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"fact-438": { "value": "-14700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-439": { "value": "233900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-440": { "value": "212800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-441": { "value": "830100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Borrowings", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-442": { "value": "879500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Borrowings", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-443": { "value": "596200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetDebt", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-444": { "value": "666700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetDebt", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-445": { "value": "95100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LeaseLiabilities", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-446": { "value": "96700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LeaseLiabilities", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-447": { "value": "691300000.0", "decimals": -5, "dimensions": { "concept": "spiraxsarco:NetDebtIncludingLeaseLiabilitiesAtEndOfTheYear", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-448": { "value": "763400000.0", "decimals": -5, "dimensions": { "concept": "spiraxsarco:NetDebtIncludingLeaseLiabilitiesAtEndOfTheYear", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-450": { "value": "1 Accounting policies Basis of preparation The Consolidated Financial Statements have been prepared on a historical cost basis except for items that are required by International Financial Reporting Standards (IFRS) to be measured at fair value, principally certain financial instruments. The Consolidated Financial Statements have been prepared in accordance with IFRS which includes the standards and interpretations issued by the International Accounting Standards Board (IASB) that have been adopted by the United Kingdom (UK). The preparation of Financial Statements in conformity with IFRS requires the Directors to apply IAS 1 and make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Group\u2019s accounting policies The Directors have concluded that no critical judgements, apart from those involving estimations (which are dealt with separately below) have been made in the process of applying the Group\u2019s accounting policies. Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are outlined below. (i) Post-retirement benefits The Group\u2019s defined benefit obligation is assessed by selecting key assumptions. The selection of mortality rates, discount rates and inflation are key sources of estimation uncertainty which could lead to material adjustment in the defined benefit obligation within the next financial year. These assumptions are set with close reference to market conditions. The Group\u2019s defined benefit obligation is discounted at a rate set by reference to market yields at the end of the reporting period on high quality corporate bonds. The most significant criteria considered for the selection of bonds include the issue size of the corporate bonds, the quality of the bonds and the identification of outliers which are excluded. The assumptions selected and associated sensitivity analysis are disclosed in Note 22. Climate change Climate change is a global challenge and an emerging risk to businesses, people and the environment across the world. We have a role to play in limiting global warming by improving our energy management, reducing our carbon emissions and helping our customers do the same. Growing awareness of climate change and customer sustainability targets will provide impetus for business growth as we provide products, services and solutions that increase efficiency and reduce customers\u2019 energy use and carbon emissions. In preparing the Consolidated Financial Statements, the Directors have considered the impact of climate change, particularly in the context of risk identified in the TCFD disclosures on pages 88 to 96. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Directors have considered the impact of climate change in respect of the following areas: \u2022 Assessment of impairment of goodwill, other intangibles and tangible assets \u2022 Going Concern and Viability Statements \u2022 Impact on useful economic lives of assets \u2022 Preparation of budgets and cash flow forecasts Given no material risks have been identified as per the assessment outlined in the TCFD report, no climate change related impact was identified. The Directors are, however, aware of the changing nature of risks associated with climate change and will regularly assess these risks against judgements and estimates made in the preparation of the Group\u2019s Financial Statements. The Group has considerable financial resources together with a diverse range of products and customers across wide geographic areas and industries. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully. Further information on the Group\u2019s business activities, performance and position, together with the financial position of the Group, its capital structure and cash flow are included in the Strategic Report from the inside front cover to page 96. In addition, Note 26 to the Financial Statements discloses details of the Group\u2019s financial risk management and credit facilities. The Consolidated Financial Statements are presented in pounds sterling, which is the Group\u2019s functional currency, rounded to the nearest one hundred thousand. New standards and interpretations applied in the current year During the current year, the Group has applied the following amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board (IASB) effective for annual periods that begin on or after 1 January 2024. Adoption has not had a material impact on the disclosures or on the amounts reported in these Financial Statements: \u2022 Amendments to IAS 1: Presentation of Financial Statements \u2013 Non-current Liabilities with Covenants \u2022 Amendments to IAS 1: Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-current \u2022 Amendments to IFRS 16: Leases \u2013 Lease Liability in a Sale and Leaseback \u2022 Amendments to IAS 7: Statement of Cash Flows and IFRS 7 Financial instruments \u2013 Supplier Finance Arrangements New standards and interpretations not yet applied At the date of authorisation of these Financial Statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective. \u2022 Amendments to IAS 21: The effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability (1 January 2025) \u2022 IFRS 18: Presentation and Disclosures in Financial Statements (1 January 2027) \u2022 IFRS 19: Subsidiaries without Public Accounting Accountability \u2013 Disclosures (1 January 2027) The Directors do not expect that the adoption of the Standards listed above will have a material impact on the Financial Statements of the Group in future periods. At 31 December 2024 the Group has performed a review of the impact of the application of IAS 29 and concluded that the adoption of IAS 29 is not required as its impact on the Consolidated Financial Statements is not material. The Group will continue to monitor and assess this position going forward. Basis of accounting (i) Subsidiaries The Group Consolidated Financial Statements include the results of the Company and all its subsidiary undertakings. Subsidiaries are entities controlled by the Group. Control is achieved when the Group has power over an entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to use its power to affect those returns. In assessing control, potential voting rights that presently are exercisable or convertible are taken into account. The Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. (ii) Associates Associates are those entities for which the Group has significant influence, but not control, over the financial and operating policies. The Financial Statements include the Group\u2019s share of the total recognised income and expense of Associates on an equity accounted basis, from the date that significant influence commenced until the date that significant influence ceases. (iii) Transactions eliminated on consolidation Intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-Group transactions, are eliminated in preparing the Group Consolidated Financial Statements. Unrealised gains arising from transactions with Associates are eliminated to the extent of the Group\u2019s interest in the entity. Foreign currency (i) On consolidation The assets and liabilities of foreign operations are translated into sterling at exchange rates ruling at the date of the Consolidated Statement of Financial Position (closing rate). The revenues, expenses and cash flows of foreign operations are translated into sterling at average rates of exchange ruling during the year. Where the Notes to the Group Consolidated Financial Statements include tables reconciling movements between opening and closing balances, opening and closing assets and liabilities are translated at closing rates and revenue, expenses and all other movements are translated at average rates, with the exchange differences arising being disclosed separately. Exchange differences arising from the translation of the assets and liabilities of foreign operations are taken to a separate translation reserve within equity. They are recycled and recognised in the Consolidated Income Statement upon disposal of the operation. Any differences that have arisen before 1 January 2004, the date of transition to IFRS, are not presented as a separate component of equity. (ii) Foreign currency transactions Transactions in foreign currencies are translated to the respective currencies of the Group entities at the foreign exchange rate at the date of the transaction. Monetary assets and liabilities at the date of the Statement of Financial Position denominated in a currency other than the functional currency of the entity are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Consolidated Income Statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the dates fair value was determined. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognised in other comprehensive income and presented in the cash flow hedges reserve. The associated gain or loss is removed from equity and recognised in the Consolidated Income Statement in the period in which the transaction to which it relates occurs. Net investment hedge accounting The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes in exchange rates and the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the net investment hedge reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. Interest-bearing borrowings Interest-bearing borrowings are recognised initially at the fair value of consideration received, less directly attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective interest basis. Other financial liabilities Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective interest basis. The effective interest method is a method of calculating the amortised cost of the financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. The Group has not participated in any supplier financing arrangements during the current or prior year. Property, plant and equipment Items of property, plant and equipment are stated at cost or deemed cost, less accumulated depreciation. Depreciation is charged to the Consolidated Income Statement on a straight-line basis at rates which write down the value of assets to their residual values over their estimated useful lives. Land is not depreciated. The annual principal rates are as follows: Freehold buildings 1.5\u20134.0% Leasehold buildings Over life of lease Plant and machinery 6.66\u201312.5% Office furniture and fittings 10% Office equipment 12.5\u201333.3% Motor vehicles 20% Tooling and patterns 10% The depreciation rates are reassessed annually. Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting. Identified assets acquired and liabilities assumed are measured at their respective acquisition date fair values. The excess of the fair value of the consideration given over the fair value of the identifiable net assets acquired is recorded as goodwill. Acquisition- related costs are expensed as incurred. The operating results of the acquired business are reflected in the Group\u2019s Consolidated Financial Statements after the date of acquisition. The cost of the acquisition is measured as the cash paid and also includes the fair value of any asset or liability resulting from a contingent consideration arrangement at the acquisition date. Intangible assets (i) Goodwill Goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment (see Note 14 for more detail). Annual impairment tests are performed on goodwill by comparing the carrying value with the recoverable amount, being the higher of the fair value less cost to sell and value in use, discounted at an appropriate discount rate, of future cash flows in respect of goodwill for the relevant cash-generating unit. (ii) Research and development Expenditure on R&D is charged to the Consolidated Income Statement in the period in which it is incurred except when development expenditure is capitalised where the development costs meet certain distinct criteria for capitalisation. These criteria include demonstration of the technical feasibility, intent of completing a new intangible asset that is separable, the ability to measure reliably the expenditure attributable to the intangible asset during its development phase and that the asset will generate probable future economic benefits. The expenditure capitalised includes staff costs and related expenses. Capitalised development expenditure is stated at cost less accumulated amortisation and any impairment losses. (iii) Other intangible assets Intangible assets other than goodwill that are acquired by the Group are stated at cost less accumulated amortisation and any impairment losses. Where computer software is cloud based and the Group does not have control of the software, the configuration and customisation costs are expensed over either: \u2022 The period the services are received, where costs are distinct from the underlying software \u2022 The period of the SaaS arrangement, where costs are not distinct from the underlying software (iv) Amortisation Amortisation is charged to the Consolidated Income Statement on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date they are available for use. The annual principal amortisation rates are as follows: Capitalised development costs 20% ERP systems and software 10\u201333% Brand names and trademarks 5\u201333% Manufacturing designs and core technology 6\u201350% Non-compete undertakings and other 20\u2013100% Customer relationships 6\u201333% The Group has reviewed the amortisation rates and has determined a change for ERP systems and software from 12-33% to 10-33%. This is to reflect the extended usage of the ERP systems around the Group. This impact on current and future periods is not material. Inventories Inventories are measured at the lower of cost and net realisable value. Inventory cost is calculated on both first in, first out and weighted average methodologies depending on which is deemed most appropriate. The cost of inventories includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. Trade receivables and other receivables Trade receivables are carried at original invoice amount (which is considered a reasonable proxy for fair value) and are subsequently held at amortised cost less a loss allowance. Other receivables are initially measured at fair value. The loss allowance of trade receivables is based on lifetime expected credit losses. Lifetime expected credit losses are calculated by assessing historic credit loss experience, adjusted for factors specific to the receivable and operating company. The movement in the provision is recognised in the Consolidated Income Statement. Trade and other payables Trade and other payables are recognised at fair value and subsequently held at amortised cost. Provisions and contingent liabilities A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of resources, which can be reliably measured, will be required to settle the obligation. If the obligation is expected to be settled within 12 months of the reporting date, the provision is included within current liabilities and if expected to be settled after 12 months, it is included in non-current liabilities. In respect of product warranties, a provision is recognised when the underlying products or services are sold. Obligations arising from restructuring plans are recognised when detailed formal plans have been established and there is a valid expectation that such a plan will be carried out. Provisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the likelihood of having to settle the obligation is less than probable but more than remote, or the amount of the obligation cannot be measured reliably, then a contingent liability is disclosed. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less and are held at amortised cost. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the Statement of Cash Flows. Going concern When managing liquidity, the Group\u2019s principal objective is to safeguard the ability to continue as a going concern for at least 12 months from the date of signing the 2024 Annual Report. The Group retains sufficient resources to remain in compliance with all the required terms and conditions within its borrowing facilities, with material headroom. No material uncertainties have been identified. The Group continues to conduct ongoing risk assessments with its business operations and on its liquidity. Consideration has also been given to \u2018reverse stress tests\u2019, which seek to identify factors that might cause the Group to require additional liquidity and form a view as to the probability of these occurring. The Group\u2019s financial position remains robust, with the next maturity of our committed debt facilities being $150 million of Bank Term loan which matures in October 2025 and which is reflected in the cash flow forecast model. The Group\u2019s debt facilities contain a leverage covenant of up to 3.5x. Certain debt facilities also contain an interest cover covenant of a minimum of 3.0x. The Group regularly monitors its financial position to ensure that it remains within the terms of these debt covenants. At 31 December 2024 leverage (net debt excluding lease liabilities divided by adjusted earnings before interest, tax, depreciation and amortisation) was 1.6x (2023: 1.7x), interest cover (adjusted earnings before interest, tax, depreciation and amortisation divided by net bank interest) was 10x (2023: 10x). Reverse \u2018stress testing\u2019 was also performed to assess the level of business underperformance that would be required for a breach of the financial covenants to occur. The results of these tests evidenced that no reasonably possible change in future forecast cash flows would cause a breach of these covenants. The reverse stress test cash flow modelling does not consider any mitigating actions that the Group would implement in the event of a severe and extended revenue and profitability decline. Such actions would serve to further increase covenant headroom. Having assessed the relevant business risks (as outlined in our Principal Risks on pages 83 to 87); the potential impact of any climate change related risks (as outlined within the Task Force on Climate-related Financial Disclosures section on pages 88 to 96); and the liquidity and covenant headroom available under several alternative scenarios (as set out in the viability assessment on pages 35 to 37), the Directors consider it appropriate to continue to adopt the going concern basis in preparing the Financial Statements. Alternative performance measures The Group reports under International Financial Reporting Standards (IFRS) and also uses alternative performance measures where the Board believes that they help to effectively monitor the performance of the Group and users of the Financial Statements might find them informative. Certain alternative performance measures also form a meaningful element of Executive Directors\u2019 variable remuneration. A definition of the alternative performance measures included in the Annual Report and a reconciliation to the closest IFRS equivalent are disclosed in the Appendix. Adjusted performance measures are not considered to be a substitute for, or superior to, IFRS measures. Employee benefits (i) Defined contribution plans Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Income Statement as incurred. (ii) Defined benefit plans The costs of providing pensions under defined benefit schemes are calculated in accordance with the advice of qualified actuaries and spread over the period during which benefit is expected to be derived from the employees\u2019 services. The Group\u2019s net obligation or surplus in respect of defined benefit pensions is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. Past service costs are recognised straight away. That benefit is discounted at rates reflecting the yields on AA credit rated corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations to determine its present value. Pension scheme assets are measured at fair value at the Statement of Financial Position date. Actuarial gains and losses, differences between the expected and actual returns and the effect of changes in actuarial assumptions are recognised in the Statement of Comprehensive Income in the year they arise. Any scheme surplus (to the extent it is considered recoverable under the provisions of IFRIC 14) or deficit is recognised in full in the Statement of Financial Position. The costs of other post-employment liabilities are calculated in a similar way to defined benefit pension schemes and are spread over the relevant period, in accordance with the advice of qualified actuaries. (iii) Employee share plans Incentives in the form of shares are provided to employees under share award schemes. The fair value of these awards at their date of grant is charged to the Consolidated Income Statement over the relevant vesting periods with a corresponding increase in equity. The value of the charge is adjusted to reflect share awards vesting. (iv) Long-term share incentive plans The fair value of awards is measured at the date of grant and the cost spread over the vesting period. The amount recognised as an expense is not adjusted to reflect market-based performance conditions, but is adjusted for non- market-based performance conditions. Awards can vest in the form of shares, a nil-cost option or, exceptionally, cash.
Revenue
The Group applies the following five-step framework when recognising revenue:
Step 1: Identify the contracts with customers.
Step 2: Identify the performance obligations in the contract.
Step 3: Determine the transaction price.
Step 4: Allocate the transaction price to the performance obligations in the contract.
Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation.
The criteria the Group uses to identify the performance obligations within a contract are:
\u2022
The customer must be able to benefit from the goods or services either on its own or in combination with other resources
available to the customer and
\u2022
The entity\u2019s promise to transfer the good or service to the customer is separable from other promises in the contract
The transaction price is the value that the Group expects to be entitled to from the customer and includes discounts,
rebates, credits, price concessions, incentives, performance bonuses, penalties and liquidated damages, but is not reduced
for bad debts. It is net of any value-added tax (VAT) and other sales-related taxes. Variable consideration that is dependent
on certain events is estimated and then constrained to the extent that it is highly probable.
Revenue is recognised over time as the product is being manufactured or a service is being provided if any of the following
criteria are met:
\u2022
The Group is creating a bespoke item which does not have an alternative use to the Group (i.e. we would incur a
significant loss to rework and/or sell to another customer) and the entity has a right to payment for work completed to
date including a reasonable profit
\u2022
The customer controls the asset that is being created or enhanced during the manufacturing process, i.e. the customer
has the right to significantly modify and dictate how the product is built during construction
\u2022
As customers receive services provided by the Group, they simultaneously consume the benefit of such services
Judgement is made when determining if a product is bespoke and the value of revenue to recognise over time as products
are being manufactured. However, due to the low value of orders for bespoke items in progress at the 31 December 2024
where we have a right to payment of costs plus a reasonable profit, this is not considered a critical judgement.
The value of revenue to be recognised over time for goods being manufactured is calculated using a cost-based input
approach. This is considered a faithful depiction of the transfer of the goods as the costs incurred, total costs expected to
be incurred and order value are known. Each month progress on manufacturing contracts is reviewed and a contract asset
or liability recognised for any work performed to date. Any amount previously recognised as a contract asset is reclassified
to trade receivables at the point at which it is invoiced to the customer. If an interim payment exceeds the revenue
recognised to date under the cost-based input method then the Group recognises a contract liability for the difference.
The value of revenue to be recognised over time for services being provided is calculated based on the stage of completion.
This is assessed by reference to the contractual performance obligations with each separate customer and the costs
incurred on the contract to date in comparison to the total forecast costs of the contract. Payment for such services is not
due from the customer until they are complete and therefore a contract asset is recognised over the period in which the
services are performed representing the entity\u2019s right to consideration for the services performed to date.
If the criteria to recognise revenue over time are not met then revenue is recognised at a point in time when the customer
obtains control of the asset and the performance obligation is satisfied. The customer obtains control of the asset when
the customer can direct the use of the asset and obtain the benefits from the asset.
Factors the Group considers when determining the point in time when control of the asset has passed to the customer
and revenue recognised include:
\u2022
The Group has a right to payment
\u2022
Legal title is transferred to the customer
\u2022
Physical possession of the asset has been transferred to the customer
\u2022
The customer has the significant risks and rewards of ownership
\u2022
The customer has accepted the asset
Control normally passes and revenue is recognised when the goods are either dispatched or delivered to the customer (in
accordance with the terms and conditions of the sale) or the installation and testing are completed. Until this point, no
revenue is recognised on point in time sales. Due to this, a contract liability may be recognised at the time of the initial sales
transaction if a payment in advance, or deposit is received.
A large proportion of the Group\u2019s revenue qualifies for recognition on dispatch or delivery of the goods to the customer as
this is when the performance obligation is satisfied. This is normally the trigger point for raising an invoice per the terms and
conditions of the order. Therefore invoicing for a large proportion of the Group\u2019s revenue occurs at the same time as when
the performance obligation is satisfied. Contract assets at 31 December 2024 were \u00a323.2m (1.4% of total revenue) (2023:
\u00a317.0m (1.0% of total revenue)).
All revenue recognised by the Group is generated through contracts with customers.
When the unavoidable costs of fulfilling the contract exceed the revenue to be recognised the contract is loss making and the expected loss is recognised in the Consolidated Income Statement immediately. Warranties that give assurance that a product meets agreed-upon specifications are accounted for as a cost provision and do not impact the timing and value of revenue. The Group does not have any material warranties that promise more than just providing assurance that a product meets agreed-upon specifications. Costs of obtaining a contract, which are only incurred because the contract was obtained, are capitalised and expensed at a later date. At 31 December 2024 no costs of obtaining a contract were capitalised. All other assets recognised to fulfil a contract are within the scope of other accounting standards and policies. Leases The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (assets with a value of less than \u00a35,000). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. For new leases entered into, the lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. The incremental borrowing rate is calculated at the rate of interest at which the company would have been able to borrow for a similar term and with a similar security the funds necessary to obtain a similar asset in a similar market. Lease payments included in the measurement of the lease liability comprise: \u2022 Fixed lease payments (including in substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date \u2022 The amount expected to be payable by the Company under residual value guarantees \u2022 The exercise price of purchase options, if the Company is reasonably certain to exercise the options \u2022 Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a residual guarantee value The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs. Judgement is required when determining whether to include or exclude optional extension periods within the lease term and estimation is required when calculating the incremental borrowing rate used to discount the future lease cash flows. These are not considered critical judgements or a key source of estimation uncertainty. Taxation The tax charge comprises current and deferred tax. Income tax expense is recognised in the Consolidated Income Statement unless it relates to items recognised directly in equity or in other comprehensive income, when it is also recognised in equity or other comprehensive income respectively. Current tax is the expected tax payable on the profit for the year and any adjustments in respect of previous years using tax rates enacted or substantively enacted at the reporting date. Tax positions are reviewed to assess whether a provision should be made on prevailing circumstances. Tax provisions are included within current taxation payable. Deferred tax is provided on temporary differences arising between the tax base of assets and liabilities and their carrying amounts in the Financial Statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is provided using rates of tax that have been enacted or substantively enacted at the date of the Statement of Financial Position or the date that the temporary differences are expected to reverse. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Share capital and repurchased shares When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares or placed in an Employee Benefit Trust and are presented as a deduction from total equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-452": { "value": "
Basis of preparation
The Consolidated Financial Statements have been prepared on a historical cost basis except for items that are required by
International Financial Reporting Standards (IFRS) to be measured at fair value, principally certain financial instruments. The
Consolidated Financial Statements have been prepared in accordance with IFRS which includes the standards and interpretations
issued by the International Accounting Standards Board (IASB) that have been adopted by the United Kingdom (UK).
The preparation of Financial Statements in conformity with IFRS requires the Directors to apply IAS 1 and make judgements,
estimates and assumptions about the carrying amounts of assets and liabilities that are not apparent from other sources.
The estimates and associated assumptions are based on historical experiences and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the
revision and future periods if the revision affects both current and future periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-496": { "value": "The Consolidated Financial Statements have been prepared on a historical cost basis except for items that are required by International Financial Reporting Standards (IFRS) to be measured at fair value, principally certain financial instruments. The Consolidated Financial Statements have been prepared in accordance with IFRS which includes the standards and interpretations issued by the International Accounting Standards Board (IASB) that have been adopted by the United Kingdom (UK). The preparation of Financial Statements in conformity with IFRS requires the Directors to apply IAS 1 and make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-453": { "value": "
Critical judgements in applying the Group\u2019s accounting policies
The Directors have concluded that no critical judgements, apart from those involving estimations (which are dealt with
separately below) have been made in the process of applying the Group\u2019s accounting policies.
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty in the reporting period that
may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year, are outlined below.
(i) Post-retirement benefits
The Group\u2019s defined benefit obligation is assessed by selecting key assumptions. The selection of mortality rates,
discount rates and inflation are key sources of estimation uncertainty which could lead to material adjustment in the
defined benefit obligation within the next financial year. These assumptions are set with close reference to market
conditions.
The Group\u2019s defined benefit obligation is discounted at a rate set by reference to market yields at the end of the
reporting period on high quality corporate bonds. The most significant criteria considered for the selection of bonds
include the issue size of the corporate bonds, the quality of the bonds and the identification of outliers which are
excluded.
The assumptions selected and associated sensitivity analysis are disclosed in Note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-451": { "value": "
Climate change
Climate change is a global challenge and an emerging risk to businesses, people and the environment across the world.
We have a role to play in limiting global warming by improving our energy management, reducing our carbon emissions and
helping our customers do the same. Growing awareness of climate change and customer sustainability targets will provide
impetus for business growth as we provide products, services and solutions that increase efficiency and reduce customers\u2019
energy use and carbon emissions.
In preparing the Consolidated Financial Statements, the Directors have considered the impact of climate change,
particularly in the context of risk identified in the TCFD disclosures on pages 88 to 96. There has been no material impact
identified on the financial reporting judgements and estimates. In particular, the Directors have considered the impact of
climate change in respect of the following areas:
\u2022
Assessment of impairment of goodwill, other intangibles and tangible assets
\u2022
Going Concern and Viability Statements
\u2022
Impact on useful economic lives of assets
\u2022
Preparation of budgets and cash flow forecasts
Given no material risks have been identified as per the assessment outlined in the TCFD report, no climate change related
impact was identified. The Directors are, however, aware of the changing nature of risks associated with climate change and
will regularly assess these risks against judgements and estimates made in the preparation of the Group\u2019s Financial Statements.
", "dimensions": { "concept": "spiraxsarco:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-454": { "value": "
The Group has considerable financial resources together with a diverse range of products and customers across wide
geographic areas and industries. As a consequence, the Directors believe that the Group is well placed to manage its
business risks successfully.
Further information on the Group\u2019s business activities, performance and position, together with the financial position of
the Group, its capital structure and cash flow are included in the Strategic Report from the inside front cover to page 96. In
addition, Note 26 to the Financial Statements discloses details of the Group\u2019s financial risk management and credit facilities.
The Consolidated Financial Statements are presented in pounds sterling, which is the Group\u2019s functional currency, rounded
to the nearest one hundred thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-497": { "value": "The Consolidated Financial Statements are presented in pounds sterling, which is the Group\u2019s functional currency, rounded to the nearest one hundred thousand. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-498": { "value": "
New standards and interpretations applied in the current year
During the current year, the Group has applied the following amendments to IFRS Standards and Interpretations issued by
the International Accounting Standards Board (IASB) effective for annual periods that begin on or after 1 January 2024.
Adoption has not had a material impact on the disclosures or on the amounts reported in these Financial Statements:
\u2022
Amendments to IAS 1: Presentation of Financial Statements \u2013 Non-current Liabilities with Covenants
\u2022
Amendments to IAS 1: Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-current
\u2022
Amendments to IFRS 16: Leases \u2013 Lease Liability in a Sale and Leaseback
\u2022
Amendments to IAS 7: Statement of Cash Flows and IFRS 7 Financial instruments \u2013 Supplier Finance Arrangements
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-455": { "value": "New standards and interpretations applied in the current year During the current year, the Group has applied the following amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board (IASB) effective for annual periods that begin on or after 1 January 2024. Adoption has not had a material impact on the disclosures or on the amounts reported in these Financial Statements: \u2022 Amendments to IAS 1: Presentation of Financial Statements \u2013 Non-current Liabilities with Covenants \u2022 Amendments to IAS 1: Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-current \u2022 Amendments to IFRS 16: Leases \u2013 Lease Liability in a Sale and Leaseback \u2022 Amendments to IAS 7: Statement of Cash Flows and IFRS 7 Financial instruments \u2013 Supplier Finance Arrangements New standards and interpretations not yet applied At the date of authorisation of these Financial Statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective. \u2022 Amendments to IAS 21: The effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability (1 January 2025) \u2022 IFRS 18: Presentation and Disclosures in Financial Statements (1 January 2027) \u2022 IFRS 19: Subsidiaries without Public Accounting Accountability \u2013 Disclosures (1 January 2027) The Directors do not expect that the adoption of the Standards listed above will have a material impact on the Financial Statements of the Group in future periods. At 31 December 2024 the Group has performed a review of the impact of the application of IAS 29 and concluded that the adoption of IAS 29 is not required as its impact on the Consolidated Financial Statements is not material. The Group will continue to monitor and assess this position going forward. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-499": { "value": "
New standards and interpretations not yet applied
At the date of authorisation of these Financial Statements, the Group has not applied the following new and revised IFRS
Standards that have been issued but are not yet effective.
\u2022
Amendments to IAS 21: The effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability (1 January 2025)
\u2022
IFRS 18: Presentation and Disclosures in Financial Statements (1 January 2027)
\u2022
IFRS 19: Subsidiaries without Public Accounting Accountability \u2013 Disclosures (1 January 2027)
The Directors do not expect that the adoption of the Standards listed above will have a material impact on the Financial
Statements of the Group in future periods.
At 31 December 2024 the Group has performed a review of the impact of the application of IAS 29 and concluded that the
adoption of IAS 29 is not required as its impact on the Consolidated Financial Statements is not material. The Group will
continue to monitor and assess this position going forward.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "value": "
Basis of accounting
(i) Subsidiaries
The Group Consolidated Financial Statements include the results of the Company and all its subsidiary undertakings.
Subsidiaries are entities controlled by the Group. Control is achieved when the Group has power over an entity, is
exposed, or has rights, to variable returns from its involvement with the entity and has the ability to use its power to
affect those returns. In assessing control, potential voting rights that presently are exercisable or convertible are taken
into account. The Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the
date that control commences until the date that control ceases.
(ii) Associates
Associates are those entities for which the Group has significant influence, but not control, over the financial and
operating policies. The Financial Statements include the Group\u2019s share of the total recognised income and expense
of Associates on an equity accounted basis, from the date that significant influence commenced until the date that
significant influence ceases.
(iii) Transactions eliminated on consolidation
Intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-Group
transactions, are eliminated in preparing the Group Consolidated Financial Statements. Unrealised gains arising from
transactions with Associates are eliminated to the extent of the Group\u2019s interest in the entity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-500": { "value": "(i) Subsidiaries The Group Consolidated Financial Statements include the results of the Company and all its subsidiary undertakings. Subsidiaries are entities controlled by the Group. Control is achieved when the Group has power over an entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to use its power to affect those returns. In assessing control, potential voting rights that presently are exercisable or convertible are taken into account. The Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-531": { "value": "(ii) Associates Associates are those entities for which the Group has significant influence, but not control, over the financial and operating policies. The Financial Statements include the Group\u2019s share of the total recognised income and expense of Associates on an equity accounted basis, from the date that significant influence commenced until the date that significant influence ceases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-501": { "value": "(ii) Associates Associates are those entities for which the Group has significant influence, but not control, over the financial and operating policies. The Financial Statements include the Group\u2019s share of the total recognised income and expense of Associates on an equity accounted basis, from the date that significant influence commenced until the date that significant influence ceases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "value": "
Foreign currency
(i) On consolidation
The assets and liabilities of foreign operations are translated into sterling at exchange rates ruling at the date of the
Consolidated Statement of Financial Position (closing rate). The revenues, expenses and cash flows of foreign
operations are translated into sterling at average rates of exchange ruling during the year. Where the Notes to the Group
Consolidated Financial Statements include tables reconciling movements between opening and closing balances,
opening and closing assets and liabilities are translated at closing rates and revenue, expenses and all other movements
are translated at average rates, with the exchange differences arising being disclosed separately.
Exchange differences arising from the translation of the assets and liabilities of foreign operations are taken to a
separate translation reserve within equity. They are recycled and recognised in the Consolidated Income Statement
upon disposal of the operation. Any differences that have arisen before 1 January 2004, the date of transition to IFRS,
are not presented as a separate component of equity.
(ii) Foreign currency transactions
Transactions in foreign currencies are translated to the respective currencies of the Group entities at the foreign
exchange rate at the date of the transaction. Monetary assets and liabilities at the date of the Statement of Financial
Position denominated in a currency other than the functional currency of the entity are translated at the foreign
exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the
Consolidated Income Statement. Non-monetary assets and liabilities that are measured in terms of historical cost in
a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and
liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling
at the dates fair value was determined.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "value": "
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a highly probable
forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognised in other
comprehensive income and presented in the cash flow hedges reserve. The associated gain or loss is removed from equity
and recognised in the Consolidated Income Statement in the period in which the transaction to which it relates occurs.
Net investment hedge accounting
The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net
investment in overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such
companies caused by changes in exchange rates and the changes in value of the borrowings are recognised in the
Consolidated Statement of Comprehensive Income and accumulated in the net investment hedge reserve. The ineffective
part of any changes in value caused by changes in exchange rates is recognised in the Consolidated Income Statement.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at the fair value of consideration received, less directly attributable
transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortised cost with any
difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of
the borrowings on an effective interest basis.
Other financial liabilities
Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial
liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense
recognised on an effective interest basis. The effective interest method is a method of calculating the amortised cost of the
financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that
exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate,
a shorter period, to the net carrying amount on initial recognition.
The Group has not participated in any supplier financing arrangements during the current or prior year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-502": { "value": "Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognised in other comprehensive income and presented in the cash flow hedges reserve. The associated gain or loss is removed from equity and recognised in the Consolidated Income Statement in the period in which the transaction to which it relates occurs. Net investment hedge accounting The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes in exchange rates and the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the net investment hedge reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-532": { "value": "Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a highly probable forecasted transaction, the effective part of any gain or loss on the derivative financial instrument is recognised in other comprehensive income and presented in the cash flow hedges reserve. The associated gain or loss is removed from equity and recognised in the Consolidated Income Statement in the period in which the transaction to which it relates occurs. Net investment hedge accounting The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes in exchange rates and the changes in value of the borrowings are recognised in the Consolidated Statement of Comprehensive Income and accumulated in the net investment hedge reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-503": { "value": "Interest-bearing borrowings Interest-bearing borrowings are recognised initially at the fair value of consideration received, less directly attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective interest basis. Other financial liabilities Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective interest basis. The effective interest method is a method of calculating the amortised cost of the financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. The Group has not participated in any supplier financing arrangements during the current or prior year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-533": { "value": "Interest-bearing borrowings Interest-bearing borrowings are recognised initially at the fair value of consideration received, less directly attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective interest basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "value": "
Property, plant and equipment
Items of property, plant and equipment are stated at cost or deemed cost, less accumulated depreciation. Depreciation is
charged to the Consolidated Income Statement on a straight-line basis at rates which write down the value of assets to
their residual values over their estimated useful lives. Land is not depreciated.
The annual principal rates are as follows:
Freehold buildings 1.5\u20134.0%
Leasehold buildings Over life of lease
Plant and machinery 6.66\u201312.5%
Office furniture and fittings 10%
Office equipment 12.5\u201333.3%
Motor vehicles 20%
Tooling and patterns 10%
The depreciation rates are reassessed annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-504": { "value": "Property, plant and equipment Items of property, plant and equipment are stated at cost or deemed cost, less accumulated depreciation. Depreciation is charged to the Consolidated Income Statement on a straight-line basis at rates which write down the value of assets to their residual values over their estimated useful lives. Land is not depreciated. The annual principal rates are as follows: Freehold buildings 1.5\u20134.0% Leasehold buildings Over life of lease Plant and machinery 6.66\u201312.5% Office furniture and fittings 10% Office equipment 12.5\u201333.3% Motor vehicles 20% Tooling and patterns 10% The depreciation rates are reassessed annually. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "
Business combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting. Identified assets
acquired and liabilities assumed are measured at their respective acquisition date fair values. The excess of the fair value of
the consideration given over the fair value of the identifiable net assets acquired is recorded as goodwill. Acquisition-
related costs are expensed as incurred. The operating results of the acquired business are reflected in the Group\u2019s
Consolidated Financial Statements after the date of acquisition.
The cost of the acquisition is measured as the cash paid and also includes the fair value of any asset or liability resulting
from a contingent consideration arrangement at the acquisition date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-534": { "value": "Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting. Identified assets acquired and liabilities assumed are measured at their respective acquisition date fair values. The excess of the fair value of the consideration given over the fair value of the identifiable net assets acquired is recorded as goodwill. Acquisition- related costs are expensed as incurred. The operating results of the acquired business are reflected in the Group\u2019s Consolidated Financial Statements after the date of acquisition. The cost of the acquisition is measured as the cash paid and also includes the fair value of any asset or liability resulting from a contingent consideration arrangement at the acquisition date. (i) Goodwill Goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment (see Note 14 for more detail). Annual impairment tests are performed on goodwill by comparing the carrying value with the recoverable amount, being the higher of the fair value less cost to sell and value in use, discounted at an appropriate discount rate, of future cash flows in respect of goodwill for the relevant cash-generating unit. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "value": "
Intangible assets
(i) Goodwill
Goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets
acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating
units and is not amortised but is tested annually for impairment (see Note 14 for more detail). Annual impairment tests
are performed on goodwill by comparing the carrying value with the recoverable amount, being the higher of the fair
value less cost to sell and value in use, discounted at an appropriate discount rate, of future cash flows in respect of
goodwill for the relevant cash-generating unit.
(ii) Research and development
Expenditure on R&D is charged to the Consolidated Income Statement in the period in which it is incurred except when
development expenditure is capitalised where the development costs meet certain distinct criteria for capitalisation.
These criteria include demonstration of the technical feasibility, intent of completing a new intangible asset that is
separable, the ability to measure reliably the expenditure attributable to the intangible asset during its development
phase and that the asset will generate probable future economic benefits. The expenditure capitalised includes staff
costs and related expenses. Capitalised development expenditure is stated at cost less accumulated amortisation and
any impairment losses.
(iii) Other intangible assets
Intangible assets other than goodwill that are acquired by the Group are stated at cost less accumulated amortisation
and any impairment losses.
Where computer software is cloud based and the Group does not have control of the software, the configuration and
customisation costs are expensed over either:
\u2022
The period the services are received, where costs are distinct from the underlying software
\u2022
The period of the SaaS arrangement, where costs are not distinct from the underlying software
(iv) Amortisation
Amortisation is charged to the Consolidated Income Statement on a straight-line basis over the estimated useful lives
of intangible assets, other than goodwill, from the date they are available for use. The annual principal amortisation rates
are as follows:
Capitalised development costs 20%
ERP systems and software 10\u201333%
Brand names and trademarks 5\u201333%
Manufacturing designs and core technology 6\u201350%
Non-compete undertakings and other 20\u2013100%
Customer relationships 6\u201333%
The Group has reviewed the amortisation rates and has determined a change for ERP systems and software from
12-33% to 10-33%. This is to reflect the extended usage of the ERP systems around the Group. This impact on current and
future periods is not material.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-505": { "value": "(i) Goodwill Goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment (see Note 14 for more detail). Annual impairment tests are performed on goodwill by comparing the carrying value with the recoverable amount, being the higher of the fair value less cost to sell and value in use, discounted at an appropriate discount rate, of future cash flows in respect of goodwill for the relevant cash-generating unit. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-506": { "value": "(ii) Research and development Expenditure on R&D is charged to the Consolidated Income Statement in the period in which it is incurred except when development expenditure is capitalised where the development costs meet certain distinct criteria for capitalisation. These criteria include demonstration of the technical feasibility, intent of completing a new intangible asset that is separable, the ability to measure reliably the expenditure attributable to the intangible asset during its development phase and that the asset will generate probable future economic benefits. The expenditure capitalised includes staff costs and related expenses. Capitalised development expenditure is stated at cost less accumulated amortisation and any impairment losses. (iii) Other intangible assets Intangible assets other than goodwill that are acquired by the Group are stated at cost less accumulated amortisation and any impairment losses. Where computer software is cloud based and the Group does not have control of the software, the configuration and customisation costs are expensed over either: \u2022 The period the services are received, where costs are distinct from the underlying software \u2022 The period of the SaaS arrangement, where costs are not distinct from the underlying software (iv) Amortisation Amortisation is charged to the Consolidated Income Statement on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date they are available for use. The annual principal amortisation rates are as follows: Capitalised development costs 20% ERP systems and software 10\u201333% Brand names and trademarks 5\u201333% Manufacturing designs and core technology 6\u201350% Non-compete undertakings and other 20\u2013100% Customer relationships 6\u201333% The Group has reviewed the amortisation rates and has determined a change for ERP systems and software from 12-33% to 10-33%. This is to reflect the extended usage of the ERP systems around the Group. This impact on current and future periods is not material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "value": "
Inventories
Inventories are measured at the lower of cost and net realisable value. Inventory cost is calculated on both first in, first out
and weighted average methodologies depending on which is deemed most appropriate. The cost of inventories includes
expenditure incurred in acquiring the inventories, production or conversion costs and other costs in bringing them to their
existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate
share of production overheads based on normal operating capacity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-463": { "value": "
Trade receivables and other receivables
Trade receivables are carried at original invoice amount (which is considered a reasonable proxy for fair value) and are
subsequently held at amortised cost less a loss allowance. Other receivables are initially measured at fair value. The loss
allowance of trade receivables is based on lifetime expected credit losses. Lifetime expected credit losses are calculated
by assessing historic credit loss experience, adjusted for factors specific to the receivable and operating company. The
movement in the provision is recognised in the Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "value": "
Trade and other payables
Trade and other payables are recognised at fair value and subsequently held at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-465": { "value": "
Provisions and contingent liabilities
A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or
constructive obligation as a result of a past event and it is probable that an outflow of resources, which can be reliably
measured, will be required to settle the obligation. If the obligation is expected to be settled within 12 months of the
reporting date, the provision is included within current liabilities and if expected to be settled after 12 months, it is included
in non-current liabilities.
In respect of product warranties, a provision is recognised when the underlying products or services are sold. Obligations
arising from restructuring plans are recognised when detailed formal plans have been established and there is a valid
expectation that such a plan will be carried out. Provisions are recognised at an amount equal to the best estimate of the
expenditure required to settle the Group\u2019s liability. If the likelihood of having to settle the obligation is less than probable
but more than remote, or the amount of the obligation cannot be measured reliably, then a contingent liability is disclosed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-507": { "value": "Provisions and contingent liabilities A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of resources, which can be reliably measured, will be required to settle the obligation. If the obligation is expected to be settled within 12 months of the reporting date, the provision is included within current liabilities and if expected to be settled after 12 months, it is included in non-current liabilities. In respect of product warranties, a provision is recognised when the underlying products or services are sold. Obligations arising from restructuring plans are recognised when detailed formal plans have been established and there is a valid expectation that such a plan will be carried out. Provisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the likelihood of having to settle the obligation is less than probable but more than remote, or the amount of the obligation cannot be measured reliably, then a contingent liability is disclosed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less and
are held at amortised cost. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash
management are included as a component of cash and cash equivalents for the purpose of the Statement of Cash Flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-467": { "value": "
Going concern
When managing liquidity, the Group\u2019s principal objective is to safeguard the ability to continue as a going concern for at
least 12 months from the date of signing the 2024 Annual Report. The Group retains sufficient resources to remain in
compliance with all the required terms and conditions within its borrowing facilities, with material headroom. No material
uncertainties have been identified. The Group continues to conduct ongoing risk assessments with its business operations
and on its liquidity. Consideration has also been given to \u2018reverse stress tests\u2019, which seek to identify factors that might
cause the Group to require additional liquidity and form a view as to the probability of these occurring.
The Group\u2019s financial position remains robust, with the next maturity of our committed debt facilities being $150 million of
Bank Term loan which matures in October 2025 and which is reflected in the cash flow forecast model. The Group\u2019s debt
facilities contain a leverage covenant of up to 3.5x. Certain debt facilities also contain an interest cover covenant of a
minimum of 3.0x. The Group regularly monitors its financial position to ensure that it remains within the terms of these debt
covenants. At 31 December 2024 leverage (net debt excluding lease liabilities divided by adjusted earnings before interest,
tax, depreciation and amortisation) was 1.6x (2023: 1.7x), interest cover (adjusted earnings before interest, tax, depreciation
and amortisation divided by net bank interest) was 10x (2023: 10x).
Reverse \u2018stress testing\u2019 was also performed to assess the level of business underperformance that would be required for a
breach of the financial covenants to occur. The results of these tests evidenced that no reasonably possible change in
future forecast cash flows would cause a breach of these covenants. The reverse stress test cash flow modelling does not
consider any mitigating actions that the Group would implement in the event of a severe and extended revenue and
profitability decline. Such actions would serve to further increase covenant headroom.
Having assessed the relevant business risks (as outlined in our Principal Risks on pages 83 to 87); the potential impact of
any climate change related risks (as outlined within the Task Force on Climate-related Financial Disclosures section on
pages 88 to 96); and the liquidity and covenant headroom available under several alternative scenarios (as set out in the
viability assessment on pages 35 to 37), the Directors consider it appropriate to continue to adopt the going concern basis
in preparing the Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-468": { "value": "
Alternative performance measures
The Group reports under International Financial Reporting Standards (IFRS) and also uses alternative performance measures
where the Board believes that they help to effectively monitor the performance of the Group and users of the Financial
Statements might find them informative. Certain alternative performance measures also form a meaningful element of
Executive Directors\u2019 variable remuneration. A definition of the alternative performance measures included in the Annual
Report and a reconciliation to the closest IFRS equivalent are disclosed in the Appendix. Adjusted performance measures
are not considered to be a substitute for, or superior to, IFRS measures.
", "dimensions": { "concept": "spiraxsarco:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-469": { "value": "
Employee benefits
(i) Defined contribution plans
Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated
Income Statement as incurred.
(ii) Defined benefit plans
The costs of providing pensions under defined benefit schemes are calculated in accordance with the advice of
qualified actuaries and spread over the period during which benefit is expected to be derived from the employees\u2019
services. The Group\u2019s net obligation or surplus in respect of defined benefit pensions is calculated separately for each
plan by estimating the amount of future benefit that employees have earned in return for their service in the current and
prior periods. Past service costs are recognised straight away.
That benefit is discounted at rates reflecting the yields on AA credit rated corporate bonds that have maturity dates
approximating the terms of the Group\u2019s obligations to determine its present value. Pension scheme assets are measured
at fair value at the Statement of Financial Position date. Actuarial gains and losses, differences between the expected
and actual returns and the effect of changes in actuarial assumptions are recognised in the Statement of
Comprehensive Income in the year they arise. Any scheme surplus (to the extent it is considered recoverable under the
provisions of IFRIC 14) or deficit is recognised in full in the Statement of Financial Position.
The costs of other post-employment liabilities are calculated in a similar way to defined benefit pension schemes and
are spread over the relevant period, in accordance with the advice of qualified actuaries.
(iii) Employee share plans
Incentives in the form of shares are provided to employees under share award schemes. The fair value of these awards
at their date of grant is charged to the Consolidated Income Statement over the relevant vesting periods with a
corresponding increase in equity. The value of the charge is adjusted to reflect share awards vesting.
(iv) Long-term share incentive plans
The fair value of awards is measured at the date of grant and the cost spread over the vesting period. The amount
recognised as an expense is not adjusted to reflect market-based performance conditions, but is adjusted for non-
market-based performance conditions. Awards can vest in the form of shares, a nil-cost option or, exceptionally, cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-470": { "value": "Revenue The Group applies the following five-step framework when recognising revenue: Step 1: Identify the contracts with customers. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation. The criteria the Group uses to identify the performance obligations within a contract are: \u2022 The customer must be able to benefit from the goods or services either on its own or in combination with other resources available to the customer and \u2022 The entity\u2019s promise to transfer the good or service to the customer is separable from other promises in the contract The transaction price is the value that the Group expects to be entitled to from the customer and includes discounts, rebates, credits, price concessions, incentives, performance bonuses, penalties and liquidated damages, but is not reduced for bad debts. It is net of any value-added tax (VAT) and other sales-related taxes. Variable consideration that is dependent on certain events is estimated and then constrained to the extent that it is highly probable. Revenue is recognised over time as the product is being manufactured or a service is being provided if any of the following criteria are met: \u2022 The Group is creating a bespoke item which does not have an alternative use to the Group (i.e. we would incur a significant loss to rework and/or sell to another customer) and the entity has a right to payment for work completed to date including a reasonable profit \u2022 The customer controls the asset that is being created or enhanced during the manufacturing process, i.e. the customer has the right to significantly modify and dictate how the product is built during construction \u2022 As customers receive services provided by the Group, they simultaneously consume the benefit of such services Judgement is made when determining if a product is bespoke and the value of revenue to recognise over time as products are being manufactured. However, due to the low value of orders for bespoke items in progress at the 31 December 2024 where we have a right to payment of costs plus a reasonable profit, this is not considered a critical judgement. The value of revenue to be recognised over time for goods being manufactured is calculated using a cost-based input approach. This is considered a faithful depiction of the transfer of the goods as the costs incurred, total costs expected to be incurred and order value are known. Each month progress on manufacturing contracts is reviewed and a contract asset or liability recognised for any work performed to date. Any amount previously recognised as a contract asset is reclassified to trade receivables at the point at which it is invoiced to the customer. If an interim payment exceeds the revenue recognised to date under the cost-based input method then the Group recognises a contract liability for the difference. The value of revenue to be recognised over time for services being provided is calculated based on the stage of completion. This is assessed by reference to the contractual performance obligations with each separate customer and the costs incurred on the contract to date in comparison to the total forecast costs of the contract. Payment for such services is not due from the customer until they are complete and therefore a contract asset is recognised over the period in which the services are performed representing the entity\u2019s right to consideration for the services performed to date. If the criteria to recognise revenue over time are not met then revenue is recognised at a point in time when the customer obtains control of the asset and the performance obligation is satisfied. The customer obtains control of the asset when the customer can direct the use of the asset and obtain the benefits from the asset. Factors the Group considers when determining the point in time when control of the asset has passed to the customer and revenue recognised include: \u2022 The Group has a right to payment \u2022 Legal title is transferred to the customer \u2022 Physical possession of the asset has been transferred to the customer \u2022 The customer has the significant risks and rewards of ownership \u2022 The customer has accepted the asset Control normally passes and revenue is recognised when the goods are either dispatched or delivered to the customer (in accordance with the terms and conditions of the sale) or the installation and testing are completed. Until this point, no revenue is recognised on point in time sales. Due to this, a contract liability may be recognised at the time of the initial sales transaction if a payment in advance, or deposit is received. A large proportion of the Group\u2019s revenue qualifies for recognition on dispatch or delivery of the goods to the customer as this is when the performance obligation is satisfied. This is normally the trigger point for raising an invoice per the terms and conditions of the order. Therefore invoicing for a large proportion of the Group\u2019s revenue occurs at the same time as when the performance obligation is satisfied. Contract assets at 31 December 2024 were \u00a323.2m (1.4% of total revenue) (2023: \u00a317.0m (1.0% of total revenue)). All revenue recognised by the Group is generated through contracts with customers.
When the unavoidable costs of fulfilling the contract exceed the revenue to be recognised the contract is loss making and
the expected loss is recognised in the Consolidated Income Statement immediately.
Warranties that give assurance that a product meets agreed-upon specifications are accounted for as a cost provision and
do not impact the timing and value of revenue. The Group does not have any material warranties that promise more than just
providing assurance that a product meets agreed-upon specifications.
Costs of obtaining a contract, which are only incurred because the contract was obtained, are capitalised and expensed at
a later date. At 31 December 2024 no costs of obtaining a contract were capitalised. All other assets recognised to fulfil a
contract are within the scope of other accounting standards and policies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-471": { "value": "
Leases
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use
asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term
leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (assets with a value of less
than \u00a35,000). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis
over the term of the lease unless another systematic basis is more representative of the time pattern in which economic
benefits from the leased assets are consumed.
For new leases entered into, the lease liability is initially measured at the present value of the lease payments that are not
paid at the commencement date, discounted by using the incremental borrowing rate for the related geographical location
unless the rate implicit in the lease is readily determinable. The incremental borrowing rate is calculated at the rate of
interest at which the company would have been able to borrow for a similar term and with a similar security the funds
necessary to obtain a similar asset in a similar market.
Lease payments included in the measurement of the lease liability comprise:
\u2022
Fixed lease payments (including in substance fixed payments), less any lease incentives receivable
\u2022
Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date
\u2022
The amount expected to be payable by the Company under residual value guarantees
\u2022
The exercise price of purchase options, if the Company is reasonably certain to exercise the options
\u2022
Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability and
by reducing the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:
\u2022
The lease term has changed or there is a significant event or change in circumstances resulting in a change in the
assessment of exercise of a purchase option
\u2022
The lease payments change due to changes in an index or rate or a change in expected payment under a residual guarantee value
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or
before the commencement date and any initial direct costs. They are subsequently measured at cost less accumulated
depreciation and impairment losses.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease
transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise
a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset.
Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability
and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition
that triggers those payments occurs.
Judgement is required when determining whether to include or exclude optional extension periods within the lease term and
estimation is required when calculating the incremental borrowing rate used to discount the future lease cash flows. These
are not considered critical judgements or a key source of estimation uncertainty.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-472": { "value": "
Taxation
The tax charge comprises current and deferred tax. Income tax expense is recognised in the Consolidated Income
Statement unless it relates to items recognised directly in equity or in other comprehensive income, when it is also
recognised in equity or other comprehensive income respectively. Current tax is the expected tax payable on the profit for
the year and any adjustments in respect of previous years using tax rates enacted or substantively enacted at the reporting
date. Tax positions are reviewed to assess whether a provision should be made on prevailing circumstances. Tax provisions
are included within current taxation payable. Deferred tax is provided on temporary differences arising between the tax
base of assets and liabilities and their carrying amounts in the Financial Statements. Deferred tax assets are recognised to
the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax
is provided using rates of tax that have been enacted or substantively enacted at the date of the Statement of Financial
Position or the date that the temporary differences are expected to reverse. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-508": { "value": "Taxation The tax charge comprises current and deferred tax. Income tax expense is recognised in the Consolidated Income Statement unless it relates to items recognised directly in equity or in other comprehensive income, when it is also recognised in equity or other comprehensive income respectively. Current tax is the expected tax payable on the profit for the year and any adjustments in respect of previous years using tax rates enacted or substantively enacted at the reporting date. Tax positions are reviewed to assess whether a provision should be made on prevailing circumstances. Tax provisions are included within current taxation payable. Deferred tax is provided on temporary differences arising between the tax base of assets and liabilities and their carrying amounts in the Financial Statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is provided using rates of tax that have been enacted or substantively enacted at the date of the Statement of Financial Position or the date that the temporary differences are expected to reverse. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-473": { "value": "
Share capital and repurchased shares
When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly
attributable costs, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares
or placed in an Employee Benefit Trust and are presented as a deduction from total equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-474": { "value": "
2 Segmental reporting
As required by IFRS 8 Operating Segments, the segmental structure reflects the current internal reporting provided to the
Chief Operating Decision Maker (considered to be the Board) on a regular basis to assist in making decisions on resource
allocation to each segment and to assess performance.
The Group is organised into three segments with the following core product expertise:
\u2022
Steam Thermal Solutions \u2013 Industrial and commercial steam systems
\u2022
Electric Thermal Solutions \u2013 Electrical process heating and temperature management solutions
\u2022
Watson-Marlow Fluid Technology Solutions \u2013 Peristaltic and niche pumps and associated fluid path technologies
No changes to the structure of operating segments have been made during the current year.
Analysis by operating segment
2024
Total
operating
Revenue profit Operating
\u00a3m \u00a3m margin
Steam Thermal Solutions
867.9
198.9
22.9%
Electric Thermal Solutions
404.6
46.1
11.4%
Watson-Marlow Fluid Technology Solutions
392.7
90.3
23.0%
Corporate
\u2014
(30.7)
Total
1,665.2
304.6
18.3%
Net financing expense
(43.7)
Share of loss of Associate
(2.0)
Profit before tax
258.9
2023
Total
operating
Revenue profit Operating
\u00a3m \u00a3m margin
Steam Thermal Solutions
910.1
205.2
22.5%
Electric Thermal Solutions
378.5
25.8
6.8%
Watson-Marlow Fluid Technology Solutions
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
The following table details the split of revenue by geography for the combined Group:
2024 2023
\u00a3m \u00a3m
Europe, Middle East and Africa
721.3
718.7
Asia Pacific
338.2
357.4
Americas
605.7
606.5
Total revenue
1,665.2
1,682.6
Revenue generated by Group companies based in the USA is \u00a3455.5m (2023: \u00a3454.2m), in China is \u00a3160.8m (2023: \u00a3177.8m),
in Germany is \u00a3147.8m (2023: \u00a3153.2m), in France is \u00a3130.7m (2023: \u00a3131.3m), in the UK is \u00a3116.7m (2023: \u00a3110.0m) and in
the rest of the world is \u00a3653.7m (2023: \u00a3656.1m).
Net financing income and expense
2024 2024 2024 2023 2023 2023
Income Expense Net Income Expense Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Steam Thermal Solutions
3.1
(3.5)
(0.4)
4.1
(3.3)
0.8
Electric Thermal Solutions
1.1
(1.4)
(0.3)
0.8
(1.6)
(0.8)
Watson-Marlow Fluid Technology Solutions
1.6
(1.6)
\u2014
0.9
(1.2)
(0.3)
Corporate
7. 2
(50.2)
(43.0)
5.5
(45.1)
(39.6)
Total net financing expense
13.0
(56.7)
(43.7)
11.3
(51.2)
(39.9)
Net assets
2024 2024 2023 2023
Assets Liabilities Assets Liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Steam Thermal Solutions
693.9
(190.8)
714.1
(203.7)
Electric Thermal Solutions
1,139.9
(84.4)
1,128.8
(82.7)
Watson-Marlow Fluid Technology Solutions
403.9
(38.8)
429.3
(43.6)
Corporate
28.3
(9.4)
31.9
(1.1)
2,266.0
(323.4)
2,304.1
(331.1)
Liabilities
(323.4)
(331.1)
Net deferred tax
(29.4)
(37.2)
Net tax payable
(12.7)
(14.7)
Net debt including lease liabilities
(691.3)
(763.4)
Net assets
1,209.2
1,157.7
Non-current assets in the USA were \u00a3684.1m (2023: \u00a3689.1m), in France were \u00a3353.2m (2023: \u00a3388.7m), in the UK were
\u00a3276.3m (2023: \u00a3251.1m), in Germany were \u00a3151.2m (2023: \u00a3161.0m) and in the rest of the world were \u00a3193.3m (2023:
\u00a3193.7m).
Capital additions, depreciation, amortisation and impairment
2024 2023
2024 Depreciation, 2023 Depreciation,
Capital amortisation Capital amortisation
additions and impairment additions and impairment
\u00a3m \u00a3m \u00a3m \u00a3m
Steam Thermal Solutions
37.7
33.0
48.2
47.9
Electric Thermal Solutions
48.4
37.7
32.2
40.3
Watson-Marlow Fluid Technology Solutions
18.9
31.0
66.6
24.5
Corporate
4.6
2.0
14.1
\u2014
Group total
109.6
103.7
161.1
112.7
Capital additions include property, plant and equipment of \u00a374.3m (2023: \u00a384.0m) and intangible assets of \u00a318.5m
(2023: \u00a325.0m). Right-of-use asset additions of \u00a316.8m (2023: \u00a352.1m) occurred during the 12-month period to
31 December 2024. Capital additions split between the USA, UK and rest of the world are USA \u00a349.5m (2023: \u00a368.7m),
UK \u00a322.9m (2023: \u00a343.6m) and rest of the world \u00a337.2m (2023: \u00a348.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-475": { "value": "
3 Operating costs
2024 2023
\u00a3m \u00a3m
Cost of inventories recognised as an expense
396.5
402.5
Staff costs (Note 4)
640.5
630.4
Depreciation, amortisation and impairment
103.7
112.7
Other operating charges
219.9
252.6
Total operating costs
1,360.6
1,398.2
Total staff costs includes a credit of \u00a32.7m (2023: \u00a33.8m) relating to amounts capitalised during the year. Excluding this
credit, total staff costs were \u00a3643.2m (2023: \u00a3634.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-553": { "value": "3 Operating costs
2024 2023
\u00a3m \u00a3m
Cost of inventories recognised as an expense
396.5
402.5
Staff costs (Note 4)
640.5
630.4
Depreciation, amortisation and impairment
103.7
112.7
Other operating charges
219.9
252.6
Total operating costs
1,360.6
1,398.2
Total staff costs includes a credit of \u00a32.7m (2023: \u00a33.8m) relating to amounts capitalised during the year. Excluding this credit, total staff costs were \u00a3643.2m (2023: \u00a3634.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-558": { "value": "3 Operating costs
2024 2023
\u00a3m \u00a3m
Cost of inventories recognised as an expense
396.5
402.5
Staff costs (Note 4)
640.5
630.4
Depreciation, amortisation and impairment
103.7
112.7
Other operating charges
219.9
252.6
Total operating costs
1,360.6
1,398.2
Total staff costs includes a credit of \u00a32.7m (2023: \u00a33.8m) relating to amounts capitalised during the year. Excluding this credit, total staff costs were \u00a3643.2m (2023: \u00a3634.2m). 6 Profit before taxation Profit before taxation is shown after charging:
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment
(38.9)
(35.5)
Depreciation of right-of-use assets
(17.6)
(16.2)
Amortisation of acquired intangibles
(34.1)
(37.2)
Amortisation of other intangibles
(7.4)
(8.1)
Non-current asset impairment
(5.7)
(15.7)
Leases exempt from IFRS 16 (short term, low value or variable lease payments)
(2.9)
(3.1)
Exchange difference gains
1.1
1.8
Profit/(loss) on disposal of non-current assets
3.8
(0.1)
Research and development
(11.3)
(16.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-547": { "value": "3 Operating costs
2024 2023
\u00a3m \u00a3m
Cost of inventories recognised as an expense
396.5
402.5
Staff costs (Note 4)
640.5
630.4
Depreciation, amortisation and impairment
103.7
112.7
Other operating charges
219.9
252.6
Total operating costs
1,360.6
1,398.2
Total staff costs includes a credit of \u00a32.7m (2023: \u00a33.8m) relating to amounts capitalised during the year. Excluding this credit, total staff costs were \u00a3643.2m (2023: \u00a3634.2m). 6 Profit before taxation Profit before taxation is shown after charging:
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment
(38.9)
(35.5)
Depreciation of right-of-use assets
(17.6)
(16.2)
Amortisation of acquired intangibles
(34.1)
(37.2)
Amortisation of other intangibles
(7.4)
(8.1)
Non-current asset impairment
(5.7)
(15.7)
Leases exempt from IFRS 16 (short term, low value or variable lease payments)
(2.9)
(3.1)
Exchange difference gains
1.1
1.8
Profit/(loss) on disposal of non-current assets
3.8
(0.1)
Research and development
(11.3)
(16.8)
2024 2023
Auditor\u2019s remuneration \u00a3m \u00a3m
Audit of these Financial Statements
0.7
0.7
Amounts receivable by the Company\u2019s Auditor and its Associates in respect of:
Audit of Financial Statements of subsidiaries of the Company
2.2
1.9
Total audit fees
2.9
2.6
Audit-related assurance services
0.4
0.2
Total non-audit fees
0.4
0.2
Total Auditor\u2019s remuneration
3.3
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-535": { "value": "3 Operating costs
2024 2023
\u00a3m \u00a3m
Cost of inventories recognised as an expense
396.5
402.5
Staff costs (Note 4)
640.5
630.4
Depreciation, amortisation and impairment
103.7
112.7
Other operating charges
219.9
252.6
Total operating costs
1,360.6
1,398.2
Total staff costs includes a credit of \u00a32.7m (2023: \u00a33.8m) relating to amounts capitalised during the year. Excluding this credit, total staff costs were \u00a3643.2m (2023: \u00a3634.2m). 6 Profit before taxation Profit before taxation is shown after charging:
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment
(38.9)
(35.5)
Depreciation of right-of-use assets
(17.6)
(16.2)
Amortisation of acquired intangibles
(34.1)
(37.2)
Amortisation of other intangibles
(7.4)
(8.1)
Non-current asset impairment
(5.7)
(15.7)
Leases exempt from IFRS 16 (short term, low value or variable lease payments)
(2.9)
(3.1)
Exchange difference gains
1.1
1.8
Profit/(loss) on disposal of non-current assets
3.8
(0.1)
Research and development
(11.3)
(16.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-509": { "value": "3 Operating costs
2024 2023
\u00a3m \u00a3m
Cost of inventories recognised as an expense
396.5
402.5
Staff costs (Note 4)
640.5
630.4
Depreciation, amortisation and impairment
103.7
112.7
Other operating charges
219.9
252.6
Total operating costs
1,360.6
1,398.2
Total staff costs includes a credit of \u00a32.7m (2023: \u00a33.8m) relating to amounts capitalised during the year. Excluding this credit, total staff costs were \u00a3643.2m (2023: \u00a3634.2m).
6 Profit before taxation
Profit before taxation is shown after charging:
2024 2023
\u00a3m \u00a3m
Depreciation of property, plant and equipment
(38.9)
(35.5)
Depreciation of right-of-use assets
(17.6)
(16.2)
Amortisation of acquired intangibles
(34.1)
(37.2)
Amortisation of other intangibles
(7.4)
(8.1)
Non-current asset impairment
(5.7)
(15.7)
Leases exempt from IFRS 16 (short term, low value or variable lease payments)
(2.9)
(3.1)
Exchange difference gains
1.1
1.8
Profit/(loss) on disposal of non-current assets
3.8
(0.1)
Research and development
(11.3)
(16.8)
2024 2023
Auditor\u2019s remuneration \u00a3m \u00a3m
Audit of these Financial Statements
0.7
0.7
Amounts receivable by the Company\u2019s Auditor and its Associates in respect of:
Audit of Financial Statements of subsidiaries of the Company
2.2
1.9
Total audit fees
2.9
2.6
Audit-related assurance services
0.4
0.2
Total non-audit fees
0.4
0.2
Total Auditor\u2019s remuneration
3.3
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-476": { "value": "
4 Staff costs and numbers
The aggregate payroll costs of persons employed by the Group were as follows:
2024 2023
\u00a3m \u00a3m
Wages and salaries
528.4
523.1
Social security costs
85.1
82.0
Pension costs
29.7
29.1
Total payroll costs
643.2
634.2
The average number of persons employed by the Group (including Directors) during the year was as follows:
2024
2023
United Kingdom
2,411
2,608
Rest of the world
7,499
7,514
Group average
9, 910
10,122
7 Directors\u2019 emoluments
Directors represent the key management personnel of the Group under the terms of IAS 24 Related Party Disclosures.
Total remuneration is shown below.
Further details of salaries and short-term benefits, post-retirement benefits, share plans and long-term share incentive plans
are shown in the Annual Report on Remuneration 2024 on pages 135 to 144. The share-based payments charge comprises a
charge in relation to the Performance Share Plan and the Employee Share Ownership Plan (as described in Note 22).
2024 2023
\u00a3m \u00a3m
Salaries and short-term benefits
2.6
2.4
Post-retirement benefits
0.1
0.1
Share-based payments
0.1
0.3
Total Directors\u2019 remuneration
2.8
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-477": { "value": "
5 Net financing income and expense
2024 2023
\u00a3m \u00a3m
Financial expenses
Bank and other borrowing interest payable
(51.7)
(46.9)
Interest expense on lease liabilities
(3.1)
(2.2)
Net interest on pension scheme liabilities
(1.9)
(2.1)
(56.7)
(51.2)
Financial income
Bank interest receivable
13.0
11.3
Net financing expense
(43.7)
(39.9)
Net bank interest
(38.7)
(35.6)
Interest expense on lease liabilities
(3.1)
(2.2)
Net interest on pension scheme liabilities
(1.9)
(2.1)
Net financing expense
(43.7)
(39.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-559": { "value": "5 Net financing income and expense
2024 2023
\u00a3m \u00a3m
Financial expenses
Bank and other borrowing interest payable
(51.7)
(46.9)
Interest expense on lease liabilities
(3.1)
(2.2)
Net interest on pension scheme liabilities
(1.9)
(2.1)
(56.7)
(51.2)
Financial income
Bank interest receivable
13.0
11.3
Net financing expense
(43.7)
(39.9)
Net bank interest
(38.7)
(35.6)
Interest expense on lease liabilities
(3.1)
(2.2)
Net interest on pension scheme liabilities
(1.9)
(2.1)
Net financing expense
(43.7)
(39.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-554": { "value": "5 Net financing income and expense
2024 2023
\u00a3m \u00a3m
Financial expenses
Bank and other borrowing interest payable
(51.7)
(46.9)
Interest expense on lease liabilities
(3.1)
(2.2)
Net interest on pension scheme liabilities
(1.9)
(2.1)
(56.7)
(51.2)
Financial income
Bank interest receivable
13.0
11.3
Net financing expense
(43.7)
(39.9)
Net bank interest
(38.7)
(35.6)
Interest expense on lease liabilities
(3.1)
(2.2)
Net interest on pension scheme liabilities
(1.9)
(2.1)
Net financing expense
(43.7)
(39.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-510": { "value": "5 Net financing income and expense
2024 2023
\u00a3m \u00a3m
Financial expenses
Bank and other borrowing interest payable
(51.7)
(46.9)
Interest expense on lease liabilities
(3.1)
(2.2)
Net interest on pension scheme liabilities
(1.9)
(2.1)
(56.7)
(51.2)
Financial income
Bank interest receivable
13.0
11.3
Net financing expense
(43.7)
(39.9)
Net bank interest
(38.7)
(35.6)
Interest expense on lease liabilities
(3.1)
(2.2)
Net interest on pension scheme liabilities
(1.9)
(2.1)
Net financing expense
(43.7)
(39.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-548": { "value": "5 Net financing income and expense
2024 2023
\u00a3m \u00a3m
Financial expenses
Bank and other borrowing interest payable
(51.7)
(46.9)
Interest expense on lease liabilities
(3.1)
(2.2)
Net interest on pension scheme liabilities
(1.9)
(2.1)
(56.7)
(51.2)
Financial income
Bank interest receivable
13.0
11.3
Net financing expense
(43.7)
(39.9)
Net bank interest
(38.7)
(35.6)
Interest expense on lease liabilities
(3.1)
(2.2)
Net interest on pension scheme liabilities
(1.9)
(2.1)
Net financing expense
(43.7)
(39.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-536": { "value": "5 Net financing income and expense
2024 2023
\u00a3m \u00a3m
Financial expenses
Bank and other borrowing interest payable
(51.7)
(46.9)
Interest expense on lease liabilities
(3.1)
(2.2)
Net interest on pension scheme liabilities
(1.9)
(2.1)
(56.7)
(51.2)
Financial income
Bank interest receivable
13.0
11.3
Net financing expense
(43.7)
(39.9)
Net bank interest
(38.7)
(35.6)
Interest expense on lease liabilities
(3.1)
(2.2)
Net interest on pension scheme liabilities
(1.9)
(2.1)
Net financing expense
(43.7)
(39.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-537": { "value": "
2024 2023
Auditor\u2019s remuneration \u00a3m \u00a3m
Audit of these Financial Statements
0.7
0.7
Amounts receivable by the Company\u2019s Auditor and its Associates in respect of:
Audit of Financial Statements of subsidiaries of the Company
2.2
1.9
Total audit fees
2.9
2.6
Audit-related assurance services
0.4
0.2
Total non-audit fees
0.4
0.2
Total Auditor\u2019s remuneration
3.3
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-511": { "value": "7 Directors\u2019 emoluments Directors represent the key management personnel of the Group under the terms of IAS 24 Related Party Disclosures. Total remuneration is shown below. Further details of salaries and short-term benefits, post-retirement benefits, share plans and long-term share incentive plans are shown in the Annual Report on Remuneration 2024 on pages 135 to 144. The share-based payments charge comprises a charge in relation to the Performance Share Plan and the Employee Share Ownership Plan (as described in Note 22).
2024 2023
\u00a3m \u00a3m
Salaries and short-term benefits
2.6
2.4
Post-retirement benefits
0.1
0.1
Share-based payments
0.1
0.3
Total Directors\u2019 remuneration
2.8
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-478": { "value": "
8 Taxation
2024 2023
\u00a3m \u00a3m
Analysis of charge in the year
UK corporation tax:
Current tax on income for the year
7.7
9.4
Adjustments in respect of prior years
(0.3)
(0.1)
7.4
9.3
Foreign tax:
Current tax on income for the year
68.1
75.3
Adjustments in respect of prior years
(0.7)
(0.7)
67.4
74.6
Total current tax charge
74.8
83.9
UK deferred tax:
Origination and reversal of timing differences
(3.3)
(11.4)
Adjustment in respect of prior years
(0.3)
0.7
(3.6)
(10.7)
Foreign deferred tax:
Origination and reversal of timing differences
(3.2)
(8.6)
Adjustment in respect of prior years
(0.5)
(4.1)
(3.7)
(12.7)
Total deferred tax credit
(7.3)
(23.4)
Tax on profit on ordinary activities
67.5
60.5
Reconciliation of effective tax rate
2024 2023
\u00a3m \u00a3m
Profit before tax
258.9
244.5
Expected tax at blended rate of 26.7% (2023: 26.6%)
69.2
65.0
Increased withholding tax on overseas dividends
6.8
7.6
Non-deductible expenditure and incentives
(2.2)
0.8
Over provided in prior years
(1.8)
(4.2)
Other reconciling items
(4.5)
(8.7)
Total tax in Consolidated Income Statement
67.5
60.5
Effective tax rate
26.1%
24.7%
The Group\u2019s tax charge in future years will be affected by the proportion of profits arising and the effective tax rates
in the various countries in which the Group operates. The rate may also be affected by the impact of any acquisitions.
The Group is subject to a tax adjustment in Argentina that seeks to offset the impact of inflation upon taxable profits.
Current high levels of inflation in Argentina have a meaningful impact on the Group\u2019s tax charge. The adjustment gave a
reduction in the Group\u2019s effective tax rate in the year of 110bps being \u00a32.8m on a statutory basis (2023: 260bps being
\u00a36.4m), included within \u2018Other reconciling items\u2019 in the reconciliation above. Whilst we include the expected impact of this
adjustment in our guidance for the effective tax rate, this is difficult to accurately forecast.
The Group has also benefitted from one-off investment tax incentives in the USA giving a reduction in the Group\u2019s effective
tax rate in the year of 90bps being \u00a32.3m on a statutory basis (2023: \u00a3nil), included within \u2018Non-deductible expenditure
and incentives\u2019 in the reconciliation above.
The Group monitors income tax developments in the territories in which it operates.
On 14 July 2023, the government of the United Kingdom, where the parent company is incorporated, enacted the Pillar Two
income taxes legislation effective from 1 January 2024. Under the legislation, the parent company is required to pay top-up
tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15%. This increased the Group\u2019s effective
tax rate in the year by 50bps being \u00a31.3m on a statutory basis (2023: \u00a3nil). The benefit of the Argentinian inflation
adjustment gives rise to most of the Pillar Two income tax.
The Group has applied the temporary exception issued by the IASB in May 2023 from the accounting requirements for
deferred taxes in IAS 12. Accordingly, the Group neither recognises nor discloses information about deferred tax assets
and liabilities related to Pillar Two income taxes.
In October 2017, the European Commission (EC) opened a State Aid investigation into the UK\u2019s Controlled Foreign Company
(CFC) regime. In April 2019, the EC published its final decision that the UK CFC Finance Company Exemption (FCE)
constituted State Aid in certain circumstances, following which the UK Government appealed the decision to the EU General
Court. In June 2022, the EU General Court dismissed the UK Government\u2019s appeal following which the UK Government
lodged a further appeal to the European Court of Justice. The UK Government\u2019s appeal has been successful with the
European Court of Justice annulling the decision of the EC.
The Group received, paid and appealed Charging Notices totalling \u00a34.9m, expects to recover this in 2025 and has
recognised a current receivable for the full amount at the year-end balance sheet date. The Group has not recognised a
receivable for any repayment interest, estimated at \u00a30.3m, on the amount of \u00a34.9m. HMRC has enquired into the benefit
received during 2019, which the Group estimates to be \u00a31.1m. No provisions have been recognised at the year-end balance
sheet date for this amount.
No tax (after double tax relief for underlying tax) is expected to be payable on the future remittance of retained earnings
of overseas subsidiaries.
The expected tax at blended rate is the product of accounting profit arising in each country multiplied by the statutory tax
rates in each country.
15 Deferred tax assets and liabilities
Movement in deferred tax during the year 2024
1 January Recognised Recognised Recognised
31 December
2024 in income in OCI
in equity
2024
\u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Accelerated capital allowances
(21.0)
(2.3)
\u2014
\u2014
(23.3)
Provisions
10.4
(0.5)
\u2014
(0.6)
9.3
Losses
27.5
3.3
\u2014
\u2014
30.8
Inventory
6.3
1.2
\u2014
\u2014
7.5
Pensions
13.3
(1.2)
(1.1)
\u2014
11.0
Acquired intangibles
(80.3)
0.9
\u2014
1.5
(77.9)
Leases \u2013 right-of-use assets
(21.1)
1.1
\u2014
0.2
(19.8)
Leases \u2013 liabilities
21.6
(0.9)
\u2014
(0.2)
20.5
Other temporary differences
6.1
5.7
0.7
\u2014
12.5
Group total
(37.2)
7.3
(0.4)
0.9
(29.4)
Movement in deferred tax during the year 2023
1 January Recognised Recognised Recognised 31 December
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 \u2013 right-of-use assets*
(14.4)
(7.3)
\u2014
0.6
\u2014
(21.1)
Leases \u2013 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)
* The Group applied \u201cDeferred Tax related to Assets and Liabilities arising from a Single Transaction\u201d (Amendments to IAS 12) from 1 January 2023.
Following the amendments, the Group has recognised a separate deferred tax asset in relation to its lease liabilities and a deferred tax liability in
relation to its right-of-use assets.
Deferred tax assets and liabilities arising in the same tax jurisdiction have been offset where the taxable entity has a legally
enforceable right to set off current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied
by the same taxation authority. Below is the analysis of the deferred tax balances after the offset for 2024.
2024 2023
\u00a3m \u00a3m
Deferred tax asset
34.2
31.0
Deferred tax liability
(63.6)
(68.2)
Net deferred tax liability
(29.4)
(37.2)
At the Balance Sheet date, the Group has deductible temporary differences, unused tax losses and unused tax credits with
a tax value of \u00a3149.3m (2023: \u00a3113.5m) available for offset against future profits. A deferred tax asset has been recognised
in respect of \u00a3142.0m (2023: \u00a399.7m). No deferred tax asset has been recognised in respect of the remaining \u00a37.3m
(2023: \u00a313.8m) as it is not considered probable that there will be future taxable profits available against which the relevant
deduction can be offset. Excluding the losses in Argentina and India, which expire if unused within five years and eight
years respectively, the losses may be carried forward indefinitely. The associated unrecognised deferred tax asset in
Argentina and India is \u00a33.1m (2023: \u00a38.3m).
A deferred tax debit of \u00a31.1m (2023: \u00a31.1m credit) is recognised in the Consolidated Statement of Comprehensive Income
(page 165) associated with the measurement of defined benefit obligations.
UK tax is not expected to arise upon the remittance of earnings of overseas subsidiaries. However, a tax liability may arise
due to dividend withholding taxes levied by overseas tax authorities. This tax liability is not expected to exceed \u00a38.4m
(2023: \u00a38.1m). As the Group controls the timing of these dividends and it is not expected the tax will arise in the foreseeable
future, no associated deferred tax liability has been recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-479": { "value": "
9 Earnings per share
2024
2023
Profit attributable to equity shareholders (\u00a3m)
191.2
183.6
Weighted average shares (million)
73.7
73.6
Dilution (million)
0.2
0.2
Diluted weighted average shares (million)
73.9
73.8
Basic earnings per share
259.6p
249.5p
Diluted earnings per share
258.9p
248.9p
Basic and diluted earnings per share calculated on an adjusted profit basis are included in the Appendix.
The dilution is in respect of the Performance Share Plan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-480": { "value": "
10 Dividends
2024 2023
\u00a3m \u00a3m
Amounts paid in the year:
Final dividend for the year ended 31 December 2023 of 114.0p (2022: 109.5p) per share
84.0
80.7
Interim dividend for the year ended 31 December 2024 of 47.5p (2023: 46.0p) per share
35.0
33.8
Total dividends paid
119.0
114.5
Amounts arising in respect of the year:
Interim dividend for the year ended 31 December 2024 of 47.5p (2023: 46.0p) per share
35.0
33.8
Proposed final dividend for the year ended 31 December 2024 of 117 .5p (2023: 114 .0p) per share
86.6
84.0
Total dividends arising
121 . 6
117 .8
The proposed dividend is subject to approval in 2025. It is therefore not included as a liability in these Financial Statements.
No scrip alternative to the cash dividend is being offered in respect of the proposed final dividend for the year ended
31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-512": { "value": "1.175", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-513": { "value": "1.14", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-514": { "value": "121600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-515": { "value": "117800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-481": { "value": "
11 Investment in Associate
On 6 August, the Group agreed to invest \u20ac4.0m in return for an initial 12.0% stake in Sustainable Process Heat GmbH (SPH),
a technology start-up in Germany that is pioneering the development of high temperature heat pumps (HTHPs). As a result
of the rights and powers attached to the Group\u2019s shareholding, the Group has concluded that it has significant influence
and, as a result, will equity account for its share of SPH\u2019s results, as an investment in Associate. This investment in Associate
is not considered individually material to the Group. The Group\u2019s share of profit/(loss) recognised during the year in relation
to SPH is \u00a3nil.
During the year, the Group increased its ownership of Kyoto Group AS (Kyoto) from 15.0% to 18.9% and then subsequently
disposed of its investment in Kyoto for 80.2m NOK (\u00a35.6m) which resulted in a profit on disposal of \u00a33.2m. In line with prior
year, the Group reports the share of profit/(loss) for the year on a 6 month time lag, therefore 18 months of results have been
recognised in the current year, this does not have a material impact on the Group\u2019s results. The Group\u2019s share of loss
recognised during the year in relation to Kyoto is \u00a32.0m.
Summarised financial information in respect of the Group\u2019s individually immaterial Associate is set out below.
Associate Associate
2024 2023
\u00a3m \u00a3m
Cost of investment
3.3
3.0
Share of equity
\u2014
\u2014
Total investment in Associate
3.3
3.0
Details of the Group\u2019s Associate at 31 December 2024 are as follows:
Country of incorporation Proportion of ownership interest
Name of Associate and operation
and voting power held
Principal activity
Sustainable Process Heat GmbH
Germany
12.0%
Manufacturing and selling
Details of the Group\u2019s Associate at 31 December 2023 are as follows:
Country of incorporation Proportion of ownership interest
Name of Associate and operation
and voting power held
Principal activity
Kyoto Group AS
Norway
15.0%
Manufacturing and selling
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-516": { "value": "11 Investment in Associate On 6 August, the Group agreed to invest \u20ac4.0m in return for an initial 12.0% stake in Sustainable Process Heat GmbH (SPH), a technology start-up in Germany that is pioneering the development of high temperature heat pumps (HTHPs). As a result of the rights and powers attached to the Group\u2019s shareholding, the Group has concluded that it has significant influence and, as a result, will equity account for its share of SPH\u2019s results, as an investment in Associate. This investment in Associate is not considered individually material to the Group. The Group\u2019s share of profit/(loss) recognised during the year in relation to SPH is \u00a3nil. During the year, the Group increased its ownership of Kyoto Group AS (Kyoto) from 15.0% to 18.9% and then subsequently disposed of its investment in Kyoto for 80.2m NOK (\u00a35.6m) which resulted in a profit on disposal of \u00a33.2m. In line with prior year, the Group reports the share of profit/(loss) for the year on a 6 month time lag, therefore 18 months of results have been recognised in the current year, this does not have a material impact on the Group\u2019s results. The Group\u2019s share of loss recognised during the year in relation to Kyoto is \u00a32.0m. Summarised financial information in respect of the Group\u2019s individually immaterial Associate is set out below.
Associate Associate
2024 2023
\u00a3m \u00a3m
Cost of investment
3.3
3.0
Share of equity
\u2014
\u2014
Total investment in Associate
3.3
3.0
Details of the Group\u2019s Associate at 31 December 2024 are as follows:
Country of incorporation Proportion of ownership interest
Name of Associate and operation
and voting power held
Principal activity
Sustainable Process Heat GmbH
Germany
12.0%
Manufacturing and selling
Details of the Group\u2019s Associate at 31 December 2023 are as follows:
Country of incorporation Proportion of ownership interest
Name of Associate and operation
and voting power held
Principal activity
Kyoto Group AS
Norway
15.0%
Manufacturing and selling
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-482": { "value": "
12 Property, plant and equipment
2024
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 1 January 2024
1 97.6
50.2
253.9
125.3
50.8
67 7.8
Exchange adjustments
(4.9)
(0.5)
(6.5)
(3.2)
0.5
(14.6)
192.7
49.7
247.4
122.1
51.3
663.2
Additions
13.7
2.4
27.4
14.2
16.6
74.3
Transfers
4.5
1.5
5.2
0.5
(8.7)
3.0
Disposals
(4.4)
(0.3)
(7.7)
(11.7)
(0.3)
(24.4)
At 31 December 2024
206.5
53.3
272.3
125.1
58.9
716.1
Depreciation:
At 1 January 2024
39.8
12.8
140.7
69.4
\u2014
262.7
Exchange adjustments
(1.4)
(0.3)
(3.4)
(2.0)
\u2014
(7.1)
38.4
12.5
137.3
67.4
\u2014
255.6
Charged in year
6.6
2.0
18.6
11.7
\u2014
38.9
Impairment
\u2014
\u2014
0.7
\u2014
5.0
5.7
Transfers
0.8
0.1
2.3
(0.3)
\u2014
2.9
Disposals
(1.3)
(0.4)
(7.1)
(11.3)
\u2014
(20.1)
At 31 December 2024
44.5
14.2
151.8
67.5
5.0
283.0
Net book value:
At 31 December 2024
162.0
39.1
120.5
57.6
53.9
433.1
2023
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 1 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 31 December 2023
1 97.6
50.2
253.9
125.3
50.8
677.8
Depreciation:
At 1 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 31 December 2023
39.8
12.8
140.7
69.4
\u2014
262.7
Net book value:
At 31 December 2023
157.8
37.4
113.2
55.9
50.8
415.1
All impaired assets have been impaired down to a recoverable amount of \u00a3nil. In 2024 a \u00a35.7m impairment was recognised
within Watson-Marlow Fluid Technology Solutions within Group operating profit; \u00a35.0m within assets under construction
and \u00a30.7m within plant and machinery. In the prior year a \u00a31.8m impairment was recognised as a result of the restructure of
the Watson-Marlow Fluid Technology Solutions Business, also within Group operating profit.
The net amount transferred relates to property, plant and equipment transferred to other intangible assets (see Note 14).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-483": { "value": "
13 Leases
Right-of-use assets
2024
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 1 January 2024
120.1
24.4
2.6
147.1
Exchange adjustments
(2.2)
(1.2)
(0.1)
(3.5)
117.9
23.2
2.5
143.6
Additions
9.3
7.3
0.2
16.8
Disposals
(3.9)
(3.0)
(0.9)
(7.8)
At 31 December 2024
123.3
27.5
1.8
152.6
Depreciation:
At 1 January 2024
32.9
14.1
1.7
48.7
Exchange adjustments
(1.2)
(0.7)
0.1
(1.8)
31.7
13.4
1.8
46.9
Charged in the year
12.7
4.6
0.3
17.6
Disposals
(4.0)
(2.6)
(0.9)
(7.5)
At 31 December 2024
40.4
15.4
1.2
57.0
Net book value:
At 31 December 2024
82.9
12.1
0.6
95.6
The vast majority of the right-of-use asset value relates to leased property where the Group leases a number of office and
warehouse sites in a number of geographical locations. The remaining leases are largely made up of leased motor vehicles,
where the Group makes use of leasing cars for sales and service engineers at a number of operating company locations.
The average lease term is 4.3 years (2023: 4.3 years).
2023
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 1 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
1 07.0
Additions
44.4
7.4
0.3
52.1
Disposals
(7.4)
(4.0)
(0.6)
(12.0)
At 31 December 2023
120.1
24.4
2.6
147.1
Depreciation:
At 1 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 31 December 2023
32.9
14.1
1.7
48.7
Net book value:
At 31 December 2023
87.2
10.3
0.9
98.4
The maturity analysis of lease liabilities is presented in Note 26. Amounts recognised in Consolidated Income Statement
2024 2023
\u00a3m \u00a3m
Depreciation expense on right-of-use assets
17.6
16.2
Interest expense on lease liabilities
3.1
2.2
Expense relating to short-term leases
2.1
1.9
Expense relating to leases of low value assets
0.6
0.9
Expense relating to variable lease payments not included in the measurement of the lease liability
0.2
0.3
Income from sublease right-of-use assets
\u2014
(0.1)
Total impact on profit before tax
23.6
21.4
The total cash outflow for leases during 2024 was \u00a322.6m (2023: \u00a321.4m). The following cash outflows (undiscounted) are those that the Group is potentially exposed to in future periods but are currently not reflected in the measurement of lease liabilities: \u2022 \u00a30.3m relating to variable lease payments not based on an index or rate (2023: \u00a30.1m) \u2022 \u00a35.2m relating to optional extension periods that are not reasonably certain to be exercised as at 31 December 2024 (2023: \u00a310.6m) \u2022 \u00a31.4m relating to leases that the Group is committed to, but have not commenced as at 31 December 2024 (2023: \u00a33.0m)", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-517": { "value": "Right-of-use assets 2024
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 1 January 2024
120.1
24.4
2.6
147.1
Exchange adjustments
(2.2)
(1.2)
(0.1)
(3.5)
117.9
23.2
2.5
143.6
Additions
9.3
7.3
0.2
16.8
Disposals
(3.9)
(3.0)
(0.9)
(7.8)
At 31 December 2024
123.3
27.5
1.8
152.6
Depreciation:
At 1 January 2024
32.9
14.1
1.7
48.7
Exchange adjustments
(1.2)
(0.7)
0.1
(1.8)
31.7
13.4
1.8
46.9
Charged in the year
12.7
4.6
0.3
17.6
Disposals
(4.0)
(2.6)
(0.9)
(7.5)
At 31 December 2024
40.4
15.4
1.2
57.0
Net book value:
At 31 December 2024
82.9
12.1
0.6
95.6
The vast majority of the right-of-use asset value relates to leased property where the Group leases a number of office and warehouse sites in a number of geographical locations. The remaining leases are largely made up of leased motor vehicles, where the Group makes use of leasing cars for sales and service engineers at a number of operating company locations. The average lease term is 4.3 years (2023: 4.3 years).
2023
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 1 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
1 07.0
Additions
44.4
7.4
0.3
52.1
Disposals
(7.4)
(4.0)
(0.6)
(12.0)
At 31 December 2023
120.1
24.4
2.6
147.1
Depreciation:
At 1 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 31 December 2023
32.9
14.1
1.7
48.7
Net book value:
At 31 December 2023
87.2
10.3
0.9
98.4
The maturity analysis of lease liabilities is presented in Note 26.
Amounts recognised in Consolidated Income Statement
2024 2023
\u00a3m \u00a3m
Depreciation expense on right-of-use assets
17.6
16.2
Interest expense on lease liabilities
3.1
2.2
Expense relating to short-term leases
2.1
1.9
Expense relating to leases of low value assets
0.6
0.9
Expense relating to variable lease payments not included in the measurement of the lease liability
0.2
0.3
Income from sublease right-of-use assets
\u2014
(0.1)
Total impact on profit before tax
23.6
21.4
The total cash outflow for leases during 2024 was \u00a322.6m (2023: \u00a321.4m).
The following cash outflows (undiscounted) are those that the Group is potentially exposed to in future periods but are
currently not reflected in the measurement of lease liabilities:
\u2022
\u00a30.3m relating to variable lease payments not based on an index or rate (2023: \u00a30.1m)
\u2022
\u00a35.2m relating to optional extension periods that are not reasonably certain to be exercised as at 31 December 2024
(2023: \u00a310.6m)
\u2022
\u00a31.4m relating to leases that the Group is committed to, but have not commenced as at 31 December 2024 (2023: \u00a33.0m)
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-484": { "value": "
14 Goodwill and other intangible assets
2024
Acquired Development Computer Total other
intangibles costs software intangibles Goodwill
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2024
616.4
36.5
97.8
750.7
688.2
Exchange and other adjustments
(9.5)
(0.4)
(1.1)
(11.0)
(10.9)
606.9
36.1
96.7
739.7
67 7.3
Additions
\u2014
3.9
14.6
18.5
\u2014
Transfers from property, plant and equipment
\u2014
\u2014
0.2
0.2
\u2014
Disposals
(24.1)
(5.3)
(4.6)
(34.0)
\u2014
At 31 December 2024
582.8
34.7
106.9
724.4
67 7.3
Amortisation:
At 1 January 2024
209.9
19.3
72.7
301.9
7.7
Exchange adjustments
(5.5)
(0.1)
(1.0)
(6.6)
(0.1)
204.4
19.2
71.7
295.3
7.6
Charged in the year
34.1
2.6
4.8
41.5
\u2014
Transfers from property, plant and equipment
\u2014
\u2014
0.1
0.1
\u2014
Disposals
(24.1)
(5.3)
(3.5)
(32.9)
\u2014
At 31 December 2024
214.4
16.5
73.1
304.0
7.6
Net book value:
At 31 December 2024
368.4
18.2
33.8
420.4
669.7
2023
Acquired Development Computer Total other
intangibles costs software intangibles Goodwill
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 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 31 December 2023
616.4
36.5
97.8
750.7
688.2
Amortisation:
At 1 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 31 December 2023
209.9
19.3
72.7
301.9
7.7
Net book value:
At 31 December 2023
406.5
17.2
25.1
448.8
680.5
Since 2018, Steam Thermal Solutions has been engaged in a project to upgrade its ERP systems. Over time the scope of the
project expanded substantially to include a wider range of business applications and the external technology market has
developed. The Group took the decision to implement consistent ERP solutions across all three Businesses which resulted
in a \u00a313.9m impairment in 2023 recognised in computer software.
Acquired intangibles The disclosure by class of acquired intangible assets is shown in the tables below. 2024
Manufacturing
Brand names designs and Non-compete Total
Customer and core undertakings acquired
relationships trademarks technology and other intangibles
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2024
179.6
326.7
81.9
28.2
616.4
Exchange and other adjustments
(2.2)
(4.9)
(1.2)
(1.2)
(9.5)
177.4
321.8
80.7
27.0
606.9
Disposals
(0.5)
\u2014
\u2014
(23.6)
(24.1)
At 31 December 2024
176.9
321.8
80.7
3.4
582.8
Amortisation:
At 1 January 2024
62.8
81.7
38.9
26.5
209.9
Exchange adjustments
(2.2)
(1.2)
(0.8)
(1.3)
(5.5)
60.6
80.5
38.1
25.2
204.4
Charged in the year
12.3
16.6
4.6
0.6
34.1
Disposals
(0.5)
\u2014
\u2014
(23.6)
(24.1)
At 31 December 2024
72.4
97.1
42.7
2.2
214.4
Net book value:
At 31 December 2024
104.5
224.7
38.0
1.2
368.4
Customer relationships are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance the individually material balances relate to Durex Industries \u00a369.5m (2023: \u00a373.6m) and Thermocoax \u00a320.7m (2023: \u00a324.0m). The remaining amortisation periods are 12.9 years and 9.4 years respectively. Brand names and trademark assets are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance individually material balances relate to Vulcanic \u00a389.8m (2023: \u00a399.4m), Durex Industries \u00a318.4m (2023: \u00a319.1m), Chromalox \u00a386.3m (2023: \u00a391.6m) and Gestra \u00a316.4m (2023: \u00a319.6m). The remaining amortisation periods are 17.8 years, 17.9 years, 12.5 years and 7.3 years respectively. Manufacturing designs and core technology and Non-compete undertakings are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. There are no individually material items within either of these balances. 2023
Manufacturing
Brand names designs and Non-compete Total
Customer and core undertakings acquired
relationships trademarks technology and other intangibles
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 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 31 December 2023
179.6
326.7
81.9
28.2
616.4
Amortisation:
At 1 January 2023
51.9
67.0
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
Charged in the year
11.9
17.1
4.6
3.6
37.2
At 31 December 2023
62.8
81.7
38.9
26.5
209.9
Net book value:
At 31 December 2023
116.8
245.0
43.0
1.7
406.5
Impairment
In accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s cash-generating
units, or groups of cash-generating units, that are expected to benefit from the synergies of the business combination that
gave rise to the goodwill.
Goodwill impairment is considered based on groups of CGUs that represent the lowest level to which goodwill is monitored
for internal management purposes, being each operating segment as disclosed in Note 2. The breakdown of the goodwill
value at 31 December across these is shown below:
2024 2023
Goodwill Goodwill
\u00a3m \u00a3m
Steam Thermal Solutions
119.5
125.8
Electric Thermal Solutions
491.3
494.7
Watson-Marlow Fluid Technology Solutions
58.9
60.0
Total goodwill
669.7
680.5
The goodwill balance has been tested for annual impairment on the following basis:
The carrying values of goodwill have been assessed by reference to value in use. These have been estimated using cash
flows based on forecast information for the next financial year which have been approved by the Board and then extended
by a further four years based on the most recent forecasts prepared by management.
The key assumptions on which the impairment tests are based are the discount rates and forecast cash flows which are
driven by growth rates and EBIT margins:
\u2022
Pre-tax discount rates are based on estimations of the assumptions that market participants operating in similar sectors
to the Group would make, using the Group\u2019s economic profile as a starting point and adjusting appropriately, taking into
account the size of the business along with specific geographical and industry risk factors. Discount rates are not
adjusted for estimated impacts of inflation, which is consistent with the calculation of the future operating cash flows to
which they are applied
\u2022
Short to medium-term growth rates are based on external market growth rates (where available) and historical experience
within each group of CGUs. The short to medium term is defined as not more than five years
\u2022
Long-term growth rates are set using the weighted average GDP growth rates (IMF and Oxford Economics) of the group
of CGUs\u2019 end markets
\u2022
EBIT margins are based on historical performance, operational gearing from higher sales and expected improvements
from operational efficiency initiatives.
The principal value in use assumptions were as follows:
Period of Period of
2024 annual 2023 annual
Short to 2024 cashflow Short to 2023 cashflow
2024 medium-term Long-term forecast 2023 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%
3.5% \u2013 4.7%
3.8%
5
13.7%
5.0% \u2013 6.3%
3.8%
5
Electric Thermal Solutions
11.7%
7.7% \u2013 10.1%
3.2%
5
11.3%
6.3% \u2013 17.1%
3.2%
5
Watson-Marlow Fluid
Technology Solutions
12.4%
8.0% \u2013 9.0%
3.4%
5
12.6%
11.0% \u2013 11.4%
3.5%
5
The results of the Group\u2019s impairment tests are dependent upon estimates, particularly in relation to the key assumptions
described above. Sensitivity analysis of potential changes in the key assumptions has been undertaken based on the
following reasonably possible change sensitivities in isolation for Steam Thermal Solutions and Watson-Marlow Fluid
Technology Solutions:
\u2022
A 50bps increase in the discount rate applied to each group of CGUs
\u2022
A 100bps reduction in the short to medium-term growth rates
\u2022
A 100bps reduction in the EBIT margin used in the cash flow projections
For Electric Thermal Solutions, the following combination of sensitivities was applied:
\u2022
A 50bps increase in the discount rate
\u2022
A range of 0bps \u2013 750bps reduction in the short to medium-term revenue growth rates driven by a delayed ramp-up of
the Ogden facility expansion, alongside slower recovery of demand within the semiconductor sector and a global adverse
change in macroeconomic conditions
\u2022
A range of 110bps to 230bps reduction in the EBIT margin used in the cash flow projections, resulting from the short to
medium-term growth rate sensitivities
For each group of CGUs, the Directors do not consider that there are any reasonably possible change sensitivities for the
business that could arise in the next 12 months that would result in an impairment charge being recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-538": { "value": "14 Goodwill and other intangible assets 2024
Acquired Development Computer Total other
intangibles costs software intangibles Goodwill
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2024
616.4
36.5
97.8
750.7
688.2
Exchange and other adjustments
(9.5)
(0.4)
(1.1)
(11.0)
(10.9)
606.9
36.1
96.7
739.7
67 7.3
Additions
\u2014
3.9
14.6
18.5
\u2014
Transfers from property, plant and equipment
\u2014
\u2014
0.2
0.2
\u2014
Disposals
(24.1)
(5.3)
(4.6)
(34.0)
\u2014
At 31 December 2024
582.8
34.7
106.9
724.4
67 7.3
Amortisation:
At 1 January 2024
209.9
19.3
72.7
301.9
7.7
Exchange adjustments
(5.5)
(0.1)
(1.0)
(6.6)
(0.1)
204.4
19.2
71.7
295.3
7.6
Charged in the year
34.1
2.6
4.8
41.5
\u2014
Transfers from property, plant and equipment
\u2014
\u2014
0.1
0.1
\u2014
Disposals
(24.1)
(5.3)
(3.5)
(32.9)
\u2014
At 31 December 2024
214.4
16.5
73.1
304.0
7.6
Net book value:
At 31 December 2024
368.4
18.2
33.8
420.4
669.7
2023
Acquired Development Computer Total other
intangibles costs software intangibles Goodwill
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 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 31 December 2023
616.4
36.5
97.8
750.7
688.2
Amortisation:
At 1 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 31 December 2023
209.9
19.3
72.7
301.9
7.7
Net book value:
At 31 December 2023
406.5
17.2
25.1
448.8
680.5
Since 2018, Steam Thermal Solutions has been engaged in a project to upgrade its ERP systems. Over time the scope of the project expanded substantially to include a wider range of business applications and the external technology market has developed. The Group took the decision to implement consistent ERP solutions across all three Businesses which resulted in a \u00a313.9m impairment in 2023 recognised in computer software.
Acquired intangibles
The disclosure by class of acquired intangible assets is shown in the tables below.
2024
Manufacturing
Brand names designs and Non-compete Total
Customer and core undertakings acquired
relationships trademarks technology and other intangibles
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2024
179.6
326.7
81.9
28.2
616.4
Exchange and other adjustments
(2.2)
(4.9)
(1.2)
(1.2)
(9.5)
177.4
321.8
80.7
27.0
606.9
Disposals
(0.5)
\u2014
\u2014
(23.6)
(24.1)
At 31 December 2024
176.9
321.8
80.7
3.4
582.8
Amortisation:
At 1 January 2024
62.8
81.7
38.9
26.5
209.9
Exchange adjustments
(2.2)
(1.2)
(0.8)
(1.3)
(5.5)
60.6
80.5
38.1
25.2
204.4
Charged in the year
12.3
16.6
4.6
0.6
34.1
Disposals
(0.5)
\u2014
\u2014
(23.6)
(24.1)
At 31 December 2024
72.4
97.1
42.7
2.2
214.4
Net book value:
At 31 December 2024
104.5
224.7
38.0
1.2
368.4
Customer relationships are amortised over their useful economic lives in line with the accounting policies disclosed in
Note 1. Within this balance the individually material balances relate to Durex Industries \u00a369.5m (2023: \u00a373.6m) and
Thermocoax \u00a320.7m (2023: \u00a324.0m). The remaining amortisation periods are 12.9 years and 9.4 years respectively.
Brand names and trademark assets are amortised over their useful economic lives in line with the accounting policies
disclosed in Note 1. Within this balance individually material balances relate to Vulcanic \u00a389.8m (2023: \u00a399.4m), Durex
Industries \u00a318.4m (2023: \u00a319.1m), Chromalox \u00a386.3m (2023: \u00a391.6m) and Gestra \u00a316.4m (2023: \u00a319.6m). The remaining
amortisation periods are 17.8 years, 17.9 years, 12.5 years and 7.3 years respectively.
Manufacturing designs and core technology and Non-compete undertakings are amortised over their useful economic lives
in line with the accounting policies disclosed in Note 1. There are no individually material items within either of these balances.
2023
Manufacturing
Brand names designs and Non-compete Total
Customer and core undertakings acquired
relationships trademarks technology and other intangibles
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 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 31 December 2023
179.6
326.7
81.9
28.2
616.4
Amortisation:
At 1 January 2023
51.9
67.0
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
Charged in the year
11.9
17.1
4.6
3.6
37.2
At 31 December 2023
62.8
81.7
38.9
26.5
209.9
Net book value:
At 31 December 2023
116.8
245.0
43.0
1.7
406.5
Impairment In accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the business combination that gave rise to the goodwill. Goodwill impairment is considered based on groups of CGUs that represent the lowest level to which goodwill is monitored for internal management purposes, being each operating segment as disclosed in Note 2. The breakdown of the goodwill value at 31 December across these is shown below:
2024 2023
Goodwill Goodwill
\u00a3m \u00a3m
Steam Thermal Solutions
119.5
125.8
Electric Thermal Solutions
491.3
494.7
Watson-Marlow Fluid Technology Solutions
58.9
60.0
Total goodwill
669.7
680.5
The goodwill balance has been tested for annual impairment on the following basis: The carrying values of goodwill have been assessed by reference to value in use. These have been estimated using cash flows based on forecast information for the next financial year which have been approved by the Board and then extended by a further four years based on the most recent forecasts prepared by management. The key assumptions on which the impairment tests are based are the discount rates and forecast cash flows which are driven by growth rates and EBIT margins: \u2022 Pre-tax discount rates are based on estimations of the assumptions that market participants operating in similar sectors to the Group would make, using the Group\u2019s economic profile as a starting point and adjusting appropriately, taking into account the size of the business along with specific geographical and industry risk factors. Discount rates are not adjusted for estimated impacts of inflation, which is consistent with the calculation of the future operating cash flows to which they are applied \u2022 Short to medium-term growth rates are based on external market growth rates (where available) and historical experience within each group of CGUs. The short to medium term is defined as not more than five years \u2022 Long-term growth rates are set using the weighted average GDP growth rates (IMF and Oxford Economics) of the group of CGUs\u2019 end markets \u2022 EBIT margins are based on historical performance, operational gearing from higher sales and expected improvements from operational efficiency initiatives. The principal value in use assumptions were as follows:
Period of Period of
2024 annual 2023 annual
Short to 2024 cashflow Short to 2023 cashflow
2024 medium-term Long-term forecast 2023 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%
3.5% \u2013 4.7%
3.8%
5
13.7%
5.0% \u2013 6.3%
3.8%
5
Electric Thermal Solutions
11.7%
7.7% \u2013 10.1%
3.2%
5
11.3%
6.3% \u2013 17.1%
3.2%
5
Watson-Marlow Fluid
Technology Solutions
12.4%
8.0% \u2013 9.0%
3.4%
5
12.6%
11.0% \u2013 11.4%
3.5%
5
The results of the Group\u2019s impairment tests are dependent upon estimates, particularly in relation to the key assumptions described above. Sensitivity analysis of potential changes in the key assumptions has been undertaken based on the following reasonably possible change sensitivities in isolation for Steam Thermal Solutions and Watson-Marlow Fluid Technology Solutions: \u2022 A 50bps increase in the discount rate applied to each group of CGUs \u2022 A 100bps reduction in the short to medium-term growth rates \u2022 A 100bps reduction in the EBIT margin used in the cash flow projections For Electric Thermal Solutions, the following combination of sensitivities was applied: \u2022 A 50bps increase in the discount rate \u2022 A range of 0bps \u2013 750bps reduction in the short to medium-term revenue growth rates driven by a delayed ramp-up of the Ogden facility expansion, alongside slower recovery of demand within the semiconductor sector and a global adverse change in macroeconomic conditions \u2022 A range of 110bps to 230bps reduction in the EBIT margin used in the cash flow projections, resulting from the short to medium-term growth rate sensitivities For each group of CGUs, the Directors do not consider that there are any reasonably possible change sensitivities for the business that could arise in the next 12 months that would result in an impairment charge being recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-518": { "value": "14 Goodwill and other intangible assets 2024
Acquired Development Computer Total other
intangibles costs software intangibles Goodwill
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2024
616.4
36.5
97.8
750.7
688.2
Exchange and other adjustments
(9.5)
(0.4)
(1.1)
(11.0)
(10.9)
606.9
36.1
96.7
739.7
67 7.3
Additions
\u2014
3.9
14.6
18.5
\u2014
Transfers from property, plant and equipment
\u2014
\u2014
0.2
0.2
\u2014
Disposals
(24.1)
(5.3)
(4.6)
(34.0)
\u2014
At 31 December 2024
582.8
34.7
106.9
724.4
67 7.3
Amortisation:
At 1 January 2024
209.9
19.3
72.7
301.9
7.7
Exchange adjustments
(5.5)
(0.1)
(1.0)
(6.6)
(0.1)
204.4
19.2
71.7
295.3
7.6
Charged in the year
34.1
2.6
4.8
41.5
\u2014
Transfers from property, plant and equipment
\u2014
\u2014
0.1
0.1
\u2014
Disposals
(24.1)
(5.3)
(3.5)
(32.9)
\u2014
At 31 December 2024
214.4
16.5
73.1
304.0
7.6
Net book value:
At 31 December 2024
368.4
18.2
33.8
420.4
669.7
2023
Acquired Development Computer Total other
intangibles costs software intangibles Goodwill
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 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 31 December 2023
616.4
36.5
97.8
750.7
688.2
Amortisation:
At 1 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 31 December 2023
209.9
19.3
72.7
301.9
7.7
Net book value:
At 31 December 2023
406.5
17.2
25.1
448.8
680.5
Since 2018, Steam Thermal Solutions has been engaged in a project to upgrade its ERP systems. Over time the scope of the project expanded substantially to include a wider range of business applications and the external technology market has developed. The Group took the decision to implement consistent ERP solutions across all three Businesses which resulted in a \u00a313.9m impairment in 2023 recognised in computer software. Acquired intangibles The disclosure by class of acquired intangible assets is shown in the tables below. 2024
Manufacturing
Brand names designs and Non-compete Total
Customer and core undertakings acquired
relationships trademarks technology and other intangibles
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2024
179.6
326.7
81.9
28.2
616.4
Exchange and other adjustments
(2.2)
(4.9)
(1.2)
(1.2)
(9.5)
177.4
321.8
80.7
27.0
606.9
Disposals
(0.5)
\u2014
\u2014
(23.6)
(24.1)
At 31 December 2024
176.9
321.8
80.7
3.4
582.8
Amortisation:
At 1 January 2024
62.8
81.7
38.9
26.5
209.9
Exchange adjustments
(2.2)
(1.2)
(0.8)
(1.3)
(5.5)
60.6
80.5
38.1
25.2
204.4
Charged in the year
12.3
16.6
4.6
0.6
34.1
Disposals
(0.5)
\u2014
\u2014
(23.6)
(24.1)
At 31 December 2024
72.4
97.1
42.7
2.2
214.4
Net book value:
At 31 December 2024
104.5
224.7
38.0
1.2
368.4
Customer relationships are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance the individually material balances relate to Durex Industries \u00a369.5m (2023: \u00a373.6m) and Thermocoax \u00a320.7m (2023: \u00a324.0m). The remaining amortisation periods are 12.9 years and 9.4 years respectively. Brand names and trademark assets are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance individually material balances relate to Vulcanic \u00a389.8m (2023: \u00a399.4m), Durex Industries \u00a318.4m (2023: \u00a319.1m), Chromalox \u00a386.3m (2023: \u00a391.6m) and Gestra \u00a316.4m (2023: \u00a319.6m). The remaining amortisation periods are 17.8 years, 17.9 years, 12.5 years and 7.3 years respectively. Manufacturing designs and core technology and Non-compete undertakings are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. There are no individually material items within either of these balances. 2023
Manufacturing
Brand names designs and Non-compete Total
Customer and core undertakings acquired
relationships trademarks technology and other intangibles
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 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 31 December 2023
179.6
326.7
81.9
28.2
616.4
Amortisation:
At 1 January 2023
51.9
67.0
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
Charged in the year
11.9
17.1
4.6
3.6
37.2
At 31 December 2023
62.8
81.7
38.9
26.5
209.9
Net book value:
At 31 December 2023
116.8
245.0
43.0
1.7
406.5
Impairment In accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the business combination that gave rise to the goodwill. Goodwill impairment is considered based on groups of CGUs that represent the lowest level to which goodwill is monitored for internal management purposes, being each operating segment as disclosed in Note 2. The breakdown of the goodwill value at 31 December across these is shown below:
2024 2023
Goodwill Goodwill
\u00a3m \u00a3m
Steam Thermal Solutions
119.5
125.8
Electric Thermal Solutions
491.3
494.7
Watson-Marlow Fluid Technology Solutions
58.9
60.0
Total goodwill
669.7
680.5
The goodwill balance has been tested for annual impairment on the following basis: The carrying values of goodwill have been assessed by reference to value in use. These have been estimated using cash flows based on forecast information for the next financial year which have been approved by the Board and then extended by a further four years based on the most recent forecasts prepared by management. The key assumptions on which the impairment tests are based are the discount rates and forecast cash flows which are driven by growth rates and EBIT margins: \u2022 Pre-tax discount rates are based on estimations of the assumptions that market participants operating in similar sectors to the Group would make, using the Group\u2019s economic profile as a starting point and adjusting appropriately, taking into account the size of the business along with specific geographical and industry risk factors. Discount rates are not adjusted for estimated impacts of inflation, which is consistent with the calculation of the future operating cash flows to which they are applied \u2022 Short to medium-term growth rates are based on external market growth rates (where available) and historical experience within each group of CGUs. The short to medium term is defined as not more than five years \u2022 Long-term growth rates are set using the weighted average GDP growth rates (IMF and Oxford Economics) of the group of CGUs\u2019 end markets \u2022 EBIT margins are based on historical performance, operational gearing from higher sales and expected improvements from operational efficiency initiatives. The principal value in use assumptions were as follows:
Period of Period of
2024 annual 2023 annual
Short to 2024 cashflow Short to 2023 cashflow
2024 medium-term Long-term forecast 2023 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%
3.5% \u2013 4.7%
3.8%
5
13.7%
5.0% \u2013 6.3%
3.8%
5
Electric Thermal Solutions
11.7%
7.7% \u2013 10.1%
3.2%
5
11.3%
6.3% \u2013 17.1%
3.2%
5
Watson-Marlow Fluid
Technology Solutions
12.4%
8.0% \u2013 9.0%
3.4%
5
12.6%
11.0% \u2013 11.4%
3.5%
5
The results of the Group\u2019s impairment tests are dependent upon estimates, particularly in relation to the key assumptions described above. Sensitivity analysis of potential changes in the key assumptions has been undertaken based on the following reasonably possible change sensitivities in isolation for Steam Thermal Solutions and Watson-Marlow Fluid Technology Solutions: \u2022 A 50bps increase in the discount rate applied to each group of CGUs \u2022 A 100bps reduction in the short to medium-term growth rates \u2022 A 100bps reduction in the EBIT margin used in the cash flow projections For Electric Thermal Solutions, the following combination of sensitivities was applied: \u2022 A 50bps increase in the discount rate \u2022 A range of 0bps \u2013 750bps reduction in the short to medium-term revenue growth rates driven by a delayed ramp-up of the Ogden facility expansion, alongside slower recovery of demand within the semiconductor sector and a global adverse change in macroeconomic conditions \u2022 A range of 110bps to 230bps reduction in the EBIT margin used in the cash flow projections, resulting from the short to medium-term growth rate sensitivities For each group of CGUs, the Directors do not consider that there are any reasonably possible change sensitivities for the business that could arise in the next 12 months that would result in an impairment charge being recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-519": { "value": "15 Deferred tax assets and liabilities Movement in deferred tax during the year 2024
1 January Recognised Recognised Recognised
31 December
2024 in income in OCI
in equity
2024
\u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Accelerated capital allowances
(21.0)
(2.3)
\u2014
\u2014
(23.3)
Provisions
10.4
(0.5)
\u2014
(0.6)
9.3
Losses
27.5
3.3
\u2014
\u2014
30.8
Inventory
6.3
1.2
\u2014
\u2014
7.5
Pensions
13.3
(1.2)
(1.1)
\u2014
11.0
Acquired intangibles
(80.3)
0.9
\u2014
1.5
(77.9)
Leases \u2013 right-of-use assets
(21.1)
1.1
\u2014
0.2
(19.8)
Leases \u2013 liabilities
21.6
(0.9)
\u2014
(0.2)
20.5
Other temporary differences
6.1
5.7
0.7
\u2014
12.5
Group total
(37.2)
7.3
(0.4)
0.9
(29.4)
Movement in deferred tax during the year 2023
1 January Recognised Recognised Recognised 31 December
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 \u2013 right-of-use assets*
(14.4)
(7.3)
\u2014
0.6
\u2014
(21.1)
Leases \u2013 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)
* The Group applied \u201cDeferred Tax related to Assets and Liabilities arising from a Single Transaction\u201d (Amendments to IAS 12) from 1 January 2023. Following the amendments, the Group has recognised a separate deferred tax asset in relation to its lease liabilities and a deferred tax liability in relation to its right-of-use assets. Deferred tax assets and liabilities arising in the same tax jurisdiction have been offset where the taxable entity has a legally enforceable right to set off current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same taxation authority. Below is the analysis of the deferred tax balances after the offset for 2024.
2024 2023
\u00a3m \u00a3m
Deferred tax asset
34.2
31.0
Deferred tax liability
(63.6)
(68.2)
Net deferred tax liability
(29.4)
(37.2)
At the Balance Sheet date, the Group has deductible temporary differences, unused tax losses and unused tax credits with a tax value of \u00a3149.3m (2023: \u00a3113.5m) available for offset against future profits. A deferred tax asset has been recognised in respect of \u00a3142.0m (2023: \u00a399.7m). No deferred tax asset has been recognised in respect of the remaining \u00a37.3m (2023: \u00a313.8m) as it is not considered probable that there will be future taxable profits available against which the relevant deduction can be offset. Excluding the losses in Argentina and India, which expire if unused within five years and eight years respectively, the losses may be carried forward indefinitely. The associated unrecognised deferred tax asset in Argentina and India is \u00a33.1m (2023: \u00a38.3m). A deferred tax debit of \u00a31.1m (2023: \u00a31.1m credit) is recognised in the Consolidated Statement of Comprehensive Income (page 165) associated with the measurement of defined benefit obligations. UK tax is not expected to arise upon the remittance of earnings of overseas subsidiaries. However, a tax liability may arise due to dividend withholding taxes levied by overseas tax authorities. This tax liability is not expected to exceed \u00a38.4m (2023: \u00a38.1m). As the Group controls the timing of these dividends and it is not expected the tax will arise in the foreseeable future, no associated deferred tax liability has been recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-549": { "value": "15 Deferred tax assets and liabilities Movement in deferred tax during the year 2024
1 January Recognised Recognised Recognised
31 December
2024 in income in OCI
in equity
2024
\u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Accelerated capital allowances
(21.0)
(2.3)
\u2014
\u2014
(23.3)
Provisions
10.4
(0.5)
\u2014
(0.6)
9.3
Losses
27.5
3.3
\u2014
\u2014
30.8
Inventory
6.3
1.2
\u2014
\u2014
7.5
Pensions
13.3
(1.2)
(1.1)
\u2014
11.0
Acquired intangibles
(80.3)
0.9
\u2014
1.5
(77.9)
Leases \u2013 right-of-use assets
(21.1)
1.1
\u2014
0.2
(19.8)
Leases \u2013 liabilities
21.6
(0.9)
\u2014
(0.2)
20.5
Other temporary differences
6.1
5.7
0.7
\u2014
12.5
Group total
(37.2)
7.3
(0.4)
0.9
(29.4)
Movement in deferred tax during the year 2023
1 January Recognised Recognised Recognised 31 December
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 \u2013 right-of-use assets*
(14.4)
(7.3)
\u2014
0.6
\u2014
(21.1)
Leases \u2013 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)
* The Group applied \u201cDeferred Tax related to Assets and Liabilities arising from a Single Transaction\u201d (Amendments to IAS 12) from 1 January 2023. Following the amendments, the Group has recognised a separate deferred tax asset in relation to its lease liabilities and a deferred tax liability in relation to its right-of-use assets. Deferred tax assets and liabilities arising in the same tax jurisdiction have been offset where the taxable entity has a legally enforceable right to set off current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same taxation authority. Below is the analysis of the deferred tax balances after the offset for 2024.
2024 2023
\u00a3m \u00a3m
Deferred tax asset
34.2
31.0
Deferred tax liability
(63.6)
(68.2)
Net deferred tax liability
(29.4)
(37.2)
At the Balance Sheet date, the Group has deductible temporary differences, unused tax losses and unused tax credits with a tax value of \u00a3149.3m (2023: \u00a3113.5m) available for offset against future profits. A deferred tax asset has been recognised in respect of \u00a3142.0m (2023: \u00a399.7m). No deferred tax asset has been recognised in respect of the remaining \u00a37.3m (2023: \u00a313.8m) as it is not considered probable that there will be future taxable profits available against which the relevant deduction can be offset. Excluding the losses in Argentina and India, which expire if unused within five years and eight years respectively, the losses may be carried forward indefinitely. The associated unrecognised deferred tax asset in Argentina and India is \u00a33.1m (2023: \u00a38.3m). A deferred tax debit of \u00a31.1m (2023: \u00a31.1m credit) is recognised in the Consolidated Statement of Comprehensive Income (page 165) associated with the measurement of defined benefit obligations. UK tax is not expected to arise upon the remittance of earnings of overseas subsidiaries. However, a tax liability may arise due to dividend withholding taxes levied by overseas tax authorities. This tax liability is not expected to exceed \u00a38.4m (2023: \u00a38.1m). As the Group controls the timing of these dividends and it is not expected the tax will arise in the foreseeable future, no associated deferred tax liability has been recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-485": { "value": "
16 Inventories
2024 2023
\u00a3m \u00a3m
Raw materials, consumables and components
118.6
130.4
Work in progress
27.7
40.2
Finished goods and goods for resale
106.9
114.6
Total inventories
253.2
285.2
The write-down of inventories recognised as an expense during the year was \u00a36.6m (2023: \u00a315.2m). This comprises a cost
of \u00a37.5m (2023: \u00a315.6m) to write down inventory to net realisable value reduced by \u00a30.9m (2023: \u00a30.4m) for reversal of
previous write-down reassessed as a result of customer demand.
The value of inventories expected to be recovered after more than 12 months is \u00a314.8m (2023: \u00a315.1m).
There is no material difference between the Statement of Financial Position value of inventories and their replacement cost.
None of the inventory has been pledged as security.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-486": { "value": "
17 Other current assets
2024 2023
\u00a3m \u00a3m
Contract assets
23.2
17.0
Prepayments
31.9
24.9
Other tax related receivables
12.2
13.4
Other deposits made
3.7
2.9
Derivative assets
\u2014
1.8
Other receivables
4.1
11.4
Total other current assets
75.1
71.4
Contract assets relate to revenue recognised that has not yet been invoiced to the customer.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-550": { "value": "17 Other current assets
2024 2023
\u00a3m \u00a3m
Contract assets
23.2
17.0
Prepayments
31.9
24.9
Other tax related receivables
12.2
13.4
Other deposits made
3.7
2.9
Derivative assets
\u2014
1.8
Other receivables
4.1
11.4
Total other current assets
75.1
71.4
Contract assets relate to revenue recognised that has not yet been invoiced to the customer.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-520": { "value": "17 Other current assets
2024 2023
\u00a3m \u00a3m
Contract assets
23.2
17.0
Prepayments
31.9
24.9
Other tax related receivables
12.2
13.4
Other deposits made
3.7
2.9
Derivative assets
\u2014
1.8
Other receivables
4.1
11.4
Total other current assets
75.1
71.4
Contract assets relate to revenue recognised that has not yet been invoiced to the customer.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-521": { "value": "
18 Trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables
86.0
79.2
Contract liabilities
39.0
32.9
Social security
9.9
9.5
Accruals
98.9
95.2
Other tax related payables
13.9
14.2
Pension creditors
3.4
3.0
Fair value of deferred consideration
7.3
4.9
Other payables
3.3
12.3
Derivative liabilities
1.3
\u2014
Total trade and other payables
263.0
251.2
Contract liabilities relate to advance payments received from customers that have not yet been recognised as revenue.
\u00a319.0m of the contract liabilities at 31 December 2023 was recognised as revenue during 2024 (2023: \u00a36.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-539": { "value": "18 Trade and other payables
2024 2023
\u00a3m \u00a3m
Trade payables
86.0
79.2
Contract liabilities
39.0
32.9
Social security
9.9
9.5
Accruals
98.9
95.2
Other tax related payables
13.9
14.2
Pension creditors
3.4
3.0
Fair value of deferred consideration
7.3
4.9
Other payables
3.3
12.3
Derivative liabilities
1.3
\u2014
Total trade and other payables
263.0
251.2
Contract liabilities relate to advance payments received from customers that have not yet been recognised as revenue. \u00a319.0m of the contract liabilities at 31 December 2023 was recognised as revenue during 2024 (2023: \u00a36.8m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-487": { "value": "
19 Provisions
Legal,
Product contractual
warranty and other Total
2024 \u00a3m \u00a3m \u00a3m
At 1 January 2024
2.0
15.1
1 7.1
Additional provision in the year
0.6
4.8
5.4
Utilised or released during the year
(0.9)
(7.5)
(8.4)
Exchange adjustments
(0.3)
(2.1)
(2.4)
At 31 December 2024
1.4
10.3
11.7
Legal,
Product contractual
warranty and other Total
2023 \u00a3m \u00a3m \u00a3m
At 1 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 31 December 2023
2.0
15.1
17.1
2024 2023
\u00a3m \u00a3m
Current provisions
5.4
9.5
Non-current provisions
6.3
7.6
Total provisions
11.7
17.1
Product warranty
Product warranty provisions reflect commitments made to customers on the sale of goods in the ordinary course of
business. These are expected to be incurred in the next three years.
Legal, contractual and other
Legal, contractual and other provisions mainly comprise amounts provided against open legal and contractual disputes
arising from trade and employment. These costs are based on past experience of similar items and other known factors and
represent management\u2019s best estimate of the likely outcome. The Group has taken action to enforce its rights and protect its
intellectual property rights around the world.
Reflecting the inherent uncertainty within many legal proceedings, the timing and amount of the outflows could differ
significantly from the amount provided. Management does not expect that the outcome of such proceedings, either
individually or in aggregate, will have a material adverse effect on the Group\u2019s financial condition or results of operations.
Of the total legal, contractual and other provisions at 31 December 2024 \u00a34.3m (2023: \u00a38.0m) has been included within
current and \u00a36.0m (2023: \u00a37.1m) within non-current provisions
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-551": { "value": "19 Provisions
Legal,
Product contractual
warranty and other Total
2024 \u00a3m \u00a3m \u00a3m
At 1 January 2024
2.0
15.1
1 7.1
Additional provision in the year
0.6
4.8
5.4
Utilised or released during the year
(0.9)
(7.5)
(8.4)
Exchange adjustments
(0.3)
(2.1)
(2.4)
At 31 December 2024
1.4
10.3
11.7
Legal,
Product contractual
warranty and other Total
2023 \u00a3m \u00a3m \u00a3m
At 1 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 31 December 2023
2.0
15.1
17.1
2024 2023
\u00a3m \u00a3m
Current provisions
5.4
9.5
Non-current provisions
6.3
7.6
Total provisions
11.7
17.1
Product warranty Product warranty provisions reflect commitments made to customers on the sale of goods in the ordinary course of business. These are expected to be incurred in the next three years. Legal, contractual and other Legal, contractual and other provisions mainly comprise amounts provided against open legal and contractual disputes arising from trade and employment. These costs are based on past experience of similar items and other known factors and represent management\u2019s best estimate of the likely outcome. The Group has taken action to enforce its rights and protect its intellectual property rights around the world. Reflecting the inherent uncertainty within many legal proceedings, the timing and amount of the outflows could differ significantly from the amount provided. Management does not expect that the outcome of such proceedings, either individually or in aggregate, will have a material adverse effect on the Group\u2019s financial condition or results of operations. Of the total legal, contractual and other provisions at 31 December 2024 \u00a34.3m (2023: \u00a38.0m) has been included within current and \u00a36.0m (2023: \u00a37.1m) within non-current provisions 21 Capital commitments and contingent liabilities
2024 2023
\u00a3m \u00a3m
Capital expenditure contracted for but not provided
13.7
14.5
All capital commitments are related to property, plant and equipment and computer software. The Group has no material contingent liabilities at 31 December 2024 (no material contingent liabilities existed at 31 December 2023).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-488": { "value": "
20 Called-up share capital and reserves
2024 2023
\u00a3m \u00a3m
Ordinary shares of 26 12/13p (2023: 26 12/13p) each:
Authorised 111,428,571
(2023:
111,428,571)
30.0
30.0
Allotted, called up and fully paid 73,776,048 (2023: 73,776,048)
19.8
19.8
49,244 (2023: 35,794) shares with a nominal value of \u00a313,258 (2023: \u00a39,637) were issued in connection with the Group\u2019s
Employee Share Ownership Plan with external consideration of \u00a31.9m (2023: \u00a32.0m) received by the Group. In 2024, all
shares were provided to employees through the Employee Benefit Trust and not through the issue of share capital.
At 31 December 2024, 72,250 shares were held in an Employee Benefit Trust and available for use in connection with the
Group\u2019s Employee Share Schemes. 124 senior employees of the Group have been granted options on Ordinary shares under
the Performance Share Plan (details in Note 22).
Translation reserve in the Consolidated Statement of Changes in Equity on page 166 is made up as follows:
1 January Change
31 December
2024
in year
2024
\u00a3m
\u00a3m
\u00a3m
Net investment hedge reserve
5.6
4.7
10.3
Translation reserve
(66.0)
(30.4)
(96.4)
Total translation reserve
(60.4)
(25.7)
(86.1)
1 January Change
31 December
2023
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)
Net investment hedge reserve The reserve records the cumulative gain or loss on hedging instruments designated in net investment hedges. Together with the translation reserve, these are the foreign currency translation reserves of the Group. Other reserves in the Consolidated Statement of Changes in Equity on page 166 are made up as follows:
1 January Change
31 December
2024
in year
2024
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges reserve
1.3
(2.3)
(1.0)
Capital redemption reserve
1.8
\u2014
1.8
Employee Benefit Trust reserve
(16.0)
7.7
(8.3)
Total other reserves
(12.9)
5.4
(7.5)
1 January Change
31 December
2023
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)
Cash flow hedges reserve The reserve records the cumulative net change in the fair value of forward exchange contracts where they are designated as effective cash flow hedge relationships. Capital redemption reserve This reserve records the historical repurchase of the Group\u2019s own shares. Employee Benefit Trust reserve The Group has an Employee Benefit Trust which is used to purchase, hold and issue shares in connection with the Group\u2019s Employee Share Schemes. The shares held in Trust are recorded in this separate reserve.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-522": { "value": "20 Called-up share capital and reserves
2024 2023
\u00a3m \u00a3m
Ordinary shares of 26 12/13p (2023: 26 12/13p) each:
Authorised 111,428,571
(2023:
111,428,571)
30.0
30.0
Allotted, called up and fully paid 73,776,048 (2023: 73,776,048)
19.8
19.8
49,244 (2023: 35,794) shares with a nominal value of \u00a313,258 (2023: \u00a39,637) were issued in connection with the Group\u2019s Employee Share Ownership Plan with external consideration of \u00a31.9m (2023: \u00a32.0m) received by the Group. In 2024, all shares were provided to employees through the Employee Benefit Trust and not through the issue of share capital. At 31 December 2024, 72,250 shares were held in an Employee Benefit Trust and available for use in connection with the Group\u2019s Employee Share Schemes. 124 senior employees of the Group have been granted options on Ordinary shares under the Performance Share Plan (details in Note 22). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-523": { "value": "
Translation reserve in the Consolidated Statement of Changes in Equity on page 166 is made up as follows:
1 January Change
31 December
2024
in year
2024
\u00a3m
\u00a3m
\u00a3m
Net investment hedge reserve
5.6
4.7
10.3
Translation reserve
(66.0)
(30.4)
(96.4)
Total translation reserve
(60.4)
(25.7)
(86.1)
1 January Change
31 December
2023
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)
Net investment hedge reserve
The reserve records the cumulative gain or loss on hedging instruments designated in net investment hedges. Together with
the translation reserve, these are the foreign currency translation reserves of the Group.
Other reserves in the Consolidated Statement of Changes in Equity on page 166 are made up as follows:
1 January Change
31 December
2024
in year
2024
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges reserve
1.3
(2.3)
(1.0)
Capital redemption reserve
1.8
\u2014
1.8
Employee Benefit Trust reserve
(16.0)
7.7
(8.3)
Total other reserves
(12.9)
5.4
(7.5)
1 January Change
31 December
2023
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)
Cash flow hedges reserve
The reserve records the cumulative net change in the fair value of forward exchange contracts where they are designated
as effective cash flow hedge relationships.
Capital redemption reserve
This reserve records the historical repurchase of the Group\u2019s own shares.
Employee Benefit Trust reserve
The Group has an Employee Benefit Trust which is used to purchase, hold and issue shares in connection with the Group\u2019s
Employee Share Schemes. The shares held in Trust are recorded in this separate reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-489": { "value": "
21 Capital commitments and contingent liabilities
2024 2023
\u00a3m \u00a3m
Capital expenditure contracted for but not provided
13.7
14.5
All capital commitments are related to property, plant and equipment and computer software. The Group has no material
contingent liabilities at 31 December 2024 (no material contingent liabilities existed at 31 December 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-540": { "value": "21 Capital commitments and contingent liabilities
2024 2023
\u00a3m \u00a3m
Capital expenditure contracted for but not provided
13.7
14.5
All capital commitments are related to property, plant and equipment and computer software. The Group has no material contingent liabilities at 31 December 2024 (no material contingent liabilities existed at 31 December 2023).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-524": { "value": "21 Capital commitments and contingent liabilities
2024 2023
\u00a3m \u00a3m
Capital expenditure contracted for but not provided
13.7
14.5
All capital commitments are related to property, plant and equipment and computer software. The Group has no material contingent liabilities at 31 December 2024 (no material contingent liabilities existed at 31 December 2023).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-490": { "value": "
22 Employee benefits
Retirement benefit obligations
The Group operates a wide range of retirement benefit arrangements, which are established in accordance with local
conditions and practices within the countries concerned. These include funded defined contribution and funded and
unfunded defined benefit schemes.
Defined contribution arrangements
The majority of the retirement benefit arrangements operated by the Group are of a defined contribution structure, where
the employer contribution and resulting Consolidated Income Statement charge are fixed at a set level or are a set
percentage of employees\u2019 pay. Contributions made to defined contribution schemes and charged to the Consolidated
Income Statement totalled \u00a327.2m (2023: \u00a326.7m). In Germany, following the closure of the defined benefit schemes to
new entrants in 2021, the main scheme for new employees is a defined contribution scheme.
Defined benefit arrangements
The Group operates several funded defined benefit retirement schemes where the benefits are based on employees\u2019 length
of service. Whilst the Group\u2019s primary schemes are in the UK, it also operates other material benefit schemes in the USA as
well as less material schemes elsewhere. In funded arrangements, the assets of defined benefit schemes are held in
separate trustee-administered funds or similar structures in the countries concerned.
UK defined benefit arrangements
The defined benefit schemes in the UK account for 61% (2023: 55%) of the Group\u2019s net liability for defined retirement benefit
schemes. Spirax Group operates three UK schemes: the Spirax-Sarco Employees\u2019 Pension Fund, the Spirax-Sarco
Executives\u2019 Retirement Benefits Scheme and the WMFTS Pension Fund. These are all final salary pension schemes and are
closed to new members. There is a mix of different inflation-dependent pension increases (in payment and deferment)
which vary from member to member according to their membership history and which scheme they are a member of.
All three schemes have been set up under UK law and are governed by a Trustee committee, which is responsible for the
scheme\u2019s investments, administration and management. A funding valuation is carried out for the Trustees of each scheme
every three years by an independent firm of actuaries. Depending on the outcome of that valuation a schedule of future
contributions is negotiated with Spirax Group. Further information on the contribution commitments is shown in the Financial
Review on pages 32 to 37.
US defined benefit schemes
The Group operates a pension scheme in the USA, which is closed to new entrants and frozen to future accrual. The pension
scheme defines the pension in terms of the highest average pensionable pay for any five consecutive years prior to
retirement. No pension increases (in payment and deferment) are offered by this scheme. It also operates a post-retirement
medical plan in the USA, which is unfunded, as is typical for these plans.
Other matters
In June 2023, the High Court judged that amendments made to the Virgin Media scheme were invalid because the scheme\u2019s
actuary did not provide the associated Section 37 certificate necessary. The High Court\u2019s decision has wide ranging implications,
affecting other schemes that were contracted-out on a salary-related basis and made amendments between April 1997 and
April 2016. The Court of Appeal upheld the 2023 High Court ruling in July 2024 and the Group subsequently kicked-off the
process of determining any potential impact for the Schemes. An investigation was undertaken by the Group and Trustees
of the Schemes to review the amendments and minutes during the relevant period. From this review, the Group are satisfied
that this ruling would not have any impact on the Defined Benefit Obligation of the Schemes.
In December 2024, the Company agreed to a buy-in of the Spirax-Sarco Executives\u2019 Retirement Benefits Scheme. The
change has been treated as a change in investment strategy, with the impact coming through as part of the actuarial gain/
(loss) on asset in OCI. The income from the policies exactly matches the amount and timing of all benefits payable to all
members of the UK Scheme.
Principal Risks
The pension schemes create a number of risk exposures. Annual increases in benefits are, to a varying extent from scheme
to scheme, dependent on inflation so the main uncertainties affecting the level of benefits payable are future inflation levels
and the actual longevity of the membership. Benefits payable will also be influenced by a range of other factors including
member decisions on matters such as when to retire and the possibility to draw benefits in different forms. A key risk is that
additional contributions are required if the investment returns fall short of those anticipated when setting the contributions
to the pension schemes. All pension schemes are regulated by the relevant jurisdictions. These include extensive legislation
and regulatory mechanisms that are subject to change and may impact on the Group\u2019s pension schemes. The IAS 19 liability
measurement known as defined benefit obligation (DBO) and the service cost are sensitive to the actuarial assumptions
made on a range of demographic and financial matters that are used to project the expected benefit payments, the most
important of these assumptions being the future inflation levels and the assumptions made about life expectation. The DBO
and service cost are also very sensitive to the IAS 19 discount rate, which determines the discounted value of the projected
benefit payments. The discount rate depends on market yields on high quality corporate bonds. Investment strategies are
set with funding rather than IAS 19 considerations in mind and do not seek to provide a specific hedge against the IAS 19
measurement of DBO. As a result the difference between the market value of the assets and the IAS 19 DBO may be volatile.
Further information on the investment strategy for the UK schemes can be found in the Financial Review on pages 32 to 37.
Sensitivity analysis to changes in discount rate and inflation are included on page 196.
The financial assumptions used at 31 December were:
Assumptions weighted by value of liabilities % per annum
Overseas pensions
UK pensions and medical
2024 2023 2024 2023
% % % %
Rate of increase in salaries
n/a
n/a
2.6
2.7
Rate of increase in pensions
3.0
2.9
2.0
2.3
Rate of price inflation
3.2
3.0
2.0
2.2
Discount rate
5.4
4.5
4.8
4.4
Medical trend rate
n/a
n/a
7.5
7.5
The UK pensions are closed to future accrual; therefore, the rate of increase in salaries is not applicable.
The weighted average duration of the defined benefit obligation at 31 December 2024 was approximately 13 years (2023:
13 years) for the Spirax-Sarco Employees\u2019 Pension Fund, 8 years (2023: 8 years) for the Spirax-Sarco Executives\u2019 Retirement
Benefits Scheme and 13 years (2023: 18 years) for the WMFTS Pension Fund.
The mortality assumptions for the material defined benefit schemes at 31 December 2024 and 31 December 2023 were:
Spirax-Sarco Employees\u2019 At 31 December 2024: 100% of the SAPS 3 normal tables, CMI 2023 future improvements,
Pension Fund 1% long-term trend, smoothing factor of 7 and weights parameter of 100%.
At 31 December 2023: 100% of the SAPS 3 normal tables, CMI 2022 future improvements,
1% long-term trend, smoothing factor of 7 and a w parameter of 10 above the core.
Spirax-Sarco Executives\u2019 At 31 December 2024: 84%/87% (male/female) of SAPS 3 light normal, CMI 2023 future
Retirement Benefits improvements, 1% long-term trend, smoothing factor of 7 and weights parameter of 100%.
Scheme At 31 December 2023: 84%/87% (male/female) of SAPS 3 light normal, CMI 2022 future
improvements, 1% long-term trend, smoothing factor of 7 and a w parameter of 10 above
the core.
WMFTS Pension Fund
At 31 December 2024: 102% of the SAPS 3 pensioner tables, CMI 2023 future improvements,
1% long-term trend, smoothing factor of 7 and weights parameter of 100%.
At 31 December 2023: 102% of the SAPS 3 pensioner tables, CMI 2022 future improvements,
1% long-term trend, smoothing factor of 7 and a w parameter of 10 above the core.
US Pension Scheme
At 31 December 2024: SOA Pri-2012 Amount-Weighted Blue Collar Mortality Tables with
MP2021 \u2013 Retiree/Disabled/Contingent Survivor tables
At 31 December 2023: SOA Pri-2012 Amount-Weighted Blue Collar Mortality Tables projected
generationally with MP2021.
By way of example the mortality tables indicate the following life expectancy across the UK schemes:
2024 life expectancy at 65
2023 life expectancy at 65
Current age
Male
Female
Male
Female
65
21.0
23.8
21.9
24.5
50
21.7
24.5
22.8
25.5
The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions which,
due to the timescale covered, may not necessarily be borne out in practice.
The amounts recognised in the Consolidated Statement of Financial Position are determined as follows:
Overseas pensions
UK pensions
and medical
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of schemes\u2019 assets
254.8
285.8
55.2
51.7
310.0
337.5
Present value of funded schemes\u2019 liabilities
(280.9)
(313.6)
(54.4)
(56.9)
(335.3)
(370.5)
(Deficit)/Surplus in the funded schemes
(26.1)
(27.8)
0.8
(5.2)
(25.3)
(33.0)
Present value of unfunded schemes\u2019 liabilities
\u2014
\u2014
(17.2)
(18.4)
(17.2)
(18.4)
Retirement benefit liability recognised in the Consolidated
Statement of Financial Position
(26.1)
(27.8)
(16.4)
(23.6)
(42.5)
(51.4)
Related deferred tax asset
6.5
6.9
4.5
6.4
11.0
13.3
Net pension liability
(19.6)
(20.9)
(11.9)
(17.2)
(31.5)
(38.1)
Fair value of scheme assets
Overseas pensions
UK pensions
and medical
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Quoted equities
53.9
44.6
7.7
29.7
61.6
74.3
Quoted bonds
77.8
109.0
39.6
15.4
117.4
124.4
Other
69.4
45.0
0.8
0.5
70.2
45.5
Total with quoted market price
201.1
198.6
48.1
45.6
249.2
244.2
Cash and cash equivalents
26.3
43.8
1.2
0.7
27.5
44.5
Unquoted equities
1.3
2.7
\u2014
\u2014
1.3
2.7
Unquoted bonds
0.3
0.7
\u2014
\u2014
0.3
0.7
Real estate
12.6
14.4
\u2014
\u2014
12.6
14.4
Derivatives
\u2014
12.2
\u2014
\u2014
\u2014
12.2
Other
13.2
13.4
5.9
5.4
19.1
18.8
Total other securities
53.7
87.2
7.1
6.1
60.8
93.3
Total market value in aggregate
254.8
285.8
55.2
51.7
310.0
337.5
The actual return on plan assets was a decrease of \u00a312.2m (2023: an increase of \u00a320.8m).
The UK pensions assets include investments in Liability Driven Investment (LDI) funds. LDI funds allow the schemes to
hedge a larger proportion of the underlying interest rate exposure that exists within the schemes liabilities. As a result of
the structure of LDI funds the schemes may be required to provide additional cash collateral to the LDI funds in order to
maintain the current level of hedging should market interest rates increase materially. The LDI funds of \u00a357.4m (2023: \u00a371.5m)
are included within the quoted bonds in the table above.
The movements in the defined benefit obligation recognised in the Consolidated Statement of Financial Position during the
year were:
Overseas pensions
UK pensions
and medical
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Defined benefit obligation at beginning of year
(313.6)
(309.2)
(75.3)
(84.5)
(388.9)
(393.7)
Current service cost
\u2014
\u2014
(0.1)
(0.1)
(0.1)
(0.1)
Past service credit
\u2014
\u2014
0.2
\u2014
0.2
\u2014
Interest cost
(13.7)
(14.1)
(3.2)
(3.8)
(16.9)
(17.9)
Administration costs
\u2014
\u2014
(0.5)
(0.6)
(0.5)
(0.6)
Remeasurement gain/(loss)
28.1
2.7
4.0
(1.5)
32.1
1.2
Actual benefit payments
17.7
17.4
4.8
5.3
22.5
22.7
Experience gain/(loss)
0.6
(10.4)
(1.9)
0.4
(1.3)
(10.0)
Settlements
\u2014
\u2014
\u2014
5.9
\u2014
5.9
Currency gain
\u2014
\u2014
0.4
3.6
0.4
3.6
Defined benefit obligation at end of year
(280.9)
(313.6)
(71.6)
(75.3)
(352.5)
(388.9)
The movements in the fair value of plan assets during the year were:
Overseas pensions
UK pensions
and medical
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Value of assets at beginning of year
285.8
284.6
51.7
5 7.0
337.5
341.6
Expected return on assets
12.6
13.1
2.4
2.7
15.0
15.8
Remeasurement (loss)/gain
(30.6)
1.0
3.4
4.0
(27.2)
5.0
Contributions paid by employer
6.8
5.3
2.1
2.0
8.9
7.3
Actual benefit payments
(17.7)
(17.3)
(4.8)
(5.4)
(22.5)
(22.7)
Administration costs
(2.1)
(0.9)
\u2014
(6.0)
(2.1)
(6.9)
Currency gain/(loss)
\u2014
\u2014
0.4
(2.6)
0.4
(2.6)
Value of assets at end of year
254.8
285.8
55.2
51.7
310.0
337.5
The estimated employer contributions to be made in 2025 are \u00a37.5m.
The history of experience adjustments is as follows:
2024 2023 2022 2021 2020
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Defined benefit obligation at end of year
(352.5)
(388.9)
(393.7)
(605.4)
(630.3)
Fair value of schemes\u2019 assets
310.0
337.5
341.6
560.7
531.7
Retirement benefit liability recognised in the Statement of Financial Position
(42.5)
(51.4)
(52.1)
(44.7)
(98.6)
Experience adjustment on schemes\u2019 liabilities
(1.3)
(10.0)
(16.0)
(2.9)
11.4
As a percentage of schemes\u2019 liabilities
0.4%
2.6%
4.1%
0.5%
1.8%
Experience adjustment on schemes\u2019 assets
(27.2)
5.0
(222.4)
35.7
46.5
As a percentage of schemes\u2019 assets
8.8%
1.5%
65.1%
6.4%
8.7%
The expense recognised in the Consolidated Income Statement was as follows:
Overseas pensions
UK pensions
and medical
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current service cost
\u2014
\u2014
(0.1)
(0.1)
(0.1)
(0.1)
Administration costs
(2.1)
(0.9)
(0.5)
(0.6)
(2.6)
(1.5)
Past service credit
\u2014
\u2014
0.2
\u2014
0.2
\u2014
Net interest on schemes\u2019 liabilities
(1.1)
(1.1)
(0.8)
(1.0)
(1.9)
(2.1)
Total expense recognised in Consolidated Income Statement
(3.2)
(2.0)
(1.2)
(1.7)
(4.4)
(3.7)
The expense is recognised in the following line items in the Consolidated Income Statement:
2024 2023
\u00a3m \u00a3m
Operating costs
(2.5)
(1.6)
Net financing expense
(1.9)
(2.1)
Total expense recognised in Consolidated
Income Statement
(4.4)
(3.7)
The gain or loss recognised in the Statement of Comprehensive Income (OCI) was as follows:
Overseas pensions
UK pensions
and medical
Total
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Remeasurement effects recognised in OCI:
Due to experience on DBO
0.6
(10.4)
(1.9)
0.4
(1.3)
(10.0)
Due to demographic assumption changes in DBO
(0.3)
10.2
\u2014
\u2014
(0.3)
10.2
Due to financial assumption changes in DBO
28.4
(7.5)
4.0
(1.5)
32.4
(9.0)
Return on assets
(30.6)
1.0
3.4
4.0
(27.2)
5.0
Total remeasurement (loss)/gain recognised in OCI
(1.9)
(6.7)
5.5
2.9
3.6
(3.8)
Deferred tax on remeasurement (loss)/gain and change in rate
recognised in OCI
0.5
1.7
(1.6)
(0.6)
(1.1)
1.1
Cumulative loss recognised in OCI at beginning of year
(59.1)
(54.1)
(10.8)
(13.1)
(69.9)
(67.2)
Cumulative loss recognised in OCI at end of year
(60.5)
(59.1)
(6.9)
(10.8)
(67.4)
(69.9)
Sensitivity analysis
The effect on the defined benefit obligation at 31 December 2024 of an increase or decrease in key assumptions is as follows:
Overseas
pensions and
UK pensions medical Total
\u00a3m \u00a3m \u00a3m
(Decrease)/increase in pension deficit:
Discount rate assumption being 1.0% higher
(30.6)
(6.6)
(37.2)
Discount rate assumption being 1.0% lower
34.8
7.9
42.7
Inflation assumption being 1.0% higher
21.4
1.3
22.7
Inflation assumption being 1.0% lower
(20.0)
(1.1)
(21.1)
Mortality assumption life expectancy at age 65 being one year higher
9.2
2.3
11.5
The above sensitivities reflect reasonable possible changes in the assumptions and therefore have been selected on this basis.
The average age of active participants in the UK schemes at 31 December 2024 was 55 years (2023: 55 years) and in the
overseas schemes 46 years (2023: 47 years).
Additional contributions to pension schemes
2024 2023
\u00a3m \u00a3m
Defined benefit arrangements
(2.5)
(1.6)
Defined contribution arrangements
(27.2)
(26.7)
Total expense recognised in operating costs
(29.7)
(28.3)
Defined benefit arrangements
8.9
7.3
Defined contribution arrangements
27.2
26.7
Total contributions paid by employer
36.1
34.0
Additional contributions to pension schemes
6.4
5.7
Share-based payments
Disclosures of the share-based payments offered to employees are set out below. More detail on each scheme is given in
the Annual Report on Remuneration 2024 on pages 135 to 144. The charge to the Consolidated Income Statement in respect
of share-based payments is made up as follows:
2024 2023
\u00a3m \u00a3m
Performance Share Plan
1.3
4.3
Employee Share Ownership Plan
1.8
1.8
Total expense recognised in Consolidated Income Statement
3.1
6.1
Performance Share Plan
Awards under the Performance Share Plan are made to Executive Directors and other senior managers and take the form of
contingent rights to acquire shares, subject to the satisfaction of a performance target. To the extent that they vest, awards
may be satisfied in cash, in shares or in an option over shares. For the 2022 grant onwards, the performance criteria is split
into three separate parts.
30% of the award is based on a TSR measure where the performance target is based on the Company\u2019s total shareholder
return (TSR) relative to the TSR of other companies included in the FTSE 350 Industrial Goods and Services Supersector
(changed to the FTSE 100, excluding companies in the Mining, Oil & Gas and Financial Services sectors from the 2023 grant
onwards) over a three-year performance period where awards will vest on a sliding scale. All shares within an award will
vest if the Company\u2019s TSR is at or above the upper quartile. 18% will vest if the TSR is at the median and the number of
shares that will vest will be calculated pro rata on a straight-line basis between 18% and 100% if the Company\u2019s TSR falls
between the median and the upper quartile. No shares will vest if the Company\u2019s TSR is below the median.
The second part, amounting to 50% of the award, is subject to achievement of a target based on aggregate adjusted EPS
over a three-year performance period. 18% will vest if the compound growth in adjusted EPS is equal to the growth in global
industrial production (IP) plus 2% as published by CHR Economics and 100% will vest if the compound growth in adjusted
EPS is equal to or exceeds the growth in global IP plus 8% (changed to IP plus 7% from the 2023 grant onwards); there is pro
rata vesting for actual growth between these rates.
The final 20% of the award compares greenhouse gas intensity emission in the base year of the three-year performance
period to the final year. Performance will be measured relative to \u00a3m of sales at base year prices to ensure that efficiency
savings are not distorted by inflation. 18% will vest if there is 24% reduction in GHG intensity emission and 100% will vest if
there is a reduction in GHG intensity emissions equal to or exceeding 31%; there is pro rata vesting for actual reduction
between these rates.
Shares awarded under the Performance Share Plan have been valued using the Monte Carlo simulation valuation
methodology. The relevant disclosures in respect of the Performance Share Plan grants are set out below.
2020 2021 2022 2023 2024
Grant Grant Grant Grant Grant
Grant date
12 March
4 May
14 March
13 March
21 March
Mid-market share price at grant date
7,775.0p
11,770.0p
11,910.0p
10,880p
10,377p
Number of employees
104
106
108
138
124
Shares under scheme
140,934
89,806
92,951
145,505
142,275
Vesting period
3 years
3 years
3 years
3 years
3 years
Probability of vesting
74.3%
73.9%
76.1%
81.2%
79.7%
Fair value
5,779.2p
8,698.0p
9,057.6p
8,829.1p
8,273.6p
Employee Share Ownership Plan
UK employees are eligible to participate in the Employee Share Ownership Plan (ESOP). The aim of the ESOP is to encourage
increased shareholding in the Company by all UK employees and so there are no performance conditions. Employees are
invited to join the ESOP when an offer is made each year. Individuals save for 12 months during the accumulation period
under HMRC rules. The Company provides a matching share for each share purchased by the individual.
Shares issued under the ESOP have been measured using the Present Economic Value (PEV) valuation methodology.
The relevant disclosures in respect of the Employee Share Ownership Plans are set out below.
2020 2021 2022 2023 2024
Grant Grant Grant Grant Grant
Grant date
1 October
1 October
1 October
1 October
1 October
Exercise price
11,102.0p
15,043.3p
10,348.3p
9,413.0p
6,855.0p
Number of employees
1,373
1,400
1,671
1,644
1,539
Shares under scheme
12,480
9,429
16,832
19,256
23,863
Vesting period
3 years
3 years
3 years
3 years
3 years
Expected volatility
25%
26.5%
28.7%
26.5%
N/A
Risk-free interest rate
0.1%
0.2%
4.0%
4.9%
N/A
Expected dividend yield
1.5%
1.0%
1.0%
1.2%
N/A
Fair value
11,956.9p
16,382.2p
11,579.7p
10,486.4p
6,855.0p
The accumulation period for the 2024 ESOP ends in September 2025; therefore, some figures are projections.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-525": { "value": "Defined contribution arrangements The majority of the retirement benefit arrangements operated by the Group are of a defined contribution structure, where the employer contribution and resulting Consolidated Income Statement charge are fixed at a set level or are a set percentage of employees\u2019 pay. Contributions made to defined contribution schemes and charged to the Consolidated Income Statement totalled \u00a327.2m (2023: \u00a326.7m). In Germany, following the closure of the defined benefit schemes to new entrants in 2021, the main scheme for new employees is a defined contribution scheme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-526": { "value": "Defined benefit arrangements The Group operates several funded defined benefit retirement schemes where the benefits are based on employees\u2019 length of service. Whilst the Group\u2019s primary schemes are in the UK, it also operates other material benefit schemes in the USA as well as less material schemes elsewhere. In funded arrangements, the assets of defined benefit schemes are held in separate trustee-administered funds or similar structures in the countries concerned. UK defined benefit arrangements The defined benefit schemes in the UK account for 61% (2023: 55%) of the Group\u2019s net liability for defined retirement benefit schemes. Spirax Group operates three UK schemes: the Spirax-Sarco Employees\u2019 Pension Fund, the Spirax-Sarco Executives\u2019 Retirement Benefits Scheme and the WMFTS Pension Fund. These are all final salary pension schemes and are closed to new members. There is a mix of different inflation-dependent pension increases (in payment and deferment) which vary from member to member according to their membership history and which scheme they are a member of. All three schemes have been set up under UK law and are governed by a Trustee committee, which is responsible for the scheme\u2019s investments, administration and management. A funding valuation is carried out for the Trustees of each scheme every three years by an independent firm of actuaries. Depending on the outcome of that valuation a schedule of future contributions is negotiated with Spirax Group. Further information on the contribution commitments is shown in the Financial Review on pages 32 to 37. US defined benefit schemes The Group operates a pension scheme in the USA, which is closed to new entrants and frozen to future accrual. The pension scheme defines the pension in terms of the highest average pensionable pay for any five consecutive years prior to retirement. No pension increases (in payment and deferment) are offered by this scheme. It also operates a post-retirement medical plan in the USA, which is unfunded, as is typical for these plans. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-527": { "value": "Share-based payments Disclosures of the share-based payments offered to employees are set out below. More detail on each scheme is given in the Annual Report on Remuneration 2024 on pages 135 to 144. The charge to the Consolidated Income Statement in respect of share-based payments is made up as follows:
2024 2023
\u00a3m \u00a3m
Performance Share Plan
1.3
4.3
Employee Share Ownership Plan
1.8
1.8
Total expense recognised in Consolidated Income Statement
3.1
6.1
Performance Share Plan Awards under the Performance Share Plan are made to Executive Directors and other senior managers and take the form of contingent rights to acquire shares, subject to the satisfaction of a performance target. To the extent that they vest, awards may be satisfied in cash, in shares or in an option over shares. For the 2022 grant onwards, the performance criteria is split into three separate parts. 30% of the award is based on a TSR measure where the performance target is based on the Company\u2019s total shareholder return (TSR) relative to the TSR of other companies included in the FTSE 350 Industrial Goods and Services Supersector (changed to the FTSE 100, excluding companies in the Mining, Oil & Gas and Financial Services sectors from the 2023 grant onwards) over a three-year performance period where awards will vest on a sliding scale. All shares within an award will vest if the Company\u2019s TSR is at or above the upper quartile. 18% will vest if the TSR is at the median and the number of shares that will vest will be calculated pro rata on a straight-line basis between 18% and 100% if the Company\u2019s TSR falls between the median and the upper quartile. No shares will vest if the Company\u2019s TSR is below the median. The second part, amounting to 50% of the award, is subject to achievement of a target based on aggregate adjusted EPS over a three-year performance period. 18% will vest if the compound growth in adjusted EPS is equal to the growth in global industrial production (IP) plus 2% as published by CHR Economics and 100% will vest if the compound growth in adjusted EPS is equal to or exceeds the growth in global IP plus 8% (changed to IP plus 7% from the 2023 grant onwards); there is pro rata vesting for actual growth between these rates. The final 20% of the award compares greenhouse gas intensity emission in the base year of the three-year performance period to the final year. Performance will be measured relative to \u00a3m of sales at base year prices to ensure that efficiency savings are not distorted by inflation. 18% will vest if there is 24% reduction in GHG intensity emission and 100% will vest if there is a reduction in GHG intensity emissions equal to or exceeding 31%; there is pro rata vesting for actual reduction between these rates. Shares awarded under the Performance Share Plan have been valued using the Monte Carlo simulation valuation methodology. The relevant disclosures in respect of the Performance Share Plan grants are set out below.
2020 2021 2022 2023 2024
Grant Grant Grant Grant Grant
Grant date
12 March
4 May
14 March
13 March
21 March
Mid-market share price at grant date
7,775.0p
11,770.0p
11,910.0p
10,880p
10,377p
Number of employees
104
106
108
138
124
Shares under scheme
140,934
89,806
92,951
145,505
142,275
Vesting period
3 years
3 years
3 years
3 years
3 years
Probability of vesting
74.3%
73.9%
76.1%
81.2%
79.7%
Fair value
5,779.2p
8,698.0p
9,057.6p
8,829.1p
8,273.6p
Employee Share Ownership Plan UK employees are eligible to participate in the Employee Share Ownership Plan (ESOP). The aim of the ESOP is to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions. Employees are invited to join the ESOP when an offer is made each year. Individuals save for 12 months during the accumulation period under HMRC rules. The Company provides a matching share for each share purchased by the individual. Shares issued under the ESOP have been measured using the Present Economic Value (PEV) valuation methodology. The relevant disclosures in respect of the Employee Share Ownership Plans are set out below.
2020 2021 2022 2023 2024
Grant Grant Grant Grant Grant
Grant date
1 October
1 October
1 October
1 October
1 October
Exercise price
11,102.0p
15,043.3p
10,348.3p
9,413.0p
6,855.0p
Number of employees
1,373
1,400
1,671
1,644
1,539
Shares under scheme
12,480
9,429
16,832
19,256
23,863
Vesting period
3 years
3 years
3 years
3 years
3 years
Expected volatility
25%
26.5%
28.7%
26.5%
N/A
Risk-free interest rate
0.1%
0.2%
4.0%
4.9%
N/A
Expected dividend yield
1.5%
1.0%
1.0%
1.2%
N/A
Fair value
11,956.9p
16,382.2p
11,579.7p
10,486.4p
6,855.0p
The accumulation period for the 2024 ESOP ends in September 2025; therefore, some figures are projections.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-491": { "value": "
23 Analysis of changes in net debt, including changes in liabilities arising from
financing activities
2024
1 January Acquired Exchange 31 December
2024 Cash flow debt\u200a* movement 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current portion of long-term borrowings
(3.6)
(123.9)
Non-current portion of long-term borrowings
(875.9)
(706.2)
Total borrowings
(879.5)
(830.1)
Lease liabilities
(96.7)
16.6
(16.5)
1.5
(95.1)
Borrowings
(879.5)
26.2
\u2014
23.2
(830.1)
Changes in liabilities arising from financing
(976.2)
42.8
(16.5)
24.7
(925.2)
Cash at bank
359.7
(11.6)
\u2014
(13.9)
334.2
Bank overdrafts
(146.9)
44.1
\u2014
2.5
(100.3)
Net cash and cash equivalents
212.8
32.5
\u2014
(11.4)
233.9
Net debt including lease liabilities
(763.4)
75.3
(16.5)
13.3
(691.3)
Net debt
(666.7)
58.7
\u2014
11.8
(596.2)
* Debt acquired includes both debt acquired due to acquisition and debt recognised on the balance sheet due to entry into new leases and
disposals of existing leases
The net cashflow from borrowings of \u00a326.2m (2023: \u00a328.3m) consists of \u00a376.8m (2023: \u00a3192.8m) of new borrowings and
\u00a3103.0m (2023: \u00a3221.1m) of repaid borrowings.
During the year \u00a351.7m of interest on external borrowings (2023: \u00a346.9m) was incurred and paid.
At 31 December 2024 total lease liabilities consist of \u00a317.2m (2023: \u00a314.5m) short term and \u00a377.9m (2023: \u00a382.2m) long term.
See Note 26 for further information on net debt and lease liabilities.
2023
1 January Acquired Exchange 31 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)
* Debt acquired includes both debt acquired due to acquisition and debt recognised on the balance sheet due to entry into new leases and
disposals of existing leases
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-528": { "value": "23 Analysis of changes in net debt, including changes in liabilities arising from financing activities 2024
1 January Acquired Exchange 31 December
2024 Cash flow debt\u200a* movement 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current portion of long-term borrowings
(3.6)
(123.9)
Non-current portion of long-term borrowings
(875.9)
(706.2)
Total borrowings
(879.5)
(830.1)
Lease liabilities
(96.7)
16.6
(16.5)
1.5
(95.1)
Borrowings
(879.5)
26.2
\u2014
23.2
(830.1)
Changes in liabilities arising from financing
(976.2)
42.8
(16.5)
24.7
(925.2)
Cash at bank
359.7
(11.6)
\u2014
(13.9)
334.2
Bank overdrafts
(146.9)
44.1
\u2014
2.5
(100.3)
Net cash and cash equivalents
212.8
32.5
\u2014
(11.4)
233.9
Net debt including lease liabilities
(763.4)
75.3
(16.5)
13.3
(691.3)
Net debt
(666.7)
58.7
\u2014
11.8
(596.2)
* Debt acquired includes both debt acquired due to acquisition and debt recognised on the balance sheet due to entry into new leases and disposals of existing leases The net cashflow from borrowings of \u00a326.2m (2023: \u00a328.3m) consists of \u00a376.8m (2023: \u00a3192.8m) of new borrowings and \u00a3103.0m (2023: \u00a3221.1m) of repaid borrowings. During the year \u00a351.7m of interest on external borrowings (2023: \u00a346.9m) was incurred and paid. At 31 December 2024 total lease liabilities consist of \u00a317.2m (2023: \u00a314.5m) short term and \u00a377.9m (2023: \u00a382.2m) long term. See Note 26 for further information on net debt and lease liabilities. 2023
1 January Acquired Exchange 31 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)
* Debt acquired includes both debt acquired due to acquisition and debt recognised on the balance sheet due to entry into new leases and disposals of existing leases", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-492": { "value": "
24 Related party transactions
Transactions with Directors are disclosed separately in Note 7 and are shown in the Annual Report on Remuneration 2024
on pages 135 to 144.
There were no other related party transactions in either 2023 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-529": { "value": "24 Related party transactions Transactions with Directors are disclosed separately in Note 7 and are shown in the Annual Report on Remuneration 2024 on pages 135 to 144. There were no other related party transactions in either 2023 or 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-493": { "value": "
25 Purchase of businesses
2024
No subsidiaries were acquired during 2024.
2023
During the prior year the Group acquired distributors resulting in a total cash outflow of \u00a35.2m and creating acquired
intangibles of \u00a33.6m. No other subsidiaries were acquired during 2023. Additionally, the fair value of the assets acquired
as part of the 2022 acquisition of Vulcanic (and its related companies) as well as Durex Industries were reassessed. The
outcome of this reassessment was an immaterial decrease in goodwill for Durex Industries and an offsetting immaterial
increase in goodwill for Vulcanic.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-552": { "value": "26 Derivatives and other financial instruments The Group does not enter into significant derivative transactions. The Group\u2019s principal financial instruments comprise borrowings, cash and short-term deposits. The main purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. It is and has been throughout the period under review, the Group\u2019s policy that no trading in financial instruments shall be undertaken. The main risks arising from the Group\u2019s financial instruments are credit risk, interest rate risk, liquidity risk and foreign currency risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. Credit risk The Group sells products and services to customers around the world and its customer base is extremely varied in size and industry sector. The Group operates credit control policies to assess customers\u2019 credit ratings and provides for any debt that is identified as non-collectable. Interest rate risk The Group\u2019s policy is to hold a mixture of fixed and floating rate debt. When new debt facilities are entered into, the Group assesses if this should be fixed or floating depending on the specific circumstances at the time. In addition the Group aims to achieve a spread of maturity dates in order to avoid the concentration of funding requirements at any one time. The ratio of fixed to floating rate debt and debt maturity profile is kept under review by the Chief Financial Officer in conjunction with the Board. Liquidity risk The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of overdrafts, loans, facilities and leases as appropriate. Capital management The Group\u2019s objective is to ensure support of the Group\u2019s operations and maximise shareholder value. The Group uses cash generated from operations to invest organically or to finance acquisitions. The Group manages its capital structure and makes adjustments to it as required where changes in economic or market conditions are identified. The capital structure comprises debt and borrowings (see Note 23), cash and cash equivalents (see Note 23) and equity as disclosed in the Consolidated Statement of Changes in Equity. The Group is not subject to externally imposed capital requirements, other than financial covenant requirements on external borrowing. Foreign currency risk The Group has operations around the world and therefore its Consolidated Statement of Financial Position can be affected significantly by movements in the rate of exchange between sterling and various other currencies particularly the US dollar and euro. The Group seeks to mitigate the effect of this structural currency exposure by borrowing in these currencies where appropriate while maintaining a low cost of debt. In addition the Group employs net investment hedge accounting where appropriate to mitigate these exposures, with such hedges being designated in both 2024 and 2023. The gain on net investment hedges during 2024 included in the Consolidated Statement of Comprehensive Income was \u00a34.7m (2023: \u00a38.3m gain). This is included within translation reserves in the Consolidated Statement of Changes in Equity (see Note 20). The Group also has transactional currency exposures principally as a result of trading between Group companies. Such exposures arise from sales or purchases by an operating unit in currencies other than the unit\u2019s functional currency. The Group operates a programme to manage this risk on a Group-wide net basis, through the entering into of both forward contracts and non-deliverable forward contracts with a range of bank counterparties. Fair values of financial assets and financial liabilities Fair values of financial assets and liabilities at 31 December 2024 are not materially different from book values due to their size or the fact that they were at short-term rates of interest. Fair values have been assessed as follows: \u2022 Derivatives Forward exchange contracts are marked to market by discounting the future contracted cash flows using readily available market data. \u2022 Interest-bearing loans and borrowings Fair value is calculated based on discounted expected future principal and interest cash flows. \u2022 Lease liabilities The fair value is estimated as the present value of future cash flows, discounted at the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. \u2022 Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value. The following table compares amounts and fair values of the Group\u2019s financial assets and liabilities:
2024 2024 2023 2023
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets:
Cash and cash equivalents
334.2
334.2
359.7
359.7
Trade, other receivables and contract assets
357.0
357.0
346.3
346.3
Total financial assets
691.2
691.2
706.0
706.0
2024 2024 2023 2023
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities:
Borrowings
830.1
822.8
879.5
888.5
Lease liabilities
95.1
95.1
96.7
96.7
Bank overdrafts
100.3
100.3
146.9
146.9
Trade payables
86.0
86.0
79.2
79.2
Other payables and contract liabilities
68.2
68.2
67.3
67.3
Long-term payables
6.2
6.2
11.4
11.4
Accruals
98.9
98.9
95.2
95.2
Total financial liabilities
1,284.8
1,277.5
1,376.2
1,385.2
There are no other assets or liabilities measured at fair value on a recurring or non-recurring basis for which fair value is disclosed. Derivative financial instruments are measured at fair value. Fair value of derivative financial instruments is calculated based on discounted cash flow analysis using appropriate market information for the duration of the instruments. Financial instruments fair value disclosure Fair value measurements are classified into three levels, depending on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets and liabilities \u2022 Level 2 fair value measurements are those derived from other observable inputs for the asset or liability \u2022 Level 3 fair value measurements are those derived from valuation techniques using inputs that are not based on observable market data With the exception of the Group\u2019s private placement borrowings, there were no significant differences between the carrying value and the fair value of the Group\u2019s financial assets and liabilities. The fair value of private placement borrowings is estimated by discounting the future contracted cash flows using readily available market data and represents a Level 2 measurement in the fair value hierarchy. The Group considers that the derivative financial instruments also fall into Level 2. Interest rate risk profile of financial liabilities The interest rate profile of the financial liabilities of the Group as at 31 December was as follows:
Financial
Fixed rate Floating rate liabilities on
financial financial which no
Total liabilities liabilities interest is paid
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Euro
694.7
507.4
120.0
67.3
US dollar
370.8
181.9
127.6
61.3
Sterling
113.3
4.2
4 7.1
62.0
Renminbi
34.0
1.4
\u2014
32.6
Other
72.0
14.4
0.4
57.2
Group total
1,284.8
709.3
295.1
280.4
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
66.7
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
Terms and debt repayment schedule The terms and conditions of outstanding borrowings were as follows:
2024 2023
Nominal Year Carrying value Carrying value
Currency interest rate of maturity \u00a3m \u00a3m
Unsecured private placement \u2013 $185.0m
$
5.3%
2028
147.9
145.3
Unsecured bank facility \u2013 $150.0m
$
5.7%
2025
119.9
117.8
Unsecured private placement \u2013 \u20ac140.0m
\u20ac
3.9%
2027
119.2
124.7
Unsecured private placement \u2013 \u20ac125.0m
\u20ac
4.2%
2029
103.5
108.4
Unsecured private placement \u2013 \u20ac120.0m
\u20ac
2.4%
2026
99.6
104.4
Unsecured private placement \u2013 \u20ac110.0m
\u20ac
4.4%
2030
91.0
95.4
Unsecured private placement \u2013 \u20ac90.0m
\u20ac
3.9%
2031
74.5
\u2014
Unsecured bank facility \u2013 \u20ac90.0m
\u20ac
3.8%
2026
74.5
78.0
Unsecured bank facility*
\u00a3
5.5%
2025
49.2
81.7
Unsecured bank facility*
\u20ac
2.9%
2025
45.4
64.4
Unsecured bank facility*
$
7.0%
2025
5.6
0.1
Unsecured bank facility*
\u20ac
2.9%
2025
0.1
0.2
Unsecured bank facility*
\u20ac
4.6%
2029
\u2014
95.5
Unsecured bank facility*
\u00a3
5.9%
2029
\u2014
10.0
Unsecured bank facility*
\u20ac
3.9%
2024
\u2014
0.5
Total outstanding borrowings
930.4
1,026.4
*These items relate to bank overdraft facilities which are evaluated annually The weighted average interest rate paid during the year was 4.3% (2023: 4.6%). Interest rate risk profile of financial assets The interest rate profile of the financial assets of the Group as at 31 December was as follows:
Floating Financial assets
Fixed rate rate on which no
financial financial interest is
Total assets assets earned
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Euro
221.4
8.6
55.1
157.7
US dollar
203.1
0.3
84.2
118.6
Sterling
44.0
\u2014
17.6
26.4
Renminbi
55.7
3.5
11.0
41.2
Other
167.0
6.1
24.8
136.1
Group total
691.2
18.5
192.7
480.0
Floating 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
Financial assets on which no interest is earned comprise trade and other receivables and cash at bank. Floating and fixed rate financial assets comprise cash at bank or cash placed on deposit. Currency exposures As explained on page 199, the Group\u2019s objectives in managing the currency exposures arising from its net investment overseas (in other words, its structural currency exposures) are to maintain a low cost of debt while partially hedging against currency depreciation. All gains and losses arising from these structural currency exposures are recognised in the Consolidated Statement of Comprehensive Income. In addition the Group employs net investment hedge accounting in order to mitigate these impacts where appropriate. Transactional (or non-structural) exposures give rise to net currency gains and losses that are recognised in the Consolidated Income Statement. Such exposures include the monetary assets and monetary liabilities in the Consolidated Statement of Financial Position that are not denominated in the operating (or functional) currency of the operating unit involved. At 31 December 2024 the currency exposure in respect of the Euro was a net monetary liability of \u00a387.6m (2023: \u00a369.2m net monetary liability) and in respect of the US dollar a net monetary liability of \u00a3222.9m (2023: \u00a3254.2m net monetary liability). At 31 December 2024, the percentage of debt to net assets, excluding debt, was 57% (2023: 56%) for the Euro and 8% (2023: 8%) for the US dollar. Maturity of financial liabilities The Group\u2019s financial liabilities at 31 December mature in the following periods:
Trade, other
payables, accruals
and contract Lease
liabilities Overdrafts liabilities Long-term Total
2024 \u00a3m \u00a3m \u00a3m borrowings \u00a3m
In six months or less, or on demand
227.0
100.3
9.9
17.4
354.6
In more than six months but no more than twelve
26.1
\u2014
9.3
141.5
176.9
In more than one year but no more than two
3.2
\u2014
16.9
199.8
219.9
In more than two years but no more than three
2.1
\u2014
13.2
285.2
300.5
In more than three years but no more than four
0.4
\u2014
9.2
11.2
20.8
In more than four years but no more than five
\u2014
\u2014
6.6
113.9
120.5
In more than five years
0.5
\u2014
54.9
173.8
229.2
Total contractual cash flows
259.3
100.3
120.0
942.8
1,422.4
Statement of Financial Position values
259.3
100.3
95.1
830.1
1,284.8
Trade, other
payables
and contract 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
879.5
1,376.2
The Group did not employ any supply chain or similar forms of financing during 2024 or 2023. Cash flow hedges The Group uses forward currency contracts to manage its exposure to movements in foreign exchange rates. The forward contracts are designated as hedging instruments in a cash flow hedging relationship. At 31 December 2024 the Group had contracts outstanding to economically hedge or to purchase \u00a335.8m (2023: \u00a318.6m) and \u20ac23.3m (2023: \u20ac16.1m) with US dollars, \u00a359.0m (2023: \u00a367.6m) with euros, \u00a317.2m (2023: \u00a324.0m) and \u20ac9.9m (2023: \u20ac8.8m) with Chinese renminbi, \u00a37.9m (2023: \u00a38.5m) and \u20ac3.3m (2023: \u20ac3.4m) with Korean won, \u00a34.4m (2023: \u00a33.7m) with Singapore dollars and $14.3m (2023: $nil) with Mexican pesos. The fair values at the end of the reporting period were a liability of \u00a31.3m (2023: \u00a31.8m asset), included within trade and other payables on the Consolidated Statement of Financial Position. The fair value of cash flow hedges falls into the Level 2 category of the fair value hierarchy in accordance with IFRS 13. The fair value of derivative financial instruments is estimated by discounting the future contracted cash flow using readily available market data. The contractual cash flows on forward currency contracts at the reporting date are shown below, classified by maturity. The cash flows shown are on a gross basis and are not discounted.
Less than 6 to 12 More than
6 months months 12 months Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Contracted cash in/(out):
Sterling
64.1
60.2
\u2014
124.3
Euro
(16.7)
(9.6)
\u2014
(26.3)
US dollar
(36.0)
(32.5)
\u2014
(68.5)
Other
(21.5)
(11.9)
\u2014
(33.4)
Total contractual cash flows
(10.1)
6.2
\u2014
(3.9)
Less than 6 to 12 More than
6 months months 12 months Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Contracted cash in/(out):
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
It is anticipated that the cash flows will take place at the same time as the corresponding forward contract matures. At this time the amount deferred in equity will be reclassified to profit or loss. All forecast transactions which have been subject to hedge accounting during the year have occurred or are still expected to occur. A loss on derivative financial instruments of \u00a32.3m (2023: \u00a35.0m gain) was recognised in other comprehensive income during the period. As at 31 December 2024 no ineffectiveness has been recognised in profit or loss arising from hedging foreign currency transactions. Borrowing facilities The Group has various borrowing facilities available to it. The undrawn committed facilities available at 31 December in respect of which all conditions precedent had been met at that date were as follows:
2024 2023
\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
400.0
294.5
Total Group undrawn committed facilities
400.0
294.5
At 31 December 2024, the Group had available \u00a3400.0m (2023: \u00a3294.5m) of undrawn committed borrowing facilities in respect of its \u00a3400.0m (2023: \u00a3400.0m) pound sterling revolving credit facility, of which all conditions precedent had been met. This facility expires on 13 April 2029. Sensitivity analysis In managing interest rate and currency risks, the Group aims to reduce the impact of short-term fluctuations on the Group\u2019s earnings. Over the longer term, however, permanent changes in foreign exchange and interest rates would have an impact on consolidated earnings. At the year end borrowings totalled \u00a3930.4m (2023: \u00a31,026.4m). At 31 December 2024, it is estimated that a general increase of one percentage point in interest rates would decrease the Group\u2019s profit after tax and equity by approximately \u00a31.5m (2023: \u00a32.3m). For the year ended 31 December 2024, it is estimated that a decrease of five percentage points in the value of sterling weighted in relation to the Group\u2019s profit and trading flows would have decreased the Group\u2019s profit before tax by approximately \u00a317.5m (2023: decreased by \u00a318.5m). The effect can be very different between years due to the weighting of different currency movements. Forward exchange contracts have been included in this calculation. The credit risk profile of trade receivables The ageing of trade receivables at the reporting date was:
Gross Impairment Net Gross Impairment Net
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Not past due date
250.2
(0.2)
250.0
236.6
(1.0)
235.6
0\u201330 days past due date
36.2
\u2014
36.2
35.0
(0.2)
34.8
31\u201390 days past due date
16.5
(0.1)
16.4
17.3
(0.1)
17.2
91 days to one year past due date
12.2
(1.0)
11.2
13.9
(1.7)
12.2
More than one year
7.1
(7.1)
\u2014
7.3
(7.3)
\u2014
Group total
322.2
(8.4)
313.8
310.1
(10.3)
299.8
Other than those disclosed above no other impairment losses on receivables and contract assets arising from contracts with customers have been recognised. Other than trade receivables there are no financial assets that are past their due date at 31 December 2024. Payment terms across the Group vary depending on the geographic location of each operating company. Payment is typically due between 20 and 90 days after the invoice is issued. No contracts with customers contain a significant financing component. The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
2024 2023
\u00a3m \u00a3m
Balance at 1 January
10.3
13.7
Additional impairment
4.4
3.0
Amounts written off as uncollectable
(1.9)
(0.4)
Amounts recovered
(0.5)
(0.4)
Impairment losses reversed
(3.4)
(5.1)
Exchange differences
(0.5)
(0.5)
Balance at 31 December
8.4
10.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-530": { "value": "26 Derivatives and other financial instruments The Group does not enter into significant derivative transactions. The Group\u2019s principal financial instruments comprise borrowings, cash and short-term deposits. The main purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. It is and has been throughout the period under review, the Group\u2019s policy that no trading in financial instruments shall be undertaken. The main risks arising from the Group\u2019s financial instruments are credit risk, interest rate risk, liquidity risk and foreign currency risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. Credit risk The Group sells products and services to customers around the world and its customer base is extremely varied in size and industry sector. The Group operates credit control policies to assess customers\u2019 credit ratings and provides for any debt that is identified as non-collectable. Interest rate risk The Group\u2019s policy is to hold a mixture of fixed and floating rate debt. When new debt facilities are entered into, the Group assesses if this should be fixed or floating depending on the specific circumstances at the time. In addition the Group aims to achieve a spread of maturity dates in order to avoid the concentration of funding requirements at any one time. The ratio of fixed to floating rate debt and debt maturity profile is kept under review by the Chief Financial Officer in conjunction with the Board. Liquidity risk The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of overdrafts, loans, facilities and leases as appropriate. Capital management The Group\u2019s objective is to ensure support of the Group\u2019s operations and maximise shareholder value. The Group uses cash generated from operations to invest organically or to finance acquisitions. The Group manages its capital structure and makes adjustments to it as required where changes in economic or market conditions are identified. The capital structure comprises debt and borrowings (see Note 23), cash and cash equivalents (see Note 23) and equity as disclosed in the Consolidated Statement of Changes in Equity. The Group is not subject to externally imposed capital requirements, other than financial covenant requirements on external borrowing. Foreign currency risk The Group has operations around the world and therefore its Consolidated Statement of Financial Position can be affected significantly by movements in the rate of exchange between sterling and various other currencies particularly the US dollar and euro. The Group seeks to mitigate the effect of this structural currency exposure by borrowing in these currencies where appropriate while maintaining a low cost of debt. In addition the Group employs net investment hedge accounting where appropriate to mitigate these exposures, with such hedges being designated in both 2024 and 2023. The gain on net investment hedges during 2024 included in the Consolidated Statement of Comprehensive Income was \u00a34.7m (2023: \u00a38.3m gain). This is included within translation reserves in the Consolidated Statement of Changes in Equity (see Note 20). The Group also has transactional currency exposures principally as a result of trading between Group companies. Such exposures arise from sales or purchases by an operating unit in currencies other than the unit\u2019s functional currency. The Group operates a programme to manage this risk on a Group-wide net basis, through the entering into of both forward contracts and non-deliverable forward contracts with a range of bank counterparties. Fair values of financial assets and financial liabilities Fair values of financial assets and liabilities at 31 December 2024 are not materially different from book values due to their size or the fact that they were at short-term rates of interest. Fair values have been assessed as follows: \u2022 Derivatives Forward exchange contracts are marked to market by discounting the future contracted cash flows using readily available market data. \u2022 Interest-bearing loans and borrowings Fair value is calculated based on discounted expected future principal and interest cash flows. \u2022 Lease liabilities The fair value is estimated as the present value of future cash flows, discounted at the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. \u2022 Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value. The following table compares amounts and fair values of the Group\u2019s financial assets and liabilities:
2024 2024 2023 2023
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets:
Cash and cash equivalents
334.2
334.2
359.7
359.7
Trade, other receivables and contract assets
357.0
357.0
346.3
346.3
Total financial assets
691.2
691.2
706.0
706.0
2024 2024 2023 2023
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities:
Borrowings
830.1
822.8
879.5
888.5
Lease liabilities
95.1
95.1
96.7
96.7
Bank overdrafts
100.3
100.3
146.9
146.9
Trade payables
86.0
86.0
79.2
79.2
Other payables and contract liabilities
68.2
68.2
67.3
67.3
Long-term payables
6.2
6.2
11.4
11.4
Accruals
98.9
98.9
95.2
95.2
Total financial liabilities
1,284.8
1,277.5
1,376.2
1,385.2
There are no other assets or liabilities measured at fair value on a recurring or non-recurring basis for which fair value is disclosed. Derivative financial instruments are measured at fair value. Fair value of derivative financial instruments is calculated based on discounted cash flow analysis using appropriate market information for the duration of the instruments. Financial instruments fair value disclosure Fair value measurements are classified into three levels, depending on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets and liabilities \u2022 Level 2 fair value measurements are those derived from other observable inputs for the asset or liability \u2022 Level 3 fair value measurements are those derived from valuation techniques using inputs that are not based on observable market data With the exception of the Group\u2019s private placement borrowings, there were no significant differences between the carrying value and the fair value of the Group\u2019s financial assets and liabilities. The fair value of private placement borrowings is estimated by discounting the future contracted cash flows using readily available market data and represents a Level 2 measurement in the fair value hierarchy. The Group considers that the derivative financial instruments also fall into Level 2. Interest rate risk profile of financial liabilities The interest rate profile of the financial liabilities of the Group as at 31 December was as follows:
Financial
Fixed rate Floating rate liabilities on
financial financial which no
Total liabilities liabilities interest is paid
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Euro
694.7
507.4
120.0
67.3
US dollar
370.8
181.9
127.6
61.3
Sterling
113.3
4.2
4 7.1
62.0
Renminbi
34.0
1.4
\u2014
32.6
Other
72.0
14.4
0.4
57.2
Group total
1,284.8
709.3
295.1
280.4
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
66.7
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
Terms and debt repayment schedule The terms and conditions of outstanding borrowings were as follows:
2024 2023
Nominal Year Carrying value Carrying value
Currency interest rate of maturity \u00a3m \u00a3m
Unsecured private placement \u2013 $185.0m
$
5.3%
2028
147.9
145.3
Unsecured bank facility \u2013 $150.0m
$
5.7%
2025
119.9
117.8
Unsecured private placement \u2013 \u20ac140.0m
\u20ac
3.9%
2027
119.2
124.7
Unsecured private placement \u2013 \u20ac125.0m
\u20ac
4.2%
2029
103.5
108.4
Unsecured private placement \u2013 \u20ac120.0m
\u20ac
2.4%
2026
99.6
104.4
Unsecured private placement \u2013 \u20ac110.0m
\u20ac
4.4%
2030
91.0
95.4
Unsecured private placement \u2013 \u20ac90.0m
\u20ac
3.9%
2031
74.5
\u2014
Unsecured bank facility \u2013 \u20ac90.0m
\u20ac
3.8%
2026
74.5
78.0
Unsecured bank facility*
\u00a3
5.5%
2025
49.2
81.7
Unsecured bank facility*
\u20ac
2.9%
2025
45.4
64.4
Unsecured bank facility*
$
7.0%
2025
5.6
0.1
Unsecured bank facility*
\u20ac
2.9%
2025
0.1
0.2
Unsecured bank facility*
\u20ac
4.6%
2029
\u2014
95.5
Unsecured bank facility*
\u00a3
5.9%
2029
\u2014
10.0
Unsecured bank facility*
\u20ac
3.9%
2024
\u2014
0.5
Total outstanding borrowings
930.4
1,026.4
*These items relate to bank overdraft facilities which are evaluated annually The weighted average interest rate paid during the year was 4.3% (2023: 4.6%). Interest rate risk profile of financial assets The interest rate profile of the financial assets of the Group as at 31 December was as follows:
Floating Financial assets
Fixed rate rate on which no
financial financial interest is
Total assets assets earned
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Euro
221.4
8.6
55.1
157.7
US dollar
203.1
0.3
84.2
118.6
Sterling
44.0
\u2014
17.6
26.4
Renminbi
55.7
3.5
11.0
41.2
Other
167.0
6.1
24.8
136.1
Group total
691.2
18.5
192.7
480.0
Floating 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
Financial assets on which no interest is earned comprise trade and other receivables and cash at bank. Floating and fixed rate financial assets comprise cash at bank or cash placed on deposit. Currency exposures As explained on page 199, the Group\u2019s objectives in managing the currency exposures arising from its net investment overseas (in other words, its structural currency exposures) are to maintain a low cost of debt while partially hedging against currency depreciation. All gains and losses arising from these structural currency exposures are recognised in the Consolidated Statement of Comprehensive Income. In addition the Group employs net investment hedge accounting in order to mitigate these impacts where appropriate. Transactional (or non-structural) exposures give rise to net currency gains and losses that are recognised in the Consolidated Income Statement. Such exposures include the monetary assets and monetary liabilities in the Consolidated Statement of Financial Position that are not denominated in the operating (or functional) currency of the operating unit involved. At 31 December 2024 the currency exposure in respect of the Euro was a net monetary liability of \u00a387.6m (2023: \u00a369.2m net monetary liability) and in respect of the US dollar a net monetary liability of \u00a3222.9m (2023: \u00a3254.2m net monetary liability). At 31 December 2024, the percentage of debt to net assets, excluding debt, was 57% (2023: 56%) for the Euro and 8% (2023: 8%) for the US dollar. Maturity of financial liabilities The Group\u2019s financial liabilities at 31 December mature in the following periods:
Trade, other
payables, accruals
and contract Lease
liabilities Overdrafts liabilities Long-term Total
2024 \u00a3m \u00a3m \u00a3m borrowings \u00a3m
In six months or less, or on demand
227.0
100.3
9.9
17.4
354.6
In more than six months but no more than twelve
26.1
\u2014
9.3
141.5
176.9
In more than one year but no more than two
3.2
\u2014
16.9
199.8
219.9
In more than two years but no more than three
2.1
\u2014
13.2
285.2
300.5
In more than three years but no more than four
0.4
\u2014
9.2
11.2
20.8
In more than four years but no more than five
\u2014
\u2014
6.6
113.9
120.5
In more than five years
0.5
\u2014
54.9
173.8
229.2
Total contractual cash flows
259.3
100.3
120.0
942.8
1,422.4
Statement of Financial Position values
259.3
100.3
95.1
830.1
1,284.8
Trade, other
payables
and contract 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
879.5
1,376.2
The Group did not employ any supply chain or similar forms of financing during 2024 or 2023. Cash flow hedges The Group uses forward currency contracts to manage its exposure to movements in foreign exchange rates. The forward contracts are designated as hedging instruments in a cash flow hedging relationship. At 31 December 2024 the Group had contracts outstanding to economically hedge or to purchase \u00a335.8m (2023: \u00a318.6m) and \u20ac23.3m (2023: \u20ac16.1m) with US dollars, \u00a359.0m (2023: \u00a367.6m) with euros, \u00a317.2m (2023: \u00a324.0m) and \u20ac9.9m (2023: \u20ac8.8m) with Chinese renminbi, \u00a37.9m (2023: \u00a38.5m) and \u20ac3.3m (2023: \u20ac3.4m) with Korean won, \u00a34.4m (2023: \u00a33.7m) with Singapore dollars and $14.3m (2023: $nil) with Mexican pesos. The fair values at the end of the reporting period were a liability of \u00a31.3m (2023: \u00a31.8m asset), included within trade and other payables on the Consolidated Statement of Financial Position. The fair value of cash flow hedges falls into the Level 2 category of the fair value hierarchy in accordance with IFRS 13. The fair value of derivative financial instruments is estimated by discounting the future contracted cash flow using readily available market data. The contractual cash flows on forward currency contracts at the reporting date are shown below, classified by maturity. The cash flows shown are on a gross basis and are not discounted.
Less than 6 to 12 More than
6 months months 12 months Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Contracted cash in/(out):
Sterling
64.1
60.2
\u2014
124.3
Euro
(16.7)
(9.6)
\u2014
(26.3)
US dollar
(36.0)
(32.5)
\u2014
(68.5)
Other
(21.5)
(11.9)
\u2014
(33.4)
Total contractual cash flows
(10.1)
6.2
\u2014
(3.9)
Less than 6 to 12 More than
6 months months 12 months Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Contracted cash in/(out):
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
It is anticipated that the cash flows will take place at the same time as the corresponding forward contract matures. At this time the amount deferred in equity will be reclassified to profit or loss. All forecast transactions which have been subject to hedge accounting during the year have occurred or are still expected to occur. A loss on derivative financial instruments of \u00a32.3m (2023: \u00a35.0m gain) was recognised in other comprehensive income during the period. As at 31 December 2024 no ineffectiveness has been recognised in profit or loss arising from hedging foreign currency transactions. Borrowing facilities The Group has various borrowing facilities available to it. The undrawn committed facilities available at 31 December in respect of which all conditions precedent had been met at that date were as follows:
2024 2023
\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
400.0
294.5
Total Group undrawn committed facilities
400.0
294.5
At 31 December 2024, the Group had available \u00a3400.0m (2023: \u00a3294.5m) of undrawn committed borrowing facilities in respect of its \u00a3400.0m (2023: \u00a3400.0m) pound sterling revolving credit facility, of which all conditions precedent had been met. This facility expires on 13 April 2029. Sensitivity analysis In managing interest rate and currency risks, the Group aims to reduce the impact of short-term fluctuations on the Group\u2019s earnings. Over the longer term, however, permanent changes in foreign exchange and interest rates would have an impact on consolidated earnings. At the year end borrowings totalled \u00a3930.4m (2023: \u00a31,026.4m). At 31 December 2024, it is estimated that a general increase of one percentage point in interest rates would decrease the Group\u2019s profit after tax and equity by approximately \u00a31.5m (2023: \u00a32.3m). For the year ended 31 December 2024, it is estimated that a decrease of five percentage points in the value of sterling weighted in relation to the Group\u2019s profit and trading flows would have decreased the Group\u2019s profit before tax by approximately \u00a317.5m (2023: decreased by \u00a318.5m). The effect can be very different between years due to the weighting of different currency movements. Forward exchange contracts have been included in this calculation. The credit risk profile of trade receivables The ageing of trade receivables at the reporting date was:
Gross Impairment Net Gross Impairment Net
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Not past due date
250.2
(0.2)
250.0
236.6
(1.0)
235.6
0\u201330 days past due date
36.2
\u2014
36.2
35.0
(0.2)
34.8
31\u201390 days past due date
16.5
(0.1)
16.4
17.3
(0.1)
17.2
91 days to one year past due date
12.2
(1.0)
11.2
13.9
(1.7)
12.2
More than one year
7.1
(7.1)
\u2014
7.3
(7.3)
\u2014
Group total
322.2
(8.4)
313.8
310.1
(10.3)
299.8
Other than those disclosed above no other impairment losses on receivables and contract assets arising from contracts with customers have been recognised. Other than trade receivables there are no financial assets that are past their due date at 31 December 2024. Payment terms across the Group vary depending on the geographic location of each operating company. Payment is typically due between 20 and 90 days after the invoice is issued. No contracts with customers contain a significant financing component. The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
2024 2023
\u00a3m \u00a3m
Balance at 1 January
10.3
13.7
Additional impairment
4.4
3.0
Amounts written off as uncollectable
(1.9)
(0.4)
Amounts recovered
(0.5)
(0.4)
Impairment losses reversed
(3.4)
(5.1)
Exchange differences
(0.5)
(0.5)
Balance at 31 December
8.4
10.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-494": { "value": "26 Derivatives and other financial instruments The Group does not enter into significant derivative transactions. The Group\u2019s principal financial instruments comprise borrowings, cash and short-term deposits. The main purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. It is and has been throughout the period under review, the Group\u2019s policy that no trading in financial instruments shall be undertaken. The main risks arising from the Group\u2019s financial instruments are credit risk, interest rate risk, liquidity risk and foreign currency risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. Credit risk The Group sells products and services to customers around the world and its customer base is extremely varied in size and industry sector. The Group operates credit control policies to assess customers\u2019 credit ratings and provides for any debt that is identified as non-collectable. Interest rate risk The Group\u2019s policy is to hold a mixture of fixed and floating rate debt. When new debt facilities are entered into, the Group assesses if this should be fixed or floating depending on the specific circumstances at the time. In addition the Group aims to achieve a spread of maturity dates in order to avoid the concentration of funding requirements at any one time. The ratio of fixed to floating rate debt and debt maturity profile is kept under review by the Chief Financial Officer in conjunction with the Board. Liquidity risk The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of overdrafts, loans, facilities and leases as appropriate. Capital management The Group\u2019s objective is to ensure support of the Group\u2019s operations and maximise shareholder value. The Group uses cash generated from operations to invest organically or to finance acquisitions. The Group manages its capital structure and makes adjustments to it as required where changes in economic or market conditions are identified. The capital structure comprises debt and borrowings (see Note 23), cash and cash equivalents (see Note 23) and equity as disclosed in the Consolidated Statement of Changes in Equity. The Group is not subject to externally imposed capital requirements, other than financial covenant requirements on external borrowing. Foreign currency risk The Group has operations around the world and therefore its Consolidated Statement of Financial Position can be affected significantly by movements in the rate of exchange between sterling and various other currencies particularly the US dollar and euro. The Group seeks to mitigate the effect of this structural currency exposure by borrowing in these currencies where appropriate while maintaining a low cost of debt. In addition the Group employs net investment hedge accounting where appropriate to mitigate these exposures, with such hedges being designated in both 2024 and 2023. The gain on net investment hedges during 2024 included in the Consolidated Statement of Comprehensive Income was \u00a34.7m (2023: \u00a38.3m gain). This is included within translation reserves in the Consolidated Statement of Changes in Equity (see Note 20). The Group also has transactional currency exposures principally as a result of trading between Group companies. Such exposures arise from sales or purchases by an operating unit in currencies other than the unit\u2019s functional currency. The Group operates a programme to manage this risk on a Group-wide net basis, through the entering into of both forward contracts and non-deliverable forward contracts with a range of bank counterparties. Fair values of financial assets and financial liabilities Fair values of financial assets and liabilities at 31 December 2024 are not materially different from book values due to their size or the fact that they were at short-term rates of interest. Fair values have been assessed as follows: \u2022 Derivatives Forward exchange contracts are marked to market by discounting the future contracted cash flows using readily available market data. \u2022 Interest-bearing loans and borrowings Fair value is calculated based on discounted expected future principal and interest cash flows. \u2022 Lease liabilities The fair value is estimated as the present value of future cash flows, discounted at the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. \u2022 Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value.
The following table compares amounts and fair values of the Group\u2019s financial assets and liabilities:
2024 2024 2023 2023
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets:
Cash and cash equivalents
334.2
334.2
359.7
359.7
Trade, other receivables and contract assets
357.0
357.0
346.3
346.3
Total financial assets
691.2
691.2
706.0
706.0
2024 2024 2023 2023
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities:
Borrowings
830.1
822.8
879.5
888.5
Lease liabilities
95.1
95.1
96.7
96.7
Bank overdrafts
100.3
100.3
146.9
146.9
Trade payables
86.0
86.0
79.2
79.2
Other payables and contract liabilities
68.2
68.2
67.3
67.3
Long-term payables
6.2
6.2
11.4
11.4
Accruals
98.9
98.9
95.2
95.2
Total financial liabilities
1,284.8
1,277.5
1,376.2
1,385.2
There are no other assets or liabilities measured at fair value on a recurring or non-recurring basis for which fair value is disclosed.
Derivative financial instruments are measured at fair value. Fair value of derivative financial instruments is calculated based
on discounted cash flow analysis using appropriate market information for the duration of the instruments.
Financial instruments fair value disclosure
Fair value measurements are classified into three levels, depending on the degree to which the fair value is observable:
\u2022
Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets and liabilities
\u2022
Level 2 fair value measurements are those derived from other observable inputs for the asset or liability
\u2022
Level 3 fair value measurements are those derived from valuation techniques using inputs that are not based on
observable market data
With the exception of the Group\u2019s private placement borrowings, there were no significant differences between the carrying
value and the fair value of the Group\u2019s financial assets and liabilities. The fair value of private placement borrowings is
estimated by discounting the future contracted cash flows using readily available market data and represents a Level 2
measurement in the fair value hierarchy.
The Group considers that the derivative financial instruments also fall into Level 2.
Interest rate risk profile of financial liabilities
The interest rate profile of the financial liabilities of the Group as at 31 December was as follows:
Financial
Fixed rate Floating rate liabilities on
financial financial which no
Total liabilities liabilities interest is paid
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Euro
694.7
507.4
120.0
67.3
US dollar
370.8
181.9
127.6
61.3
Sterling
113.3
4.2
4 7.1
62.0
Renminbi
34.0
1.4
\u2014
32.6
Other
72.0
14.4
0.4
57.2
Group total
1,284.8
709.3
295.1
280.4
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
66.7
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
Terms and debt repayment schedule
The terms and conditions of outstanding borrowings were as follows:
2024 2023
Nominal Year Carrying value Carrying value
Currency interest rate of maturity \u00a3m \u00a3m
Unsecured private placement \u2013 $185.0m
$
5.3%
2028
147.9
145.3
Unsecured bank facility \u2013 $150.0m
$
5.7%
2025
119.9
117.8
Unsecured private placement \u2013 \u20ac140.0m
\u20ac
3.9%
2027
119.2
124.7
Unsecured private placement \u2013 \u20ac125.0m
\u20ac
4.2%
2029
103.5
108.4
Unsecured private placement \u2013 \u20ac120.0m
\u20ac
2.4%
2026
99.6
104.4
Unsecured private placement \u2013 \u20ac110.0m
\u20ac
4.4%
2030
91.0
95.4
Unsecured private placement \u2013 \u20ac90.0m
\u20ac
3.9%
2031
74.5
\u2014
Unsecured bank facility \u2013 \u20ac90.0m
\u20ac
3.8%
2026
74.5
78.0
Unsecured bank facility*
\u00a3
5.5%
2025
49.2
81.7
Unsecured bank facility*
\u20ac
2.9%
2025
45.4
64.4
Unsecured bank facility*
$
7.0%
2025
5.6
0.1
Unsecured bank facility*
\u20ac
2.9%
2025
0.1
0.2
Unsecured bank facility*
\u20ac
4.6%
2029
\u2014
95.5
Unsecured bank facility*
\u00a3
5.9%
2029
\u2014
10.0
Unsecured bank facility*
\u20ac
3.9%
2024
\u2014
0.5
Total outstanding borrowings
930.4
1,026.4
*These items relate to bank overdraft facilities which are evaluated annually
The weighted average interest rate paid during the year was 4.3% (2023: 4.6%).
Interest rate risk profile of financial assets
The interest rate profile of the financial assets of the Group as at 31 December was as follows:
Floating Financial assets
Fixed rate rate on which no
financial financial interest is
Total assets assets earned
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Euro
221.4
8.6
55.1
157.7
US dollar
203.1
0.3
84.2
118.6
Sterling
44.0
\u2014
17.6
26.4
Renminbi
55.7
3.5
11.0
41.2
Other
167.0
6.1
24.8
136.1
Group total
691.2
18.5
192.7
480.0
Floating 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
Financial assets on which no interest is earned comprise trade and other receivables and cash at bank. Floating and fixed
rate financial assets comprise cash at bank or cash placed on deposit.
Currency exposures
As explained on page 199, the Group\u2019s objectives in managing the currency exposures arising from its net investment
overseas (in other words, its structural currency exposures) are to maintain a low cost of debt while partially hedging against
currency depreciation. All gains and losses arising from these structural currency exposures are recognised in the
Consolidated Statement of Comprehensive Income. In addition the Group employs net investment hedge accounting in
order to mitigate these impacts where appropriate.
Transactional (or non-structural) exposures give rise to net currency gains and losses that are recognised in the
Consolidated Income Statement. Such exposures include the monetary assets and monetary liabilities in the Consolidated
Statement of Financial Position that are not denominated in the operating (or functional) currency of the operating unit
involved. At 31 December 2024 the currency exposure in respect of the Euro was a net monetary liability of \u00a387.6m (2023:
\u00a369.2m net monetary liability) and in respect of the US dollar a net monetary liability of \u00a3222.9m (2023: \u00a3254.2m net
monetary liability).
At 31 December 2024, the percentage of debt to net assets, excluding debt, was 57% (2023: 56%) for the Euro and 8%
(2023: 8%) for the US dollar.
Maturity of financial liabilities
The Group\u2019s financial liabilities at 31 December mature in the following periods:
Trade, other
payables, accruals
and contract Lease
liabilities Overdrafts liabilities Long-term Total
2024 \u00a3m \u00a3m \u00a3m borrowings \u00a3m
In six months or less, or on demand
227.0
100.3
9.9
17.4
354.6
In more than six months but no more than twelve
26.1
\u2014
9.3
141.5
176.9
In more than one year but no more than two
3.2
\u2014
16.9
199.8
219.9
In more than two years but no more than three
2.1
\u2014
13.2
285.2
300.5
In more than three years but no more than four
0.4
\u2014
9.2
11.2
20.8
In more than four years but no more than five
\u2014
\u2014
6.6
113.9
120.5
In more than five years
0.5
\u2014
54.9
173.8
229.2
Total contractual cash flows
259.3
100.3
120.0
942.8
1,422.4
Statement of Financial Position values
259.3
100.3
95.1
830.1
1,284.8
Trade, other
payables
and contract 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
879.5
1,376.2
The Group did not employ any supply chain or similar forms of financing during 2024 or 2023.
Cash flow hedges
The Group uses forward currency contracts to manage its exposure to movements in foreign exchange rates. The forward
contracts are designated as hedging instruments in a cash flow hedging relationship. At 31 December 2024 the Group had
contracts outstanding to economically hedge or to purchase \u00a335.8m (2023: \u00a318.6m) and \u20ac23.3m (2023: \u20ac16.1m) with US
dollars, \u00a359.0m (2023: \u00a367.6m) with euros, \u00a317.2m (2023: \u00a324.0m) and \u20ac9.9m (2023: \u20ac8.8m) with Chinese renminbi, \u00a37.9m
(2023: \u00a38.5m) and \u20ac3.3m (2023: \u20ac3.4m) with Korean won, \u00a34.4m (2023: \u00a33.7m) with Singapore dollars and $14.3m (2023:
$nil) with Mexican pesos. The fair values at the end of the reporting period were a liability of \u00a31.3m (2023: \u00a31.8m asset),
included within trade and other payables on the Consolidated Statement of Financial Position. The fair value of cash flow
hedges falls into the Level 2 category of the fair value hierarchy in accordance with IFRS 13. The fair value of derivative
financial instruments is estimated by discounting the future contracted cash flow using readily available market data.
The contractual cash flows on forward currency contracts at the reporting date are shown below, classified by maturity.
The cash flows shown are on a gross basis and are not discounted.
Less than 6 to 12 More than
6 months months 12 months Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Contracted cash in/(out):
Sterling
64.1
60.2
\u2014
124.3
Euro
(16.7)
(9.6)
\u2014
(26.3)
US dollar
(36.0)
(32.5)
\u2014
(68.5)
Other
(21.5)
(11.9)
\u2014
(33.4)
Total contractual cash flows
(10.1)
6.2
\u2014
(3.9)
Less than 6 to 12 More than
6 months months 12 months Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Contracted cash in/(out):
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
It is anticipated that the cash flows will take place at the same time as the corresponding forward contract matures. At this
time the amount deferred in equity will be reclassified to profit or loss.
All forecast transactions which have been subject to hedge accounting during the year have occurred or are still expected
to occur.
A loss on derivative financial instruments of \u00a32.3m (2023: \u00a35.0m gain) was recognised in other comprehensive income
during the period.
As at 31 December 2024 no ineffectiveness has been recognised in profit or loss arising from hedging foreign
currency transactions.
Borrowing facilities
The Group has various borrowing facilities available to it. The undrawn committed facilities available at 31 December in
respect of which all conditions precedent had been met at that date were as follows:
2024 2023
\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
400.0
294.5
Total Group undrawn committed facilities
400.0
294.5
At 31 December 2024, the Group had available \u00a3400.0m (2023: \u00a3294.5m) of undrawn committed borrowing facilities in
respect of its \u00a3400.0m (2023: \u00a3400.0m) pound sterling revolving credit facility, of which all conditions precedent had been
met. This facility expires on 13 April 2029.
Sensitivity analysis
In managing interest rate and currency risks, the Group aims to reduce the impact of short-term fluctuations on the Group\u2019s
earnings. Over the longer term, however, permanent changes in foreign exchange and interest rates would have an impact
on consolidated earnings. At the year end borrowings totalled \u00a3930.4m (2023: \u00a31,026.4m). At 31 December 2024, it is
estimated that a general increase of one percentage point in interest rates would decrease the Group\u2019s profit after tax
and equity by approximately \u00a31.5m (2023: \u00a32.3m).
For the year ended 31 December 2024, it is estimated that a decrease of five percentage points in the value of sterling
weighted in relation to the Group\u2019s profit and trading flows would have decreased the Group\u2019s profit before tax by
approximately \u00a317.5m (2023: decreased by \u00a318.5m). The effect can be very different between years due to the weighting
of different currency movements. Forward exchange contracts have been included in this calculation.
The credit risk profile of trade receivables
The ageing of trade receivables at the reporting date was:
Gross Impairment Net Gross Impairment Net
2024 2024 2024 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Not past due date
250.2
(0.2)
250.0
236.6
(1.0)
235.6
0\u201330 days past due date
36.2
\u2014
36.2
35.0
(0.2)
34.8
31\u201390 days past due date
16.5
(0.1)
16.4
17.3
(0.1)
17.2
91 days to one year past due date
12.2
(1.0)
11.2
13.9
(1.7)
12.2
More than one year
7.1
(7.1)
\u2014
7.3
(7.3)
\u2014
Group total
322.2
(8.4)
313.8
310.1
(10.3)
299.8
Other than those disclosed above no other impairment losses on receivables and contract assets arising from contracts with
customers have been recognised. Other than trade receivables there are no financial assets that are past their due date at
31 December 2024.
Payment terms across the Group vary depending on the geographic location of each operating company. Payment is
typically due between 20 and 90 days after the invoice is issued.
No contracts with customers contain a significant financing component.
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
2024 2023
\u00a3m \u00a3m
Balance at 1 January
10.3
13.7
Additional impairment
4.4
3.0
Amounts written off as uncollectable
(1.9)
(0.4)
Amounts recovered
(0.5)
(0.4)
Impairment losses reversed
(3.4)
(5.1)
Exchange differences
(0.5)
(0.5)
Balance at 31 December
8.4
10.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-541": { "value": "
Credit risk
The Group sells products and services to customers around the world and its customer base is extremely varied in size and
industry sector. The Group operates credit control policies to assess customers\u2019 credit ratings and provides for any debt
that is identified as non-collectable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-542": { "value": "
Interest rate risk
The Group\u2019s policy is to hold a mixture of fixed and floating rate debt. When new debt facilities are entered into, the Group
assesses if this should be fixed or floating depending on the specific circumstances at the time. In addition the Group aims
to achieve a spread of maturity dates in order to avoid the concentration of funding requirements at any one time. The ratio
of fixed to floating rate debt and debt maturity profile is kept under review by the Chief Financial Officer in conjunction with
the Board.
Foreign currency risk
The Group has operations around the world and therefore its Consolidated Statement of Financial Position can be affected
significantly by movements in the rate of exchange between sterling and various other currencies particularly the US dollar
and euro. The Group seeks to mitigate the effect of this structural currency exposure by borrowing in these currencies
where appropriate while maintaining a low cost of debt. In addition the Group employs net investment hedge accounting
where appropriate to mitigate these exposures, with such hedges being designated in both 2024 and 2023. The gain on net
investment hedges during 2024 included in the Consolidated Statement of Comprehensive Income was \u00a34.7m (2023: \u00a38.3m
gain). This is included within translation reserves in the Consolidated Statement of Changes in Equity (see Note 20).
The Group also has transactional currency exposures principally as a result of trading between Group companies. Such
exposures arise from sales or purchases by an operating unit in currencies other than the unit\u2019s functional currency. The
Group operates a programme to manage this risk on a Group-wide net basis, through the entering into of both forward
contracts and non-deliverable forward contracts with a range of bank counterparties.
Currency exposures As explained on page 199, the Group\u2019s objectives in managing the currency exposures arising from its net investment overseas (in other words, its structural currency exposures) are to maintain a low cost of debt while partially hedging against currency depreciation. All gains and losses arising from these structural currency exposures are recognised in the Consolidated Statement of Comprehensive Income. In addition the Group employs net investment hedge accounting in order to mitigate these impacts where appropriate. Transactional (or non-structural) exposures give rise to net currency gains and losses that are recognised in the Consolidated Income Statement. Such exposures include the monetary assets and monetary liabilities in the Consolidated Statement of Financial Position that are not denominated in the operating (or functional) currency of the operating unit involved. At 31 December 2024 the currency exposure in respect of the Euro was a net monetary liability of \u00a387.6m (2023: \u00a369.2m net monetary liability) and in respect of the US dollar a net monetary liability of \u00a3222.9m (2023: \u00a3254.2m net monetary liability). At 31 December 2024, the percentage of debt to net assets, excluding debt, was 57% (2023: 56%) for the Euro and 8% (2023: 8%) for the US dollar. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-543": { "value": "
Liquidity risk
The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of overdrafts,
loans, facilities and leases as appropriate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-544": { "value": "
Capital management
The Group\u2019s objective is to ensure support of the Group\u2019s operations and maximise shareholder value. The Group uses cash
generated from operations to invest organically or to finance acquisitions. The Group manages its capital structure and
makes adjustments to it as required where changes in economic or market conditions are identified. The capital structure
comprises debt and borrowings (see Note 23), cash and cash equivalents (see Note 23) and equity as disclosed in the
Consolidated Statement of Changes in Equity. The Group is not subject to externally imposed capital requirements, other
than financial covenant requirements on external borrowing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-545": { "value": "
Fair values of financial assets and financial liabilities
Fair values of financial assets and liabilities at 31 December 2024 are not materially different from book values due to their
size or the fact that they were at short-term rates of interest. Fair values have been assessed as follows:
\u2022
Derivatives
Forward exchange contracts are marked to market by discounting the future contracted cash flows using readily available
market data.
\u2022
Interest-bearing loans and borrowings
Fair value is calculated based on discounted expected future principal and interest cash flows.
\u2022
Lease liabilities
The fair value is estimated as the present value of future cash flows, discounted at the incremental borrowing rate for the
related geographical location unless the rate implicit in the lease is readily determinable.
\u2022
Trade and other receivables/payables
For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value.
The following table compares amounts and fair values of the Group\u2019s financial assets and liabilities:
2024 2024 2023 2023
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets:
Cash and cash equivalents
334.2
334.2
359.7
359.7
Trade, other receivables and contract assets
357.0
357.0
346.3
346.3
Total financial assets
691.2
691.2
706.0
706.0
2024 2024 2023 2023
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities:
Borrowings
830.1
822.8
879.5
888.5
Lease liabilities
95.1
95.1
96.7
96.7
Bank overdrafts
100.3
100.3
146.9
146.9
Trade payables
86.0
86.0
79.2
79.2
Other payables and contract liabilities
68.2
68.2
67.3
67.3
Long-term payables
6.2
6.2
11.4
11.4
Accruals
98.9
98.9
95.2
95.2
Total financial liabilities
1,284.8
1,277.5
1,376.2
1,385.2
There are no other assets or liabilities measured at fair value on a recurring or non-recurring basis for which fair value is disclosed. Derivative financial instruments are measured at fair value. Fair value of derivative financial instruments is calculated based on discounted cash flow analysis using appropriate market information for the duration of the instruments. Financial instruments fair value disclosure Fair value measurements are classified into three levels, depending on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets and liabilities \u2022 Level 2 fair value measurements are those derived from other observable inputs for the asset or liability \u2022 Level 3 fair value measurements are those derived from valuation techniques using inputs that are not based on observable market data With the exception of the Group\u2019s private placement borrowings, there were no significant differences between the carrying value and the fair value of the Group\u2019s financial assets and liabilities. The fair value of private placement borrowings is estimated by discounting the future contracted cash flows using readily available market data and represents a Level 2 measurement in the fair value hierarchy. The Group considers that the derivative financial instruments also fall into Level 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-555": { "value": "Fair values of financial assets and financial liabilities Fair values of financial assets and liabilities at 31 December 2024 are not materially different from book values due to their size or the fact that they were at short-term rates of interest. Fair values have been assessed as follows: \u2022 Derivatives Forward exchange contracts are marked to market by discounting the future contracted cash flows using readily available market data. \u2022 Interest-bearing loans and borrowings Fair value is calculated based on discounted expected future principal and interest cash flows. \u2022 Lease liabilities The fair value is estimated as the present value of future cash flows, discounted at the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable. \u2022 Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value. The following table compares amounts and fair values of the Group\u2019s financial assets and liabilities:
2024 2024 2023 2023
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets:
Cash and cash equivalents
334.2
334.2
359.7
359.7
Trade, other receivables and contract assets
357.0
357.0
346.3
346.3
Total financial assets
691.2
691.2
706.0
706.0
2024 2024 2023 2023
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities:
Borrowings
830.1
822.8
879.5
888.5
Lease liabilities
95.1
95.1
96.7
96.7
Bank overdrafts
100.3
100.3
146.9
146.9
Trade payables
86.0
86.0
79.2
79.2
Other payables and contract liabilities
68.2
68.2
67.3
67.3
Long-term payables
6.2
6.2
11.4
11.4
Accruals
98.9
98.9
95.2
95.2
Total financial liabilities
1,284.8
1,277.5
1,376.2
1,385.2
There are no other assets or liabilities measured at fair value on a recurring or non-recurring basis for which fair value is disclosed. Derivative financial instruments are measured at fair value. Fair value of derivative financial instruments is calculated based on discounted cash flow analysis using appropriate market information for the duration of the instruments. Financial instruments fair value disclosure Fair value measurements are classified into three levels, depending on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets and liabilities \u2022 Level 2 fair value measurements are those derived from other observable inputs for the asset or liability \u2022 Level 3 fair value measurements are those derived from valuation techniques using inputs that are not based on observable market data With the exception of the Group\u2019s private placement borrowings, there were no significant differences between the carrying value and the fair value of the Group\u2019s financial assets and liabilities. The fair value of private placement borrowings is estimated by discounting the future contracted cash flows using readily available market data and represents a Level 2 measurement in the fair value hierarchy. The Group considers that the derivative financial instruments also fall into Level 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-546": { "value": "
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
66.7
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
Terms and debt repayment schedule The terms and conditions of outstanding borrowings were as follows:
2024 2023
Nominal Year Carrying value Carrying value
Currency interest rate of maturity \u00a3m \u00a3m
Unsecured private placement \u2013 $185.0m
$
5.3%
2028
147.9
145.3
Unsecured bank facility \u2013 $150.0m
$
5.7%
2025
119.9
117.8
Unsecured private placement \u2013 \u20ac140.0m
\u20ac
3.9%
2027
119.2
124.7
Unsecured private placement \u2013 \u20ac125.0m
\u20ac
4.2%
2029
103.5
108.4
Unsecured private placement \u2013 \u20ac120.0m
\u20ac
2.4%
2026
99.6
104.4
Unsecured private placement \u2013 \u20ac110.0m
\u20ac
4.4%
2030
91.0
95.4
Unsecured private placement \u2013 \u20ac90.0m
\u20ac
3.9%
2031
74.5
\u2014
Unsecured bank facility \u2013 \u20ac90.0m
\u20ac
3.8%
2026
74.5
78.0
Unsecured bank facility*
\u00a3
5.5%
2025
49.2
81.7
Unsecured bank facility*
\u20ac
2.9%
2025
45.4
64.4
Unsecured bank facility*
$
7.0%
2025
5.6
0.1
Unsecured bank facility*
\u20ac
2.9%
2025
0.1
0.2
Unsecured bank facility*
\u20ac
4.6%
2029
\u2014
95.5
Unsecured bank facility*
\u00a3
5.9%
2029
\u2014
10.0
Unsecured bank facility*
\u20ac
3.9%
2024
\u2014
0.5
Total outstanding borrowings
930.4
1,026.4
*These items relate to bank overdraft facilities which are evaluated annually The weighted average interest rate paid during the year was 4.3% (2023: 4.6%). Borrowing facilities The Group has various borrowing facilities available to it. The undrawn committed facilities available at 31 December in respect of which all conditions precedent had been met at that date were as follows:
2024 2023
\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
400.0
294.5
Total Group undrawn committed facilities
400.0
294.5
At 31 December 2024, the Group had available \u00a3400.0m (2023: \u00a3294.5m) of undrawn committed borrowing facilities in respect of its \u00a3400.0m (2023: \u00a3400.0m) pound sterling revolving credit facility, of which all conditions precedent had been met. This facility expires on 13 April 2029. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-556": { "value": "Borrowing facilities The Group has various borrowing facilities available to it. The undrawn committed facilities available at 31 December in respect of which all conditions precedent had been met at that date were as follows:
2024 2023
\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
400.0
294.5
Total Group undrawn committed facilities
400.0
294.5
At 31 December 2024, the Group had available \u00a3400.0m (2023: \u00a3294.5m) of undrawn committed borrowing facilities in respect of its \u00a3400.0m (2023: \u00a3400.0m) pound sterling revolving credit facility, of which all conditions precedent had been met. This facility expires on 13 April 2029. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-557": { "value": "Sensitivity analysis In managing interest rate and currency risks, the Group aims to reduce the impact of short-term fluctuations on the Group\u2019s earnings. Over the longer term, however, permanent changes in foreign exchange and interest rates would have an impact on consolidated earnings. At the year end borrowings totalled \u00a3930.4m (2023: \u00a31,026.4m). At 31 December 2024, it is estimated that a general increase of one percentage point in interest rates would decrease the Group\u2019s profit after tax and equity by approximately \u00a31.5m (2023: \u00a32.3m). For the year ended 31 December 2024, it is estimated that a decrease of five percentage points in the value of sterling weighted in relation to the Group\u2019s profit and trading flows would have decreased the Group\u2019s profit before tax by approximately \u00a317.5m (2023: decreased by \u00a318.5m). The effect can be very different between years due to the weighting of different currency movements. Forward exchange contracts have been included in this calculation. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-495": { "value": "
27 Events after the balance sheet date
In January 2025, the Group announced the implementation of a restructuring programme to fund investment in long-term
organic sales growth and to simplify the organisation. The costs to deliver this programme in 2025 are expected to be
approximately \u00a340m. This is expected to be included as an adjusting item in the 2025 results.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "The country of incorporation of the principal Group companies is the same as the country of operation with the exception of companies operating in the United Kingdom which are incorporated in Great Britain.", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "Spirax Group plc Charlton House Cirencester Road Cheltenham Gloucestershire GL53 8ER", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }