30.4) | (26.2) | \u2014 | (56.6) |
US dollar | (23.7) | (27.9) | \u2014 | (51.6) |
Other | (22.8) | (20.8) | \u2014 | (43.6) |
Total contractual cash flows | (4.1) | (4.9) | \u2014 | (9.0) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Expiring in one year or less | \u2014 | \u2014 |
Expiring in more than one year but no more than two years | \u2014 | \u2014 |
Expiring in more than two years but no more than three years | \u2014 | \u2014 |
Expiring in more than three years | 294.5 | 285.4 |
Total Group undrawn committed facilities | 294.5 | 285.4 |
| Gross | Impairment | Net | Gross | Impairment | Net | |
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Not past due date | 236.6 | (1.0) | 235.6 | 236.2 | (1.8) | 234.4 |
0\u201330 days past due date | 35.0 | (0.2) | 34.8 | 48.8 | (0.1) | 48.7 |
31\u201390 days past due date | 17.3 | (0.1) | 17.2 | 29.0 | (0.1) | 28.9 |
91 days to one year past due date | 13.9 | (1.7) | 12.2 | 26.9 | (1.3) | 25.6 |
More than one year | 7.3 | (7.3) | \u2014 | 13.9 | (10.4) | 3.5 |
Group total | 310.1 | (10.3) | 299.8 | 354.8 | (13.7) | 341.1 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Balance at 1st January | 13.7 | 12.9 |
Additional impairment | 3.0 | 1.0 |
Amounts written off as uncollectable | (0.4) | (0.3) |
Amounts recovered | (0.4) | (0.6) |
Impairment losses reversed | (5.1) | (0.3) |
Exchange differences | (0.5) | 1.0 |
Balance at 31st December\ue691 | 10.3 | 13.7 |
| 2023 | 2023 | 2022 | 2022 | |
| Carrying | Fair | Carrying | Fair | |
| value | value | value | value | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Financial assets: | ||||
Cash and cash equivalents | 359.7 | 359.7 | 328.9 | 328.9 |
Trade, other receivables and contract assets | 346.3 | 346.3 | 395.2 | 395.2 |
Total financial assets | 706.0 | 706.0 | 724.1 | 724.1 |
| 2023 | 2023 | 2022 | 2022 | |
| Carrying | Fair | Carrying | Fair | |
| value | value | value | value | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Financial liabilities: | ||||
Borrowings | 879.5 | 888.5 | 934.2 | 918.1 |
Lease liabilities | 96.7 | 96.7 | 65.2 | 65.2 |
Bank overdrafts | 146.9 | 146.9 | 85.1 | 85.1 |
Trade payables | 79.2 | 79.2 | 89.9 | 89.9 |
Other payables and contract liabilities | 67.3 | 67.3 | 70.5 | 70.5 |
Long-term payables | 11.4 | 11.4 | 8.8 | 8.8 |
Accruals | 95.2 | 95.2 | 113.2 | 113.2 |
Total financial liabilities | 1,376.2 | 1,385.2 | 1,366.9 | 1,350.8 |
| Financial | ||||
| Fixed rate | Floating rate | liabilities on | ||
| financial | financial | which no | ||
| Total | liabilities | liabilities | interest is paid | |
| 2023 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Euro | 758.8 | 628.8 | 6 6.7 | 63.3 |
US dollar | 363.2 | 310.7 | 1.8 | 50.7 |
Sterling | 149.0 | 20.7 | 90.1 | 38.2 |
Renminbi | 39.5 | 5.1 | \u2014 | 34.4 |
Other | 65.7 | 16.2 | 1.2 | 48.3 |
Group total | 1,376.2 | 981.5 | 159.8 | 234.9 |
| Financial | ||||
| Fixed rate | Floating rate | liabilities on | ||
| financial | financial | which no | ||
| Total | liabilities | liabilities | interest is paid | |
| 2022 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Euro | 762.9 | 642.2 | 44.9 | 75.8 |
US dollar | 341.9 | 283.6 | 3.0 | 55.3 |
Sterling | 107.3 | 21.0 | 36.3 | 50.0 |
Renminbi | 46.3 | 2.0 | \u2014 | 44.3 |
Other | 108.5 | 18.3 | 36.1 | 54.1 |
Group total | 1,366.9 | 967.1 | 120.3 | 279.5 |
| 2023 | 2022 | ||||
| Nominal | Year | Carrying value | Carrying value | ||
| Currency | interest rate | of maturity | \u00a3m | \u00a3m | |
Unsecured private placement \u2013 \u20ac225.0m | \u20ac | 1.1% | 2023 | \u2014 | 202.0 |
Unsecured private placement \u2013 $185.0m | $ | 5.3% | 2028 | 145.3 | 152.9 |
Unsecured bank facility \u2013 $150.0m | $ | 6.8% | 2025 | 117.8 | 124.0 |
Unsecured private placement \u2013 \u20ac140.0m | \u20ac | 3.9% | 2027 | 124.7 | 123.9 |
Unsecured private placement \u2013 \u20ac125.0m | \u20ac | 4.2% | 2029 | 108.4 | 110.6 |
Unsecured private placement \u2013 \u20ac120.0m | \u20ac | 2.4% | 2026 | 104.4 | 106.2 |
Unsecured private placement \u2013 \u20ac110.0m | \u20ac | 4.4% | 2030 | 95.4 | \u2014 |
Unsecured bank facility \u2013 \u20ac90.0m | \u20ac | 4.7% | 2026 | 78.0 | \u2014 |
Unsecured bank facility | \u20ac | 4.6% | 2029 | 95.5 | 79.6 |
Unsecured bank facility | \u00a3 | 5.6% | 2024 | 81.7 | 39.3 |
Unsecured bank facility | \u20ac | 3.9% | 2024 | 64.4 | 38.5 |
Unsecured bank facility | \u00a3 | 5.9% | 2029 | 10.0 | 35.0 |
Unsecured bank facility | \u20ac | 0.0% | 2023 | \u2014 | 5.2 |
Unsecured bank facility | \u20ac | 3.9% | 2024 | 0.5 | 2.0 |
Unsecured bank facility | \u20ac | 3.9% | 2024 | 0.2 | 0.1 |
Unsecured bank facility | $ | 5.2% | 2024 | 0.1 | \u2014 |
Total outstanding borrowings | 1,026.4 | 1,019.3 |
| Floating\ue691 | Financial assets | |||
| Fixed rate | rate | on which no | ||
| financial | financial | interest is | ||
| Total | assets | assets | earned | |
| 2023 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Euro | 211.6 | 7.9 | 76.5 | 127.2 |
US dollar | 193.5 | 1.1 | 1.7 | 190.7 |
Sterling | 41.8 | 0.1 | 16.4 | 25.3 |
Renminbi | 67.6 | 2.8 | 23.4 | 41.4 |
Other | 191.5 | 11.3 | 41.4 | 138.8 |
Group total | 706.0 | 23.2 | 159.4 | 523.4 |
| Floating | Financial assets | |||
| Fixed rate | rate | on which no | ||
| financial | financial | interest is | ||
| Total | assets | assets | earned | |
| 2022 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Euro | 205.8 | 0.2 | 62.2 | 143.4 |
US dollar | 186.3 | 0.8 | 36.4 | 149.1 |
Sterling | 49.5 | 0.1 | 19.6 | 29.8 |
Renminbi | 92.4 | 6.4 | 41.1 | 44.9 |
Other | 190.1 | 8.6 | 22.7 | 158.8 |
Group total | 724.1 | 16.1 | 182.0 | 526.0 |
| Trade, other\ue691 | |||||
| payables, accruals\ue691 | |||||
| and contract\ue691 | Lease | ||||
| liabilities | Overdrafts | liabilities | Long-term | Total | |
| 2023 | \u00a3m | \u00a3m | \u00a3m | borrowings | \u00a3m |
In six months or less, or on demand | 233.4 | 146.9 | 9.6 | 2.7 | 392.6 |
In more than six months but no more than twelve | 9.0 | \u2014 | 9.1 | 1.2 | 19.3 |
In more than one year but no more than two | 2.1 | \u2014 | 16.3 | 119.8 | 138.2 |
In more than two years but no more than three | 6.2 | \u2014 | 13.8 | 183.4 | 203.4 |
In more than three years but no more than four | 1.5 | \u2014 | 11.2 | 122.9 | 135.6 |
In more than four years but no more than five | 0.2 | \u2014 | 7.9 | 145.3 | 153.4 |
In more than five years | 0.7 | \u2014 | 56.4 | 310.0 | 367.1 |
Total contractual cash flows | 253.1 | 146.9 | 124.3 | 885.3 | 1,409.6 |
Statement of Financial Position values | 253.1 | 146.9 | 96.7 | 87 9.5 | 1,376.2 |
| Trade, other | |||||
| payables | |||||
| and contract | Lease | ||||
| liabilities | Overdrafts | liabilities | Long-term | Total | |
| 2022 | \u00a3m | \u00a3m | \u00a3m | borrowings | \u00a3m |
In six months or less, or on demand | 271.0 | 85.1 | 7.9 | 37.3 | 401.3 |
In more than six months but no more than twelve | 6.8 | \u2014 | 7.0 | 201.4 | 215.2 |
In more than one year but no more than two | 1.7 | \u2014 | 10.9 | 84.2 | 96.8 |
In more than two years but no more than three | 1.3 | \u2014 | 7.7 | 147.0 | 156.0 |
In more than three years but no more than four | 0.8 | \u2014 | 5.6 | 107.5 | 113.9 |
In more than four years but no more than five | \u2014 | \u2014 | 4.2 | 341.5 | 345.7 |
In more than five years | 0.8 | \u2014 | 28.1 | 142.6 | 171.5 |
Total contractual cash flows | 282.4 | 85.1 | 71.4 | 1,061.5 | 1,500.4 |
Statement of Financial Position values | 282.4 | 85.1 | 65.2 | 934.2 | 1,366.9 |
| Less than | 6 to 12 | More than | ||
| 6 months | months | 12 months | Total | |
| 2023 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Contracted cash in/(out):\ue691 | ||||
Sterling | 54.9 | 67.5 | \u2014 | 122.4 |
Euro | (20.5) | (22.3) | \u2014 | (42.8) |
US dollar | (13.6) | (18.8) | \u2014 | (32.4) |
Other | (19.6) | (24.9) | \u2014 | (44.5) |
Total contractual cash flows | 1.2 | 1.5 | \u2014 | 2.7 |
| Less than | 6 to 12 | More than | ||
| 6 months | months | 12 months | Total | |
| 2022 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Contracted cash in/(out):\ue691 | ||||
Sterling | 72.8 | 70.0 | \u2014 | 142.8 |
Euro | (30.4) | (26.2) | \u2014 | (56.6) |
US dollar | (23.7) | (27.9) | \u2014 | (51.6) |
Other | (22.8) | (20.8) | \u2014 | (43.6) |
Total contractual cash flows | (4.1) | (4.9) | \u2014 | (9.0) |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Expiring in one year or less | \u2014 | \u2014 |
Expiring in more than one year but no more than two years | \u2014 | \u2014 |
Expiring in more than two years but no more than three years | \u2014 | \u2014 |
Expiring in more than three years | 294.5 | 285.4 |
Total Group undrawn committed facilities | 294.5 | 285.4 |
| Gross | Impairment | Net | Gross | Impairment | Net | |
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Not past due date | 236.6 | (1.0) | 235.6 | 236.2 | (1.8) | 234.4 |
0\u201330 days past due date | 35.0 | (0.2) | 34.8 | 48.8 | (0.1) | 48.7 |
31\u201390 days past due date | 17.3 | (0.1) | 17.2 | 29.0 | (0.1) | 28.9 |
91 days to one year past due date | 13.9 | (1.7) | 12.2 | 26.9 | (1.3) | 25.6 |
More than one year | 7.3 | (7.3) | \u2014 | 13.9 | (10.4) | 3.5 |
Group total | 310.1 | (10.3) | 299.8 | 354.8 | (13.7) | 341.1 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Balance at 1st January | 13.7 | 12.9 |
Additional impairment | 3.0 | 1.0 |
Amounts written off as uncollectable | (0.4) | (0.3) |
Amounts recovered | (0.4) | (0.6) |
Impairment losses reversed | (5.1) | (0.3) |
Exchange differences | (0.5) | 1.0 |
Balance at 31st December\ue691 | 10.3 | 13.7 |
| 2023 | 2023 | 2022 | 2022 | |
| Carrying | Fair | Carrying | Fair | |
| value | value | value | value | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Financial assets: | ||||
Cash and cash equivalents | 359.7 | 359.7 | 328.9 | 328.9 |
Trade, other receivables and contract assets | 346.3 | 346.3 | 395.2 | 395.2 |
Total financial assets | 706.0 | 706.0 | 724.1 | 724.1 |
| 2023 | 2023 | 2022 | 2022 | |
| Carrying | Fair | Carrying | Fair | |
| value | value | value | value | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Financial liabilities: | ||||
Borrowings | 879.5 | 888.5 | 934.2 | 918.1 |
Lease liabilities | 96.7 | 96.7 | 65.2 | 65.2 |
Bank overdrafts | 146.9 | 146.9 | 85.1 | 85.1 |
Trade payables | 79.2 | 79.2 | 89.9 | 89.9 |
Other payables and contract liabilities | 67.3 | 67.3 | 70.5 | 70.5 |
Long-term payables | 11.4 | 11.4 | 8.8 | 8.8 |
Accruals | 95.2 | 95.2 | 113.2 | 113.2 |
Total financial liabilities | 1,376.2 | 1,385.2 | 1,366.9 | 1,350.8 |
| 2023 | 2023 | 2022 | 2022 | |
| Carrying | Fair | Carrying | Fair | |
| value | value | value | value | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Financial assets: | ||||
Cash and cash equivalents | 359.7 | 359.7 | 328.9 | 328.9 |
Trade, other receivables and contract assets | 346.3 | 346.3 | 395.2 | 395.2 |
Total financial assets | 706.0 | 706.0 | 724.1 | 724.1 |
| 2023 | 2023 | 2022 | 2022 | |
| Carrying | Fair | Carrying | Fair | |
| value | value | value | value | |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
| Financial liabilities: | ||||
Borrowings | 879.5 | 888.5 | 934.2 | 918.1 |
Lease liabilities | 96.7 | 96.7 | 65.2 | 65.2 |
Bank overdrafts | 146.9 | 146.9 | 85.1 | 85.1 |
Trade payables | 79.2 | 79.2 | 89.9 | 89.9 |
Other payables and contract liabilities | 67.3 | 67.3 | 70.5 | 70.5 |
Long-term payables | 11.4 | 11.4 | 8.8 | 8.8 |
Accruals | 95.2 | 95.2 | 113.2 | 113.2 |
Total financial liabilities | 1,376.2 | 1,385.2 | 1,366.9 | 1,350.8 |
| Financial | ||||
| Fixed rate | Floating rate | liabilities on | ||
| financial | financial | which no | ||
| Total | liabilities | liabilities | interest is paid | |
| 2022 | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
Euro | 762.9 | 642.2 | 44.9 | 75.8 |
US dollar | 341.9 | 283.6 | 3.0 | 55.3 |
Sterling | 107.3 | 21.0 | 36.3 | 50.0 |
Renminbi | 46.3 | 2.0 | \u2014 | 44.3 |
Other | 108.5 | 18.3 | 36.1 | 54.1 |
Group total | 1,366.9 | 967.1 | 120.3 | 279.5 |
| 2023 | 2022 | ||||
| Nominal | Year | Carrying value | Carrying value | ||
| Currency | interest rate | of maturity | \u00a3m | \u00a3m | |
Unsecured private placement \u2013 \u20ac225.0m | \u20ac | 1.1% | 2023 | \u2014 | 202.0 |
Unsecured private placement \u2013 $185.0m | $ | 5.3% | 2028 | 145.3 | 152.9 |
Unsecured bank facility \u2013 $150.0m | $ | 6.8% | 2025 | 117.8 | 124.0 |
Unsecured private placement \u2013 \u20ac140.0m | \u20ac | 3.9% | 2027 | 124.7 | 123.9 |
Unsecured private placement \u2013 \u20ac125.0m | \u20ac | 4.2% | 2029 | 108.4 | 110.6 |
Unsecured private placement \u2013 \u20ac120.0m | \u20ac | 2.4% | 2026 | 104.4 | 106.2 |
Unsecured private placement \u2013 \u20ac110.0m | \u20ac | 4.4% | 2030 | 95.4 | \u2014 |
Unsecured bank facility \u2013 \u20ac90.0m | \u20ac | 4.7% | 2026 | 78.0 | \u2014 |
Unsecured bank facility | \u20ac | 4.6% | 2029 | 95.5 | 79.6 |
Unsecured bank facility | \u00a3 | 5.6% | 2024 | 81.7 | 39.3 |
Unsecured bank facility | \u20ac | 3.9% | 2024 | 64.4 | 38.5 |
Unsecured bank facility | \u00a3 | 5.9% | 2029 | 10.0 | 35.0 |
Unsecured bank facility | \u20ac | 0.0% | 2023 | \u2014 | 5.2 |
Unsecured bank facility | \u20ac | 3.9% | 2024 | 0.5 | 2.0 |
Unsecured bank facility | \u20ac | 3.9% | 2024 | 0.2 | 0.1 |
Unsecured bank facility | $ | 5.2% | 2024 | 0.1 | \u2014 |
Total outstanding borrowings | 1,026.4 | 1,019.3 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Expiring in one year or less | \u2014 | \u2014 |
Expiring in more than one year but no more than two years | \u2014 | \u2014 |
Expiring in more than two years but no more than three years | \u2014 | \u2014 |
Expiring in more than three years | 294.5 | 285.4 |
Total Group undrawn committed facilities | 294.5 | 285.4 |
| 2023 | 2022 | |
| \u00a3m | \u00a3m | |
Expiring in one year or less | \u2014 | \u2014 |
Expiring in more than one year but no more than two years | \u2014 | \u2014 |
Expiring in more than two years but no more than three years | \u2014 | \u2014 |
Expiring in more than three years | 294.5 | 285.4 |
Total Group undrawn committed facilities | 294.5 | 285.4 |