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At 31 December 2025, the Group held 354,551 (2024: 311,777) ordinary shares at a cost of 0.02p per share (2024: 0.02p) through a Share Incentive Plan Trust for the benefit of the Group\u2019s employees. The Group also held 140,520 (2024: 169,134) shares through an Employee Benefit Trust at an average cost of 242.71p per share (2024: 242.71p) for the benefit of employees participating in the various Long Term Incentive Plan schemes. Other reserves
31 December 31 December
2025 2024
Other reserves \u00a3m \u00a3m
Fair value reserve
1.1
6.3
Merger reserve
16.9
16.9
Revaluation reserve
41.8
41.8
Total
59.8
65.0
The fair value reserve of \u00a31.1m (2024: \u00a36.3m) represents amounts recognised in other comprehensive income in relation to changes in fair value of investments and amounts recognised directly in equity on initial recognition of non-controlling interest. Amounts reclassified from the fair value reserve to retained earnings during the year related to the disposals of Ice Travel Group Limited and Flagstone Group Limited (see notes 14 and 29). The merger and revaluation reserve balances relate to the acquisition of MONY Group Financial Limited by the Company as part of the Group\u2019s listing in 2007. 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"scheme:54930016B7VO33FBE722", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-330": { "value": "66900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-331": { "value": "65500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-332": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-333": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": 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"2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-345": { "value": "2900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-346": { "value": "-100800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-347": { "value": "-96000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:54930016B7VO33FBE722", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-348": { "value": "-2100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-349": { "value": "5800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:54930016B7VO33FBE722", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-350": { "value": "22400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-351": { "value": "16600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930016B7VO33FBE722", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-352": { "value": "20300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930016B7VO33FBE722", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-353": { "value": "22400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-3": { "value": "
Lease
Borrowings liabilities Total
\u00a3m \u00a3m \u00a3m
At 1 January 2024
34.5
26.2
60.7
Changes from financing cash flows
Proceeds from borrowings
63.0
\u2014
63.0
Repayment of borrowings
(85.5)
\u2014
(85.5)
Interest paid
(3.9)
(0.9)
(4.8)
Repayment of lease liabilities
\u2014
(2.9)
(2.9)
Total changes from financing cash flows
(26.4)
(3.8)
(30.2)
Other changes
Interest expense
3.9
0.9
4.8
Termination of existing lease
\u2014
(0.3)
(0.3)
Balance at 31 December 2024
12.0
23.0
35.0
At 1 January 2025
12.0
23.0
35.0
Changes from financing cash flows
Proceeds from borrowings
71.0
\u2014
71.0
Repayment of borrowings
(69.0)
\u2014
(69.0)
Interest paid
(2.6)
(0.9)
(3.5)
Repayment of lease liabilities
\u2014
(2.9)
(2.9)
Total changes from financing cash flows
(0.6)
(3.8)
(4.4)
Other changes
Interest expense
2.6
0.9
3.5
Modification of existing lease
\u2014
(0.1)
(0.1)
At 31 December 2025
14.0
20.0
34.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationThatEnablesUsersOfFinancialStatementsToEvaluateChangesInLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "1. Corporate information The Consolidated Financial Statements of MONY Group PLC, a public company incorporated and domiciled in England (registered at Mony Group House, St. David\u2019s Park, Ewloe, Deeside, CH5 3UZ ), and its subsidiaries (together referred to as the \u2018Group\u2019) for the year ended 31 December 2025, were authorised for issue in accordance with a resolution of the Directors on 20 February 2026. The Consolidated Financial Statements have been prepared in accordance with UK-adopted international accounting standards. All amounts in the Consolidated Financial Statements have been rounded to the nearest \u00a30.1m. The Company has elected to prepare its Company Financial Statements in accordance with FRS 102 \u2013 The Financial Reporting Standard applicable in the UK and Republic of Ireland; these are presented on pages 175 and 176. The principal activity of the Group is to provide price comparison and lead generation services to customers through its websites and apps.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "MONY Group PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "MONY Group PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "PLC", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Mony Group House, St. David\u2019s Park, Ewloe, Deeside, CH5 3UZ ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "The Consolidated Financial Statements have been prepared in accordance with UK-adopted international accounting standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "The principal activity of the Group is to provide price comparison and lead generation services to customers through its websites and apps.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "2. Summary of significant accounting policies The Group has consistently applied the following accounting policies to all periods presented in these Consolidated Financial Statements, unless mentioned otherwise. Basis of preparation The Consolidated Financial Statements are prepared on the historical cost basis, except where otherwise stated. Comparative figures presented in the Consolidated Financial Statements represent the year ended 31 December 2024. Going concern The Directors have prepared the financial statements on a going concern basis for the following reasons. As at 31 December 2025, the Group\u2019s external debt comprised a revolving credit facility (\u2018RCF\u2019), (of which \u00a314m of the \u00a3125m available was drawn down). The RCF is due for renewal in June 2028. Since the year end, this has been repaid in full and no further amounts have been drawn down. The operations of the business have been affected by macroeconomic uncertainty and cost of living impacts, as well as the expected contraction in car and home insurance switching markets. However, the Group remains profitable, cash generative and compliant with the covenants of its borrowings. The Directors have prepared cash flow forecasts for the Group, including its cash position, for a period of at least 12 months from the date of approval of the financial statements. The Directors have also considered the effect of potential trading headwinds and recession, competition such as new entrants upon the Group\u2019s business, as well as risks from cyber and data on the Group\u2019s financial position, and liquidity in severe, but plausible, downside scenarios. The scenarios modelled take into account the potential downside trading impacts from recession, consumer confidence, competitive pressures and any one-off cash impacts on top of a base scenario derived from the Group\u2019s latest forecasts. A detailed assessment has been performed to model the impact of the severe but plausible downside scenarios and in some of the more severe scenarios, included the cost saving mitigations that would be taken. The impact these scenarios have on the financial resources, including the extent of utilisation of the available debt arrangements and impact on covenant calculations, has been modelled. The possible mitigating circumstances and actions in the event of such scenarios occurring that were considered by the Directors included cost mitigations such as a reduction in the ordinary dividend payment, a reduction in operating expenses or the slowdown of capital expenditure. A reverse stress test has also been performed, which assumes the maximum available drawdown of borrowings, whilst maintaining covenant compliance. The scenarios modelled and the reverse stress test showed that the Group and the Parent Company will be able to operate at adequate levels of liquidity for at least the next 12 months from the date of signing the financial statements. The Directors, therefore, consider that the Group and Parent Company have adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements and have prepared them on a going concern basis. Consideration of climate change In preparing the financial statements, the Directors have considered the impact of climate change and there has been no material impact identified in the reporting period on the financial reporting judgements and estimates. The Directors considered the risks with respect to going concern and viability, as well as the cash flow forecasts used in the impairment assessment, and noted no material risks within the planning period. Whilst there is no material financial impact to the Group expected from climate change within the reporting and forecast period of the Group, the Directors will assess these risks regularly against the judgements and estimates used in preparation of the financial statements. Use of estimates and judgements The preparation of the Consolidated Financial Statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. There are no assumptions or estimation uncertainties at 31 December 2025 that may have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year. Information about judgements made in applying accounting policies that have the most impact on the amounts recognised in the Consolidated Financial Statements is included in the following notes: \u00b7 Note 12 intangible assets and goodwill (additions internally developed).
Basis of consolidation
These Consolidated Financial Statements incorporate the Financial Statements of the
Company and all its subsidiaries.
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is
exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity. The acquisition date is the
date on which control is transferred to the acquirer. The Financial Statements of subsidiaries
are included in the Consolidated Financial Statements from the date that control commences
until the date that control ceases.
Intra-group balances and transactions, and any unrealised income and expenses arising from
intra-group transactions, are eliminated.
Non-controlling interest is measured at the proportionate share of the entity\u2019s net assets.
On initial recognition this includes the proportionate share of the pre-acquisition net assets of
Travelsupermarket Limited and the net assets arising on the acquisitions of Icelolly Marketing
Limited and Podium Solutions Limited. During the year, the Group part disposed of its
shareholding in Ice Travel Group (\u2018ITG\u2019) resulting in it no longer being consolidated within the
Consolidated Financial Statements and non-controlling interest no longer being recognised.
Subsidiaries\u2019 exemption from audit by parental guarantee
The Company has provided a parental guarantee under section 479C of the Companies Act
(2006) over the outstanding liabilities of some of its subsidiaries as at 31 December 2025 until
they are settled in full. The subsidiaries covered by the parental guarantee are exempt from
the requirements of the Companies Act (2006) relating to the audit of their individual accounts
in accordance with section 479A. The guarantee covers all of the Company\u2019s wholly owned
subsidiaries and a list of these companies is included in note 27. This parental guarantee was
also provided in the prior year.
Accounting for business combinations
From 1 January 2010 the Group has applied IFRS 3 \u2013 Business Combinations (2008) in
accounting for business combinations using the acquisition method. The change in accounting
policy has been applied prospectively.
Acquisitions
For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition
date as:
\u00b7 the fair value of the consideration transferred; plus
\u00b7 the recognised amount of any non-controlling interests in the acquiree; plus
\u00b7 if the business combination is achieved in stages, the fair value of the existing equity
interest in the acquiree; less
\u00b7 the net recognised amount (fair value) of the identifiable assets acquired and liabilities
assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent amount payable is recognised at fair value at the acquisition date. If the contingent amount is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent amount are recognised in profit or loss. Where the contingent amount is dependent on future employment, it is treated as a cost of continuing employment, and therefore is recognised as an expense over the relevant period. Deferred consideration comprises obligations to pay specified amounts at future dates, i.e. there is no uncertainty about the amount to be paid. It is recognised and measured at fair value at the date of acquisition and it is included in the consideration transferred. The unwinding of any interest element or deferred consideration is recognised in the Income Statement. Revenue Revenue is derived from the Group\u2019s principal activity of providing price comparison and lead generation services on the internet. The Group generates fees from internet lead generation and commissions from brokerage sales through a variety of contractual arrangements. Revenue is recognised when the Group has satisfied its performance obligations relating to a transaction. IFRS 15 \u2013 Revenue from Contracts with Customers requires the Group to allocate the transaction price to separate performance obligations within a contract. The following table provides information about the nature and timing of the satisfaction of performance obligations and the related revenue recognition policies.
Nature and timing of satisfaction of
Type of sales transaction
performance obligations
Revenue recognition policies
Price comparison The performance obligation is the Revenue is recognised in the period
services provision of an internet lead to a in which the lead is provided.
provider\u2019s website.
At the period end an estimate of
The trigger for the transaction price accrued revenue is made for leads
to become receivable is usually a (clicks) provided that have not been
completed sale on the provider\u2019s invoiced. Measurement of this
website. However, for some revenue depends on the contractual
contracts the trigger is the point at terms that determine the expected
which the lead is provided (usually a sales price per click.
\u2018click\u2019 transferring the user from our For some contracts, an estimate of
website to the provider).
accrued revenue is also made for
The transaction price is either a leads that will result in completed
fixed amount per completed sale or renewals. This is based on expected
a variable amount derived from the renewal rates and premiums.
terms of the completed sale.
Cashback services
Revenue is generated from
Revenue is recognised in the period
rendering services to the merchant. in which the lead is provided.
The performance obligation is the At the period end an estimate of
provision of an internet lead to a accrued revenue is made for leads
merchant\u2019s website.
provided that will result in completed
The trigger for the transaction price sales. This is based on the volume of
to become receivable is a completed leads provided in the period, historic
sale on the merchant\u2019s website. conversion rates and the expected
price per completed sale.
The transaction price is derived
from the terms of the completed
sale.
From historical experience and post-year end confirmation, the Group does not expect there
to be a material difference between the revenue accrued at the year end and the amount
subsequently billed. Also, given there is a large volume of low value transactions, the risk of
a significant reversal in the amount of cumulative revenue recognised is unlikely.
Judgement is applied in defining the customer for the cashback services. The customer is
the merchant and the service provided is the delivery of an internet lead to their website.
Accordingly, the cashback provided to members is not consideration payable to a customer
and is recognised in cost of sales and fees that are receivable from members for premium
membership are recognised as a reduction in cost of sales.
Cost of sales The Group recognises associated costs of internet lead generation in the period that the lead is generated. Costs in respect of incentive payments made by the Group to users and members of our websites (for example, SuperSaveClub) and revenue share for B2B partnerships are also included in cost of sales. Costs in respect of incentive payments are recognised using estimates of future redemption rates derived from historical data. Unclaimed cashback balances in respect of members who have had no account activity for a consecutive 12 month period are released as a credit to cost of sales. This is in accordance with the terms and conditions agreed with members. Advertising costs The Group incurs costs from advertising via several different media, which are recognised within distribution expenses. Costs associated with the production of adverts are recognised as an expense once the advert is aired or displayed. Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Depreciation is charged to the Statement of Comprehensive Income on a straight-line basis over the estimated useful life of each part of an item of property, plant and equipment. Assets under construction are not depreciated until brought into use. The estimated useful lives in the current and comparative year are as follows:
Buildings
10\u201350 years
Plant and equipment (including IT equipment)
3 years
Office equipment
5 years
Fixtures and fittings
5 years
The useful lives and depreciation rates are reassessed at each reporting date and adjusted if appropriate.
Intangible assets and goodwill
Goodwill
Goodwill is measured at cost less any accumulated impairment losses, with the carrying value
being reviewed for impairment at least annually, and whenever there is an indication that the
carrying value may be impaired.
Other intangible assets
The cost of other intangible assets acquired in a business combination is fair value as at the
date of acquisition. After initial recognition, intangible assets are carried at cost less any
accumulated amortisation and any accumulated impairment losses. All the Group\u2019s intangible
assets (other than goodwill) have been identified as having finite useful lives. As such, they are
amortised on a straight-line basis over their useful economic life and assessed for impairment
whenever there is an indication that the intangible asset may be impaired. The amortisation
expense on intangible assets with finite lives is recognised in the Statement of Comprehensive
Income.
The estimated useful lives in the current and comparative year are as follows:
Market related
5 years
Member relationships
5 years
Technology
3 years
The amortisation period and the amortisation method for an intangible asset with a finite
useful life are reviewed at least at each reporting date and adjusted if appropriate.
Internally generated and other intangible assets are amortised under the same method as
noted above.
Market related intangible assets are defined as those that are primarily used in the marketing
or promotion of products and services, for example trademarks, trade names and internet
domain names.
Member relationships relate to the Cashback vertical and are deemed to have value as they
provide direct access to potential leads that can be transferred to the merchants\u2019 websites.
Technology-based intangible assets relate to innovations and technical advances such as
computer software, patented and unpatented technology, databases and trade secrets. Costs
that are directly attributable to projects of a capital nature are recognised as technology-
based intangible assets controlled by the Group and are recognised when the following
criteria are met:
\u00b7 it is technically feasible to complete the project so that it will be available for use;
\u00b7 management intends to complete the project and use it;
\u00b7 there is an ability to use or sell the project;
\u00b7 it can be demonstrated how the project will generate probable future economic benefits;
\u00b7 adequate technical, financial and other resources to complete the development and to use
output of the project are available; and
\u00b7 the expenditure attributable to the project during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the project can include employee and
contractor costs. Other development expenditures that do not meet these criteria, as well as
ongoing maintenance and costs associated with routine upgrades and enhancements, are
recognised as an expense as incurred.
Subsequent expenditure is capitalised only when it increases the future economic benefits
embodied in the specific asset to which it relates. All other expenditure, including expenditure
on internally generated goodwill and brands, is recognised in profit or loss as incurred.
Financial instruments
Recognition and initial measurement
Trade receivables and debt securities issued are initially recognised when they are originated.
All other financial assets and financial liabilities are initially recognised when the Group
becomes a party to the contractual provisions of the instrument.
Other investments in equity securities held by the Group are classified as fair value through
other comprehensive income (\u2018FVOCI\u2019) \u2013 equity instruments are stated at fair value, with any
resultant gain or loss being recognised directly in other comprehensive income (in the fair
value reserve).
Cash and cash equivalents comprise cash balances and call deposits.
A financial asset (unless it is a trade receivable without a significant financing component) or
financial liability is initially measured at fair value plus, for an item not at fair value through
profit or loss (\u2018FVTPL\u2019), transaction costs that are directly attributable to its acquisition or
issue. A trade receivable without a significant financing component is initially measured at the
transaction price.
Classification and subsequent measurement
Financial assets
Financial assets are not reclassified subsequent to their initial recognition unless the Group
changes its business model for managing financial assets, in which case all affected financial
assets are reclassified on the first day of the first reporting period following the change in the
business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and
is not designated as at FVTPL:
\u00b7 it is held within a business model whose objective is to hold assets to collect contractual
cash flows; and
\u00b7 its contractual terms give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not
designated as at FVTPL:
\u00b7 it is held within a business model whose objective is achieved by both collecting contractual
cash flows and selling financial assets; and
\u00b7 its contractual terms give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
All financial assets not classified as measured at amortised cost or FVOCI as described above
are measured at FVTPL. This includes all derivative financial assets.
Financial assets \u2013 subsequent measurement and gains and losses
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net
gains and losses, including any interest or dividend income,
are recognised in profit or loss.
Financial assets at These assets are subsequently measured at amortised cost
amortised cost using the effective interest method. The amortised cost is
reduced by impairment losses. Interest income, foreign
exchange gains and losses and impairment are recognised in
profit or loss. Any gain or loss on derecognition is recognised
in profit or loss.
Debt investments at FVOCI
These assets are subsequently measured at fair value. Interest
income calculated using the effective interest method, foreign
exchange gains and losses and impairment are recognised in
profit or loss. Other net gains and losses are recognised in OCI.
On derecognition, gains and losses accumulated in OCI are
reclassified to profit or loss.
Equity investments at FVOCI
These assets are subsequently measured at fair value.
Dividends are recognised as income in profit or loss unless the
dividend clearly represents a recovery of part of the cost of the
investment. Other net gains and losses are recognised in OCI
and are never reclassified to profit or loss.
Expected credit loss assessment
The Group recognises loss allowances for expected credit losses (\u2018ECLs\u2019) on financial assets
measured at amortised cost. The Group measures loss allowances at an amount equal to
lifetime ECLs. Loss allowances wholly relate to trade receivables and contract assets are
always measured at an amount equal to lifetime ECLs.
When determining whether the credit risk of a financial asset has increased significantly since
initial recognition and when estimating ECLs, the Group considers reasonable and
supportable information that is relevant and available without undue cost or effort. This
includes both quantitative and qualitative information and analysis, based on the Group\u2019s
historical experience and informed credit assessment and including forward-looking
information. The Group uses an allowance matrix to measure the ECLs of trade receivables
from individual customers and assumes that the credit risk of default on a financial asset has
increased significantly if it is more than 120 days past due.
The maximum period considered when estimating ECLs is the maximum contractual period
over which the Group is exposed to credit risk.
At each reporting date, the Group assesses whether financial assets carried at amortised cost
and debt securities at FVOCI are \u201ccredit-impaired\u201d. A financial asset is credit-impaired when
one or more events that have a detrimental impact on the estimated future cash flows of the
financial asset have occurred.
Loss allowances for financial assets measured at amortised cost are deducted from the gross
carrying amount of the assets.
The gross carrying amount of a financial asset is written off when the Group has no reasonable
expectations of recovering a financial asset in its entirety or a portion thereof. For individual
customers, the Group has a policy of writing off the gross carrying amount when the financial
asset is 180 days past due based on historical experience of recoveries of similar assets.
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the
present value of all cash shortfalls (i.e. the difference between the cash flows due to the
Group in accordance with the contract and the cash flows that the Group expects to receive).
ECLs are discounted at the effective interest rate of the financial asset.
Financial liabilities \u2013 classification, subsequent measurement and gains and losses
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is
classified as at FVTPL if it is classified as held for trading, it is a derivative or it is designated as
such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net
gains and losses, including any interest expense, are recognised in profit or loss. Other
financial liabilities are subsequently measured at amortised cost using the effective interest
method. Interest expense and foreign exchange gains and losses are recognised in profit or
loss. Any gain or loss on derecognition is also recognised in profit or loss.
Derecognition
Financial asset
The Group derecognises a financial asset when the contractual rights to the cash flows from
the financial asset expire, or it transfers the rights to receive the contractual cash flows in a
transaction in which substantially all of the risks and rewards of ownership of the financial
asset are transferred or in which the Group neither transfers nor retains substantially all of
the risks and rewards of ownership and it does not retain control of the financial asset.
Financial liability
The Group derecognises a financial liability when its contractual obligations are discharged
or cancelled or expire. The Group also derecognises a financial liability when its terms are
modified and the cash flows of the modified liability are substantially different, in which
case a new financial liability based on the modified terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash assets transferred or
liabilities assumed) is recognised in profit or loss.
Fair value measurement
\u201cFair value\u201d is the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date. The
transaction is assumed to take place in the principal or, in its absence, the most advantageous
market to which the Group has access at that date.
A number of the Group\u2019s accounting policies and disclosures require the measurement of fair
values, for both financial and non-financial assets and liabilities. When one is available, the
Group measures the fair value of an instrument using the quoted price in an active market for
that instrument. A market is regarded as \u201cactive\u201d if transactions for the asset or liability take
place with sufficient frequency and volume to provide pricing information on an ongoing basis.
If there is no quoted price in an active market, then the Group uses valuation techniques that
maximise the use of relevant observable inputs and minimise the use of unobservable inputs.
The chosen valuation technique incorporates factors that market participants would take into
account in pricing a transaction. In doing so, the Group consults with appropriate internal and
external specialists to determine the fair valuation. Key assumptions are benchmarked against
other comparable companies and sensitised to gain assurance that they fall within a
reasonable range.
Impairment
Impairment of non-financial assets
The carrying amounts of the Group\u2019s assets are reviewed annually to determine whether
there is any indication of impairment. If such indication exists, the asset\u2019s recoverable amount
is estimated.
For the purposes of impairment reviews, the recoverable amount of the Group\u2019s assets is
taken to be the higher of their fair value less costs to sell and their value in use.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-
generating unit (\u2018CGU\u2019) exceeds its recoverable amount. Impairment losses are recognised
in the Consolidated Statement of Comprehensive Income.
See note 12 for full disclosure of how goodwill and impairment losses are allocated across
the CGUs.
Employee benefits
Defined contribution plans
Obligations for contributions to defined contribution pension plans are recognised as an
expense in the Consolidated Statement of Comprehensive Income as the related service
is provided.
Share-based payment transactions
The Group\u2019s share schemes allow certain Group employees to acquire ordinary shares in the
Company. The fair value of share awards made is recognised as an employee expense with a
corresponding increase in equity. The fair value is measured at the award date and spread
over the period during which the employees become unconditionally entitled to the awards.
The fair values of the share awards are measured using the Monte Carlo method for options
subject to a market-based condition and the Black-Scholes model for all others, taking into
account the terms and conditions upon which the awards were made. The amount recognised
as an expense is adjusted to reflect the number of share awards expected to vest.
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are
recognised as an expense in the Consolidated Statement of Comprehensive Income as the
related service is provided.
A provision is recognised for the amount expected to be paid under short-term cash bonus or
deferred bonus plan if the Group has a present legal or constructive obligation to pay this
amount as a result of past service provided by the employee and the obligation can be
estimated reliably. The Group\u2019s deferred bonus plans currently do not have any ongoing
performance obligations and are therefore provided for as described above in the period to
which they related.
Finance income
Finance income comprises interest receivable from bank deposits.
Finance costs
Finance costs comprise interest charged on borrowings, amounts owed to non-controlling
interest and leases (recognised under IFRS 16 \u2013 Leases).
Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease.
A contract is, or contains, a lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for consideration. To assess whether a
contract conveys the right to control the use of an identified asset, the Group uses the
definition of a lease in IFRS 16 \u2013 Leases.
Leased items are recognised on the balance sheet as an asset valued at its right-of-use and
a corresponding liability that reflects the present value of future lease payments.
The asset is initially measured at its right-of-use value, which reflects the total cost of lease payments, the direct costs incurred to bring the asset into use and an estimate of the cost that will be incurred when dismantling or uninstalling the item. The asset is then depreciated through the profit and loss account on a straight-line basis over the contract term of the lease. The liability is initially recognised at the present value of future lease payments using the discount rate implicit in the lease if it can be determined or otherwise using the incremental borrowing rate of the Group. Leased items with a value of less than \u00a35,000 and items leased over a term of less than 12 months are not recognised on the balance sheet as an asset and liability. The cost of lease payments is recognised in the profit and loss account as they fall due on an accrued basis. Dividends Dividends payable to the Company\u2019s shareholders are recognised as a liability and deducted from shareholders\u2019 equity in the period in which the shareholders\u2019 right to receive payment is established. Taxation Income tax expense comprises current and deferred tax. It is recognised in the Consolidated Statement of Comprehensive Income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates in force for the year, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax liabilities are recognised at the expected future tax rate of the value of the intangible assets with finite lives that are acquired through business combinations representing the tax effect of the amortisation of these assets in future periods. These liabilities will decrease in line with the amortisation of the related intangible assets, with the deferred tax credit recognised in the Statement of Comprehensive Income in accordance with IAS 12 \u2013 Income Taxes. Reserve for own shares The Group has a number of equity-settled, share-based employee incentive plans. In connection with these, shares in the Company are held by an Employee Benefit Trust (\u2018EBT\u2019). The assets and liabilities of the EBT are required to be consolidated within these accounts as it is deemed to be under de facto control of the Group. The assets of the EBT mainly comprise MONY Group PLC shares, which are shown as a deduction from total equity at cost. Standards, amendments and interpretations issued but not yet effective A number of new accounting standards are effective for annual reporting periods beginning after 1 January 2025 and earlier application is permitted. However, the Group has not early adopted the following new or amended accounting standards in preparing these Consolidated Financial Statements. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new accounting standard introduces the following key new requirements. \u00b7 Entities are required to classify all income and expenses into five categories in the Consolidated Statement of Comprehensive Income namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities\u2019 net profit will not change. \u00b7 Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. \u00b7 Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Group is still in the process of assessing the impact of the new accounting standard, particularly with respect to the structure of the Group\u2019s Consolidated Statement of Comprehensive Income, the Consolidated Statement of Cash Flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as \u2018other\u2019. Other accounting standards The following new and amended accounting standards are not expected to have a significant impact on the Group\u2019s Consolidated Financial Statements: \u00b7 Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7); and \u00b7 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7).", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "
Basis of preparation
The Consolidated Financial Statements are prepared on the historical cost basis, except where
otherwise stated. Comparative figures presented in the Consolidated Financial Statements
represent the year ended 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "
Going concern
The Directors have prepared the financial statements on a going concern basis for the
following reasons.
As at 31 December 2025, the Group\u2019s external debt comprised a revolving credit facility (\u2018RCF\u2019),
(of which \u00a314m of the \u00a3125m available was drawn down). The RCF is due for renewal in June
2028. Since the year end, this has been repaid in full and no further amounts have been
drawn down. The operations of the business have been affected by macroeconomic
uncertainty and cost of living impacts, as well as the expected contraction in car and home
insurance switching markets. However, the Group remains profitable, cash generative and
compliant with the covenants of its borrowings.
The Directors have prepared cash flow forecasts for the Group, including its cash position,
for a period of at least 12 months from the date of approval of the financial statements. The
Directors have also considered the effect of potential trading headwinds and recession,
competition such as new entrants upon the Group\u2019s business, as well as risks from cyber and
data on the Group\u2019s financial position, and liquidity in severe, but plausible, downside
scenarios.
The scenarios modelled take into account the potential downside trading impacts from
recession, consumer confidence, competitive pressures and any one-off cash impacts on
top of a base scenario derived from the Group\u2019s latest forecasts. A detailed assessment has
been performed to model the impact of the severe but plausible downside scenarios and in
some of the more severe scenarios, included the cost saving mitigations that would be taken.
The impact these scenarios have on the financial resources, including the extent of utilisation
of the available debt arrangements and impact on covenant calculations, has been modelled.
The possible mitigating circumstances and actions in the event of such scenarios occurring
that were considered by the Directors included cost mitigations such as a reduction in the
ordinary dividend payment, a reduction in operating expenses or the slowdown of capital
expenditure. A reverse stress test has also been performed, which assumes the maximum
available drawdown of borrowings, whilst maintaining covenant compliance.
The scenarios modelled and the reverse stress test showed that the Group and the Parent
Company will be able to operate at adequate levels of liquidity for at least the next 12 months
from the date of signing the financial statements. The Directors, therefore, consider that the
Group and Parent Company have adequate resources to continue in operational existence for
at least 12 months from the date of approval of the financial statements and have prepared
them on a going concern basis.
Consideration of climate change
In preparing the financial statements, the Directors have considered the impact of climate
change and there has been no material impact identified in the reporting period on the
financial reporting judgements and estimates. The Directors considered the risks with respect
to going concern and viability, as well as the cash flow forecasts used in the impairment
assessment, and noted no material risks within the planning period. Whilst there is no
material financial impact to the Group expected from climate change within the reporting and
forecast period of the Group, the Directors will assess these risks regularly against the
judgements and estimates used in preparation of the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "
Use of estimates and judgements
The preparation of the Consolidated Financial Statements requires management to make
judgements, estimates and assumptions that affect the application of accounting policies and
the reported amounts of assets, liabilities, income and expenses. Actual results may differ
from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised and in
any future periods affected.
There are no assumptions or estimation uncertainties at 31 December 2025 that may have
a significant risk of resulting in a material adjustment to the carrying amounts of assets and
liabilities in the next financial year.
Information about judgements made in applying accounting policies that have the most
impact on the amounts recognised in the Consolidated Financial Statements is included
in the following notes:
\u00b7 Note 12 intangible assets and goodwill (additions internally developed).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "Basis of consolidation These Consolidated Financial Statements incorporate the Financial Statements of the Company and all its subsidiaries. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The acquisition date is the date on which control is transferred to the acquirer. The Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Non-controlling interest is measured at the proportionate share of the entity\u2019s net assets. On initial recognition this includes the proportionate share of the pre-acquisition net assets of Travelsupermarket Limited and the net assets arising on the acquisitions of Icelolly Marketing Limited and Podium Solutions Limited. During the year, the Group part disposed of its shareholding in Ice Travel Group (\u2018ITG\u2019) resulting in it no longer being consolidated within the Consolidated Financial Statements and non-controlling interest no longer being recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "Basis of consolidation These Consolidated Financial Statements incorporate the Financial Statements of the Company and all its subsidiaries. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The acquisition date is the date on which control is transferred to the acquirer. The Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Non-controlling interest is measured at the proportionate share of the entity\u2019s net assets. On initial recognition this includes the proportionate share of the pre-acquisition net assets of Travelsupermarket Limited and the net assets arising on the acquisitions of Icelolly Marketing Limited and Podium Solutions Limited. During the year, the Group part disposed of its shareholding in Ice Travel Group (\u2018ITG\u2019) resulting in it no longer being consolidated within the Consolidated Financial Statements and non-controlling interest no longer being recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "Basis of consolidation These Consolidated Financial Statements incorporate the Financial Statements of the Company and all its subsidiaries. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The acquisition date is the date on which control is transferred to the acquirer. The Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Non-controlling interest is measured at the proportionate share of the entity\u2019s net assets. On initial recognition this includes the proportionate share of the pre-acquisition net assets of Travelsupermarket Limited and the net assets arising on the acquisitions of Icelolly Marketing Limited and Podium Solutions Limited. During the year, the Group part disposed of its shareholding in Ice Travel Group (\u2018ITG\u2019) resulting in it no longer being consolidated within the Consolidated Financial Statements and non-controlling interest no longer being recognised. Subsidiaries\u2019 exemption from audit by parental guarantee The Company has provided a parental guarantee under section 479C of the Companies Act (2006) over the outstanding liabilities of some of its subsidiaries as at 31 December 2025 until they are settled in full. The subsidiaries covered by the parental guarantee are exempt from the requirements of the Companies Act (2006) relating to the audit of their individual accounts in accordance with section 479A. The guarantee covers all of the Company\u2019s wholly owned subsidiaries and a list of these companies is included in note 27. This parental guarantee was also provided in the prior year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "Basis of consolidation These Consolidated Financial Statements incorporate the Financial Statements of the Company and all its subsidiaries. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The acquisition date is the date on which control is transferred to the acquirer. The Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Non-controlling interest is measured at the proportionate share of the entity\u2019s net assets. On initial recognition this includes the proportionate share of the pre-acquisition net assets of Travelsupermarket Limited and the net assets arising on the acquisitions of Icelolly Marketing Limited and Podium Solutions Limited. During the year, the Group part disposed of its shareholding in Ice Travel Group (\u2018ITG\u2019) resulting in it no longer being consolidated within the Consolidated Financial Statements and non-controlling interest no longer being recognised. Subsidiaries\u2019 exemption from audit by parental guarantee The Company has provided a parental guarantee under section 479C of the Companies Act (2006) over the outstanding liabilities of some of its subsidiaries as at 31 December 2025 until they are settled in full. The subsidiaries covered by the parental guarantee are exempt from the requirements of the Companies Act (2006) relating to the audit of their individual accounts in accordance with section 479A. The guarantee covers all of the Company\u2019s wholly owned subsidiaries and a list of these companies is included in note 27. This parental guarantee was also provided in the prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "Subsidiaries\u2019 exemption from audit by parental guarantee The Company has provided a parental guarantee under section 479C of the Companies Act (2006) over the outstanding liabilities of some of its subsidiaries as at 31 December 2025 until they are settled in full. The subsidiaries covered by the parental guarantee are exempt from the requirements of the Companies Act (2006) relating to the audit of their individual accounts in accordance with section 479A. The guarantee covers all of the Company\u2019s wholly owned subsidiaries and a list of these companies is included in note 27. This parental guarantee was also provided in the prior year. Accounting for business combinations From 1 January 2010 the Group has applied IFRS 3 \u2013 Business Combinations (2008) in accounting for business combinations using the acquisition method. The change in accounting policy has been applied prospectively. Acquisitions For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as: \u00b7 the fair value of the consideration transferred; plus \u00b7 the recognised amount of any non-controlling interests in the acquiree; plus \u00b7 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u00b7 the net recognised amount (fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent amount payable is recognised at fair value at the acquisition date. If the contingent amount is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent amount are recognised in profit or loss. Where the contingent amount is dependent on future employment, it is treated as a cost of continuing employment, and therefore is recognised as an expense over the relevant period. Deferred consideration comprises obligations to pay specified amounts at future dates, i.e. there is no uncertainty about the amount to be paid. It is recognised and measured at fair value at the date of acquisition and it is included in the consideration transferred. The unwinding of any interest element or deferred consideration is recognised in the Income Statement. Intangible assets and goodwill Goodwill Goodwill is measured at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment at least annually, and whenever there is an indication that the carrying value may be impaired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "Accounting for business combinations From 1 January 2010 the Group has applied IFRS 3 \u2013 Business Combinations (2008) in accounting for business combinations using the acquisition method. The change in accounting policy has been applied prospectively. Acquisitions For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as: \u00b7 the fair value of the consideration transferred; plus \u00b7 the recognised amount of any non-controlling interests in the acquiree; plus \u00b7 if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u00b7 the net recognised amount (fair value) of the identifiable assets acquired and liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
The consideration transferred does not include amounts related to the settlement of
pre-existing relationships. Such amounts are generally recognised in profit or loss.
Costs related to the acquisition, other than those associated with the issue of debt or equity
securities, that the Group incurs in connection with a business combination are expensed
as incurred.
Any contingent amount payable is recognised at fair value at the acquisition date. If the
contingent amount is classified as equity, it is not remeasured and settlement is accounted
for within equity. Otherwise, subsequent changes to the fair value of the contingent amount
are recognised in profit or loss. Where the contingent amount is dependent on future
employment, it is treated as a cost of continuing employment, and therefore is recognised
as an expense over the relevant period.
Deferred consideration comprises obligations to pay specified amounts at future dates,
i.e. there is no uncertainty about the amount to be paid. It is recognised and measured at
fair value at the date of acquisition and it is included in the consideration transferred.
The unwinding of any interest element or deferred consideration is recognised in the
Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "
Revenue
Revenue is derived from the Group\u2019s principal activity of providing price comparison and lead
generation services on the internet. The Group generates fees from internet lead generation
and commissions from brokerage sales through a variety of contractual arrangements.
Revenue is recognised when the Group has satisfied its performance obligations relating to a
transaction. IFRS 15 \u2013 Revenue from Contracts with Customers requires the Group to allocate
the transaction price to separate performance obligations within a contract.
The following table provides information about the nature and timing of the satisfaction of
performance obligations and the related revenue recognition policies.
Nature and timing of satisfaction of
Type of sales transaction
performance obligations
Revenue recognition policies
Price comparison The performance obligation is the Revenue is recognised in the period
services provision of an internet lead to a in which the lead is provided.
provider\u2019s website.
At the period end an estimate of
The trigger for the transaction price accrued revenue is made for leads
to become receivable is usually a (clicks) provided that have not been
completed sale on the provider\u2019s invoiced. Measurement of this
website. However, for some revenue depends on the contractual
contracts the trigger is the point at terms that determine the expected
which the lead is provided (usually a sales price per click.
\u2018click\u2019 transferring the user from our For some contracts, an estimate of
website to the provider).
accrued revenue is also made for
The transaction price is either a leads that will result in completed
fixed amount per completed sale or renewals. This is based on expected
a variable amount derived from the renewal rates and premiums.
terms of the completed sale.
Cashback services
Revenue is generated from
Revenue is recognised in the period
rendering services to the merchant. in which the lead is provided.
The performance obligation is the At the period end an estimate of
provision of an internet lead to a accrued revenue is made for leads
merchant\u2019s website.
provided that will result in completed
The trigger for the transaction price sales. This is based on the volume of
to become receivable is a completed leads provided in the period, historic
sale on the merchant\u2019s website. conversion rates and the expected
price per completed sale.
The transaction price is derived
from the terms of the completed
sale.
From historical experience and post-year end confirmation, the Group does not expect there to be a material difference between the revenue accrued at the year end and the amount subsequently billed. Also, given there is a large volume of low value transactions, the risk of a significant reversal in the amount of cumulative revenue recognised is unlikely. Judgement is applied in defining the customer for the cashback services. The customer is the merchant and the service provided is the delivery of an internet lead to their website. Accordingly, the cashback provided to members is not consideration payable to a customer and is recognised in cost of sales and fees that are receivable from members for premium membership are recognised as a reduction in cost of sales. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "
Cost of sales
The Group recognises associated costs of internet lead generation in the period that the
lead is generated. Costs in respect of incentive payments made by the Group to users
and members of our websites (for example, SuperSaveClub) and revenue share for B2B
partnerships are also included in cost of sales. Costs in respect of incentive payments are
recognised using estimates of future redemption rates derived from historical data.
Unclaimed cashback balances in respect of members who have had no account activity for
a consecutive 12 month period are released as a credit to cost of sales. This is in accordance
with the terms and conditions agreed with members.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "
Advertising costs
The Group incurs costs from advertising via several different media, which are recognised
within distribution expenses. Costs associated with the production of adverts are recognised
as an expense once the advert is aired or displayed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any
accumulated impairment losses. Subsequent expenditure is capitalised only if it is probable
that the future economic benefits associated with the expenditure will flow to the Group.
Where parts of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items of property, plant and equipment.
Depreciation is charged to the Statement of Comprehensive Income on a straight-line basis
over the estimated useful life of each part of an item of property, plant and equipment. Assets
under construction are not depreciated until brought into use. The estimated useful lives in
the current and comparative year are as follows:
Buildings
10\u201350 years
Plant and equipment (including IT equipment)
3 years
Office equipment
5 years
Fixtures and fittings
5 years
The useful lives and depreciation rates are reassessed at each reporting date and adjusted
if appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "Intangible assets and goodwill Goodwill Goodwill is measured at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment at least annually, and whenever there is an indication that the carrying value may be impaired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "Intangible assets and goodwill Goodwill Goodwill is measured at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment at least annually, and whenever there is an indication that the carrying value may be impaired. Other intangible assets The cost of other intangible assets acquired in a business combination is fair value as at the date of acquisition. After initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. All the Group\u2019s intangible assets (other than goodwill) have been identified as having finite useful lives. As such, they are amortised on a straight-line basis over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation expense on intangible assets with finite lives is recognised in the Statement of Comprehensive Income. The estimated useful lives in the current and comparative year are as follows:
Market related
5 years
Member relationships
5 years
Technology
3 years
The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each reporting date and adjusted if appropriate. Internally generated and other intangible assets are amortised under the same method as noted above. Market related intangible assets are defined as those that are primarily used in the marketing or promotion of products and services, for example trademarks, trade names and internet domain names. Member relationships relate to the Cashback vertical and are deemed to have value as they provide direct access to potential leads that can be transferred to the merchants\u2019 websites. Technology-based intangible assets relate to innovations and technical advances such as computer software, patented and unpatented technology, databases and trade secrets. Costs that are directly attributable to projects of a capital nature are recognised as technology- based intangible assets controlled by the Group and are recognised when the following criteria are met: \u00b7 it is technically feasible to complete the project so that it will be available for use; \u00b7 management intends to complete the project and use it; \u00b7 there is an ability to use or sell the project; \u00b7 it can be demonstrated how the project will generate probable future economic benefits; \u00b7 adequate technical, financial and other resources to complete the development and to use output of the project are available; and \u00b7 the expenditure attributable to the project during its development can be reliably measured. Directly attributable costs that are capitalised as part of the project can include employee and contractor costs. Other development expenditures that do not meet these criteria, as well as ongoing maintenance and costs associated with routine upgrades and enhancements, are recognised as an expense as incurred. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "Other intangible assets The cost of other intangible assets acquired in a business combination is fair value as at the date of acquisition. After initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. All the Group\u2019s intangible assets (other than goodwill) have been identified as having finite useful lives. As such, they are amortised on a straight-line basis over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation expense on intangible assets with finite lives is recognised in the Statement of Comprehensive Income. The estimated useful lives in the current and comparative year are as follows:
Market related
5 years
Member relationships
5 years
Technology
3 years
The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at each reporting date and adjusted if appropriate. Internally generated and other intangible assets are amortised under the same method as noted above. Market related intangible assets are defined as those that are primarily used in the marketing or promotion of products and services, for example trademarks, trade names and internet domain names. Member relationships relate to the Cashback vertical and are deemed to have value as they provide direct access to potential leads that can be transferred to the merchants\u2019 websites. Technology-based intangible assets relate to innovations and technical advances such as computer software, patented and unpatented technology, databases and trade secrets. Costs that are directly attributable to projects of a capital nature are recognised as technology- based intangible assets controlled by the Group and are recognised when the following criteria are met: \u00b7 it is technically feasible to complete the project so that it will be available for use; \u00b7 management intends to complete the project and use it; \u00b7 there is an ability to use or sell the project; \u00b7 it can be demonstrated how the project will generate probable future economic benefits; \u00b7 adequate technical, financial and other resources to complete the development and to use output of the project are available; and \u00b7 the expenditure attributable to the project during its development can be reliably measured. Directly attributable costs that are capitalised as part of the project can include employee and contractor costs. Other development expenditures that do not meet these criteria, as well as ongoing maintenance and costs associated with routine upgrades and enhancements, are recognised as an expense as incurred. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "Financial instruments Recognition and initial measurement Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. Other investments in equity securities held by the Group are classified as fair value through other comprehensive income (\u2018FVOCI\u2019) \u2013 equity instruments are stated at fair value, with any resultant gain or loss being recognised directly in other comprehensive income (in the fair value reserve). Cash and cash equivalents comprise cash balances and call deposits. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss (\u2018FVTPL\u2019), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and subsequent measurement Financial assets Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u00b7 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u00b7 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u00b7 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u00b7 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. Financial assets \u2013 subsequent measurement and gains and losses
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net
gains and losses, including any interest or dividend income,
are recognised in profit or loss.
Financial assets at These assets are subsequently measured at amortised cost
amortised cost using the effective interest method. The amortised cost is
reduced by impairment losses. Interest income, foreign
exchange gains and losses and impairment are recognised in
profit or loss. Any gain or loss on derecognition is recognised
in profit or loss.
Debt investments at FVOCI
These assets are subsequently measured at fair value. Interest
income calculated using the effective interest method, foreign
exchange gains and losses and impairment are recognised in
profit or loss. Other net gains and losses are recognised in OCI.
On derecognition, gains and losses accumulated in OCI are
reclassified to profit or loss.
Equity investments at FVOCI
These assets are subsequently measured at fair value.
Dividends are recognised as income in profit or loss unless the
dividend clearly represents a recovery of part of the cost of the
investment. Other net gains and losses are recognised in OCI
and are never reclassified to profit or loss.
Expected credit loss assessment The Group recognises loss allowances for expected credit losses (\u2018ECLs\u2019) on financial assets measured at amortised cost. The Group measures loss allowances at an amount equal to lifetime ECLs. Loss allowances wholly relate to trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. The Group uses an allowance matrix to measure the ECLs of trade receivables from individual customers and assumes that the credit risk of default on a financial asset has increased significantly if it is more than 120 days past due. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at FVOCI are \u201ccredit-impaired\u201d. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For individual customers, the Group has a policy of writing off the gross carrying amount when the financial asset is 180 days past due based on historical experience of recoveries of similar assets. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Financial liabilities \u2013 classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held for trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition Financial asset The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liability The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. Fair value measurement \u201cFair value\u201d is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The transaction is assumed to take place in the principal or, in its absence, the most advantageous market to which the Group has access at that date. A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When one is available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as \u201cactive\u201d if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Group uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates factors that market participants would take into account in pricing a transaction. In doing so, the Group consults with appropriate internal and external specialists to determine the fair valuation. Key assumptions are benchmarked against other comparable companies and sensitised to gain assurance that they fall within a reasonable range. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "Classification and subsequent measurement Financial assets Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u00b7 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u00b7 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u00b7 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u00b7 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. Financial assets \u2013 subsequent measurement and gains and losses
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net
gains and losses, including any interest or dividend income,
are recognised in profit or loss.
Financial assets at These assets are subsequently measured at amortised cost
amortised cost using the effective interest method. The amortised cost is
reduced by impairment losses. Interest income, foreign
exchange gains and losses and impairment are recognised in
profit or loss. Any gain or loss on derecognition is recognised
in profit or loss.
Debt investments at FVOCI
These assets are subsequently measured at fair value. Interest
income calculated using the effective interest method, foreign
exchange gains and losses and impairment are recognised in
profit or loss. Other net gains and losses are recognised in OCI.
On derecognition, gains and losses accumulated in OCI are
reclassified to profit or loss.
Equity investments at FVOCI
These assets are subsequently measured at fair value.
Dividends are recognised as income in profit or loss unless the
dividend clearly represents a recovery of part of the cost of the
investment. Other net gains and losses are recognised in OCI
and are never reclassified to profit or loss.
Expected credit loss assessment The Group recognises loss allowances for expected credit losses (\u2018ECLs\u2019) on financial assets measured at amortised cost. The Group measures loss allowances at an amount equal to lifetime ECLs. Loss allowances wholly relate to trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information. The Group uses an allowance matrix to measure the ECLs of trade receivables from individual customers and assumes that the credit risk of default on a financial asset has increased significantly if it is more than 120 days past due. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at FVOCI are \u201ccredit-impaired\u201d. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For individual customers, the Group has a policy of writing off the gross carrying amount when the financial asset is 180 days past due based on historical experience of recoveries of similar assets. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "Financial liabilities \u2013 classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held for trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "Derecognition Financial asset The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Financial liability The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "Fair value measurement \u201cFair value\u201d is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The transaction is assumed to take place in the principal or, in its absence, the most advantageous market to which the Group has access at that date. A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When one is available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as \u201cactive\u201d if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Group uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates factors that market participants would take into account in pricing a transaction. In doing so, the Group consults with appropriate internal and external specialists to determine the fair valuation. Key assumptions are benchmarked against other comparable companies and sensitised to gain assurance that they fall within a reasonable range. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "Impairment Impairment of non-financial assets The carrying amounts of the Group\u2019s assets are reviewed annually to determine whether there is any indication of impairment. If such indication exists, the asset\u2019s recoverable amount is estimated. For the purposes of impairment reviews, the recoverable amount of the Group\u2019s assets is taken to be the higher of their fair value less costs to sell and their value in use. An impairment loss is recognised whenever the carrying amount of an asset or its cash- generating unit (\u2018CGU\u2019) exceeds its recoverable amount. Impairment losses are recognised in the Consolidated Statement of Comprehensive Income. See note 12 for full disclosure of how goodwill and impairment losses are allocated across the CGUs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "Impairment Impairment of non-financial assets The carrying amounts of the Group\u2019s assets are reviewed annually to determine whether there is any indication of impairment. If such indication exists, the asset\u2019s recoverable amount is estimated. For the purposes of impairment reviews, the recoverable amount of the Group\u2019s assets is taken to be the higher of their fair value less costs to sell and their value in use. An impairment loss is recognised whenever the carrying amount of an asset or its cash- generating unit (\u2018CGU\u2019) exceeds its recoverable amount. Impairment losses are recognised in the Consolidated Statement of Comprehensive Income. See note 12 for full disclosure of how goodwill and impairment losses are allocated across the CGUs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "Employee benefits Defined contribution plans Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement of Comprehensive Income as the related service is provided. Share-based payment transactions The Group\u2019s share schemes allow certain Group employees to acquire ordinary shares in the Company. The fair value of share awards made is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at the award date and spread over the period during which the employees become unconditionally entitled to the awards. The fair values of the share awards are measured using the Monte Carlo method for options subject to a market-based condition and the Black-Scholes model for all others, taking into account the terms and conditions upon which the awards were made. The amount recognised as an expense is adjusted to reflect the number of share awards expected to vest. Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are recognised as an expense in the Consolidated Statement of Comprehensive Income as the related service is provided. A provision is recognised for the amount expected to be paid under short-term cash bonus or deferred bonus plan if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. The Group\u2019s deferred bonus plans currently do not have any ongoing performance obligations and are therefore provided for as described above in the period to which they related. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "Share-based payment transactions The Group\u2019s share schemes allow certain Group employees to acquire ordinary shares in the Company. The fair value of share awards made is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at the award date and spread over the period during which the employees become unconditionally entitled to the awards. The fair values of the share awards are measured using the Monte Carlo method for options subject to a market-based condition and the Black-Scholes model for all others, taking into account the terms and conditions upon which the awards were made. The amount recognised as an expense is adjusted to reflect the number of share awards expected to vest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "Finance income Finance income comprises interest receivable from bank deposits. Finance costs Finance costs comprise interest charged on borrowings, amounts owed to non-controlling interest and leases (recognised under IFRS 16 \u2013 Leases). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "Finance income Finance income comprises interest receivable from bank deposits. Finance costs Finance costs comprise interest charged on borrowings, amounts owed to non-controlling interest and leases (recognised under IFRS 16 \u2013 Leases). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "Finance costs Finance costs comprise interest charged on borrowings, amounts owed to non-controlling interest and leases (recognised under IFRS 16 \u2013 Leases). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16 \u2013 Leases. Leased items are recognised on the balance sheet as an asset valued at its right-of-use and a corresponding liability that reflects the present value of future lease payments.
The asset is initially measured at its right-of-use value, which reflects the total cost of lease
payments, the direct costs incurred to bring the asset into use and an estimate of the cost that
will be incurred when dismantling or uninstalling the item. The asset is then depreciated
through the profit and loss account on a straight-line basis over the contract term of the lease.
The liability is initially recognised at the present value of future lease payments using the
discount rate implicit in the lease if it can be determined or otherwise using the incremental
borrowing rate of the Group.
Leased items with a value of less than \u00a35,000 and items leased over a term of less than
12 months are not recognised on the balance sheet as an asset and liability. The cost of lease
payments is recognised in the profit and loss account as they fall due on an accrued basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "
Dividends
Dividends payable to the Company\u2019s shareholders are recognised as a liability and deducted from
shareholders\u2019 equity in the period in which the shareholders\u2019 right to receive payment
is established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "
Taxation
Income tax expense comprises current and deferred tax. It is recognised in the Consolidated
Statement of Comprehensive Income except to the extent that it relates to items recognised
directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates
in force for the year, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. The
following temporary differences are not provided for: the initial recognition of goodwill; the initial
recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a
business combination; and differences relating to investments in subsidiaries to the extent that
they will probably not reverse in the foreseeable future. The amount of deferred tax provided is
based on the expected manner of realisation or settlement of the carrying amount of assets and
liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable
profits will be available against which the asset can be utilised.
Deferred tax liabilities are recognised at the expected future tax rate of the value of the
intangible assets with finite lives that are acquired through business combinations
representing the tax effect of the amortisation of these assets in future periods.
These liabilities will decrease in line with the amortisation of the related intangible assets, with
the deferred tax credit recognised in the Statement of Comprehensive Income in accordance
with IAS 12 \u2013 Income Taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "Taxation Income tax expense comprises current and deferred tax. It is recognised in the Consolidated Statement of Comprehensive Income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates in force for the year, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax liabilities are recognised at the expected future tax rate of the value of the intangible assets with finite lives that are acquired through business combinations representing the tax effect of the amortisation of these assets in future periods. These liabilities will decrease in line with the amortisation of the related intangible assets, with the deferred tax credit recognised in the Statement of Comprehensive Income in accordance with IAS 12 \u2013 Income Taxes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "
Reserve for own shares
The Group has a number of equity-settled, share-based employee incentive plans. In
connection with these, shares in the Company are held by an Employee Benefit Trust (\u2018EBT\u2019).
The assets and liabilities of the EBT are required to be consolidated within these accounts as it
is deemed to be under de facto control of the Group. The assets of the EBT mainly comprise
MONY Group PLC shares, which are shown as a deduction from total equity at cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "
Standards, amendments and interpretations issued but not yet effective
A number of new accounting standards are effective for annual reporting periods beginning
after 1 January 2025 and earlier application is permitted. However, the Group has not early
adopted the following new or amended accounting standards in preparing these Consolidated
Financial Statements.
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual
reporting periods beginning on or after 1 January 2027. The new accounting standard
introduces the following key new requirements.
\u00b7 Entities are required to classify all income and expenses into five categories in the
Consolidated Statement of Comprehensive Income namely the operating, investing,
financing, discontinued operations and income tax categories. Entities are also required to
present a newly-defined operating profit subtotal. Entities\u2019 net profit will not change.
\u00b7 Management-defined performance measures (MPMs) are disclosed in a single note in the
financial statements.
\u00b7 Enhanced guidance is provided on how to group information in the financial statements.
In addition, all entities are required to use the operating profit subtotal as the starting point
for the statement of cash flows when presenting operating cash flows under the indirect
method.
The Group is still in the process of assessing the impact of the new accounting standard,
particularly with respect to the structure of the Group\u2019s Consolidated Statement of
Comprehensive Income, the Consolidated Statement of Cash Flows and the additional
disclosures required for MPMs. The Group is also assessing the impact on how information is
grouped in the financial statements, including for items currently labelled as \u2018other\u2019.
Other accounting standards
The following new and amended accounting standards are not expected to have a significant
impact on the Group\u2019s Consolidated Financial Statements:
\u00b7 Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7);
and
\u00b7 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7).
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "Standards, amendments and interpretations issued but not yet effective A number of new accounting standards are effective for annual reporting periods beginning after 1 January 2025 and earlier application is permitted. However, the Group has not early adopted the following new or amended accounting standards in preparing these Consolidated Financial Statements. IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new accounting standard introduces the following key new requirements. \u00b7 Entities are required to classify all income and expenses into five categories in the Consolidated Statement of Comprehensive Income namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities\u2019 net profit will not change. \u00b7 Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. \u00b7 Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Group is still in the process of assessing the impact of the new accounting standard, particularly with respect to the structure of the Group\u2019s Consolidated Statement of Comprehensive Income, the Consolidated Statement of Cash Flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as \u2018other\u2019. Other accounting standards The following new and amended accounting standards are not expected to have a significant impact on the Group\u2019s Consolidated Financial Statements: \u00b7 Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7); and \u00b7 Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7).", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "
3. Revenue
All revenue is derived from generating internet leads and arises in the UK.
2025 2024
\u00a3m \u00a3m
Revenue from price comparison services
404.0
389.1
Revenue from cashback services
52.7
60.8
Inter-vertical eliminations*
(10.4)
(10.7)
Total revenue
446.3
439.2
* Inter-vertical eliminations reflect transactions where revenue in Cashback and Travel has also been recorded as cost of sales in
Insure, Home Services and Travel. This has no impact on total group revenue. See note 4 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "
4. Segmental information
Business segments
Below we report a measure of profitability at segment level that reflects the way performance
is assessed internally. Inter-vertical revenue and inter-vertical cost of sales are presented
within the verticals, in order to give a more accurate view of performance. These amounts are
also deducted in a separate \u201cinter-vertical eliminations\u201d column to arrive at the consolidated
total values.
The Group has a number of teams, capabilities and infrastructure that are used to support all
verticals, e.g. data platform and brand marketing. These are shared costs of the Group rather
than \u201ccentral costs\u201d. We have concluded there is no direct or accurate basis for allocating
these costs to the operating segments and therefore they are disclosed separately, which is
how they are presented to the Chief Operating Decision Maker.
The Group\u2019s reportable segments are Insurance, Money, Home Services, Travel and Cashback.
These segments represent individual trading verticals, which are reported separately for
revenue and directly attributable expenses. Net finance expense, tax and net assets are only
reviewed by the Chief Operating Decision Maker at a consolidated level and therefore have
not been allocated between segments. All assets held by the Group are located in the UK.
On 1 December 2025, the Group ceded control of Ice Travel Group (\u2018ITG\u2019) following a share
buyback and cancellation of shares. This reflects a strategic decision to reduce Group
operational complexity whilst retaining influence. ITG will benefit from greater operational
independence, enabling the business to accelerate its plans while continuing to benefit from
MONY\u2019s support and expertise. Prior to disposal, ITG represented the Group\u2019s Travel vertical
and was reported as a separate operating segment. From the date of disposal, the Group\u2019s
remaining interest in ITG is accounted for as an associate and is no longer included within
segmental revenue or adjusted EBITDA. The Group\u2019s share of ITG post-disposal results is
presented within share of post-tax profit of equity accounted investments. Although Travel is
a separate operating segment, ITG is not considered a separate major line of business, as it is
not material in the context of the wider Group, or geographical area and therefore its results
have not been presented as discontinued operations.
All revenue is derived from generating internet leads. The following summary describes the
services provided in each segment.
Segment
Type of sales transaction
Services provided
Insurance, Money, Price comparison Users visit one of our sites or apps and generate
Home Services and services quotations from product providers or view
Travel personal finance information with links to product
providers\u2019 sites. Users then click away from our site
to complete a transaction on one of those
providers\u2019 sites. Revenue is generated from
providers by transferring users to their sites.
Cashback
Cashback services
Quidco members visit our site or app and click
away to a merchant\u2019s site to complete a
transaction. Revenue is generated from merchants
by transferring members to their sites. Members
are rewarded with cashback incentives, which are
recognised in cost of sales.
Home Shared Inter-vertical
Insurance Money Services Travel Cashback costs
eliminations
2
Total
Segment \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Year ended 31 December 2025
Revenue
232.5
105.7
48.2
17.6
52.7
\u2014
(10.4)
446.3
Directly attributable expenses
(107.4)
(38.6)
(15.3)
(15.5)
(44.9)
(89.9)
10.4
(301.2)
Adjusted EBITDA contribution
125.1
67.1
32.9
2.1
7.8
(89.9)
\u2014
145.1
Adjusted EBITDA contribution margin
1
54%
63%
68%
12%
15%
\u2014
\u2014
33%
Irrecoverable VAT and related costs
(4.4)
Depreciation and amortisation
(23.3)
Profit on disposal of investments
2.5
Profit on disposal of property, plant and equipment
0.6
Loss on disposal of subsidiary
(6.7)
Share of profit of equity accounted investees
0.1
Net finance expense
(3.4)
Profit before tax
110.5
Taxation
(29.8)
Profit for the year
80.7
Year ended 31 December 2024
Revenue
235.6
97.8
36.1
19.6
60.8
\u2014
(10.7)
439.2
Directly attributable expenses
(101.8)
(32.0)
(11.1)
(15.7)
(52.4)
(95.1)
10.7
(297.4)
Adjusted EBITDA contribution
133.8
65.8
25.0
3.9
8.4
(95.1)
\u2014
141.8
Adjusted EBITDA contribution margin
1
57%
67%
69%
20%
14%
\u2014
\u2014
32%
Irrecoverable VAT and related costs
(3.0)
Depreciation and amortisation
(25.5)
Net finance expense
(4.6)
Profit before tax
108.7
Taxation
(28.5)
Profit for the year
80.2
1 Adjusted EBITDA contribution margin is calculated by dividing adjusted EBITDA contribution by revenue.
2 Inter-vertical eliminations revenue line reflects transactions where revenue in Cashback and Travel has also been recorded as cost of sales in Insure, Home Services and Travel.
Insurance EBITDA contribution margin decreased from 57% to 54%, driven by increased
contribution from lower margin B2B, an increase in PPC costs and impact from SuperSaveClub
first purchase rewards.
Money saw a decrease in EBITDA contribution margin from 67% to 63%, due to an increase in
competitive intensity and PPC costs.
Home Services EBITDA contribution margin decreased from 69% to 68%, with mix into
lower-margin energy offset by improved broadband performance.
Travel EBITDA contribution margin declined from 20% to 12%, with increasing cost of
customer acquisition in a highly competitive market.
Margin for Cashback is significantly lower than other verticals as a large proportion of
commission is paid out to members as cashback. EBITDA contribution margin increased from
14% to 15% reflecting strong control of operating costs.
Shared costs decreased by 5%, primarily due to lower headcount and other admin costs in the
year delivered through automation and efficiency gains.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "
5. Operating profit
Operating profit is stated after charging items detailed in the table below.
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment
3.7
4.4
Amortisation of intangible assets
19.6
21.1
Auditor\u2019s remuneration:
Audit of these Consolidated and Parent Company Financial
Statements*
0.7
0.7
* In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the
liabilities of some of its subsidiaries as at 31 December 2025 until they fall due. This means that these subsidiaries are exempt
from the requirements of the Act relating to the audit of their individual accounts under section 479A. This guarantee was also
provided in the prior year.
Non-audit related services provided by KPMG constituted a review opinion on the financial
statements for the six-month period ended 30 June 2025, which amounted to \u00a30.07m
(2024: \u00a30.07m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "5. Operating profit Operating profit is stated after charging items detailed in the table below.
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment
3.7
4.4
Amortisation of intangible assets
19.6
21.1
Auditor\u2019s remuneration:
Audit of these Consolidated and Parent Company Financial
Statements*
0.7
0.7
* In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the liabilities of some of its subsidiaries as at 31 December 2025 until they fall due. This means that these subsidiaries are exempt from the requirements of the Act relating to the audit of their individual accounts under section 479A. This guarantee was also provided in the prior year. Non-audit related services provided by KPMG constituted a review opinion on the financial statements for the six-month period ended 30 June 2025, which amounted to \u00a30.07m (2024: \u00a30.07m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "5. Operating profit Operating profit is stated after charging items detailed in the table below.
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment
3.7
4.4
Amortisation of intangible assets
19.6
21.1
Auditor\u2019s remuneration:
Audit of these Consolidated and Parent Company Financial
Statements*
0.7
0.7
* In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the liabilities of some of its subsidiaries as at 31 December 2025 until they fall due. This means that these subsidiaries are exempt from the requirements of the Act relating to the audit of their individual accounts under section 479A. This guarantee was also provided in the prior year. Non-audit related services provided by KPMG constituted a review opinion on the financial statements for the six-month period ended 30 June 2025, which amounted to \u00a30.07m (2024: \u00a30.07m).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "5. Operating profit Operating profit is stated after charging items detailed in the table below.
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment
3.7
4.4
Amortisation of intangible assets
19.6
21.1
Auditor\u2019s remuneration:
Audit of these Consolidated and Parent Company Financial
Statements*
0.7
0.7
* In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the liabilities of some of its subsidiaries as at 31 December 2025 until they fall due. This means that these subsidiaries are exempt from the requirements of the Act relating to the audit of their individual accounts under section 479A. This guarantee was also provided in the prior year. Non-audit related services provided by KPMG constituted a review opinion on the financial statements for the six-month period ended 30 June 2025, which amounted to \u00a30.07m (2024: \u00a30.07m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "5. Operating profit Operating profit is stated after charging items detailed in the table below.
2025 2024
\u00a3m \u00a3m
Depreciation of property, plant and equipment
3.7
4.4
Amortisation of intangible assets
19.6
21.1
Auditor\u2019s remuneration:
Audit of these Consolidated and Parent Company Financial
Statements*
0.7
0.7
* In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the liabilities of some of its subsidiaries as at 31 December 2025 until they fall due. This means that these subsidiaries are exempt from the requirements of the Act relating to the audit of their individual accounts under section 479A. This guarantee was also provided in the prior year. Non-audit related services provided by KPMG constituted a review opinion on the financial statements for the six-month period ended 30 June 2025, which amounted to \u00a30.07m (2024: \u00a30.07m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "
6. Staff numbers and cost
The average number of persons employed by the Group (including Directors) during the year,
analysed by category, was as follows:
2025 2024
No. No.
Technology and product operations
240
275
Administration
389
420
629
695
The aggregate payroll costs of these persons were as follows:
2025 2024
\u00a3m \u00a3m
Wages and salaries
51.4
54.7
Social security contributions
6.6
6.3
Defined contribution pension costs
2.8
2.9
Share-based payment transactions
2.8
3.0
Social security contributions related to share awards and options
0.1
0.4
Capitalised staff costs
(6.5)
(5.3)
57.2
62.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "
7. Net finance expense
2025 2024
\u00a3m \u00a3m
Finance income
Bank deposits
0.3
0.3
Total finance income
0.3
0.3
Finance expense
Revolving credit facility
(2.6)
(2.7)
Bank loan
\u2014
(1.2)
Leases
(0.9)
(0.9)
Amounts payable to non-controlling interest
(0.2)
(0.1)
Total finance expense
(3.7)
(4.9)
Net finance expense
(3.4)
(4.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "7. Net finance expense
2025 2024
\u00a3m \u00a3m
Finance income
Bank deposits
0.3
0.3
Total finance income
0.3
0.3
Finance expense
Revolving credit facility
(2.6)
(2.7)
Bank loan
\u2014
(1.2)
Leases
(0.9)
(0.9)
Amounts payable to non-controlling interest
(0.2)
(0.1)
Total finance expense
(3.7)
(4.9)
Net finance expense
(3.4)
(4.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "7. Net finance expense
2025 2024
\u00a3m \u00a3m
Finance income
Bank deposits
0.3
0.3
Total finance income
0.3
0.3
Finance expense
Revolving credit facility
(2.6)
(2.7)
Bank loan
\u2014
(1.2)
Leases
(0.9)
(0.9)
Amounts payable to non-controlling interest
(0.2)
(0.1)
Total finance expense
(3.7)
(4.9)
Net finance expense
(3.4)
(4.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "7. Net finance expense
2025 2024
\u00a3m \u00a3m
Finance income
Bank deposits
0.3
0.3
Total finance income
0.3
0.3
Finance expense
Revolving credit facility
(2.6)
(2.7)
Bank loan
\u2014
(1.2)
Leases
(0.9)
(0.9)
Amounts payable to non-controlling interest
(0.2)
(0.1)
Total finance expense
(3.7)
(4.9)
Net finance expense
(3.4)
(4.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "7. Net finance expense
2025 2024
\u00a3m \u00a3m
Finance income
Bank deposits
0.3
0.3
Total finance income
0.3
0.3
Finance expense
Revolving credit facility
(2.6)
(2.7)
Bank loan
\u2014
(1.2)
Leases
(0.9)
(0.9)
Amounts payable to non-controlling interest
(0.2)
(0.1)
Total finance expense
(3.7)
(4.9)
Net finance expense
(3.4)
(4.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "7. Net finance expense
2025 2024
\u00a3m \u00a3m
Finance income
Bank deposits
0.3
0.3
Total finance income
0.3
0.3
Finance expense
Revolving credit facility
(2.6)
(2.7)
Bank loan
\u2014
(1.2)
Leases
(0.9)
(0.9)
Amounts payable to non-controlling interest
(0.2)
(0.1)
Total finance expense
(3.7)
(4.9)
Net finance expense
(3.4)
(4.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "
8. Taxation
2025 2024
\u00a3m \u00a3m
Current tax
Current tax on income for the year
32.2
30.8
Adjustment in relation to prior period
(0.8)
0.4
Total current tax
31.4
31.2
Deferred tax
Origination and reversal of temporary differences
(2.4)
(2.5)
Adjustment in relation to prior period
0.8
(0.2)
Total deferred tax
(1.6)
(2.7)
Taxation
29.8
28.5
Origination and reversal of temporary differences includes the unwind of deferred tax
liabilities relating to acquired intangible assets.
Reconciliation of the effective tax rate
The effective tax rate is higher (2024: higher) than the standard rate of 25% (2024: 25%). The
differences are explained below.
2025 2024
\u00a3m \u00a3m
Profit before tax
110.5
108.6
Standard rate of tax at 25% (2024: 25%)
27.6
27.2
Effects of:
Expenses not deductible for tax purposes
0.1
0.1
Movement related to share-based payments
0.3
1.0
Disposal of subsidiary
1.7
\u2014
Adjustments in relation to prior periods
0.1
0.2
Taxation
29.8
28.5
Taxation recognised in other comprehensive income
Other comprehensive income includes current tax of \u00a30.8m (2024: \u00a3nil) relating to historic fair
value gains which have been realised on the disposal of investments.
18. Deferred tax liabilities
Deferred tax assets and liabilities are attributable to the following:
31 December 31 December
2025 2024
\u00a3m \u00a3m
Goodwill related to MoneySavingExpert.com
13.2
13.2
Intangible assets and goodwill relating to other acquisitions
1.6
3.4
Share schemes
(0.8)
(1.0)
Accelerated capital allowances
(0.1)
(0.1)
Losses
(1.8)
(2.2)
Provisions
(0.5)
(0.2)
Deferred tax liability
11.6
13.1
The following table illustrates the movement in the deferred tax liabilities during the year:
31 December 31 December
2025 2024
\u00a3m \u00a3m
At 1 January
13.1
15.8
Temporary differences on:
Intangible assets and goodwill relating to other acquisitions
(1.8)
(2.9)
Share schemes
0.2
0.5
Accelerated capital allowances
\u2014
0.1
Losses
0.4
(0.2)
Provisions
(0.3)
(0.2)
At 31 December
11.6
13.1
Deferred tax liabilities relate to the recognition of intangible assets and goodwill from the
acquisitions of MONY Group Financial Limited, MoneySavingExpert.com Limited, Quidco
Limited and Podium Solutions Limited. Deferred tax liabilities from the acquisition of Ice Travel
Group of \u00a30.2m have been derecognised in the year (see note 29).
The deferred tax liability relating to the goodwill of MoneySavingExpert.com is due to the
amortisation of this balance within its individual accounts, which are prepared under a
different accounting framework, FRS 102, whereas the consolidation is prepared in line with
IFRS. The recognition of a deferred tax liability within these consolidated accounts is to reflect
the tax benefit already claimed by the Group on the goodwill balance shown.
Deferred tax assets arise on share option schemes based on the expected tax deduction on
vesting. Deferred tax assets have also been recognised for unused tax losses to the extent
that it is probable that future taxable profits will be available against which they can be used.
Deferred tax assets and liabilities have been calculated at the applicable tax rate enacted at
the balance sheet date of 25% (2024: 25%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "8. Taxation
2025 2024
\u00a3m \u00a3m
Current tax
Current tax on income for the year
32.2
30.8
Adjustment in relation to prior period
(0.8)
0.4
Total current tax
31.4
31.2
Deferred tax
Origination and reversal of temporary differences
(2.4)
(2.5)
Adjustment in relation to prior period
0.8
(0.2)
Total deferred tax
(1.6)
(2.7)
Taxation
29.8
28.5
Origination and reversal of temporary differences includes the unwind of deferred tax liabilities relating to acquired intangible assets. Reconciliation of the effective tax rate The effective tax rate is higher (2024: higher) than the standard rate of 25% (2024: 25%). The differences are explained below.
2025 2024
\u00a3m \u00a3m
Profit before tax
110.5
108.6
Standard rate of tax at 25% (2024: 25%)
27.6
27.2
Effects of:
Expenses not deductible for tax purposes
0.1
0.1
Movement related to share-based payments
0.3
1.0
Disposal of subsidiary
1.7
\u2014
Adjustments in relation to prior periods
0.1
0.2
Taxation
29.8
28.5
Taxation recognised in other comprehensive income Other comprehensive income includes current tax of \u00a30.8m (2024: \u00a3nil) relating to historic fair value gains which have been realised on the disposal of investments. 18. Deferred tax liabilities Deferred tax assets and liabilities are attributable to the following:
31 December 31 December
2025 2024
\u00a3m \u00a3m
Goodwill related to MoneySavingExpert.com
13.2
13.2
Intangible assets and goodwill relating to other acquisitions
1.6
3.4
Share schemes
(0.8)
(1.0)
Accelerated capital allowances
(0.1)
(0.1)
Losses
(1.8)
(2.2)
Provisions
(0.5)
(0.2)
Deferred tax liability
11.6
13.1
The following table illustrates the movement in the deferred tax liabilities during the year:
31 December 31 December
2025 2024
\u00a3m \u00a3m
At 1 January
13.1
15.8
Temporary differences on:
Intangible assets and goodwill relating to other acquisitions
(1.8)
(2.9)
Share schemes
0.2
0.5
Accelerated capital allowances
\u2014
0.1
Losses
0.4
(0.2)
Provisions
(0.3)
(0.2)
At 31 December
11.6
13.1
Deferred tax liabilities relate to the recognition of intangible assets and goodwill from the acquisitions of MONY Group Financial Limited, MoneySavingExpert.com Limited, Quidco Limited and Podium Solutions Limited. Deferred tax liabilities from the acquisition of Ice Travel Group of \u00a30.2m have been derecognised in the year (see note 29). The deferred tax liability relating to the goodwill of MoneySavingExpert.com is due to the amortisation of this balance within its individual accounts, which are prepared under a different accounting framework, FRS 102, whereas the consolidation is prepared in line with IFRS. The recognition of a deferred tax liability within these consolidated accounts is to reflect the tax benefit already claimed by the Group on the goodwill balance shown. Deferred tax assets arise on share option schemes based on the expected tax deduction on vesting. Deferred tax assets have also been recognised for unused tax losses to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets and liabilities have been calculated at the applicable tax rate enacted at the balance sheet date of 25% (2024: 25%).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "
9. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss for the year attributable to
ordinary equity holders of the Company, by the weighted average number of ordinary shares
outstanding during the year. The Company\u2019s own shares held by employee trusts are
excluded when calculating the weighted average number of ordinary shares outstanding.
Diluted earnings per share
Diluted earnings per share is calculated by dividing the profit or loss for the year attributable to
ordinary equity holders of the Company, by the weighted average number of ordinary shares
outstanding during the year plus the weighted average number of ordinary shares that would be
issued on the conversion of all dilutive potential ordinary shares into ordinary shares.
Earnings per share
Basic and diluted earnings per share have been calculated on the following basis:
2025
2024
Profit after taxation attributable to the owners of the Company (\u00a3m)
81.2
80.6
Basic weighted average shares in issue (millions)
530.2
536.8
Dilutive effect of share-based instruments (millions)
2.8
3.1
Diluted weighted average shares in issue (millions)
533.0
539.9
Basic earnings per share (p)
15.3
15.0
Diluted earnings per share (p)
15.2
14.9
Adjusted basic and diluted earnings per share have been calculated as follows:
2025
2024
Profit before tax
110.5
108.7
Adjusted for loss before tax attributable to non-controlling interest
0.8
0.4
Profit before tax attributable to the owners of the Company
111.3
109.1
Amortisation of acquisition related intangible assets
8.1
10.8
Amortisation of acquisition related intangible assets attributable
to non-controlling interest
(0.6)
(0.8)
Irrecoverable VAT and related costs
4.4
3.0
Profit on disposal of investments
(2.5)
\u2014
Profit on disposal of property, plant and equipment
(0.6)
\u2014
Loss on disposal of subsidiary
6.7
\u2014
126.8
122.1
Estimated taxation at 25.0% (2024: 25%)
(31.7)
(30.5)
Profit for adjusted earnings per share purposes
95.1
91.6
Adjusted basic earnings per share (p)
17.9
17.1
Adjusted diluted earnings per share (p)
17.8
17.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "
10. Dividends
2025
2024
pence per Total pence per Total
share \u00a3m share \u00a3m
Declared and paid dividends
on ordinary shares:
Prior year final dividend
9.20
49.3
8.90
47.8
Interim dividend
3.33
17.6
3.30
17.7
Total dividend paid in the year
12.53
66.9
12.20
65.5
Proposed for approval
(not recognised as a liability
at 31 December):
Final dividend
9. 30
48.7
9. 20
49.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "0.093", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-419": { "value": "0.092", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:54930016B7VO33FBE722", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-385": { "value": "
11. Property, plant and equipment
Land and Plant and Office Fixtures and
buildings equipment equipment fittings Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2024
48.0
21.5
1.6
2.1
73.2
Additions
0.6
\u2014
0.2
0.1
0.9
Disposals
(0.3)
(19.9)
(0.6)
(1.1)
(21.9)
At 31 December 2024
48.3
1.6
1.2
1.1
52.2
At 1 January 2025
48.3
1.6
1.2
1.1
52.2
Additions
2.2
0.4
0.1
\u2014
2.7
Disposals
(2.4)
(1.1)
\u2014
\u2014
(3.5)
At 31 December 2025
48.1
0.9
1.3
1.1
51.4
Depreciation:
At 1 January 2024
18.1
20.0
0.9
2.1
41.1
Depreciation for the year
3.3
1.1
0.0
0.0
4.4
Eliminated on disposal
0.0
(19.9)
(0.6)
(1.1)
(21.6)
At 31 December 2024
21.4
1.2
0.3
1.0
23.9
At 1 January 2025
21.4
1.2
0.3
1.0
23.9
Depreciation for the year
3.3
0.4
\u2014
\u2014
3.7
Eliminated on disposal
(1.5)
(0.7)
\u2014
\u2014
(2.2)
At 31 December 2025
23.2
0.9
0.3
1.0
25.4
Carrying value:
At 31 December 2024
26.9
0.4
0.9
0.1
28.3
At 31 December 2025
24.9
\u2014
1.0
0.1
26.0
Right-of-use assets
Land and buildings includes right-of-use assets of \u00a315.8m (2024: \u00a317.5m) related to leased
properties that do not meet the definition of investment property (see note 24).
Disposals
During the year, the Group modified a property lease and in doing so disposed of part of a
right-of-use asset within land and buildings with an original cost of \u00a32.4m and carrying value
of \u00a30.9m. The remaining lease liability in respect of this property was \u00a31.5m and therefore a
profit on disposal of \u00a30.6m was recognised below operating profit.
Disposals in the year also include assets with a combined gross book value of \u00a31.1m and a
carrying value of \u00a30.4m, which were disposed of as part of the deconsolidation of the Ice
Travel Group (see note 29).
During the prior year, the Group exited a property lease and in doing so disposed of a
right-of use asset within land and buildings with an original cost and carrying value of \u00a30.3m.
The remaining lease liability in respect of this property was also \u00a30.3m and therefore there
was no profit or loss arising on disposal in the prior period.
Disposals in the prior year also included assets with a combined gross book value of \u00a321.6m
and a carrying value of \u00a3nil that were no longer in use and therefore retired. There was no
impact on profit or loss arising from this.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "11. Property, plant and equipment
Land and Plant and Office Fixtures and
buildings equipment equipment fittings Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2024
48.0
21.5
1.6
2.1
73.2
Additions
0.6
\u2014
0.2
0.1
0.9
Disposals
(0.3)
(19.9)
(0.6)
(1.1)
(21.9)
At 31 December 2024
48.3
1.6
1.2
1.1
52.2
At 1 January 2025
48.3
1.6
1.2
1.1
52.2
Additions
2.2
0.4
0.1
\u2014
2.7
Disposals
(2.4)
(1.1)
\u2014
\u2014
(3.5)
At 31 December 2025
48.1
0.9
1.3
1.1
51.4
Depreciation:
At 1 January 2024
18.1
20.0
0.9
2.1
41.1
Depreciation for the year
3.3
1.1
0.0
0.0
4.4
Eliminated on disposal
0.0
(19.9)
(0.6)
(1.1)
(21.6)
At 31 December 2024
21.4
1.2
0.3
1.0
23.9
At 1 January 2025
21.4
1.2
0.3
1.0
23.9
Depreciation for the year
3.3
0.4
\u2014
\u2014
3.7
Eliminated on disposal
(1.5)
(0.7)
\u2014
\u2014
(2.2)
At 31 December 2025
23.2
0.9
0.3
1.0
25.4
Carrying value:
At 31 December 2024
26.9
0.4
0.9
0.1
28.3
At 31 December 2025
24.9
\u2014
1.0
0.1
26.0
Right-of-use assets Land and buildings includes right-of-use assets of \u00a315.8m (2024: \u00a317.5m) related to leased properties that do not meet the definition of investment property (see note 24). Disposals During the year, the Group modified a property lease and in doing so disposed of part of a right-of-use asset within land and buildings with an original cost of \u00a32.4m and carrying value of \u00a30.9m. The remaining lease liability in respect of this property was \u00a31.5m and therefore a profit on disposal of \u00a30.6m was recognised below operating profit. Disposals in the year also include assets with a combined gross book value of \u00a31.1m and a carrying value of \u00a30.4m, which were disposed of as part of the deconsolidation of the Ice Travel Group (see note 29). During the prior year, the Group exited a property lease and in doing so disposed of a right-of use asset within land and buildings with an original cost and carrying value of \u00a30.3m. The remaining lease liability in respect of this property was also \u00a30.3m and therefore there was no profit or loss arising on disposal in the prior period. Disposals in the prior year also included assets with a combined gross book value of \u00a321.6m and a carrying value of \u00a3nil that were no longer in use and therefore retired. There was no impact on profit or loss arising from this. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "
12. Intangible assets and goodwill
Market Member Technology
related relationship related Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2024
169.6
21.2
121.3
288.6
600.7
Additions internally
developed
\u2014
\u2014
13.3
\u2014
13.3
Disposals
\u2014
\u2014
(36.1)
\u2014
(36.1)
At 31 December 2024
169.6
21.2
98.5
288.6
57 7.9
At 1 January 2025
169.6
21.2
98.5
288.6
57 7.9
Additions internally
developed
\u2014
\u2014
8.0
\u2014
8.0
Disposals
(1.8)
\u2014
(4.1)
(11.5)
(17.4)
At 31 December 2025
167.8
21.2
102.4
277.1
568.5
Amortisation and
impairment:
At 1 January 2024
161.5
9.2
95.4
74.3
340.4
Amortisation charge for
the year
2.9
4.2
14.0
\u2014
21.1
Eliminated upon disposal
\u2014
\u2014
(36.1)
\u2014
(36.1)
At 31 December 2024
164.4
13.4
73.3
74.3
325.4
At 1 January 2025
164.4
13.4
73.3
74.3
325.4
Amortisation charge for
the year
2.9
4.2
12.5
\u2014
19.6
Eliminated upon disposal
(1.6)
\u2014
(3.2)
\u2014
(4.8)
At 31 December 2025
165.7
17.6
82.6
74.3
340.2
Carrying value:
At 31 December 2024
5.2
7.8
25.2
214.3
252.5
At 31 December 2025
2.1
3.6
19.8
202.8
228.3
Additions internally developed Included within the technology related intangible assets are technology related intangible assets under development with a net carrying value of \u00a30.5m (2024: \u00a37.3m). In order to accurately quantify the value of internally generated technology assets, the Group undertakes project tracking to record the cost of both internal and contract staff wholly assigned to each project. Third-party costs incurred are allocated to investment projects and recognised at purchase cost. This approach ensures that technology related intangible assets accurately reflect the cost of development. As highlighted in note 2, there is a degree of judgement regarding the recognition of costs incurred in developing technology related intangible assets. This is due to the asset recognition criteria being predicated on future economic benefit flowing from that asset. The Directors are satisfied that any spend capitalised meets the criteria of IAS 38 \u2013 Intangible Assets and, where relevant, SIC-32 Intangible Assets \u2013 Web Site Costs. On an annual basis, or where an indication exists, the Group is required to assess its goodwill and intangible assets for impairment. See below for this assessment for goodwill and technology related assets. Disposals Disposals include goodwill of \u00a311.5m; technology related intangible assets with an original cost of \u00a33.9m and a carrying value of \u00a30.9m; and market related intangible assets with an original cost of \u00a31.8m and a carrying value of \u00a30.2m relating to the disposal of Ice Travel Group Limited (see note 29). Disposals in the prior year include assets with a combined gross book value of \u00a336.1m and carrying value of \u00a3nil that were no longer in use and were therefore retired. There was no impact on profit or loss arising from this. Intangible assets and goodwill The Group employs the services of appropriately qualified and experienced experts to value the intangible assets acquired as part of any business combinations. For larger acquisitions and more complex intangible assets, the Group employs independent third parties to assist our in-house team. At 31 December 2025, the Group had significant balances relating to goodwill as a result of acquisitions of businesses in the previous years. Goodwill balances are tested annually for impairment or if events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. The Group is required to allocate goodwill between its cash-generating units (\u2018CGUs\u2019) that represent the lowest level at which goodwill is monitored for internal management purposes. These CGUs are Insurance, Money, Home Services, Travel and Cashback, all of which have been tested for impairment.
Goodwill is allocated to each CGU as follows:
31 December 31 December
2025 2024
\u00a3m \u00a3m
Insurance
46.5
46.5
Money
33.2
33.2
Home Services
54.8
54.8
Travel
\u2014
11.5
Cashback
68.3
68.3
Goodwill
202.8
214.3
Impairment review
For all CGUs the present value of expected future cash flows has been calculated using
management\u2019s best estimate, which is based on the Group\u2019s long-term plan, approved in
December 2025, incorporating cost of sales, marketing and a click-based allocation of
overhead costs. In accordance with IAS 36 \u2013 Impairment of Assets, the Group is required to
test goodwill for impairment annually by comparing the recoverable amount to the carrying
value of the total assets allocated to each CGU. The recoverable amount is the higher of the
CGU\u2019s value in use (\u2018VIU\u2019) and its fair value less costs of disposal (\u2018FVLCD\u2019).
Insurance, Money and Home Services CGUs
The recoverable amounts of the Insurance, Money and Home Services CGUs have been
calculated using the VIU method. This requires the Group to determine appropriate
assumptions (which involves estimation) in relation to the cash flow projections over the
strategic plan period, the long-term growth rate to be applied beyond this period and the
pre-tax discount rate used to discount the assumed cash flows to present value.
Cash flows beyond our strategic planning period have been calculated as a perpetuity
inclusive of an annual growth of 1.6% (2024: 1.6%).
The pre-tax discount rate for the Group has been determined as 13.2% (2024: 13.5%).
Discount rates are estimated using pre-tax rates that reflect current market assessments of
the time value of money and the risks specific to a CGU. Each CGU faces different market-
specific risks, which have been reflected, where significant, in the projected cash flows.
The key assumptions are the discount rate and revenue growth. Revenue growth has been
taken from the Group\u2019s long-term plan, which looks out three years and is based on past
experience and external sources of information where available, including forecast market
growth data. Our assessment confirms there is headroom across each of these CGUs and the
Directors have therefore concluded no impairment of goodwill is required. After considering
sensitivities there is no reasonably possible change in any key assumptions that could cause an impairment in any of these CGUs. Cashback CGU The recoverable amount of the Cashback CGU is its FVLCD, which has been determined using the income approach. Discounted cash flow projections, based on the Group\u2019s long-term plan, have been prepared over a period of five years before extrapolating into the terminal year. A post-tax discount rate of 10.5% (2024: 11.0%) and a terminal growth rate of 1.6% (2024: 1.6%) have been applied. The terminal growth rate is an estimate of the long-term compound annual revenue growth rate, consistent with the assumptions that a market participant would make. The fair value measurement has been categorised as a Level 3 fair value based on the inputs in the valuation technique used. The discounted cash flow projections include key assumptions in respect of revenue growth in the forecast period and the discount rate. Key assumptions are based on past experience apart from where there is an expectation that there will be a change in the pattern of future economic benefit (for example, due to changes in marketing spend) and are consistent with external sources of information where available, including forecast market growth data. The discount rate is a post-tax measure estimated based on historical industry average weighted- average cost of capital and on a principal market that is assumed to comprise trade buyers. After considering sensitivities there is no reasonably possible change in any key assumptions that could cause an impairment in the Cashback CGU. Group impairment testing Shared costs that are not allocated to our operating segments when reviewed by the Group\u2019s Chief Operating Decision Maker have been allocated to the CGUs for the purposes of impairment testing on a reasonable basis in accordance with IAS 36 \u2013 Impairment of Assets. A further impairment test has therefore been performed for the Group as a whole, in a manner consistent with previous years. In these calculations the Group is treated as one group of CGUs, and the test compares the carrying amount, including goodwill and other corporate assets, to the recoverable amount. The recoverable amount has been estimated based on the present value of its future cash flows, which has been calculated with a set of assumptions consistent with those set out above in relation to the individual operating segment calculations. The analysis performed calculates that the recoverable amount of the Group\u2019s assets exceeds their carrying value by in excess of 100% (2024: 100%), and as such, no impairment was identified. The Group has completed sensitivity analysis as part of its impairment testing procedures by flexing both cash flow and discounting assumptions significantly. The headroom on goodwill is such that there are no foreseeable scenarios in which the Group would need to consider an impairment. In conclusion, no reasonably possible change to a key assumption would result in an impairment (2024: same).
Impairment testing of technology, market related and member relationship
intangible assets
Technology, market related and member relationship intangible assets in use by the Group
are tested for impairment if there is an indication that the asset may be impaired. No
indicators of impairment were identified at the year end. In line with IAS 36 \u2013 Impairment of
Assets, the Group also conducts annual impairment testing of significant technology related
intangible assets under development and not yet available for use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "12. Intangible assets and goodwill
Market Member Technology
related relationship related Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2024
169.6
21.2
121.3
288.6
600.7
Additions internally
developed
\u2014
\u2014
13.3
\u2014
13.3
Disposals
\u2014
\u2014
(36.1)
\u2014
(36.1)
At 31 December 2024
169.6
21.2
98.5
288.6
57 7.9
At 1 January 2025
169.6
21.2
98.5
288.6
57 7.9
Additions internally
developed
\u2014
\u2014
8.0
\u2014
8.0
Disposals
(1.8)
\u2014
(4.1)
(11.5)
(17.4)
At 31 December 2025
167.8
21.2
102.4
277.1
568.5
Amortisation and
impairment:
At 1 January 2024
161.5
9.2
95.4
74.3
340.4
Amortisation charge for
the year
2.9
4.2
14.0
\u2014
21.1
Eliminated upon disposal
\u2014
\u2014
(36.1)
\u2014
(36.1)
At 31 December 2024
164.4
13.4
73.3
74.3
325.4
At 1 January 2025
164.4
13.4
73.3
74.3
325.4
Amortisation charge for
the year
2.9
4.2
12.5
\u2014
19.6
Eliminated upon disposal
(1.6)
\u2014
(3.2)
\u2014
(4.8)
At 31 December 2025
165.7
17.6
82.6
74.3
340.2
Carrying value:
At 31 December 2024
5.2
7.8
25.2
214.3
252.5
At 31 December 2025
2.1
3.6
19.8
202.8
228.3
Additions internally developed Included within the technology related intangible assets are technology related intangible assets under development with a net carrying value of \u00a30.5m (2024: \u00a37.3m). In order to accurately quantify the value of internally generated technology assets, the Group undertakes project tracking to record the cost of both internal and contract staff wholly assigned to each project. Third-party costs incurred are allocated to investment projects and recognised at purchase cost. This approach ensures that technology related intangible assets accurately reflect the cost of development. As highlighted in note 2, there is a degree of judgement regarding the recognition of costs incurred in developing technology related intangible assets. This is due to the asset recognition criteria being predicated on future economic benefit flowing from that asset. The Directors are satisfied that any spend capitalised meets the criteria of IAS 38 \u2013 Intangible Assets and, where relevant, SIC-32 Intangible Assets \u2013 Web Site Costs. On an annual basis, or where an indication exists, the Group is required to assess its goodwill and intangible assets for impairment. See below for this assessment for goodwill and technology related assets. Disposals Disposals include goodwill of \u00a311.5m; technology related intangible assets with an original cost of \u00a33.9m and a carrying value of \u00a30.9m; and market related intangible assets with an original cost of \u00a31.8m and a carrying value of \u00a30.2m relating to the disposal of Ice Travel Group Limited (see note 29). Disposals in the prior year include assets with a combined gross book value of \u00a336.1m and carrying value of \u00a3nil that were no longer in use and were therefore retired. There was no impact on profit or loss arising from this. Intangible assets and goodwill The Group employs the services of appropriately qualified and experienced experts to value the intangible assets acquired as part of any business combinations. For larger acquisitions and more complex intangible assets, the Group employs independent third parties to assist our in-house team. At 31 December 2025, the Group had significant balances relating to goodwill as a result of acquisitions of businesses in the previous years. Goodwill balances are tested annually for impairment or if events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. The Group is required to allocate goodwill between its cash-generating units (\u2018CGUs\u2019) that represent the lowest level at which goodwill is monitored for internal management purposes. These CGUs are Insurance, Money, Home Services, Travel and Cashback, all of which have been tested for impairment. Goodwill is allocated to each CGU as follows:
31 December 31 December
2025 2024
\u00a3m \u00a3m
Insurance
46.5
46.5
Money
33.2
33.2
Home Services
54.8
54.8
Travel
\u2014
11.5
Cashback
68.3
68.3
Goodwill
202.8
214.3
Impairment review For all CGUs the present value of expected future cash flows has been calculated using management\u2019s best estimate, which is based on the Group\u2019s long-term plan, approved in December 2025, incorporating cost of sales, marketing and a click-based allocation of overhead costs. In accordance with IAS 36 \u2013 Impairment of Assets, the Group is required to test goodwill for impairment annually by comparing the recoverable amount to the carrying value of the total assets allocated to each CGU. The recoverable amount is the higher of the CGU\u2019s value in use (\u2018VIU\u2019) and its fair value less costs of disposal (\u2018FVLCD\u2019). Insurance, Money and Home Services CGUs The recoverable amounts of the Insurance, Money and Home Services CGUs have been calculated using the VIU method. This requires the Group to determine appropriate assumptions (which involves estimation) in relation to the cash flow projections over the strategic plan period, the long-term growth rate to be applied beyond this period and the pre-tax discount rate used to discount the assumed cash flows to present value. Cash flows beyond our strategic planning period have been calculated as a perpetuity inclusive of an annual growth of 1.6% (2024: 1.6%). The pre-tax discount rate for the Group has been determined as 13.2% (2024: 13.5%). Discount rates are estimated using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to a CGU. Each CGU faces different market- specific risks, which have been reflected, where significant, in the projected cash flows. The key assumptions are the discount rate and revenue growth. Revenue growth has been taken from the Group\u2019s long-term plan, which looks out three years and is based on past experience and external sources of information where available, including forecast market growth data. Our assessment confirms there is headroom across each of these CGUs and the Directors have therefore concluded no impairment of goodwill is required. After considering sensitivities there is no reasonably possible change in any key assumptions that could cause an impairment in any of these CGUs. Cashback CGU The recoverable amount of the Cashback CGU is its FVLCD, which has been determined using the income approach. Discounted cash flow projections, based on the Group\u2019s long-term plan, have been prepared over a period of five years before extrapolating into the terminal year. A post-tax discount rate of 10.5% (2024: 11.0%) and a terminal growth rate of 1.6% (2024: 1.6%) have been applied. The terminal growth rate is an estimate of the long-term compound annual revenue growth rate, consistent with the assumptions that a market participant would make. The fair value measurement has been categorised as a Level 3 fair value based on the inputs in the valuation technique used. The discounted cash flow projections include key assumptions in respect of revenue growth in the forecast period and the discount rate. Key assumptions are based on past experience apart from where there is an expectation that there will be a change in the pattern of future economic benefit (for example, due to changes in marketing spend) and are consistent with external sources of information where available, including forecast market growth data. The discount rate is a post-tax measure estimated based on historical industry average weighted- average cost of capital and on a principal market that is assumed to comprise trade buyers. After considering sensitivities there is no reasonably possible change in any key assumptions that could cause an impairment in the Cashback CGU. Group impairment testing Shared costs that are not allocated to our operating segments when reviewed by the Group\u2019s Chief Operating Decision Maker have been allocated to the CGUs for the purposes of impairment testing on a reasonable basis in accordance with IAS 36 \u2013 Impairment of Assets. A further impairment test has therefore been performed for the Group as a whole, in a manner consistent with previous years. In these calculations the Group is treated as one group of CGUs, and the test compares the carrying amount, including goodwill and other corporate assets, to the recoverable amount. The recoverable amount has been estimated based on the present value of its future cash flows, which has been calculated with a set of assumptions consistent with those set out above in relation to the individual operating segment calculations. The analysis performed calculates that the recoverable amount of the Group\u2019s assets exceeds their carrying value by in excess of 100% (2024: 100%), and as such, no impairment was identified. The Group has completed sensitivity analysis as part of its impairment testing procedures by flexing both cash flow and discounting assumptions significantly. The headroom on goodwill is such that there are no foreseeable scenarios in which the Group would need to consider an impairment. In conclusion, no reasonably possible change to a key assumption would result in an impairment (2024: same). Impairment testing of technology, market related and member relationship intangible assets Technology, market related and member relationship intangible assets in use by the Group are tested for impairment if there is an indication that the asset may be impaired. No indicators of impairment were identified at the year end. In line with IAS 36 \u2013 Impairment of Assets, the Group also conducts annual impairment testing of significant technology related intangible assets under development and not yet available for use.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "12. Intangible assets and goodwill
Market Member Technology
related relationship related Goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost:
At 1 January 2024
169.6
21.2
121.3
288.6
600.7
Additions internally
developed
\u2014
\u2014
13.3
\u2014
13.3
Disposals
\u2014
\u2014
(36.1)
\u2014
(36.1)
At 31 December 2024
169.6
21.2
98.5
288.6
57 7.9
At 1 January 2025
169.6
21.2
98.5
288.6
57 7.9
Additions internally
developed
\u2014
\u2014
8.0
\u2014
8.0
Disposals
(1.8)
\u2014
(4.1)
(11.5)
(17.4)
At 31 December 2025
167.8
21.2
102.4
277.1
568.5
Amortisation and
impairment:
At 1 January 2024
161.5
9.2
95.4
74.3
340.4
Amortisation charge for
the year
2.9
4.2
14.0
\u2014
21.1
Eliminated upon disposal
\u2014
\u2014
(36.1)
\u2014
(36.1)
At 31 December 2024
164.4
13.4
73.3
74.3
325.4
At 1 January 2025
164.4
13.4
73.3
74.3
325.4
Amortisation charge for
the year
2.9
4.2
12.5
\u2014
19.6
Eliminated upon disposal
(1.6)
\u2014
(3.2)
\u2014
(4.8)
At 31 December 2025
165.7
17.6
82.6
74.3
340.2
Carrying value:
At 31 December 2024
5.2
7.8
25.2
214.3
252.5
At 31 December 2025
2.1
3.6
19.8
202.8
228.3
Additions internally developed
Included within the technology related intangible assets are technology related intangible
assets under development with a net carrying value of \u00a30.5m (2024: \u00a37.3m).
In order to accurately quantify the value of internally generated technology assets, the Group
undertakes project tracking to record the cost of both internal and contract staff wholly
assigned to each project. Third-party costs incurred are allocated to investment projects and
recognised at purchase cost. This approach ensures that technology related intangible assets
accurately reflect the cost of development. As highlighted in note 2, there is a degree of
judgement regarding the recognition of costs incurred in developing technology related
intangible assets. This is due to the asset recognition criteria being predicated on future
economic benefit flowing from that asset. The Directors are satisfied that any spend
capitalised meets the criteria of IAS 38 \u2013 Intangible Assets and, where relevant, SIC-32
Intangible Assets \u2013 Web Site Costs. On an annual basis, or where an indication exists, the
Group is required to assess its goodwill and intangible assets for impairment. See below for
this assessment for goodwill and technology related assets.
Disposals
Disposals include goodwill of \u00a311.5m; technology related intangible assets with an original
cost of \u00a33.9m and a carrying value of \u00a30.9m; and market related intangible assets with an
original cost of \u00a31.8m and a carrying value of \u00a30.2m relating to the disposal of Ice Travel Group
Limited (see note 29).
Disposals in the prior year include assets with a combined gross book value of \u00a336.1m and
carrying value of \u00a3nil that were no longer in use and were therefore retired. There was no
impact on profit or loss arising from this.
Intangible assets and goodwill
The Group employs the services of appropriately qualified and experienced experts to value
the intangible assets acquired as part of any business combinations. For larger acquisitions
and more complex intangible assets, the Group employs independent third parties to assist
our in-house team.
At 31 December 2025, the Group had significant balances relating to goodwill as a result of
acquisitions of businesses in the previous years. Goodwill balances are tested annually for
impairment or if events or changes in circumstances indicate that the carrying amount of
these assets may not be recoverable.
The Group is required to allocate goodwill between its cash-generating units (\u2018CGUs\u2019) that
represent the lowest level at which goodwill is monitored for internal management purposes.
These CGUs are Insurance, Money, Home Services, Travel and Cashback, all of which have
been tested for impairment.
Goodwill is allocated to each CGU as follows:
31 December 31 December
2025 2024
\u00a3m \u00a3m
Insurance
46.5
46.5
Money
33.2
33.2
Home Services
54.8
54.8
Travel
\u2014
11.5
Cashback
68.3
68.3
Goodwill
202.8
214.3
Impairment review For all CGUs the present value of expected future cash flows has been calculated using management\u2019s best estimate, which is based on the Group\u2019s long-term plan, approved in December 2025, incorporating cost of sales, marketing and a click-based allocation of overhead costs. In accordance with IAS 36 \u2013 Impairment of Assets, the Group is required to test goodwill for impairment annually by comparing the recoverable amount to the carrying value of the total assets allocated to each CGU. The recoverable amount is the higher of the CGU\u2019s value in use (\u2018VIU\u2019) and its fair value less costs of disposal (\u2018FVLCD\u2019). Insurance, Money and Home Services CGUs The recoverable amounts of the Insurance, Money and Home Services CGUs have been calculated using the VIU method. This requires the Group to determine appropriate assumptions (which involves estimation) in relation to the cash flow projections over the strategic plan period, the long-term growth rate to be applied beyond this period and the pre-tax discount rate used to discount the assumed cash flows to present value. Cash flows beyond our strategic planning period have been calculated as a perpetuity inclusive of an annual growth of 1.6% (2024: 1.6%). The pre-tax discount rate for the Group has been determined as 13.2% (2024: 13.5%). Discount rates are estimated using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to a CGU. Each CGU faces different market- specific risks, which have been reflected, where significant, in the projected cash flows. The key assumptions are the discount rate and revenue growth. Revenue growth has been taken from the Group\u2019s long-term plan, which looks out three years and is based on past experience and external sources of information where available, including forecast market growth data. Our assessment confirms there is headroom across each of these CGUs and the Directors have therefore concluded no impairment of goodwill is required. After considering
sensitivities there is no reasonably possible change in any key assumptions that could cause
an impairment in any of these CGUs.
Cashback CGU
The recoverable amount of the Cashback CGU is its FVLCD, which has been determined using
the income approach. Discounted cash flow projections, based on the Group\u2019s long-term plan,
have been prepared over a period of five years before extrapolating into the terminal year. A
post-tax discount rate of 10.5% (2024: 11.0%) and a terminal growth rate of 1.6% (2024: 1.6%)
have been applied. The terminal growth rate is an estimate of the long-term compound annual
revenue growth rate, consistent with the assumptions that a market participant would make.
The fair value measurement has been categorised as a Level 3 fair value based on the inputs in
the valuation technique used.
The discounted cash flow projections include key assumptions in respect of revenue growth
in the forecast period and the discount rate. Key assumptions are based on past experience
apart from where there is an expectation that there will be a change in the pattern of future
economic benefit (for example, due to changes in marketing spend) and are consistent with
external sources of information where available, including forecast market growth data. The
discount rate is a post-tax measure estimated based on historical industry average weighted-
average cost of capital and on a principal market that is assumed to comprise trade buyers.
After considering sensitivities there is no reasonably possible change in any key assumptions
that could cause an impairment in the Cashback CGU.
Group impairment testing
Shared costs that are not allocated to our operating segments when reviewed by the Group\u2019s
Chief Operating Decision Maker have been allocated to the CGUs for the purposes of
impairment testing on a reasonable basis in accordance with IAS 36 \u2013 Impairment of Assets.
A further impairment test has therefore been performed for the Group as a whole, in a
manner consistent with previous years. In these calculations the Group is treated as one
group of CGUs, and the test compares the carrying amount, including goodwill and other
corporate assets, to the recoverable amount.
The recoverable amount has been estimated based on the present value of its future cash
flows, which has been calculated with a set of assumptions consistent with those set out
above in relation to the individual operating segment calculations.
The analysis performed calculates that the recoverable amount of the Group\u2019s assets exceeds
their carrying value by in excess of 100% (2024: 100%), and as such, no impairment was identified.
The Group has completed sensitivity analysis as part of its impairment testing procedures by
flexing both cash flow and discounting assumptions significantly. The headroom on goodwill
is such that there are no foreseeable scenarios in which the Group would need to consider
an impairment.
In conclusion, no reasonably possible change to a key assumption would result in an
impairment (2024: same).
Impairment testing of technology, market related and member relationship intangible assets Technology, market related and member relationship intangible assets in use by the Group are tested for impairment if there is an indication that the asset may be impaired. No indicators of impairment were identified at the year end. In line with IAS 36 \u2013 Impairment of Assets, the Group also conducts annual impairment testing of significant technology related intangible assets under development and not yet available for use.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "Impairment review For all CGUs the present value of expected future cash flows has been calculated using management\u2019s best estimate, which is based on the Group\u2019s long-term plan, approved in December 2025, incorporating cost of sales, marketing and a click-based allocation of overhead costs. In accordance with IAS 36 \u2013 Impairment of Assets, the Group is required to test goodwill for impairment annually by comparing the recoverable amount to the carrying value of the total assets allocated to each CGU. The recoverable amount is the higher of the CGU\u2019s value in use (\u2018VIU\u2019) and its fair value less costs of disposal (\u2018FVLCD\u2019). Insurance, Money and Home Services CGUs The recoverable amounts of the Insurance, Money and Home Services CGUs have been calculated using the VIU method. This requires the Group to determine appropriate assumptions (which involves estimation) in relation to the cash flow projections over the strategic plan period, the long-term growth rate to be applied beyond this period and the pre-tax discount rate used to discount the assumed cash flows to present value. Cash flows beyond our strategic planning period have been calculated as a perpetuity inclusive of an annual growth of 1.6% (2024: 1.6%). The pre-tax discount rate for the Group has been determined as 13.2% (2024: 13.5%). Discount rates are estimated using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to a CGU. Each CGU faces different market- specific risks, which have been reflected, where significant, in the projected cash flows. The key assumptions are the discount rate and revenue growth. Revenue growth has been taken from the Group\u2019s long-term plan, which looks out three years and is based on past experience and external sources of information where available, including forecast market growth data. Our assessment confirms there is headroom across each of these CGUs and the Directors have therefore concluded no impairment of goodwill is required. After considering sensitivities there is no reasonably possible change in any key assumptions that could cause an impairment in any of these CGUs. Cashback CGU The recoverable amount of the Cashback CGU is its FVLCD, which has been determined using the income approach. Discounted cash flow projections, based on the Group\u2019s long-term plan, have been prepared over a period of five years before extrapolating into the terminal year. A post-tax discount rate of 10.5% (2024: 11.0%) and a terminal growth rate of 1.6% (2024: 1.6%) have been applied. The terminal growth rate is an estimate of the long-term compound annual revenue growth rate, consistent with the assumptions that a market participant would make. The fair value measurement has been categorised as a Level 3 fair value based on the inputs in the valuation technique used. The discounted cash flow projections include key assumptions in respect of revenue growth in the forecast period and the discount rate. Key assumptions are based on past experience apart from where there is an expectation that there will be a change in the pattern of future economic benefit (for example, due to changes in marketing spend) and are consistent with external sources of information where available, including forecast market growth data. The discount rate is a post-tax measure estimated based on historical industry average weighted- average cost of capital and on a principal market that is assumed to comprise trade buyers. After considering sensitivities there is no reasonably possible change in any key assumptions that could cause an impairment in the Cashback CGU. Group impairment testing Shared costs that are not allocated to our operating segments when reviewed by the Group\u2019s Chief Operating Decision Maker have been allocated to the CGUs for the purposes of impairment testing on a reasonable basis in accordance with IAS 36 \u2013 Impairment of Assets. A further impairment test has therefore been performed for the Group as a whole, in a manner consistent with previous years. In these calculations the Group is treated as one group of CGUs, and the test compares the carrying amount, including goodwill and other corporate assets, to the recoverable amount. The recoverable amount has been estimated based on the present value of its future cash flows, which has been calculated with a set of assumptions consistent with those set out above in relation to the individual operating segment calculations. The analysis performed calculates that the recoverable amount of the Group\u2019s assets exceeds their carrying value by in excess of 100% (2024: 100%), and as such, no impairment was identified. The Group has completed sensitivity analysis as part of its impairment testing procedures by flexing both cash flow and discounting assumptions significantly. The headroom on goodwill is such that there are no foreseeable scenarios in which the Group would need to consider an impairment. In conclusion, no reasonably possible change to a key assumption would result in an impairment (2024: same). Impairment testing of technology, market related and member relationship intangible assets Technology, market related and member relationship intangible assets in use by the Group are tested for impairment if there is an indication that the asset may be impaired. No indicators of impairment were identified at the year end. In line with IAS 36 \u2013 Impairment of Assets, the Group also conducts annual impairment testing of significant technology related intangible assets under development and not yet available for use.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "
13. Equity accounted investments
The carrying amounts of equity accounted investments as at 31 December 2025 are shown
in the table below.
QLFY Limited (formerly known as Qualifi Solutions Limited)
QLFY Limited (\u2018QLFY\u2019) is an associate in which the Group obtained a 25% ownership
interest on 11 September 2025 for \u00a31.3m. QLFY operates a tool to help consumers get better
prequalified lending decisions. QLFY is not publicly listed and is registered at Market Square
House, St. James\u2019s Street, Nottingham, England, NG1 6FG. The Group recognised its share of
post-tax profits of QLFY of \u00a30.1m and at the balance sheet date the carrying value of the
Group\u2019s investment in QLFY was \u00a31.4m.
Ice Travel Group
On 1 December 2025, the Group ceded control of Ice Travel Group (\u2018ITG\u2019) following a share
buyback and cancellation of shares (see note 29). The Group\u2019s ownership reduced from 67.0%
to 49.9% and voting rights were amended such that control of ITG\u2019s Board transferred to the
previously non-controlling shareholders. The Group\u2019s retained interest in ITG was initially
recognised at its fair value of \u00a33.0m on 1 December 2025. Subsequent to the transaction, ITG
declared dividends of \u00a30.9m to the Group and \u00a30.9m to the controlling shareholders. At the
balance sheet date, the carrying value of the Group\u2019s retained interest in ITG was \u00a32.1m.
QLFY Ice Travel
Limited Group Total
Investments in equity accounted investments \u00a3m \u00a3m \u00a3m
At 1 January 2025
\u2014
\u2014
\u2014
Additions
1.3
3.0
4.3
Share of post-tax profit
0.1
0.0
0.1
Dividends from associate
\u2014
(0.9)
(0.9)
At 31 December 2025
1.4
2.1
3.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "
14. Other investments
The carrying amounts of other investments as at 31 December 2025 are shown in the table
below. These equity investments are held at fair value with gains and losses being recognised
through other comprehensive income. The fair value measurement has been categorised as a
Level 3 fair value based on the inputs in the valuation technique used.
On 19 December 2025, the Group disposed of its investment in Flagstone Group Limited,
receiving consideration of \u00a37.9m. The carrying value at the time of disposal was \u00a35.4m giving
rise to a profit on disposal of \u00a32.5m, which was recognised in profit or loss. Included in the fair
value reserve within other reserves was \u00a33.1m of fair value gains, which became realised on
completion of the transaction and was transferred to retained earnings. A current tax charge
of \u00a31.4m was recognised in respect of the profit on disposal, of which \u00a30.8m is recognised
within other comprehensive income and relates to historic fair value gains which have been
realised on the disposal.
There were no changes in fair value recognised during the year. Last year a credit in respect of
changes in fair value of \u00a31.4m was recognised in other comprehensive income.
Flagstone Plum
Group Fintech
Limited Limited Total
Investments in equity securities \u00a3m \u00a3m \u00a3m
At 1 January 2024
4.2
1.2
5.4
Change in fair value
1.2
0.2
1.4
At 31 December 2024
5.4
1.4
6.8
At 1 January 2025
5.4
1.4
6.8
Disposals
(5.4)
\u2014
(5.4)
At 31 December 2025
\u2014
1.4
1.4
Sensitivity analysis
For the fair value of investments, a 5% movement in share price would have an effect of \u00a30.1m
(2024: \u00a30.3m) on the total value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "
15. Trade and other receivables
Total trade and other receivables of \u00a389.1m (\u00a382.6m) are presented within non-current and
current assets as follows:
Non-current
31 December 31 December
2025 2024
\u00a3m \u00a3m
Other receivables
1.5
\u2014
Current
31 December 31 December
2025 2024
\u00a3m \u00a3m
Trade and other receivables
87.6
82.6
From historical experience and post-year end confirmation, the Group expects any
differences between the amounts accrued at year end and those amounts subsequently
billed not to be materially different. The under and overestimates on accrued revenue are
typically in a region of -1% to +3%; historical experience has shown that there has been an
underestimate of accrued revenue. A -1% to +3% difference on the \u00a373.6m (2024: \u00a367.8m)
revenue accrual would equate to approximately (\u00a30.7m) to \u00a32.2m (2024: (\u00a30.7m) to \u00a32.0m).
The assumptions used to calculate the revenue accrual have been disclosed within note 2.
At 31 December 2025, trade receivables are shown net of a provision for credit losses
of \u00a32.1m (2024: \u00a31.7m), which represents a judgement made by management of which
receivables balances are unlikely to be recovered taking into consideration the ageing of
the debt, evidence of poor payment history or financial position of a particular customer.
The balance is largely related to energy providers that ceased trading in a prior year.
Movements in the provision for credit losses were as follows:
31 December 31 December
2025 2024
\u00a3m \u00a3m
At 1 January
1.7
1.7
Amounts charged to the Income Statement
0.4
0.0
Amounts utilised
(0.0)
(0.0)
At 31 December
2.1
1.7
At 31 December, the analysis of trade and other receivables that were past due but not
impaired was as follows:
Past due, not impaired
Neither past
due nor
Total impaired 0\u201330 days 30\u201360 days 60\u201390 days 90\u2013120 days >120 days
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December
2024
82.6
79.0
2.9
0.5
0.1
0.1
0.0
At 31 December
2025
89.1
84.4
3.4
0.6
0.6
0.1
0.0
The Group\u2019s standard payment terms are typically 15 days (2024: 15 days) from the invoice date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "15. Trade and other receivables Total trade and other receivables of \u00a389.1m (\u00a382.6m) are presented within non-current and current assets as follows: Non-current
31 December 31 December
2025 2024
\u00a3m \u00a3m
Other receivables
1.5
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "Current
31 December 31 December
2025 2024
\u00a3m \u00a3m
Trade and other receivables
87.6
82.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "
16. Trade and other payables
Non-current
31 December 31 December
2025 2024
\u00a3m \u00a3m
Lease liabilities
17.4
20.2
Amounts owed to non-controlling interest
2.2
2.0
Other payables
19.6
22.2
Current
31 December 31 December
2025 2024
\u00a3m \u00a3m
Trade payables
52.8
52.1
Non-trade payables and accrued expenses
0.6
1.5
Other payables
41.9
48.0
Lease liabilities
2.6
2.8
Deferred income
0.2
0.2
Trade and other payables
98.1
104.6
As a result of click-based revenue being recognised in the period that the lead is generated, an
accrual for cost of sales, such as partner revenue share agreements, relating to the revenue
accrued at the year end is included within trade payables.
Other payables relate to amounts due to Cashback members. This balance is net of an
estimated cancellation rate (i.e. clicks that do not result in completed sales), based on
historical data, and therefore reflects the amount that is expected to be payable. A -/+3ppt
change in this cancellation rate would equate to approximately \u00a30.4m (2024: \u00a30.4m). This
balance is payable once the sale has been completed, the cash has been received from the
merchant and the member has requested payment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "16. Trade and other payables Non-current
31 December 31 December
2025 2024
\u00a3m \u00a3m
Lease liabilities
17.4
20.2
Amounts owed to non-controlling interest
2.2
2.0
Other payables
19.6
22.2
Current
31 December 31 December
2025 2024
\u00a3m \u00a3m
Trade payables
52.8
52.1
Non-trade payables and accrued expenses
0.6
1.5
Other payables
41.9
48.0
Lease liabilities
2.6
2.8
Deferred income
0.2
0.2
Trade and other payables
98.1
104.6
As a result of click-based revenue being recognised in the period that the lead is generated, an accrual for cost of sales, such as partner revenue share agreements, relating to the revenue accrued at the year end is included within trade payables. Other payables relate to amounts due to Cashback members. This balance is net of an estimated cancellation rate (i.e. clicks that do not result in completed sales), based on historical data, and therefore reflects the amount that is expected to be payable. A -/+3ppt change in this cancellation rate would equate to approximately \u00a30.4m (2024: \u00a30.4m). This balance is payable once the sale has been completed, the cash has been received from the merchant and the member has requested payment.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "16. Trade and other payables Non-current
31 December 31 December
2025 2024
\u00a3m \u00a3m
Lease liabilities
17.4
20.2
Amounts owed to non-controlling interest
2.2
2.0
Other payables
19.6
22.2
Current
31 December 31 December
2025 2024
\u00a3m \u00a3m
Trade payables
52.8
52.1
Non-trade payables and accrued expenses
0.6
1.5
Other payables
41.9
48.0
Lease liabilities
2.6
2.8
Deferred income
0.2
0.2
Trade and other payables
98.1
104.6
As a result of click-based revenue being recognised in the period that the lead is generated, an accrual for cost of sales, such as partner revenue share agreements, relating to the revenue accrued at the year end is included within trade payables. Other payables relate to amounts due to Cashback members. This balance is net of an estimated cancellation rate (i.e. clicks that do not result in completed sales), based on historical data, and therefore reflects the amount that is expected to be payable. A -/+3ppt change in this cancellation rate would equate to approximately \u00a30.4m (2024: \u00a30.4m). This balance is payable once the sale has been completed, the cash has been received from the merchant and the member has requested payment.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "16. Trade and other payables Non-current
31 December 31 December
2025 2024
\u00a3m \u00a3m
Lease liabilities
17.4
20.2
Amounts owed to non-controlling interest
2.2
2.0
Other payables
19.6
22.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "Current
31 December 31 December
2025 2024
\u00a3m \u00a3m
Trade payables
52.8
52.1
Non-trade payables and accrued expenses
0.6
1.5
Other payables
41.9
48.0
Lease liabilities
2.6
2.8
Deferred income
0.2
0.2
Trade and other payables
98.1
104.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "
17. Provisions
Leasehold Irrecoverable
dilapidations VAT Total
\u00a3m \u00a3m \u00a3m
At 1 January 2024
\u2014
\u2014
\u2014
Reclassifications
1.9
1.0
2.9
Amounts charged to the Income Statement
\u2014
2.6
2.6
At 31 December 2024
1.9
3.6
5.5
At 1 January 2025
1.9
3.6
5.5
Amounts charged to the Income Statement
\u2014
3.2
3.2
Amounts utilised
\u2014
(0.6)
(0.6)
At 31 December 2025
1.9
6.2
8.1
Leasehold dilapidations relate to the estimated cost of restoring leased properties to their
pre-lease condition at the end of the lease term. On initial recognition, estimated dilapidation
costs are included in the cost of the right-of-use asset within property, plant and equipment
and are subsequently depreciated over the lease term. There has been no change in the
carrying value of dilapidations provisions during the year.
The Group recovers input tax on expenditure using a Partial Exemption Special Method
(\u2018PESM\u2019). Since 2016 work has been ongoing with HMRC on an update to the PESM, which
was originally agreed in 2012. Last year, HMRC concluded that it no longer agreed with the
principles of the PESM that it approved in 2012 and it subsequently issued a Special Method
Override Notice. Consequently, the Group no longer has an agreed basis for operation of a
PESM with HMRC. We disagree with HMRC\u2019s position and we are progressing multiple paths
to remediation. The Group is expecting assessments from HMRC and in accordance with
accounting standards the Group is obliged to recognise a provision in respect of this.
Although we do not view HMRC\u2019s position as appropriate and we are aiming to reach a
resolution promptly, this process is expected to continue throughout 2026. While dialogue
with HMRC is ongoing, the amounts recognised remain estimates of uncertain timing and
amount. Until the outcome of this matter is determined and while the amounts recognised
remain uncertain, we are presenting the charges as adjusting items.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "18. Deferred tax liabilities Deferred tax assets and liabilities are attributable to the following:
31 December 31 December
2025 2024
\u00a3m \u00a3m
Goodwill related to MoneySavingExpert.com
13.2
13.2
Intangible assets and goodwill relating to other acquisitions
1.6
3.4
Share schemes
(0.8)
(1.0)
Accelerated capital allowances
(0.1)
(0.1)
Losses
(1.8)
(2.2)
Provisions
(0.5)
(0.2)
Deferred tax liability
11.6
13.1
The following table illustrates the movement in the deferred tax liabilities during the year:
31 December 31 December
2025 2024
\u00a3m \u00a3m
At 1 January
13.1
15.8
Temporary differences on:
Intangible assets and goodwill relating to other acquisitions
(1.8)
(2.9)
Share schemes
0.2
0.5
Accelerated capital allowances
\u2014
0.1
Losses
0.4
(0.2)
Provisions
(0.3)
(0.2)
At 31 December
11.6
13.1
Deferred tax liabilities relate to the recognition of intangible assets and goodwill from the acquisitions of MONY Group Financial Limited, MoneySavingExpert.com Limited, Quidco Limited and Podium Solutions Limited. Deferred tax liabilities from the acquisition of Ice Travel Group of \u00a30.2m have been derecognised in the year (see note 29). The deferred tax liability relating to the goodwill of MoneySavingExpert.com is due to the amortisation of this balance within its individual accounts, which are prepared under a different accounting framework, FRS 102, whereas the consolidation is prepared in line with IFRS. The recognition of a deferred tax liability within these consolidated accounts is to reflect the tax benefit already claimed by the Group on the goodwill balance shown. Deferred tax assets arise on share option schemes based on the expected tax deduction on vesting. Deferred tax assets have also been recognised for unused tax losses to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets and liabilities have been calculated at the applicable tax rate enacted at the balance sheet date of 25% (2024: 25%).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "
19. Borrowings
Non-Current
As restated
31 December 31 December
2025 2024
\u00a3m \u00a3m
Revolving credit facility
14.0
12.0
Borrowings
14.0
12.0
The Group\u2019s external debt comprises a revolving credit facility (\u2018RCF\u2019) with an outstanding
balance of \u00a314.0m (2024: \u00a312.0m). The RCF was originally taken out in October 2021 and was
refinanced in June 2023 to increase the facility size from \u00a390m to \u00a3125m. The RCF is funded
equally by Barclays, Santander and HSBC Innovation. The Group expects the amount
outstanding at the balance sheet date to be settled in its normal operating cycle.
Interest is payable at a rate of SONIA plus an applicable margin based on the adjusted
leverage of the Group. The upfront arrangement fees are being amortised over the term.
Fees totalling \u00a3nil (2024: \u00a30.4m) are held within prepayments.
Information relating to the covenants attached to the Group\u2019s borrowings is included in note 21.
The revolving credit facility has been presented as a non-current liability in accordance with
the requirements of IAS 1 \u2013 Presentation of Financial Statements due to the Group having
the right to defer settlement for at least 12 months. The comparative balance in respect of
31 December 2024 has been restated accordingly.
21. Financial instruments
Interest rate risk
The Group invests its cash in a range of cash deposit accounts with UK banks. Interest earned
therefore closely follows movements in the Bank of England base rate. A movement of 1% in this
rate would result in a difference in annual pre-tax profit of \u00a30.2m (2024: \u00a30.2m) based on Group
cash, cash equivalents and financial instruments at 31 December 2025. At the balance sheet date,
the most invested with any one bank was \u00a317.4m with Barclays (2024: \u00a312.0m with Barclays).
Fair values
The Group\u2019s financial assets and liabilities are principally short term in nature, and therefore
their fair value is not materially different from their carrying value. The valuation method for
the Group\u2019s financial assets and liabilities can be defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
All other investments, excluding equity accounted investments (note 13), fall under Level 3 as the
fair value is measured using the latest unquoted share price of recent transactions, with updates
made as required considering market conditions at year end. A reconciliation is provided in note
14. All other financial assets and liabilities are held at amortised cost and other financial liabilities
respectively in accordance with IFRS 9 \u2013 Financial Instruments. There have been no transfers
between levels in the year.
The Directors consider that the carrying amounts of financial assets and financial liabilities
recorded at amortised cost in the financial statements approximate their fair values.
Effective interest rates
In respect of interest-earning financial assets, the following table indicates their effective
interest rates at the year end date:
31 December 2025
31 December 2024
Effective Effective
interest rate
\u00a3m
interest rate
\u00a3m
Cash and cash equivalents
1.03%
20.3
1.15%
22.4
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations
resulting in a financial loss to the Group. The Group has adopted a policy of only dealing with
creditworthy counterparties as a means of mitigating risk of financial loss from default. The
Group\u2019s exposure is regularly monitored by the credit control team and finance management.
Of the top 75% of the Group\u2019s providers by revenue, approximately 29% (2024: 30%) of these
are UK quoted companies with the remainder being a mixture of larger UK independent
companies and overseas-owned or quoted companies. At the balance sheet date, the five
largest trade and other receivables, by provider, accounted for 38% (2024: 40%) of the total
trade and other receivables balance of \u00a389.1m (2024: \u00a382.6m) and the largest individual
balance was \u00a310.5m (2024: \u00a38.9m).
The Directors do not consider there to be any material contracts with providers or merchants
in the Group.
Liquidity risk
Liquidity risk refers to the risk that the Group will encounter difficulty in meeting the
obligations associated with its financial liabilities. The Group manages liquidity risk by
maintaining adequate reserves and banking facilities by continuously monitoring forecast and
actual cash flows. Details of additional undrawn facilities that the Group has at its disposal to
further reduce liquidity risks are set out below:
31 December 31 December
2025 2024
\u00a3m \u00a3m
Unsecured borrowings facilities
\u2013 amount drawn
14.0
12.0
\u2013 amount undrawn
111.0
113.0
For details of the Group\u2019s unsecured borrowings facilities, see note 19.
The covenants in place in relation to the facilities are outlined below:
\u00b7 Adjusted leverage is calculated by dividing adjusted EBITDA by net cash/debt, which consists
of cash less borrowings, lease liabilities, deferred consideration and loan notes payable to
non-controlling interest.
\u00b7 Interest cover is calculated by dividing adjusted EBITDA by net finance expense.
The Group continues to have significant headroom over the covenants.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted.
Contractual cash flows
Carrying
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Trade payables
52.8
(52.8)
(52.8)
\u2014
\u2014
\u2014
\u2014
Borrowings
14.0
(14.0)
\u2014
\u2014
(14.0)
\u2014
\u2014
Lease liabilities
\u2013 undiscounted cash flows
23.2
(23.2)
(0.6)
(2.8)
(3.3)
(9.8)
(6.7)
\u2013 discounting
(3.2)
3.2
0.1
0.6
0.7
1.4
0.4
Amounts owed to non-controlling interest
2.2
(2.2)
\u2014
\u2014
\u2014
\u2014
(2.2)
At 31 December 2025
89.0
(89.0)
(53.3)
(2.2)
(16.6)
(8.4)
(8.5)
Contractual cash flows
Carrying
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
31 December 2024 (restated) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Trade payables
52.1
(52.1)
(52.1)
\u2014
\u2014
\u2014
\u2014
Borrowings
12.0
(12.0)
\u2014
\u2014
(12.0)
\u2014
\u2014
Lease liabilities
\u2013 undiscounted cash flows
26.5
(26.5)
(0.6)
(3.1)
(3.7)
(10.9)
(8.2)
\u2013 discounting
(3.5)
3.5
0.1
0.7
0.7
1.5
0.5
Amounts owed to non-controlling interest
2.0
(2.0)
\u2014
\u2014
\u2014
\u2014
(2.0)
At 31 December 2024
89.1
(89.1)
(52.6)
(2.4)
(15.0)
(9.4)
(9.7)
The lease liability cash flows are spread evenly between 2\u20135 years.
22. Group management of capital
The Group\u2019s objectives when managing capital are:
\u00b7 to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders; and
\u00b7 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.
The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk
characteristics of the underlying assets. In assessing the level of capital all components of equity are taken into account, i.e. share capital, retained earnings and reserves (where applicable).
The table below summarises the carrying value of each component.
31 December 31 December
2025 2024
Carrying value \u00a3m \u00a3m
Share capital
0.1
0.1
Retained earnings and reserves
226.4
239.6
Non-controlling interest
(1.6)
5.2
Total
224.9
244.9
In line with internal capital management requirements, the Group manages its cash balances by, where possible, depositing them with a number of financial institutions to reduce credit risk.
The table below summarises the credit rating of each financial institution that held cash at 31 December 2025.
Credit rating
2025
2024
Barclays
A+
A+
Santander
A
A
HSBC Innovation
A
A
Lloyds
A-
BBB+
One way in which the Group manages capital is utilising the revolving credit facility, as set out in note 21.
Management of capital focuses around the Group\u2019s ability to generate cash from its operations. In order to maintain or adjust the capital structure, the Group may adjust the amount of
dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to raise funds. The Directors are satisfied that the Group is meeting its objectives for managing
capital as funds are available for reinvestment where necessary, as well as being in a position to make returns to shareholders where this is felt appropriate.
There were no changes to the Group\u2019s approach to capital management during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "19. Borrowings Non-Current
As restated
31 December 31 December
2025 2024
\u00a3m \u00a3m
Revolving credit facility
14.0
12.0
Borrowings
14.0
12.0
The Group\u2019s external debt comprises a revolving credit facility (\u2018RCF\u2019) with an outstanding balance of \u00a314.0m (2024: \u00a312.0m). The RCF was originally taken out in October 2021 and was refinanced in June 2023 to increase the facility size from \u00a390m to \u00a3125m. The RCF is funded equally by Barclays, Santander and HSBC Innovation. The Group expects the amount outstanding at the balance sheet date to be settled in its normal operating cycle. Interest is payable at a rate of SONIA plus an applicable margin based on the adjusted leverage of the Group. The upfront arrangement fees are being amortised over the term. Fees totalling \u00a3nil (2024: \u00a30.4m) are held within prepayments. Information relating to the covenants attached to the Group\u2019s borrowings is included in note 21. The revolving credit facility has been presented as a non-current liability in accordance with the requirements of IAS 1 \u2013 Presentation of Financial Statements due to the Group having the right to defer settlement for at least 12 months. The comparative balance in respect of 31 December 2024 has been restated accordingly. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "
20. Called up share capital
The nominal value of ordinary shares is 0.02p. The holders of ordinary shares are entitled to
returns of capital, receive a dividend and vote.
Issued and fully paid
2025 2024
Number of ordinary shares No. No.
At the beginning of the year
537,415,395
536,934,085
Issued on exercise of SAYE options
439,002
45,217
Issued on exercise of LTIP awards
1,110,218
436,093
Cancelled on share buyback
(14,849,463)
\u2014
At the end of the year
524,115,152
537,415,395
2025 2024
Nominal value of ordinary shares \u00a3 \u00a3
At the beginning of the year
107,483
107,387
Issued on exercise of SAYE options
88
9
Issued on exercise of LTIP awards
222
87
Cancelled on share buyback
(2,970)
\u2014
At the end of the year
104,823
107,483
Long Term Incentive Plan (\u2018LTIP\u2019) Save As You Earn (\u2018SAYE\u2019)
The Group operates a Long Term Incentive Plan under which conditional nil cost awards of
ordinary shares in the Company have been made to certain Directors and employees of the
Group, and an HMRC-approved Save As You Earn scheme (\u2018Sharesave\u2019) is eligible to all
employees (see note 23).
Share buyback
During the year, the Company completed the \u00a330m share buyback programme announced with
the prior year results. Shares were purchased and cancelled between March and December
2025. A total cash outflow of \u00a330.2m was recognised, including \u00a30.2m of stamp duty, which has
been deducted from equity in accordance with IAS 32 \u2013 Financial Instruments: Presentation. All
repurchased shares were acquired from the Company\u2019s distributable reserves. The repurchases
resulted in a reduction in the Company\u2019s issued share capital as shown in the tables above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "20. Called up share capital The nominal value of ordinary shares is 0.02p. The holders of ordinary shares are entitled to returns of capital, receive a dividend and vote. Issued and fully paid
2025 2024
Number of ordinary shares No. No.
At the beginning of the year
537,415,395
536,934,085
Issued on exercise of SAYE options
439,002
45,217
Issued on exercise of LTIP awards
1,110,218
436,093
Cancelled on share buyback
(14,849,463)
\u2014
At the end of the year
524,115,152
537,415,395
2025 2024
Nominal value of ordinary shares \u00a3 \u00a3
At the beginning of the year
107,483
107,387
Issued on exercise of SAYE options
88
9
Issued on exercise of LTIP awards
222
87
Cancelled on share buyback
(2,970)
\u2014
At the end of the year
104,823
107,483
Long Term Incentive Plan (\u2018LTIP\u2019) Save As You Earn (\u2018SAYE\u2019) The Group operates a Long Term Incentive Plan under which conditional nil cost awards of ordinary shares in the Company have been made to certain Directors and employees of the Group, and an HMRC-approved Save As You Earn scheme (\u2018Sharesave\u2019) is eligible to all employees (see note 23). Share buyback During the year, the Company completed the \u00a330m share buyback programme announced with the prior year results. Shares were purchased and cancelled between March and December 2025. A total cash outflow of \u00a330.2m was recognised, including \u00a30.2m of stamp duty, which has been deducted from equity in accordance with IAS 32 \u2013 Financial Instruments: Presentation. All repurchased shares were acquired from the Company\u2019s distributable reserves. The repurchases resulted in a reduction in the Company\u2019s issued share capital as shown in the tables above.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "21. Financial instruments Interest rate risk The Group invests its cash in a range of cash deposit accounts with UK banks. Interest earned therefore closely follows movements in the Bank of England base rate. A movement of 1% in this rate would result in a difference in annual pre-tax profit of \u00a30.2m (2024: \u00a30.2m) based on Group cash, cash equivalents and financial instruments at 31 December 2025. At the balance sheet date, the most invested with any one bank was \u00a317.4m with Barclays (2024: \u00a312.0m with Barclays). Effective interest rates In respect of interest-earning financial assets, the following table indicates their effective interest rates at the year end date:
31 December 2025
31 December 2024
Effective Effective
interest rate
\u00a3m
interest rate
\u00a3m
Cash and cash equivalents
1.03%
20.3
1.15%
22.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "21. Financial instruments Interest rate risk The Group invests its cash in a range of cash deposit accounts with UK banks. Interest earned therefore closely follows movements in the Bank of England base rate. A movement of 1% in this rate would result in a difference in annual pre-tax profit of \u00a30.2m (2024: \u00a30.2m) based on Group cash, cash equivalents and financial instruments at 31 December 2025. At the balance sheet date, the most invested with any one bank was \u00a317.4m with Barclays (2024: \u00a312.0m with Barclays). Fair values The Group\u2019s financial assets and liabilities are principally short term in nature, and therefore their fair value is not materially different from their carrying value. The valuation method for the Group\u2019s financial assets and liabilities can be defined as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). All other investments, excluding equity accounted investments (note 13), fall under Level 3 as the fair value is measured using the latest unquoted share price of recent transactions, with updates made as required considering market conditions at year end. A reconciliation is provided in note 14. All other financial assets and liabilities are held at amortised cost and other financial liabilities respectively in accordance with IFRS 9 \u2013 Financial Instruments. There have been no transfers between levels in the year. The Directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements approximate their fair values. Effective interest rates In respect of interest-earning financial assets, the following table indicates their effective interest rates at the year end date:
31 December 2025
31 December 2024
Effective Effective
interest rate
\u00a3m
interest rate
\u00a3m
Cash and cash equivalents
1.03%
20.3
1.15%
22.4
Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating risk of financial loss from default. The Group\u2019s exposure is regularly monitored by the credit control team and finance management. Of the top 75% of the Group\u2019s providers by revenue, approximately 29% (2024: 30%) of these are UK quoted companies with the remainder being a mixture of larger UK independent companies and overseas-owned or quoted companies. At the balance sheet date, the five largest trade and other receivables, by provider, accounted for 38% (2024: 40%) of the total trade and other receivables balance of \u00a389.1m (2024: \u00a382.6m) and the largest individual balance was \u00a310.5m (2024: \u00a38.9m). The Directors do not consider there to be any material contracts with providers or merchants in the Group. Liquidity risk Liquidity risk refers to the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities. The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and actual cash flows. Details of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risks are set out below:
31 December 31 December
2025 2024
\u00a3m \u00a3m
Unsecured borrowings facilities
\u2013 amount drawn
14.0
12.0
\u2013 amount undrawn
111.0
113.0
For details of the Group\u2019s unsecured borrowings facilities, see note 19. The covenants in place in relation to the facilities are outlined below: \u00b7 Adjusted leverage is calculated by dividing adjusted EBITDA by net cash/debt, which consists of cash less borrowings, lease liabilities, deferred consideration and loan notes payable to non-controlling interest. \u00b7 Interest cover is calculated by dividing adjusted EBITDA by net finance expense. The Group continues to have significant headroom over the covenants. Exposure to liquidity risk The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted.
Contractual cash flows
Carrying
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Trade payables
52.8
(52.8)
(52.8)
\u2014
\u2014
\u2014
\u2014
Borrowings
14.0
(14.0)
\u2014
\u2014
(14.0)
\u2014
\u2014
Lease liabilities
\u2013 undiscounted cash flows
23.2
(23.2)
(0.6)
(2.8)
(3.3)
(9.8)
(6.7)
\u2013 discounting
(3.2)
3.2
0.1
0.6
0.7
1.4
0.4
Amounts owed to non-controlling interest
2.2
(2.2)
\u2014
\u2014
\u2014
\u2014
(2.2)
At 31 December 2025
89.0
(89.0)
(53.3)
(2.2)
(16.6)
(8.4)
(8.5)
Contractual cash flows
Carrying
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
31 December 2024 (restated) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Trade payables
52.1
(52.1)
(52.1)
\u2014
\u2014
\u2014
\u2014
Borrowings
12.0
(12.0)
\u2014
\u2014
(12.0)
\u2014
\u2014
Lease liabilities
\u2013 undiscounted cash flows
26.5
(26.5)
(0.6)
(3.1)
(3.7)
(10.9)
(8.2)
\u2013 discounting
(3.5)
3.5
0.1
0.7
0.7
1.5
0.5
Amounts owed to non-controlling interest
2.0
(2.0)
\u2014
\u2014
\u2014
\u2014
(2.0)
At 31 December 2024
89.1
(89.1)
(52.6)
(2.4)
(15.0)
(9.4)
(9.7)
The lease liability cash flows are spread evenly between 2\u20135 years. 22. Group management of capital The Group\u2019s objectives when managing capital are: \u00b7 to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders; and \u00b7 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In assessing the level of capital all components of equity are taken into account, i.e. share capital, retained earnings and reserves (where applicable). The table below summarises the carrying value of each component.
31 December 31 December
2025 2024
Carrying value \u00a3m \u00a3m
Share capital
0.1
0.1
Retained earnings and reserves
226.4
239.6
Non-controlling interest
(1.6)
5.2
Total
224.9
244.9
In line with internal capital management requirements, the Group manages its cash balances by, where possible, depositing them with a number of financial institutions to reduce credit risk. The table below summarises the credit rating of each financial institution that held cash at 31 December 2025.
Credit rating
2025
2024
Barclays
A+
A+
Santander
A
A
HSBC Innovation
A
A
Lloyds
A-
BBB+
One way in which the Group manages capital is utilising the revolving credit facility, as set out in note 21. Management of capital focuses around the Group\u2019s ability to generate cash from its operations. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to raise funds. The Directors are satisfied that the Group is meeting its objectives for managing capital as funds are available for reinvestment where necessary, as well as being in a position to make returns to shareholders where this is felt appropriate. There were no changes to the Group\u2019s approach to capital management during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "Fair values The Group\u2019s financial assets and liabilities are principally short term in nature, and therefore their fair value is not materially different from their carrying value. The valuation method for the Group\u2019s financial assets and liabilities can be defined as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). All other investments, excluding equity accounted investments (note 13), fall under Level 3 as the fair value is measured using the latest unquoted share price of recent transactions, with updates made as required considering market conditions at year end. A reconciliation is provided in note 14. All other financial assets and liabilities are held at amortised cost and other financial liabilities respectively in accordance with IFRS 9 \u2013 Financial Instruments. There have been no transfers between levels in the year. The Directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements approximate their fair values. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating risk of financial loss from default. The Group\u2019s exposure is regularly monitored by the credit control team and finance management. Of the top 75% of the Group\u2019s providers by revenue, approximately 29% (2024: 30%) of these are UK quoted companies with the remainder being a mixture of larger UK independent companies and overseas-owned or quoted companies. At the balance sheet date, the five largest trade and other receivables, by provider, accounted for 38% (2024: 40%) of the total trade and other receivables balance of \u00a389.1m (2024: \u00a382.6m) and the largest individual balance was \u00a310.5m (2024: \u00a38.9m). The Directors do not consider there to be any material contracts with providers or merchants in the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "Liquidity risk Liquidity risk refers to the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities. The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and actual cash flows. Details of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risks are set out below:
31 December 31 December
2025 2024
\u00a3m \u00a3m
Unsecured borrowings facilities
\u2013 amount drawn
14.0
12.0
\u2013 amount undrawn
111.0
113.0
For details of the Group\u2019s unsecured borrowings facilities, see note 19. The covenants in place in relation to the facilities are outlined below: \u00b7 Adjusted leverage is calculated by dividing adjusted EBITDA by net cash/debt, which consists of cash less borrowings, lease liabilities, deferred consideration and loan notes payable to non-controlling interest. \u00b7 Interest cover is calculated by dividing adjusted EBITDA by net finance expense. The Group continues to have significant headroom over the covenants. Exposure to liquidity risk The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted.
Contractual cash flows
Carrying
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Trade payables
52.8
(52.8)
(52.8)
\u2014
\u2014
\u2014
\u2014
Borrowings
14.0
(14.0)
\u2014
\u2014
(14.0)
\u2014
\u2014
Lease liabilities
\u2013 undiscounted cash flows
23.2
(23.2)
(0.6)
(2.8)
(3.3)
(9.8)
(6.7)
\u2013 discounting
(3.2)
3.2
0.1
0.6
0.7
1.4
0.4
Amounts owed to non-controlling interest
2.2
(2.2)
\u2014
\u2014
\u2014
\u2014
(2.2)
At 31 December 2025
89.0
(89.0)
(53.3)
(2.2)
(16.6)
(8.4)
(8.5)
Contractual cash flows
Carrying
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
31 December 2024 (restated) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Trade payables
52.1
(52.1)
(52.1)
\u2014
\u2014
\u2014
\u2014
Borrowings
12.0
(12.0)
\u2014
\u2014
(12.0)
\u2014
\u2014
Lease liabilities
\u2013 undiscounted cash flows
26.5
(26.5)
(0.6)
(3.1)
(3.7)
(10.9)
(8.2)
\u2013 discounting
(3.5)
3.5
0.1
0.7
0.7
1.5
0.5
Amounts owed to non-controlling interest
2.0
(2.0)
\u2014
\u2014
\u2014
\u2014
(2.0)
At 31 December 2024
89.1
(89.1)
(52.6)
(2.4)
(15.0)
(9.4)
(9.7)
The lease liability cash flows are spread evenly between 2\u20135 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "Exposure to liquidity risk The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted.
Contractual cash flows
Carrying
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Trade payables
52.8
(52.8)
(52.8)
\u2014
\u2014
\u2014
\u2014
Borrowings
14.0
(14.0)
\u2014
\u2014
(14.0)
\u2014
\u2014
Lease liabilities
\u2013 undiscounted cash flows
23.2
(23.2)
(0.6)
(2.8)
(3.3)
(9.8)
(6.7)
\u2013 discounting
(3.2)
3.2
0.1
0.6
0.7
1.4
0.4
Amounts owed to non-controlling interest
2.2
(2.2)
\u2014
\u2014
\u2014
\u2014
(2.2)
At 31 December 2025
89.0
(89.0)
(53.3)
(2.2)
(16.6)
(8.4)
(8.5)
Contractual cash flows
Carrying
amount Total <2 months 2\u201312 months 1\u20132 years 2\u20135 years >5 years
31 December 2024 (restated) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Trade payables
52.1
(52.1)
(52.1)
\u2014
\u2014
\u2014
\u2014
Borrowings
12.0
(12.0)
\u2014
\u2014
(12.0)
\u2014
\u2014
Lease liabilities
\u2013 undiscounted cash flows
26.5
(26.5)
(0.6)
(3.1)
(3.7)
(10.9)
(8.2)
\u2013 discounting
(3.5)
3.5
0.1
0.7
0.7
1.5
0.5
Amounts owed to non-controlling interest
2.0
(2.0)
\u2014
\u2014
\u2014
\u2014
(2.0)
At 31 December 2024
89.1
(89.1)
(52.6)
(2.4)
(15.0)
(9.4)
(9.7)
The lease liability cash flows are spread evenly between 2\u20135 years. ", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "22. Group management of capital The Group\u2019s objectives when managing capital are: \u00b7 to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders; and \u00b7 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In assessing the level of capital all components of equity are taken into account, i.e. share capital, retained earnings and reserves (where applicable). The table below summarises the carrying value of each component.
31 December 31 December
2025 2024
Carrying value \u00a3m \u00a3m
Share capital
0.1
0.1
Retained earnings and reserves
226.4
239.6
Non-controlling interest
(1.6)
5.2
Total
224.9
244.9
In line with internal capital management requirements, the Group manages its cash balances by, where possible, depositing them with a number of financial institutions to reduce credit risk. The table below summarises the credit rating of each financial institution that held cash at 31 December 2025.
Credit rating
2025
2024
Barclays
A+
A+
Santander
A
A
HSBC Innovation
A
A
Lloyds
A-
BBB+
One way in which the Group manages capital is utilising the revolving credit facility, as set out in note 21. Management of capital focuses around the Group\u2019s ability to generate cash from its operations. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to raise funds. The Directors are satisfied that the Group is meeting its objectives for managing capital as funds are available for reinvestment where necessary, as well as being in a position to make returns to shareholders where this is felt appropriate. There were no changes to the Group\u2019s approach to capital management during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "
23. Share-based payments
The share-based payment charge in the Consolidated Statement of Comprehensive Income
relates to the following types of share option and share award:
31 December 31 December
2025 2024
\u00a3m \u00a3m
Long Term Incentive Plan
0.7
1.5
Restricted Share Awards
1.7
1.0
Sharesave Scheme
0.4
0.5
Share Incentive Plan
\u2014
\u2014
Share-based payment transactions
2.8
3.0
Long Term Incentive Plan (\u2018LTIP\u2019)
Until 2022, conditional awards were made over ordinary shares under the
MoneySuperMarket.com Group PLC Long Term Incentive Plan (\u2018LTIP\u2019) schemes to
senior employees. Under the scheme, the awards vest at the end of a three-year
period dependent on certain performance criteria being met, as outlined below:
\u00b7 achievement of a specified average growth rate in adjusted basic EPS at the end of the
vesting period;
\u00b7 the total shareholder return (\u2018TSR\u2019) of the Company relative to a comparator group of
defined companies; and/or
\u00b7 Group revenue performance.
There have been no grants of LTIPs since 2022 and it is not anticipated that there will be any
future grants under this scheme.
Restricted Share Awards (\u2018RSA\u2019)
These include the Restricted Share Plan (\u2018RSP\u2019) and the Restricted Share Award Plan (\u2018RSU\u2019):
Restricted Share Plan (\u2018RSP\u2019)
Conditional awards are made over ordinary shares under the MONY Group PLC to senior
employees that vest at the end of a three-year period. For Executive Directors, following
vesting, an additional two years\u2019 holding period will apply, such that vested shares are
normally released five years from grant. Under the three-year schemes, 100% of the award
vests at the end of the three-year period. Vesting is subject to the participant being employed
on the relevant vesting date, and not, on or prior to that vesting date, having been issued with
or having given notice to terminate employment with the Group. No specific performance
conditions are required for the vesting of RSPs, although the awards will normally be subject
to one or more underpin conditions over the vesting period. Should any of the underpins not
be met, the Remuneration Committee would consider whether a discretionary reduction in
the vesting of awards was required. The underpins applying to each award will be determined
by the Remuneration Committee each year, but may include measures related to key financial,
strategic, governance, ESG or share price metrics.
Restricted Share Award Plan (\u2018RSU\u2019)
Conditional awards are made over ordinary shares in MONY Group PLC to senior employees
that vest over either one or two years. Under the two-year schemes, 50% of the award vests
at the end of a one-year period and 50% of the award vests at the end of a two-year period.
Vesting on all schemes is subject to the participant being employed on the relevant vesting
date, and not, on or prior to that vesting date, having been issued with or having given notice
to terminate employment with the Group.
Sharesave Scheme
The Group grants options under the HMRC-approved Moneysupermarket.com Group PLC
Sharesave Scheme (2021), which is available to all employees. The scheme allows employees
to save an amount of their net pay into a savings account each month and, at the end of the
three-year period, choose to either receive back their savings or use them to buy ordinary
shares in the Company at a discounted exercise price.
Share Incentive Plan (\u2018SIP\u2019)
Upon listing, the Company granted \u00a33,000 of ordinary shares at the price of \u00a31.70 per
ordinary share to each eligible employee free of charge. If an employee left within one year
of listing, all these ordinary shares were forfeited; between one and two years of listing, 50%
were forfeited; between two and three years of listing, 20% were forfeited; and after three
years of listing, none were forfeited. 948,184 shares were issued under the Share Incentive
Plan scheme in 2007. On 31 July 2010, eligible employees became entitled to receive their
allocation of free shares. There are 96 active participants (2024: 95) in the HMRC-approved SIP
scheme, who can subscribe for up to \u00a3150 of shares each month. At 31 December 2025, the
total number of shares that remain in trust was 354,551 (2024: 311,777).
LTIP and RSA schemes
The table below summarises the current RSP and RSU schemes and the performance criteria
elements. At the balance sheet date there were no current LTIP schemes.
2025 2025 2024 2023
RSP RSU RSP RSP
Number of ordinary shares
1,291,136
176,155
1,093,958
817,289
Performance criteria
n/a
n/a
n/a
n/a
Weighted average share price at the
date of exercise (\u00a3)
n/a
n/a
n/a
n/a
Sharesave Scheme
During 2025, the Group granted options to employees on the same basis as the grants in previous years. The exercise price for the options under each active scheme was fixed at the prices below:
Exercise price
Sharesave 2025
160.0p
Sharesave 2024
177.0p
Sharesave 2023
188.0p
Sharesave 2022
156.0p
LTIPs and RSAs
The following table illustrates the number and weighted average exercise price (\u2018WAEP\u2019) of, and movements in, share options during the year.
Number
WAEP
Outstanding at 1 January 2024
3,364,404
\u00a30.00
Awards made during the year
1,120,076
\u00a30.00
Awards vested and exercised during the year
(414,881)
\u00a30.00
Awards forfeited during the year
(446,852)
\u00a30.00
Outstanding at 31 December 2024
3,622,747
\u00a30.00
Awards made during the year
1,467,291
\u00a30.00
Awards vested and exercised during the year
(874,305)
\u00a30.00
Awards forfeited during the year
(380,288)
\u00a30.00
Outstanding at 31 December 2025
3,835,445
\u00a30.00
The following table lists the inputs to the Black-Scholes models and Monte Carlo simulations used for the schemes for the year ended 31 December 2025:
2025 2024 2023 2025 2024 2025 2023
Sharesave Sharesave Sharesave RSP RSP RSU RSP
Fair value at grant date (\u00a3)
0.78
0.96
1.08
2.05
2.26
2.14
2.70
Share price (\u00a3)
2.00
2.21
2.35
2.05
2.26
2.14
2.70
Exercise price (\u00a3)
1.60
1.77
1.88
\u2014
\u2014
\u2014
\u2014
Expected volatility (%)
65.5
71.9
74.3
67.7
71.0
54.4
71.0
Expected life of option/award (years)
3.0
3.0
3.0
3.0
3.0
1.2
3.0
Weighted average remaining contractual life (years)
2.8
1.8
0.8
2.2
1.3
0.7
0.4
Expected dividend yield (%)
5.5
5.5
5.0
\u2014
\u2014
\u2014
\u2014
Risk-free interest rate (%)
3.8
3.8
4.8
3.8
4.0
4.0
3.8
Expected volatility has been estimated by considering historical average share price volatility for the Company or similar companies. Staff attrition has been assessed based on historical
retention rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "
24. Leases
Leases as lessee
The Group holds leases over property for its offices. The London office lease was signed
on 22 July 2016 for a period of 15 years, with a lease start date of 1 June 2017. There was an
18-month rent-free period included in the agreement. The lease liability has been recognised
up to 2032.
The Manchester office lease was signed on 7 May 2019 for a period of 15 years, with a lease
start date of 7 May 2019. There was a 36-month rent-free period included in the agreement.
During the year, the Group modified the lease and in doing so disposed of part of the right-of-
use asset with an original cost of \u00a32.4m and carrying value of \u00a30.9m. The remaining lease
liability in respect of this property was \u00a31.5m and therefore a profit on disposal of \u00a30.6m was
recognised below operating profit. As part of this lease modification, there was an addition of
\u00a31.6m to the right-of-use asset, reflecting newly agreed rent payments and the removal of the
break clause, therefore the lease liability has been recognised up to May 2034.
In 2021, the Group also acquired some other smaller immaterial leases with the acquisitions
of Ice Travel Group Limited and Quidco Limited.
i. Right-of-use assets
Right-of-use assets related to leased properties that do not meet the definition of investment
property are presented as property, plant and equipment.
Land and
buildings
\u00a3m
Balance at 1 January 2024
20.3
Disposal relating to lease termination of existing right-of-use asset
(0.3)
Depreciation charge for the year
(2.5)
Balance at 31 December 2024
17.5
Balance at 1 January 2025
17.5
Additions
1.6
Disposal relating to lease termination of existing right-of-use asset
(0.9)
Depreciation charge for the year
(2.4)
Balance at 31 December 2025
15.8
ii. Amounts recognised in profit or loss
2025 2024
\u00a3m \u00a3m
Depreciation charge for the year
2.4
2.5
Profit on disposal of right-of-use asset
(0.6)
\u2014
Interest on lease liabilities
0.9
0.9
2.7
3.4
iii. Amounts recognised in statement of cash flows
2025 2024
\u00a3m \u00a3m
Interest paid
0.9
0.9
Repayment of lease liabilities
2.9
2.9
3.8
3.8
Leases as lessor
During the prior year, the Group entered into an agreement to sub-lease a proportion of its
London office. The sub-lease was for a period of three years and therefore did not reflect a
transfer of substantially all of the risk and rewards of the underlying asset, which in this case is
the 15-year head lease or right-of-use asset. Consequently, the Group classified the sub-lease
as an operating lease under IFRS 16 \u2013 Leases. The rental income for the year was \u00a30.8m (2024:
\u00a30.2m). During the year, the tenant exited this sub-lease arrangement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "i. Right-of-use assets Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property, plant and equipment.
Land and
buildings
\u00a3m
Balance at 1 January 2024
20.3
Disposal relating to lease termination of existing right-of-use asset
(0.3)
Depreciation charge for the year
(2.5)
Balance at 31 December 2024
17.5
Balance at 1 January 2025
17.5
Additions
1.6
Disposal relating to lease termination of existing right-of-use asset
(0.9)
Depreciation charge for the year
(2.4)
Balance at 31 December 2025
15.8
ii. Amounts recognised in profit or loss
2025 2024
\u00a3m \u00a3m
Depreciation charge for the year
2.4
2.5
Profit on disposal of right-of-use asset
(0.6)
\u2014
Interest on lease liabilities
0.9
0.9
2.7
3.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "
25. Pensions and other post-employment benefit plans
The Group operates a defined contribution pension scheme calculated on base salary.
The assets of the scheme are held separately from those of the Group in an independently
administered fund. The contributions payable to the scheme in respect of the current year
were \u00a32.8m (2024: \u00a32.9m). In the year ended 31 December 2025, \u00a32.5m (2024: \u00a32.5m) of
contributions were charged to the Consolidated Statement of Comprehensive Income and
\u00a30.3m (2024: \u00a30.4m) were included in amounts capitalised (see note 6). As at 31 December
2025, no amounts were outstanding in relation to pension contributions, as the liabilities were
settled during the year (2024: \u00a3nil, settled during the year).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "25. Pensions and other post-employment benefit plans The Group operates a defined contribution pension scheme calculated on base salary. The assets of the scheme are held separately from those of the Group in an independently administered fund. The contributions payable to the scheme in respect of the current year were \u00a32.8m (2024: \u00a32.9m). In the year ended 31 December 2025, \u00a32.5m (2024: \u00a32.5m) of contributions were charged to the Consolidated Statement of Comprehensive Income and \u00a30.3m (2024: \u00a30.4m) were included in amounts capitalised (see note 6). As at 31 December 2025, no amounts were outstanding in relation to pension contributions, as the liabilities were settled during the year (2024: \u00a3nil, settled during the year).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "
26. Commitments and contingencies
At 31 December 2025, the Group was committed to incur capital expenditure of \u00a30.2m
(2024: \u00a30.7m).
Comparable with most businesses of our size, the Group is a defendant in a small number of
disputes incidental to its operations and from time to time is under regulatory scrutiny. As a
leading website operator, the Group occasionally experiences operational issues as a result of
technological oversights that in some instances can lead to customer detriment, dispute and
potentially cash outflows. The Group has a professional indemnity insurance policy in order to
mitigate liabilities arising out of events such as this.
There is a cross-guarantee held between MONY Group PLC, MoneySavingExpert.com Limited,
Moneysupermarket.com Ltd, MONY Group Financial Limited and MONY Group Financial
Holdings Limited in relation to balances owed under the revolving credit facility. The maximum
amount owed during the year was \u00a350.0m (2024: \u00a342.0m) and the amount owed at
31 December 2025 was \u00a314.0m (2024: \u00a312.0m).
The contingencies outlined above are not expected to have a material adverse effect on
the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "26. Commitments and contingencies At 31 December 2025, the Group was committed to incur capital expenditure of \u00a30.2m (2024: \u00a30.7m). Comparable with most businesses of our size, the Group is a defendant in a small number of disputes incidental to its operations and from time to time is under regulatory scrutiny. As a leading website operator, the Group occasionally experiences operational issues as a result of technological oversights that in some instances can lead to customer detriment, dispute and potentially cash outflows. The Group has a professional indemnity insurance policy in order to mitigate liabilities arising out of events such as this. There is a cross-guarantee held between MONY Group PLC, MoneySavingExpert.com Limited, Moneysupermarket.com Ltd, MONY Group Financial Limited and MONY Group Financial Holdings Limited in relation to balances owed under the revolving credit facility. The maximum amount owed during the year was \u00a350.0m (2024: \u00a342.0m) and the amount owed at 31 December 2025 was \u00a314.0m (2024: \u00a312.0m). The contingencies outlined above are not expected to have a material adverse effect on the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "26. Commitments and contingencies At 31 December 2025, the Group was committed to incur capital expenditure of \u00a30.2m (2024: \u00a30.7m). Comparable with most businesses of our size, the Group is a defendant in a small number of disputes incidental to its operations and from time to time is under regulatory scrutiny. As a leading website operator, the Group occasionally experiences operational issues as a result of technological oversights that in some instances can lead to customer detriment, dispute and potentially cash outflows. The Group has a professional indemnity insurance policy in order to mitigate liabilities arising out of events such as this. There is a cross-guarantee held between MONY Group PLC, MoneySavingExpert.com Limited, Moneysupermarket.com Ltd, MONY Group Financial Limited and MONY Group Financial Holdings Limited in relation to balances owed under the revolving credit facility. The maximum amount owed during the year was \u00a350.0m (2024: \u00a342.0m) and the amount owed at 31 December 2025 was \u00a314.0m (2024: \u00a312.0m). The contingencies outlined above are not expected to have a material adverse effect on the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "
27. Related party transactions
At the balance sheet date, the Group had the following investments in its subsidiaries all of which are included in the Consolidated Financial Statements. In respect of all subsidiaries that have
been included in the Consolidated Financial Statements, the Company has control over the entity as defined by IFRS 10 - Consolidated Financial Statements.
Country of Class of Ownership
incorporation shares held
interest %
Principal activity
MONY Group Financial Holdings Limited
UK
Ordinary
100
Holding company
MONY Group Financial Limited
UK
Ordinary
100
Holding company
Moneysupermarket.com Ltd
UK
Ordinary
100
Internet price comparison through lead generation
MoneySavingExpert.com Limited
UK
Ordinary
100
Internet price comparison through lead generation
Quidco Limited
UK
Ordinary
100
Cashback services through lead generation
Decision Technologies Limited
UK
Ordinary
100
Internet price comparison through lead generation
MONY Group Holdings Limited
UK
Ordinary
100
Dormant
Moneysupermarket.com Investments Limited
UK
Ordinary
100
Dormant
CYTI (Holdings) Limited
UK
Ordinary
100
Dormant
CYTI Limited
UK
Ordinary
100
Dormant
Mortgage 2000 Limited
UK
Ordinary
100
Dormant
Sellmymobile.com Limited
UK
Ordinary
100
Dormant
Townside Limited
UK
Ordinary
100
Dormant
Podium Solutions Limited
UK
Ordinary
52
Technology platform provider for internet price comparison services
On 1 December 2025, the Group ceded control of Ice Travel Group Limited and its direct and indirect subsidiary undertakings, reducing its shareholding from 67% to 50%. Since 1 December
2025, these companies were no longer consolidated into the Consolidated Financial Statements (see note 29).
Country of Class of Ownership
incorporation shares held
interest %
Principal activity
Ice Travel Group Limited
UK
Ordinary
50
Holding company
Travelsupermarket Limited
UK
Ordinary
50
Internet price comparison through lead generation
Icelolly Marketing Limited
UK
Ordinary
50
Internet price comparison through lead generation
Express Rooms Ltd
UK
Ordinary
50
Dormant
Icelolly Limited
UK
Ordinary
50
Dormant
Icelolly.co.uk Limited
UK
Ordinary
50
Dormant
Icelolly.com Limited
UK
Ordinary
50
Dormant
Aggregate Profit/
capital (Loss) for Included in
reserves the year Registered parental
\u00a3m
\u00a3m
Registered office address
number
guarantee
1
MONY Group Financial Holdings Limited
259.6
85.0
Mony Group House, St. David\u2019s Park, Ewloe, Deeside, UK, CH5 3UZ
08188486
Yes
MONY Group Financial Limited
18.7
82.3
Mony Group House, St. David\u2019s Park, Ewloe, Deeside, UK, CH5 3UZ
0315734 4
Yes
Moneysupermarket.com Ltd
49.1
51.7
Mony Group House, St. David\u2019s Park, Ewloe, Deeside, UK, CH5 3UZ
03945937
Yes
MoneySavingExpert.com Limited
66.7
38.8
One Dean Street, London, UK, W1D 3RB
08021764
Yes
Quidco Limited
14.2
6.4
Mony Group House, St. David\u2019s Park, Ewloe, Deeside, UK, CH5 3UZ
05498276
Yes
Decision Technologies Limited
35.1
8.5
One Dean Street, London, UK, W1D 3RB
05341159
Yes
Podium Solutions Limited
(5.9)
(0.9)
4th Floor, Market Square House, St James\u2019s Street, Nottingham, Nottinghamshire, UK, NG1 6FG
11101797
No
1 In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the liabilities of some of its subsidiaries as at 31 December 2025 until they fall due. This means that these subsidiaries are exempt from the
requirements of the Act relating to the audit of their individual accounts under section 479A. This guarantee was also provided in the prior year.
The Company is the ultimate parent entity of the Group. Intercompany transactions with wholly owned subsidiaries are eliminated on consolidation as per the exemption offered in IAS 24 \u2013
Related Party Disclosures. The list above represents all companies within the Group. All companies within the Group are registered at the addresses shown above. The Company\u2019s registered
office is disclosed on page 181. All shareholdings with all subsidiaries are ordinary shares.
The Company has committed to continue to provide support to all of its subsidiaries for any short-term day-to-day cash management, if required.
Transactions with key management personnel
In addition to their salaries, the Group also provides non-cash benefits to Directors and Executive Officers. Directors and Executive Officers also participate in the Group\u2019s Long Term Incentive Plan.
There were no amounts or any future commitments outstanding to the Company as at 31 December 2025 (2024: none).
Key management personnel compensation
Key management compensation payable to the Executive management team
is summarised below:
31 December 31 December
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
5.3
5.6
Share-based payment transactions
1.3
1.8
Defined contribution pension costs
0.2
0.2
Key management personnel compensation
6.8
7.6
Other related party transactions
During the year, Moneysupermarket.com Ltd purchased services for the value of \u00a31.1m (2024:
\u00a31.1m) from Podium Solutions Limited in relation to salary recharges and the development of
digital solutions for the mortgages channel journey on the Group\u2019s website. Balances of \u00a30.1m
were outstanding as at 31 December 2025 in relation to these purchases (2024: \u00a30.1m).
During the year ended 31 December 2024, MONY Group Financial Limited provided a \u00a30.4m
revolving credit facility to Podium with an annual interest rate of 15%. At 31 December 2025,
\u00a30.4m was outstanding in relation to this facility (2024: \u00a30.4m).
During the year ended 31 December 2023, MONY Group Financial Limited issued \u00a31.1m of
loan notes to Podium with a repayment term of ten years and an annual interest rate of 16.5%
(15% plus additional 1.5% in line with Bank of England base rate). Loan notes held by MONY
Group Financial Limited from earlier periods were included in the carrying amount of the
Group\u2019s equity accounted investment in Podium until it was reclassified as a subsidiary in
December 2022. Since then, the amounts held by MONY Group Financial Limited have been
eliminated on consolidation. At 31 December 2025, amounts owed by Podium Solutions
Limited to MONY Group Financial Limited were \u00a34.2m (2024: \u00a33.7m).
During the year, Travelsupermarket Limited provided internet leads to Moneysupermarket.
com Ltd for powering its travel insurance journey. Travelsupermarket Limited charged net
commissions of \u00a30.4m (2024: \u00a30.7m) in respect of the services provided to the two companies.
No balances were outstanding as at 31 December 2025 in relation to these transactions
(2024: \u00a30.1m).
During the year ended 31 December 2021, MONY Group Financial Limited issued loan notes to
Ice Travel Group Limited of \u00a34.0m with an annual interest rate of 10%. During the year ended
31 December 2025, interest income of \u00a3nil (2024: \u00a30.4m) was received by MONY Group Financial
Limited from Ice Travel Group Limited, as the loan notes and accrued interest were settled in full
during the year ended 31 December 2024. At 31 December 2025, the remaining balance due was
\u00a3nil (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "27. Related party transactions At the balance sheet date, the Group had the following investments in its subsidiaries all of which are included in the Consolidated Financial Statements. In respect of all subsidiaries that have been included in the Consolidated Financial Statements, the Company has control over the entity as defined by IFRS 10 - Consolidated Financial Statements.
Country of Class of Ownership
incorporation shares held
interest %
Principal activity
MONY Group Financial Holdings Limited
UK
Ordinary
100
Holding company
MONY Group Financial Limited
UK
Ordinary
100
Holding company
Moneysupermarket.com Ltd
UK
Ordinary
100
Internet price comparison through lead generation
MoneySavingExpert.com Limited
UK
Ordinary
100
Internet price comparison through lead generation
Quidco Limited
UK
Ordinary
100
Cashback services through lead generation
Decision Technologies Limited
UK
Ordinary
100
Internet price comparison through lead generation
MONY Group Holdings Limited
UK
Ordinary
100
Dormant
Moneysupermarket.com Investments Limited
UK
Ordinary
100
Dormant
CYTI (Holdings) Limited
UK
Ordinary
100
Dormant
CYTI Limited
UK
Ordinary
100
Dormant
Mortgage 2000 Limited
UK
Ordinary
100
Dormant
Sellmymobile.com Limited
UK
Ordinary
100
Dormant
Townside Limited
UK
Ordinary
100
Dormant
Podium Solutions Limited
UK
Ordinary
52
Technology platform provider for internet price comparison services
On 1 December 2025, the Group ceded control of Ice Travel Group Limited and its direct and indirect subsidiary undertakings, reducing its shareholding from 67% to 50%. Since 1 December 2025, these companies were no longer consolidated into the Consolidated Financial Statements (see note 29).
Country of Class of Ownership
incorporation shares held
interest %
Principal activity
Ice Travel Group Limited
UK
Ordinary
50
Holding company
Travelsupermarket Limited
UK
Ordinary
50
Internet price comparison through lead generation
Icelolly Marketing Limited
UK
Ordinary
50
Internet price comparison through lead generation
Express Rooms Ltd
UK
Ordinary
50
Dormant
Icelolly Limited
UK
Ordinary
50
Dormant
Icelolly.co.uk Limited
UK
Ordinary
50
Dormant
Icelolly.com Limited
UK
Ordinary
50
Dormant
Aggregate Profit/
capital (Loss) for Included in
reserves the year Registered parental
\u00a3m
\u00a3m
Registered office address
number
guarantee
1
MONY Group Financial Holdings Limited
259.6
85.0
Mony Group House, St. David\u2019s Park, Ewloe, Deeside, UK, CH5 3UZ
08188486
Yes
MONY Group Financial Limited
18.7
82.3
Mony Group House, St. David\u2019s Park, Ewloe, Deeside, UK, CH5 3UZ
0315734 4
Yes
Moneysupermarket.com Ltd
49.1
51.7
Mony Group House, St. David\u2019s Park, Ewloe, Deeside, UK, CH5 3UZ
03945937
Yes
MoneySavingExpert.com Limited
66.7
38.8
One Dean Street, London, UK, W1D 3RB
08021764
Yes
Quidco Limited
14.2
6.4
Mony Group House, St. David\u2019s Park, Ewloe, Deeside, UK, CH5 3UZ
05498276
Yes
Decision Technologies Limited
35.1
8.5
One Dean Street, London, UK, W1D 3RB
05341159
Yes
Podium Solutions Limited
(5.9)
(0.9)
4th Floor, Market Square House, St James\u2019s Street, Nottingham, Nottinghamshire, UK, NG1 6FG
11101797
No
1 In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the liabilities of some of its subsidiaries as at 31 December 2025 until they fall due. This means that these subsidiaries are exempt from the requirements of the Act relating to the audit of their individual accounts under section 479A. This guarantee was also provided in the prior year. The Company is the ultimate parent entity of the Group. Intercompany transactions with wholly owned subsidiaries are eliminated on consolidation as per the exemption offered in IAS 24 \u2013 Related Party Disclosures. The list above represents all companies within the Group. All companies within the Group are registered at the addresses shown above. The Company\u2019s registered office is disclosed on page 181. All shareholdings with all subsidiaries are ordinary shares. The Company has committed to continue to provide support to all of its subsidiaries for any short-term day-to-day cash management, if required. Transactions with key management personnel In addition to their salaries, the Group also provides non-cash benefits to Directors and Executive Officers. Directors and Executive Officers also participate in the Group\u2019s Long Term Incentive Plan. There were no amounts or any future commitments outstanding to the Company as at 31 December 2025 (2024: none). Key management personnel compensation Key management compensation payable to the Executive management team is summarised below:
31 December 31 December
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
5.3
5.6
Share-based payment transactions
1.3
1.8
Defined contribution pension costs
0.2
0.2
Key management personnel compensation
6.8
7.6
Other related party transactions During the year, Moneysupermarket.com Ltd purchased services for the value of \u00a31.1m (2024: \u00a31.1m) from Podium Solutions Limited in relation to salary recharges and the development of digital solutions for the mortgages channel journey on the Group\u2019s website. Balances of \u00a30.1m were outstanding as at 31 December 2025 in relation to these purchases (2024: \u00a30.1m). During the year ended 31 December 2024, MONY Group Financial Limited provided a \u00a30.4m revolving credit facility to Podium with an annual interest rate of 15%. At 31 December 2025, \u00a30.4m was outstanding in relation to this facility (2024: \u00a30.4m). During the year ended 31 December 2023, MONY Group Financial Limited issued \u00a31.1m of loan notes to Podium with a repayment term of ten years and an annual interest rate of 16.5% (15% plus additional 1.5% in line with Bank of England base rate). Loan notes held by MONY Group Financial Limited from earlier periods were included in the carrying amount of the Group\u2019s equity accounted investment in Podium until it was reclassified as a subsidiary in December 2022. Since then, the amounts held by MONY Group Financial Limited have been eliminated on consolidation. At 31 December 2025, amounts owed by Podium Solutions Limited to MONY Group Financial Limited were \u00a34.2m (2024: \u00a33.7m). During the year, Travelsupermarket Limited provided internet leads to Moneysupermarket. com Ltd for powering its travel insurance journey. Travelsupermarket Limited charged net commissions of \u00a30.4m (2024: \u00a30.7m) in respect of the services provided to the two companies. No balances were outstanding as at 31 December 2025 in relation to these transactions (2024: \u00a30.1m). During the year ended 31 December 2021, MONY Group Financial Limited issued loan notes to Ice Travel Group Limited of \u00a34.0m with an annual interest rate of 10%. During the year ended 31 December 2025, interest income of \u00a3nil (2024: \u00a30.4m) was received by MONY Group Financial Limited from Ice Travel Group Limited, as the loan notes and accrued interest were settled in full during the year ended 31 December 2024. At 31 December 2025, the remaining balance due was \u00a3nil (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "Transactions with key management personnel In addition to their salaries, the Group also provides non-cash benefits to Directors and Executive Officers. Directors and Executive Officers also participate in the Group\u2019s Long Term Incentive Plan. There were no amounts or any future commitments outstanding to the Company as at 31 December 2025 (2024: none). Key management personnel compensation Key management compensation payable to the Executive management team is summarised below:
31 December 31 December
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
5.3
5.6
Share-based payment transactions
1.3
1.8
Defined contribution pension costs
0.2
0.2
Key management personnel compensation
6.8
7.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "
28. Non-controlling interest
The Group owns 52% of Podium Solutions Limited and recognises a non-controlling interest in
respect of the remaining 48%.
On 1 December 2025, the Group ceded control of Ice Travel Group Limited and its two wholly
owned subsidiaries, Travelsupermarket Limited and Icelolly Marketing Limited (\u201cIce Travel
Group\u201d). Until then the Group owned 67% of Ice Travel Group and recognised a non-controlling
interest in respect of the remaining 33%. From 1 December 2025, Ice Travel Group has been
classified as an equity accounted investment (see note 29).
The following table summarises the financial performance and position of these companies at
the year end before any intra-group eliminations.
31 December 2025
Podium
Solutions Ice Travel
Limited
Group
Total
Non-controlling interest
48%
0%
1
\u00a3m
\u00a3m
\u00a3m
Non-current assets
Current assets
1.6
\u2014
1.6
Non-current liabilities
(2.0)
\u2014
(2.0)
Current liabilities
(3.0)
\u2014
(3.0)
Net assets
(3.4)
\u2014
(3.4)
Net assets attributable to non-controlling interest
(1.6)
\u2014
(1.6)
Revenue
0.7
16.7
17.4
(Loss)/Profit
(1.3)
0.2
(1.1)
Other comprehensive income
\u2014
\u2014
\u2014
Total comprehensive income
(1.3)
0.2
(1.1)
(Loss)/Profit attributable to the non-controlling interest
(0.6)
0.1
(0.5)
Other comprehensive income attributable to
non-controlling interest
\u2014
\u2014
\u2014
Total comprehensive income attributable
to non\u2011controlling interest
(0.6)
0.1
(0.5)
Cash flows from operating activities
(0.5)
1.9
1.4
Cash flows from investing activities
\u2014
(0.9)
(0.9)
Cash flows from financing activities
0.4
\u2014
0.4
Net (decrease)/increase in cash and cash
equivalents
(0.1)
1.0
0.9
1 On 1 December 2025, the Group transferred control of Ice Travel Group to the non-controlling interest. The Group retained a
49.9% interest in Ice Travel Group, which is classified as an associate within equity accounted investments. The carrying value of
the Ice Travel Group non-controlling interest on transfer of control was \u00a36.3m.
31 December 2024
Podium
Solutions Ice Travel
Limited
Group
Total
Non-controlling interest
48%
33%
\u00a3m
\u00a3m
\u00a3m
Non-current assets
1
1.1
13.7
14.8
Current assets
1.4
7.6
9.0
Non-current liabilities
(2.1)
(2.8)
(4.9)
Current liabilities
(2.3)
\u2014
(2.3)
Net assets
(1.9)
18.5
16.6
Net assets attributable to non-controlling interest
(0.9)
6.1
5.2
Revenue
0.7
18.6
19.3
(Loss)/Profit
(1.4)
0.9
(0.5)
Other comprehensive income
\u2014
\u2014
\u2014
Total comprehensive income
(1.4)
0.9
(0.5)
(Loss)/Profit attributable to the non-controlling interest
(0.7)
0.3
(0.4)
Other comprehensive income attributable to non-
controlling interest
\u2014
\u2014
\u2014
Total comprehensive income attributable
to non\u2011controlling interest
(0.7)
0.3
(0.4)
Cash flows from operating activities
(0.4)
3.4
3.0
Cash flows from investing activities
\u2014
(0.9)
(0.9)
Cash flows from financing activities
0.4
(5.5)
(5.1)
Net decrease in cash and cash equivalents
\u2014
(3.0)
(3.0)
1 Non-current assets for Ice Travel Group included \u00a37.4m (2024: \u00a37.4m) of goodwill in respect of Travelsupermarket Limited that
was recognised on the Group\u2019s balance sheet prior to the acquisition of Ice Travel Group.
Loss and total comprehensive income for the year in respect of Podium Solutions Limited and
Ice Travel Group include amortisation of intangibles relating to the acquisition of these
companies by the Group of \u00a31.4m (2024: \u00a31.8m). Included in the loss (2024: loss) attributable
to non-controlling interest and total comprehensive income attributable to non-controlling
interest is \u00a30.6m (2024: \u00a30.8m) of amortisation of acquired intangibles.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "
29. Disposal of subsidiary
Part disposal of Ice Travel Group Limited (ITG)
On 1 December 2025, the Group undertook a part disposal of its interest in Ice Travel Group
Limited and its two subsidiaries, Travelsupermarket Limited and Icelolly Marketing Limited (\u2018Ice
Travel Group\u2019). Following a period of challenging performance, ITG\u2019s management have
prepared a transformational business plan.
The Directors of the Company believe that the non-controlling interest of Ice Travel Group is
best placed to deliver this plan and therefore agreed to a transfer control of Ice Travel Group.
Ice Travel Group Limited issued a share buyback from MONY Group Financial Limited for \u00a33.0m
based on an equity value of \u00a38.9m. The equity value was deemed to be the fair value of Ice
Travel Group as this is the valuation placed on the business by the non-controlling interest
seeking to acquire control on an arm\u2019s length basis. This represents Level 3 in the fair value
hierarchy as defined by IFRS 13 \u2013 Fair Value Measurement.
The share buyback reduced the Group\u2019s shareholding from 67.0% to 49.9%. Consequently, the
Group\u2019s investment in Ice Travel Group was reclassified as an associate on the Consolidated
Statement of Financial Position, reflecting a cessation of control with retained significant influence.
From 1 December 2025, the Group derecognised Ice Travel Group as a consolidated subsidiary
and applied equity accounting to recognise its share of Ice Travel Group\u2019s profit or loss.
The Group recognised a loss on disposal of subsidiary of \u00a36.7m in the Consolidated Income
Statement and accounted for dividends received from Ice Travel Group of \u00a30.9m as a
reduction in the carrying value of the investment in associate.
The loss on disposal of subsidiary has been calculated as follows:
\u00a3m
Consideration received
3.0
Fair value of retained interest
3.0
Carrying value of non-controlling interest
6.3
Carrying value of net assets of ITG
(19.0)
Loss on disposal
(6.7)
Although Travel is a separate operating segment, ITG is not considered a separate major line
of business, as it is not material in the context of the wider Group, or geographical area and
therefore its results have not been presented as discontinued operations.
The fair value of retained interest was \u00a33.0m at the point of the share buyback, but
subsequently reduced to \u00a32.1m, which was its carrying value at the balance sheet date:
\u00a3m
Fair value of retained interest
3.0
Dividend received from Ice Travel Group
(0.9)
Carrying value at 31 December 2025
2 .1
On acquisition of Ice Travel Group in 2021, a balance of \u00a32.1m was recognised directly in
equity in relation to the initial recognition of non-controlling interest. As part of the
deconsolidation of Ice Travel Group, this amount was transferred from other reserves to
retained earnings.
", "dimensions": { "concept": "moneysupermarket:DisclosureOfDisposalOfSubsidiary", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "29. Disposal of subsidiary Part disposal of Ice Travel Group Limited (ITG) On 1 December 2025, the Group undertook a part disposal of its interest in Ice Travel Group Limited and its two subsidiaries, Travelsupermarket Limited and Icelolly Marketing Limited (\u2018Ice Travel Group\u2019). Following a period of challenging performance, ITG\u2019s management have prepared a transformational business plan. The Directors of the Company believe that the non-controlling interest of Ice Travel Group is best placed to deliver this plan and therefore agreed to a transfer control of Ice Travel Group. Ice Travel Group Limited issued a share buyback from MONY Group Financial Limited for \u00a33.0m based on an equity value of \u00a38.9m. The equity value was deemed to be the fair value of Ice Travel Group as this is the valuation placed on the business by the non-controlling interest seeking to acquire control on an arm\u2019s length basis. This represents Level 3 in the fair value hierarchy as defined by IFRS 13 \u2013 Fair Value Measurement. The share buyback reduced the Group\u2019s shareholding from 67.0% to 49.9%. Consequently, the Group\u2019s investment in Ice Travel Group was reclassified as an associate on the Consolidated Statement of Financial Position, reflecting a cessation of control with retained significant influence. From 1 December 2025, the Group derecognised Ice Travel Group as a consolidated subsidiary and applied equity accounting to recognise its share of Ice Travel Group\u2019s profit or loss. The Group recognised a loss on disposal of subsidiary of \u00a36.7m in the Consolidated Income Statement and accounted for dividends received from Ice Travel Group of \u00a30.9m as a reduction in the carrying value of the investment in associate. The loss on disposal of subsidiary has been calculated as follows:
\u00a3m
Consideration received
3.0
Fair value of retained interest
3.0
Carrying value of non-controlling interest
6.3
Carrying value of net assets of ITG
(19.0)
Loss on disposal
(6.7)
Although Travel is a separate operating segment, ITG is not considered a separate major line of business, as it is not material in the context of the wider Group, or geographical area and therefore its results have not been presented as discontinued operations. The fair value of retained interest was \u00a33.0m at the point of the share buyback, but subsequently reduced to \u00a32.1m, which was its carrying value at the balance sheet date:
\u00a3m
Fair value of retained interest
3.0
Dividend received from Ice Travel Group
(0.9)
Carrying value at 31 December 2025
2 .1
On acquisition of Ice Travel Group in 2021, a balance of \u00a32.1m was recognised directly in equity in relation to the initial recognition of non-controlling interest. As part of the deconsolidation of Ice Travel Group, this amount was transferred from other reserves to retained earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:54930016B7VO33FBE722", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }