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"fact-448": { "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 Consolidated 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 an emerging global risk. The Group contributes to limiting global warming by improving energy efficiency,
reducing emissions and supporting customers to do the same. Growing climate awareness and customer sustainability
targets also present opportunities for business growth through our efficiency-enhancing products and solutions.
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 92 to 100. 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
The assessment performed did not identify any material climate-related risks that would give rise to adjustments to the
carrying amounts of assets or liabilities, nor to additional disclosures
. The Directors recognise that climate-related risks
continue to develop and will reassess these risks regularly, taking into account their possible implications for the key
judgements, estimates and assumptions underpinning the preparation of the
Consolidated
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 100. In
addition, Note 25 to the Consolidated 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 2025. Adoption
has not had a material impact on the disclosures or on the amounts reported in these Consolidated Financial Statements:
\u2022
Amendments to IAS 21: The effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability
New standards and interpretations not yet applied
At the date of authorisation of these Consolidated Financial Statements, the Group has not applied the following new and
revised IFRS Standards that have been issued but are not yet effective. The Directors do not expect that the adoption of the
Standards listed below will have a material impact on the Consolidated Financial Statements of the Group in future periods.
\u2022
Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments (1 January 2026)
\u2022
Amendments to IFRS 9 and IFRS 7: Contracts referencing Nature-dependent Electricity (1 January 2026)
\u2022
IFRS 19: Subsidiaries without Public Accounting Accountability \u2013 Disclosures (1 January 2027)
\u2022
IFRS 18: Presentation and Disclosures in Financial Statements (1 January 2027)
The Group has performed an initial assessment of IFRS 18, which is effective for annual reporting periods beginning on or
after 1 January 2027. Based on the review to date, the standard is not expected to have a material impact on the
Consolidated Financial Statements. The Group will continue to monitor developments and assess the implications as part
of its ongoing reporting processes.
At 31 December 2025 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 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 results 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 Consolidated 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 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
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 Consolidated 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
Consolidated Statement of 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, 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 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.
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 estimated useful lives are as follows:
Freehold buildings 25 \u2013 67 years
Leasehold buildings Over life of lease
Plant and machinery 5 \u2013 25 years
Fixtures, fittings, tools and equipment 3 \u2013 10 years
The estimated useful lives are reassessed annually.
Assets under construction
Assets under construction are carried at cost and are not depreciated until they are available for use. Once the asset is ready
for its intended use, it is transferred to the appropriate category of property, plant and equipment and depreciated in
accordance with the Group\u2019s estimated useful lives.
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 Consolidated Financial
Statements from 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 is the excess of the cost of an acquisition over the fair value of the identifiable net assets acquired. It is carried
at cost less accumulated impairment losses, allocated to cash-generating units, and tested annually for impairment.
Impairment testing compares the carrying amount with the recoverable amount, being the higher of fair value less costs
to sell and value in use, based on discounted future cash flows for the relevant cash-generating unit (see Note 14).
(ii) Research and development
Expenditure on research and development is charged to the Consolidated Income Statement in the period in which it is
incurred except when the development expenditure meets 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 cloud based software 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 estimated useful lives are as follows:
Development costs 5 - 10 years
Computer software 3 - 10 years
Customer relationships 3 - 16 years
Brand names and trademarks 3 - 20 years
Manufacturing designs and core technology 2 - 16 years
Non-compete undertakings and other 1 - 5 years
The Group has reviewed the useful lives and has determined a change for development costs from 5 years to 5 \u2013 10
years, to reflect the extended usage of capitalised Development costs around the Group. The 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 Consolidated 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 2025 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 the factors that might cause the Group to require additional liquidity
and to form a view as to the probability of these occurring.
The Group\u2019s financial position remains robust, with the next maturities of our committed debt facilities being \u20ac120m US
Private Placement Notes which mature in May 2026 and \u20ac90m Bank Term Loan which matures in August 2026. 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 covenants.
At 31 December 2025 leverage (net debt excluding lease liabilities divided by adjusted earnings before interest, tax,
depreciation and amortisation) was 1.5x (2024: 1.6x) and interest cover (adjusted earnings before interest, tax, depreciation
and amortisation divided by net bank interest) was 12x (2024: 10x).
\u2018Reverse stress testing\u2019 was performed to assess the level of business underperformance that would be required for
a breach of the covenants to occur. The \u2018reverse stress test\u2019 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 on pages 87 to 91); the potential impact of any climate change
related risks (as outlined within the Task Force on Climate-related Financial Disclosures on pages 92 to 100); and the
liquidity and covenant headroom available under several alternative scenarios (as set out in the Viability Assessment on
pages 41 to 43), the Directors consider it appropriate to continue to adopt the Going Concern basis in preparing the
Consolidated 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 that users of the
Consolidated 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. The term
\u2018adjusted\u2019 is not defined under IFRS and may therefore not be comparable with similarly titled measures reported by other
companies. 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 Consolidated 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 Consolidated
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 Consolidated 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 \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 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 the performance obligation is satisfied. Contract assets at 31 December 2025 were \u00a338.4m (2.3% of total revenue) (2024: \u00a323.2m (1.4% 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 2025 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 Group under residual value guarantees \u2022 The exercise price of purchase options, if the Group 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 includes both current and deferred taxation. Income tax expense is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised directly in equity or in other comprehensive income. In those cases, the tax is recognised within 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 Consolidated 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 Consolidated 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "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 Consolidated 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "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 Consolidated 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "Climate change Climate change is an emerging global risk. The Group contributes to limiting global warming by improving energy efficiency, reducing emissions and supporting customers to do the same. Growing climate awareness and customer sustainability targets also present opportunities for business growth through our efficiency-enhancing products and solutions. 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 92 to 100. 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 The assessment performed did not identify any material climate-related risks that would give rise to adjustments to the carrying amounts of assets or liabilities, nor to additional disclosures . The Directors recognise that climate-related risks continue to develop and will reassess these risks regularly, taking into account their possible implications for the key judgements, estimates and assumptions underpinning the preparation of the Consolidated Financial Statements. ", "dimensions": { "concept": "spiraxsarco:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "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 100. In addition, Note 25 to the Consolidated 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "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 2025. Adoption has not had a material impact on the disclosures or on the amounts reported in these Consolidated Financial Statements: \u2022 Amendments to IAS 21: The effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "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 2025. Adoption has not had a material impact on the disclosures or on the amounts reported in these Consolidated Financial Statements: \u2022 Amendments to IAS 21: The effects of Changes in Foreign Exchange Rates \u2013 Lack of Exchangeability New standards and interpretations not yet applied At the date of authorisation of these Consolidated Financial Statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective. The Directors do not expect that the adoption of the Standards listed below will have a material impact on the Consolidated Financial Statements of the Group in future periods. \u2022 Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments (1 January 2026) \u2022 Amendments to IFRS 9 and IFRS 7: Contracts referencing Nature-dependent Electricity (1 January 2026) \u2022 IFRS 19: Subsidiaries without Public Accounting Accountability \u2013 Disclosures (1 January 2027) \u2022 IFRS 18: Presentation and Disclosures in Financial Statements (1 January 2027) The Group has performed an initial assessment of IFRS 18, which is effective for annual reporting periods beginning on or after 1 January 2027. Based on the review to date, the standard is not expected to have a material impact on the Consolidated Financial Statements. The Group will continue to monitor developments and assess the implications as part of its ongoing reporting processes. At 31 December 2025 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "New standards and interpretations not yet applied At the date of authorisation of these Consolidated Financial Statements, the Group has not applied the following new and revised IFRS Standards that have been issued but are not yet effective. The Directors do not expect that the adoption of the Standards listed below will have a material impact on the Consolidated Financial Statements of the Group in future periods. \u2022 Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments (1 January 2026) \u2022 Amendments to IFRS 9 and IFRS 7: Contracts referencing Nature-dependent Electricity (1 January 2026) \u2022 IFRS 19: Subsidiaries without Public Accounting Accountability \u2013 Disclosures (1 January 2027) \u2022 IFRS 18: Presentation and Disclosures in Financial Statements (1 January 2027) The Group has performed an initial assessment of IFRS 18, which is effective for annual reporting periods beginning on or after 1 January 2027. Based on the review to date, the standard is not expected to have a material impact on the Consolidated Financial Statements. The Group will continue to monitor developments and assess the implications as part of its ongoing reporting processes. At 31 December 2025 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "Basis of accounting (i) Subsidiaries The 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 results 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 Consolidated 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 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "(i) Subsidiaries The 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 results 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-530": { "value": "(ii) Associates Associates are those entities for which the Group has significant influence, but not control, over the financial and operating policies. The Consolidated 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "(ii) Associates Associates are those entities for which the Group has significant influence, but not control, over the financial and operating policies. The Consolidated 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "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 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 Consolidated 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-531": { "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 Consolidated Statement of 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, 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 is recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "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 Consolidated Statement of 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, 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 is recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "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 Consolidated Statement of 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, 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 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-532": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "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 estimated useful lives are as follows: Freehold buildings 25 \u2013 67 years Leasehold buildings Over life of lease Plant and machinery 5 \u2013 25 years Fixtures, fittings, tools and equipment 3 \u2013 10 years The estimated useful lives are reassessed annually. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "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 estimated useful lives are as follows: Freehold buildings 25 \u2013 67 years Leasehold buildings Over life of lease Plant and machinery 5 \u2013 25 years Fixtures, fittings, tools and equipment 3 \u2013 10 years The estimated useful lives are reassessed annually. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "Assets under construction Assets under construction are carried at cost and are not depreciated until they are available for use. Once the asset is ready for its intended use, it is transferred to the appropriate category of property, plant and equipment and depreciated in accordance with the Group\u2019s estimated useful lives. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-533": { "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 Consolidated Financial Statements from 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 is the excess of the cost of an acquisition over the fair value of the identifiable net assets acquired. It is carried at cost less accumulated impairment losses, allocated to cash-generating units, and tested annually for impairment. Impairment testing compares the carrying amount with the recoverable amount, being the higher of fair value less costs to sell and value in use, based on discounted future cash flows for the relevant cash-generating unit (see Note 14). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "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 Consolidated Financial Statements from 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "Intangible assets (i) Goodwill Goodwill is the excess of the cost of an acquisition over the fair value of the identifiable net assets acquired. It is carried at cost less accumulated impairment losses, allocated to cash-generating units, and tested annually for impairment. Impairment testing compares the carrying amount with the recoverable amount, being the higher of fair value less costs to sell and value in use, based on discounted future cash flows for the relevant cash-generating unit (see Note 14). (ii) Research and development Expenditure on research and development is charged to the Consolidated Income Statement in the period in which it is incurred except when the development expenditure meets 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 cloud based software 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 estimated useful lives are as follows: Development costs 5 - 10 years Computer software 3 - 10 years Customer relationships 3 - 16 years Brand names and trademarks 3 - 20 years Manufacturing designs and core technology 2 - 16 years Non-compete undertakings and other 1 - 5 years The Group has reviewed the useful lives and has determined a change for development costs from 5 years to 5 \u2013 10 years, to reflect the extended usage of capitalised Development costs around the Group. The impact on current and future periods is not material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "(i) Goodwill Goodwill is the excess of the cost of an acquisition over the fair value of the identifiable net assets acquired. It is carried at cost less accumulated impairment losses, allocated to cash-generating units, and tested annually for impairment. Impairment testing compares the carrying amount with the recoverable amount, being the higher of fair value less costs to sell and value in use, based on discounted future cash flows for the relevant cash-generating unit (see Note 14). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "(ii) Research and development Expenditure on research and development is charged to the Consolidated Income Statement in the period in which it is incurred except when the development expenditure meets 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 cloud based software 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 estimated useful lives are as follows: Development costs 5 - 10 years Computer software 3 - 10 years Customer relationships 3 - 16 years Brand names and trademarks 3 - 20 years Manufacturing designs and core technology 2 - 16 years Non-compete undertakings and other 1 - 5 years The Group has reviewed the useful lives and has determined a change for development costs from 5 years to 5 \u2013 10 years, to reflect the extended usage of capitalised Development costs around the Group. The impact on current and future periods is not material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "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 Consolidated Statement of Cash Flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "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 2025 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 the factors that might cause the Group to require additional liquidity and to form a view as to the probability of these occurring. The Group\u2019s financial position remains robust, with the next maturities of our committed debt facilities being \u20ac120m US Private Placement Notes which mature in May 2026 and \u20ac90m Bank Term Loan which matures in August 2026. 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 covenants. At 31 December 2025 leverage (net debt excluding lease liabilities divided by adjusted earnings before interest, tax, depreciation and amortisation) was 1.5x (2024: 1.6x) and interest cover (adjusted earnings before interest, tax, depreciation and amortisation divided by net bank interest) was 12x (2024: 10x). \u2018Reverse stress testing\u2019 was performed to assess the level of business underperformance that would be required for a breach of the covenants to occur. The \u2018reverse stress test\u2019 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 on pages 87 to 91); the potential impact of any climate change related risks (as outlined within the Task Force on Climate-related Financial Disclosures on pages 92 to 100); and the liquidity and covenant headroom available under several alternative scenarios (as set out in the Viability Assessment on pages 41 to 43), the Directors consider it appropriate to continue to adopt the Going Concern basis in preparing the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "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 that users of the Consolidated 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. The term \u2018adjusted\u2019 is not defined under IFRS and may therefore not be comparable with similarly titled measures reported by other companies. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "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 Consolidated 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 Consolidated 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 Consolidated 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "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
\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
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 the
performance obligation is satisfied. Contract assets at 31 December 2025 were \u00a338.4m (2.3% of total revenue) (2024:
\u00a323.2m (1.4% 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 2025 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "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 Group under residual value guarantees
\u2022
The exercise price of purchase options, if the Group 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "
Taxation
The tax charge includes both current and deferred taxation. Income tax expense is recognised in the Consolidated Income
Statement, except to the extent that it relates to items recognised directly in equity or in other comprehensive income. In
those cases, the tax is recognised within 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 Consolidated 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 Consolidated 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "Taxation The tax charge includes both current and deferred taxation. Income tax expense is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised directly in equity or in other comprehensive income. In those cases, the tax is recognised within 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 Consolidated 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 Consolidated 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "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 or prior year.
Analysis by operating segment
2025
Total
operating
Revenue profit Operating
\u00a3m \u00a3m margin
Steam Thermal Solutions
853.4
167.8
19.7%
Electric Thermal Solutions
441.3
40.4
9.2%
Watson-Marlow Fluid Technology Solutions
408.2
96.9
23.7%
Corporate
\u2014
(39.7)
Total
1,702.9
265.4
15.6%
Net financing expense
(38.3)
Share of loss of Associate
(0.6)
Profit before taxation
226.5
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 taxation
258.9
The following table details the split of revenue by geography for the combined Group:
2025 2024
\u00a3m \u00a3m
Europe, Middle East and Africa
752.6
721.3
Asia Pacific
311.5
338.2
Americas
638.8
605.7
Total revenue
1,702.9
1,665.2
Revenue generated by Group companies based in the USA is \u00a3491.0m (2024: \u00a3455.5m), in China \u00a3147.6m (2024: \u00a3160.8m), in
Germany \u00a3155.5m (2024: \u00a3147.8m), in France \u00a3133.6m (2024: \u00a3130.7m), in the UK \u00a3117.1m (2024: \u00a3116.7m) and in the rest of
the world \u00a3658.1m (2024: \u00a3653.7m).
Net financing income and expense
2025 2025 2025 2024 2024 2024
Income\ue6ef Expense\ue6ef Net\ue6ef Income Expense Net
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Steam Thermal Solutions
2.0
(3.1)
(1.1)
3.1
(3.5)
(0.4)
Electric Thermal Solutions
1.2
(0.6)
0.6
1.1
(1.4)
(0.3)
Watson-Marlow Fluid Technology Solutions
1.1
(1.6)
(0.5)
1.6
(1.6)
\u2014
Corporate
4.4
(41.7)
(37.3)
7.2
(50.2)
(43.0)
Total net financing expense
8.7
(47.0)
(38.3)
13.0
(56.7)
(43.7)
Net assets
2025 2025 2024 2024
Assets Liabilities Assets Liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Steam Thermal Solutions
711.8
(194.3)
693.9
(190.8)
Electric Thermal Solutions
1,095.2
(70.9)
1,139.9
(84.4)
Watson-Marlow Fluid Technology Solutions
398.7
(48.5)
403.9
(38.8)
Corporate
37.4
(11.4)
28.3
(9.4)
2,243.1
(325.1)
2,266.0
(323.4)
Liabilities
(325.1)
(323.4)
Net deferred tax
(26.8)
(29.4)
Assets classified as held for sale
3.1
\u2014
Net tax payable
(17.1)
(12.7)
Net debt including lease liabilities
(654.9)
(691.3)
Net assets
1,222.3
1,209.2
Non-current assets in the USA were \u00a3634.4m (2024: \u00a3684.1m), in France \u00a3362.2m (2024: \u00a3353.2m), in the UK \u00a3286.5m
(2024: \u00a3276.3m), in Germany \u00a3163.5m (2024: \u00a3151.2m) and in the rest of the world \u00a3166.9m (2024: \u00a3193.3m).
Capital additions, depreciation, amortisation and impairment
2025 2024
2025 Depreciation, 2024 Depreciation,
Capital amortisation Capital amortisation
additions and\ue6efimpairment additions and impairment
\u00a3m \u00a3m \u00a3m \u00a3m
Steam Thermal Solutions
42.1
3 6 .7
3 7.7
33.0
Electric Thermal Solutions
19.9
39.6
48.4
37.7
Watson-Marlow Fluid Technology Solutions
13.9
2 4.4
18.9
31.0
Corporate
10.3
1.5
4.6
2.0
Group total
86.2
102.2
109.6
103.7
Capital additions include property, plant and equipment of \u00a347.8m (2024: \u00a374.3m), intangible assets of \u00a323.3m (2024: \u00a318.5m) and
right-of-use asset additions of \u00a315.1m (2024: \u00a316.8m). Capital additions are split between the USA \u00a317.0m (2024: \u00a349.5m),
UK \u00a329.3m (2024: \u00a322.9m) and rest of the world \u00a339.9m (2024: \u00a337.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "
3 Operating costs
2025 2024
\u00a3m \u00a3m
Cost of inventories recognised as an expense
394.6
396.5
Staff costs (Note 4)
669.3
640.5
Depreciation, amortisation and impairment
102.2
103.7
Other operating charges
271.4
219.9
Total operating costs
1,437.5
1,360.6
Total staff costs include a credit of \u00a33.7m (2024: \u00a32.7m) relating to amounts capitalised during the year. Excluding this
credit, total staff costs were \u00a3673.0m (2024: \u00a3643.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-557": { "value": "3 Operating costs
2025 2024
\u00a3m \u00a3m
Cost of inventories recognised as an expense
394.6
396.5
Staff costs (Note 4)
669.3
640.5
Depreciation, amortisation and impairment
102.2
103.7
Other operating charges
271.4
219.9
Total operating costs
1,437.5
1,360.6
Total staff costs include a credit of \u00a33.7m (2024: \u00a32.7m) relating to amounts capitalised during the year. Excluding this credit, total staff costs were \u00a3673.0m (2024: \u00a3643.2m). 6 Profit before taxation Profit before taxation is shown after charging:
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment
(37.7)
(38.9)
Depreciation of right-of-use assets
(18.7)
(17.6)
Amortisation of acquired intangibles
(34.6)
(34.1)
Amortisation of other intangibles
(8.3)
(7.4)
Non-current asset impairment
(2.9)
(5.7)
Leases exempt from IFRS 16 (short-term, low-value or variable lease payments)
(3.1)
(2.9)
Exchange difference gains
4.1
1.1
Profit on disposal of non-current assets
1.1
3.8
Research and directly expensed development costs
(8.6)
(11.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-552": { "value": "3 Operating costs
2025 2024
\u00a3m \u00a3m
Cost of inventories recognised as an expense
394.6
396.5
Staff costs (Note 4)
669.3
640.5
Depreciation, amortisation and impairment
102.2
103.7
Other operating charges
271.4
219.9
Total operating costs
1,437.5
1,360.6
Total staff costs include a credit of \u00a33.7m (2024: \u00a32.7m) relating to amounts capitalised during the year. Excluding this credit, total staff costs were \u00a3673.0m (2024: \u00a3643.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-546": { "value": "3 Operating costs
2025 2024
\u00a3m \u00a3m
Cost of inventories recognised as an expense
394.6
396.5
Staff costs (Note 4)
669.3
640.5
Depreciation, amortisation and impairment
102.2
103.7
Other operating charges
271.4
219.9
Total operating costs
1,437.5
1,360.6
Total staff costs include a credit of \u00a33.7m (2024: \u00a32.7m) relating to amounts capitalised during the year. Excluding this credit, total staff costs were \u00a3673.0m (2024: \u00a3643.2m). 6 Profit before taxation Profit before taxation is shown after charging:
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment
(37.7)
(38.9)
Depreciation of right-of-use assets
(18.7)
(17.6)
Amortisation of acquired intangibles
(34.6)
(34.1)
Amortisation of other intangibles
(8.3)
(7.4)
Non-current asset impairment
(2.9)
(5.7)
Leases exempt from IFRS 16 (short-term, low-value or variable lease payments)
(3.1)
(2.9)
Exchange difference gains
4.1
1.1
Profit on disposal of non-current assets
1.1
3.8
Research and directly expensed development costs
(8.6)
(11.3)
2025 2024
Auditor\u2019s remuneration \u00a3m \u00a3m
Audit of these Consolidated 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
2.3
2.2
Total audit fees\ue6ef
3.0
2.9
Audit-related assurance services
0.2
0.4
Total non-audit fees\ue6ef
0.2
0.4
Total Auditor\u2019s remuneration
3.2
3.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-534": { "value": "3 Operating costs
2025 2024
\u00a3m \u00a3m
Cost of inventories recognised as an expense
394.6
396.5
Staff costs (Note 4)
669.3
640.5
Depreciation, amortisation and impairment
102.2
103.7
Other operating charges
271.4
219.9
Total operating costs
1,437.5
1,360.6
Total staff costs include a credit of \u00a33.7m (2024: \u00a32.7m) relating to amounts capitalised during the year. Excluding this credit, total staff costs were \u00a3673.0m (2024: \u00a3643.2m). 6 Profit before taxation Profit before taxation is shown after charging:
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment
(37.7)
(38.9)
Depreciation of right-of-use assets
(18.7)
(17.6)
Amortisation of acquired intangibles
(34.6)
(34.1)
Amortisation of other intangibles
(8.3)
(7.4)
Non-current asset impairment
(2.9)
(5.7)
Leases exempt from IFRS 16 (short-term, low-value or variable lease payments)
(3.1)
(2.9)
Exchange difference gains
4.1
1.1
Profit on disposal of non-current assets
1.1
3.8
Research and directly expensed development costs
(8.6)
(11.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "3 Operating costs
2025 2024
\u00a3m \u00a3m
Cost of inventories recognised as an expense
394.6
396.5
Staff costs (Note 4)
669.3
640.5
Depreciation, amortisation and impairment
102.2
103.7
Other operating charges
271.4
219.9
Total operating costs
1,437.5
1,360.6
Total staff costs include a credit of \u00a33.7m (2024: \u00a32.7m) relating to amounts capitalised during the year. Excluding this credit, total staff costs were \u00a3673.0m (2024: \u00a3643.2m).
6 Profit before taxation
Profit before taxation is shown after charging:
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment
(37.7)
(38.9)
Depreciation of right-of-use assets
(18.7)
(17.6)
Amortisation of acquired intangibles
(34.6)
(34.1)
Amortisation of other intangibles
(8.3)
(7.4)
Non-current asset impairment
(2.9)
(5.7)
Leases exempt from IFRS 16 (short-term, low-value or variable lease payments)
(3.1)
(2.9)
Exchange difference gains
4.1
1.1
Profit on disposal of non-current assets
1.1
3.8
Research and directly expensed development costs
(8.6)
(11.3)
2025 2024
Auditor\u2019s remuneration \u00a3m \u00a3m
Audit of these Consolidated 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
2.3
2.2
Total audit fees\ue6ef
3.0
2.9
Audit-related assurance services
0.2
0.4
Total non-audit fees\ue6ef
0.2
0.4
Total Auditor\u2019s remuneration
3.2
3.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "
4 Staff costs and numbers
The aggregate payroll costs of persons employed by the Group were as follows:
2025 2024
\u00a3m \u00a3m
Wages and salaries
554.1
528.4
Social security costs
90.2
85.1
Pension costs
28.7
29.7
Total payroll costs
673.0
643.2
The average number of persons employed by the Group (including Directors) during the year was as follows:
2025 2024
\u00a3m \u00a3m
Production and engineering
4,806
4,630
Sales and support services
3,023
3,125
Administrative
2,122
2,155
Group average
9, 951
9,910
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 2025 on pages 138 to 146. 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).
2025 2024
\u00a3m \u00a3m
Salaries and short-term benefits
3.7
2.6
Pension costs
0.1
0.1
Share-based payments
0.2
0.1
Total Directors\u2019 remuneration
4 .0
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "
5 Net financing income and expense
2025 2024
\u00a3m \u00a3m
Financing expenses
Bank and other borrowing interest payable
(42.1)
(51.7)
Interest expense on lease liabilities
(3.2)
(3.1)
Net interest on pension scheme liabilities
(1.7)
(1.9)
(47.0)
(56.7)
Financing income
Bank interest receivable
8.7
13.0
Net financing expense
(38.3)
(43.7)
Net bank interest
(33.4)
(38.7)
Interest expense on lease liabilities
(3.2)
(3.1)
Net interest on pension scheme liabilities
(1.7)
(1.9)
Net financing expense
(38.3)
(43.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-558": { "value": "5 Net financing income and expense
2025 2024
\u00a3m \u00a3m
Financing expenses
Bank and other borrowing interest payable
(42.1)
(51.7)
Interest expense on lease liabilities
(3.2)
(3.1)
Net interest on pension scheme liabilities
(1.7)
(1.9)
(47.0)
(56.7)
Financing income
Bank interest receivable
8.7
13.0
Net financing expense
(38.3)
(43.7)
Net bank interest
(33.4)
(38.7)
Interest expense on lease liabilities
(3.2)
(3.1)
Net interest on pension scheme liabilities
(1.7)
(1.9)
Net financing expense
(38.3)
(43.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-553": { "value": "5 Net financing income and expense
2025 2024
\u00a3m \u00a3m
Financing expenses
Bank and other borrowing interest payable
(42.1)
(51.7)
Interest expense on lease liabilities
(3.2)
(3.1)
Net interest on pension scheme liabilities
(1.7)
(1.9)
(47.0)
(56.7)
Financing income
Bank interest receivable
8.7
13.0
Net financing expense
(38.3)
(43.7)
Net bank interest
(33.4)
(38.7)
Interest expense on lease liabilities
(3.2)
(3.1)
Net interest on pension scheme liabilities
(1.7)
(1.9)
Net financing expense
(38.3)
(43.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-547": { "value": "5 Net financing income and expense
2025 2024
\u00a3m \u00a3m
Financing expenses
Bank and other borrowing interest payable
(42.1)
(51.7)
Interest expense on lease liabilities
(3.2)
(3.1)
Net interest on pension scheme liabilities
(1.7)
(1.9)
(47.0)
(56.7)
Financing income
Bank interest receivable
8.7
13.0
Net financing expense
(38.3)
(43.7)
Net bank interest
(33.4)
(38.7)
Interest expense on lease liabilities
(3.2)
(3.1)
Net interest on pension scheme liabilities
(1.7)
(1.9)
Net financing expense
(38.3)
(43.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-535": { "value": "5 Net financing income and expense
2025 2024
\u00a3m \u00a3m
Financing expenses
Bank and other borrowing interest payable
(42.1)
(51.7)
Interest expense on lease liabilities
(3.2)
(3.1)
Net interest on pension scheme liabilities
(1.7)
(1.9)
(47.0)
(56.7)
Financing income
Bank interest receivable
8.7
13.0
Net financing expense
(38.3)
(43.7)
Net bank interest
(33.4)
(38.7)
Interest expense on lease liabilities
(3.2)
(3.1)
Net interest on pension scheme liabilities
(1.7)
(1.9)
Net financing expense
(38.3)
(43.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-508": { "value": "5 Net financing income and expense
2025 2024
\u00a3m \u00a3m
Financing expenses
Bank and other borrowing interest payable
(42.1)
(51.7)
Interest expense on lease liabilities
(3.2)
(3.1)
Net interest on pension scheme liabilities
(1.7)
(1.9)
(47.0)
(56.7)
Financing income
Bank interest receivable
8.7
13.0
Net financing expense
(38.3)
(43.7)
Net bank interest
(33.4)
(38.7)
Interest expense on lease liabilities
(3.2)
(3.1)
Net interest on pension scheme liabilities
(1.7)
(1.9)
Net financing expense
(38.3)
(43.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-536": { "value": "
2025 2024
Auditor\u2019s remuneration \u00a3m \u00a3m
Audit of these Consolidated 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
2.3
2.2
Total audit fees\ue6ef
3.0
2.9
Audit-related assurance services
0.2
0.4
Total non-audit fees\ue6ef
0.2
0.4
Total Auditor\u2019s remuneration
3.2
3.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "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 2025 on pages 138 to 146. 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).
2025 2024
\u00a3m \u00a3m
Salaries and short-term benefits
3.7
2.6
Pension costs
0.1
0.1
Share-based payments
0.2
0.1
Total Directors\u2019 remuneration
4 .0
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "
8 Taxation
2025 2024
\u00a3m \u00a3m
Analysis of charge in the year
UK corporation tax:
Current tax on income for the year
7.4
7.7
Adjustments in respect of prior years
0.3
(0.3)
7.7
7.4
Foreign tax:
Current tax on income for the year
63.2
68.1
Adjustments in respect of prior years
(1.3)
(0.7)
61.9
67.4
Total current tax charge
69.6
74.8
UK deferred tax:
Origination and reversal of timing differences
(1.8)
(3.3)
Adjustment in respect of prior years
(1.3)
(0.3)
(3.1)
(3.6)
Foreign deferred tax:
Origination and reversal of timing differences
(1.5)
(3.2)
Adjustment in respect of prior years
(2.1)
(0.5)
(3.6)
(3.7)
Total deferred tax credit
(6.7)
(7.3)
Tax on profit on ordinary activities
62.9
67.5
Reconciliation of effective tax rate
2025 2024
\u00a3m \u00a3m
Profit before taxation
226.5
258.9
Expected tax at blended rate of 26.3% (2024: 26.7%)
59.5
69.2
Increased withholding tax on overseas dividends
7.0
6.8
Non-deductible expenditure and incentives
1.9
(2.2)
Over provided in prior years
(4.4)
(1.8)
Other reconciling items
(1.1)
(4.5)
Total tax in Consolidated Income Statement\ue6ef
62.9
6 7.5
Effective tax rate\ue6ef
27.8%
26.1%
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.
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.
This adjustment gave a reduction in the Group\u2019s effective tax rate in the year of 90bps being \u00a32.0m on a statutory basis
(2024: 110bps being \u00a32.8m), included within \u2018Other reconciling items\u2019 in the reconciliation above. Whilst the expected
impact of this adjustment is included in guidance for the effective tax rate, this is difficult to accurately forecast.
The Group benefited from non-recurring investment tax incentives in the USA of \u00a32.3m in 2024 (included in \u2018Non-deductible
expenditure\u2019), with no such credits received in 2025.
The Group monitors income tax developments in the territories in which it operates.
The Group is subject to Pillar Two income taxes and is required to pay top-up tax on profits in the countries where it
operates which 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 \u00a31.1m on a statutory basis (2024: 50 bps being \u00a31.3m). 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 March 2025, the Group received a refund from HM Revenue & Customs of \u00a34.9m, the amount having previously
recognised as a receivable. The amount was originally paid in 2021 following the European Commission\u2019s 2019 decision that
certain aspects of the UK\u2019s Controlled Foreign Company regime constituted State Aid, a decision subsequently annulled by
the European Court of Justice in September 2024.
The Group\u2019s tax charge has increased by 80bps being \u00a31.9m on a statutory basis (2024: nil), for tax expected to be paid on
the future remittance of retained earnings of overseas subsidiaries. No further tax is expected to be paid on such remittances.
15 Deferred tax assets and liabilities
Movement in deferred tax during the year 2025
1 January Recognised Recognised Recognised
31 December\ue6ef
2025 in income in OCI
in equity
2025
\u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Accelerated capital allowances
(23.3)
(1.8)
\u2014
0.5
(24.6)
Provisions
9.3
1.1
\u2014
(0.1)
10.3
Losses
30.8
4.0
\u2014
\u2014
34.8
Inventory
7. 5
0.9
\u2014
(0.1)
8.3
Pensions
11.0
1.9
(2.3)
(3.2)
7.4
Acquired intangibles
(77.9)
2.1
\u2014
3.2
(72.6)
Leases \u2013 right-of-use assets
(19.8)
(0.3)
\u2014
\u2014
(20.1)
Leases \u2013 liabilities
20.5
1.0
\u2014
(0.4)
21.1
Other temporary differences
12.5
(2.2)
(0.9)
(0.8)
8.6
Net deferred tax
(29.4)
6.7
(3.2)
(0.9)
(26.8)
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
Net deferred tax
(37.2)
7.3
(0.4)
0.9
(29.4)
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.
2025 2024
\u00a3m \u00a3m
Deferred tax asset
32.8
34.2
Deferred tax liability
(59.6)
(63.6)
Net deferred tax liability
(26.8)
(29.4)
At 31 December 2025, the Group has deductible temporary differences, unused taxable losses and unused tax credits
with a tax value of \u00a3106.7m (2024: \u00a3104.7m) available for offset against future profits, of which a deferred tax asset has
been recognised in respect of \u00a3100.8m (2024: \u00a397.4m). The prior year comparators has been updated to align to current
year methodology.
No deferred tax asset has been recognised in respect of the remaining \u00a35.9m (2024: \u00a37.3m) 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 assets in Argentina and India is \u00a31.9m (2024: \u00a33.1m).
A deferred tax debit of \u00a32.3m (2024: \u00a31.1m debit) is recognised in the Consolidated Statement of Comprehensive Income
(page 169) associated with the measurement of defined benefit pension 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. The Group controls the timing of these dividends. The total
potential tax liability is not expected to exceed \u00a38.2m (2024: \u00a38.4m), and whilst this liability is not expected to arise in full
in the foreseeable future, \u00a31.9m (2024: nil) has been recognised at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "In March 2025, the Group received a refund from HM Revenue & Customs of \u00a34.9m, the amount having previously recognised as a receivable. The amount was originally paid in 2021 following the European Commission\u2019s 2019 decision that certain aspects of the UK\u2019s Controlled Foreign Company regime constituted State Aid, a decision subsequently annulled by the European Court of Justice in September 2024. The Group\u2019s tax charge has increased by 80bps being \u00a31.9m on a statutory basis (2024: nil), for tax expected to be paid on the future remittance of retained earnings of overseas subsidiaries. No further tax is expected to be paid on such remittances. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "
9 Earnings per share
2025
2024
Profit attributable to equity shareholders (\u00a3m)
163.4
191.2
Weighted average shares (million)
73.7
73.7
Dilution (million)
0.2
0.2
Diluted weighted average shares (million)
73.9
73.9
Basic earnings per share
221.7p
259.6p
Diluted earnings per share
221.2p
258.9p
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "
10 Dividends
2025 2024
\u00a3m \u00a3m
Amounts paid in the year:
Final dividend for the year ended 31 December 2024 of 117.5p (2023: 114.0p) per share
86.6
84.0
Interim dividend for the year ended 31 December 2025 of 48.9p (2024: 47.5p) per share
35.9
35.0
Total dividends paid
122.5
119.0
Amounts arising in respect of the year:
Interim dividend for the year ended 31 December 2025 of 48.9p (2024: 47.5p) per share
35.9
35.0
Proposed final dividend for the year ended 31 December 2025 of 121. 1p (2024: 117 .5p) per share
89.3
86.6
Total dividends arising
125 .2
121.6
The proposed dividend is subject to approval in 2026 and is therefore not included as a liability in these Consolidated
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 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "1.211", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-511": { "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-515": { "value": "125200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-512": { "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-480": { "value": "
11 Investment in Associate
Summarised financial information in respect of the Group\u2019s immaterial Associate is set out below.
Associate Associate
2025 2024
\u00a3m \u00a3m
Cost of investment
3.9
3.3
Share of equity
(0.6)
\u2014
Total investment in Associate
3.3
3.3
Details of the Group\u2019s Associate at 31 December 2025 and 31 December 2024 are as follows:
Country of incorporation\ue6ef Proportion of ownership interest\ue6ef
Name of Associate and operation
and voting power held
Principal activity
Sustainable Process Heat GmbH
Germany
12.0%
Manufacturing and selling
The Group\u2019s share of Sustainable Process Heat GmbH\u2019s loss is \u00a30.6m (2024: \u00a3nil).
In the prior year, the Group\u2019s share of Kyoto Group AS loss was \u00a32.0m. The investment was disposed of during 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-513": { "value": "11 Investment in Associate Summarised financial information in respect of the Group\u2019s immaterial Associate is set out below.
Associate Associate
2025 2024
\u00a3m \u00a3m
Cost of investment
3.9
3.3
Share of equity
(0.6)
\u2014
Total investment in Associate
3.3
3.3
Details of the Group\u2019s Associate at 31 December 2025 and 31 December 2024 are as follows:
Country of incorporation\ue6ef Proportion of ownership interest\ue6ef
Name of Associate and operation
and voting power held
Principal activity
Sustainable Process Heat GmbH
Germany
12.0%
Manufacturing and selling
The Group\u2019s share of Sustainable Process Heat GmbH\u2019s loss is \u00a30.6m (2024: \u00a3nil). In the prior year, the Group\u2019s share of Kyoto Group AS loss was \u00a32.0m. The investment was disposed of during 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "
12 Property, plant and equipment
2025
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 2025
206.5
53.3
272.3
125.1
58.9
716.1
Exchange adjustments
(2.8)
(2.3)
(0.9)
(0.6)
(2.6)
(9.2)
203.7
51.0
271.4
124.5
56.3
706.9
Additions
11.0
0.6
10.6
8.8
16.8
47.8
Transfers
38.0
4.1
2.5
(7.9)
(36.2)
0.5
Disposals
(4.1)
(0.5)
(19.3)
(4.7)
(5.4)
(34.0)
At 31 December 2025
248.6
55.2
265.2
120.7
31.5
721.2
Depreciation:
At 1 January 2025
44.5
14.2
151.8
6 7.5
5.0
283.0
Exchange adjustments
(0.3)
(0.5)
(0.3)
(0.1)
\u2014
(1.2)
44.2
13.7
151.5
67.4
5.0
281.8
Charged in year
5.8
2.0
18.8
11.1
\u2014
37.7
Impairment
0.4
\u2014
1.0
1.0
\u2014
2.4
Transfers
4.0
1.8
(2.6)
(1.0)
\u2014
2.2
Disposals
(0.8)
(0.3)
(18.3)
(4.3)
(5.0)
(28.7)
At 31 December 2025
53.6
17.2
150.4
74.2
\u2014
295.4
Net book value:
At 31 December 2025
195.0
38.0
114.8
46.5
31.5
425.8
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
197.6
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
6 7.5
5.0
283.0
Net book value:
At 31 December 2024
162.0
39.1
120.5
5 7.6
53.9
433.1
All impaired assets have been impaired to a recoverable amount of \u00a3nil. In 2025, the Group identified indicators of
impairment regarding specific assets as a result of the Group restructuring programme. A total of \u00a32.9m was recognised
within Group operating profit in relation to this; \u00a32.4m within property, plant and equipment and \u00a30.5m within leased assets.
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.
Included in transfers is \u00a326.1m in relation to ETS\u2019 Ogden manufacturing facility expansion. The remaining transfers relate
to reclassifications between asset categories.
No borrowing costs were capitalised during either year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "
13 Leases
Right-of-use assets
2025
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 2025
123.3
27.5
1.8
152.6
Exchange adjustments
(1.8)
0.8
0.1
(0.9)
121.5
28.3
1.9
151.7
Additions
6.8
8.1
0.2
15.1
Disposals
(3.3)
(5.3)
\u2014
(8.6)
At 31 December 2025
125.0
31.1
2.1
158.2
Depreciation:
At 1 January 2025
40.4
15.4
1.2
5 7.0
Exchange adjustments
(0.2)
0.5
0.1
0.4
40.2
15.9
1.3
57.4
Charged in the year
12.7
5.8
0.2
18.7
Impairment
0.5
\u2014
\u2014
0.5
Transfers
0.1
(0.1)
\u2014
\u2014
Disposals
(3.2)
(5.0)
\u2014
(8.2)
At 31 December 2025
50.3
16.6
1.5
68.4
Net book value:
At 31 December 2025
74.7
14.5
0.6
89.8
The majority of the right-of-use asset value relates to leased property where the Group leases office and warehouse sites
in a number of geographical locations. The remaining leases are largely made up of leased motor vehicles, where the Group
provides cars for sales and service engineers at a number of operating company locations. The average lease term is
4.2 years (2024: 4.3 years).
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
2 7.5
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
5 7.0
Net book value:
At 31 December 2024
82.9
12.1
0.6
95.6
The maturity analysis of lease liabilities is presented in Note 25. Amounts recognised in Consolidated Income Statement
2025 2024
\u00a3m \u00a3m
Depreciation expense on right-of-use assets
18.7
17.6
Interest expense on lease liabilities
3.2
3.1
Expense relating to short-term leases
2.5
2.1
Expense relating to leases of low-value assets
0.4
0.6
Expense relating to variable lease payments not included in the measurement of the lease liability
0.2
0.2
Total impact on profit before taxation
25.0
23.6
The total cash outflow for leases during 2025 was \u00a324.3m (2024: \u00a322.6m). 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 \u00a30.4m relating to variable lease payments not based on an index or rate (2024: \u00a30.3m) \u2022 \u00a329.9m relating to optional extension periods that are not reasonably certain to be exercised as at 31 December 2025 (2024: \u00a328.9m). The 2024 comparative figure reflects an updated assessment consistent with the current year \u2022 \u00a31.5m relating to leases that the Group is committed to, but have not commenced as at 31 December 2025 (2024: \u00a31.4m)", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-516": { "value": "13 Leases Right-of-use assets 2025
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 2025
123.3
27.5
1.8
152.6
Exchange adjustments
(1.8)
0.8
0.1
(0.9)
121.5
28.3
1.9
151.7
Additions
6.8
8.1
0.2
15.1
Disposals
(3.3)
(5.3)
\u2014
(8.6)
At 31 December 2025
125.0
31.1
2.1
158.2
Depreciation:
At 1 January 2025
40.4
15.4
1.2
5 7.0
Exchange adjustments
(0.2)
0.5
0.1
0.4
40.2
15.9
1.3
57.4
Charged in the year
12.7
5.8
0.2
18.7
Impairment
0.5
\u2014
\u2014
0.5
Transfers
0.1
(0.1)
\u2014
\u2014
Disposals
(3.2)
(5.0)
\u2014
(8.2)
At 31 December 2025
50.3
16.6
1.5
68.4
Net book value:
At 31 December 2025
74.7
14.5
0.6
89.8
The majority of the right-of-use asset value relates to leased property where the Group leases office and warehouse sites in a number of geographical locations. The remaining leases are largely made up of leased motor vehicles, where the Group provides cars for sales and service engineers at a number of operating company locations. The average lease term is 4.2 years (2024: 4.3 years).
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
2 7.5
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
5 7.0
Net book value:
At 31 December 2024
82.9
12.1
0.6
95.6
The maturity analysis of lease liabilities is presented in Note 25.
Amounts recognised in Consolidated Income Statement
2025 2024
\u00a3m \u00a3m
Depreciation expense on right-of-use assets
18.7
17.6
Interest expense on lease liabilities
3.2
3.1
Expense relating to short-term leases
2.5
2.1
Expense relating to leases of low-value assets
0.4
0.6
Expense relating to variable lease payments not included in the measurement of the lease liability
0.2
0.2
Total impact on profit before taxation
25.0
23.6
The total cash outflow for leases during 2025 was \u00a324.3m (2024: \u00a322.6m).
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
\u00a30.4m relating to variable lease payments not based on an index or rate (2024: \u00a30.3m)
\u2022
\u00a329.9m relating to optional extension periods that are not reasonably certain to be exercised as at 31 December 2025
(2024: \u00a328.9m). The 2024 comparative figure reflects an updated assessment consistent with the current year
\u2022
\u00a31.5m relating to leases that the Group is committed to, but have not commenced as at 31 December 2025 (2024: \u00a31.4m)
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "
14 Goodwill and other intangible assets
2025
Acquired Development\ue6ef Computer Total other
intangibles costs software intangibles Goodwill
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2025
582.8
34.7
106.9
724.4
67 7.3
Exchange and other adjustments
(7.3)
0.2
(1.2)
(8.3)
(6.6)
575.5
34.9
105.7
716.1
670. 7
Additions
3.1
4.2
16.0
23.3
\u2014
Transfers from property, plant and equipment
\u2014
\u2014
1.7
1.7
\u2014
Disposals
(2.0)
\u2014
(2.1)
(4.1)
\u2014
At 31 December 2025
576.6
39.1
121.3
73 7.0
670.7
Amortisation:
At 1 January 2025
214.4
16.5
73.1
304.0
7.6
Exchange adjustments
(1.6)
0.1
(0.4)
(1.9)
(0.2)
212.8
16.6
72.7
302.1
7.4
Charged in the year
3 4.6
2.0
6.3
42.9
\u2014
Transfers from property, plant and equipment
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
(2.0)
\u2014
(2.1)
(4.1)
\u2014
At 31 December 2025
245.4
18.6
76.9
340.9
7.4
Net book value:
At 31 December 2025
331.2
20.5
44.4
396.1
663.3
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
Acquired intangibles
The disclosure by class of acquired intangible assets is shown in the tables below.
2025
Manufacturing
Brand names designs and Non-compete Total
Customer and\ue6ef core\ue6ef undertakings acquired
relationships trademarks technology and other intangibles
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2025
176.9
321.8
80.7
3.4
582.8
Exchange and other adjustments
(3.3)
(3.2)
(1.0)
0.2
(7.3)
173.6
318.6
79.7
3.6
575.5
Additions
0.5
\u2014
2.6
\u2014
3.1
Disposals
(1.7)
\u2014
\u2014
(0.3)
(2.0)
At 31 December 2025
172.4
318.6
82.3
3.3
576.6
Amortisation:
At 1 January 2025
72.4
97.1
42.7
2.2
214.4
Exchange adjustments
0.3
(1.9)
(0.1)
0.1
(1.6)
72.7
95.2
42.6
2.3
212.8
Charged in the year
12.3
16.4
5.1
0.8
34.6
Disposals
(1.7)
\u2014
\u2014
(0.3)
(2.0)
At 31 December 2025
83.3
111.6
47.7
2.8
245.4
Net book value:
At 31 December 2025
89.1
207.0
34.6
0.5
331.2
All acquired intangibles are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1.
Within customer relationships the individually material balances are Durex Industries \u00a359.6m (2024: \u00a369.5m) and
Thermocoax \u00a319.5m (2024: \u00a320.7m). The remaining amortisation periods are 11.9 years and 8.4 years respectively.
Within brand names and trademarks the individually material balances are Vulcanic \u00a389.3m (2024: \u00a389.8m), Durex
Industries \u00a316.1m (2024: \u00a318.4m), Chromalox \u00a373.7m (2024: \u00a386.3m) and Gestra \u00a315.0m (2024: \u00a316.4m). The remaining
amortisation periods are 16.8 years, 16.9 years, 11.5 years and 6.3 years respectively.
There are no individually material items within either manufacturing designs and core technology and non-compete undertakings.
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
2 7.0
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
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 the 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:
2025 2024
Goodwill Goodwill
\u00a3m \u00a3m
Steam Thermal Solutions
124.8
119.5
Electric Thermal Solutions
478.8
491.3
Watson-Marlow Fluid Technology Solutions
59.7
58.9
Total goodwill
663.3
669.7
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
2025 annual\ue6ef 2024 annual
Short to 2025 cash flow\ue6ef Short to 2024 cash flow
2025 medium-term Long-term forecast 2024 medium-term Long-term forecast
Operating segment Discount rate growth rate growth rate (years) Discount rate growth rate growth rate (years)
Steam Thermal Solutions
13.4%
3.0% \u2013 5.0%
3.7%
5
13.7%
3.5% \u2013 4.7%
3.8%
5
Electric Thermal Solutions
12.0%
7.5% \u2013 9.5%
3.2%
5
11.7%
7.7% \u2013 10.1%
3.2%
5
Watson-Marlow Fluid
Technology Solutions
12.4%
9.2% \u2013 10.8%
3.4%
5
12.4%
8.0% \u2013 9.0%
3.4%
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
\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 Average reduction of 60bps per year in the short to medium-term revenue growth rates driven by reduced demand within the Data Centre sector, alongside slower recovery of demand within the semiconductor sector, and an adverse change in global macroeconomic conditions \u2022 A range of 90bps to 210bps 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 combination of changes in 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-537": { "value": "14 Goodwill and other intangible assets 2025
Acquired Development\ue6ef Computer Total other
intangibles costs software intangibles Goodwill
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2025
582.8
34.7
106.9
724.4
67 7.3
Exchange and other adjustments
(7.3)
0.2
(1.2)
(8.3)
(6.6)
575.5
34.9
105.7
716.1
670. 7
Additions
3.1
4.2
16.0
23.3
\u2014
Transfers from property, plant and equipment
\u2014
\u2014
1.7
1.7
\u2014
Disposals
(2.0)
\u2014
(2.1)
(4.1)
\u2014
At 31 December 2025
576.6
39.1
121.3
73 7.0
670.7
Amortisation:
At 1 January 2025
214.4
16.5
73.1
304.0
7.6
Exchange adjustments
(1.6)
0.1
(0.4)
(1.9)
(0.2)
212.8
16.6
72.7
302.1
7.4
Charged in the year
3 4.6
2.0
6.3
42.9
\u2014
Transfers from property, plant and equipment
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
(2.0)
\u2014
(2.1)
(4.1)
\u2014
At 31 December 2025
245.4
18.6
76.9
340.9
7.4
Net book value:
At 31 December 2025
331.2
20.5
44.4
396.1
663.3
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
Acquired intangibles The disclosure by class of acquired intangible assets is shown in the tables below. 2025
Manufacturing
Brand names designs and Non-compete Total
Customer and\ue6ef core\ue6ef undertakings acquired
relationships trademarks technology and other intangibles
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2025
176.9
321.8
80.7
3.4
582.8
Exchange and other adjustments
(3.3)
(3.2)
(1.0)
0.2
(7.3)
173.6
318.6
79.7
3.6
575.5
Additions
0.5
\u2014
2.6
\u2014
3.1
Disposals
(1.7)
\u2014
\u2014
(0.3)
(2.0)
At 31 December 2025
172.4
318.6
82.3
3.3
576.6
Amortisation:
At 1 January 2025
72.4
97.1
42.7
2.2
214.4
Exchange adjustments
0.3
(1.9)
(0.1)
0.1
(1.6)
72.7
95.2
42.6
2.3
212.8
Charged in the year
12.3
16.4
5.1
0.8
34.6
Disposals
(1.7)
\u2014
\u2014
(0.3)
(2.0)
At 31 December 2025
83.3
111.6
47.7
2.8
245.4
Net book value:
At 31 December 2025
89.1
207.0
34.6
0.5
331.2
All acquired intangibles are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within customer relationships the individually material balances are Durex Industries \u00a359.6m (2024: \u00a369.5m) and Thermocoax \u00a319.5m (2024: \u00a320.7m). The remaining amortisation periods are 11.9 years and 8.4 years respectively. Within brand names and trademarks the individually material balances are Vulcanic \u00a389.3m (2024: \u00a389.8m), Durex Industries \u00a316.1m (2024: \u00a318.4m), Chromalox \u00a373.7m (2024: \u00a386.3m) and Gestra \u00a315.0m (2024: \u00a316.4m). The remaining amortisation periods are 16.8 years, 16.9 years, 11.5 years and 6.3 years respectively. There are no individually material items within either manufacturing designs and core technology and non-compete undertakings. 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
2 7.0
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
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 the 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:
2025 2024
Goodwill Goodwill
\u00a3m \u00a3m
Steam Thermal Solutions
124.8
119.5
Electric Thermal Solutions
478.8
491.3
Watson-Marlow Fluid Technology Solutions
59.7
58.9
Total goodwill
663.3
669.7
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
2025 annual\ue6ef 2024 annual
Short to 2025 cash flow\ue6ef Short to 2024 cash flow
2025 medium-term Long-term forecast 2024 medium-term Long-term forecast
Operating segment Discount rate growth rate growth rate (years) Discount rate growth rate growth rate (years)
Steam Thermal Solutions
13.4%
3.0% \u2013 5.0%
3.7%
5
13.7%
3.5% \u2013 4.7%
3.8%
5
Electric Thermal Solutions
12.0%
7.5% \u2013 9.5%
3.2%
5
11.7%
7.7% \u2013 10.1%
3.2%
5
Watson-Marlow Fluid
Technology Solutions
12.4%
9.2% \u2013 10.8%
3.4%
5
12.4%
8.0% \u2013 9.0%
3.4%
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 \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 Average reduction of 60bps per year in the short to medium-term revenue growth rates driven by reduced demand within the Data Centre sector, alongside slower recovery of demand within the semiconductor sector, and an adverse change in global macroeconomic conditions \u2022 A range of 90bps to 210bps 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 combination of changes in 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-517": { "value": "14 Goodwill and other intangible assets 2025
Acquired Development\ue6ef Computer Total other
intangibles costs software intangibles Goodwill
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2025
582.8
34.7
106.9
724.4
67 7.3
Exchange and other adjustments
(7.3)
0.2
(1.2)
(8.3)
(6.6)
575.5
34.9
105.7
716.1
670. 7
Additions
3.1
4.2
16.0
23.3
\u2014
Transfers from property, plant and equipment
\u2014
\u2014
1.7
1.7
\u2014
Disposals
(2.0)
\u2014
(2.1)
(4.1)
\u2014
At 31 December 2025
576.6
39.1
121.3
73 7.0
670.7
Amortisation:
At 1 January 2025
214.4
16.5
73.1
304.0
7.6
Exchange adjustments
(1.6)
0.1
(0.4)
(1.9)
(0.2)
212.8
16.6
72.7
302.1
7.4
Charged in the year
3 4.6
2.0
6.3
42.9
\u2014
Transfers from property, plant and equipment
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
(2.0)
\u2014
(2.1)
(4.1)
\u2014
At 31 December 2025
245.4
18.6
76.9
340.9
7.4
Net book value:
At 31 December 2025
331.2
20.5
44.4
396.1
663.3
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
Acquired intangibles The disclosure by class of acquired intangible assets is shown in the tables below. 2025
Manufacturing
Brand names designs and Non-compete Total
Customer and\ue6ef core\ue6ef undertakings acquired
relationships trademarks technology and other intangibles
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2025
176.9
321.8
80.7
3.4
582.8
Exchange and other adjustments
(3.3)
(3.2)
(1.0)
0.2
(7.3)
173.6
318.6
79.7
3.6
575.5
Additions
0.5
\u2014
2.6
\u2014
3.1
Disposals
(1.7)
\u2014
\u2014
(0.3)
(2.0)
At 31 December 2025
172.4
318.6
82.3
3.3
576.6
Amortisation:
At 1 January 2025
72.4
97.1
42.7
2.2
214.4
Exchange adjustments
0.3
(1.9)
(0.1)
0.1
(1.6)
72.7
95.2
42.6
2.3
212.8
Charged in the year
12.3
16.4
5.1
0.8
34.6
Disposals
(1.7)
\u2014
\u2014
(0.3)
(2.0)
At 31 December 2025
83.3
111.6
47.7
2.8
245.4
Net book value:
At 31 December 2025
89.1
207.0
34.6
0.5
331.2
All acquired intangibles are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within customer relationships the individually material balances are Durex Industries \u00a359.6m (2024: \u00a369.5m) and Thermocoax \u00a319.5m (2024: \u00a320.7m). The remaining amortisation periods are 11.9 years and 8.4 years respectively. Within brand names and trademarks the individually material balances are Vulcanic \u00a389.3m (2024: \u00a389.8m), Durex Industries \u00a316.1m (2024: \u00a318.4m), Chromalox \u00a373.7m (2024: \u00a386.3m) and Gestra \u00a315.0m (2024: \u00a316.4m). The remaining amortisation periods are 16.8 years, 16.9 years, 11.5 years and 6.3 years respectively. There are no individually material items within either manufacturing designs and core technology and non-compete undertakings. 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
2 7.0
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
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 the 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:
2025 2024
Goodwill Goodwill
\u00a3m \u00a3m
Steam Thermal Solutions
124.8
119.5
Electric Thermal Solutions
478.8
491.3
Watson-Marlow Fluid Technology Solutions
59.7
58.9
Total goodwill
663.3
669.7
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
2025 annual\ue6ef 2024 annual
Short to 2025 cash flow\ue6ef Short to 2024 cash flow
2025 medium-term Long-term forecast 2024 medium-term Long-term forecast
Operating segment Discount rate growth rate growth rate (years) Discount rate growth rate growth rate (years)
Steam Thermal Solutions
13.4%
3.0% \u2013 5.0%
3.7%
5
13.7%
3.5% \u2013 4.7%
3.8%
5
Electric Thermal Solutions
12.0%
7.5% \u2013 9.5%
3.2%
5
11.7%
7.7% \u2013 10.1%
3.2%
5
Watson-Marlow Fluid
Technology Solutions
12.4%
9.2% \u2013 10.8%
3.4%
5
12.4%
8.0% \u2013 9.0%
3.4%
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 \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
Average reduction of 60bps per year in the short to medium-term revenue growth rates driven by reduced demand within
the Data Centre sector, alongside slower recovery of demand within the semiconductor sector, and an adverse change in
global macroeconomic conditions
\u2022
A range of 90bps to 210bps 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 combination of changes in
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-548": { "value": "15 Deferred tax assets and liabilities Movement in deferred tax during the year 2025
1 January Recognised Recognised Recognised
31 December\ue6ef
2025 in income in OCI
in equity
2025
\u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Accelerated capital allowances
(23.3)
(1.8)
\u2014
0.5
(24.6)
Provisions
9.3
1.1
\u2014
(0.1)
10.3
Losses
30.8
4.0
\u2014
\u2014
34.8
Inventory
7. 5
0.9
\u2014
(0.1)
8.3
Pensions
11.0
1.9
(2.3)
(3.2)
7.4
Acquired intangibles
(77.9)
2.1
\u2014
3.2
(72.6)
Leases \u2013 right-of-use assets
(19.8)
(0.3)
\u2014
\u2014
(20.1)
Leases \u2013 liabilities
20.5
1.0
\u2014
(0.4)
21.1
Other temporary differences
12.5
(2.2)
(0.9)
(0.8)
8.6
Net deferred tax
(29.4)
6.7
(3.2)
(0.9)
(26.8)
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
Net deferred tax
(37.2)
7.3
(0.4)
0.9
(29.4)
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.
2025 2024
\u00a3m \u00a3m
Deferred tax asset
32.8
34.2
Deferred tax liability
(59.6)
(63.6)
Net deferred tax liability
(26.8)
(29.4)
At 31 December 2025, the Group has deductible temporary differences, unused taxable losses and unused tax credits with a tax value of \u00a3106.7m (2024: \u00a3104.7m) available for offset against future profits, of which a deferred tax asset has been recognised in respect of \u00a3100.8m (2024: \u00a397.4m). The prior year comparators has been updated to align to current year methodology. No deferred tax asset has been recognised in respect of the remaining \u00a35.9m (2024: \u00a37.3m) 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 assets in Argentina and India is \u00a31.9m (2024: \u00a33.1m). A deferred tax debit of \u00a32.3m (2024: \u00a31.1m debit) is recognised in the Consolidated Statement of Comprehensive Income (page 169) associated with the measurement of defined benefit pension 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. The Group controls the timing of these dividends. The total potential tax liability is not expected to exceed \u00a38.2m (2024: \u00a38.4m), and whilst this liability is not expected to arise in full in the foreseeable future, \u00a31.9m (2024: nil) has been recognised at 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-518": { "value": "15 Deferred tax assets and liabilities Movement in deferred tax during the year 2025
1 January Recognised Recognised Recognised
31 December\ue6ef
2025 in income in OCI
in equity
2025
\u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Accelerated capital allowances
(23.3)
(1.8)
\u2014
0.5
(24.6)
Provisions
9.3
1.1
\u2014
(0.1)
10.3
Losses
30.8
4.0
\u2014
\u2014
34.8
Inventory
7. 5
0.9
\u2014
(0.1)
8.3
Pensions
11.0
1.9
(2.3)
(3.2)
7.4
Acquired intangibles
(77.9)
2.1
\u2014
3.2
(72.6)
Leases \u2013 right-of-use assets
(19.8)
(0.3)
\u2014
\u2014
(20.1)
Leases \u2013 liabilities
20.5
1.0
\u2014
(0.4)
21.1
Other temporary differences
12.5
(2.2)
(0.9)
(0.8)
8.6
Net deferred tax
(29.4)
6.7
(3.2)
(0.9)
(26.8)
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
Net deferred tax
(37.2)
7.3
(0.4)
0.9
(29.4)
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.
2025 2024
\u00a3m \u00a3m
Deferred tax asset
32.8
34.2
Deferred tax liability
(59.6)
(63.6)
Net deferred tax liability
(26.8)
(29.4)
At 31 December 2025, the Group has deductible temporary differences, unused taxable losses and unused tax credits with a tax value of \u00a3106.7m (2024: \u00a3104.7m) available for offset against future profits, of which a deferred tax asset has been recognised in respect of \u00a3100.8m (2024: \u00a397.4m). The prior year comparators has been updated to align to current year methodology. No deferred tax asset has been recognised in respect of the remaining \u00a35.9m (2024: \u00a37.3m) 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 assets in Argentina and India is \u00a31.9m (2024: \u00a33.1m). A deferred tax debit of \u00a32.3m (2024: \u00a31.1m debit) is recognised in the Consolidated Statement of Comprehensive Income (page 169) associated with the measurement of defined benefit pension 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. The Group controls the timing of these dividends. The total potential tax liability is not expected to exceed \u00a38.2m (2024: \u00a38.4m), and whilst this liability is not expected to arise in full in the foreseeable future, \u00a31.9m (2024: nil) has been recognised at 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "
16 Inventories
2025 2024
\u00a3m \u00a3m
Raw materials, consumables and components
119.8
118.6
Work in progress
29.9
2 7.7
Finished goods and goods for resale
102.7
106.9
Total inventories
252.4
253.2
The write-down of inventories recognised as an expense during the year was \u00a35.5m (2024: \u00a36.6m). This comprises a cost of
\u00a39.6m (2024: \u00a37.5m) to write down inventory to net realisable value reduced by \u00a34.1m (2024: \u00a30.9m) 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 \u00a313.2m (2024: \u00a314.8m).
There is no material difference between the Consolidated 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "
17 Other current assets
2025 2024
\u00a3m \u00a3m
Contract assets
38.4
23.2
Prepayments
27.2
31.9
Other tax related receivables
10.6
12.2
Other deposits made
3.7
3.7
Derivative assets
2.9
\u2014
Other receivables
4.0
4.1
Total other current assets
86.8
75.1
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-549": { "value": "17 Other current assets
2025 2024
\u00a3m \u00a3m
Contract assets
38.4
23.2
Prepayments
27.2
31.9
Other tax related receivables
10.6
12.2
Other deposits made
3.7
3.7
Derivative assets
2.9
\u2014
Other receivables
4.0
4.1
Total other current assets
86.8
75.1
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-519": { "value": "17 Other current assets
2025 2024
\u00a3m \u00a3m
Contract assets
38.4
23.2
Prepayments
27.2
31.9
Other tax related receivables
10.6
12.2
Other deposits made
3.7
3.7
Derivative assets
2.9
\u2014
Other receivables
4.0
4.1
Total other current assets
86.8
75.1
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-520": { "value": "
18 Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
91.9
86.0
Contract liabilities
24.1
39.0
Social security
13.0
9.9
Accruals
118.7
98.9
Other tax related payables
13.6
13.9
Pension creditors
3.2
3.4
Fair value of deferred consideration
0.7
7.3
Other payables
2.9
3.3
Derivative liabilities
0.8
1.3
Total trade and other payables
268.9
263.0
Contract liabilities relate to advance payments received from customers that have not yet been recognised as revenue.
\u00a322.4m of the contract liabilities at 31 December 2024 were recognised as revenue during 2025 (2024: \u00a319.0m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-538": { "value": "18 Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
91.9
86.0
Contract liabilities
24.1
39.0
Social security
13.0
9.9
Accruals
118.7
98.9
Other tax related payables
13.6
13.9
Pension creditors
3.2
3.4
Fair value of deferred consideration
0.7
7.3
Other payables
2.9
3.3
Derivative liabilities
0.8
1.3
Total trade and other payables
268.9
263.0
Contract liabilities relate to advance payments received from customers that have not yet been recognised as revenue. \u00a322.4m of the contract liabilities at 31 December 2024 were recognised as revenue during 2025 (2024: \u00a319.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "
19 Provisions
Legal,\ue6ef
Product contractual
warranty and other Total
2025 \u00a3m \u00a3m \u00a3m
At 1 January 2025
1.4
10.3
11.7
Additional provision in the year
0.7
10.8
11.5
Utilised or released during the year
(0.8)
(1.7)
(2.5)
Exchange adjustments
\u2014
0.4
0.4
At 31 December 2025
1.3
19.8
21.1
Legal,
Product contractual
warranty and other Total
2024 \u00a3m \u00a3m \u00a3m
At 1 January 2024
2.0
15.1
17.1
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
2025 2024
\u00a3m \u00a3m
Current provisions
12.9
5.4
Non-current provisions
8.2
6.3
Total provisions
21.1
11.7
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 comprise amounts provided against open legal and contractual disputes, environmental
provisions as well as provisions in relation to the Group restructuring programme. Provision values are based on past experience
of similar items and other known factors and represent management\u2019s best estimate of the likely outcome.
Reflecting the inherent uncertainty within many provisions, the timing and amount of the outflows could differ from the
amount provided. Of the total legal, contractual and other provisions at 31 December 2025 \u00a311.9m (2024: \u00a34.3m) has been
included within current and \u00a37.9m (2024: \u00a36.0m) within non-current provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-550": { "value": "19 Provisions
Legal,\ue6ef
Product contractual
warranty and other Total
2025 \u00a3m \u00a3m \u00a3m
At 1 January 2025
1.4
10.3
11.7
Additional provision in the year
0.7
10.8
11.5
Utilised or released during the year
(0.8)
(1.7)
(2.5)
Exchange adjustments
\u2014
0.4
0.4
At 31 December 2025
1.3
19.8
21.1
Legal,
Product contractual
warranty and other Total
2024 \u00a3m \u00a3m \u00a3m
At 1 January 2024
2.0
15.1
17.1
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
2025 2024
\u00a3m \u00a3m
Current provisions
12.9
5.4
Non-current provisions
8.2
6.3
Total provisions
21.1
11.7
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 comprise amounts provided against open legal and contractual disputes, environmental provisions as well as provisions in relation to the Group restructuring programme. Provision values are based on past experience of similar items and other known factors and represent management\u2019s best estimate of the likely outcome. Reflecting the inherent uncertainty within many provisions, the timing and amount of the outflows could differ from the amount provided. Of the total legal, contractual and other provisions at 31 December 2025 \u00a311.9m (2024: \u00a34.3m) has been included within current and \u00a37.9m (2024: \u00a36.0m) within non-current provisions. 21 Capital commitments and contingent liabilities
2025 2024
\u00a3m \u00a3m
Capital expenditure contracted for but not provided
2.0
13.7
All capital commitments are related to property, plant and equipment and computer software. The Group has no material contingent liabilities at 31 December 2025 (no material contingent liabilities existed at 31 December 2024).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "
20 Called-up share capital and reserves
2025 2024
\u00a3m \u00a3m
Ordinary shares of 26 12/13p (2024: 26 12/13p) each:
Allotted, called up and fully paid 73,776,048 (2024: 73,776,048)
19.9
19.8
21,871 (2024: 49,244) shares with a nominal value of \u00a35,888 (2024: \u00a313,258) were issued in connection with the Group\u2019s
Employee Share Ownership Plan with external consideration of \u00a3nil (2024: \u00a31.9m) received by the Group. During the year,
6,115 shares were repatriated and immediately sold with external consideration of \u00a30.3m (2024: \u00a3nil) received by the Group.
At 31 December 2025, 30,167 shares (2024: 72,250) were held in an Employee Benefit Trust and available for use in
connection with the Group\u2019s Employee Share Schemes. 116 senior employees of the Group have been granted options on
Ordinary shares under the Performance Share Plan (details in Note 22).
Translation reserve
1 January Change
31 December\ue6ef
2025\ue6ef
in year
2025
\u00a3m
\u00a3m
\u00a3m
Net investment hedge reserve
10.3
(5.3)
5.0
Translation reserve
(96.4)
(35.3)
(131.7)
Total translation reserve
(86.1)
(40.6)
(126.7)
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)
The net investment hedge reserve records the cumulative gain or loss on hedging instruments designated as net investment
hedges. Together with the translation reserve, these are the foreign currency translation reserves of the Group.
Other reserves
1 January Change
31 December\ue6ef
2025\ue6ef
in year
2025
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges reserve
(1.0)
2.5
1.5
Capital redemption reserve
1.8
\u2014
1.8
Employee Benefit Trust reserve
(8.3)
4.8
(3.5)
Total other reserves
(7.5)
7.3
(0.2)
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)
The cash flow hedges reserve records the cumulative net change in the fair value of forward exchange contracts where
they are designated as effective cash flow hedge relationships.
The capital redemption reserve records the historical repurchase of the Group\u2019s own shares.
The Employee Benefit Trust reserve record the shares held in the Group\u2019s Employee Benefit Trust. This is used to purchase,
hold and issue shares in connection with the Group\u2019s Employee Share Schemes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-521": { "value": "20 Called-up share capital and reserves
2025 2024
\u00a3m \u00a3m
Ordinary shares of 26 12/13p (2024: 26 12/13p) each:
Allotted, called up and fully paid 73,776,048 (2024: 73,776,048)
19.9
19.8
21,871 (2024: 49,244) shares with a nominal value of \u00a35,888 (2024: \u00a313,258) were issued in connection with the Group\u2019s Employee Share Ownership Plan with external consideration of \u00a3nil (2024: \u00a31.9m) received by the Group. During the year, 6,115 shares were repatriated and immediately sold with external consideration of \u00a30.3m (2024: \u00a3nil) received by the Group. At 31 December 2025, 30,167 shares (2024: 72,250) were held in an Employee Benefit Trust and available for use in connection with the Group\u2019s Employee Share Schemes. 116 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-522": { "value": "Translation reserve
1 January Change
31 December\ue6ef
2025\ue6ef
in year
2025
\u00a3m
\u00a3m
\u00a3m
Net investment hedge reserve
10.3
(5.3)
5.0
Translation reserve
(96.4)
(35.3)
(131.7)
Total translation reserve
(86.1)
(40.6)
(126.7)
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)
The net investment hedge reserve records the cumulative gain or loss on hedging instruments designated as net investment hedges. Together with the translation reserve, these are the foreign currency translation reserves of the Group. Other reserves
1 January Change
31 December\ue6ef
2025\ue6ef
in year
2025
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges reserve
(1.0)
2.5
1.5
Capital redemption reserve
1.8
\u2014
1.8
Employee Benefit Trust reserve
(8.3)
4.8
(3.5)
Total other reserves
(7.5)
7.3
(0.2)
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)
The cash flow hedges reserve records the cumulative net change in the fair value of forward exchange contracts where they are designated as effective cash flow hedge relationships. The capital redemption reserve records the historical repurchase of the Group\u2019s own shares. The Employee Benefit Trust reserve record the shares held in the Group\u2019s Employee Benefit Trust. This is used to purchase, hold and issue shares in connection with the Group\u2019s Employee Share Schemes.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "
21 Capital commitments and contingent liabilities
2025 2024
\u00a3m \u00a3m
Capital expenditure contracted for but not provided
2.0
13.7
All capital commitments are related to property, plant and equipment and computer software. The Group has no material
contingent liabilities at 31 December 2025 (no material contingent liabilities existed at 31 December 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-539": { "value": "21 Capital commitments and contingent liabilities
2025 2024
\u00a3m \u00a3m
Capital expenditure contracted for but not provided
2.0
13.7
All capital commitments are related to property, plant and equipment and computer software. The Group has no material contingent liabilities at 31 December 2025 (no material contingent liabilities existed at 31 December 2024).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-523": { "value": "21 Capital commitments and contingent liabilities
2025 2024
\u00a3m \u00a3m
Capital expenditure contracted for but not provided
2.0
13.7
All capital commitments are related to property, plant and equipment and computer software. The Group has no material contingent liabilities at 31 December 2025 (no material contingent liabilities existed at 31 December 2024).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "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 both funded and
unfunded defined benefit schemes.
Defined contribution arrangements
The majority of the retirement benefit arrangements operated by the Group are defined contribution schemes, 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 \u00a327.0m (2024: \u00a327.2m).
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 52% (2024: 61%) of the Group\u2019s net liability for defined benefit
retirement 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 closed to new members and
future accrual.
All three schemes are established under UK law and governed by a Trustee Committee, which is responsible for overseeing
the schemes\u2019 investments, administration, and overall 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.
US defined benefit schemes
The Group operates one defined benefit scheme in the USA, which is closed both to new entrants and future accrual.
The US 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.
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 necessary associated Section 37 certificate. The Court of Appeal upheld the 2023 High Court
ruling in July 2024. In the prior year, 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.
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.
Sensitivity analysis to changes in discount rate and inflation are included on page 199.
The financial assumptions used at 31 December were:
Assumptions weighted by value of liabilities % per annum
Overseas pensions
UK pensions and\ue6efmedical
2025\ue6ef 2024 2025\ue6ef 2024
% % % %
Rate of increase in salaries
n/a
n/a
2.5
2.6
Rate of increase in pensions
2.8
3.0
2.0
2.0
Rate of price inflation
2.8
3.2
2.0
2.0
Discount rate
5.5
5.4
4.6
4.8
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 2025 was approximately 13 years (2024: 13
years) for the Spirax-Sarco Employees\u2019 Pension Fund, 8 years (2024: 8 years) for the Spirax-Sarco Executives\u2019 Retirement
Benefits Scheme and 13 years (2024: 13 years) for the WMFTS Pension Fund.
The mortality assumptions for the material defined benefit schemes at 31 December 2025 and 31 December 2024 were:
Spirax-Sarco At 31 December 2025: 100% of the SAPS 3 normal tables, CMI 2024 future improvements,
Employees\u2019 Pension Fund 1% long-term trend, smoothing factor of 7 and half-life parameter of 0.5.
At 31 December 2024: 100% of the SAPS 3 normal tables, CMI 2023 future improvements,
1% long-term trend, smoothing factor of 7 and weights parameter of 100%.
Spirax-Sarco At 31 December 2025: 84%/87% (male/female) of SAPS 3 light normal, CMI 2024 future
Executives\u2019 Retirement\ue6ef improvements, 1% long-term trend, smoothing factor of 7 and half-life parameter of 0.5.
Benefits Scheme At 31 December 2024: 84%/87% (male/female) of SAPS 3 light normal, CMI 2023 future
improvements, 1% long-term trend, smoothing factor of 7 and weights parameter of 100%.
WMFTS Pension Fund
At 31 December 2025: 102% of the SAPS 3 pensioner tables, CMI 2024 future improvements,
1% long-term trend, smoothing factor of 7 and half-life parameter of 0.5.
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%.
US Pension Scheme
At 31 December 2025: SOA Pri-2012 Amount-Weighted Blue Collar Mortality Tables with
MP2021 \u2013 Retiree/Disabled/Contingent Survivor tables.
At 31 December 2024: SOA Pri-2012 Amount-Weighted Blue Collar Mortality Tables with
MP2021 \u2013 Retiree/Disabled/Contingent Survivor tables.
By way of example the mortality tables indicate the following life expectancy across the UK schemes:
2025 life expectancy at 65
2024 life expectancy at 65
Current age
Male
Female
Male
Female
65
21.2
23.8
21.0
23.8
50
21.7
24.6
21.7
24.5
All 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.
Net pension liability
The amounts recognised in the Consolidated Statement of Financial Position are as follows:
Overseas pensions\ue6ef
UK pensions
and medical
Total
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fair value of schemes\u2019 assets
256.6
254.8
53.0
55.2
309.6
310.0
Present value of funded schemes\u2019 liabilities
(272.3)
(280.9)
(51.5)
(54.4)
(323.8)
(335.3)
(Deficit)/Surplus in the funded schemes
(15.7)
(26.1)
1.5
0.8
(14.2)
(25.3)
Present value of unfunded schemes\u2019 liabilities
\u2014
\u2014
(15.8)
(17.2)
(15.8)
(17.2)
Retirement benefit liability recognised in the Consolidated
Statement of Financial Position
(15.7)
(26.1)
(14.3)
(16.4)
(30.0)
(42.5)
Related deferred tax asset
3.9
6.5
3.5
4.5
7. 4
11.0
Net pension liability
(11.8)
(19.6)
(10.8)
(11.9)
(22.6)
(31.5)
Fair value of scheme assets
Overseas pensions\ue6ef
UK pensions
and medical
Total
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Quoted equities
57.3
53.9
5.5
7.7
62.8
61.6
Quoted bonds
89.7
7 7.8
31.8
39.6
121.5
117.4
Other
65.8
69.4
9.7
0.8
75.5
70.2
Total with quoted market price
212.8
201.1
47.0
48.1
259.8
249.2
Cash and cash equivalents
20.0
26.3
1.2
1.2
21.2
27.5
Unquoted equities
\u2014
1.3
\u2014
\u2014
\u2014
1.3
Unquoted bonds
\u2014
0.3
\u2014
\u2014
\u2014
0.3
Real estate
11.7
12.6
\u2014
\u2014
11.7
12.6
Derivatives
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other
12.1
13.2
4.8
5.9
16.9
19.1
Total other securities
43.8
53.7
6.0
7.1
49.8
60.8
Total market value in aggregate
256.6
254.8
53.0
55.2
309.6
310.0
The actual return on plan assets was an increase of \u00a316.8m (2024: a decrease of \u00a312.2m).
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 \u00a359.1m (2024: \u00a357.4m) are
included within the quoted bonds in the table above.
The movements in the fair value of plan assets during the year were:
Overseas pensions\ue6ef
UK pensions
and medical
Total
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Value of assets at beginning of year
254.8\ue6ef
285.8
55.2\ue6ef
51.7
310.0\ue6ef
337.5
Expected return on assets
13.4
12.6
2.7
2.4
16.1
15.0
Remeasurement (loss)/gain
(0.3)
(30.6)
1.0
3.4
0.7
(27.2)
Contributions paid by employer
6.2
6.8
2.4
2.1
8.6
8.9
Actual benefit payments
(16.4)
(17.7)
(4.9)
(4.8)
(21.3)
(22.5)
Administration costs
(1.1)
(2.1)
\u2014
\u2014
(1.1)
(2.1)
Currency (loss)/gain
\u2014
\u2014
(3.4)
0.4
(3.4)
0.4
Value of assets at end of year
256.6
254.8
53.0
55.2
309.6
310.0
The estimated employer contributions to be made in 2026 are \u00a37.3m.
Defined benefit obligation
The movements in the total defined benefit obligation during the year were:
Overseas pensions\ue6ef
UK pensions
and medical
Total
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Defined benefit obligation at beginning of year
(280.9)
(313.6)
(71.6)
(75.3)
(352.5)
(388.9)
Current service cost
\u2014
\u2014
(0.1)
(0.1)
(0.1)
(0.1)
Past service credit
\u2014
\u2014
\u2014
0.2
\u2014
0.2
Interest cost
(14.7)
(13.7)
(3.1)
(3.2)
(17.8)
(16.9)
Administration costs
\u2014
\u2014
(0.3)
(0.5)
(0.3)
(0.5)
Remeasurement gain
9.8
28.1
0.3
4.0
10.1
32.1
Actual benefit payments
16.4
17.7
4.9
4.8
21.3
22.5
Experience (loss)/gain
(2.9)
0.6
(0.3)
(1.9)
(3.2)
(1.3)
Currency gain
\u2014
\u2014
2.9
0.4
2.9
0.4
Total defined benefit obligation at end of year
(272.3)
(280.9)
(67.3)
(71.6)
(339.6)
(352.5)
The history of experience adjustments is as follows:
2025 2024 2023 2022 2021
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Defined benefit obligation at end of year
(339.6)
(352.5)
(388.9)
(393.7)
(605.4)
Fair value of schemes\u2019 assets
309.6
310.0
337.5
341.6
560.7
Retirement benefit liability recognised in the Consolidated Statement of Financial
Position
(30.0)
(42.5)
(51.4)
(52.1)
(44.7)
Experience adjustment on schemes\u2019 liabilities
(3.2)
(1.3)
(10.0)
(16.0)
(2.9)
As a percentage of schemes\u2019 liabilities
0.9%
0.4%
2.6%
4.1%
0.5%
Experience adjustment on schemes\u2019 assets
0.7
(27.2)
5.0
(222.4)
35.7
As a percentage of schemes\u2019 assets
0.3%
8.8%
1.5%
65.1%
6.4%
The expense recognised in the Consolidated Income Statement was as follows:
Overseas pensions\ue6ef
UK pensions
and medical
Total
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current service cost
\u2014
\u2014
(0.1)
(0.1)
(0.1)
(0.1)
Administration costs
(1.1)
(2.1)
(0.3)
(0.5)
(1.4)
(2.6)
Past service credit
\u2014
\u2014
\u2014
0.2
\u2014
0.2
Net interest on schemes\u2019 liabilities
(1.3)
(1.1)
(0.4)
(0.8)
(1.7)
(1.9)
Total expense recognised in Consolidated Income Statement
(2.4)
(3.2)
(0.8)
(1.2)
(3.2)
(4.4)
The expense is recognised in the following line items in the Consolidated Income Statement:
2025 2024
\u00a3m \u00a3m
Operating costs
(1.5)
(2.5)
Net financing expense
(1.7)
(1.9)
Total expense recognised in Consolidated
Income Statement
(3.2)
(4.4)
The gain or loss recognised in the Consolidated Statement of Comprehensive Income (OCI) was as follows:
Overseas pensions\ue6ef
UK pensions
and medical
Total
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Remeasurement effects recognised in OCI:
Due to experience on DBO
(2.9)
0.6
(0.3)
(1.9)
(3.2)
(1.3)
Due to demographic assumption changes in DBO
0.6
(0.3)
\u2014
\u2014
0.6
(0.3)
Due to financial assumption changes in DBO
9.2
28.4
0.3
4.0
9.5
32.4
Return on assets
(0.3)
(30.6)
1.0
3.4
0.7
(27.2)
Total remeasurement gain/(loss) recognised in OCI
6.6
(1.9)
1.0
5.5
7.6
3.6
Deferred tax on remeasurement (loss)/gain and change in rate
recognised in OCI
(1.7)
0.5
(0.6)
(1.6)
(2.3)
(1.1)
Cumulative loss recognised in OCI at beginning of year
(60.5)
(59.1)
(6.9)
(10.8)
(67.4)
(69.9)
Cumulative loss recognised in OCI at end of year
(55.6)
(60.5)
(6.5)
(6.9)
(62.1)
(67.4)
Sensitivity analysis
The effect on the defined benefit obligation at 31 December 2025 of an increase or decrease in key assumptions is as follows:
Overseas
pensions\ue6efand\ue6ef
UK pensions medical Total
\u00a3m \u00a3m \u00a3m
(Decrease)/increase in pension deficit:
Discount rate assumption being 1.0% higher
(29.9)
(6.0)
(35.9)
Discount rate assumption being 1.0% lower
33.9
7.2
41.1
Inflation assumption being 1.0% higher
22.2
1.2
23.4
Inflation assumption being 1.0% lower
(20.7)
(1.0)
(21.7)
Mortality assumption life expectancy at age 65 being one year higher
8.7
2.2
10.9
The above sensitivities reflect reasonable possible changes in the assumptions and therefore have been selected on this basis.
The average age of deferred participants in the UK schemes at 31 December 2025 was 55 years (2024: 55 years).
Additional contributions to pension schemes
2025 2024
\u00a3m \u00a3m
Defined benefit arrangements
(1.5)
(2.5)
Defined contribution arrangements
(27.2)
(27.2)
Total expense recognised in operating costs
(28.7)
(29.7)
Defined benefit arrangements
8.6
8.9
Defined contribution arrangements
27.2
27.2
Total contributions paid by employer
35.8
36.1
Additional contributions to pension schemes
7.1
6.4
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 2025 on pages 138 to 146. The charge to the Consolidated Income Statement in respect
of share-based payments is made up as follows:
2025 2024
\u00a3m \u00a3m
Performance Share Plan
4.8
1.3
Employee Share Ownership Plan
1.6
1.8
Total expense
6.4
3.1
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
are satisfied in shares or in an option over shares. 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 Spirax Group plc\u2019s (the Company)
total shareholder return (TSR) relative to the TSR of other companies included in the FTSE 100, excluding companies in the
Mining, Oil & Gas and Financial Services sectors 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% (1.25x for the 2025 grant) 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 7% (3.5x for the 2025 grant); there is pro-rata
vesting for actual growth between these rates.
The final 20% of the award compares greenhouse gas (GHG) 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. GHG emission targets decrease annually and vary for each grant to align with the
Group\u2019s One Planet Sustainability Strategy. Achievement of the GHG emission threshold reduction results in 18% vesting,
rising to a maximum payout of 100% for full performance.
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.
2021 2022 2023 2024 2025
Grant Grant Grant Grant Grant
Grant date
4 May
14 March
13 March
21 March
25 March
Mid-market share price at grant date
11,770.0p
11,910.0p
10,880p
10,377p
6,738p
Number of employees
106
108
138
124
116
Shares under scheme
89,806
92,951
145,505
142,275
207,913
Vesting period
3 years
3 years
3 years
3 years
3 years
Probability of vesting
73.9%
76.1%
81.2%
79.7%
7 7.8%
Fair value
8,698.0p
9,057.6p
8,829.1p
8,273.6p
5,240.1p
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 Group 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 Group 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.
2021 2022 2023 2024 2025
Grant Grant Grant Grant Grant
Grant date
1 October
1 October
1 October
1 October
1 October
Exercise price
15,043.3p
10,348.3p
9,413.0p
6,855.0p
7,705.0p
Number of employees
1,400
1,671
1,644
1,539
1,642
Shares under scheme
9,429
16,832
19,256
23,863
21,695
Vesting period
3 years
3 years
3 years
3 years
3 years
Expected volatility
26.5%
28.7%
26.5%
N/A
N/A
Risk-free interest rate
0.2%
4.0%
4.9%
N/A
N/A
Expected dividend yield
1.0%
1.0%
1.2%
N/A
N/A
Fair value
16,382.2p
11,579.7p
10,486.4p
6,855.0p
7,705.0p
The accumulation period for the 2025 ESOP ends in September 2026; therefore, some figures are projections.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-524": { "value": "Defined contribution arrangements The majority of the retirement benefit arrangements operated by the Group are defined contribution schemes, 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 \u00a327.0m (2024: \u00a327.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-525": { "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 52% (2024: 61%) of the Group\u2019s net liability for defined benefit retirement 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 closed to new members and future accrual. All three schemes are established under UK law and governed by a Trustee Committee, which is responsible for overseeing the schemes\u2019 investments, administration, and overall 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. US defined benefit schemes The Group operates one defined benefit scheme in the USA, which is closed both to new entrants and future accrual. The US 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-526": { "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 2025 on pages 138 to 146. The charge to the Consolidated Income Statement in respect of share-based payments is made up as follows:
2025 2024
\u00a3m \u00a3m
Performance Share Plan
4.8
1.3
Employee Share Ownership Plan
1.6
1.8
Total expense
6.4
3.1
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 are satisfied in shares or in an option over shares. 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 Spirax Group plc\u2019s (the Company) total shareholder return (TSR) relative to the TSR of other companies included in the FTSE 100, excluding companies in the Mining, Oil & Gas and Financial Services sectors 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% (1.25x for the 2025 grant) 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 7% (3.5x for the 2025 grant); there is pro-rata vesting for actual growth between these rates. The final 20% of the award compares greenhouse gas (GHG) 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. GHG emission targets decrease annually and vary for each grant to align with the Group\u2019s One Planet Sustainability Strategy. Achievement of the GHG emission threshold reduction results in 18% vesting, rising to a maximum payout of 100% for full performance. 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.
2021 2022 2023 2024 2025
Grant Grant Grant Grant Grant
Grant date
4 May
14 March
13 March
21 March
25 March
Mid-market share price at grant date
11,770.0p
11,910.0p
10,880p
10,377p
6,738p
Number of employees
106
108
138
124
116
Shares under scheme
89,806
92,951
145,505
142,275
207,913
Vesting period
3 years
3 years
3 years
3 years
3 years
Probability of vesting
73.9%
76.1%
81.2%
79.7%
7 7.8%
Fair value
8,698.0p
9,057.6p
8,829.1p
8,273.6p
5,240.1p
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 Group 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 Group 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.
2021 2022 2023 2024 2025
Grant Grant Grant Grant Grant
Grant date
1 October
1 October
1 October
1 October
1 October
Exercise price
15,043.3p
10,348.3p
9,413.0p
6,855.0p
7,705.0p
Number of employees
1,400
1,671
1,644
1,539
1,642
Shares under scheme
9,429
16,832
19,256
23,863
21,695
Vesting period
3 years
3 years
3 years
3 years
3 years
Expected volatility
26.5%
28.7%
26.5%
N/A
N/A
Risk-free interest rate
0.2%
4.0%
4.9%
N/A
N/A
Expected dividend yield
1.0%
1.0%
1.2%
N/A
N/A
Fair value
16,382.2p
11,579.7p
10,486.4p
6,855.0p
7,705.0p
The accumulation period for the 2025 ESOP ends in September 2026; therefore, some figures are projections.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "
23 Analysis of changes in net debt, including changes
in liabilities arising from financing activities
2025
1 January Acquired Exchange\ue6ef 31 December
2025 Cash flow debt\u200a* movement 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current portion of long-term borrowings
(123.9)
(107.2)
Non-current portion of long-term borrowings
(706.2)
(697.2)
Total borrowings
(830.1)
(804.4)
Lease liabilities
(95.1)
18.0
(14.8)
1.7
(90.2)
Borrowings
(830.1)
3 7.5
\u2014
(11.8)
(804.4)
Changes in liabilities arising from financing
(925.2)
55.5
(14.8)
(10.1)
(894.6)
Cash at bank
334.2
34.4
\u2014
0.4
369.0
Bank overdrafts
(100.3)
(28.1)
\u2014
(0.9)
(129.3)
Net cash and cash equivalents
233.9
6.3
\u2014
(0.5)
239.7
Net debt including lease liabilities
(691.3)
61.8
(14.8)
(10.6)
(654.9)
Net debt
(596.2)
43.8
\u2014
(12.3)
(564.7)
* Debt acquired includes both debt acquired due to acquisition and debt recognised due to entry into new leases and disposals of existing leases.
The net cash flow from borrowings of \u00a337.5m (2024: \u00a326.2m) consists of \u00a3nil (2024: \u00a376.8m) of new borrowings and \u00a337.5m
(2024: \u00a3103.0m) of repaid borrowings.
During the year \u00a342.1m of interest on external borrowings (2024: \u00a351.7m) was incurred and paid.
At 31 December 2025 total lease liabilities consist of \u00a317.1m (2024: \u00a317.2m) short term and \u00a373.1m (2024: \u00a377.9m) long term.
See Note 25 for further information on net debt and lease liabilities.
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 due to entry into new leases and disposals of existing leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-527": { "value": "23 Analysis of changes in net debt, including changes in liabilities arising from financing activities 2025
1 January Acquired Exchange\ue6ef 31 December
2025 Cash flow debt\u200a* movement 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current portion of long-term borrowings
(123.9)
(107.2)
Non-current portion of long-term borrowings
(706.2)
(697.2)
Total borrowings
(830.1)
(804.4)
Lease liabilities
(95.1)
18.0
(14.8)
1.7
(90.2)
Borrowings
(830.1)
3 7.5
\u2014
(11.8)
(804.4)
Changes in liabilities arising from financing
(925.2)
55.5
(14.8)
(10.1)
(894.6)
Cash at bank
334.2
34.4
\u2014
0.4
369.0
Bank overdrafts
(100.3)
(28.1)
\u2014
(0.9)
(129.3)
Net cash and cash equivalents
233.9
6.3
\u2014
(0.5)
239.7
Net debt including lease liabilities
(691.3)
61.8
(14.8)
(10.6)
(654.9)
Net debt
(596.2)
43.8
\u2014
(12.3)
(564.7)
* Debt acquired includes both debt acquired due to acquisition and debt recognised due to entry into new leases and disposals of existing leases. The net cash flow from borrowings of \u00a337.5m (2024: \u00a326.2m) consists of \u00a3nil (2024: \u00a376.8m) of new borrowings and \u00a337.5m (2024: \u00a3103.0m) of repaid borrowings. During the year \u00a342.1m of interest on external borrowings (2024: \u00a351.7m) was incurred and paid. At 31 December 2025 total lease liabilities consist of \u00a317.1m (2024: \u00a317.2m) short term and \u00a373.1m (2024: \u00a377.9m) long term. See Note 25 for further information on net debt and lease liabilities. 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 due to entry into new leases and disposals of existing leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "
24 Related party transactions
Transactions with Directors are disclosed separately in Note 7 and are shown in the Annual Report on Remuneration 2025
on pages 138 to 146.
There were no other related party transactions in either 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-528": { "value": "24 Related party transactions Transactions with Directors are disclosed separately in Note 7 and are shown in the Annual Report on Remuneration 2025 on pages 138 to 146. There were no other related party transactions in either 2025 or 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "
25 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 these are summarised below.
Credit risk
The Group sells products and services to customers around the world and therefore credit risk is primarily attributable to
trade receivables and contract assets. The Group\u2019s customer base is extremely varied in size, industry sector and geographical
location and therefore the Group is not exposed to material concentrations of credit risk on its trade receivables. 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 Group Chief Financial Officer in
conjunction with the Board.
Liquidity risk
The Group faces liquidity risk on its financial liabilities when they become due for settlement. This is managed through the
Group\u2019s robust cash flow position, where 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.
A substantial portion of the Group\u2019s cash balances are managed through cash pooling arrangements to ensure efficient
central management of funds. Funds are place on deposit with secure, highly rated banks, subject to strict counterparty limits.
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 2025 and 2024. The loss on net
investment hedges during 2025 included in the Consolidated Statement of Comprehensive Income was \u00a35.3m (2024: \u00a34.7m
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 2025 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:
2025 2025 2024 2024
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets:
Cash and cash equivalents
369.0
369.0
334.2
334.2
Trade, other receivables and contract assets
382.8
382.8
357.0
357.0
Total financial assets
751.8
751.8
691.2
691.2
2025 2025 2024 2024
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities:
Borrowings
804.4
802.0
830.1
822.8
Lease liabilities
90.2
90.2
95.1
95.1
Bank overdrafts
129.3
129.3
100.3
100.3
Trade payables
91.9
91.9
86.0
86.0
Other payables and contract liabilities
45.3
45.3
68.2
68.2
Long-term payables
5.1
5.1
6.2
6.2
Accruals
118.7
118.7
98.9
98.9
Total financial liabilities
1,284.9
1,282.5
1,284.8
1,277.5
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
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
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Euro
683.7
534.4
78.7
70.6
US dollar
299.2
168.1
82.5
48.6
Sterling
205.8
24.6
120.9
60.3
Renminbi
33.5
2.6
\u2014
30.9
Other
62.7
12.7
0.6
49.4
Group total
1,284.9
742.4
282.7
259.8
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
47.1
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
Terms and debt repayment schedule
The terms and conditions of outstanding borrowings were as follows:
2025 2024
Nominal Year Carrying value Carrying value
Currency interest rate of maturity \u00a3m \u00a3m
Unsecured private placement \u2013 $185.0m
$
5.3%
2028
137.2
147.9
Unsecured private placement \u2013 \u20ac140.0m
\u20ac
3.9%
2027
126.1
119.2
Unsecured bank facility*
\u00a3
3.8%
2026
120.9
49.2
Unsecured private placement \u2013 \u20ac125.0m
\u20ac
4.2%
2029
109.0
103.5
Unsecured private placement \u2013 \u20ac120.0m
\u20ac
2.4%
2026
105.0
99.6
Unsecured private placement \u2013 \u20ac110.0m
\u20ac
4.4%
2030
95.9
91.0
Unsecured private placement \u2013 \u20ac90.0m
\u20ac
3.9%
2031
78.5
74.5
Unsecured bank facility \u2013 \u20ac90.0m
\u20ac
3.0%
2026
78.5
74.5
Unsecured bank facility \u2013 $100.0m
$
4.5%
2028
74.2
119.9
Unsecured bank facility*
$
5.0%
2026
8.2
5.6
Unsecured bank facility*
\u20ac
2.9%
2026
0.2
0.1
Unsecured bank facility*
\u20ac
2.9%
2025
\u2014
45.4
Total outstanding borrowings
933.7
930.4
* These items relate to bank overdraft facilities which are evaluated annually.
The weighted average interest rate paid during the year was 4.0% (2024: 4.3%).
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\ue6ef Financial assets
Fixed rate rate on which no
financial financial interest is
Total assets assets earned
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Euro
268.8
7.0
109.0
152.8
US dollar
173.5
0.6
71.6
101.3
Sterling
4 7.7
\u2014
19.3
28.4
Renminbi
55.5
5.4
13.5
36.6
Other
206.3
29.4
72.8
104.1
Group total
751.8
42.4
286.2
423.2
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
1 7.6
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
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 202, 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 fluctuations. 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 exposures 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 2025 the currency exposure in respect of the Euro was a net monetary liability of \u00a3100.6m (2024: \u00a387.6m
net monetary liability) and in respect of the US dollar a net monetary liability of \u00a3185.3m (2024: \u00a3222.9m net monetary
liability).
At 31 December 2025, the percentage of debt to net assets, excluding debt, was 55% (2024: 57%) for the Euro and 8%
(2024: 8%) for the US dollar.
Maturity of financial liabilities
The Group\u2019s financial liabilities at 31 December mature in the following periods:
Trade, other\ue6ef
payables, accruals\ue6ef
and contract\ue6ef Lease
liabilities Overdrafts liabilities Long-term Total
2025 \u00a3m \u00a3m \u00a3m borrowings \u00a3m
In six months or less, or on demand
254.5
129.3
10.8
120.5
515.1
In more than six months but no more than twelve
1.4
\u2014
10.3
90.7
102.4
In more than one year but no more than two
3.3
\u2014
17.7
286.4
307.4
In more than two years but no more than three
0.7
\u2014
12.0
87.1
99. 8
In more than three years but no more than four
0.6
\u2014
7.8
121.1
129.5
In more than four years but no more than five
0.1
\u2014
6.4
103.2
109.7
In more than five years
0.4
\u2014
45.0
81.9
127.3
Total contractual cash flows
261.0
129.3
110.0
890.9
1,391.2
Consolidated Statement of Financial Position values
261.0
129.3
90.2
804.4
1,284.9
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
Consolidated Statement of Financial Position values
259.3
100.3
95.1
830.1
1,284.8
The Group has not participated in any supplier financing arrangements during 2025 or 2024.
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 2025 the Group had
contracts outstanding to economically hedge or to purchase \u00a332.4m (2024: \u00a335.8m) and \u20ac19.4m (2024: \u20ac23.3m) with US
dollars, \u00a369.0m (2024: \u00a359.0m) with Euros, \u00a317.1m (2024: \u00a317.2m) and \u20ac8.6m (2024: \u20ac9.9m) with Chinese renminbi, \u00a37.6m
(2024: \u00a37.9m) and \u20ac2.5m (2024: \u20ac3.3m) with Korean won, \u00a33.6m (2024: \u00a34.4m) with Singapore dollars and $21.1m (2024:
$14.3m) with Mexican pesos.
The net fair values of these forward currency contracts at 31 December 2025 were an asset of \u00a32.1m (2024: \u00a31.3m liability),
these are included within other current assets and 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
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Contracted cash in/(out):\ue6ef
Sterling
76.6
53.3
\u2014
129.9
Euro
(27.4)
(15.0)
\u2014
(42.4)
US dollar
(33.3)
(31.2)
\u2014
(64.5)
Other
(18.6)
(16.8)
\u2014
(35.4)
Total contractual cash flows
(2.7)
(9.7)
\u2014
(12.4)
Less than 6 to 12 More than
6 months months 12 months Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Contracted cash in/(out):\ue6ef
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)
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 gain on derivative financial instruments of \u00a32.5m (2024: \u00a32.3m loss) was recognised in the Consolidated Statement of
Comprehensive Income during the period.
As at 31 December 2025 no material 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:
2025 2024
\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
4 00.0
400.0
Total undrawn committed facilities
400.0
400.0
The undrawn committed borrowing facilities in the above table are in respect of the Group\u2019s \u00a3400.0m (2024: \u00a3400.0m)
revolving credit facility, of which all conditions precedent had been met. This facility expires in 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.Based on the year-end borrowings of \u00a3933.7m (2024: \u00a3930.4m), it is estimated that a general
increase of one percentage point in interest rates would decrease the Group\u2019s profit after taxation and equity by
approximately \u00a31.2m (2024: \u00a31.5m).
For the year ended 31 December 2025, 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 decrease the Group\u2019s profit before taxation by approximately
\u00a316.5m (2024: decreased by \u00a317.5m). 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
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Not past due date
261.8
(0.1)
261.7
250.2
(0.2)
250.0
0\u201330 days past due date
35.9
\u2014
35.9
36.2
\u2014
36.2
31\u201390 days past due date
16.9
(0.1)
16.8
16.5
(0.1)
16.4
91 days to one year past due date
10.5
(1.7)
8.8
12.2
(1.0)
11.2
More than one year
7.2
(7.2)
\u2014
7.1
(7.1)
\u2014
Group total
332.3
(9.1)
323.2
322.2
(8.4)
313.8
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 passed their due date
at 31 December 2025.
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:
2025 2024
\u00a3m \u00a3m
Balance at 1 January
8.4
10.3
Additional impairment
3.5
4.4
Amounts written off as uncollectable
(1.9)
(1.9)
Amounts recovered
(0.2)
(0.5)
Impairment losses reversed
(0.4)
(3.4)
Exchange differences
(0.3)
(0.5)
Balance at 31 December\ue6ef
9.1
8.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-551": { "value": "25 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 these are summarised below. Credit risk The Group sells products and services to customers around the world and therefore credit risk is primarily attributable to trade receivables and contract assets. The Group\u2019s customer base is extremely varied in size, industry sector and geographical location and therefore the Group is not exposed to material concentrations of credit risk on its trade receivables. 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 Group Chief Financial Officer in conjunction with the Board. Liquidity risk The Group faces liquidity risk on its financial liabilities when they become due for settlement. This is managed through the Group\u2019s robust cash flow position, where 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. A substantial portion of the Group\u2019s cash balances are managed through cash pooling arrangements to ensure efficient central management of funds. Funds are place on deposit with secure, highly rated banks, subject to strict counterparty limits. 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 2025 and 2024. The loss on net investment hedges during 2025 included in the Consolidated Statement of Comprehensive Income was \u00a35.3m (2024: \u00a34.7m 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 2025 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:
2025 2025 2024 2024
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets:
Cash and cash equivalents
369.0
369.0
334.2
334.2
Trade, other receivables and contract assets
382.8
382.8
357.0
357.0
Total financial assets
751.8
751.8
691.2
691.2
2025 2025 2024 2024
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities:
Borrowings
804.4
802.0
830.1
822.8
Lease liabilities
90.2
90.2
95.1
95.1
Bank overdrafts
129.3
129.3
100.3
100.3
Trade payables
91.9
91.9
86.0
86.0
Other payables and contract liabilities
45.3
45.3
68.2
68.2
Long-term payables
5.1
5.1
6.2
6.2
Accruals
118.7
118.7
98.9
98.9
Total financial liabilities
1,284.9
1,282.5
1,284.8
1,277.5
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 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
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Euro
683.7
534.4
78.7
70.6
US dollar
299.2
168.1
82.5
48.6
Sterling
205.8
24.6
120.9
60.3
Renminbi
33.5
2.6
\u2014
30.9
Other
62.7
12.7
0.6
49.4
Group total
1,284.9
742.4
282.7
259.8
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
47.1
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
Terms and debt repayment schedule The terms and conditions of outstanding borrowings were as follows:
2025 2024
Nominal Year Carrying value Carrying value
Currency interest rate of maturity \u00a3m \u00a3m
Unsecured private placement \u2013 $185.0m
$
5.3%
2028
137.2
147.9
Unsecured private placement \u2013 \u20ac140.0m
\u20ac
3.9%
2027
126.1
119.2
Unsecured bank facility*
\u00a3
3.8%
2026
120.9
49.2
Unsecured private placement \u2013 \u20ac125.0m
\u20ac
4.2%
2029
109.0
103.5
Unsecured private placement \u2013 \u20ac120.0m
\u20ac
2.4%
2026
105.0
99.6
Unsecured private placement \u2013 \u20ac110.0m
\u20ac
4.4%
2030
95.9
91.0
Unsecured private placement \u2013 \u20ac90.0m
\u20ac
3.9%
2031
78.5
74.5
Unsecured bank facility \u2013 \u20ac90.0m
\u20ac
3.0%
2026
78.5
74.5
Unsecured bank facility \u2013 $100.0m
$
4.5%
2028
74.2
119.9
Unsecured bank facility*
$
5.0%
2026
8.2
5.6
Unsecured bank facility*
\u20ac
2.9%
2026
0.2
0.1
Unsecured bank facility*
\u20ac
2.9%
2025
\u2014
45.4
Total outstanding borrowings
933.7
930.4
* These items relate to bank overdraft facilities which are evaluated annually. The weighted average interest rate paid during the year was 4.0% (2024: 4.3%). 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\ue6ef Financial assets
Fixed rate rate on which no
financial financial interest is
Total assets assets earned
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Euro
268.8
7.0
109.0
152.8
US dollar
173.5
0.6
71.6
101.3
Sterling
4 7.7
\u2014
19.3
28.4
Renminbi
55.5
5.4
13.5
36.6
Other
206.3
29.4
72.8
104.1
Group total
751.8
42.4
286.2
423.2
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
1 7.6
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
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 202, 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 fluctuations. 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 exposures 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 2025 the currency exposure in respect of the Euro was a net monetary liability of \u00a3100.6m (2024: \u00a387.6m net monetary liability) and in respect of the US dollar a net monetary liability of \u00a3185.3m (2024: \u00a3222.9m net monetary liability). At 31 December 2025, the percentage of debt to net assets, excluding debt, was 55% (2024: 57%) for the Euro and 8% (2024: 8%) for the US dollar. Maturity of financial liabilities The Group\u2019s financial liabilities at 31 December mature in the following periods:
Trade, other\ue6ef
payables, accruals\ue6ef
and contract\ue6ef Lease
liabilities Overdrafts liabilities Long-term Total
2025 \u00a3m \u00a3m \u00a3m borrowings \u00a3m
In six months or less, or on demand
254.5
129.3
10.8
120.5
515.1
In more than six months but no more than twelve
1.4
\u2014
10.3
90.7
102.4
In more than one year but no more than two
3.3
\u2014
17.7
286.4
307.4
In more than two years but no more than three
0.7
\u2014
12.0
87.1
99. 8
In more than three years but no more than four
0.6
\u2014
7.8
121.1
129.5
In more than four years but no more than five
0.1
\u2014
6.4
103.2
109.7
In more than five years
0.4
\u2014
45.0
81.9
127.3
Total contractual cash flows
261.0
129.3
110.0
890.9
1,391.2
Consolidated Statement of Financial Position values
261.0
129.3
90.2
804.4
1,284.9
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
Consolidated Statement of Financial Position values
259.3
100.3
95.1
830.1
1,284.8
The Group has not participated in any supplier financing arrangements during 2025 or 2024. 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 2025 the Group had contracts outstanding to economically hedge or to purchase \u00a332.4m (2024: \u00a335.8m) and \u20ac19.4m (2024: \u20ac23.3m) with US dollars, \u00a369.0m (2024: \u00a359.0m) with Euros, \u00a317.1m (2024: \u00a317.2m) and \u20ac8.6m (2024: \u20ac9.9m) with Chinese renminbi, \u00a37.6m (2024: \u00a37.9m) and \u20ac2.5m (2024: \u20ac3.3m) with Korean won, \u00a33.6m (2024: \u00a34.4m) with Singapore dollars and $21.1m (2024: $14.3m) with Mexican pesos. The net fair values of these forward currency contracts at 31 December 2025 were an asset of \u00a32.1m (2024: \u00a31.3m liability), these are included within other current assets and 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
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Contracted cash in/(out):\ue6ef
Sterling
76.6
53.3
\u2014
129.9
Euro
(27.4)
(15.0)
\u2014
(42.4)
US dollar
(33.3)
(31.2)
\u2014
(64.5)
Other
(18.6)
(16.8)
\u2014
(35.4)
Total contractual cash flows
(2.7)
(9.7)
\u2014
(12.4)
Less than 6 to 12 More than
6 months months 12 months Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Contracted cash in/(out):\ue6ef
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)
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 gain on derivative financial instruments of \u00a32.5m (2024: \u00a32.3m loss) was recognised in the Consolidated Statement of Comprehensive Income during the period. As at 31 December 2025 no material 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:
2025 2024
\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
4 00.0
400.0
Total undrawn committed facilities
400.0
400.0
The undrawn committed borrowing facilities in the above table are in respect of the Group\u2019s \u00a3400.0m (2024: \u00a3400.0m) revolving credit facility, of which all conditions precedent had been met. This facility expires in 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.Based on the year-end borrowings of \u00a3933.7m (2024: \u00a3930.4m), it is estimated that a general increase of one percentage point in interest rates would decrease the Group\u2019s profit after taxation and equity by approximately \u00a31.2m (2024: \u00a31.5m). For the year ended 31 December 2025, 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 decrease the Group\u2019s profit before taxation by approximately \u00a316.5m (2024: decreased by \u00a317.5m). 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
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Not past due date
261.8
(0.1)
261.7
250.2
(0.2)
250.0
0\u201330 days past due date
35.9
\u2014
35.9
36.2
\u2014
36.2
31\u201390 days past due date
16.9
(0.1)
16.8
16.5
(0.1)
16.4
91 days to one year past due date
10.5
(1.7)
8.8
12.2
(1.0)
11.2
More than one year
7.2
(7.2)
\u2014
7.1
(7.1)
\u2014
Group total
332.3
(9.1)
323.2
322.2
(8.4)
313.8
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 passed their due date at 31 December 2025. 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:
2025 2024
\u00a3m \u00a3m
Balance at 1 January
8.4
10.3
Additional impairment
3.5
4.4
Amounts written off as uncollectable
(1.9)
(1.9)
Amounts recovered
(0.2)
(0.5)
Impairment losses reversed
(0.4)
(3.4)
Exchange differences
(0.3)
(0.5)
Balance at 31 December\ue6ef
9.1
8.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-529": { "value": "25 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 these are summarised below. Credit risk The Group sells products and services to customers around the world and therefore credit risk is primarily attributable to trade receivables and contract assets. The Group\u2019s customer base is extremely varied in size, industry sector and geographical location and therefore the Group is not exposed to material concentrations of credit risk on its trade receivables. 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 Group Chief Financial Officer in conjunction with the Board. Liquidity risk The Group faces liquidity risk on its financial liabilities when they become due for settlement. This is managed through the Group\u2019s robust cash flow position, where 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. A substantial portion of the Group\u2019s cash balances are managed through cash pooling arrangements to ensure efficient central management of funds. Funds are place on deposit with secure, highly rated banks, subject to strict counterparty limits. 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 2025 and 2024. The loss on net investment hedges during 2025 included in the Consolidated Statement of Comprehensive Income was \u00a35.3m (2024: \u00a34.7m 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 2025 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:
2025 2025 2024 2024
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets:
Cash and cash equivalents
369.0
369.0
334.2
334.2
Trade, other receivables and contract assets
382.8
382.8
357.0
357.0
Total financial assets
751.8
751.8
691.2
691.2
2025 2025 2024 2024
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities:
Borrowings
804.4
802.0
830.1
822.8
Lease liabilities
90.2
90.2
95.1
95.1
Bank overdrafts
129.3
129.3
100.3
100.3
Trade payables
91.9
91.9
86.0
86.0
Other payables and contract liabilities
45.3
45.3
68.2
68.2
Long-term payables
5.1
5.1
6.2
6.2
Accruals
118.7
118.7
98.9
98.9
Total financial liabilities
1,284.9
1,282.5
1,284.8
1,277.5
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 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
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Euro
683.7
534.4
78.7
70.6
US dollar
299.2
168.1
82.5
48.6
Sterling
205.8
24.6
120.9
60.3
Renminbi
33.5
2.6
\u2014
30.9
Other
62.7
12.7
0.6
49.4
Group total
1,284.9
742.4
282.7
259.8
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
47.1
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
Terms and debt repayment schedule The terms and conditions of outstanding borrowings were as follows:
2025 2024
Nominal Year Carrying value Carrying value
Currency interest rate of maturity \u00a3m \u00a3m
Unsecured private placement \u2013 $185.0m
$
5.3%
2028
137.2
147.9
Unsecured private placement \u2013 \u20ac140.0m
\u20ac
3.9%
2027
126.1
119.2
Unsecured bank facility*
\u00a3
3.8%
2026
120.9
49.2
Unsecured private placement \u2013 \u20ac125.0m
\u20ac
4.2%
2029
109.0
103.5
Unsecured private placement \u2013 \u20ac120.0m
\u20ac
2.4%
2026
105.0
99.6
Unsecured private placement \u2013 \u20ac110.0m
\u20ac
4.4%
2030
95.9
91.0
Unsecured private placement \u2013 \u20ac90.0m
\u20ac
3.9%
2031
78.5
74.5
Unsecured bank facility \u2013 \u20ac90.0m
\u20ac
3.0%
2026
78.5
74.5
Unsecured bank facility \u2013 $100.0m
$
4.5%
2028
74.2
119.9
Unsecured bank facility*
$
5.0%
2026
8.2
5.6
Unsecured bank facility*
\u20ac
2.9%
2026
0.2
0.1
Unsecured bank facility*
\u20ac
2.9%
2025
\u2014
45.4
Total outstanding borrowings
933.7
930.4
* These items relate to bank overdraft facilities which are evaluated annually. The weighted average interest rate paid during the year was 4.0% (2024: 4.3%). 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\ue6ef Financial assets
Fixed rate rate on which no
financial financial interest is
Total assets assets earned
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Euro
268.8
7.0
109.0
152.8
US dollar
173.5
0.6
71.6
101.3
Sterling
4 7.7
\u2014
19.3
28.4
Renminbi
55.5
5.4
13.5
36.6
Other
206.3
29.4
72.8
104.1
Group total
751.8
42.4
286.2
423.2
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
1 7.6
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
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 202, 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 fluctuations. 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 exposures 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 2025 the currency exposure in respect of the Euro was a net monetary liability of \u00a3100.6m (2024: \u00a387.6m net monetary liability) and in respect of the US dollar a net monetary liability of \u00a3185.3m (2024: \u00a3222.9m net monetary liability). At 31 December 2025, the percentage of debt to net assets, excluding debt, was 55% (2024: 57%) for the Euro and 8% (2024: 8%) for the US dollar. Maturity of financial liabilities The Group\u2019s financial liabilities at 31 December mature in the following periods:
Trade, other\ue6ef
payables, accruals\ue6ef
and contract\ue6ef Lease
liabilities Overdrafts liabilities Long-term Total
2025 \u00a3m \u00a3m \u00a3m borrowings \u00a3m
In six months or less, or on demand
254.5
129.3
10.8
120.5
515.1
In more than six months but no more than twelve
1.4
\u2014
10.3
90.7
102.4
In more than one year but no more than two
3.3
\u2014
17.7
286.4
307.4
In more than two years but no more than three
0.7
\u2014
12.0
87.1
99. 8
In more than three years but no more than four
0.6
\u2014
7.8
121.1
129.5
In more than four years but no more than five
0.1
\u2014
6.4
103.2
109.7
In more than five years
0.4
\u2014
45.0
81.9
127.3
Total contractual cash flows
261.0
129.3
110.0
890.9
1,391.2
Consolidated Statement of Financial Position values
261.0
129.3
90.2
804.4
1,284.9
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
Consolidated Statement of Financial Position values
259.3
100.3
95.1
830.1
1,284.8
The Group has not participated in any supplier financing arrangements during 2025 or 2024. 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 2025 the Group had contracts outstanding to economically hedge or to purchase \u00a332.4m (2024: \u00a335.8m) and \u20ac19.4m (2024: \u20ac23.3m) with US dollars, \u00a369.0m (2024: \u00a359.0m) with Euros, \u00a317.1m (2024: \u00a317.2m) and \u20ac8.6m (2024: \u20ac9.9m) with Chinese renminbi, \u00a37.6m (2024: \u00a37.9m) and \u20ac2.5m (2024: \u20ac3.3m) with Korean won, \u00a33.6m (2024: \u00a34.4m) with Singapore dollars and $21.1m (2024: $14.3m) with Mexican pesos. The net fair values of these forward currency contracts at 31 December 2025 were an asset of \u00a32.1m (2024: \u00a31.3m liability), these are included within other current assets and 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
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Contracted cash in/(out):\ue6ef
Sterling
76.6
53.3
\u2014
129.9
Euro
(27.4)
(15.0)
\u2014
(42.4)
US dollar
(33.3)
(31.2)
\u2014
(64.5)
Other
(18.6)
(16.8)
\u2014
(35.4)
Total contractual cash flows
(2.7)
(9.7)
\u2014
(12.4)
Less than 6 to 12 More than
6 months months 12 months Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Contracted cash in/(out):\ue6ef
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)
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 gain on derivative financial instruments of \u00a32.5m (2024: \u00a32.3m loss) was recognised in the Consolidated Statement of Comprehensive Income during the period. As at 31 December 2025 no material 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:
2025 2024
\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
4 00.0
400.0
Total undrawn committed facilities
400.0
400.0
The undrawn committed borrowing facilities in the above table are in respect of the Group\u2019s \u00a3400.0m (2024: \u00a3400.0m) revolving credit facility, of which all conditions precedent had been met. This facility expires in 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.Based on the year-end borrowings of \u00a3933.7m (2024: \u00a3930.4m), it is estimated that a general increase of one percentage point in interest rates would decrease the Group\u2019s profit after taxation and equity by approximately \u00a31.2m (2024: \u00a31.5m). For the year ended 31 December 2025, 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 decrease the Group\u2019s profit before taxation by approximately \u00a316.5m (2024: decreased by \u00a317.5m). 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
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Not past due date
261.8
(0.1)
261.7
250.2
(0.2)
250.0
0\u201330 days past due date
35.9
\u2014
35.9
36.2
\u2014
36.2
31\u201390 days past due date
16.9
(0.1)
16.8
16.5
(0.1)
16.4
91 days to one year past due date
10.5
(1.7)
8.8
12.2
(1.0)
11.2
More than one year
7.2
(7.2)
\u2014
7.1
(7.1)
\u2014
Group total
332.3
(9.1)
323.2
322.2
(8.4)
313.8
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 passed their due date at 31 December 2025. 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:
2025 2024
\u00a3m \u00a3m
Balance at 1 January
8.4
10.3
Additional impairment
3.5
4.4
Amounts written off as uncollectable
(1.9)
(1.9)
Amounts recovered
(0.2)
(0.5)
Impairment losses reversed
(0.4)
(3.4)
Exchange differences
(0.3)
(0.5)
Balance at 31 December\ue6ef
9.1
8.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-540": { "value": "Credit risk The Group sells products and services to customers around the world and therefore credit risk is primarily attributable to trade receivables and contract assets. The Group\u2019s customer base is extremely varied in size, industry sector and geographical location and therefore the Group is not exposed to material concentrations of credit risk on its trade receivables. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-541": { "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 Group 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 2025 and 2024. The loss on net investment hedges during 2025 included in the Consolidated Statement of Comprehensive Income was \u00a35.3m (2024: \u00a34.7m 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 202, 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 fluctuations. 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 exposures 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 2025 the currency exposure in respect of the Euro was a net monetary liability of \u00a3100.6m (2024: \u00a387.6m net monetary liability) and in respect of the US dollar a net monetary liability of \u00a3185.3m (2024: \u00a3222.9m net monetary liability). At 31 December 2025, the percentage of debt to net assets, excluding debt, was 55% (2024: 57%) for the Euro and 8% (2024: 8%) for the US dollar. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-542": { "value": "Liquidity risk The Group faces liquidity risk on its financial liabilities when they become due for settlement. This is managed through the Group\u2019s robust cash flow position, where 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. A substantial portion of the Group\u2019s cash balances are managed through cash pooling arrangements to ensure efficient central management of funds. Funds are place on deposit with secure, highly rated banks, subject to strict counterparty limits. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-543": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-554": { "value": "Fair values of financial assets and financial liabilities Fair values of financial assets and liabilities at 31 December 2025 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:
2025 2025 2024 2024
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets:
Cash and cash equivalents
369.0
369.0
334.2
334.2
Trade, other receivables and contract assets
382.8
382.8
357.0
357.0
Total financial assets
751.8
751.8
691.2
691.2
2025 2025 2024 2024
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities:
Borrowings
804.4
802.0
830.1
822.8
Lease liabilities
90.2
90.2
95.1
95.1
Bank overdrafts
129.3
129.3
100.3
100.3
Trade payables
91.9
91.9
86.0
86.0
Other payables and contract liabilities
45.3
45.3
68.2
68.2
Long-term payables
5.1
5.1
6.2
6.2
Accruals
118.7
118.7
98.9
98.9
Total financial liabilities
1,284.9
1,282.5
1,284.8
1,277.5
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 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-544": { "value": "Fair values of financial assets and financial liabilities Fair values of financial assets and liabilities at 31 December 2025 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:
2025 2025 2024 2024
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets:
Cash and cash equivalents
369.0
369.0
334.2
334.2
Trade, other receivables and contract assets
382.8
382.8
357.0
357.0
Total financial assets
751.8
751.8
691.2
691.2
2025 2025 2024 2024
Carrying Fair Carrying Fair
value value value value
\u00a3m \u00a3m \u00a3m \u00a3m
Financial liabilities:
Borrowings
804.4
802.0
830.1
822.8
Lease liabilities
90.2
90.2
95.1
95.1
Bank overdrafts
129.3
129.3
100.3
100.3
Trade payables
91.9
91.9
86.0
86.0
Other payables and contract liabilities
45.3
45.3
68.2
68.2
Long-term payables
5.1
5.1
6.2
6.2
Accruals
118.7
118.7
98.9
98.9
Total financial liabilities
1,284.9
1,282.5
1,284.8
1,277.5
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 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-545": { "value": "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
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Euro
683.7
534.4
78.7
70.6
US dollar
299.2
168.1
82.5
48.6
Sterling
205.8
24.6
120.9
60.3
Renminbi
33.5
2.6
\u2014
30.9
Other
62.7
12.7
0.6
49.4
Group total
1,284.9
742.4
282.7
259.8
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
47.1
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
Terms and debt repayment schedule The terms and conditions of outstanding borrowings were as follows:
2025 2024
Nominal Year Carrying value Carrying value
Currency interest rate of maturity \u00a3m \u00a3m
Unsecured private placement \u2013 $185.0m
$
5.3%
2028
137.2
147.9
Unsecured private placement \u2013 \u20ac140.0m
\u20ac
3.9%
2027
126.1
119.2
Unsecured bank facility*
\u00a3
3.8%
2026
120.9
49.2
Unsecured private placement \u2013 \u20ac125.0m
\u20ac
4.2%
2029
109.0
103.5
Unsecured private placement \u2013 \u20ac120.0m
\u20ac
2.4%
2026
105.0
99.6
Unsecured private placement \u2013 \u20ac110.0m
\u20ac
4.4%
2030
95.9
91.0
Unsecured private placement \u2013 \u20ac90.0m
\u20ac
3.9%
2031
78.5
74.5
Unsecured bank facility \u2013 \u20ac90.0m
\u20ac
3.0%
2026
78.5
74.5
Unsecured bank facility \u2013 $100.0m
$
4.5%
2028
74.2
119.9
Unsecured bank facility*
$
5.0%
2026
8.2
5.6
Unsecured bank facility*
\u20ac
2.9%
2026
0.2
0.1
Unsecured bank facility*
\u20ac
2.9%
2025
\u2014
45.4
Total outstanding borrowings
933.7
930.4
* These items relate to bank overdraft facilities which are evaluated annually. The weighted average interest rate paid during the year was 4.0% (2024: 4.3%). 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:
2025 2024
\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
4 00.0
400.0
Total undrawn committed facilities
400.0
400.0
The undrawn committed borrowing facilities in the above table are in respect of the Group\u2019s \u00a3400.0m (2024: \u00a3400.0m) revolving credit facility, of which all conditions precedent had been met. This facility expires in April 2029. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-555": { "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:
2025 2024
\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
4 00.0
400.0
Total undrawn committed facilities
400.0
400.0
The undrawn committed borrowing facilities in the above table are in respect of the Group\u2019s \u00a3400.0m (2024: \u00a3400.0m) revolving credit facility, of which all conditions precedent had been met. This facility expires in April 2029. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-556": { "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.Based on the year-end borrowings of \u00a3933.7m (2024: \u00a3930.4m), it is estimated that a general increase of one percentage point in interest rates would decrease the Group\u2019s profit after taxation and equity by approximately \u00a31.2m (2024: \u00a31.5m). For the year ended 31 December 2025, 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 decrease the Group\u2019s profit before taxation by approximately \u00a316.5m (2024: decreased by \u00a317.5m). 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "
26 Held for sale
As a result of the Group\u2019s restructuring programme, at the balance sheet date a Steam Thermal Solutions manufacturing site
located in Mexico was deemed to meet the held for sale criteria. It is expected the sale of this asset will complete in the next
12 months. Any gain or loss on disposal is not expected to be material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800WFVZQMHOZP2W17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }