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1. General information
Senior plc is a Company incorporated in England and Wales
under the Companies Act 2006. The address of the registered
office is given on the inside back cover. The nature of the
Group\u2019s operations and its principal activities are set out in
Note 3 and on pages 1 to 71.
Items included in the Financial Statements of each of the
Group\u2019s entities are measured using the currency of the
primary economic environment in which the entity operates
(the functional currency). These Financial Statements are
presented in Pounds Sterling, which is the Company\u2019s
functional and the Group\u2019s presentation currency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "Senior plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "Items included in the Financial Statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). These Financial Statements are presented in Pounds Sterling, which is the Company\u2019s functional and the Group\u2019s presentation currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "
2. Significant accounting policies
Basis of accounting
These Financial Statements have been prepared in accordance
with UK-adopted international accounting standards. They
have been prepared on the historical cost basis, except for the
revaluation of certain financial instruments and retirement benefit
costs measured in accordance with IAS 19.
Going concern
In determining the appropriate basis of preparation of the
Financial Statements for the year ended 31 December 2025,
the Directors are required to consider whether the Group and
Parent Company can continue in operational existence for the
foreseeable future, being a period of at least 12 months from
the date of approval of these Financial Statements (the going
concern period).
The Board has applied a robust process to assess the resilience
of the forecast out-turns. This assessment included applying
severe but plausible downside risks. To address these risks the
Board has considered mitigating factors within the Group and
Parent Company\u2019s control that could be employed that would
address the impact and provide options to the Group and
Parent Company.
The Group has two covenants for committed borrowing facilities,
which are tested at June and December: the Group\u2019s net debt
to EBITDA (defined in the Notes to the Financial Headlines on
page 1) must not exceed 3.0x and interest cover, the ratio of
EBITDA to interest must be higher than 3.5x. At 31 December
2025, the Group\u2019s net debt to EBITDA was 0.9x and interest
cover was 6.6x, both comfortably within covenant limits.
In addition, as part of this assessment, the Directors have also
considered the impact of the Company having received several
proposals from potential offerors for the Company. The Directors
noted that, if any transaction were to proceed and ultimately
complete, that could result in the alteration or termination of
certain of the Company\u2019s arrangements, such as bank loan
agreements, employee share plans, commercial contracts and
property lease arrangements. At the date of approval of these
Financial Statements, there is no certainty that any offer will be
made for the Company, as to the terms of any offer nor whether
any offer would complete. The Directors have considered
whether a scenario should be developed for a change of control
occurring. Based on the current stage of the process and a lack of
certainty as to whether a change of control will ultimately take
place the Directors have concluded that such a plausible
downside scenario involving a change of control is not necessary.
Therefore, a scenario has not been incorporated into either the
base case or any downside scenario.
Based on the above assessment, the Board has concluded that
the Group and Parent Company will continue to have adequate
financial resources to realise its assets and discharge its liabilities
as they fall due over the going concern period. Accordingly,
the Directors have formed the judgment that it is appropriate to
prepare these Consolidated Financial Statements and the Parent
Company financial statements on the going concern basis.
Changes in accounting policies
At the date of authorisation of these Financial Statements, there
are no relevant and material new standards, amendments to
standards or interpretations which are effective for the year
ended 31 December 2025.
IFRS 18 Presentation and Disclosure in Financial Statements,
issued in April 2024, will replace IAS 1 Presentation of
Financial Statements and is effective for annual reporting
periods beginning on or after 1 January 2027. The new standard
introduces revised requirements for the presentation and
structure of the Income Statement, including defined categories
of income and expenses, the introduction of mandatory
subtotals, and enhanced disclosure requirements in relation to
management-defined performance measures. The Group is
currently assessing the impact of the adoption of IFRS 18 on its
consolidated financial statements. Based on the assessment
performed to date, IFRS 18 is not expected to have a material
impact on the recognition or measurement of the Group\u2019s assets,
liabilities, income or expenses, but is expected to result in
changes to the presentation of the Group\u2019s Income Statement
and to the nature and extent of certain disclosures. The Group
will apply the standard retrospectively from its effective date.
Alternative performance measures used by the Group are
defined and reconciled on page 1 and note 9 and 12.
Basis of consolidation
The Consolidated Financial Statements incorporate the
Financial Statements of Senior plc and the entities controlled
by it (its subsidiaries) made up to 31 December 2025. Control
exists when an investor has power over an investee, is exposed
or has rights to variable returns from its involvement with the
investee, and has the ability to use its power to affect the amount
of those returns.
Acquisitions of subsidiaries and businesses are accounted for
using the acquisition method. The consideration transferred
for each acquisition is the aggregate of the fair values (at the
date of exchange) of assets transferred, liabilities incurred
or assumed, and equity interests issued by the Group.
The consideration transferred includes the fair value of any asset
or liability resulting from a contingent consideration arrangement.
Acquisition-related costs are expensed as incurred. Identifiable
assets acquired and liabilities and contingent liabilities assumed
are measured initially at their fair values at the acquisition date.
On an acquisition-by- acquisition basis, the Group recognises
any non-controlling interest in the acquiree either at fair value
or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. The results of joint ventures are accounted for using the equity accounting method. Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Goodwill Goodwill arising on consolidation, which was acquired in a business combination, is measured as the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired. Goodwill is recognised as an asset and allocated, at acquisition, to the group of cash-generating units (CGU groups) that are expected to benefit from that business combination. If the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree is less than the fair value of the net assets acquired (i.e. bargain purchase), the difference is credited to the Consolidated Income Statement in the period of acquisition. CGU groups to which goodwill has been allocated are tested for impairment at least annually and reviewed for indicators of impairment at the reporting date. If impairment indicators exist, the individual assets within the CGUs, and the individual CGUs excluding goodwill, are tested for impairment before the CGU group is tested for impairment. Any impairment is recognised immediately through the Consolidated Income Statement and is not subsequently reversed. The determination of the recoverable amount of the CGU group is disclosed in the Notes to the Financial Statements (Note 13). If the recoverable amount of the CGU group is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU group and then to the other assets of the CGU group pro rata on the basis of the carrying amount of each asset in the CGU group. On disposal of a subsidiary or part thereof, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill acquired in a business combination prior to the date of transition to IFRS has been retained at the previous UK GAAP amount subject to being tested for impairment at that date. Revenue recognition The Group predominantly has one revenue stream relating to engineered components or systems (products), which are customer specific, with a secondary revenue stream of funded development revenue. Both streams have identifiable customer contracts and pricing specific performance obligations. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. Revenue is recognised net of discounts, VAT and other sales related taxes. The determination of the transaction price is based upon pricing specified in the customer contract i.e. a price per unit. Revenue is recognised as the identified performance obligations are satisfied. The performance obligation for goods is a specific point in time when the customer obtains control, which is upon delivery or when available for collection. Allocation of transaction price to performance obligations is given in the contract i.e. a unit delivered or available for collection. The performance obligation for development revenue is a specific point in time when the customer obtains control of the output, for example a first article good, which is the acceptance milestone specified in the customer contract. Any portion of a change in transaction price that is allocated to a satisfied performance obligation is recognised as revenue when the transaction price changes. Dividend income from investments is recognised when the shareholders\u2019 legal rights to receive payment have been established, with the related cashflows being classified as investing activities within the Consolidated Cashflow Statement. Interest Interest receivable/payable is credited/charged to the Consolidated Income Statement using the effective interest method. Deferred and contingent consideration related to business combinations which is paid or received, including changes in fair value since acquisition date, is classified as investing activities within the Consolidated Cashflow Statement. Any cash settlement relates to obtaining control rather than settlement of financing provided by the seller. Changes in fair value since the acquisition date are classified as finance income/expense. Leasing 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 a right to control the use of an identified asset for a period of time in exchange for consideration. The assessment of control includes whether the Group has a right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use and the right to direct the use of the asset. As a lessee, the Group recognises a right-of-use asset and lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjustment for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle or restore the underlying asset, less any lease incentives received. Lease payments comprise fixed payments and variable lease payments based on an index or rate. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The lease term includes optional extensions or terminations which are reasonably certain to be exercised by the Group. These optional terms are reassessed periodically or when there is a significant event which affects the lease. The estimated useful lives of the right-of-use assets are determined on the same basis as those of property, plant and equipment. Periodically the right-of-use asset is reduced for impairment, if necessary, as well as re-measurements of the lease liability. The lease liability is measured at amortised cost using the effective interest method, which is initially equal to the present value of lease payments that are not paid at the commencement date, discounted using an incremental borrowing rate determined on a lease portfolio basis. The lease liability is re-measured either as a modification or reassessment. Modification occurs where there is a change in terms, such as rental payments, which did not form part of the original terms of the contract. In this case, the lease liability is re-measured using the revised terms and a revised incremental borrowing rate at the modification date. Reassessment occurs where there are changes within the scope of the original terms of the contract, such as rental payments changes with reference to an index. For reassessment changes, the lease liability is re-measured in the same way as for a modification, except for the incremental borrowing rate, which is not changed from the original commencement date of the contract. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases which have a lease term of 12 months or less and leases of low-value assets. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. The Group recognises lease payments received under operating leases as income on a straight- line basis over the lease term. Foreign currencies Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are not retranslated. Gains and losses arising on retranslation are included in profit or loss for the period, except for exchange differences arising on non-monetary assets and liabilities where the changes in fair value are recognised directly in equity, subject to meeting the requirements under IAS 21
In order to hedge its exposure to certain foreign exchange risks,
the Group enters into forward exchange contracts and foreign
currency debt (see section below on derivative financial
instruments and hedging for details of the Group\u2019s accounting
policies in respect of such derivative financial instruments).
On consolidation, the assets and liabilities of the Group\u2019s
overseas operations are translated at exchange rates prevailing
on the reporting date. Income and expense items are translated
at the average exchange rates for the period. Exchange rate
differences arising, if any, are classified as equity and transferred
to the Group\u2019s translation reserve. Such translation differences
are recognised as income or expense in the period in which the
operation is disposed.
Goodwill and fair value adjustments arising on the acquisition
of a foreign entity are treated as assets and liabilities of the
foreign entity and translated at the closing rate on the relevant
reporting date.
The exchange rates for the major currencies applied in the
translation of results were as follows:
Average Average Year-end Year- end
rates rates rates rates
2025 2024 2025 2024
US Dollar
1.31
1.28
1.34
1.25
Government grants
Government grants received for items of a revenue nature are
recognised as income over the period necessary to match them
with the related costs, which are deducted in reporting the
related expense and presented net of the costs to which they
relate. Government grants relating to investment in property,
plant and equipment are deducted from the initial carrying value
of the related capital asset.
Retirement benefit costs
Payments to defined contribution retirement plans are
charged as an expense as they fall due. Payments made
to state-managed retirement benefit plans are dealt with as
payments to defined contribution plans where the Group\u2019s
obligations under the plans are equivalent to those arising
in a defined contribution arrangement.
For defined benefit retirement plans, the cost of providing
benefits is determined using the Projected Unit Credit Method,
with actuarial valuations performed at least triennially and
updated at each reporting date. The net defined benefit liability or
asset recognised in the Consolidated Balance Sheet represents
the present value of the defined benefit obligation, reduced by
the fair value of plan assets, and is subject to the asset ceiling
where applicable.
Amounts recognised in the Consolidated Income Statement
comprise current service cost, net interest on the net defined
benefit liability or asset; and past service cost and gains or losses
on settlements where applicable.
Remeasurements of the net defined benefit liability or asset,
comprising actuarial gains and losses on the defined benefit
obligation, the return on plan assets (excluding amounts included
in net interest), and any change in the effect of the asset ceiling,
are recognised in other comprehensive income in the period in
which they arise. Remeasurements are not reclassified to profit
or loss in subsequent periods.
Past service cost is recognised as an expense at the earlier of the
date of a plan amendment or curtailment, and the date on which
any related restructuring or termination benefits are recognised.
Taxation
Provisions for uncertain tax positions are included within current
tax liabilities on the Consolidated Balance Sheet representing
Management\u2019s best estimate of the likely cash outflow related
to the uncertainty. There are transactions and activities that
the Group engages in where the ultimate tax determination is
uncertain and a provision may be made against the tax benefit.
For example, the Group seeks to price transactions between
Group companies on an arm\u2019s-length basis and in compliance
with OECD transfer pricing principles and the laws of the relevant
jurisdictions. The application of OECD principles and local tax
laws require interpretation, and accordingly involves the
application of judgment and is open to challenge by the relevant
tax authorities. This gives rise to a level of uncertainty. Provisions
for uncertain tax positions are established in accordance with
IFRIC 23 based on an assessment of the range of likely tax
outcomes in open years and reflecting the strength of technical
arguments. Amounts are provided for individual tax uncertainties
based on Management\u2019s assessment of whether the most likely
amount or an expected amount based on a probability weighted
methodology is the more appropriate predictor of amounts that
the company is ultimately expected to settle. When making this
assessment, the Group utilises specialist in-house tax
knowledge and experience and takes into consideration
specialist tax advice from third party advisers on specific items.
Deferred tax is the tax expected to be payable or recoverable
on differences between the carrying amounts of assets and
liabilities in the Financial Statements and the corresponding tax
bases used in the computation of taxable profit, and is accounted
for using the Balance Sheet liability method. Deferred tax
liabilities are generally recognised for all taxable temporary
differences, including for taxable temporary differences arising
on investments in subsidiaries and associates, and interests in
joint ventures, except where the Group is able to control the
reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent that it is
probable that future taxable profits will be available for their
utilisation before their expiry. Amounts will be recognised first
to the extent that taxable temporary differences exist and it is
considered probable that they will reverse and give rise to future
taxable profits against which losses or other assets may be
utilised before their expiry. Assets will then be recognised to the
extent that forecasts or other evidence support the availability
of future profits against which assets may be realised.
Deferred tax assets and liabilities are not recognised if the
temporary difference arises from goodwill or from the initial
recognition of goodwill (other than in a business combination)
of other assets and liabilities in a transaction that affects neither
the Group\u2019s taxable profit nor its accounting profit.
The carrying value of deferred tax assets is reviewed at each
reporting date and reduced to the extent it is no longer probable
that sufficient taxable profits will be available to allow all or part of
the deferred tax asset to be recovered. Deferred tax is calculated
at the tax rates that are expected to apply in the period when the
liability is settled or the asset is realised based on tax laws and
rates that have been enacted at the reporting date. Deferred tax
is charged or credited in the Consolidated Income Statement,
except when it relates to items charged or credited to Other
Comprehensive Income or directly to Equity, in which case the
deferred tax is also dealt with in Other Comprehensive Income
or Equity.
Property, plant and equipment
Land and buildings held for use in the production or supply of
goods or services, or for administrative purposes, are stated in
the Balance Sheet at their historical cost, or at modified historical
cost, being a revaluation undertaken in 1988 which has been
taken as the effective cost on transition to IFRS. Land and
buildings were revalued to fair value at the date of revaluation.
The Group does not intend to conduct annual revaluations.
Plant and equipment are stated at cost less accumulated
depreciation and any recognised impairment loss. Depreciation
is charged to write off the cost of an asset on a straight-line basis
over the estimated useful life of the asset, and is charged from
the time an asset becomes available for its intended use.
Annual rates are as follows:
Freehold land
Nil
Freehold buildings
2%
Right-of-use land and on the same basis as owned assets or,
buildings where shorter, over the lease term
Leasehold building on the same basis as owned assets or,
improvements where shorter, over the lease term
Plant and equipment
5%\u201333%
Right-of-use plant on the same basis as owned assets or,
and equipment where shorter, over the lease term
The Group primarily leases land and buildings for manufacturing
use. The lease term, including options to extend which are
reasonably certain, typically range from two to fifteen years.
The Group also leases plant and equipment, including office
equipment, vehicles and manufacturing equipment, with lease
terms typically ranging from one to four years.
The gain or loss arising on the disposal or retirement of an asset
is determined as the difference between the sale proceeds and
the carrying amount of the asset at disposal and is recognised
in the Consolidated Income Statement.
Internally generated intangible assets \u2013 development expenditure An intangible asset arising from unfunded development work shall be recognised if the following can be demonstrated: i. the asset can be separately identified. ii. it is probable that the asset created will generate future economic benefits. iii. the development cost of the asset can be measured reliably during its development. iv. it is technically feasible to complete the asset so that it will be available for use or sale. v. there is intention to complete the asset and use or sell it. vi. the Group has ability to use or sell the asset. vii. the Group has availability of adequate technical, financial and other resources to complete the development work and to use or sell the asset. Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Costs incurred in relation to funded development work are accumulated in inventory and are recognised when the related billings are made. Any amounts held in inventory are subject to normal inventory valuation principles. Expenditure on research, design and other development activities, that do not meet the capitalisation criteria above, is recognised as an expense in the period in which it is incurred. Other intangible assets Other intangible assets include computer software and intangible assets acquired as part of a business combination. The cost of acquiring computer software (including associated implementation and development costs where applicable) is classified as an intangible asset. Costs associated with maintaining computer software programs are recognised as an expense as incurred. Capitalised computer software is amortised over its estimated useful life of between three and five years on a straight-line basis, and is stated at cost less accumulated amortisation and impairment losses. Intangible assets acquired as part of a business combination principally comprise qualified parts list, customer relationships, contracts and trade names. They are shown at fair value at the date of acquisition less accumulated amortisation. At the reporting date, Intangible assets which incurred amortisation during the year, are being amortised at rates of between 16 and 18 years on a straight-line basis since acquisition date. Impairment of tangible and intangible assets excluding goodwill At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The recoverable amount is the higher of the fair value less the
costs to sell and the value in use. In assessing the value in use,
the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to
the asset for which the estimates of future cash flows have not
been adjusted.
If the recoverable amount of an asset is estimated to be less than
its carrying amount, the carrying amount of the asset is reduced
to its recoverable amount. An impairment loss is recognised as
an expense immediately, unless the relevant asset is carried at a
revalued amount, in which case the impairment loss is treated as
a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying
amount of the asset is increased to the revised estimate of its
recoverable amount, so that the increased carrying amount
does not exceed the carrying amount that would have been
determined had no impairment loss been recognised for the
asset in prior years.
Inventories
Inventories are stated at the lower of cost and net realisable
value. Costs comprise direct materials and, where applicable,
direct labour costs and an appropriate allocation of production
overheads. Cost is calculated using the first-in, first-out method.
Net realisable value represents the estimated selling price less
the estimated costs of completion and the costs to be incurred
in marketing, selling and distribution.
Financial instruments
Financial assets and liabilities are recognised when the Group
becomes a party to the contractual provisions of the relevant
instrument and derecognised when it ceases to be a party
to such provisions.
Financial instruments are classified as cash and cash equivalents,
bank overdrafts and loans, lease liabilities, trade receivables,
trade payables, deferred consideration receivable or payable,
contingent consideration receivable or payable, other receivables
and other payables, as appropriate.
Non-derivative financial assets are categorised as Financial
assets at amortised cost and non-derivative financial liabilities
are categorised as Financial liabilities at amortised cost.
Derivative financial assets and liabilities that are not designated
and effective as hedging instruments are categorised as financial
assets at fair value through profit or loss and financial liabilities at
fair value through profit or loss, respectively. The classification
depends on the nature and purpose of the financial assets and
liabilities and is determined at the time of initial recognition.
Trade receivables Trade receivables do not carry any interest and are stated at their nominal value as reduced by loss allowance. The Group has elected to measure loss allowance for trade receivables at an amount equal to the lifetime expected credit losses (ECLs), which are based on quantitative and qualitative credit risk assessments, using historical and forward looking information. Changes in the carrying amounts of the loss allowance are recognised in the Consolidated Income Statement. Trade receivables in default are considered uncollectible and are written off against the loss allowance. The Group considers a trade receivable to be in default when the customer is experiencing significant financial difficulties, bankruptcy, financial reorganisation or is in default or delinquent in paying its credit obligations to the Group in full. Subsequent recoveries of amounts previously written off are credited against the loss allowance. Trade receivables are derecognised when reverse factored, without recourse, through schemes with financial institution counterparties who assume the risk of non-payment by the customer. Derecognition occurs when cash is received from the financial institution (less reverse factoring discount). For further details, see Strategic Report and the financial instrument credit risk section in the notes to the Consolidated Financial Statements. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Non-derivative financial liabilities Non-derivative financial liabilities are stated at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised financial liability and of allocating interest over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. For borrowings, their carrying value includes accrued interest payable, as well as unamortised issue costs. Equity instruments Equity instruments issued by the Company are recorded at the value of the proceeds received, net of direct transaction costs.
Derivative financial instruments and hedging
The Group\u2019s activities expose it primarily to the financial risks of
changes in foreign currency exchange rates and interest rates.
The Group uses foreign exchange contracts, foreign currency
debt and, on occasion, interest rate swap contracts to hedge
these exposures. The use of financial derivatives is governed by
the Group\u2019s Treasury Policies as approved by the Board of
Directors, which provides written principles on the use of
derivatives. The Group does not use derivative financial
instruments for speculative purposes.
Certain derivative instruments do not qualify for hedge
accounting. These are categorised as fair value through profit or
loss and are stated at fair value, with any resultant gain or loss
recognised in the Income Statement.
The Group designates certain hedging instruments in respect
of foreign currency risk as cash flow hedges. At the inception of
the hedge relationship, the Group documents the relationship
between the hedging instrument and the hedged item, along
with its risk management objectives and strategy for undertaking
various hedging transactions. The Group also documents, both at
hedge inception and on an ongoing basis, whether the hedging
instrument that is used in a hedging relationship is highly
effective in offsetting changes in fair values or cash flows of the
hedged item.
For the Group\u2019s cash flow hedges of highly probable forecast
transactions in foreign currencies, the hedged risk is always
considered to be 1:1. If the underlying exposure changes over
time, either due to commercial factors or timing differences, the
hedging instruments will be rebalanced to ensure that the hedge
ratio of 1:1 is maintained.
Changes in the fair value of derivative financial instruments
that are designated and are effective as a cash flow hedge
are recognised directly in equity and the ineffective portion is
recognised immediately in the Consolidated Income Statement.
If the cash flow hedge of a firm commitment or forecasted
transaction results in the recognition of an asset or a liability,
then, at the time the asset or liability is recognised, the
associated gains or losses on the derivative that had previously
been recognised in equity are included in the initial measurement
of the asset or liability. For hedges that do not result in the
recognition of an asset or a liability, amounts deferred in equity
are recognised in the Income Statement in the same period in
which the hedged item affects profit or loss.
For an effective hedge of an exposure to changes in fair value,
the hedged item is adjusted for changes in fair value attributable
to the risk being hedged with the corresponding entry in the
Consolidated Income Statement. Gains or losses from
remeasuring the derivative are also recognised in the
Consolidated Income Statement. If the hedge is effective,
these entries will offset in the Consolidated Income Statement.
The Group designates certain hedging instruments, foreign exchange contracts or foreign currency debt, in hedge relationships as net investment hedges to manage the foreign exchange risk arising from its investments in foreign operations. A hedge of a net investment in a foreign operation is accounted for in a manner similar to a cash flow hedge. The effective portion of exchange differences arising on the translation of the hedging instrument or foreign currency debt is recognised in equity and accumulated in the hedging and translation reserve. Any ineffective portion is recognised immediately in the Income Statement. On disposal of a foreign operation, the cumulative gain or loss previously recognised in equity relating to that operation, including the effective portion of the hedge, is reclassified from equity to the Income Statement as part of the gain or loss on disposal. The Group designates certain foreign currency borrowings and forward exchange contracts as hedges of its net investments in foreign operations. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the Consolidated Income Statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in Equity is transferred to the Consolidated Income Statement for the period. Gains and losses accumulated in Equity are recognised in the Consolidated Income Statement on disposal of the overseas business. Disposal accounting The Group accounts for disposals when control of a subsidiary, business or group of assets is transferred to a third party. On disposal, the related assets and liabilities are derecognised, consideration is recognised at fair value, and any resulting gain or loss is recognised in profit or loss. Where a disposal represents a separate major line of business or geographical area of operations, the results of the disposed operation are presented as discontinued operations, with related cash flows disclosed separately where required. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the reporting date, taking into account the risks and uncertainties (such as timing or amount) surrounding the obligation. They are not discounted to present value if the effect is not material. Provisions for restructuring are recognised when the Group has a detailed formal plan for the restructuring and the plan has been communicated to the affected parties. Provisions for the expected cost for warranty obligations under local sale of goods legislation are recognised at the date of sale of the relevant products. Share-based payments The Group applies the requirements of IFRS 2 Share-based payments. The Group issues equity-settled share-based payments to certain employees. The fair value (excluding the effect of non-market-related conditions), as determined at the grant date, is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of shares that will eventually vest and adjusted for the effect of non-market-related conditions. Fair value is measured by use of a Black-Scholes model for the share option plans, and a binomial model for the share awards under the 2014 Long-Term Incentive Plan. The liability in respect of equity-settled amounts is included in Equity. Critical accounting judgments IAS 1 requires disclosure of the judgments Management makes when applying its significant accounting policies and that have the most significant effect on amounts that are recognised in the Group\u2019s Financial Statements. In the course of preparing the Financial Statements, no significant critical judgments have been made in the process of applying the Group\u2019s accounting policies, other than retirement benefits specified within this section and judgments relating to legal claims and contractual matters (see Note 24). Retirement benefits \u2013 judgments In September 2025, the Trustee of the Senior plc UK Pension Plan (\u201cUK plan\u201d) entered into a bulk annuity contract (\u201cbuy-in\u201d) with an insurer, M&G, covering all scheme members. The policy is treated as a plan asset under IAS19 with the value set equal to the corresponding liability covered by the policy, as it provides income substantially matching the benefits payable by the Plan. Management concluded that the pension buy-in does not constitute a settlement under IAS 19. The legal obligation to pay benefits remains with the Plan Trustee. No formal decision to progress to buy-out and wind-up can be made without additional actions and until the Company and Trustee agree on several key areas, including the due diligence process on clarification of certain Plan benefits and use of residual surplus. The loss arising out of this transaction was recognised in Other Comprehensive Income. Other accounting judgments Disposal of Aerostructures \u2013 judgments In respect of the disposal of Aerostructures in 2025, Management has made judgments that have a significant effect on the recognition and presentation of amounts in the financial statements: Classification of the disposal and discontinued operations: Management has determined under IFRS 5 that the disposal of Aerostructures is part of a single co-ordinated plan, representing a component which is a separate major line of business, including distinct geographical areas and operations. This affects the presentation of the results, which are reported separately for continuing and discontinued operations. Assessment of control: Management concluded that the Group no longer has control over the disposed operations as of 31st December 2025, resulting in full derecognition of the related assets and liabilities from the consolidated balance sheet. Leases Where a lease includes the option for an extension to the lease term, Management makes a judgment as to whether they are reasonably certain the option will be taken. This will take into account the length of time remaining before the option is exercisable, current and forecasted plans for utilising the asset and the level and type of planned future capital investment. As at 31 December 2025, these extension options have an approximate average remaining lease term of 5 years. These judgments are reassessed when there is a significant event affecting the lease, which could result in a recalculation of the lease liability and a material adjustment to the associated balances. Other sources of estimation and uncertainty When applying the Group\u2019s accounting policies, Management must make assumptions and estimates concerning the future that affect the carrying amounts of assets and liabilities at the reporting date and the amounts of revenue and expenses recognised during the period. Such assumptions are based upon factors including historical experience, the observance of trends in the industries in which the Group operates, and information available from the Group\u2019s customers and other external sources. Disposal of Aerostructures \u2013 estimates Other sources of estimation uncertainty in respect of the discontinued operations include the estimated loss on sale recorded in the year ending 31 December 2025 (see Note 35), which is subject to a number of estimates including customary completion adjustments, such as those based on working capital and debt in the disposed business at the date of sale, related foreign currency translation differences on those adjustments, disposal costs outflows which were accrued in 2026 and finalisation of contingent consideration receivable. Per the SPA, the contractual range on the contingent consideration is \u00a3nil to \u00a350m. A contingent consideration receivable of \u00a313.2m (before \u00a30.3m discounting) has been recognised at fair value at 31 December 2025, representing management\u2019s best estimate of the amount expected to be received based on information available at the reporting date and the contractual terms of the SPA. The valuation requires the application of judgement, particularly in relation to the interpretation of contractual provisions and the resolution of matters through the completion accounts process. The final outcome, which may differ from the valuation at 31 December 2025, remains subject to these interpretations, negotiation and agreement between the parties and will be finalised once the completion accounts process is concluded. The Directors believe the fair value determined is reasonable based on the approach taken. However, once an agreement is reached with the buyer the ultimate amount receivable may be higher or lower than the amount recognised. Based on information available today, the Directors do not expect the amount receivable to be materially lower, although it could be materially higher. Retirement benefits \u2013 estimates Management makes assumptions and estimates, for the next financial year and beyond, which affect the value of the carrying amount of the UK Plan retirement benefit obligation at 31 December 2025. Management follows actuarial advice from a third party when determining estimation uncertainty on the valuation of the UK gross defined benefit obligation, the significant assumptions being discount rate, inflation and life expectancy (see Note 33). The carrying amount of the UK Plan\u2019s retirement benefits at 31 December 2025 was a surplus of \u00a323.3m (2024 \u2013 surplus of \u00a343.5m), being the present value of the defined benefit obligations of \u00a3172.7m (2024 \u2013 \u00a3181.9m) and fair value of plan assets of \u00a3196.0m (2024 \u2013 \u00a3225.4m). Further details and sensitivities from changes in estimates are set out in Note 33v. Key changes to judgments and estimates from the prior year The Held for sale judgment has been removed as a key judgment in 2025 following the disposal of Aerostructures at 31st December 2025. Warranty costs have been removed as a key estimate in 2025 following the resolution of one specific disputed commercial matter.
Consideration of climate change
In preparing the Financial Statements, the Directors have
considered the impact of climate change, particularly in
the context of the risks identified in the TCFD disclosure on
pages 66 to 69. There has been no material impact identified
on the financial reporting judgments and estimates. In particular,
the Directors considered the impact of climate change in respect
of the following areas:
Useful lives of assets \u2013 The useful lives of assets could be
reduced by climate-related matters, for example as a result of
physical risks, obsolescence or legal restrictions. The change
in useful lives would have a direct impact on the amount of
depreciation or amortisation recognised each year from the
date of reassessment. The Directors\u2019 review of useful lives has
taken into consideration the impacts of the Group\u2019s Net Zero
commitments and has not had a material impact on the results
for the year.
Inventory valuation \u2013 Climate-related matters may affect the
value of inventories as they could become obsolete as a result
of a decline in selling price or a reduction in demand. After
consideration of the typical inventory days compared to the
rate of change in the market the Directors consider that
inventory is appropriately valued.
Going concern and viability \u2013 risks identified in the TCFD
disclosures in pages 66 to 69 have been factored into the going
concern and viability assessment. See page 70 further details.
Goodwill impairment assessment \u2013 cash flow forecasts used
in the impairment assessment of goodwill have considered
potential changes in demand over the next 5 years as a result
of changing customer preferences on Senior\u2019s products. This
is not expected to have a material impact on the cashflows,
with longer term growth rates based on forecasted market
demand. Aerospace market rates were used for the Aerospace
CGU and long-term GDP rates for advanced economies were
used for the Flexonics CGU. Sensitivity analysis (See Note 13)
shows that a 1 percent decrease in growth rate would not
result in the carrying amount of CGU groups exceeding their
recoverable amount.
Recoverability of trade receivables \u2013 After consideration of
the typical receivable days compared to the rate of change
in the market, the Directors consider that receivables at
31 December 2025 are not adversely affected by climate
change.
Valuation of the UK Plan retirement gross benefit obligation
\u2013 there is no material impact on key financial assumptions
which are set according to market yields. The UK plan is now
majority de-risked on a net basis through an insurance buy-in
during 2025.
The Directors are aware of the ever-changing risks attached to
climate change and will regularly assess these risks against
judgments and estimates made in preparation of the Group\u2019s
Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "Basis of accounting These Financial Statements have been prepared in accordance with UK-adopted international accounting standards. They have been prepared on the historical cost basis, except for the revaluation of certain financial instruments and retirement benefit costs measured in accordance with IAS 19. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "These Financial Statements have been prepared in accordance with UK-adopted international accounting standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "Going concern In determining the appropriate basis of preparation of the Financial Statements for the year ended 31 December 2025, the Directors are required to consider whether the Group and Parent Company can continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these Financial Statements (the going concern period). The Board has applied a robust process to assess the resilience of the forecast out-turns. This assessment included applying severe but plausible downside risks. To address these risks the Board has considered mitigating factors within the Group and Parent Company\u2019s control that could be employed that would address the impact and provide options to the Group and Parent Company. The Group has two covenants for committed borrowing facilities, which are tested at June and December: the Group\u2019s net debt to EBITDA (defined in the Notes to the Financial Headlines on page 1) must not exceed 3.0x and interest cover, the ratio of EBITDA to interest must be higher than 3.5x. At 31 December 2025, the Group\u2019s net debt to EBITDA was 0.9x and interest cover was 6.6x, both comfortably within covenant limits. In addition, as part of this assessment, the Directors have also considered the impact of the Company having received several proposals from potential offerors for the Company. The Directors noted that, if any transaction were to proceed and ultimately complete, that could result in the alteration or termination of certain of the Company\u2019s arrangements, such as bank loan agreements, employee share plans, commercial contracts and property lease arrangements. At the date of approval of these Financial Statements, there is no certainty that any offer will be made for the Company, as to the terms of any offer nor whether any offer would complete. The Directors have considered whether a scenario should be developed for a change of control occurring. Based on the current stage of the process and a lack of certainty as to whether a change of control will ultimately take place the Directors have concluded that such a plausible downside scenario involving a change of control is not necessary. Therefore, a scenario has not been incorporated into either the base case or any downside scenario. Based on the above assessment, the Board has concluded that the Group and Parent Company will continue to have adequate financial resources to realise its assets and discharge its liabilities as they fall due over the going concern period. Accordingly, the Directors have formed the judgment that it is appropriate to prepare these Consolidated Financial Statements and the Parent Company financial statements on the going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "Changes in accounting policies At the date of authorisation of these Financial Statements, there are no relevant and material new standards, amendments to standards or interpretations which are effective for the year ended 31 December 2025. IFRS 18 Presentation and Disclosure in Financial Statements, issued in April 2024, will replace IAS 1 Presentation of Financial Statements and is effective for annual reporting periods beginning on or after 1 January 2027. The new standard introduces revised requirements for the presentation and structure of the Income Statement, including defined categories of income and expenses, the introduction of mandatory subtotals, and enhanced disclosure requirements in relation to management-defined performance measures. The Group is currently assessing the impact of the adoption of IFRS 18 on its consolidated financial statements. Based on the assessment performed to date, IFRS 18 is not expected to have a material impact on the recognition or measurement of the Group\u2019s assets, liabilities, income or expenses, but is expected to result in changes to the presentation of the Group\u2019s Income Statement and to the nature and extent of certain disclosures. The Group will apply the standard retrospectively from its effective date. Alternative performance measures used by the Group are defined and reconciled on page 1 and note 9 and 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "Changes in accounting policies At the date of authorisation of these Financial Statements, there are no relevant and material new standards, amendments to standards or interpretations which are effective for the year ended 31 December 2025. IFRS 18 Presentation and Disclosure in Financial Statements, issued in April 2024, will replace IAS 1 Presentation of Financial Statements and is effective for annual reporting periods beginning on or after 1 January 2027. The new standard introduces revised requirements for the presentation and structure of the Income Statement, including defined categories of income and expenses, the introduction of mandatory subtotals, and enhanced disclosure requirements in relation to management-defined performance measures. The Group is currently assessing the impact of the adoption of IFRS 18 on its consolidated financial statements. Based on the assessment performed to date, IFRS 18 is not expected to have a material impact on the recognition or measurement of the Group\u2019s assets, liabilities, income or expenses, but is expected to result in changes to the presentation of the Group\u2019s Income Statement and to the nature and extent of certain disclosures. The Group will apply the standard retrospectively from its effective date. Alternative performance measures used by the Group are defined and reconciled on page 1 and note 9 and 12. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "Basis of consolidation The Consolidated Financial Statements incorporate the Financial Statements of Senior plc and the entities controlled by it (its subsidiaries) made up to 31 December 2025. Control exists when an investor has power over an investee, is exposed or has rights to variable returns from its involvement with the investee, and has the ability to use its power to affect the amount of those returns. Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration transferred for each acquisition is the aggregate of the fair values (at the date of exchange) of assets transferred, liabilities incurred or assumed, and equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed are measured initially at their fair values at the acquisition date. On an acquisition-by- acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. The results of joint ventures are accounted for using the equity accounting method. Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "Basis of consolidation The Consolidated Financial Statements incorporate the Financial Statements of Senior plc and the entities controlled by it (its subsidiaries) made up to 31 December 2025. Control exists when an investor has power over an investee, is exposed or has rights to variable returns from its involvement with the investee, and has the ability to use its power to affect the amount of those returns. Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration transferred for each acquisition is the aggregate of the fair values (at the date of exchange) of assets transferred, liabilities incurred or assumed, and equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed are measured initially at their fair values at the acquisition date. On an acquisition-by- acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value
or at the non-controlling interest\u2019s proportionate share of the
acquiree\u2019s net assets. The results of subsidiaries acquired or
disposed of during the year are included in the Consolidated
Income Statement from the effective date of acquisition or up to
the effective date of disposal, as appropriate. The results of joint
ventures are accounted for using the equity accounting method.
Where necessary, adjustments are made to the Financial
Statements of subsidiaries to bring the accounting policies used
in line with those used by the Group. All intra-group transactions,
balances, income and expenses are eliminated on consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "
Goodwill
Goodwill arising on consolidation, which was acquired in a
business combination, is measured as the excess of the
consideration transferred, the amount of any non-controlling
interest in the acquiree and the acquisition date fair value of any
previous equity interest in the acquiree over the fair value of the
Group\u2019s share of the identifiable net assets acquired. Goodwill is
recognised as an asset and allocated, at acquisition, to the group
of cash-generating units (CGU groups) that are expected to
benefit from that business combination. If the consideration
transferred, the amount of any non-controlling interest in the
acquiree and the acquisition date fair value of any previous equity
interest in the acquiree is less than the fair value of the net assets
acquired (i.e. bargain purchase), the difference is credited to the
Consolidated Income Statement in the period of acquisition.
CGU groups to which goodwill has been allocated are tested for
impairment at least annually and reviewed for indicators of
impairment at the reporting date. If impairment indicators exist,
the individual assets within the CGUs, and the individual CGUs
excluding goodwill, are tested for impairment before the CGU
group is tested for impairment. Any impairment is recognised
immediately through the Consolidated Income Statement and is
not subsequently reversed. The determination of the recoverable
amount of the CGU group is disclosed in the Notes to the
Financial Statements (Note 13). If the recoverable amount of the
CGU group is less than its carrying amount, the impairment loss
is allocated first to reduce the carrying amount of any goodwill
allocated to the CGU group and then to the other assets of the
CGU group pro rata on the basis of the carrying amount of each
asset in the CGU group.
On disposal of a subsidiary or part thereof, the attributable
amount of goodwill is included in the determination of the profit
or loss on disposal.
Goodwill acquired in a business combination prior to the date of
transition to IFRS has been retained at the previous UK GAAP
amount subject to being tested for impairment at that date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "Goodwill Goodwill arising on consolidation, which was acquired in a business combination, is measured as the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the identifiable net assets acquired. Goodwill is recognised as an asset and allocated, at acquisition, to the group of cash-generating units (CGU groups) that are expected to benefit from that business combination. If the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree is less than the fair value of the net assets acquired (i.e. bargain purchase), the difference is credited to the Consolidated Income Statement in the period of acquisition. CGU groups to which goodwill has been allocated are tested for impairment at least annually and reviewed for indicators of impairment at the reporting date. If impairment indicators exist, the individual assets within the CGUs, and the individual CGUs excluding goodwill, are tested for impairment before the CGU group is tested for impairment. Any impairment is recognised immediately through the Consolidated Income Statement and is not subsequently reversed. The determination of the recoverable amount of the CGU group is disclosed in the Notes to the Financial Statements (Note 13). If the recoverable amount of the CGU group is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU group and then to the other assets of the CGU group pro rata on the basis of the carrying amount of each asset in the CGU group. On disposal of a subsidiary or part thereof, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill acquired in a business combination prior to the date of transition to IFRS has been retained at the previous UK GAAP amount subject to being tested for impairment at that date. Internally generated intangible assets \u2013 development expenditure An intangible asset arising from unfunded development work shall be recognised if the following can be demonstrated: i. the asset can be separately identified. ii. it is probable that the asset created will generate future economic benefits. iii. the development cost of the asset can be measured reliably during its development. iv. it is technically feasible to complete the asset so that it will be available for use or sale. v. there is intention to complete the asset and use or sell it. vi. the Group has ability to use or sell the asset. vii. the Group has availability of adequate technical, financial and other resources to complete the development work and to use or sell the asset. Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Costs incurred in relation to funded development work are accumulated in inventory and are recognised when the related billings are made. Any amounts held in inventory are subject to normal inventory valuation principles. Expenditure on research, design and other development activities, that do not meet the capitalisation criteria above, is recognised as an expense in the period in which it is incurred. Other intangible assets Other intangible assets include computer software and intangible assets acquired as part of a business combination. The cost of acquiring computer software (including associated implementation and development costs where applicable) is classified as an intangible asset. Costs associated with maintaining computer software programs are recognised as an expense as incurred. Capitalised computer software is amortised over its estimated useful life of between three and five years on a straight-line basis, and is stated at cost less accumulated amortisation and impairment losses. Intangible assets acquired as part of a business combination principally comprise qualified parts list, customer relationships, contracts and trade names. They are shown at fair value at the date of acquisition less accumulated amortisation. At the reporting date, Intangible assets which incurred amortisation during the year, are being amortised at rates of between 16 and 18 years on a straight-line basis since acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "
Revenue recognition
The Group predominantly has one revenue stream relating to
engineered components or systems (products), which are
customer specific, with a secondary revenue stream of funded
development revenue. Both streams have identifiable customer
contracts and pricing specific performance obligations.
The transaction price is the amount of consideration to which
an entity expects to be entitled in exchange for transferring
promised goods or services to a customer. Revenue is
recognised net of discounts, VAT and other sales related taxes.
The determination of the transaction price is based upon pricing
specified in the customer contract i.e. a price per unit.
Revenue is recognised as the identified performance obligations
are satisfied.
The performance obligation for goods is a specific point in time
when the customer obtains control, which is upon delivery or
when available for collection. Allocation of transaction price to
performance obligations is given in the contract i.e. a unit
delivered or available for collection.
The performance obligation for development revenue is a
specific point in time when the customer obtains control of the
output, for example a first article good, which is the acceptance
milestone specified in the customer contract.
Any portion of a change in transaction price that is allocated to
a satisfied performance obligation is recognised as revenue
when the transaction price changes.
Dividend income from investments is recognised when the
shareholders\u2019 legal rights to receive payment have been
established, with the related cashflows being classified as
investing activities within the Consolidated Cashflow Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "
Interest
Interest receivable/payable is credited/charged to the
Consolidated Income Statement using the effective
interest method.
Deferred and contingent consideration related to business
combinations which is paid or received, including changes in fair
value since acquisition date, is classified as investing activities
within the Consolidated Cashflow Statement. Any cash
settlement relates to obtaining control rather than settlement of
financing provided by the seller. Changes in fair value since the
acquisition date are classified as finance income/expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "Interest Interest receivable/payable is credited/charged to the Consolidated Income Statement using the effective interest method. Deferred and contingent consideration related to business combinations which is paid or received, including changes in fair value since acquisition date, is classified as investing activities within the Consolidated Cashflow Statement. Any cash settlement relates to obtaining control rather than settlement of financing provided by the seller. Changes in fair value since the acquisition date are classified as finance income/expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "
Leasing
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 a right to control the use of an identified
asset for a period of time in exchange for consideration. The
assessment of control includes whether the Group has a right to
obtain substantially all of the economic benefits from the use of
the asset throughout the period of use and the right to direct the
use of the asset.
As a lessee, the Group recognises a right-of-use asset and lease
liability at the lease commencement date. The right-of-use asset
is initially measured at cost, which comprises the initial amount of
the lease liability adjustment for any lease payments made at or
before the commencement date, plus any initial direct costs
incurred and an estimate of costs to dismantle or restore the
underlying asset, less any lease incentives received.
Lease payments comprise fixed payments and variable lease
payments based on an index or rate. The right-of-use asset
is subsequently depreciated using the straight-line method
from the commencement date to the earlier of the end of the
useful life of the asset or the end of the lease term. The lease
term includes optional extensions or terminations which
are reasonably certain to be exercised by the Group.
These optional terms are reassessed periodically or when there
is a significant event which affects the lease. The estimated
useful lives of the right-of-use assets are determined on the
same basis as those of property, plant and equipment.
Periodically the right-of-use asset is reduced for impairment,
if necessary, as well as re-measurements of the lease liability.
The lease liability is measured at amortised cost using the
effective interest method, which is initially equal to the
present value of lease payments that are not paid at the
commencement date, discounted using an incremental
borrowing rate determined on a lease portfolio basis. The lease
liability is re-measured either as a modification or reassessment.
Modification occurs where there is a change in terms, such as
rental payments, which did not form part of the original terms of
the contract. In this case, the lease liability is re-measured using
the revised terms and a revised incremental borrowing rate at
the modification date. Reassessment occurs where there are
changes within the scope of the original terms of the contract,
such as rental payments changes with reference to an index.
For reassessment changes, the lease liability is re-measured in
the same way as for a modification, except for the incremental
borrowing rate, which is not changed from the original
commencement date of the contract.
The Group has elected not to recognise right-of-use assets and
lease liabilities for short-term leases which have a lease term of
12 months or less and leases of low-value assets. The Group
recognises the lease payments associated with these leases
as an expense on a straight-line basis over the lease term. The
Group recognises lease payments received under operating
leases as income on a straight- line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "Foreign currencies Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are not retranslated. Gains and losses arising on retranslation are included in profit or loss for the period, except for exchange differences arising on non-monetary assets and liabilities where the changes in fair value are recognised directly in equity, subject to meeting the requirements under IAS 21 . In order to hedge its exposure to certain foreign exchange risks, the Group enters into forward exchange contracts and foreign currency debt (see section below on derivative financial instruments and hedging for details of the Group\u2019s accounting policies in respect of such derivative financial instruments). On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period. Exchange rate differences arising, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Such translation differences are recognised as income or expense in the period in which the operation is disposed. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate on the relevant reporting date. The exchange rates for the major currencies applied in the translation of results were as follows:
Average Average Year-end Year- end
rates rates rates rates
2025 2024 2025 2024
US Dollar
1.31
1.28
1.34
1.25
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "Government grants Government grants received for items of a revenue nature are recognised as income over the period necessary to match them with the related costs, which are deducted in reporting the related expense and presented net of the costs to which they relate. Government grants relating to investment in property, plant and equipment are deducted from the initial carrying value of the related capital asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "Retirement benefit costs Payments to defined contribution retirement plans are charged as an expense as they fall due. Payments made to state-managed retirement benefit plans are dealt with as payments to defined contribution plans where the Group\u2019s obligations under the plans are equivalent to those arising in a defined contribution arrangement. For defined benefit retirement plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations performed at least triennially and updated at each reporting date. The net defined benefit liability or asset recognised in the Consolidated Balance Sheet represents the present value of the defined benefit obligation, reduced by the fair value of plan assets, and is subject to the asset ceiling where applicable. Amounts recognised in the Consolidated Income Statement comprise current service cost, net interest on the net defined benefit liability or asset; and past service cost and gains or losses on settlements where applicable. Remeasurements of the net defined benefit liability or asset, comprising actuarial gains and losses on the defined benefit obligation, the return on plan assets (excluding amounts included in net interest), and any change in the effect of the asset ceiling, are recognised in other comprehensive income in the period in which they arise. Remeasurements are not reclassified to profit or loss in subsequent periods. Past service cost is recognised as an expense at the earlier of the date of a plan amendment or curtailment, and the date on which any related restructuring or termination benefits are recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "Taxation Provisions for uncertain tax positions are included within current tax liabilities on the Consolidated Balance Sheet representing Management\u2019s best estimate of the likely cash outflow related to the uncertainty. There are transactions and activities that the Group engages in where the ultimate tax determination is uncertain and a provision may be made against the tax benefit. For example, the Group seeks to price transactions between Group companies on an arm\u2019s-length basis and in compliance with OECD transfer pricing principles and the laws of the relevant jurisdictions. The application of OECD principles and local tax laws require interpretation, and accordingly involves the application of judgment and is open to challenge by the relevant tax authorities. This gives rise to a level of uncertainty. Provisions for uncertain tax positions are established in accordance with IFRIC 23 based on an assessment of the range of likely tax outcomes in open years and reflecting the strength of technical arguments. Amounts are provided for individual tax uncertainties based on Management\u2019s assessment of whether the most likely amount or an expected amount based on a probability weighted methodology is the more appropriate predictor of amounts that the company is ultimately expected to settle. When making this assessment, the Group utilises specialist in-house tax knowledge and experience and takes into consideration specialist tax advice from third party advisers on specific items. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, including for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available for their utilisation before their expiry. Amounts will be recognised first to the extent that taxable temporary differences exist and it is considered probable that they will reverse and give rise to future taxable profits against which losses or other assets may be utilised before their expiry. Assets will then be recognised to the extent that forecasts or other evidence support the availability of future profits against which assets may be realised. Deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of goodwill (other than in a business combination) of other assets and liabilities in a transaction that affects neither the Group\u2019s taxable profit nor its accounting profit. The carrying value of deferred tax assets is reviewed at each reporting date and reduced to the extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted at the reporting date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited to Other Comprehensive Income or directly to Equity, in which case the deferred tax is also dealt with in Other Comprehensive Income or Equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the Balance Sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, including for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available for their utilisation before their expiry. Amounts will be recognised first to the extent that taxable temporary differences exist and it is considered probable that they will reverse and give rise to future taxable profits against which losses or other assets may be utilised before their expiry. Assets will then be recognised to the extent that forecasts or other evidence support the availability of future profits against which assets may be realised. Deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of goodwill (other than in a business combination) of other assets and liabilities in a transaction that affects neither the Group\u2019s taxable profit nor its accounting profit. The carrying value of deferred tax assets is reviewed at each reporting date and reduced to the extent it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted at the reporting date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited to Other Comprehensive Income or directly to Equity, in which case the deferred tax is also dealt with in Other Comprehensive Income or Equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "Property, plant and equipment Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the Balance Sheet at their historical cost, or at modified historical cost, being a revaluation undertaken in 1988 which has been taken as the effective cost on transition to IFRS. Land and buildings were revalued to fair value at the date of revaluation. The Group does not intend to conduct annual revaluations. Plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged to write off the cost of an asset on a straight-line basis over the estimated useful life of the asset, and is charged from the time an asset becomes available for its intended use. Annual rates are as follows:
Freehold land
Nil
Freehold buildings
2%
Right-of-use land and on the same basis as owned assets or,
buildings where shorter, over the lease term
Leasehold building on the same basis as owned assets or,
improvements where shorter, over the lease term
Plant and equipment
5%\u201333%
Right-of-use plant on the same basis as owned assets or,
and equipment where shorter, over the lease term
The Group primarily leases land and buildings for manufacturing use. The lease term, including options to extend which are reasonably certain, typically range from two to fifteen years. The Group also leases plant and equipment, including office equipment, vehicles and manufacturing equipment, with lease terms typically ranging from one to four years. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset at disposal and is recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "Property, plant and equipment Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the Balance Sheet at their historical cost, or at modified historical cost, being a revaluation undertaken in 1988 which has been taken as the effective cost on transition to IFRS. Land and buildings were revalued to fair value at the date of revaluation. The Group does not intend to conduct annual revaluations. Plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation is charged to write off the cost of an asset on a straight-line basis over the estimated useful life of the asset, and is charged from the time an asset becomes available for its intended use. Annual rates are as follows:
Freehold land
Nil
Freehold buildings
2%
Right-of-use land and on the same basis as owned assets or,
buildings where shorter, over the lease term
Leasehold building on the same basis as owned assets or,
improvements where shorter, over the lease term
Plant and equipment
5%\u201333%
Right-of-use plant on the same basis as owned assets or,
and equipment where shorter, over the lease term
The Group primarily leases land and buildings for manufacturing use. The lease term, including options to extend which are reasonably certain, typically range from two to fifteen years. The Group also leases plant and equipment, including office equipment, vehicles and manufacturing equipment, with lease terms typically ranging from one to four years. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset at disposal and is recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "
Internally generated intangible assets \u2013 development expenditure
An intangible asset arising from unfunded development work
shall be recognised if the following can be demonstrated:
i. the asset can be separately identified.
ii. it is probable that the asset created will generate future
economic benefits.
iii. the development cost of the asset can be measured reliably
during its development.
iv. it is technically feasible to complete the asset so that it will
be available for use or sale.
v. there is intention to complete the asset and use or sell it.
vi. the Group has ability to use or sell the asset.
vii. the Group has availability of adequate technical, financial
and other resources to complete the development work
and to use or sell the asset.
Internally generated intangible assets are amortised on a
straight-line basis over their useful lives. Costs incurred in
relation to funded development work are accumulated in
inventory and are recognised when the related billings are made.
Any amounts held in inventory are subject to normal inventory
valuation principles. Expenditure on research, design and other
development activities, that do not meet the capitalisation
criteria above, is recognised as an expense in the period in
which it is incurred.
Other intangible assets
Other intangible assets include computer software and
intangible assets acquired as part of a business combination.
The cost of acquiring computer software (including associated
implementation and development costs where applicable)
is classified as an intangible asset. Costs associated with
maintaining computer software programs are recognised as an
expense as incurred. Capitalised computer software is amortised
over its estimated useful life of between three and five years
on a straight-line basis, and is stated at cost less accumulated
amortisation and impairment losses. Intangible assets acquired
as part of a business combination principally comprise qualified
parts list, customer relationships, contracts and trade names.
They are shown at fair value at the date of acquisition less
accumulated amortisation. At the reporting date, Intangible
assets which incurred amortisation during the year, are being
amortised at rates of between 16 and 18 years on a straight-line
basis since acquisition date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-530": { "value": "Internally generated intangible assets \u2013 development expenditure An intangible asset arising from unfunded development work shall be recognised if the following can be demonstrated: i. the asset can be separately identified. ii. it is probable that the asset created will generate future economic benefits. iii. the development cost of the asset can be measured reliably during its development. iv. it is technically feasible to complete the asset so that it will be available for use or sale. v. there is intention to complete the asset and use or sell it. vi. the Group has ability to use or sell the asset. vii. the Group has availability of adequate technical, financial and other resources to complete the development work and to use or sell the asset. Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Costs incurred in relation to funded development work are accumulated in inventory and are recognised when the related billings are made. Any amounts held in inventory are subject to normal inventory valuation principles. Expenditure on research, design and other development activities, that do not meet the capitalisation criteria above, is recognised as an expense in the period in which it is incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "
Impairment of tangible and intangible assets excluding goodwill
At each reporting date, the Group reviews the carrying amounts
of its tangible and intangible assets to determine whether there
is any indication that those assets have suffered an impairment
loss. If any such indication exists, the recoverable amount of
the asset is estimated in order to determine the extent of the
impairment loss (if any). Where the asset does not generate
cash flows that are independent from other assets, the Group
estimates the recoverable amount of the cash-generating unit
to which the asset belongs.
The recoverable amount is the higher of the fair value less the costs to sell and the value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Costs comprise direct materials and, where applicable, direct labour costs and an appropriate allocation of production overheads. Cost is calculated using the first-in, first-out method. Net realisable value represents the estimated selling price less the estimated costs of completion and the costs to be incurred in marketing, selling and distribution. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "Financial instruments Financial assets and liabilities are recognised when the Group becomes a party to the contractual provisions of the relevant instrument and derecognised when it ceases to be a party to such provisions. Financial instruments are classified as cash and cash equivalents, bank overdrafts and loans, lease liabilities, trade receivables, trade payables, deferred consideration receivable or payable, contingent consideration receivable or payable, other receivables and other payables, as appropriate. Non-derivative financial assets are categorised as Financial assets at amortised cost and non-derivative financial liabilities are categorised as Financial liabilities at amortised cost. Derivative financial assets and liabilities that are not designated and effective as hedging instruments are categorised as financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss, respectively. The classification depends on the nature and purpose of the financial assets and liabilities and is determined at the time of initial recognition. Trade receivables Trade receivables do not carry any interest and are stated at their nominal value as reduced by loss allowance. The Group has elected to measure loss allowance for trade receivables at an amount equal to the lifetime expected credit losses (ECLs), which are based on quantitative and qualitative credit risk assessments, using historical and forward looking information. Changes in the carrying amounts of the loss allowance are recognised in the Consolidated Income Statement. Trade receivables in default are considered uncollectible and are written off against the loss allowance. The Group considers a trade receivable to be in default when the customer is experiencing significant financial difficulties, bankruptcy, financial reorganisation or is in default or delinquent in paying its credit obligations to the Group in full. Subsequent recoveries of amounts previously written off are credited against the loss allowance. Trade receivables are derecognised when reverse factored, without recourse, through schemes with financial institution counterparties who assume the risk of non-payment by the customer. Derecognition occurs when cash is received from the financial institution (less reverse factoring discount). For further details, see Strategic Report and the financial instrument credit risk section in the notes to the Consolidated Financial Statements. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Non-derivative financial liabilities Non-derivative financial liabilities are stated at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised financial liability and of allocating interest over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. For borrowings, their carrying value includes accrued interest payable, as well as unamortised issue costs. Equity instruments Equity instruments issued by the Company are recorded at the value of the proceeds received, net of direct transaction costs. Derivative financial instruments and hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts, foreign currency debt and, on occasion, interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative financial instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as fair value through profit or loss and are stated at fair value, with any resultant gain or loss recognised in the Income Statement. The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedged risk is always considered to be 1:1. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging instruments will be rebalanced to ensure that the hedge ratio of 1:1 is maintained. Changes in the fair value of derivative financial instruments that are designated and are effective as a cash flow hedge are recognised directly in equity and the ineffective portion is recognised immediately in the Consolidated Income Statement. If the cash flow hedge of a firm commitment or forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the Income Statement in the same period in which the hedged item affects profit or loss. For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry in the Consolidated Income Statement. Gains or losses from remeasuring the derivative are also recognised in the Consolidated Income Statement. If the hedge is effective, these entries will offset in the Consolidated Income Statement.
The Group designates certain hedging instruments, foreign
exchange contracts or foreign currency debt, in hedge
relationships as net investment hedges to manage the foreign
exchange risk arising from its investments in foreign operations.
A hedge of a net investment in a foreign operation is accounted
for in a manner similar to a cash flow hedge. The effective portion
of exchange differences arising on the translation of the hedging
instrument or foreign currency debt is recognised in equity
and accumulated in the hedging and translation reserve.
Any ineffective portion is recognised immediately in the Income
Statement. On disposal of a foreign operation, the cumulative
gain or loss previously recognised in equity relating to that
operation, including the effective portion of the hedge, is
reclassified from equity to the Income Statement as part of the
gain or loss on disposal. The Group designates certain foreign
currency borrowings and forward exchange contracts as hedges
of its net investments in foreign operations.
Changes in the fair value of derivative financial instruments
that do not qualify for hedge accounting are recognised in the
Consolidated Income Statement as they arise.
Hedge accounting is discontinued when the hedging instrument
expires or is sold, terminated, exercised, or no longer qualifies
for hedge accounting. At that time, any cumulative gain or loss on
the hedging instrument recognised in equity is retained in equity
until the forecasted transaction occurs. If a hedged transaction
is no longer expected to occur, the net cumulative gain or loss
recognised in Equity is transferred to the Consolidated Income
Statement for the period.
Gains and losses accumulated in Equity are recognised in
the Consolidated Income Statement on disposal of the
overseas business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "
Trade receivables
Trade receivables do not carry any interest and are stated at their
nominal value as reduced by loss allowance. The Group has
elected to measure loss allowance for trade receivables at an
amount equal to the lifetime expected credit losses (ECLs),
which are based on quantitative and qualitative credit risk
assessments, using historical and forward looking information.
Changes in the carrying amounts of the loss allowance are
recognised in the Consolidated Income Statement.
Trade receivables in default are considered uncollectible and
are written off against the loss allowance. The Group considers
a trade receivable to be in default when the customer is
experiencing significant financial difficulties, bankruptcy,
financial reorganisation or is in default or delinquent in
paying its credit obligations to the Group in full. Subsequent
recoveries of amounts previously written off are credited
against the loss allowance.
Trade receivables are derecognised when reverse factored,
without recourse, through schemes with financial institution
counterparties who assume the risk of non-payment by the
customer. Derecognition occurs when cash is received from
the financial institution (less reverse factoring discount).
For further details, see Strategic Report and the financial
instrument credit risk section in the notes to the Consolidated
Financial Statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and other
short-term highly liquid investments that are readily convertible
to a known amount of cash and are subject to an insignificant risk
of changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "
Non-derivative financial liabilities
Non-derivative financial liabilities are stated at amortised cost
using the effective interest method. The effective interest
method is a method of calculating the amortised financial liability
and of allocating interest over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future
cash payments through the expected life of the financial liability,
or, where appropriate, a shorter period, to the net carrying
amount on initial recognition. For borrowings, their carrying
value includes accrued interest payable, as well as unamortised
issue costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "
Equity instruments
Equity instruments issued by the Company are recorded at the
value of the proceeds received, net of direct transaction costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-545": { "value": "Derivative financial instruments and hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts, foreign currency debt and, on occasion, interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative financial instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as fair value through profit or loss and are stated at fair value, with any resultant gain or loss recognised in the Income Statement. The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedged risk is always considered to be 1:1. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging instruments will be rebalanced to ensure that the hedge ratio of 1:1 is maintained. Changes in the fair value of derivative financial instruments that are designated and are effective as a cash flow hedge are recognised directly in equity and the ineffective portion is recognised immediately in the Consolidated Income Statement. If the cash flow hedge of a firm commitment or forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the Income Statement in the same period in which the hedged item affects profit or loss. For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry in the Consolidated Income Statement. Gains or losses from remeasuring the derivative are also recognised in the Consolidated Income Statement. If the hedge is effective, these entries will offset in the Consolidated Income Statement. The Group designates certain hedging instruments, foreign exchange contracts or foreign currency debt, in hedge relationships as net investment hedges to manage the foreign exchange risk arising from its investments in foreign operations. A hedge of a net investment in a foreign operation is accounted for in a manner similar to a cash flow hedge. The effective portion of exchange differences arising on the translation of the hedging instrument or foreign currency debt is recognised in equity and accumulated in the hedging and translation reserve. Any ineffective portion is recognised immediately in the Income Statement. On disposal of a foreign operation, the cumulative gain or loss previously recognised in equity relating to that operation, including the effective portion of the hedge, is reclassified from equity to the Income Statement as part of the gain or loss on disposal. The Group designates certain foreign currency borrowings and forward exchange contracts as hedges of its net investments in foreign operations. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the Consolidated Income Statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in Equity is transferred to the Consolidated Income Statement for the period. Gains and losses accumulated in Equity are recognised in the Consolidated Income Statement on disposal of the overseas business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-531": { "value": "Derivative financial instruments and hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts, foreign currency debt and, on occasion, interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative financial instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as fair value through profit or loss and are stated at fair value, with any resultant gain or loss recognised in the Income Statement. The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedged risk is always considered to be 1:1. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging instruments will be rebalanced to ensure that the hedge ratio of 1:1 is maintained. Changes in the fair value of derivative financial instruments that are designated and are effective as a cash flow hedge are recognised directly in equity and the ineffective portion is recognised immediately in the Consolidated Income Statement. If the cash flow hedge of a firm commitment or forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the Income Statement in the same period in which the hedged item affects profit or loss. For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry in the Consolidated Income Statement. Gains or losses from remeasuring the derivative are also recognised in the Consolidated Income Statement. If the hedge is effective, these entries will offset in the Consolidated Income Statement. The Group designates certain hedging instruments, foreign exchange contracts or foreign currency debt, in hedge relationships as net investment hedges to manage the foreign exchange risk arising from its investments in foreign operations. A hedge of a net investment in a foreign operation is accounted for in a manner similar to a cash flow hedge. The effective portion of exchange differences arising on the translation of the hedging instrument or foreign currency debt is recognised in equity and accumulated in the hedging and translation reserve. Any ineffective portion is recognised immediately in the Income Statement. On disposal of a foreign operation, the cumulative gain or loss previously recognised in equity relating to that operation, including the effective portion of the hedge, is reclassified from equity to the Income Statement as part of the gain or loss on disposal. The Group designates certain foreign currency borrowings and forward exchange contracts as hedges of its net investments in foreign operations. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the Consolidated Income Statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in Equity is transferred to the Consolidated Income Statement for the period. Gains and losses accumulated in Equity are recognised in the Consolidated Income Statement on disposal of the overseas business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "value": "Derivative financial instruments and hedging The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange contracts, foreign currency debt and, on occasion, interest rate swap contracts to hedge these exposures. The use of financial derivatives is governed by the Group\u2019s Treasury Policies as approved by the Board of Directors, which provides written principles on the use of derivatives. The Group does not use derivative financial instruments for speculative purposes. Certain derivative instruments do not qualify for hedge accounting. These are categorised as fair value through profit or loss and are stated at fair value, with any resultant gain or loss recognised in the Income Statement. The Group designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents, both at hedge inception and on an ongoing basis, whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. For the Group\u2019s cash flow hedges of highly probable forecast transactions in foreign currencies, the hedged risk is always considered to be 1:1. If the underlying exposure changes over time, either due to commercial factors or timing differences, the hedging instruments will be rebalanced to ensure that the hedge ratio of 1:1 is maintained. Changes in the fair value of derivative financial instruments that are designated and are effective as a cash flow hedge are recognised directly in equity and the ineffective portion is recognised immediately in the Consolidated Income Statement. If the cash flow hedge of a firm commitment or forecasted transaction results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the Income Statement in the same period in which the hedged item affects profit or loss. For an effective hedge of an exposure to changes in fair value, the hedged item is adjusted for changes in fair value attributable to the risk being hedged with the corresponding entry in the Consolidated Income Statement. Gains or losses from remeasuring the derivative are also recognised in the Consolidated Income Statement. If the hedge is effective, these entries will offset in the Consolidated Income Statement. The Group designates certain hedging instruments, foreign exchange contracts or foreign currency debt, in hedge relationships as net investment hedges to manage the foreign exchange risk arising from its investments in foreign operations. A hedge of a net investment in a foreign operation is accounted for in a manner similar to a cash flow hedge. The effective portion of exchange differences arising on the translation of the hedging instrument or foreign currency debt is recognised in equity and accumulated in the hedging and translation reserve. Any ineffective portion is recognised immediately in the Income Statement. On disposal of a foreign operation, the cumulative gain or loss previously recognised in equity relating to that operation, including the effective portion of the hedge, is reclassified from equity to the Income Statement as part of the gain or loss on disposal. The Group designates certain foreign currency borrowings and forward exchange contracts as hedges of its net investments in foreign operations. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the Consolidated Income Statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in Equity is transferred to the Consolidated Income Statement for the period. Gains and losses accumulated in Equity are recognised in the Consolidated Income Statement on disposal of the overseas business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "
Disposal accounting
The Group accounts for disposals when control of a subsidiary,
business or group of assets is transferred to a third party.
On disposal, the related assets and liabilities are derecognised,
consideration is recognised at fair value, and any resulting gain
or loss is recognised in profit or loss. Where a disposal represents
a separate major line of business or geographical area of
operations, the results of the disposed operation are presented
as discontinued operations, with related cash flows disclosed
separately where required.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "
Provisions
Provisions are recognised when the Group has a present
obligation (legal or constructive) as a result of a past event, it is
probable that the Group will be required to settle that obligation
and a reliable estimate can be made of the amount of the
obligation. Provisions are measured at the Directors\u2019 best
estimate of the expenditure required to settle the obligation
at the reporting date, taking into account the risks and
uncertainties (such as timing or amount) surrounding the
obligation. They are not discounted to present value if the
effect is not material.
Provisions for restructuring are recognised when the Group
has a detailed formal plan for the restructuring and the plan
has been communicated to the affected parties. Provisions
for the expected cost for warranty obligations under local sale
of goods legislation are recognised at the date of sale of the
relevant products.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "
Share-based payments
The Group applies the requirements of IFRS 2 Share-based
payments.
The Group issues equity-settled share-based payments to
certain employees. The fair value (excluding the effect of
non-market-related conditions), as determined at the grant
date, is expensed on a straight-line basis over the vesting
period, based on the Group\u2019s estimate of the number of
shares that will eventually vest and adjusted for the effect
of non-market-related conditions.
Fair value is measured by use of a Black-Scholes model for the
share option plans, and a binomial model for the share awards
under the 2014 Long-Term Incentive Plan.
The liability in respect of equity-settled amounts is included
in Equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "
Critical accounting judgments
IAS 1 requires disclosure of the judgments Management makes
when applying its significant accounting policies and that have
the most significant effect on amounts that are recognised in
the Group\u2019s Financial Statements. In the course of preparing the
Financial Statements, no significant critical judgments have been
made in the process of applying the Group\u2019s accounting policies,
other than retirement benefits specified within this section and
judgments relating to legal claims and contractual matters
(see Note 24).
Retirement benefits \u2013 judgments
In September 2025, the Trustee of the Senior plc UK Pension
Plan (\u201cUK plan\u201d) entered into a bulk annuity contract (\u201cbuy-in\u201d)
with an insurer, M&G, covering all scheme members. The policy
is treated as a plan asset under IAS19 with the value set equal to
the corresponding liability covered by the policy, as it provides
income substantially matching the benefits payable by the Plan.
Management concluded that the pension buy-in does not
constitute a settlement under IAS 19. The legal obligation
to pay benefits remains with the Plan Trustee. No formal
decision to progress to buy-out and wind-up can be made
without additional actions and until the Company and Trustee
agree on several key areas, including the due diligence process
on clarification of certain Plan benefits and use of residual
surplus. The loss arising out of this transaction was recognised
in Other Comprehensive Income.
Other accounting judgments
Disposal of Aerostructures \u2013 judgments
In respect of the disposal of Aerostructures in 2025,
Management has made judgments that have a significant
effect on the recognition and presentation of amounts in the
financial statements:
Classification of the disposal and discontinued operations:
Management has determined under IFRS 5 that the disposal
of Aerostructures is part of a single co-ordinated plan,
representing a component which is a separate major line of
business, including distinct geographical areas and operations.
This affects the presentation of the results, which are reported
separately for continuing and discontinued operations.
Assessment of control: Management concluded that the
Group no longer has control over the disposed operations
as of 31st December 2025, resulting in full derecognition
of the related assets and liabilities from the consolidated
balance sheet.
Leases
Where a lease includes the option for an extension to the lease
term, Management makes a judgment as to whether they are
reasonably certain the option will be taken. This will take into
account the length of time remaining before the option is
exercisable, current and forecasted plans for utilising the asset
and the level and type of planned future capital investment.
As at 31 December 2025, these extension options have an
approximate average remaining lease term of 5 years.
These judgments are reassessed when there is a significant
event affecting the lease, which could result in a recalculation
of the lease liability and a material adjustment to the
associated balances.
Other sources of estimation and uncertainty
When applying the Group\u2019s accounting policies, Management
must make assumptions and estimates concerning the future
that affect the carrying amounts of assets and liabilities at the
reporting date and the amounts of revenue and expenses
recognised during the period. Such assumptions are based upon
factors including historical experience, the observance of trends
in the industries in which the Group operates, and information
available from the Group\u2019s customers and other external sources.
Disposal of Aerostructures \u2013 estimates
Other sources of estimation uncertainty in respect of the
discontinued operations include the estimated loss on sale
recorded in the year ending 31 December 2025 (see Note 35),
which is subject to a number of estimates including customary
completion adjustments, such as those based on working capital
and debt in the disposed business at the date of sale, related
foreign currency translation differences on those adjustments,
disposal costs outflows which were accrued in 2026 and
finalisation of contingent consideration receivable. Per the SPA,
the contractual range on the contingent consideration is \u00a3nil
to \u00a350m. A contingent consideration receivable of \u00a313.2m
(before \u00a30.3m discounting) has been recognised at fair value at
31 December 2025, representing management\u2019s best estimate
of the amount expected to be received based on information
available at the reporting date and the contractual terms of the
SPA. The valuation requires the application of judgement,
particularly in relation to the interpretation of contractual
provisions and the resolution of matters through the completion
accounts process. The final outcome, which may differ from the
valuation at 31 December 2025, remains subject to these
interpretations, negotiation and agreement between the parties
and will be finalised once the completion accounts process is
concluded. The Directors believe the fair value determined is
reasonable based on the approach taken. However, once an
agreement is reached with the buyer the ultimate amount
receivable may be higher or lower than the amount recognised.
Based on information available today, the Directors do not expect
the amount receivable to be materially lower, although it could be
materially higher.
Retirement benefits \u2013 estimates
Management makes assumptions and estimates, for the
next financial year and beyond, which affect the value of the
carrying amount of the UK Plan retirement benefit obligation
at 31 December 2025. Management follows actuarial advice
from a third party when determining estimation uncertainty
on the valuation of the UK gross defined benefit obligation, the
significant assumptions being discount rate, inflation and life
expectancy (see Note 33). The carrying amount of the UK Plan\u2019s
retirement benefits at 31 December 2025 was a surplus of
\u00a323.3m (2024 \u2013 surplus of \u00a343.5m), being the present value of
the defined benefit obligations of \u00a3172.7m (2024 \u2013 \u00a3181.9m)
and fair value of plan assets of \u00a3196.0m (2024 \u2013 \u00a3225.4m).
Further details and sensitivities from changes in estimates
are set out in Note 33v.
Key changes to judgments and estimates from the prior year
The Held for sale judgment has been removed as a key
judgment in 2025 following the disposal of Aerostructures
at 31st December 2025.
Warranty costs have been removed as a key estimate in
2025 following the resolution of one specific disputed
commercial matter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "Consideration of climate change In preparing the Financial Statements, the Directors have considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosure on pages 66 to 69. There has been no material impact identified on the financial reporting judgments and estimates. In particular, the Directors considered the impact of climate change in respect of the following areas: Useful lives of assets \u2013 The useful lives of assets could be reduced by climate-related matters, for example as a result of physical risks, obsolescence or legal restrictions. The change in useful lives would have a direct impact on the amount of depreciation or amortisation recognised each year from the date of reassessment. The Directors\u2019 review of useful lives has taken into consideration the impacts of the Group\u2019s Net Zero commitments and has not had a material impact on the results for the year. Inventory valuation \u2013 Climate-related matters may affect the value of inventories as they could become obsolete as a result of a decline in selling price or a reduction in demand. After consideration of the typical inventory days compared to the rate of change in the market the Directors consider that inventory is appropriately valued. Going concern and viability \u2013 risks identified in the TCFD disclosures in pages 66 to 69 have been factored into the going concern and viability assessment. See page 70 further details. Goodwill impairment assessment \u2013 cash flow forecasts used in the impairment assessment of goodwill have considered potential changes in demand over the next 5 years as a result of changing customer preferences on Senior\u2019s products. This is not expected to have a material impact on the cashflows, with longer term growth rates based on forecasted market demand. Aerospace market rates were used for the Aerospace CGU and long-term GDP rates for advanced economies were used for the Flexonics CGU. Sensitivity analysis (See Note 13) shows that a 1 percent decrease in growth rate would not result in the carrying amount of CGU groups exceeding their recoverable amount. Recoverability of trade receivables \u2013 After consideration of the typical receivable days compared to the rate of change in the market, the Directors consider that receivables at 31 December 2025 are not adversely affected by climate change. Valuation of the UK Plan retirement gross benefit obligation \u2013 there is no material impact on key financial assumptions which are set according to market yields. The UK plan is now majority de-risked on a net basis through an insurance buy-in during 2025. The Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgments and estimates made in preparation of the Group\u2019s Financial Statements.", "dimensions": { "concept": "seniorplc:DescriptionOfAccountingPolicyForConsiderationOfClimateChange", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "
3. Revenue
Total revenue is disaggregated by market sectors as follows:
Year ended
Year ended
a
2025 2024
\u00a3m \u00a3m
Civil Aerospace
234.3
217.8
Defence
120.9
110.2
Other
71.1
63.1
Aerospace
426.3
391.1
Land Vehicle
188.3
187.6
Power & Energy
125.1
130.1
Flexonics
313.4
317.7
Eliminations
(1.5)
(1.4)
Total revenue from
continuing operations
738.2
707.4
Total revenue from
discontinued operations
312.5
272.4
a Comparative information has been re-presented to show continuing operations,
see note 35 .
Other Aerospace comprises space and non-military helicopters
and other markets, principally including semiconductor, medical,
and industrial applications.
The Group applies the practical expedient in paragraph 121 of
IFRS 15 and does not disclose information about remaining
performance obligations that have original expected durations
of one year or less.
Applying the practical expedient in paragraph 94 of IFRS 15, the
Group recognises the incremental costs of obtaining contracts
as an expense when incurred if the amortisation period of the
assets that the Group otherwise would have recognised is one
year or less.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "3. Revenue Total revenue is disaggregated by market sectors as follows:
Year ended
Year ended
a
2025 2024
\u00a3m \u00a3m
Civil Aerospace
234.3
217.8
Defence
120.9
110.2
Other
71.1
63.1
Aerospace
426.3
391.1
Land Vehicle
188.3
187.6
Power & Energy
125.1
130.1
Flexonics
313.4
317.7
Eliminations
(1.5)
(1.4)
Total revenue from
continuing operations
738.2
707.4
Total revenue from
discontinued operations
312.5
272.4
a Comparative information has been re-presented to show continuing operations, see note 35 . Other Aerospace comprises space and non-military helicopters and other markets, principally including semiconductor, medical, and industrial applications. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Applying the practical expedient in paragraph 94 of IFRS 15, the Group recognises the incremental costs of obtaining contracts as an expense when incurred if the amortisation period of the assets that the Group otherwise would have recognised is one year or less.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "
4. Segment information
The Group reports its segment information as two operating
Divisions according to the market segments they serve,
Aerospace and Flexonics, which is consistent with the
oversight employed by the Executive Committee. The chief
operating decision-maker, as defined by IFRS 8, is the Executive
Committee. The Group is managed on the same basis, as two
operating Divisions.
The accounting policies of the reportable segments are the same
as the Group\u2019s accounting policies described in Note 2 and
the sales between segments are carried out at arm\u2019s length.
Adjusted operating profit, as described in Note 9, is the key
measure reported to the Group\u2019s Executive Committee for the
purpose of resource allocation and assessment of segment
performance. Finance income, finance costs and tax are not
allocated to segments, as this type of activity is driven by the
central tax and treasury functions.
Segment assets include directly attributable computer software
assets, property, plant and equipment (including right-of-use
assets), working capital assets, goodwill and intangible assets
from acquisitions. Cash, deferred and current tax and other
financial assets (except for working capital) are not allocated to
segments for the purposes of reporting financial performance
to the Executive Committee.
Segment liabilities include directly attributable working capital
liabilities and lease liabilities. Debt, retirement benefits, deferred
and current tax and other financial liabilities (except for working
capital) are not allocated to segments for the purposes of
reporting financial performance to the Executive Committee.
Central costs, assets and liabilities are corporate items not
allocated to segments, which is consistent with the format used
by the chief operating decision-maker.
Segment information for revenue, operating profit and a reconciliation to entity and profit after tax is presented below:
Eliminations/ Eliminations/
central central
Aerospace Flexonics costs Total Aerospace Flexonics costs Total
Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Year ended
1
2025 2025 2025 2025 2024 2024 2024 2024
Notes \u00a3m\ue01f \u00a3m\ue01f \u00a3m\ue01f \u00a3m\ue01f \u00a3m\ue01f \u00a3m \u00a3m\ue01f \u00a3m\ue01f
External revenue
425.3
312.9
738.2
390.0
317.4
\u2013
707.4
Inter-segment revenue
1.0
0.5
(1.5)
\u2013
1. 1
0.3
(1.4)
\u2013
Total revenue continuing operations
426.3
313.4
(1.5)
738.2
391.1
317.7
(1.4)
707.4
Continuing adjusted trading profit
48.5
35.0
(22.9)
60.6
36.9
35.1
(20.3)
51.7
Share of joint venture profit
\u2013
3.0
\u2013
3.0
\u2013
1. 3
\u2013
1. 3
Continuing adjusted operating profit
48.5
38.0
(22.9)
63.6
36.9
36.4
(20.3)
53.0
Amortisation of intangible assets from
acquisitions
9
(1.6)
\u2013
\u2013
(1.6)
(1.6)
\u2013
\u2013
(1.6)
Site relocation costs
9
(1.5)
(0.9)
\u2013
(2.4)
(3.0)
(0.5)
\u2013
(3.5)
US class action lawsuit
9
\u2013
\u2013
\u2013
\u2013
(1.1)
\u2013
\u2013
(1.1)
Pensions benefit clarifications
9
\u2013
\u2013
(7.3)
(7.3)
\u2013
\u2013
\u2013
\u2013
Restructuring costs
9
(0.3)
(4.7)
\u2013
(5.0)
\u2013
\u2013
\u2013
\u2013
Operating profit
45.1
32.4
(30.2)
47.3
31.2
35.9
(20.3)
46.8
Finance income
8.6
11. 0
Finance costs
(21.5)
(19.6)
Corporate undertakings
9
(0.3)
(0.8)
Profit before tax
34.1
37.4
Tax
(6.8)
(4.2)
Profit after tax from continuing operations
27.3
33.2
Loss for the period from discontinued
operations
35
(31.5)
(7.3)
(Loss)/profit after tax and discontinued
operations
(4.2)
25.9
1 Comparative information has been re-presented to show continuing operations.
Trading profit and adjusted trading profit is operating profit and adjusted operating profit respectively before share of joint venture
profit. See Note 9 for the derivation of adjusted operating profit.
Segment information for assets, liabilities, additions to non-current assets and depreciation and amortisation is presented below:
Year ended Year ended
2025 2024
Assets \u00a3m \u00a3m
Aerospace
402.1
679.6
Flexonics
217.7
213.0
Segment assets for reportable segments
619.8
892.6
Unallocated
Central
4.0
3.7
Cash
82.0
45.5
Deferred and current tax
30.8
30.3
Retirement benefits
23.3
43.5
Deferred and contingent consideration receivable \u2013 see Note 35
21.1
\u2013
Others
0.5
0.2
Total assets per Consolidated Balance Sheet
781.5
1,015.8
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Liabilities
Aerospace
108.5
202.8
Flexonics
78.5
77.7
Segment liabilities for reportable segments
187.0
280.5
Unallocated
Central
31.8
1 7. 3
Debt
155.3
198.9
Deferred and current tax
9.8
16.2
Retirement benefits
6.3
6.8
Contingent consideration payable
3.5
16.5
Others
7.5
9.7
Total liabilities per Consolidated Balance Sheet
401.2
545.9
Additions and depreciation amounts in 2025 are excluding Aerostructures
Additions to Additions to Depreciation Depreciation
non-current non-current and and
assets assets amortisation amortisation
Year ended Year ended Year ended Year ended
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Aerospace
16.3
25.3
15.7
37.1
Flexonics
25.2
20.9
13.9
12.9
Sub total
41.5
46.2
29.6
50.0
Central
0.5
0.7
0.7
0.6
Total
42.0
46.9
30.3
50.6
The Group\u2019s revenues from its major products for continuing operations is presented below:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Aerospace \u2013 Fluid Systems
425.3
390.0
Aerospace total
425.3
390.0
Land vehicle
188.3
187.6
Power & Energy
124.6
129.8
Flexonics total
312.9
317.4
Group total
738.2
707.4
No individual customer accounted for more than 10% of external revenue in 2025 or 2024. Geographical information The Group\u2019s operations are located principally in North America and UK. The following table provides an analysis of the Group\u2019s sales by geographical market, irrespective of the origin of the goods. The carrying values of segment non-current assets are analysed by the geographical area in which the assets are located.
Segment Segment
Sales
Sales
1
non-current non-current
revenue revenue assets assets
Year ended Year ended Year ended Year ended
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
USA
365.5
359.1
197.0
274.1
UK
75.4
77.6
129.0
155.8
Rest of the World
297.3
270.7
68.5
136.9
Sub total
738.2
707.4
394.5
566.8
Unallocated amounts
\u2013
\u2013
28.1
27.5
Total
738.2
707.4
422.6
594.3
1 2024 Sales revenue has been re-presented excluding Aerostructures. The unallocated amounts on non-current assets relate to deferred tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "
No individual customer accounted for more than 10% of external revenue in 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "value": "
Geographical information
The Group\u2019s operations are located principally in North America and UK.
The following table provides an analysis of the Group\u2019s sales by geographical market, irrespective of the origin of the goods.
The carrying values of segment non-current assets are analysed by the geographical area in which the assets are located.
Segment Segment
Sales
Sales
1
non-current non-current
revenue revenue assets assets
Year ended Year ended Year ended Year ended
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
USA
365.5
359.1
197.0
274.1
UK
75.4
77.6
129.0
155.8
Rest of the World
297.3
270.7
68.5
136.9
Sub total
738.2
707.4
394.5
566.8
Unallocated amounts
\u2013
\u2013
28.1
27.5
Total
738.2
707.4
422.6
594.3
1 2024 Sales revenue has been re-presented excluding Aerostructures.
The unallocated amounts on non-current assets relate to deferred tax assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "North America and UK", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "
5. Operating profit
Operating profit from continuing operations can be analysed as follows:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Revenue
738.2
707.4
Cost of sales
(569.2)
(551.7)
Gross profit
169.0
155.7
Distribution costs
(5.4)
(5.6)
Administrative expenses
(119.5)
(104.6)
Profit on sale of fixed assets
0.2
\u2013
Share of joint venture profit
3.0
1. 3
Operating profit
47.3
46.8
Operating profit for the period has been arrived at after charging:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Net foreign exchange losses
0.2
0.1
Research and design costs
15.7
15.4
Depreciation of property, plant and equipment
27.5
26.3
Amortisation of intangible assets included in administration expenses
2.8
2.6
Cost of inventories recognised as expense
569.2
551.7
Provision for loss allowance against receivables
0.6
1. 9
Site relocation costs
2.4
3.5
Restructuring: provision charge for impairment of inventory
1.3
\u2013
Restructuring: provision charge for impairment of property, plant and equipment
0.4
\u2013
Staff costs are disclosed in Note 6. The majority of research and design costs incurred during the year have been expensed in line
with Note 2 Group\u2019s accounting policies.
The analysis of the Auditor\u2019s remuneration is as follows:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Fees payable to the Company\u2019s Auditor and their associates for the audit of the Company\u2019s annual accounts
0.6
0.6
Fees payable to the Company\u2019s Auditor and their associates for the audit of the Company\u2019s subsidiaries
1.8
1. 8
Total audit fees
2.4
2.4
Fees payable to Company\u2019s Auditor and their associates for non-audit services to the Company are not required to be disclosed
because the Consolidated Financial Statements are required to disclose such fees on a consolidated basis.
The Group paid \u00a30.08m (2024 \u2013 \u00a30.08m) to the Company\u2019s Auditor for audit related services and \u00a3nil (2024 \u2013 \u00a3nil) for non-audit related
services during 2025, in line with the Company\u2019s policy on the use of Auditors for non-audit services.
Details of the Company\u2019s policy on the use of auditors for non-audit services, the reasons why the Auditor was used rather than
another supplier and how the Auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report
on pages 92 to 99. No services were provided pursuant to contingent fee arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "5. Operating profit Operating profit from continuing operations can be analysed as follows:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Revenue
738.2
707.4
Cost of sales
(569.2)
(551.7)
Gross profit
169.0
155.7
Distribution costs
(5.4)
(5.6)
Administrative expenses
(119.5)
(104.6)
Profit on sale of fixed assets
0.2
\u2013
Share of joint venture profit
3.0
1. 3
Operating profit
47.3
46.8
Operating profit for the period has been arrived at after charging:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Net foreign exchange losses
0.2
0.1
Research and design costs
15.7
15.4
Depreciation of property, plant and equipment
27.5
26.3
Amortisation of intangible assets included in administration expenses
2.8
2.6
Cost of inventories recognised as expense
569.2
551.7
Provision for loss allowance against receivables
0.6
1. 9
Site relocation costs
2.4
3.5
Restructuring: provision charge for impairment of inventory
1.3
\u2013
Restructuring: provision charge for impairment of property, plant and equipment
0.4
\u2013
Staff costs are disclosed in Note 6. The majority of research and design costs incurred during the year have been expensed in line with Note 2 Group\u2019s accounting policies. The analysis of the Auditor\u2019s remuneration is as follows:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Fees payable to the Company\u2019s Auditor and their associates for the audit of the Company\u2019s annual accounts
0.6
0.6
Fees payable to the Company\u2019s Auditor and their associates for the audit of the Company\u2019s subsidiaries
1.8
1. 8
Total audit fees
2.4
2.4
Fees payable to Company\u2019s Auditor and their associates for non-audit services to the Company are not required to be disclosed because the Consolidated Financial Statements are required to disclose such fees on a consolidated basis. The Group paid \u00a30.08m (2024 \u2013 \u00a30.08m) to the Company\u2019s Auditor for audit related services and \u00a3nil (2024 \u2013 \u00a3nil) for non-audit related services during 2025, in line with the Company\u2019s policy on the use of Auditors for non-audit services. Details of the Company\u2019s policy on the use of auditors for non-audit services, the reasons why the Auditor was used rather than another supplier and how the Auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report on pages 92 to 99. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-532": { "value": "Operating profit from continuing operations can be analysed as follows:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Revenue
738.2
707.4
Cost of sales
(569.2)
(551.7)
Gross profit
169.0
155.7
Distribution costs
(5.4)
(5.6)
Administrative expenses
(119.5)
(104.6)
Profit on sale of fixed assets
0.2
\u2013
Share of joint venture profit
3.0
1. 3
Operating profit
47.3
46.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-546": { "value": "Operating profit for the period has been arrived at after charging:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Net foreign exchange losses
0.2
0.1
Research and design costs
15.7
15.4
Depreciation of property, plant and equipment
27.5
26.3
Amortisation of intangible assets included in administration expenses
2.8
2.6
Cost of inventories recognised as expense
569.2
551.7
Provision for loss allowance against receivables
0.6
1. 9
Site relocation costs
2.4
3.5
Restructuring: provision charge for impairment of inventory
1.3
\u2013
Restructuring: provision charge for impairment of property, plant and equipment
0.4
\u2013
Staff costs are disclosed in Note 6. The majority of research and design costs incurred during the year have been expensed in line with Note 2 Group\u2019s accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-533": { "value": "Operating profit for the period has been arrived at after charging:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Net foreign exchange losses
0.2
0.1
Research and design costs
15.7
15.4
Depreciation of property, plant and equipment
27.5
26.3
Amortisation of intangible assets included in administration expenses
2.8
2.6
Cost of inventories recognised as expense
569.2
551.7
Provision for loss allowance against receivables
0.6
1. 9
Site relocation costs
2.4
3.5
Restructuring: provision charge for impairment of inventory
1.3
\u2013
Restructuring: provision charge for impairment of property, plant and equipment
0.4
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-534": { "value": "The analysis of the Auditor\u2019s remuneration is as follows:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Fees payable to the Company\u2019s Auditor and their associates for the audit of the Company\u2019s annual accounts
0.6
0.6
Fees payable to the Company\u2019s Auditor and their associates for the audit of the Company\u2019s subsidiaries
1.8
1. 8
Total audit fees
2.4
2.4
Fees payable to Company\u2019s Auditor and their associates for non-audit services to the Company are not required to be disclosed because the Consolidated Financial Statements are required to disclose such fees on a consolidated basis. The Group paid \u00a30.08m (2024 \u2013 \u00a30.08m) to the Company\u2019s Auditor for audit related services and \u00a3nil (2024 \u2013 \u00a3nil) for non-audit related services during 2025, in line with the Company\u2019s policy on the use of Auditors for non-audit services. Details of the Company\u2019s policy on the use of auditors for non-audit services, the reasons why the Auditor was used rather than another supplier and how the Auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report on pages 92 to 99. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "
6. Staff costs
The average monthly number of employees (including Directors) was:
Year ended Year ended
2025 2024
Number Number
Production
6,049
5,885
Distribution
93
94
Sales
300
278
Administration
543
561
Total
6,985
6,818
The actual number of employees at 31 December 2025 was 4,974 which is lower than average above as a result of Aerostructure
disposal, see note 35 (2024 \u2013 6,779).
Year ended Year ended
2025 2024
Notes \u00a3m \u00a3m
Their aggregate remuneration comprised:
Wages and salaries
274.6
272.3
Social security costs
38.1
34.7
Termination benefits
9\ue01f
2.9
\u2013
Other pension costs \u2013 defined contribution
33b
13.2
11. 5
Pensions benefit clarification
33(iii)
7.3
\u2013
Other pension costs \u2013 defined benefit
33(iii)
0.8
0.7
Share-based payments
32
5.1
4.5
Aggregate remuneration
342.0
323.7
The Group also incurred medical and other employee benefit expenses during the year of \u00a332.1m (2024 \u2013 \u00a328.8m).
33. Retirement benefit schemes
Summary:
The Group operates a number of pension plans in the UK, North America and Europe. These include both defined contribution
arrangements and defined benefit arrangements. The Senior plc Pension Plan (\u201cthe UK Plan\u201d), which is a funded scheme in the UK
and closed to future accrual at the end of 6 April 2014, has the largest pension obligation in the Group and Company. In addition, the
Group operates one defined benefit plan in the US, closed to future participants from September 2013 (with Executive section closed
to future participants from December 2013) and was also closed to future accruals from December 2013, and a number of unfunded
post-retirement plans, including a closed healthcare scheme in the US.
a) Defined benefit plans
UK Plan:
In September 2025, the Trustee of the Senior plc Pension Plan entered into a bulk annuity contract (\u201cbuy-in\u201d) with an insurer, M&G,
covering all scheme members. The policy is treated as a plan asset under IAS19 with the value set equal to the corresponding liability
covered by the policy, as it provides income substantially matching the benefits payable by the Plan. The legal obligation to pay
benefits remains with the Plan Trustee. No formal decision to progress to buy-out and wind-up can be made until the Company and
Trustee agree on several key areas, including clarification of certain Plan benefits and use of residual surplus. The loss arising out of
this transaction of approximately \u00a316.0m was recognised in Other Comprehensive Income.
As part of the due diligence work undertaken for the buy-in, some clarifications were identified relating to the administration of certain
plan benefits. In addition, a separate matter outside of the buy-in scope was also identified for annuity income owed to the UK Plan in
respect of other insured members. These matters are historical and had they been identified previously, would have impacted the
financial statements in prior periods. As a consequence, the Group incurred a charge of \u00a37.3m in 2025 representing the estimated
effect of applying the benefit clarifications on the UK Plan at the year end. These estimated adjustments have been accounted for
as plan amendments through past service cost in the Consolidated Income Statement as the estimated amount related to Other
Comprehensive Income is considered negligible. Comparative information has not been restated as the Directors consider the impact
on prior period financial statements to be immaterial.
The UK Plan was in a surplus position of \u00a322.8m as at 5 April 2025 when measured on the Trustee\u2019s funding basis and is in a
surplus position of \u00a323.3m as at 31 December 2025 (31 December 2024 \u2013 \u00a343.5m surplus) when measured on an IAS 19 basis.
The difference between the triennial funding and annual IAS 19 valuation relates to the assumptions used. For example, the
funding discount rate is based on the UK Plan\u2019s stated investment strategy, as opposed to the yields available on corporate bonds
for the IAS 19 discount rate. The IAS 19 surplus position on the UK Plan is recognised as an asset in the Consolidated and Company
Balance Sheet, with no requirement to recognise an additional liability on the UK Plan, on the grounds that the Company has an
unconditional right to a refund, assuming the gradual settlement of Plan liabilities over time until all members have left. In considering
this, the Company has taken into account that the Trustees do not have unilateral powers to wind up the Plan or modify benefits.
The decision to enter into the buy-in was a change in investment strategy which was decided by the Trustee in consultation with and
support from Senior plc. As a result of the buy-in, the UK Plan has largely mitigated its funding and investment risks and has ensured
that the Plan is able to meet its primary investment objective of meeting all future benefit payments as they fall due. In particular, while
the value of the obligations may increase or decrease as a result of changes in financial conditions or assumptions, such as longevity,
there is expected to be a matching change in the value of the bulk annuity contract. Therefore the surplus is no longer sensitive to
changes in assumptions and the risk that the Company would need to provide further contributions has been significantly mitigated.
No further Company contributions are payable under the current funding plan. The surplus may however change in future as the value
of the assets other than the bulk annuity policy changes and expenses are met from Plan assets. The UK Plan\u2019s average duration is
around 10 years and benefits are expected to be paid for the next 60 years. These cash flow payments are expected to reach a peak
around 2031, and gradually decline thereafter as the membership matures.
On 5 June 2025, the Department for Work and Pensions (DWP) announced that the Government will introduce legislation to
give pension schemes affected by the Virgin Media ruling the ability to retrospectively obtain written actuarial confirmation that
historic benefit changes met the necessary standards. This new development remains under consideration for the Company and
the Trustee. The defined benefit obligation presented in these condensed financial statements reflects the plan benefits currently
being administered and the estimated impact of recently identified benefit clarifications and therefore treats all past rule changes
as being valid.
Up to and including 18th December 2025 the Trustee of the UK Plan was Senior Trustee Limited. The appointment of the Directors
to the Board was determined by the Articles of Association of Senior Trustee Limited. There were seven Trustee Directors in total and
in accordance with statutory requirements under the Pensions Act 2004, at least one-third of trustees must be a Member Nominated
Director. There were three Member Nominated Directors and four Directors who have been nominated by the Company, of which
the Chairman and one other Director are viewed as independent. On 19th December 2025, the Company appointed ndapt Trustee
Limited (\u201cndapt\u201d) to replace Senior Trustee Limited as the sole professional trustee of the UK Plan, following an assessment of the
governance structure and the workstream requirements following the buy-in.
Financial Summary of defined benefit plans:
The amount included in the Consolidated Balance Sheet arising from the Group\u2019s obligations in respect of its defined benefit plans is
set out below.
31 December 2025
31 December 2024
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of defined benefit obligations
(172.7)
(32.2)
(4.0)
(208.9)
(181.9)
(33.5)
(5.4)
(220.8)
Fair value of plan assets
196.0
29.9
\u2013
225.9
225.4
32.1
\u2013
257.5
Plan surplus/(deficit) per Consolidated Balance Sheet
23.3
(2.3)
(4.0)
17.0
43.5
(1.4)
(5.4)
36.7
i) Movements in the present value of defined benefit obligations were as follows:
31 December 2025
31 December 2024
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
181.9
33.5
5.4
220.8
199.2
37.3
5.2
241.7
Current service cost
\u2013
0.2
0.6
0.8
\u2013
0.2
0.5
0.7
Past service cost
7.3
\u2013
\u2013
7.3
\u2013
\u2013
\u2013
\u2013
Interest cost
9.4
1.8
0.1
11.3
8.8
1. 7
0.1
10.6
Experience on benefit obligations
(0.5)
1.1
\u2013
0.6
0.6
(0.8)
\u2013
(0.2)
Actuarial (gains)/losses \u2013 financial
(4.3)
0.2
(0.1)
(4.2)
(17.3)
(2.1)
0.1
(19.3)
Actuarial losses/(gains) \u2013 demographic
(3.6)
\u2013
\u2013
(3.6)
2.6
\u2013
\u2013
2.6
Benefits paid
(17.5)
(2.3)
(0.6)
(20.4)
(12.0)
(3.3)
(0.4)
(15.7)
Disposal (Aerostructures)
\u2013
\u2013
(1.6)
(1.6)
\u2013
\u2013
\u2013
\u2013
Exchange differences
\u2013
(2.3)
0.2
(2.1)
\u2013
0.5
(0.1)
0.4
At 31 December
172.7
32.2
4.0
208.9
181.9
33.5
5.4
220.8
ii) Movements in the fair value of plan assets were as follows:
31 December 2025
31 December 2024
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
225.4
32.1
\u2013
257.5
247.7
34.5
\u2013
282.2
Interest on plan assets
11.7
1.7
\u2013
13.4
11. 0
1. 6
\u2013
12.6
Actual return on plan assets less interest
(22.3)
0.3
\u2013
(22.0)
(20.1)
(1.6)
\u2013
(21.7)
Contributions from employer
\u2013
0.4
\u2013
0.4
\u2013
0.4
\u2013
0.4
Benefits paid
(17.5)
(2.3)
\u2013
(19.8)
(12.0)
(3.3)
\u2013
(15.3)
Running costs
(1.3)
(0.1)
\u2013
(1.4)
(1.2)
\u2013
\u2013
(1.2)
Exchange differences
\u2013
(2.2)
\u2013
(2.2)
\u2013
0.5
\u2013
0.5
At 31 December
196.0
29.9
\u2013
225.9
225.4
32.1
\u2013
257.5
iii) Amounts recognised in the Consolidated Income Statement in respect of these defined benefit schemes are as follows:
31 December 2025
31 December 2024
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current service cost
\u2013
0.2
0.6
0.8
\u2013
0.2
0.5
0.7
Past service cost
7.3
\u2013
\u2013
7.3
\u2013
\u2013
\u2013
\u2013
Running cost
1.3
0.1
\u2013
1.4
1. 2
\u2013
\u2013
1. 2
Charge included within operating profit
8.6
0.3
0.6
9.5
1. 2
0.2
0.5
1. 9
Included within finance income
(2.3)
0.1
0.1
(2.1)
(2.2)
0.1
0.1
(2.0)
Amount recognised in the Income Statement
6.3
0.4
0.7
7.4
(1.0)
0.3
0.6
(0.1)
iv) Amounts recognised in other comprehensive income are as follows:
31 December 2025
31 December 2024
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net actuarial gain/(losses) in the year due to:
\u2013
Change in financial assumptions
4.3
(0.2)
0.1
4.2
1 7. 3
2.1
(0.1)
19.3
\u2013
Change in demographic assumptions
3.6
\u2013
\u2013
3.6
(2.6)
\u2013
\u2013
(2.6)
\u2013
Experience adjustments on benefit obligations
0.5
(1.1)
\u2013
(0.6)
(0.6)
0.8
\u2013
0.2
Actual return on plan assets less interest on
benefit obligations
(22.3)
0.3
\u2013
(22.0)
(20.1)
(1.6)
\u2013
(21.7)
(Losses)/gains recognised in other
comprehensive income
(13.9)
(1.0)
0.1
(14.8)
(6.0)
1. 3
(0.1)
(4.8)
Actuarial losses of \u00a314.8m (2024 \u2013 \u00a34.8m) have been recognised in the Statement of Comprehensive Income. The cumulative
amount of actuarial losses recognised in the Statement of Comprehensive Income as at 31 December 2025 is \u00a368.3m
(2024 \u2013 \u00a35 3.5m).
v) Assets and assumptions in funded plans
UK plans funded
US plans funded
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets
Insured annuities
159.2
3.1
\u2013
\u2013
Bonds
\u2013
99.4
29.9
32.1
Gilts and money market funds
28.5
118.0
\u2013
\u2013
Cash
0.9
4.9
\u2013
\u2013
Net current assets
1
7.4
\u2013
\u2013
\u2013
Total
196.0
225.4
29.9
32.1
Actual return on plan assets
(10.6)
(9.1)
2.0
3.0
1 The net current assets include a prepayment of \u00a36m made to the insurer in respect of data cleanse items relating to the administration of certain plan benefits which are already provided for
within the defined benefit obligation at 31st December 2025.
The UK Plan\u2019s assets are within insured annuities and invested in pooled funds, invested exclusively within instruments with quoted
market prices in an active market. The value of the invested assets has been measured at bid value and the insurance annuity policies
have been valued using assumptions consistent with the corresponding obligations. As at 31 December 2025, all of the UK Plan\u2019s
gilt and money market funds allocation was held in a sterling money market fund. The UK Plan does not invest directly in property
occupied by the Company or in financial securities issued by the Company.
Following the M&G buy-in, changes in the financial or demographic assumptions will not have a material impact on Plan surplus as the
value of the Plan\u2019s insurance policy assets are expected to move in line with the defined benefit obligations.
In the US funded plan, the assets are held in separate trustee administered funds managed by independent financial institutions and
have pension costs assessed by consulting actuaries using the Projected Unit Method. The estimated contributions expected to be
paid during 2026 in the US funded plans is \u00a30.4m.
UK plans funded
US plans funded
2025
2024
2025
2024
Major assumptions (per annum %)
Inflation
2
2.90%
3.30%
N/A
N/A
Increase in salaries
N/A
N/A
N/A
N/A
Increase in pensions
2.80%
3.10%
0.00%
0.00%
Increase in deferred pensions
2.90%
3.30%
0.00%
0.00%
Rate used to discount plan liabilities
5.40%
5.40%
5.28%
5.63%
Life expectancy of a male aged 65 at the year-end
20.2
20.3
19.9
19.8
Life expectancy of a male aged 65, 20 years after the year-end
21.5
21.7
20.8
21.4
2 Benefits under the US funded plans are not linked to inflation or increase in salaries, but are negotiated as part of collective bargaining agreement, with benefits based on the year of
credited service.
The UK Plan retirement benefit obligation is discounted at a rate set by reference to market yields at the end of the reporting period on
high quality corporate bonds. Estimation is required when setting the criteria for bonds to be included in the population from which the
yield curve is derived. The most significant criteria considered for the selection of bonds include the issue size of the corporate bonds,
quality of the bonds and the identification of outliers which are excluded. The assumption for estimating future Retail Prices Index
(RPI) inflation is based on the difference in yields on fixed-interest and index-linked gilts. Demographic assumptions are set broadly
in line with the most recent actuarial valuation of the UK plan. The mortality assumption is 96% of standard mortality tables with an
allowance for future improvements in line with the CMI 2024 enhanced projections, with a long-term annual rate of improvement of
1.25% for males and for females.
For the UK Plan, the estimated impact on the defined benefit liabilities at 31 December 2025 for changes in assumptions is as follows:
2025 2024
Increase/(decrease) Increase/(decrease)
in defined benefit in defined benefit
liabilities liabilities
\u00a3m \u00a3m
0.5% decrease in the discount rate
(8.5)
(9.1)
One-year increase in life expectancy
(6.6)
(7.5)
0.5% increase in inflation
(5.4)
(5.4)
These sensitivities have been calculated to show the movement in defined benefit obligations as at 31 December 2025.
vi) Other post-retirement liabilities
This balance comprises an unfunded German pension plan of \u00a32.3m (2024 \u2013 \u00a32.5m), unfunded closed pension and post-retirement
healthcare plans in the US of \u00a30.4m (2024 \u2013 \u00a30.4m), a provision for post-retirement payments in France of \u00a31.3m (2024 \u2013 \u00a31.4m)
and \u00a3nil for post-retirement payments in Thailand which is no longer part of the Group (2024 \u2013 \u00a31.1m).
The closed pension and post-retirement healthcare plans in the US have been valued on a Projected Unit Method using a discount rate
of 5.28% (2024 \u2013 5.63%). No participants were eligible for medical benefits under the healthcare plan in 2025. The German plan has
been subject to formal actuarial valuation on a Projected Unit Method with the following assumptions: discount rate 4.04%, salary
growth nil% and pension increase 2.0% (2024 \u2013 3.17%, nil% and 2.2%). In France, the provision arises from a legal obligation to make
payments to retirees in the first two years post-retirement. Hence, it is not subject to discounting to the same extent as the other
longer-term post-retirement liabilities. The Thailand plan was disposed as part of the Aerostructures disposal on 31st December 2025.
b) Defined contribution schemes
The Group has a number of different defined contribution and government-sponsored arrangements in place in the countries in which
it operates. None of these are individually material to the Group and the aggregate cost of such schemes for the period was \u00a313.2m
(2024 \u2013 \u00a311.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "6. Staff costs The average monthly number of employees (including Directors) was:
Year ended Year ended
2025 2024
Number Number
Production
6,049
5,885
Distribution
93
94
Sales
300
278
Administration
543
561
Total
6,985
6,818
The actual number of employees at 31 December 2025 was 4,974 which is lower than average above as a result of Aerostructure disposal, see note 35 (2024 \u2013 6,779).
Year ended Year ended
2025 2024
Notes \u00a3m \u00a3m
Their aggregate remuneration comprised:
Wages and salaries
274.6
272.3
Social security costs
38.1
34.7
Termination benefits
9\ue01f
2.9
\u2013
Other pension costs \u2013 defined contribution
33b
13.2
11. 5
Pensions benefit clarification
33(iii)
7.3
\u2013
Other pension costs \u2013 defined benefit
33(iii)
0.8
0.7
Share-based payments
32
5.1
4.5
Aggregate remuneration
342.0
323.7
The Group also incurred medical and other employee benefit expenses during the year of \u00a332.1m (2024 \u2013 \u00a328.8m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "
7. Finance income
Year ended Year ended
2025 2024
Notes \u00a3m \u00a3m
Interest on bank deposits and other finance income
6.5
6.8
Net finance income on retirement benefits
33(iii)
2.1
2.0
Change in fair value on acquisition consideration
9,30
\u2013
2.2
Total income
8.6
11. 0
8. Finance costs
Year ended Year ended
2025 2024
Notes \u00a3m \u00a3m
Interest on bank overdrafts and loans
11.4
11.5
Interest on other loans and other finance costs
7.4
6.3
Interest on lease liabilities
2.2
1. 8
Change in fair value on acquisition consideration
9,30
0.5
\u2013
Total finance costs
21.5
19.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-535": { "value": "7. Finance income
Year ended Year ended
2025 2024
Notes \u00a3m \u00a3m
Interest on bank deposits and other finance income
6.5
6.8
Net finance income on retirement benefits
33(iii)
2.1
2.0
Change in fair value on acquisition consideration
9,30
\u2013
2.2
Total income
8.6
11. 0
8. Finance costs
Year ended Year ended
2025 2024
Notes \u00a3m \u00a3m
Interest on bank overdrafts and loans
11.4
11.5
Interest on other loans and other finance costs
7.4
6.3
Interest on lease liabilities
2.2
1. 8
Change in fair value on acquisition consideration
9,30
0.5
\u2013
Total finance costs
21.5
19.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-547": { "value": "7. Finance income
Year ended Year ended
2025 2024
Notes \u00a3m \u00a3m
Interest on bank deposits and other finance income
6.5
6.8
Net finance income on retirement benefits
33(iii)
2.1
2.0
Change in fair value on acquisition consideration
9,30
\u2013
2.2
Total income
8.6
11. 0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-508": { "value": "7. Finance income
Year ended Year ended
2025 2024
Notes \u00a3m \u00a3m
Interest on bank deposits and other finance income
6.5
6.8
Net finance income on retirement benefits
33(iii)
2.1
2.0
Change in fair value on acquisition consideration
9,30
\u2013
2.2
Total income
8.6
11. 0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-548": { "value": "8. Finance costs
Year ended Year ended
2025 2024
Notes \u00a3m \u00a3m
Interest on bank overdrafts and loans
11.4
11.5
Interest on other loans and other finance costs
7.4
6.3
Interest on lease liabilities
2.2
1. 8
Change in fair value on acquisition consideration
9,30
0.5
\u2013
Total finance costs
21.5
19.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "value": "8. Finance costs
Year ended Year ended
2025 2024
Notes \u00a3m \u00a3m
Interest on bank overdrafts and loans
11.4
11.5
Interest on other loans and other finance costs
7.4
6.3
Interest on lease liabilities
2.2
1. 8
Change in fair value on acquisition consideration
9,30
0.5
\u2013
Total finance costs
21.5
19.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "9. Adjusted operating profit and adjusted profit before tax The presentation of adjusted operating profit and adjusted profit before tax measures, derived in accordance with the table below, has been included to identify the performance of the Group prior to the impact of amortisation of intangible assets from acquisitions, restructuring costs, site relocation costs, pension benefit clarifications, US class action lawsuit and costs associated with corporate undertakings. The Board has a policy to separately disclose items it considers are outside the normal course of management oversight and control on a day-to-day basis and are not reflective of in-year trading performance. Indicative criteria such as period to which the item relates and external driven factors that are outside of the control of the Group in combination with the magnitude and consistency of application are also considered. The amortisation charge relates to the acquisition of Spencer Aerospace. It is charged on a straight-line basis and reflects a non-cash item for the reported year. Site relocation costs relate to transfer of business activities into new or existing cost competitive facilities to support the Group\u2019s strategic initiatives. The US class action lawsuit relates to a historic legal matter. The Group incurred a charge in 2025 for clarifications relating to administration of certain plan benefits on the Senior plc UK pension plan. The Group implemented a restructuring programme in 2025 in response to end market conditions. Corporate undertakings relate to business acquisition and disposal activities, including the disposal of Aerostructures in 2025. None of these charges are reflective of in-year performance. Therefore, they are excluded by the Board and Executive Committee when measuring the operating performance of the Group.
Year ended 2025
Year ended 2024
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Operating profit from continuing operations
47.3
46.8
Operating profit/(loss) from discontinued operations
6.2
(6.5)
Operating profit
53.5
40.3
Amortisation of intangible assets from acquisitions
1.6
1. 6
Site relocation costs
2.4
3.5
US class action lawsuit
\u2013
1. 1
Restructuring costs
5.0
\u2013
Pensions benefit clarifications
7.3
\u2013
Adjusted operating profit
69.8
46.5
Note: all adjusting items above are related to continuing operations only.
Profit before tax from continuing operations
34.1
37.4
Loss before tax from discontinued operations
(39.0)
(9.6)
(Loss)/profit before tax from continuing and
discontinued operations
(4.9)
27.8
Adjustments to (loss)/profit before tax as above
Corporate undertakings
35
42.5
16.3
1. 2
6.2
Corporate undertakings \u2013 change in fair value on acquisition
contingent consideration payable
0.5
(2.2)
Total Corporate undertakings
43.0
(1.0)
Adjusted profit before tax
54.4
33.0
Site relocation costs Site relocation costs of \u00a32.4m (2024 \u2013 \u00a33.5m) include \u00a31.5m (2024- \u00a33.0m) related to the transfer of some manufacturing from Senior Aerospace SSP\u2019s facility in California, US, to its cost competitive facility in Mexico. The Group also incurred \u00a30.8m costs (2024- \u00a30.5m) related to the transfer of our Innovation Centre in Oakdale, UK (previously Senior Flexonics Crumlin) to a nearby higher-tech facility to better support its scale, design, development, test and qualification capabilities and a further \u00a30.1m (2024- \u00a3nil) related to a site move in New Delhi, India. US class action law suit In June 2022, a wage and hour class action lawsuit was filed against one business based in California, USA. This lawsuit alleged violations of state regulations concerning meal and rest breaks and related penalties covering the period 2021 through the first half of 2024. Mediation took place in April 2024, resulting in a Company agreed settlement and related costs of \u00a31.1m, which is expected to be paid in 2026.
Restructuring costs
In 2025, the Group implemented a group-wide restructuring programme, mainly affecting North American and European Flexonics
businesses due to weakened demand in the North American heavy-duty truck markets. The Group took decisive action in the second
half of the year to protect margins and scale the businesses appropriately. The restructuring costs of \u00a35.0m (2024- \u00a3nil), of which
\u00a31.5m was cash outflow in 2025, involved headcount reductions (\u00a32.9m) and impairments to property, plant and equipment (\u00a30.4m)
and inventory (\u00a31.7m) in certain specific programmes where the Group will no longer participate and there is no alternative use.
Pensions benefit clarifications
In 2025 the Trustee of the Senior plc UK pension plan entered into a bulk annuity contract (\u201cbuy-in\u201d) with an insurer, M&G, covering
all scheme members. As part of the due diligence work undertaken for the buy-in, some clarifications were identified relating to the
administration of certain historical plan benefits. The Group incurred a charge of \u00a37.3m in 2025 representing the estimated effect of
applying these clarifications on the UK Plan at the year end. The charge has been presented as an adjusting item as it is not reflective
of underlying in-year performance.
Corporate undertakings
The Group completed the sale of its Aerostructures business on 31 December 2025 to Sullivan Street Partners for total estimated
consideration of \u00a3116.8m. Net assets disposed were \u00a3147.3m (\u00a3210.0m working capital and other assets net of held for sale
depreciation stoppage, \u00a327.2m goodwill, partly offset by \u00a335.3m finance lease liabilities and \u00a354.6m recycling of historical foreign
currency net gains) and disposal costs were \u00a311.7m, which resulted in a full year net loss before tax of \u00a342.2m (2024 \u2013 \u00a30.4m disposal
costs). See Note 35 for further details of the financial impact in 2025.
The Group also incurred \u00a30.3m other net corporate activity costs, of which \u00a30.8m cost (2024- \u00a30.8m) relates to the Spencer
acquisition. Fair value change in Spencer acquisition contingent consideration payable was a \u00a30.5m charge in 2025 (2024- \u00a30.8m
charge offset by \u00a32.2m income for Spencer related fair value change). See Note 30 for further details.
", "dimensions": { "concept": "seniorplc:DisclosureOfAdjustedOperatingProfitAndAdjustedProfitBeforeTax", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "
10. Taxation
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Current tax:
Current year
7.2
8.4
Adjustments in respect of prior periods- other
(0.4)
(2.6)
6.8
5.8
Deferred tax (Note 21):
Current year
(7.2)
(5.0)
Adjustments in respect of prior periods
(0.3)
1. 1
(7.5)
(3.9)
Total tax charge/(credit)
(0.7)
1. 9
Attributable to:
Continuing operations
6.8
4.2
Discontinued operations
(7.5)
(2.3)
Deferred tax assets and liabilities are measured at the rates that are expected to apply to the year when the asset is realised or the
liability is settled, based on tax rates (and tax laws) that have been enacted or substantially enacted at the Balance Sheet date.
Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. At 31 December 2025, following the
completion of the Aerostructures division sale, a re-assessment of the applicable future US tax rate (Federal plus State tax) was made
resulting in a revaluation of all deferred tax assets and liabilities from a 27% to 24 % tax rate. This gave rise to a deferred tax charge of
\u00a31.7m in the current year.
The OECD Pillar Two Globe Rules introduce a global minimum corporate tax rate, initially at 15%, applicable to multinational enterprise
(MNE) groups with global revenue over \u20ac750m. All participating OECD members are required to incorporate these rules into national
legislation. On 20th June 2023 the UK substantially enacted legislation to apply Pillar Two Globe rules into UK law which first applied
to the Group from 1 January 2024. The Group provided \u00a3nil (\u00a30.1m 2024) in respect of this liability.
The total charge for the year can be reconciled to the profit before tax per the Consolidated Income Statement as follows:
Year ended Year ended Year ended Year ended
2025 2025 2024 2024
\u00a3m % \u00a3m %
Profit before tax
(4.9)
27.8
Expected tax charge at the UK standard corporation tax rate 25%
(1.2)
7. 0
Effect of different statutory rates in overseas jurisdictions
a
(1.2)
(1.3)
Tax incentives and credits
b
(1.6)
(1.3)
Tax losses not recognised
c
0.8
(2.2)
Impact of share options
d
0.1
(0.6)
Loss on Aerostructures sale on which no tax relief available
e
2.0
\u2013
Non-deductible expenses and other permanent differences
f
0.8
1. 5
Withholding taxes
g
0.3
0.2
Adjustments in respect of prior periods \u2013 other current tax items
h
(0.4)
(2.6)
Adjustments in respect of prior periods \u2013 deferred tax items
i
(0.3)
1. 1
Pillar 2 Top up Tax
j
\u2013
0.1
Tax charge/(credit) and effective tax rate for the year
(0.7)
14.3%
1. 9
6.8%
a. Attributable to profit mix at both higher and lower rates of taxes in different jurisdictions and net of a \u00a31.7m income statement charge on the re-valuation of US deferred tax assets and liabilities. b. Includes a \u00a31.2m benefit from enhanced US R&D deductions and a \u00a30.4m benefit from Thailand tax incentives. c. The \u00a30.8m tax losses not recognised in the current year relates to certain US State tax losses on which their future use is uncertain. The prior year comparative reflects the recognition of a deferred tax asset on losses in the UK which were not previously recognised. d. Impact of non-tax deductible share-based payment charges net of current tax deductions for share exercises in the year and the deferred tax asset recognition for future exercises. e. Includes the impact of tax losses not recognised on the sale of shares in the Malaysia and Thailand Aerostructures businesses as well as transaction costs on which no tax relief is available. f. Non-deductible expenses and other permanent differences includes a \u00a30.6m charge in respect of uncertain tax positions in accordance with IFRIC 23 principles. g. Arises from irrecoverable withholding taxes. h. Includes a net release of \u00a30.7m in respect of UTPs held in respect of prior years in accordance with IFRIC 23 measurement criteria principles. i. Arises from the true-up of deferred tax estimates following the finalisation of entity statutory accounts and local tax returns. j. Estimated Top up Tax arising from the OECD\u2019s Pillar 2 global minimum tax rules. In addition to the amount charged to the Consolidated Income Statement, the following amounts relating to tax have been recognised directly in other comprehensive income:
2025 2024
\u00a3m \u00a3m
Deferred tax:
Items that will not be reclassified subsequently to profit and loss:
Tax on actuarial items
3.5
1. 1
Items that may be reclassified subsequently to profit or loss:
Tax on foreign exchange contracts \u2013 cash flow hedges
(1.7)
0.8
Total tax credit/(charge) recognised directly in other comprehensive income
1.8
1. 9
In addition to the amount charged to the Consolidated Income Statement and Other Comprehensive Income, the following amounts relating to tax have been recognised directly in equity:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Deferred tax:
Excess tax deductions related to share-based payments in exercised options
0.4
(0.8)
Total tax (charge)/credit recognised directly in equity
0.4
(0.8)
Deferred tax (Note 21)
2.2
1. 1
21. Tax balance sheet
Current tax
The current tax receivable of \u00a32.7m (2024 \u2013 \u00a32.8m) includes excess tax paid to tax authorities that is expected to be recovered within
12 months by way of offset against future tax liabilities or refund.
The majority of the Group\u2019s taxable profits arise in countries, including the US, where the estimated tax liabilities are paid in on-
account instalments during the year to which they relate and are largely paid at the Balance Sheet date. The current tax liability of
\u00a37.5m (2024 \u2013 \u00a38.0m) includes \u00a31.9m (2024 \u2013 \u00a31.9m) tax due on profits of the current and prior years as well as \u00a35.6m (2024 \u2013 \u00a36.1m)
provisions for tax uncertainties that represent amounts expected to be paid but by their nature, there is uncertainty over timing and
eventual settlement.
The Group recognises provisions for tax items which are considered to have a range of possible tax outcomes and separately
accounts for interest that may be due thereon. These uncertainties exist due to a number of factors including differing interpretations
of local tax laws and the determination of appropriate arm\u2019s length pricing in accordance with OECD transfer pricing principles on
internal transactions and financing arrangements. In calculating the carrying amount of provisions, Management estimates the tax
which could become payable as a result of differing interpretations and decisions by tax authorities in respect of transactions and
events whose treatment for tax purposes is uncertain. In accordance with IFRIC 23, individual provisions are established based on
an assessment of whether it is the most likely individual outcome, or the expected outcome on a probability basis that is likely to best
reflect the resolution of the uncertainty. The range of reasonably possible outcomes considered by the Board is not expected to
increase the provision by a material amount.
Deferred tax liabilities and assets
The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior
reporting period:
Accelerated Unrealised Goodwill and Other
tax FX intangible Retirement R&D Tax temporary
depreciation gains amortisation benefits tax credits losses differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(18.7)
0.3
(8.0)
(10.1)
0.8
3.4
46.0
13.7
Reclassification
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
(10.0)
\u2013
(Charge)/credit to Consolidated Income Statement
(0.8)
(0.5)
(0.7)
(0.8)
5.7
0.7
0.3
3.9
(Charge)/credit to other comprehensive income
\u2013
0.8
\u2013
1. 1
\u2013
\u2013
\u2013
1. 9
Credit direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange differences
(0.3)
0.1
(0.1)
0.1
0.2
\u2013
0.6
0.6
At 1 January 2025
(19.8)
0.7
(8.8)
(9.7)
16.7
4.1
36.1
19.3
(Charge)/credit to Consolidated Income Statement
9.4
0.2
\u2013
1.5
(7.3)
7.5
(3.8)
7.5
Credit to other comprehensive income
\u2013
(1.7)
\u2013
3.5
\u2013
\u2013
\u2013
1.8
Charge direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.4
0.4
Balances disposed
2.0
\u2013
(0.1)
(0.1)
\u2013
(1.1)
(2.4)
(1.7)
Exchange differences
0.7
\u2013
0.7
\u2013
(1.0)
(0.2)
(1.7)
(1.5)
Asset / (liability) at 31 December 2025
(7.7)
(0.8)
(8.2)
(4.8)
8.4
10.3
28.6
25.8
Other temporary differences include assets in the US of \u00a310.1m (2024 \u2013 \u00a315.1m) in respect of inventory provisions, accruals and other
expenses where tax relief is only available when items are realised or paid as well other timing differences for interest costs of \u00a311.0m
(2024 \u2013 \u00a310.0m). Also included are assets held in respect of IFRS16 of \u00a31.5m (2024 \u2013 \u00a32.8m) and share-based compensation \u00a33.3m
(2024 \u2013 \u00a32.7m).
During the year, net timing difference liabilities of \u00a34.6m, in respect of the US and UK Aerostructures disposals have reversed through
the income statement.
The deferred tax liability in respect of retirement benefits relates primarily to the Senior plc UK defined benefit pension plan \u00a35.8m
(2024 \u2013 \u00a310.9m), net of deferred tax assets on other schemes.
Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances, after offset:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Deferred tax assets
28.1
27.5
Deferred tax liabilities
(2.3)
(8.2)
25.8
19.3
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, including those arising
from the reversal of other taxable temporary differences, against which the assets can be utilised.
At the Balance Sheet date the Group has recognised deferred tax assets in respect of losses of \u00a310.3m (2024 \u2013 \u00a34.4m), including
\u00a30.1m (2024 \u2013 \u00a30.4m) recognised against deferred tax liabilities and \u00a310.2m (2024 \u2013 \u00a34.0m) recognised based on anticipated profits
in the Group\u2019s five year forecast to 2030 as approved by the Board.
Due to uncertainty as to the availability of future profits against which tax losses may be utilised, \u00a31.3m (2024 \u2013 \u00a311.7m) of losses have
not been recognised at the Balance Sheet date. Included in unrecognised tax losses are losses of \u00a3nil (2024 \u2013 \u00a311.4m) that will expire
over a period of one to nine years. Other losses may be carried forward indefinitely.
At the Balance Sheet date, a deferred tax liability of \u00a30.6m (2024 \u2013 \u00a30.4m) has been recognised in respect of the aggregate amount
of temporary differences associated with undistributed earnings of subsidiaries expected to reverse in the foreseeable future.
No temporary difference has been recognised in respect of \u00a35.9m (2024 \u2013 \u00a330.7m) of undistributed earnings, which may be
subject to a withholding tax, as the Group is in a position to control the timing of the reversal of the temporary differences and it is
not probable that such differences will reverse in the foreseeable future.
At the Balance Sheet date, the Group had \u00a35.0m (2024 \u2013 \u00a35.0m) of surplus Advanced Corporation Tax (\u2018ACT\u2019), previously
written off, for which no deferred tax asset has been recognised as it is unlikely to be recovered in the foreseeable future due to
the UK earnings profile. The Group also has \u00a318.0m (2024 \u2013 \u00a318.0m) of unused capital losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "The OECD Pillar Two Globe Rules introduce a global minimum corporate tax rate, initially at 15%, applicable to multinational enterprise (MNE) groups with global revenue over \u20ac750m. All participating OECD members are required to incorporate these rules into national legislation. On 20th June 2023 the UK substantially enacted legislation to apply Pillar Two Globe rules into UK law which first applied to the Group from 1 January 2024. The Group provided \u00a3nil (\u00a30.1m 2024) in respect of this liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-511": { "value": "
In addition to the amount charged to the Consolidated Income Statement, the following amounts relating to tax have been recognised
directly in other comprehensive income:
2025 2024
\u00a3m \u00a3m
Deferred tax:
Items that will not be reclassified subsequently to profit and loss:
Tax on actuarial items
3.5
1. 1
Items that may be reclassified subsequently to profit or loss:
Tax on foreign exchange contracts \u2013 cash flow hedges
(1.7)
0.8
Total tax credit/(charge) recognised directly in other comprehensive income
1.8
1. 9
In addition to the amount charged to the Consolidated Income Statement and Other Comprehensive Income, the following amounts
relating to tax have been recognised directly in equity:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Deferred tax:
Excess tax deductions related to share-based payments in exercised options
0.4
(0.8)
Total tax (charge)/credit recognised directly in equity
0.4
(0.8)
Deferred tax (Note 21)
2.2
1. 1
Current tax The current tax receivable of \u00a32.7m (2024 \u2013 \u00a32.8m) includes excess tax paid to tax authorities that is expected to be recovered within 12 months by way of offset against future tax liabilities or refund. The majority of the Group\u2019s taxable profits arise in countries, including the US, where the estimated tax liabilities are paid in on- account instalments during the year to which they relate and are largely paid at the Balance Sheet date. The current tax liability of \u00a37.5m (2024 \u2013 \u00a38.0m) includes \u00a31.9m (2024 \u2013 \u00a31.9m) tax due on profits of the current and prior years as well as \u00a35.6m (2024 \u2013 \u00a36.1m) provisions for tax uncertainties that represent amounts expected to be paid but by their nature, there is uncertainty over timing and eventual settlement. The Group recognises provisions for tax items which are considered to have a range of possible tax outcomes and separately accounts for interest that may be due thereon. These uncertainties exist due to a number of factors including differing interpretations of local tax laws and the determination of appropriate arm\u2019s length pricing in accordance with OECD transfer pricing principles on internal transactions and financing arrangements. In calculating the carrying amount of provisions, Management estimates the tax which could become payable as a result of differing interpretations and decisions by tax authorities in respect of transactions and events whose treatment for tax purposes is uncertain. In accordance with IFRIC 23, individual provisions are established based on an assessment of whether it is the most likely individual outcome, or the expected outcome on a probability basis that is likely to best reflect the resolution of the uncertainty. The range of reasonably possible outcomes considered by the Board is not expected to increase the provision by a material amount. Deferred tax liabilities and assets The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated Unrealised Goodwill and Other
tax FX intangible Retirement R&D Tax temporary
depreciation gains amortisation benefits tax credits losses differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(18.7)
0.3
(8.0)
(10.1)
0.8
3.4
46.0
13.7
Reclassification
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
(10.0)
\u2013
(Charge)/credit to Consolidated Income Statement
(0.8)
(0.5)
(0.7)
(0.8)
5.7
0.7
0.3
3.9
(Charge)/credit to other comprehensive income
\u2013
0.8
\u2013
1. 1
\u2013
\u2013
\u2013
1. 9
Credit direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange differences
(0.3)
0.1
(0.1)
0.1
0.2
\u2013
0.6
0.6
At 1 January 2025
(19.8)
0.7
(8.8)
(9.7)
16.7
4.1
36.1
19.3
(Charge)/credit to Consolidated Income Statement
9.4
0.2
\u2013
1.5
(7.3)
7.5
(3.8)
7.5
Credit to other comprehensive income
\u2013
(1.7)
\u2013
3.5
\u2013
\u2013
\u2013
1.8
Charge direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.4
0.4
Balances disposed
2.0
\u2013
(0.1)
(0.1)
\u2013
(1.1)
(2.4)
(1.7)
Exchange differences
0.7
\u2013
0.7
\u2013
(1.0)
(0.2)
(1.7)
(1.5)
Asset / (liability) at 31 December 2025
(7.7)
(0.8)
(8.2)
(4.8)
8.4
10.3
28.6
25.8
Other temporary differences include assets in the US of \u00a310.1m (2024 \u2013 \u00a315.1m) in respect of inventory provisions, accruals and other expenses where tax relief is only available when items are realised or paid as well other timing differences for interest costs of \u00a311.0m (2024 \u2013 \u00a310.0m). Also included are assets held in respect of IFRS16 of \u00a31.5m (2024 \u2013 \u00a32.8m) and share-based compensation \u00a33.3m (2024 \u2013 \u00a32.7m). During the year, net timing difference liabilities of \u00a34.6m, in respect of the US and UK Aerostructures disposals have reversed through the income statement. The deferred tax liability in respect of retirement benefits relates primarily to the Senior plc UK defined benefit pension plan \u00a35.8m (2024 \u2013 \u00a310.9m), net of deferred tax assets on other schemes. Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances, after offset:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Deferred tax assets
28.1
27.5
Deferred tax liabilities
(2.3)
(8.2)
25.8
19.3
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, including those arising from the reversal of other taxable temporary differences, against which the assets can be utilised. At the Balance Sheet date the Group has recognised deferred tax assets in respect of losses of \u00a310.3m (2024 \u2013 \u00a34.4m), including \u00a30.1m (2024 \u2013 \u00a30.4m) recognised against deferred tax liabilities and \u00a310.2m (2024 \u2013 \u00a34.0m) recognised based on anticipated profits in the Group\u2019s five year forecast to 2030 as approved by the Board. Due to uncertainty as to the availability of future profits against which tax losses may be utilised, \u00a31.3m (2024 \u2013 \u00a311.7m) of losses have not been recognised at the Balance Sheet date. Included in unrecognised tax losses are losses of \u00a3nil (2024 \u2013 \u00a311.4m) that will expire over a period of one to nine years. Other losses may be carried forward indefinitely. At the Balance Sheet date, a deferred tax liability of \u00a30.6m (2024 \u2013 \u00a30.4m) has been recognised in respect of the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries expected to reverse in the foreseeable future. No temporary difference has been recognised in respect of \u00a35.9m (2024 \u2013 \u00a330.7m) of undistributed earnings, which may be subject to a withholding tax, as the Group is in a position to control the timing of the reversal of the temporary differences and it is not probable that such differences will reverse in the foreseeable future. At the Balance Sheet date, the Group had \u00a35.0m (2024 \u2013 \u00a35.0m) of surplus Advanced Corporation Tax (\u2018ACT\u2019), previously written off, for which no deferred tax asset has been recognised as it is unlikely to be recovered in the foreseeable future due to the UK earnings profile. The Group also has \u00a318.0m (2024 \u2013 \u00a318.0m) of unused capital losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "
11. Dividends
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Amounts recognised as distributions to equity holders in the period:
Final dividend for the year ended 31 December 2024 of 1.65p per share (2023 \u2013 1.70p)
6.8
7. 0
Interim dividend for the year ended 31 December 2025 of 0.85p per share (2024 \u2013 0.75p)
3.5
3.1
10.3
10.1
Proposed final dividend for the year ended 31 December 2025 of 2. 1 5p per share (2024 \u2013 1.65p)
8.9
6.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-513": { "value": "0.0215", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-512": { "value": "0.0165", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-470": { "value": "
12. Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
Year ended Year ended
2025 2024
Number of shares Million Million
Weighted average number of ordinary shares for the purposes of basic earnings per share
413.4
414.3
Effect of dilutive potential ordinary shares:
Share options
12.4
9.2
Weighted average number of ordinary shares for the purposes of diluted earnings per share
425.8
423.5
Year ended 2025
Year ended 2024
Earnings EPS Earnings EPS
Notes \u00a3m pence \u00a3m pence
(Loss)/earnings and earnings per share
(Loss)/profit for the period from continuing and discontinued
operations
(4.2)
(1.02)
25.9
6.25
Adjust:
Amortisation of intangible assets from acquisitions net of tax credit
of \u00a30.4m (2024 \u2013 \u00a30.4m credit)
1.2
0.29
1. 2
0.29
Site relocation costs net of tax credit of \u00a30.7m
(2024 \u2013 \u00a31.0m credit)
9
1.7
0.41
2.5
0.60
US class action lawsuit net of tax \u00a3nil (2024 \u2013 \u00a30.3m credit)
9
\u2013
\u2013
0.8
0.20
Corporate undertakings net of tax credit of \u00a38.9m
(2024 \u2013 \u00a30.3m charge)
9
34.1
8.25
(0.7)
(0.17)
Pension benefit clarifications net of tax credit of \u00a31.8m (2024 \u2013 \u00a3nil)
9
5.5
1.33
\u2013
\u2013
Restructuring costs net of tax credit of \u00a31.3m (2024 \u2013 \u00a3nil)
9
3.7
0.90
\u2013
\u2013
Adjusted earnings after tax \u2013 continuing and discontinued
operations
42.0
10.16
29.7
7. 1 7
Adjusted earnings after tax \u2013 continuing operations
39.9
9.65
36.7
8.86
Adjusted earnings after tax \u2013 discontinued operations
2.1
0.51
(7.0)
(1.69)
Earnings per share
\u2013
basic from continuing operations
6.60p
8.01p
\u2013
diluted from continuing operations
6.41p
7.84p
\u2013
basic from continuing and discontinued operations
(1.02)p
6.25p
\u2013
diluted from continuing and discontinued operations
(0.99)p
6.12p
\u2013
adjusted from continuing operations
9.65p
8.86p
\u2013
adjusted and diluted from continuing operations
9.37p
8.67p
The denominators used for all basic, diluted and adjusted earnings per share are as detailed in the table above.
The presentation of adjusted earnings per share, derived in accordance with the table above, has been included to identify the
performance of the Group prior to the impact of amortisation of intangible assets from acquisitions, site relocation costs, US class
action lawsuit, restructuring costs, pension benefit clarifications and costs associated with corporate undertakings. The Board has a
policy to separately disclose items it considers are outside the normal course of management oversight and control on a day-to-day
basis and are not reflective of in-year trading performance. Indicative criteria such as period to which the item relates and external
driven factors that are outside of the control of the Group in combination with the magnitude and consistency of application are also
considered. See Note 9 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "
13. Goodwill
Year ended Year ended
2025 2024
Notes \u00a3m \u00a3m
Cost
At 1 January
355.5
355.5
Transfer to held for sale prior to disposal
35
(27.2)
\u2013
Exchange differences
(8.0)
\u2013
At 31 December
320.3
355.5
Accumulated impairment losses
At 1 January
160.1
159.7
Exchange differences
(0.7)
0.4
At 31 December
159.4
160.1
Carrying amount at 31 December
160.9
195.4
In 2025, goodwill has decreased by \u00a334.5m to \u00a3160.9m (2024 \u2013 \u00a3195.4m) of which \u00a327.2m relates to the disposal of Aerostructures
and \u00a37.3m relates to net foreign exchange differences.
Goodwill is allocated to the group of CGUs (CGU groups) namely Aerospace and Flexonics, reflecting the lowest level at which
management exercises oversight and monitors the Group\u2019s performance. Central assets are allocated between the CGU groups
on the basis of the percentage share of trading assets. The table below highlights the carrying amount of goodwill allocated to these
CGU groups, all of which are considered significant in comparison with the total carrying amount of goodwill.
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Aerospace
108.6
140.6
Flexonics
52.3
54.8
Total
160.9
195.4
The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired.
The annual assessment at 30 September 2025, based on the continuing Group excluding Aerostructures, coincided with the Board\u2019s
review of the most recent financial strategy. Management applied the value-in-use methodology to assess impairment. The key
assumptions on which the value-in-use calculations were based relate to business performance over the next five years, long-term
growth rates beyond 2030 and the discount rates applied. The discount rates were pre-tax measures based on the rate of 10-year
government bonds issued in the relevant market and in the same currency as the cash flows, adjusted for a risk premium to reflect
both the increased risk of investing in equities generally and the systematic risk of the CGU group. The key estimates were the level of
revenue and operating margins anticipated and the proportion of operating profit converted into cash flow in each year, long-term
growth rates and discount rates applied. The forecast compound annual growth rate in revenue from 2025 to 2030 was 5% (2024 \u2013
2024 to 2029 was 8%), reflecting expected increases in aircraft production as communicated by our customers and secured new
programmes in Flexonics.
Forecasts used in the cash flow were based on the most recent financial strategy, which excluded Aerostructures, as approved by
Management for the next five years to 2030. These estimates up to 2030, where appropriate, take account of the current economic
environment as set out in the Strategic Report on pages 1 to 71.
Cash flows after 2030 have been extrapolated based on estimated long-term growth rates into perpetuity, which has been
determined by the lower of the long-term market growth rates and the historical forecast compound annual growth in revenue to
2030. For Aerospace, the long-term market growth rate is 3.9% per annum (2024 \u2013 4.2%), which does not exceed the long-term
average growth rate forecast for the aerospace market as included in market outlooks from Boeing and Airbus. For Flexonics, the
long-term market growth rate is 1.5% per annum (2024 \u2013 1.6%), which is based on the world long-term forecast GDP growth for
advanced economies.
The pre-tax discount rates applied to discount the pre-tax cash flows for Aerospace and Flexonics are 11% and 10.1% respectively
(2024 \u2013 10.4% and 10.8%); these discount rates include CGU group specific risk adjustments which are the measurements used by
Management in assessing investment appraisals specific to each CGU group.
Sensitivities reflecting reasonable possible changes have also been considered for each CGU group in relation to the value in use
calculations. Each assumption was sensitised in isolation: Revenue was reduced by 10 percentage points in the terminal value,
operating margins were reduced by 1 percentage point in the terminal value, the proportion of operating profit converted into cash
flow was reduced by 5 percentage points in the terminal value, the long-term growth rate assumption was reduced by 1 percentage
point and the discount rate was increased by 1 percentage point. This did not result in the carrying amount of the CGU groups
exceeding their recoverable amount.
Further to the 30 September 2025 annual impairment test, the Board considered whether there were any triggering events as at the 31 December 2025 reporting date. The Board concluded that the market factors considered as at 30 September were largely unchanged and remained relevant for the year end reporting date, with no new triggers identified for impairment. The disposal of Aerostructures on 31 December 2025 was not considered a triggering event for impairment as the annual assessment in September excluded Aerostructures and the market conditions for the continuing business have remained unchanged for impairment considerations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-536": { "value": "13. Goodwill
Year ended Year ended
2025 2024
Notes \u00a3m \u00a3m
Cost
At 1 January
355.5
355.5
Transfer to held for sale prior to disposal
35
(27.2)
\u2013
Exchange differences
(8.0)
\u2013
At 31 December
320.3
355.5
Accumulated impairment losses
At 1 January
160.1
159.7
Exchange differences
(0.7)
0.4
At 31 December
159.4
160.1
Carrying amount at 31 December
160.9
195.4
In 2025, goodwill has decreased by \u00a334.5m to \u00a3160.9m (2024 \u2013 \u00a3195.4m) of which \u00a327.2m relates to the disposal of Aerostructures and \u00a37.3m relates to net foreign exchange differences. Goodwill is allocated to the group of CGUs (CGU groups) namely Aerospace and Flexonics, reflecting the lowest level at which management exercises oversight and monitors the Group\u2019s performance. Central assets are allocated between the CGU groups on the basis of the percentage share of trading assets. The table below highlights the carrying amount of goodwill allocated to these CGU groups, all of which are considered significant in comparison with the total carrying amount of goodwill.
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Aerospace
108.6
140.6
Flexonics
52.3
54.8
Total
160.9
195.4
The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. The annual assessment at 30 September 2025, based on the continuing Group excluding Aerostructures, coincided with the Board\u2019s review of the most recent financial strategy. Management applied the value-in-use methodology to assess impairment. The key assumptions on which the value-in-use calculations were based relate to business performance over the next five years, long-term growth rates beyond 2030 and the discount rates applied. The discount rates were pre-tax measures based on the rate of 10-year government bonds issued in the relevant market and in the same currency as the cash flows, adjusted for a risk premium to reflect both the increased risk of investing in equities generally and the systematic risk of the CGU group. The key estimates were the level of revenue and operating margins anticipated and the proportion of operating profit converted into cash flow in each year, long-term growth rates and discount rates applied. The forecast compound annual growth rate in revenue from 2025 to 2030 was 5% (2024 \u2013 2024 to 2029 was 8%), reflecting expected increases in aircraft production as communicated by our customers and secured new programmes in Flexonics. Forecasts used in the cash flow were based on the most recent financial strategy, which excluded Aerostructures, as approved by Management for the next five years to 2030. These estimates up to 2030, where appropriate, take account of the current economic environment as set out in the Strategic Report on pages 1 to 71. Cash flows after 2030 have been extrapolated based on estimated long-term growth rates into perpetuity, which has been determined by the lower of the long-term market growth rates and the historical forecast compound annual growth in revenue to 2030. For Aerospace, the long-term market growth rate is 3.9% per annum (2024 \u2013 4.2%), which does not exceed the long-term average growth rate forecast for the aerospace market as included in market outlooks from Boeing and Airbus. For Flexonics, the long-term market growth rate is 1.5% per annum (2024 \u2013 1.6%), which is based on the world long-term forecast GDP growth for advanced economies. The pre-tax discount rates applied to discount the pre-tax cash flows for Aerospace and Flexonics are 11% and 10.1% respectively (2024 \u2013 10.4% and 10.8%); these discount rates include CGU group specific risk adjustments which are the measurements used by Management in assessing investment appraisals specific to each CGU group. Sensitivities reflecting reasonable possible changes have also been considered for each CGU group in relation to the value in use calculations. Each assumption was sensitised in isolation: Revenue was reduced by 10 percentage points in the terminal value, operating margins were reduced by 1 percentage point in the terminal value, the proportion of operating profit converted into cash flow was reduced by 5 percentage points in the terminal value, the long-term growth rate assumption was reduced by 1 percentage point and the discount rate was increased by 1 percentage point. This did not result in the carrying amount of the CGU groups exceeding their recoverable amount. Further to the 30 September 2025 annual impairment test, the Board considered whether there were any triggering events as at the 31 December 2025 reporting date. The Board concluded that the market factors considered as at 30 September were largely unchanged and remained relevant for the year end reporting date, with no new triggers identified for impairment. The disposal of Aerostructures on 31 December 2025 was not considered a triggering event for impairment as the annual assessment in September excluded Aerostructures and the market conditions for the continuing business have remained unchanged for impairment considerations. 14. Other intangible assets
Computer software
Intangible assets from acquisitions and others
Customer
Qualified parts list relationships Fully amortised Total Total
Year ended Year ended Year ended Year ended Year ended Year ended
2025 2025 2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
23.2
6.3
122.4
151.9
28.2
180.1
Additions \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Additions \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Disposals \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Disposals \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
(10.1)
(10.1)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
(0.3)
(1.2)
\u2013
(1.5)
(0.7)
(2.2)
At 31 December
22.9
5.1
122.4
150.4
18.4
168.8
Amortisation
At 1 January
2.7
0.8
122.4
125.9
22.1
148.0
Charge for the year \u2013 continuing operations
1.2
0.4
\u2013
1.6
1.2
2.8
Charge for the year \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
0.8
0.8
Disposals \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Disposals \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
(8.9)
(8.9)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
0.1
0.1
\u2013
0.2
(0.6)
(0.4)
At 31 December
4.0
1.3
122.4
127.7
14.4
142.1
Carrying amount at 31 December
18.9
3.8
\u2013
22.7
4.0
26.7
Computer software
Intangible assets from acquisitions and others
Customer
Qualified parts list relationships Fully amortised Total Total
Year ended Year ended Year ended Year ended Year ended Year ended
2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
22.8
6.2
122.4
151.4
26.4
177.8
Additions \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
1. 1
1. 1
Additions \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Disposals \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Disposals \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
0.4
0.1
\u2013
0.5
0.3
0.8
At 31 December
23.2
6.3
122.4
151.9
28.2
180.1
Amortisation
At 1 January
1. 4
0.4
122.4
124.2
20.5
144.7
Charge for the year \u2013 continuing operations
1. 2
0.4
\u2013
1. 6
1. 0
2.6
Charge for the year \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
0.7
0.7
Disposals \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Disposals \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
0.1
\u2013
\u2013
0.1
0.1
0.2
At 31 December
2.7
0.8
122.4
125.9
22.1
148.0
Carrying amount at 31 December
20.5
5.5
\u2013
26.0
6.1
32.1
Intangible assets from acquisitions are being amortised over following periods; qualified parts 18 years and 1 month, customer relationships 16 years and 1 month and order backlogs 1 year and 1 month. 16. Property, plant and equipment
Freehold Leasehold Plant Right-of-use Right-of-use Freehold
land and building and Land and Plant and land and Leasehold Plant Right-of-use Right-of-use
buildings improvements equipment Buildings equipment Total buildings building and Land and Plant and Total
Year Year Year Year Year Year Year improvements equipment Buildings equipment Year
ended ended ended ended ended ended ended Year ended Year ended Year ended Year ended ended
2025 2025 2025 2025 2025 2025 2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost or valuation
At 1 January
111.6
9.7
598.3
111.8
9.5
840.9
110.7
8.2
563.9
98.3
8.7
789.8
Additions \u2013 continuing
operations
0.8
2.1
29.1
7.9
1.5
41.4
0.8
0.9
26.8
1. 6
1. 9
32.0
Additions \u2013 discontinued
operations
0.3
0.1
14.0
\u2013
0.3
14.7
0.6
0.2
12.2
\u2013
0.2
13.2
Lease Modifications
\u2013
\u2013
\u2013
6.4
(0.2)
6.2
\u2013
\u2013
\u2013
9.2
\u2013
9.2
Exchange differences
(1.2)
(0.2)
(18.2)
(2.2
(0.3)
(22.1)
(0.1)
0.1
4.6
1. 8
\u2013
6.4
Disposals \u2013 continuing
operations
\u2013
(0.1)
(7.3)
(0.4)
(1.1)
(8.9)
(0.1)
\u2013
(5.3)
(0.4)
(5.8)
Disposals \u2013
Aerostructures on
31 December 2025
(37.8)
(7.1)
(280.3)
(56.3)
(1.9)
(383.4)
\u2013
\u2013
(3.9)
\u2013
\u2013
(3.9)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.3)
0.3
\u2013
0.9
(0.9)
\u2013
Restructuring disposal
\u2013
\u2013
(0.4)
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December
73.7
4.5
335.2
67.2
7.8
488.4
111. 6
9.7
598.3
111.8
9.5
840.9
Accumulated depreciation
and impairment
At 1 January
43.1
5.8
444.1
51.6
4.2
548.8
41.4
5.3
415.8
39.3
3.3
505.1
Charge for the year \u2013
continuing operations
1.3
0.2
19.0
5.5
1.5
27.5
1. 2
0.2
18.3
5.0
1. 6
26.3
Charge for the year \u2013
discontinued operations
0.8
0.2
8.2
4.2
0.4
13.8
0.7
0.2
15.7
4.2
0.2
21.0
Lease Modifications
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
0.1
Exchange differences
(0.6)
0.1
(14.8)
(1.0)
(0.2)
(16.5)
(0.1)
0.1
3.4
0.6
\u2013
4.0
Eliminated on disposals
\u2013 continuing operations
\u2013
(0.1)
(7.2)
(0.4)
(1.1)
(8.8)
(0.1)
\u2013
(5.2)
\u2013
(0.4)
(5.7)
Eliminated on disposals
\u2013 Aerostructures on
31 December 2025
(14.5)
(4.6)
(205.1)
(27.2)
(1.0)
(252.4)
\u2013
`\u2013
(3.9)
\u2013
\u2013
(3.9)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.5
(0.5)
\u2013
Impairment/restructuring
disposal
\u2013
\u2013
(0.4)
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
1. 9
\u2013
1. 9
At 31 December
30.1
1.6
243.8
32.7
3.8
312.0
43.1
5.8
444.1
51.6
4.2
548.8
Carrying amount
at 31 December
43.6
2.9
91.4
34.5
4.0
176.4
68.5
3.9
154.2
60.2
5.3
292.1
In 2025, \u00a30.4m property, plant and equipment were impaired; see note 9 (2024 \u2013 \u00a31.9m Right of Use Assets). The recoverable amount of the assets was determined based on value-in-use for assets with confirmed orders, or fair value less costs to sell, where assets are to be disposed. At 31 December 2025, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a33.6m (2024 \u2013 \u00a36.5m including Aerostructures).", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "13. Goodwill
Year ended Year ended
2025 2024
Notes \u00a3m \u00a3m
Cost
At 1 January
355.5
355.5
Transfer to held for sale prior to disposal
35
(27.2)
\u2013
Exchange differences
(8.0)
\u2013
At 31 December
320.3
355.5
Accumulated impairment losses
At 1 January
160.1
159.7
Exchange differences
(0.7)
0.4
At 31 December
159.4
160.1
Carrying amount at 31 December
160.9
195.4
In 2025, goodwill has decreased by \u00a334.5m to \u00a3160.9m (2024 \u2013 \u00a3195.4m) of which \u00a327.2m relates to the disposal of Aerostructures and \u00a37.3m relates to net foreign exchange differences. Goodwill is allocated to the group of CGUs (CGU groups) namely Aerospace and Flexonics, reflecting the lowest level at which management exercises oversight and monitors the Group\u2019s performance. Central assets are allocated between the CGU groups on the basis of the percentage share of trading assets. The table below highlights the carrying amount of goodwill allocated to these CGU groups, all of which are considered significant in comparison with the total carrying amount of goodwill.
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Aerospace
108.6
140.6
Flexonics
52.3
54.8
Total
160.9
195.4
The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. The annual assessment at 30 September 2025, based on the continuing Group excluding Aerostructures, coincided with the Board\u2019s review of the most recent financial strategy. Management applied the value-in-use methodology to assess impairment. The key assumptions on which the value-in-use calculations were based relate to business performance over the next five years, long-term growth rates beyond 2030 and the discount rates applied. The discount rates were pre-tax measures based on the rate of 10-year government bonds issued in the relevant market and in the same currency as the cash flows, adjusted for a risk premium to reflect both the increased risk of investing in equities generally and the systematic risk of the CGU group. The key estimates were the level of revenue and operating margins anticipated and the proportion of operating profit converted into cash flow in each year, long-term growth rates and discount rates applied. The forecast compound annual growth rate in revenue from 2025 to 2030 was 5% (2024 \u2013 2024 to 2029 was 8%), reflecting expected increases in aircraft production as communicated by our customers and secured new programmes in Flexonics. Forecasts used in the cash flow were based on the most recent financial strategy, which excluded Aerostructures, as approved by Management for the next five years to 2030. These estimates up to 2030, where appropriate, take account of the current economic environment as set out in the Strategic Report on pages 1 to 71. Cash flows after 2030 have been extrapolated based on estimated long-term growth rates into perpetuity, which has been determined by the lower of the long-term market growth rates and the historical forecast compound annual growth in revenue to 2030. For Aerospace, the long-term market growth rate is 3.9% per annum (2024 \u2013 4.2%), which does not exceed the long-term average growth rate forecast for the aerospace market as included in market outlooks from Boeing and Airbus. For Flexonics, the long-term market growth rate is 1.5% per annum (2024 \u2013 1.6%), which is based on the world long-term forecast GDP growth for advanced economies. The pre-tax discount rates applied to discount the pre-tax cash flows for Aerospace and Flexonics are 11% and 10.1% respectively (2024 \u2013 10.4% and 10.8%); these discount rates include CGU group specific risk adjustments which are the measurements used by Management in assessing investment appraisals specific to each CGU group. Sensitivities reflecting reasonable possible changes have also been considered for each CGU group in relation to the value in use calculations. Each assumption was sensitised in isolation: Revenue was reduced by 10 percentage points in the terminal value, operating margins were reduced by 1 percentage point in the terminal value, the proportion of operating profit converted into cash flow was reduced by 5 percentage points in the terminal value, the long-term growth rate assumption was reduced by 1 percentage point and the discount rate was increased by 1 percentage point. This did not result in the carrying amount of the CGU groups exceeding their recoverable amount. Further to the 30 September 2025 annual impairment test, the Board considered whether there were any triggering events as at the 31 December 2025 reporting date. The Board concluded that the market factors considered as at 30 September were largely unchanged and remained relevant for the year end reporting date, with no new triggers identified for impairment. The disposal of Aerostructures on 31 December 2025 was not considered a triggering event for impairment as the annual assessment in September excluded Aerostructures and the market conditions for the continuing business have remained unchanged for impairment considerations. 14. Other intangible assets
Computer software
Intangible assets from acquisitions and others
Customer
Qualified parts list relationships Fully amortised Total Total
Year ended Year ended Year ended Year ended Year ended Year ended
2025 2025 2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
23.2
6.3
122.4
151.9
28.2
180.1
Additions \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Additions \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Disposals \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Disposals \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
(10.1)
(10.1)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
(0.3)
(1.2)
\u2013
(1.5)
(0.7)
(2.2)
At 31 December
22.9
5.1
122.4
150.4
18.4
168.8
Amortisation
At 1 January
2.7
0.8
122.4
125.9
22.1
148.0
Charge for the year \u2013 continuing operations
1.2
0.4
\u2013
1.6
1.2
2.8
Charge for the year \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
0.8
0.8
Disposals \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Disposals \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
(8.9)
(8.9)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
0.1
0.1
\u2013
0.2
(0.6)
(0.4)
At 31 December
4.0
1.3
122.4
127.7
14.4
142.1
Carrying amount at 31 December
18.9
3.8
\u2013
22.7
4.0
26.7
Computer software
Intangible assets from acquisitions and others
Customer
Qualified parts list relationships Fully amortised Total Total
Year ended Year ended Year ended Year ended Year ended Year ended
2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
22.8
6.2
122.4
151.4
26.4
177.8
Additions \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
1. 1
1. 1
Additions \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Disposals \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Disposals \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
0.4
0.1
\u2013
0.5
0.3
0.8
At 31 December
23.2
6.3
122.4
151.9
28.2
180.1
Amortisation
At 1 January
1. 4
0.4
122.4
124.2
20.5
144.7
Charge for the year \u2013 continuing operations
1. 2
0.4
\u2013
1. 6
1. 0
2.6
Charge for the year \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
0.7
0.7
Disposals \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Disposals \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
0.1
\u2013
\u2013
0.1
0.1
0.2
At 31 December
2.7
0.8
122.4
125.9
22.1
148.0
Carrying amount at 31 December
20.5
5.5
\u2013
26.0
6.1
32.1
Intangible assets from acquisitions are being amortised over following periods; qualified parts 18 years and 1 month, customer relationships 16 years and 1 month and order backlogs 1 year and 1 month. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "
14. Other intangible assets
Computer software
Intangible assets from acquisitions and others
Customer
Qualified parts list relationships Fully amortised Total Total
Year ended Year ended Year ended Year ended Year ended Year ended
2025 2025 2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
23.2
6.3
122.4
151.9
28.2
180.1
Additions \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Additions \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Disposals \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Disposals \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
(10.1)
(10.1)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
(0.3)
(1.2)
\u2013
(1.5)
(0.7)
(2.2)
At 31 December
22.9
5.1
122.4
150.4
18.4
168.8
Amortisation
At 1 January
2.7
0.8
122.4
125.9
22.1
148.0
Charge for the year \u2013 continuing operations
1.2
0.4
\u2013
1.6
1.2
2.8
Charge for the year \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
0.8
0.8
Disposals \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
(0.2)
(0.2)
Disposals \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
(8.9)
(8.9)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
0.1
0.1
\u2013
0.2
(0.6)
(0.4)
At 31 December
4.0
1.3
122.4
127.7
14.4
142.1
Carrying amount at 31 December
18.9
3.8
\u2013
22.7
4.0
26.7
Computer software
Intangible assets from acquisitions and others
Customer
Qualified parts list relationships Fully amortised Total Total
Year ended Year ended Year ended Year ended Year ended Year ended
2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
22.8
6.2
122.4
151.4
26.4
177.8
Additions \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
1. 1
1. 1
Additions \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Disposals \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Disposals \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
0.4
0.1
\u2013
0.5
0.3
0.8
At 31 December
23.2
6.3
122.4
151.9
28.2
180.1
Amortisation
At 1 January
1. 4
0.4
122.4
124.2
20.5
144.7
Charge for the year \u2013 continuing operations
1. 2
0.4
\u2013
1. 6
1. 0
2.6
Charge for the year \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
0.7
0.7
Disposals \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Disposals \u2013 discontinued operations
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange differences
0.1
\u2013
\u2013
0.1
0.1
0.2
At 31 December
2.7
0.8
122.4
125.9
22.1
148.0
Carrying amount at 31 December
20.5
5.5
\u2013
26.0
6.1
32.1
Intangible assets from acquisitions are being amortised over following periods; qualified parts 18 years and 1 month, customer
relationships 16 years and 1 month and order backlogs 1 year and 1 month.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "
15. Investment in joint venture
The Group has a 49% interest in Senior Flexonics Technologies (Wuhan) Limited, a jointly controlled entity incorporated in China,
which was set up in 2012. Senior Flexonics Technologies (Wuhan) Limited is a precision manufacturer of automotive components.
The results of the joint venture are accounted for using equity accounting.
The Group\u2019s investment of \u00a35.2m represents the Group\u2019s share of the joint venture\u2019s net assets as at 31 December 2025
(2024 \u2013 \u00a33.3m). The movement of \u00a31.9m in Group\u2019s investment during the year comprises of \u00a33.0m Group\u2019s share of profit offset by
\u00a31.0m dividend received and \u00a30.1m exchange difference.
The following amounts represent the aggregate amounts relating to the revenue and expenses and assets and liabilities of Senior
Flexonics Technologies (Wuhan) Limited for the years ended 31 December 2025 and December 2024.
2025 2004
\u00a3m \u00a3m
Revenue
17.6
10.9
Depreciation and amortisation
(0.4)
(0.4)
Other expenses
(9.9)
(7.6)
Profit before tax
7.3
2.9
Income tax expense
(1.1)
(0.3)
Profit for the period
6.2
2.6
There was no interest income or expense during current or prior period. There was no other comprehensive income during current and prior period.
Non-current assets
1.9
2.0
Current assets
4.4
3.8
Cash and cash equivalents
7.9
3.5
Total assets
14.2
9.3
Current liabilities
(3.6)
(2.6)
Total liabilities
(3.6)
(2.6)
Net assets
10.6
6.7
There were no non-current liabilities.
Group's share of profit
3.0
1. 3
Group's share of net assets
5.2
3.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-549": { "value": "15. Investment in joint venture The Group has a 49% interest in Senior Flexonics Technologies (Wuhan) Limited, a jointly controlled entity incorporated in China, which was set up in 2012. Senior Flexonics Technologies (Wuhan) Limited is a precision manufacturer of automotive components. The results of the joint venture are accounted for using equity accounting. The Group\u2019s investment of \u00a35.2m represents the Group\u2019s share of the joint venture\u2019s net assets as at 31 December 2025 (2024 \u2013 \u00a33.3m). The movement of \u00a31.9m in Group\u2019s investment during the year comprises of \u00a33.0m Group\u2019s share of profit offset by \u00a31.0m dividend received and \u00a30.1m exchange difference. The following amounts represent the aggregate amounts relating to the revenue and expenses and assets and liabilities of Senior Flexonics Technologies (Wuhan) Limited for the years ended 31 December 2025 and December 2024.
2025 2004
\u00a3m \u00a3m
Revenue
17.6
10.9
Depreciation and amortisation
(0.4)
(0.4)
Other expenses
(9.9)
(7.6)
Profit before tax
7.3
2.9
Income tax expense
(1.1)
(0.3)
Profit for the period
6.2
2.6
There was no interest income or expense during current or prior period. There was no other comprehensive income during current and prior period.
Non-current assets
1.9
2.0
Current assets
4.4
3.8
Cash and cash equivalents
7.9
3.5
Total assets
14.2
9.3
Current liabilities
(3.6)
(2.6)
Total liabilities
(3.6)
(2.6)
Net assets
10.6
6.7
There were no non-current liabilities.
Group's share of profit
3.0
1. 3
Group's share of net assets
5.2
3.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-537": { "value": "15. Investment in joint venture The Group has a 49% interest in Senior Flexonics Technologies (Wuhan) Limited, a jointly controlled entity incorporated in China, which was set up in 2012. Senior Flexonics Technologies (Wuhan) Limited is a precision manufacturer of automotive components. The results of the joint venture are accounted for using equity accounting. The Group\u2019s investment of \u00a35.2m represents the Group\u2019s share of the joint venture\u2019s net assets as at 31 December 2025 (2024 \u2013 \u00a33.3m). The movement of \u00a31.9m in Group\u2019s investment during the year comprises of \u00a33.0m Group\u2019s share of profit offset by \u00a31.0m dividend received and \u00a30.1m exchange difference. The following amounts represent the aggregate amounts relating to the revenue and expenses and assets and liabilities of Senior Flexonics Technologies (Wuhan) Limited for the years ended 31 December 2025 and December 2024.
2025 2004
\u00a3m \u00a3m
Revenue
17.6
10.9
Depreciation and amortisation
(0.4)
(0.4)
Other expenses
(9.9)
(7.6)
Profit before tax
7.3
2.9
Income tax expense
(1.1)
(0.3)
Profit for the period
6.2
2.6
There was no interest income or expense during current or prior period. There was no other comprehensive income during current and prior period.
Non-current assets
1.9
2.0
Current assets
4.4
3.8
Cash and cash equivalents
7.9
3.5
Total assets
14.2
9.3
Current liabilities
(3.6)
(2.6)
Total liabilities
(3.6)
(2.6)
Net assets
10.6
6.7
There were no non-current liabilities.
Group's share of profit
3.0
1. 3
Group's share of net assets
5.2
3.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "
16. Property, plant and equipment
Freehold Leasehold Plant Right-of-use Right-of-use Freehold
land and building and Land and Plant and land and Leasehold Plant Right-of-use Right-of-use
buildings improvements equipment Buildings equipment Total buildings building and Land and Plant and Total
Year Year Year Year Year Year Year improvements equipment Buildings equipment Year
ended ended ended ended ended ended ended Year ended Year ended Year ended Year ended ended
2025 2025 2025 2025 2025 2025 2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost or valuation
At 1 January
111.6
9.7
598.3
111.8
9.5
840.9
110.7
8.2
563.9
98.3
8.7
789.8
Additions \u2013 continuing
operations
0.8
2.1
29.1
7.9
1.5
41.4
0.8
0.9
26.8
1. 6
1. 9
32.0
Additions \u2013 discontinued
operations
0.3
0.1
14.0
\u2013
0.3
14.7
0.6
0.2
12.2
\u2013
0.2
13.2
Lease Modifications
\u2013
\u2013
\u2013
6.4
(0.2)
6.2
\u2013
\u2013
\u2013
9.2
\u2013
9.2
Exchange differences
(1.2)
(0.2)
(18.2)
(2.2
(0.3)
(22.1)
(0.1)
0.1
4.6
1. 8
\u2013
6.4
Disposals \u2013 continuing
operations
\u2013
(0.1)
(7.3)
(0.4)
(1.1)
(8.9)
(0.1)
\u2013
(5.3)
(0.4)
(5.8)
Disposals \u2013
Aerostructures on
31 December 2025
(37.8)
(7.1)
(280.3)
(56.3)
(1.9)
(383.4)
\u2013
\u2013
(3.9)
\u2013
\u2013
(3.9)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.3)
0.3
\u2013
0.9
(0.9)
\u2013
Restructuring disposal
\u2013
\u2013
(0.4)
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December
73.7
4.5
335.2
67.2
7.8
488.4
111. 6
9.7
598.3
111.8
9.5
840.9
Accumulated depreciation
and impairment
At 1 January
43.1
5.8
444.1
51.6
4.2
548.8
41.4
5.3
415.8
39.3
3.3
505.1
Charge for the year \u2013
continuing operations
1.3
0.2
19.0
5.5
1.5
27.5
1. 2
0.2
18.3
5.0
1. 6
26.3
Charge for the year \u2013
discontinued operations
0.8
0.2
8.2
4.2
0.4
13.8
0.7
0.2
15.7
4.2
0.2
21.0
Lease Modifications
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
0.1
Exchange differences
(0.6)
0.1
(14.8)
(1.0)
(0.2)
(16.5)
(0.1)
0.1
3.4
0.6
\u2013
4.0
Eliminated on disposals
\u2013 continuing operations
\u2013
(0.1)
(7.2)
(0.4)
(1.1)
(8.8)
(0.1)
\u2013
(5.2)
\u2013
(0.4)
(5.7)
Eliminated on disposals
\u2013 Aerostructures on
31 December 2025
(14.5)
(4.6)
(205.1)
(27.2)
(1.0)
(252.4)
\u2013
`\u2013
(3.9)
\u2013
\u2013
(3.9)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.5
(0.5)
\u2013
Impairment/restructuring
disposal
\u2013
\u2013
(0.4)
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
1. 9
\u2013
1. 9
At 31 December
30.1
1.6
243.8
32.7
3.8
312.0
43.1
5.8
444.1
51.6
4.2
548.8
Carrying amount
at 31 December
43.6
2.9
91.4
34.5
4.0
176.4
68.5
3.9
154.2
60.2
5.3
292.1
In 2025, \u00a30.4m property, plant and equipment were impaired; see note 9 (2024 \u2013 \u00a31.9m Right of Use Assets). The recoverable
amount of the assets was determined based on value-in-use for assets with confirmed orders, or fair value less costs to sell,
where assets are to be disposed.
At 31 December 2025, the Group had entered into contractual commitments for the acquisition of property, plant and equipment
amounting to \u00a33.6m (2024 \u2013 \u00a36.5m including Aerostructures).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-515": { "value": "16. Property, plant and equipment
Freehold Leasehold Plant Right-of-use Right-of-use Freehold
land and building and Land and Plant and land and Leasehold Plant Right-of-use Right-of-use
buildings improvements equipment Buildings equipment Total buildings building and Land and Plant and Total
Year Year Year Year Year Year Year improvements equipment Buildings equipment Year
ended ended ended ended ended ended ended Year ended Year ended Year ended Year ended ended
2025 2025 2025 2025 2025 2025 2024 2024 2024 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost or valuation
At 1 January
111.6
9.7
598.3
111.8
9.5
840.9
110.7
8.2
563.9
98.3
8.7
789.8
Additions \u2013 continuing
operations
0.8
2.1
29.1
7.9
1.5
41.4
0.8
0.9
26.8
1. 6
1. 9
32.0
Additions \u2013 discontinued
operations
0.3
0.1
14.0
\u2013
0.3
14.7
0.6
0.2
12.2
\u2013
0.2
13.2
Lease Modifications
\u2013
\u2013
\u2013
6.4
(0.2)
6.2
\u2013
\u2013
\u2013
9.2
\u2013
9.2
Exchange differences
(1.2)
(0.2)
(18.2)
(2.2
(0.3)
(22.1)
(0.1)
0.1
4.6
1. 8
\u2013
6.4
Disposals \u2013 continuing
operations
\u2013
(0.1)
(7.3)
(0.4)
(1.1)
(8.9)
(0.1)
\u2013
(5.3)
(0.4)
(5.8)
Disposals \u2013
Aerostructures on
31 December 2025
(37.8)
(7.1)
(280.3)
(56.3)
(1.9)
(383.4)
\u2013
\u2013
(3.9)
\u2013
\u2013
(3.9)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.3)
0.3
\u2013
0.9
(0.9)
\u2013
Restructuring disposal
\u2013
\u2013
(0.4)
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December
73.7
4.5
335.2
67.2
7.8
488.4
111. 6
9.7
598.3
111.8
9.5
840.9
Accumulated depreciation
and impairment
At 1 January
43.1
5.8
444.1
51.6
4.2
548.8
41.4
5.3
415.8
39.3
3.3
505.1
Charge for the year \u2013
continuing operations
1.3
0.2
19.0
5.5
1.5
27.5
1. 2
0.2
18.3
5.0
1. 6
26.3
Charge for the year \u2013
discontinued operations
0.8
0.2
8.2
4.2
0.4
13.8
0.7
0.2
15.7
4.2
0.2
21.0
Lease Modifications
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
0.1
Exchange differences
(0.6)
0.1
(14.8)
(1.0)
(0.2)
(16.5)
(0.1)
0.1
3.4
0.6
\u2013
4.0
Eliminated on disposals
\u2013 continuing operations
\u2013
(0.1)
(7.2)
(0.4)
(1.1)
(8.8)
(0.1)
\u2013
(5.2)
\u2013
(0.4)
(5.7)
Eliminated on disposals
\u2013 Aerostructures on
31 December 2025
(14.5)
(4.6)
(205.1)
(27.2)
(1.0)
(252.4)
\u2013
`\u2013
(3.9)
\u2013
\u2013
(3.9)
Reclassification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.5
(0.5)
\u2013
Impairment/restructuring
disposal
\u2013
\u2013
(0.4)
\u2013
\u2013
(0.4)
\u2013
\u2013
\u2013
1. 9
\u2013
1. 9
At 31 December
30.1
1.6
243.8
32.7
3.8
312.0
43.1
5.8
444.1
51.6
4.2
548.8
Carrying amount
at 31 December
43.6
2.9
91.4
34.5
4.0
176.4
68.5
3.9
154.2
60.2
5.3
292.1
In 2025, \u00a30.4m property, plant and equipment were impaired; see note 9 (2024 \u2013 \u00a31.9m Right of Use Assets). The recoverable amount of the assets was determined based on value-in-use for assets with confirmed orders, or fair value less costs to sell, where assets are to be disposed. At 31 December 2025, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a33.6m (2024 \u2013 \u00a36.5m including Aerostructures).", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "
17. Inventories
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Raw materials
65.4
98.4
Work-in-progress
53.9
97.1
Finished goods
25.6
40.5
Total
144.9
236.0
Inventory write-downs recognised as an expense in 2025 in continuing operations were \u00a34.2m including \u00a31.7m charges related to
restructuring provision (2024 \u2013 \u00a33.3m, including \u00a30.4m related discontinued operations).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "
18. Trade and other receivables
Trade and other receivables at 31 December comprise the following:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Non-current assets
Foreign exchange contracts
1.5
0.2
Other receivables
0.5
0.2
2.0
0.4
Current assets
Trade receivables
91.4
119.2
Value added tax
3.2
4.0
Foreign exchange contracts
1.6
1. 0
Prepayments
12.0
13.0
108.2
137.2
Total trade and other receivables
110.2
137.6
Credit risk
The Group\u2019s principal financial assets are bank balances and cash and trade receivables. The credit risk on liquid funds and derivative
financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit
rating agencies.
The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet
are net of loss allowances. There are no other credit or impairment losses for other classes of financial assets.
Further disclosures on credit risk are included in Note 20.
The average credit period taken on sales of goods is 56 days (2024 \u2013 56 days). An allowance has been made for estimated
irrecoverable amounts from the sale of goods of \u00a32.8m (2024 \u2013 \u00a33.0m excluding Aerostructures). In determining the recoverability of
trade receivables, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted
up to the reporting date. At 31 December 2025, the carrying amount of the receivable from the Group\u2019s most significant customer
was \u00a311.5m (2024 \u2013 \u00a36.5m). The Group has no other significant concentration of credit risk, with exposure spread over a large number
of counterparties and customers. Accordingly, the Directors believe that there is no further credit provision risk in excess of the loss
allowance.
Expected credit loss
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Movements in loss allowance:
At 1 January
3.5
2.3
Provision for impairment
0.6
2.0
Amounts written off as uncollectible
(0.3)
(0.4)
Amounts recovered
(0.3)
(0.4)
Exchange differences
(0.2)
\u2013
Amounts related to the disposal of Aerostructures (Note 35)
(0.5)
\u2013
At 31 December
2.8
3.5
Ageing analysis of past due:
Up to 30 days past due
8.8
12.2
31 to 60 days past due
2.4
2.1
61 to 90 days past due
1.7
1. 3
91 to 180 days past due
3.1
4.1
Total past due, net of loss allowance
16.0
19.7
Not past due
78.2
103.0
Total current trade receivables
94.2
122.7
Ageing analysis for 2024 have been re-presented to show on a gross basis.
There are no items past due in any other class of financial assets except for trade receivables.
The Directors consider that the carrying amount of trade and other receivables approximates their fair value. The maximum exposure
to credit risk at the reporting date is the fair value of each class of receivable above. The Group does not hold any collateral as security.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-516": { "value": "18. Trade and other receivables Trade and other receivables at 31 December comprise the following:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Non-current assets
Foreign exchange contracts
1.5
0.2
Other receivables
0.5
0.2
2.0
0.4
Current assets
Trade receivables
91.4
119.2
Value added tax
3.2
4.0
Foreign exchange contracts
1.6
1. 0
Prepayments
12.0
13.0
108.2
137.2
Total trade and other receivables
110.2
137.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-553": { "value": "18. Trade and other receivables Trade and other receivables at 31 December comprise the following:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Non-current assets
Foreign exchange contracts
1.5
0.2
Other receivables
0.5
0.2
2.0
0.4
Current assets
Trade receivables
91.4
119.2
Value added tax
3.2
4.0
Foreign exchange contracts
1.6
1. 0
Prepayments
12.0
13.0
108.2
137.2
Total trade and other receivables
110.2
137.6
Credit risk The Group\u2019s principal financial assets are bank balances and cash and trade receivables. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet are net of loss allowances. There are no other credit or impairment losses for other classes of financial assets. Further disclosures on credit risk are included in Note 20. The average credit period taken on sales of goods is 56 days (2024 \u2013 56 days). An allowance has been made for estimated irrecoverable amounts from the sale of goods of \u00a32.8m (2024 \u2013 \u00a33.0m excluding Aerostructures). In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. At 31 December 2025, the carrying amount of the receivable from the Group\u2019s most significant customer was \u00a311.5m (2024 \u2013 \u00a36.5m). The Group has no other significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Accordingly, the Directors believe that there is no further credit provision risk in excess of the loss allowance. Expected credit loss
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Movements in loss allowance:
At 1 January
3.5
2.3
Provision for impairment
0.6
2.0
Amounts written off as uncollectible
(0.3)
(0.4)
Amounts recovered
(0.3)
(0.4)
Exchange differences
(0.2)
\u2013
Amounts related to the disposal of Aerostructures (Note 35)
(0.5)
\u2013
At 31 December
2.8
3.5
Ageing analysis of past due:
Up to 30 days past due
8.8
12.2
31 to 60 days past due
2.4
2.1
61 to 90 days past due
1.7
1. 3
91 to 180 days past due
3.1
4.1
Total past due, net of loss allowance
16.0
19.7
Not past due
78.2
103.0
Total current trade receivables
94.2
122.7
Ageing analysis for 2024 have been re-presented to show on a gross basis. There are no items past due in any other class of financial assets except for trade receivables. The Directors consider that the carrying amount of trade and other receivables approximates their fair value. The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable above. The Group does not hold any collateral as security. 21. Tax balance sheet Current tax The current tax receivable of \u00a32.7m (2024 \u2013 \u00a32.8m) includes excess tax paid to tax authorities that is expected to be recovered within 12 months by way of offset against future tax liabilities or refund. The majority of the Group\u2019s taxable profits arise in countries, including the US, where the estimated tax liabilities are paid in on- account instalments during the year to which they relate and are largely paid at the Balance Sheet date. The current tax liability of \u00a37.5m (2024 \u2013 \u00a38.0m) includes \u00a31.9m (2024 \u2013 \u00a31.9m) tax due on profits of the current and prior years as well as \u00a35.6m (2024 \u2013 \u00a36.1m) provisions for tax uncertainties that represent amounts expected to be paid but by their nature, there is uncertainty over timing and eventual settlement. The Group recognises provisions for tax items which are considered to have a range of possible tax outcomes and separately accounts for interest that may be due thereon. These uncertainties exist due to a number of factors including differing interpretations of local tax laws and the determination of appropriate arm\u2019s length pricing in accordance with OECD transfer pricing principles on internal transactions and financing arrangements. In calculating the carrying amount of provisions, Management estimates the tax which could become payable as a result of differing interpretations and decisions by tax authorities in respect of transactions and events whose treatment for tax purposes is uncertain. In accordance with IFRIC 23, individual provisions are established based on an assessment of whether it is the most likely individual outcome, or the expected outcome on a probability basis that is likely to best reflect the resolution of the uncertainty. The range of reasonably possible outcomes considered by the Board is not expected to increase the provision by a material amount. Deferred tax liabilities and assets The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated Unrealised Goodwill and Other
tax FX intangible Retirement R&D Tax temporary
depreciation gains amortisation benefits tax credits losses differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(18.7)
0.3
(8.0)
(10.1)
0.8
3.4
46.0
13.7
Reclassification
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
(10.0)
\u2013
(Charge)/credit to Consolidated Income Statement
(0.8)
(0.5)
(0.7)
(0.8)
5.7
0.7
0.3
3.9
(Charge)/credit to other comprehensive income
\u2013
0.8
\u2013
1. 1
\u2013
\u2013
\u2013
1. 9
Credit direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange differences
(0.3)
0.1
(0.1)
0.1
0.2
\u2013
0.6
0.6
At 1 January 2025
(19.8)
0.7
(8.8)
(9.7)
16.7
4.1
36.1
19.3
(Charge)/credit to Consolidated Income Statement
9.4
0.2
\u2013
1.5
(7.3)
7.5
(3.8)
7.5
Credit to other comprehensive income
\u2013
(1.7)
\u2013
3.5
\u2013
\u2013
\u2013
1.8
Charge direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.4
0.4
Balances disposed
2.0
\u2013
(0.1)
(0.1)
\u2013
(1.1)
(2.4)
(1.7)
Exchange differences
0.7
\u2013
0.7
\u2013
(1.0)
(0.2)
(1.7)
(1.5)
Asset / (liability) at 31 December 2025
(7.7)
(0.8)
(8.2)
(4.8)
8.4
10.3
28.6
25.8
Other temporary differences include assets in the US of \u00a310.1m (2024 \u2013 \u00a315.1m) in respect of inventory provisions, accruals and other expenses where tax relief is only available when items are realised or paid as well other timing differences for interest costs of \u00a311.0m (2024 \u2013 \u00a310.0m). Also included are assets held in respect of IFRS16 of \u00a31.5m (2024 \u2013 \u00a32.8m) and share-based compensation \u00a33.3m (2024 \u2013 \u00a32.7m). During the year, net timing difference liabilities of \u00a34.6m, in respect of the US and UK Aerostructures disposals have reversed through the income statement. The deferred tax liability in respect of retirement benefits relates primarily to the Senior plc UK defined benefit pension plan \u00a35.8m (2024 \u2013 \u00a310.9m), net of deferred tax assets on other schemes. Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances, after offset:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Deferred tax assets
28.1
27.5
Deferred tax liabilities
(2.3)
(8.2)
25.8
19.3
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, including those arising from the reversal of other taxable temporary differences, against which the assets can be utilised. At the Balance Sheet date the Group has recognised deferred tax assets in respect of losses of \u00a310.3m (2024 \u2013 \u00a34.4m), including \u00a30.1m (2024 \u2013 \u00a30.4m) recognised against deferred tax liabilities and \u00a310.2m (2024 \u2013 \u00a34.0m) recognised based on anticipated profits in the Group\u2019s five year forecast to 2030 as approved by the Board. Due to uncertainty as to the availability of future profits against which tax losses may be utilised, \u00a31.3m (2024 \u2013 \u00a311.7m) of losses have not been recognised at the Balance Sheet date. Included in unrecognised tax losses are losses of \u00a3nil (2024 \u2013 \u00a311.4m) that will expire over a period of one to nine years. Other losses may be carried forward indefinitely. At the Balance Sheet date, a deferred tax liability of \u00a30.6m (2024 \u2013 \u00a30.4m) has been recognised in respect of the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries expected to reverse in the foreseeable future. No temporary difference has been recognised in respect of \u00a35.9m (2024 \u2013 \u00a330.7m) of undistributed earnings, which may be subject to a withholding tax, as the Group is in a position to control the timing of the reversal of the temporary differences and it is not probable that such differences will reverse in the foreseeable future. At the Balance Sheet date, the Group had \u00a35.0m (2024 \u2013 \u00a35.0m) of surplus Advanced Corporation Tax (\u2018ACT\u2019), previously written off, for which no deferred tax asset has been recognised as it is unlikely to be recovered in the foreseeable future due to the UK earnings profile. The Group also has \u00a318.0m (2024 \u2013 \u00a318.0m) of unused capital losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-550": { "value": "Credit risk The Group\u2019s principal financial assets are bank balances and cash and trade receivables. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet are net of loss allowances. There are no other credit or impairment losses for other classes of financial assets. Further disclosures on credit risk are included in Note 20. The average credit period taken on sales of goods is 56 days (2024 \u2013 56 days). An allowance has been made for estimated irrecoverable amounts from the sale of goods of \u00a32.8m (2024 \u2013 \u00a33.0m excluding Aerostructures). In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. At 31 December 2025, the carrying amount of the receivable from the Group\u2019s most significant customer was \u00a311.5m (2024 \u2013 \u00a36.5m). The Group has no other significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Accordingly, the Directors believe that there is no further credit provision risk in excess of the loss allowance. Expected credit loss
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Movements in loss allowance:
At 1 January
3.5
2.3
Provision for impairment
0.6
2.0
Amounts written off as uncollectible
(0.3)
(0.4)
Amounts recovered
(0.3)
(0.4)
Exchange differences
(0.2)
\u2013
Amounts related to the disposal of Aerostructures (Note 35)
(0.5)
\u2013
At 31 December
2.8
3.5
Ageing analysis of past due:
Up to 30 days past due
8.8
12.2
31 to 60 days past due
2.4
2.1
61 to 90 days past due
1.7
1. 3
91 to 180 days past due
3.1
4.1
Total past due, net of loss allowance
16.0
19.7
Not past due
78.2
103.0
Total current trade receivables
94.2
122.7
Ageing analysis for 2024 have been re-presented to show on a gross basis. There are no items past due in any other class of financial assets except for trade receivables. The Directors consider that the carrying amount of trade and other receivables approximates their fair value. The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable above. The Group does not hold any collateral as security. The Group manages its capital structure to safeguard its ability to continue as a going concern whilst maximising the return to stakeholders through the optimisation of the balance between debt and equity. In considering the appropriate level of net debt, the Group pays close attention to its level as compared to the cash generation potential of the Group, measured by EBITDA (defined in the Notes to the Financial Headlines). The Group also monitors capital on the basis of a gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is derived in Note 31c. Lease liabilities are excluded from net debt in calculating the gearing ratio. Total capital is the equity shown in the Consolidated Balance Sheet. The Group\u2019s strategy in respect of gearing is to target a long-term gearing ratio within the range of 30% to 60%. The gearing ratio for the Group at the end of 2025 was 20% (2024 \u2013 33%). All of the Group\u2019s external borrowing facilities at 31 December 2025 have a requirement for the ratio of net debt to EBITDA to be less than 3.0x (US Private Placements) or 3.5x (UK RCF and US RCF). IFRS 16 does not impact the Group\u2019s lending covenants as these are currently based on frozen GAAP, hence figures quoted below exclude the impact of IFRS 16 on net debt, interest and EBITDA. As required by the covenant definition, net debt is restated using 12-month average exchange rates (consistent with EBITDA definition). The Group has two covenants for committed borrowing facilities, which are tested at June and December: the Group\u2019s net debt to EBITDA (defined in the Notes to the Financial Headlines) must not exceed 3.0x and interest cover, the ratio of EBITDA to interest must be higher than 3.5x. At 31 December 2025, the Group\u2019s net debt to EBITDA was 0.9x (31 December 2024 \u2013 1.8x) and interest cover was 7.0x (31 December 2024 \u2013 7.0x), both comfortably within the covenants limits. Financial risk management The Group\u2019s activities expose it to a variety of financial risks including foreign exchange risk, interest rate risk, credit risk and liquidity risk. The Group\u2019s overall treasury risk management programme focuses on the unpredictability of financial markets, and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financial instruments to hedge certain risk exposures. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the Group\u2019s Treasury Committee on a regular basis. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Foreign exchange risk management The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operations\u2019 trading activities in foreign currencies. Where commented on below, the sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based on the change taking place at the beginning of the financial year and left unchanged throughout the reporting period, with all other variables held constant (such as interest rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. Translation risk The Group derived 84% of its revenue from businesses outside the United Kingdom, with 62% relating to operations in North America. Fluctuations in the value of the US Dollar and other currencies in relation to Pound Sterling have had, and may continue to have, a significant impact on the results of the Group\u2019s operations when reported in Pound Sterling. The Group decided not to hedge this translation risk. In addition, the majority of assets are denominated in foreign currency, particularly in US Dollars. In order to provide a hedge against volatility in the value of these assets compared to the Group\u2019s loss/earnings, and hence provide a natural hedge against the Group\u2019s principal lending covenant (the ratio of net debt to EBITDA), the Group aims to borrow in foreign currencies in similar proportions to its generation of foreign currency EBITDA, where practical and economic. The Group has restarted its Net Investment Hedging programme to manage a portion of the foreign exchange risk on its Euro net investment. In February 2025 a foreign exchange forward contract was entered and rolled 1:1 into a Euro borrowing in March 2025. The principal of this borrowing has been rolled forward on a monthly basis and amounts to \u20ac14.0m. The accumulated foreign exchange net loss of these financial instruments qualifies for hedge accounting and is recognised in equity. Any ineffective portion (2025: \u00a3nil) would be recognised in the Income Statement. A 10% appreciation (or depreciation) of all other currencies against the Pound Sterling would have increased (or decreased) 2025 Group adjusted operating profit by \u00a38.5m (\u00a35.2m of which would have been due to the US Dollar movement) and would have increased (or decreased) equity by \u00a325.7m (\u00a322.0m of which would have been due to the US Dollar movement). Transaction risk The Group has a number of transaction-related foreign currency exposures, particularly between the US Dollar and the Pound Sterling, Euro and Mexican Peso. The Group seeks to hedge between 0% to 100% of transaction-related exposures mainly on a rolling 15 to 18-month forward basis, but in some cases for periods of up to 60 months and applies hedge accounting where the forwards can be designated in a qualifying cash flow hedge relationship. Based on the net of the annual sales and purchase-related exposures, all transaction-related foreign currency exposures to Group profit after hedging in existence at 31 December 2025 are immaterial. The impact on equity is determined by the unrecognised portion of open forward contracts at the year-end. A 10% appreciation (or depreciation) of the US Dollar against the Pound Sterling, Euro and the Mexican Peso would have decreased (or increased) equity by \u00a35.9m, \u00a30.3m and \u00a31.2m, respectively. Interest rate risk management The Group has a policy of maintaining approximately 60% of its borrowing costs at fixed interest rates. The Group generally borrows long-term in fixed rates but at times may borrow at floating rates and swap into fixed depending on credit market conditions. Occasionally a portion of fixed debt interest is swapped into floating rates. The combination of maintaining an acceptable balance of fixed and floating rate debt, and the Group\u2019s policy of borrowing in foreign currency in proportion to its generation of foreign currency earnings, provides an effective hedge against the impact of interest rate and foreign currency volatility on total interest costs. As at year end 2025, the percentage of debt at fixed interest was 73% (2024 \u2013 81%), excluding IFRS 16 lease liabilities from debt. The following sensitivity analysis of the Group\u2019s exposure to interest rate risk in 2025 has been retrospectively determined based on the exposure to applicable interest rates on financial assets and liabilities held throughout the financial year, with all other variables held constant (such as foreign exchange rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. If variable interest rates had been 0.5% lower (or higher), the Group\u2019s profit before tax would have increased (or decreased) by \u00a30.5m. Any fixed interest debt is held to maturity and not fair value adjusted through the Consolidated Income Statement. An increase (or decrease) of 0.5% in the market interest rate for the fixed rate debt held up to maturity would have decreased (or increased) the fair value of the Group\u2019s borrowings by \u00a31.5m. The Group\u2019s sensitivity to interest rates has remained broadly consistent with prior period due to the high proportion of fixed debt. Credit risk management The Group\u2019s credit risk is primarily attributable to its trade receivables. The credit quality of customers is assessed taking into account their financial position, past experience and other factors. Further details on determining the recoverability of trade receivables is provided in Note 18. The Group is guarantor under one lease of a current subsidiary entity in the UK. Credit risk on liquid funds and derivative financial instruments is limited because the counterparties are financial institutions with high credit ratings assigned by international credit rating agencies. The carrying amount of financial assets recorded in the Financial Statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group participates in some non-recourse reverse factoring schemes which are arranged by customers. These are a form of non-recourse factoring that are common practice within the aerospace sector and with large customers in the Flexonics Division. In a reverse factoring scheme, a financial counterparty commits to pay supplier invoices ahead of due date in exchange for a discount interest charge. It is a funding solution initiated by the customer to provide the supplier with an alternative financing arrangement. The Group participates in reverse factoring schemes as a way of reducing credit risk. The trade receivables reverse factored at 31 December 2025 were \u00a336.5m (2024 \u2013 \u00a329.1m). The net impact of reverse factoring on 2025 was a cash inflow in working capital of \u00a38.4m (2024 \u2013 \u00a3nil) and the discount interest presented within other finance costs is a charge of \u00a31.4m in 2025 (2024 \u2013 \u00a30.9m). Liquidity risk management Liquidity risk reflects the risk that the Group will have insufficient resources to meet its financial liabilities as they fall due. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and revolving credit facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Cash flow forecasts are produced monthly, together with appropriate capacity planning and scenario analysis, to ensure that bank covenant and liquidity targets will be met. The Directors also regularly assess the balance of capital and debt funding of the Group, as part of a process to satisfy the Group\u2019s long-term strategic funding requirements. As noted in the Financial Review on pages 38 to 40, the Group is currently in a well-funded position, with significant headroom under its committed borrowing facilities. It is considered unlikely that the Group will face any significant funding issues in the foreseeable future. Categories of financial instruments
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Carrying value of financial assets:
Cash and cash equivalents
82.0
45.5
Trade receivables
91.4
119.2
Deferred consideration receivable
8.2
\u2013
Other receivables
0.5
0.2
Financial assets at amortised cost
182.1
164.9
Contingent Consideration receivable \u2013 fair value through profit or loss
12.9
\u2013
Foreign exchange contracts \u2013 cash flow hedges
3.1
1. 1
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
Total financial assets
198.1
166.1
Carrying value of financial liabilities:
Bank overdrafts and loans
155.3
198.9
Lease liabilities
44.0
76.2
Trade payables
64.8
107.4
Other payables
71.8
65.8
Financial liabilities at amortised cost
335.9
448.3
Contingent Consideration payable \u2013 fair value through profit or loss
3.5
16.5
Foreign exchange contracts \u2013 cash flow hedges
0.6
5.7
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
Total financial liabilities
340.0
470.6
Undiscounted contractual maturity of financial liabilities at amortised cost:
Amounts payable:
On demand or within one year
180.9
270.0
In the second to fifth years inclusive
165.3
141.2
After five years
20.3
90.2
366.5
501.4
Less: future finance charges
(30.6)
(53.1)
Financial liabilities at amortised cost
335.9
448.3
Deferred consideration receivable relates to customary adjustments to net working capital in relation to the disposal of Aerostructures (see note 35). The contingent consideration which is potentially receivable in less than 1 year has a gross value at 31 December 2025 of \u00a313.2m and a discounted value of \u00a312.9m.The contingent consideration which is potentially payable in less than 2 years has a gross value at 31 December 2025 of $5.0m (\u00a33.7m) and a discounted value of $4.7m (\u00a33.5m). At 31 December 2024 the gross value was $21.6m (\u00a317.3m) and a discounted value was $20.6m (\u00a316.5m). The carrying amount is a reasonable approximation of fair value for the financial assets and liabilities, excluding leases, noted above except for bank overdrafts and loans, disclosure of which are included within Note 19. An ageing analysis of trade receivables is disclosed within Note 18. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-538": { "value": "Credit risk The Group\u2019s principal financial assets are bank balances and cash and trade receivables. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet are net of loss allowances. There are no other credit or impairment losses for other classes of financial assets. Further disclosures on credit risk are included in Note 20. The average credit period taken on sales of goods is 56 days (2024 \u2013 56 days). An allowance has been made for estimated irrecoverable amounts from the sale of goods of \u00a32.8m (2024 \u2013 \u00a33.0m excluding Aerostructures). In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. At 31 December 2025, the carrying amount of the receivable from the Group\u2019s most significant customer was \u00a311.5m (2024 \u2013 \u00a36.5m). The Group has no other significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Accordingly, the Directors believe that there is no further credit provision risk in excess of the loss allowance. Credit risk management The Group\u2019s credit risk is primarily attributable to its trade receivables. The credit quality of customers is assessed taking into account their financial position, past experience and other factors. Further details on determining the recoverability of trade receivables is provided in Note 18. The Group is guarantor under one lease of a current subsidiary entity in the UK. Credit risk on liquid funds and derivative financial instruments is limited because the counterparties are financial institutions with high credit ratings assigned by international credit rating agencies. The carrying amount of financial assets recorded in the Financial Statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group participates in some non-recourse reverse factoring schemes which are arranged by customers. These are a form of non-recourse factoring that are common practice within the aerospace sector and with large customers in the Flexonics Division. In a reverse factoring scheme, a financial counterparty commits to pay supplier invoices ahead of due date in exchange for a discount interest charge. It is a funding solution initiated by the customer to provide the supplier with an alternative financing arrangement. The Group participates in reverse factoring schemes as a way of reducing credit risk. The trade receivables reverse factored at 31 December 2025 were \u00a336.5m (2024 \u2013 \u00a329.1m). The net impact of reverse factoring on 2025 was a cash inflow in working capital of \u00a38.4m (2024 \u2013 \u00a3nil) and the discount interest presented within other finance costs is a charge of \u00a31.4m in 2025 (2024 \u2013 \u00a30.9m). ", "dimensions": { "concept": "ifrs-full:ExplanationOfCreditRiskManagementPracticesAndHowTheyRelateToRecognitionAndMeasurementOfExpectedCreditLossesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-517": { "value": "Credit risk The Group\u2019s principal financial assets are bank balances and cash and trade receivables. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The Group\u2019s credit risk is primarily attributable to its trade receivables. The amounts presented in the Consolidated Balance Sheet are net of loss allowances. There are no other credit or impairment losses for other classes of financial assets. Further disclosures on credit risk are included in Note 20. The average credit period taken on sales of goods is 56 days (2024 \u2013 56 days). An allowance has been made for estimated irrecoverable amounts from the sale of goods of \u00a32.8m (2024 \u2013 \u00a33.0m excluding Aerostructures). In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. At 31 December 2025, the carrying amount of the receivable from the Group\u2019s most significant customer was \u00a311.5m (2024 \u2013 \u00a36.5m). The Group has no other significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Accordingly, the Directors believe that there is no further credit provision risk in excess of the loss allowance. Expected credit loss
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Movements in loss allowance:
At 1 January
3.5
2.3
Provision for impairment
0.6
2.0
Amounts written off as uncollectible
(0.3)
(0.4)
Amounts recovered
(0.3)
(0.4)
Exchange differences
(0.2)
\u2013
Amounts related to the disposal of Aerostructures (Note 35)
(0.5)
\u2013
At 31 December
2.8
3.5
Ageing analysis of past due:
Up to 30 days past due
8.8
12.2
31 to 60 days past due
2.4
2.1
61 to 90 days past due
1.7
1. 3
91 to 180 days past due
3.1
4.1
Total past due, net of loss allowance
16.0
19.7
Not past due
78.2
103.0
Total current trade receivables
94.2
122.7
Ageing analysis for 2024 have been re-presented to show on a gross basis. There are no items past due in any other class of financial assets except for trade receivables. The Directors consider that the carrying amount of trade and other receivables approximates their fair value. The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable above. The Group does not hold any collateral as security.
Credit risk management
The Group\u2019s credit risk is primarily attributable to its trade receivables. The credit quality of customers is assessed taking into account
their financial position, past experience and other factors. Further details on determining the recoverability of trade receivables is
provided in Note 18. The Group is guarantor under one lease of a current subsidiary entity in the UK. Credit risk on liquid funds and
derivative financial instruments is limited because the counterparties are financial institutions with high credit ratings assigned by
international credit rating agencies. The carrying amount of financial assets recorded in the Financial Statements, which is net of
impairment losses, represents the Group\u2019s maximum exposure to credit risk.
The Group participates in some non-recourse reverse factoring schemes which are arranged by customers. These are a form of
non-recourse factoring that are common practice within the aerospace sector and with large customers in the Flexonics Division.
In a reverse factoring scheme, a financial counterparty commits to pay supplier invoices ahead of due date in exchange for a discount
interest charge. It is a funding solution initiated by the customer to provide the supplier with an alternative financing arrangement.
The Group participates in reverse factoring schemes as a way of reducing credit risk. The trade receivables reverse factored at
31 December 2025 were \u00a336.5m (2024 \u2013 \u00a329.1m). The net impact of reverse factoring on 2025 was a cash inflow in working capital
of \u00a38.4m (2024 \u2013 \u00a3nil) and the discount interest presented within other finance costs is a charge of \u00a31.4m in 2025 (2024 \u2013 \u00a30.9m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-539": { "value": "Expected credit loss
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Movements in loss allowance:
At 1 January
3.5
2.3
Provision for impairment
0.6
2.0
Amounts written off as uncollectible
(0.3)
(0.4)
Amounts recovered
(0.3)
(0.4)
Exchange differences
(0.2)
\u2013
Amounts related to the disposal of Aerostructures (Note 35)
(0.5)
\u2013
At 31 December
2.8
3.5
Ageing analysis of past due:
Up to 30 days past due
8.8
12.2
31 to 60 days past due
2.4
2.1
61 to 90 days past due
1.7
1. 3
91 to 180 days past due
3.1
4.1
Total past due, net of loss allowance
16.0
19.7
Not past due
78.2
103.0
Total current trade receivables
94.2
122.7
Ageing analysis for 2024 have been re-presented to show on a gross basis. There are no items past due in any other class of financial assets except for trade receivables. The Directors consider that the carrying amount of trade and other receivables approximates their fair value. The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable above. The Group does not hold any collateral as security. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "
19. Bank overdrafts and loans
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Bank loans
41.6
37.0
Other loans
113.7
161.9
155.3
198.9
The borrowings are repayable as follows:
On demand or within one year
30.0
75.0
In the second year
35.8
9.5
In the third to fifth years inclusive
89.5
74.5
After five years
\u2013
39.9
155.3
198.9
Less: amount due for settlement within 12 months (shown under current liabilities)
(30.0)
(75.0)
Amount due for settlement after 12 months
125.3
123.9
At 31 December 2025, bank loans of \u00a342.2m are drawn and there are \u00a30.6m of capitalised revolving credit facility transaction costs. At
31 December 2024, bank loans of \u00a337.9m were drawn and there were \u00a30.9m of capitalised revolving credit facility transaction costs.
Analysis of borrowings by currency
Wednesday, 31 December 2025
Pound US
Sterling Euros Dollars Others Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
29.4
12.2
\u2013
\u2013
41.6
Other loans
\u2013
24.3
89.4
\u2013
113.7
29.4
36.5
89.4
\u2013
155.3
Tuesday, 31 December 2024
Pound US
Sterling Euros Dollars Others Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
21.1
\u2013
15.9
\u2013
37.0
Other loans
27.0
23.1
111.8
\u2013
161.9
48.1
23.1
127.7
\u2013
198.9
The weighted average interest rates paid were as follows:
Year ended Year ended
2025 2024
% %
Bank loans and overdrafts
5.63
6.81
Other loans
3.51
3.61
Bank loans and overdrafts of \u00a342.2m (2024 \u2013 \u00a337.9m) are arranged at floating rates, thus exposing the Group to cash flow interest rate
risk. Other borrowings are mainly arranged at fixed interest rates and expose the Group to fair value interest rate risk. No interest rate
swaps were taken out in 2024 or 2025.
The Directors estimate the fair value of the Group\u2019s borrowings to be as follows:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Bank loans and overdrafts
41.6
37.0
Other loans
115.5
159.1
157.1
196.1
The fair value of Other loans has been determined by applying a make-whole calculation using the prevailing treasury bill yields plus
the applicable credit spread for the Group (level 2 of the fair value hierarchy as defined in Note 20).
The other principal features of the Group\u2019s borrowings are as follows:
Bank overdrafts are repayable on demand. The effective interest rates on bank overdrafts are determined based on SONIA,
SOFR and appropriate LIBOR rates plus applicable margins.
The Group\u2019s main loans are unsecured guaranteed loan notes in the US private placement market and revolving credit facilities.
a) Loan notes of \u20ac28m, 2025 \u00a324.3m (2024 \u2013 \u00a323.1m) were taken out in January 2017, carry interest at the rate of 1.51% and
mature on 1 February 2027.
b) Loan notes of $60m, 2025 \u00a3nil (2024 \u2013 \u00a348.0m) were taken out in October 2015 and were repaid in October 2025. The loan
notes carry interest at the rate of 3.75% per annum.
c) Loan notes of \u00a327m were drawn down in January 2018, carry interest at a rate of 2.35% and were repaid in January 2025.
d) Loan notes of $30m, 2025 \u00a322.3m (2024 \u2013 \u00a324.0m) were taken out in September 2018, carry interest at the rate of 4.18%
and are due for repayment in September 2028.
e) Loan notes of $50m, 2025 \u00a337.3m (2024 \u2013 \u00a340.0m) were taken out in February 2024, carry an interest rate of 6.26% and
are due for repayment in February 2030.
f) Loan notes of $40m, 2025 \u00a329.8m (2024 \u2013 \u00a3nil) were taken out in February 2025, carry an interest rate of 5.46% and are due
for repayment in February 2029.
Transaction costs of \u00a30.2m, directly attributable to the US Dollar notes (\u00a30.2m), have been deducted from their carrying value.
The Group also has two revolving credit facilities.
A committed multi-currency revolving credit facility in the UK of \u00a3115m (2024 \u2013 \u00a3115m) matures in November 2027. At 31 December
2025, \u00a312.2m was outstanding under the \u00a3115m facility, comprising \u20ac14.0m (\u00a312.2m). At 31 December 2024, \u00a328.4m was
outstanding under the \u00a3115m facility, comprising $8.0m (\u00a36.4m) and \u00a322.0m.
A committed $50m single bank (\u00a337.3m) loans and letter of credit facility matures in June 2027. There were $nil (\u00a3nil) loans
with reference to Term SOFR which are drawn under the facility on 31 December 2025 and $11.9m (\u00a39.5m) loans drawn in
31 December 2024 and there were letters of outstanding credit of $3.2m (\u00a32.4m) (2024 \u2013 \u00a35.2m).
A \u00a330m term loan was taken out in July 2025 and repaid in January 2026.
As at 31 December 2025, the Group had available \u00a3137.7m (2024 \u2013 \u00a3111.9m) of undrawn committed borrowing facilities in respect of which all conditions precedent had been met. The weighted average maturity of the Group\u2019s committed facilities at 31 December is 2.1 years (2024 \u2013 2.5 years). 20. Financial instruments capital risk management The Group manages its capital structure to safeguard its ability to continue as a going concern whilst maximising the return to stakeholders through the optimisation of the balance between debt and equity. In considering the appropriate level of net debt, the Group pays close attention to its level as compared to the cash generation potential of the Group, measured by EBITDA (defined in the Notes to the Financial Headlines). The Group also monitors capital on the basis of a gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is derived in Note 31c. Lease liabilities are excluded from net debt in calculating the gearing ratio. Total capital is the equity shown in the Consolidated Balance Sheet. The Group\u2019s strategy in respect of gearing is to target a long-term gearing ratio within the range of 30% to 60%. The gearing ratio for the Group at the end of 2025 was 20% (2024 \u2013 33%). All of the Group\u2019s external borrowing facilities at 31 December 2025 have a requirement for the ratio of net debt to EBITDA to be less than 3.0x (US Private Placements) or 3.5x (UK RCF and US RCF). IFRS 16 does not impact the Group\u2019s lending covenants as these are currently based on frozen GAAP, hence figures quoted below exclude the impact of IFRS 16 on net debt, interest and EBITDA. As required by the covenant definition, net debt is restated using 12-month average exchange rates (consistent with EBITDA definition). The Group has two covenants for committed borrowing facilities, which are tested at June and December: the Group\u2019s net debt to EBITDA (defined in the Notes to the Financial Headlines) must not exceed 3.0x and interest cover, the ratio of EBITDA to interest must be higher than 3.5x. At 31 December 2025, the Group\u2019s net debt to EBITDA was 0.9x (31 December 2024 \u2013 1.8x) and interest cover was 7.0x (31 December 2024 \u2013 7.0x), both comfortably within the covenants limits. Financial risk management The Group\u2019s activities expose it to a variety of financial risks including foreign exchange risk, interest rate risk, credit risk and liquidity risk. The Group\u2019s overall treasury risk management programme focuses on the unpredictability of financial markets, and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financial instruments to hedge certain risk exposures. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the Group\u2019s Treasury Committee on a regular basis. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. Foreign exchange risk management The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operations\u2019 trading activities in foreign currencies. Where commented on below, the sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based on the change taking place at the beginning of the financial year and left unchanged throughout the reporting period, with all other variables held constant (such as interest rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. Translation risk The Group derived 84% of its revenue from businesses outside the United Kingdom, with 62% relating to operations in North America. Fluctuations in the value of the US Dollar and other currencies in relation to Pound Sterling have had, and may continue to have, a significant impact on the results of the Group\u2019s operations when reported in Pound Sterling. The Group decided not to hedge this translation risk. In addition, the majority of assets are denominated in foreign currency, particularly in US Dollars. In order to provide a hedge against volatility in the value of these assets compared to the Group\u2019s loss/earnings, and hence provide a natural hedge against the Group\u2019s principal lending covenant (the ratio of net debt to EBITDA), the Group aims to borrow in foreign currencies in similar proportions to its generation of foreign currency EBITDA, where practical and economic. The Group has restarted its Net Investment Hedging programme to manage a portion of the foreign exchange risk on its Euro net investment. In February 2025 a foreign exchange forward contract was entered and rolled 1:1 into a Euro borrowing in March 2025. The principal of this borrowing has been rolled forward on a monthly basis and amounts to \u20ac14.0m. The accumulated foreign exchange net loss of these financial instruments qualifies for hedge accounting and is recognised in equity. Any ineffective portion (2025: \u00a3nil) would be recognised in the Income Statement. A 10% appreciation (or depreciation) of all other currencies against the Pound Sterling would have increased (or decreased) 2025 Group adjusted operating profit by \u00a38.5m (\u00a35.2m of which would have been due to the US Dollar movement) and would have increased (or decreased) equity by \u00a325.7m (\u00a322.0m of which would have been due to the US Dollar movement). Transaction risk The Group has a number of transaction-related foreign currency exposures, particularly between the US Dollar and the Pound Sterling, Euro and Mexican Peso. The Group seeks to hedge between 0% to 100% of transaction-related exposures mainly on a rolling 15 to 18-month forward basis, but in some cases for periods of up to 60 months and applies hedge accounting where the forwards can be designated in a qualifying cash flow hedge relationship. Based on the net of the annual sales and purchase-related exposures, all transaction-related foreign currency exposures to Group profit after hedging in existence at 31 December 2025 are immaterial. The impact on equity is determined by the unrecognised portion of open forward contracts at the year-end. A 10% appreciation (or depreciation) of the US Dollar against the Pound Sterling, Euro and the Mexican Peso would have decreased (or increased) equity by \u00a35.9m, \u00a30.3m and \u00a31.2m, respectively. Interest rate risk management The Group has a policy of maintaining approximately 60% of its borrowing costs at fixed interest rates. The Group generally borrows long-term in fixed rates but at times may borrow at floating rates and swap into fixed depending on credit market conditions. Occasionally a portion of fixed debt interest is swapped into floating rates. The combination of maintaining an acceptable balance of fixed and floating rate debt, and the Group\u2019s policy of borrowing in foreign currency in proportion to its generation of foreign currency earnings, provides an effective hedge against the impact of interest rate and foreign currency volatility on total interest costs. As at year end 2025, the percentage of debt at fixed interest was 73% (2024 \u2013 81%), excluding IFRS 16 lease liabilities from debt. The following sensitivity analysis of the Group\u2019s exposure to interest rate risk in 2025 has been retrospectively determined based on the exposure to applicable interest rates on financial assets and liabilities held throughout the financial year, with all other variables held constant (such as foreign exchange rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. If variable interest rates had been 0.5% lower (or higher), the Group\u2019s profit before tax would have increased (or decreased) by \u00a30.5m. Any fixed interest debt is held to maturity and not fair value adjusted through the Consolidated Income Statement. An increase (or decrease) of 0.5% in the market interest rate for the fixed rate debt held up to maturity would have decreased (or increased) the fair value of the Group\u2019s borrowings by \u00a31.5m. The Group\u2019s sensitivity to interest rates has remained broadly consistent with prior period due to the high proportion of fixed debt. Credit risk management The Group\u2019s credit risk is primarily attributable to its trade receivables. The credit quality of customers is assessed taking into account their financial position, past experience and other factors. Further details on determining the recoverability of trade receivables is provided in Note 18. The Group is guarantor under one lease of a current subsidiary entity in the UK. Credit risk on liquid funds and derivative financial instruments is limited because the counterparties are financial institutions with high credit ratings assigned by international credit rating agencies. The carrying amount of financial assets recorded in the Financial Statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group participates in some non-recourse reverse factoring schemes which are arranged by customers. These are a form of non-recourse factoring that are common practice within the aerospace sector and with large customers in the Flexonics Division. In a reverse factoring scheme, a financial counterparty commits to pay supplier invoices ahead of due date in exchange for a discount interest charge. It is a funding solution initiated by the customer to provide the supplier with an alternative financing arrangement. The Group participates in reverse factoring schemes as a way of reducing credit risk. The trade receivables reverse factored at 31 December 2025 were \u00a336.5m (2024 \u2013 \u00a329.1m). The net impact of reverse factoring on 2025 was a cash inflow in working capital of \u00a38.4m (2024 \u2013 \u00a3nil) and the discount interest presented within other finance costs is a charge of \u00a31.4m in 2025 (2024 \u2013 \u00a30.9m). Liquidity risk management Liquidity risk reflects the risk that the Group will have insufficient resources to meet its financial liabilities as they fall due. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and revolving credit facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Cash flow forecasts are produced monthly, together with appropriate capacity planning and scenario analysis, to ensure that bank covenant and liquidity targets will be met. The Directors also regularly assess the balance of capital and debt funding of the Group, as part of a process to satisfy the Group\u2019s long-term strategic funding requirements. As noted in the Financial Review on pages 38 to 40, the Group is currently in a well-funded position, with significant headroom under its committed borrowing facilities. It is considered unlikely that the Group will face any significant funding issues in the foreseeable future.
Categories of financial instruments
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Carrying value of financial assets:
Cash and cash equivalents
82.0
45.5
Trade receivables
91.4
119.2
Deferred consideration receivable
8.2
\u2013
Other receivables
0.5
0.2
Financial assets at amortised cost
182.1
164.9
Contingent Consideration receivable \u2013 fair value through profit or loss
12.9
\u2013
Foreign exchange contracts \u2013 cash flow hedges
3.1
1. 1
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
Total financial assets
198.1
166.1
Carrying value of financial liabilities:
Bank overdrafts and loans
155.3
198.9
Lease liabilities
44.0
76.2
Trade payables
64.8
107.4
Other payables
71.8
65.8
Financial liabilities at amortised cost
335.9
448.3
Contingent Consideration payable \u2013 fair value through profit or loss
3.5
16.5
Foreign exchange contracts \u2013 cash flow hedges
0.6
5.7
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
Total financial liabilities
340.0
470.6
Undiscounted contractual maturity of financial liabilities at amortised cost:
Amounts payable:
On demand or within one year
180.9
270.0
In the second to fifth years inclusive
165.3
141.2
After five years
20.3
90.2
366.5
501.4
Less: future finance charges
(30.6)
(53.1)
Financial liabilities at amortised cost
335.9
448.3
Deferred consideration receivable relates to customary adjustments to net working capital in relation to the disposal of Aerostructures
(see note 35).
The contingent consideration which is potentially receivable in less than 1 year has a gross value at 31 December 2025 of \u00a313.2m
and a discounted value of \u00a312.9m.The contingent consideration which is potentially payable in less than 2 years has a gross value at
31 December 2025 of $5.0m (\u00a33.7m) and a discounted value of $4.7m (\u00a33.5m). At 31 December 2024 the gross value was $21.6m
(\u00a317.3m) and a discounted value was $20.6m (\u00a316.5m).
The carrying amount is a reasonable approximation of fair value for the financial assets and liabilities, excluding leases, noted above
except for bank overdrafts and loans, disclosure of which are included within Note 19.
An ageing analysis of trade receivables is disclosed within Note 18.
Forward foreign exchange contracts
The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operation\u2019s trading activities
in foreign currencies in accordance with the Group\u2019s accounting policy as set out in Note 2. At 31 December 2025, total notional
amounts and fair values of outstanding forward foreign exchange contracts that the Group have committed are given below:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Notional amounts:
Foreign exchange contracts \u2013 cash flow hedges
131.5
157.1
Foreign exchange contracts \u2013 held for trading
0.5
8.0
Total
132.0
165.1
Less: amounts maturing within 12 months
(96.5)
(115.5)
Amounts maturing after 12 months
35.5
49.6
Contractual maturity:
Cash flow hedges balances due within one year:
Outflow
(94.8)
(108.8)
Inflow
96.7
106.3
Cash flow hedges balances due between one and two years:
Outflow
(17.8)
(21.8)
Inflow
18.7
20.5
Cash flow hedges balances due between two and five years:
Outflow
(15.9)
(29.7)
Inflow
16.9
29.3
Held for trading balances due within one year:
Outflow
(0.5)
(8.0)
Inflow
0.5
8.0
Fair values:
Foreign exchange contracts \u2013 cash flow hedges
2.5
(4.6)
Foreign exchange contracts \u2013 held for trading
\u2013
\u2013
Total liability
2.5
(4.6)
These fair values are based on market values of equivalent instruments at the Balance Sheet date, comprising \u00a33.1m (2024 \u2013 \u00a31.2m)
assets included in trade and other receivables and \u00a30.6m (2024 \u2013 \u00a35.8m) liabilities included in trade and other payables. The fair value
of currency derivatives that are designated and effective as cash flow hedges amounting to \u00a32.3m gain (2024 \u2013 \u00a34.2m loss) has been
deferred in equity.
An amount of \u00a30.6m gain related to foreign exchange contracts (2024 \u2013 \u00a30.1m loss) has been transferred to the Consolidated Income
Statement, and is included within operating profit.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters
into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so a
qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the
critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative
method to assess effectiveness.
Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the designated component value of the hedging
instrument exceeds on an absolute basis the change in value of the hedged item attributable to the hedged risk. In hedges of the
above foreign exchange contracts this may arise if the timing of the transaction changes from what was originally estimated.
The hedged forecast transactions denominated in foreign currency are expected to occur at various dates during the next 60 months.
Amounts deferred in equity are recognised in the Consolidated Income Statement in the same period in which the hedged items
affect profit or loss, which is generally within 12 months from the Balance Sheet date.
In 2024 and 2025 some cash flow hedging relationships were discontinued because forecast foreign currency transactions were no longer highly probable and no longer expected to occur. Previously accumulated gains or losses on the forward contracts were immediately reclassified to the income statement. These forward contracts, and the forward contracts entered to unwind the position, that remained at 31 December 2024 and 31 December 2025 were presented in the balance sheet as held for trading assets. Fair values The following table presents an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1\u20133 based on the degree to which the fair value is observable: Level 1 those fair values derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 those fair values derived from 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); and Level 3 those fair values derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). There has not been any transfer of assets or liabilities between levels. There are no non-recurring fair value measurements. Level 2 fair values are derived from future cash flows, of open forward contracts at 31 December, translated by the difference between contractual rates and observable forward exchange rates.
Level 1 Level 2 Level 3 Total
31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Contingent consideration receivable \u2013 fair value through profit or loss
\u2013
\u2013
12.9
12.9
Foreign exchange contracts \u2013 cash flow hedges
\u2013
3.1
\u2013
3.1
Foreign exchange contracts \u2013 held for trading
\u2013
\u2013
\u2013
\u2013
Total assets
\u2013
3.1
12.9
16.0
Liabilities
Contingent Consideration \u2013 fair value through profit or loss
\u2013
\u2013
3.5
3.5
Foreign exchange contracts \u2013 cash flow hedges
\u2013
0.6
\u2013
0.6
Foreign exchange contracts \u2013 held for trading
\u2013
\u2013
\u2013
\u2013
Total liabilities
\u2013
0.6
3.5
4.1
Level 1 Level 2 Level 3 Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Contingent consideration receivable \u2013 fair value through profit or loss
\u2013
\u2013
\u2013
\u2013
Foreign exchange contracts \u2013 cash flow hedges
\u2013
1. 1
\u2013
1. 1
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total assets
\u2013
1. 2
\u2013
1. 2
Liabilities
Contingent Consideration payable \u2013 fair value through profit or loss
\u2013
\u2013
16.5
16.5
Foreign exchange contracts \u2013 cash flow hedges
\u2013
5.7
\u2013
5.7
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total liabilities
\u2013
5.8
16.5
22.3
The fair value of contingent consideration payable is based on the expected present value technique, using risk-adjusted discount rate to discount probability weighted cash flows. The contingent consideration receivable has been recognised at fair value at 31 December 2025, representing management\u2019s best estimate based on information available at the reporting date determined under the sale and purchase contract. The valuation uses unobservable inputs, is classified as a Level 3 fair value measurement and is based on the discount rate adjustment present value technique, using risk-adjusted discount rate to discount a single estimate of cash flows. While the completion accounts process may involve negotiation, in management\u2019s view this relates to contractual application rather than variability in valuation inputs. Actual amounts received may differ from the estimate recognised once the completion accounts process is concluded.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-518": { "value": "19. Bank overdrafts and loans
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Bank loans
41.6
37.0
Other loans
113.7
161.9
155.3
198.9
The borrowings are repayable as follows:
On demand or within one year
30.0
75.0
In the second year
35.8
9.5
In the third to fifth years inclusive
89.5
74.5
After five years
\u2013
39.9
155.3
198.9
Less: amount due for settlement within 12 months (shown under current liabilities)
(30.0)
(75.0)
Amount due for settlement after 12 months
125.3
123.9
At 31 December 2025, bank loans of \u00a342.2m are drawn and there are \u00a30.6m of capitalised revolving credit facility transaction costs. At 31 December 2024, bank loans of \u00a337.9m were drawn and there were \u00a30.9m of capitalised revolving credit facility transaction costs. Analysis of borrowings by currency Wednesday, 31 December 2025
Pound US
Sterling Euros Dollars Others Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
29.4
12.2
\u2013
\u2013
41.6
Other loans
\u2013
24.3
89.4
\u2013
113.7
29.4
36.5
89.4
\u2013
155.3
Tuesday, 31 December 2024
Pound US
Sterling Euros Dollars Others Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
21.1
\u2013
15.9
\u2013
37.0
Other loans
27.0
23.1
111.8
\u2013
161.9
48.1
23.1
127.7
\u2013
198.9
The weighted average interest rates paid were as follows:
Year ended Year ended
2025 2024
% %
Bank loans and overdrafts
5.63
6.81
Other loans
3.51
3.61
Bank loans and overdrafts of \u00a342.2m (2024 \u2013 \u00a337.9m) are arranged at floating rates, thus exposing the Group to cash flow interest rate risk. Other borrowings are mainly arranged at fixed interest rates and expose the Group to fair value interest rate risk. No interest rate swaps were taken out in 2024 or 2025. The Directors estimate the fair value of the Group\u2019s borrowings to be as follows:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Bank loans and overdrafts
41.6
37.0
Other loans
115.5
159.1
157.1
196.1
The fair value of Other loans has been determined by applying a make-whole calculation using the prevailing treasury bill yields plus the applicable credit spread for the Group (level 2 of the fair value hierarchy as defined in Note 20). The other principal features of the Group\u2019s borrowings are as follows: Bank overdrafts are repayable on demand. The effective interest rates on bank overdrafts are determined based on SONIA, SOFR and appropriate LIBOR rates plus applicable margins. The Group\u2019s main loans are unsecured guaranteed loan notes in the US private placement market and revolving credit facilities. a) Loan notes of \u20ac28m, 2025 \u00a324.3m (2024 \u2013 \u00a323.1m) were taken out in January 2017, carry interest at the rate of 1.51% and mature on 1 February 2027. b) Loan notes of $60m, 2025 \u00a3nil (2024 \u2013 \u00a348.0m) were taken out in October 2015 and were repaid in October 2025. The loan notes carry interest at the rate of 3.75% per annum. c) Loan notes of \u00a327m were drawn down in January 2018, carry interest at a rate of 2.35% and were repaid in January 2025. d) Loan notes of $30m, 2025 \u00a322.3m (2024 \u2013 \u00a324.0m) were taken out in September 2018, carry interest at the rate of 4.18% and are due for repayment in September 2028. e) Loan notes of $50m, 2025 \u00a337.3m (2024 \u2013 \u00a340.0m) were taken out in February 2024, carry an interest rate of 6.26% and are due for repayment in February 2030. f) Loan notes of $40m, 2025 \u00a329.8m (2024 \u2013 \u00a3nil) were taken out in February 2025, carry an interest rate of 5.46% and are due for repayment in February 2029. Transaction costs of \u00a30.2m, directly attributable to the US Dollar notes (\u00a30.2m), have been deducted from their carrying value. The Group also has two revolving credit facilities. A committed multi-currency revolving credit facility in the UK of \u00a3115m (2024 \u2013 \u00a3115m) matures in November 2027. At 31 December 2025, \u00a312.2m was outstanding under the \u00a3115m facility, comprising \u20ac14.0m (\u00a312.2m). At 31 December 2024, \u00a328.4m was outstanding under the \u00a3115m facility, comprising $8.0m (\u00a36.4m) and \u00a322.0m. A committed $50m single bank (\u00a337.3m) loans and letter of credit facility matures in June 2027. There were $nil (\u00a3nil) loans with reference to Term SOFR which are drawn under the facility on 31 December 2025 and $11.9m (\u00a39.5m) loans drawn in 31 December 2024 and there were letters of outstanding credit of $3.2m (\u00a32.4m) (2024 \u2013 \u00a35.2m). A \u00a330m term loan was taken out in July 2025 and repaid in January 2026.
As at 31 December 2025, the Group had available \u00a3137.7m (2024 \u2013 \u00a3111.9m) of undrawn committed borrowing facilities in respect
of which all conditions precedent had been met. The weighted average maturity of the Group\u2019s committed facilities at 31 December
is 2.1 years (2024 \u2013 2.5 years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-519": { "value": "
20. Financial instruments capital risk management
The Group manages its capital structure to safeguard its ability to continue as a going concern whilst maximising the return to
stakeholders through the optimisation of the balance between debt and equity. In considering the appropriate level of net debt,
the Group pays close attention to its level as compared to the cash generation potential of the Group, measured by EBITDA (defined
in the Notes to the Financial Headlines). The Group also monitors capital on the basis of a gearing ratio. This ratio is calculated as net
debt divided by total capital. Net debt is derived in Note 31c. Lease liabilities are excluded from net debt in calculating the gearing ratio.
Total capital is the equity shown in the Consolidated Balance Sheet.
The Group\u2019s strategy in respect of gearing is to target a long-term gearing ratio within the range of 30% to 60%. The gearing ratio for
the Group at the end of 2025 was 20% (2024 \u2013 33%).
All of the Group\u2019s external borrowing facilities at 31 December 2025 have a requirement for the ratio of net debt to EBITDA to be
less than 3.0x (US Private Placements) or 3.5x (UK RCF and US RCF). IFRS 16 does not impact the Group\u2019s lending covenants as
these are currently based on frozen GAAP, hence figures quoted below exclude the impact of IFRS 16 on net debt, interest and
EBITDA. As required by the covenant definition, net debt is restated using 12-month average exchange rates (consistent with
EBITDA definition).
The Group has two covenants for committed borrowing facilities, which are tested at June and December: the Group\u2019s net debt
to EBITDA (defined in the Notes to the Financial Headlines) must not exceed 3.0x and interest cover, the ratio of EBITDA to interest
must be higher than 3.5x.
At 31 December 2025, the Group\u2019s net debt to EBITDA was 0.9x (31 December 2024 \u2013 1.8x) and interest cover was 7.0x
(31 December 2024 \u2013 7.0x), both comfortably within the covenants limits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-520": { "value": "
Foreign exchange risk management
The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operations\u2019 trading activities
in foreign currencies. Where commented on below, the sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the
reporting date has been determined based on the change taking place at the beginning of the financial year and left unchanged
throughout the reporting period, with all other variables held constant (such as interest rates). The sensitivity assumptions are based
on analysis reviewed by the Group\u2019s Treasury Committee.
Translation risk
The Group derived 84% of its revenue from businesses outside the United Kingdom, with 62% relating to operations in North
America. Fluctuations in the value of the US Dollar and other currencies in relation to Pound Sterling have had, and may continue to
have, a significant impact on the results of the Group\u2019s operations when reported in Pound Sterling. The Group decided not to hedge
this translation risk. In addition, the majority of assets are denominated in foreign currency, particularly in US Dollars. In order to
provide a hedge against volatility in the value of these assets compared to the Group\u2019s loss/earnings, and hence provide a natural
hedge against the Group\u2019s principal lending covenant (the ratio of net debt to EBITDA), the Group aims to borrow in foreign currencies
in similar proportions to its generation of foreign currency EBITDA, where practical and economic.
The Group has restarted its Net Investment Hedging programme to manage a portion of the foreign exchange risk on its Euro net
investment. In February 2025 a foreign exchange forward contract was entered and rolled 1:1 into a Euro borrowing in March 2025.
The principal of this borrowing has been rolled forward on a monthly basis and amounts to \u20ac14.0m. The accumulated foreign
exchange net loss of these financial instruments qualifies for hedge accounting and is recognised in equity. Any ineffective portion
(2025: \u00a3nil) would be recognised in the Income Statement.
A 10% appreciation (or depreciation) of all other currencies against the Pound Sterling would have increased (or decreased) 2025
Group adjusted operating profit by \u00a38.5m (\u00a35.2m of which would have been due to the US Dollar movement) and would have
increased (or decreased) equity by \u00a325.7m (\u00a322.0m of which would have been due to the US Dollar movement).
Transaction risk
The Group has a number of transaction-related foreign currency exposures, particularly between the US Dollar and the Pound
Sterling, Euro and Mexican Peso. The Group seeks to hedge between 0% to 100% of transaction-related exposures mainly on
a rolling 15 to 18-month forward basis, but in some cases for periods of up to 60 months and applies hedge accounting where the
forwards can be designated in a qualifying cash flow hedge relationship. Based on the net of the annual sales and purchase-related
exposures, all transaction-related foreign currency exposures to Group profit after hedging in existence at 31 December 2025 are
immaterial. The impact on equity is determined by the unrecognised portion of open forward contracts at the year-end. A 10%
appreciation (or depreciation) of the US Dollar against the Pound Sterling, Euro and the Mexican Peso would have decreased (or
increased) equity by \u00a35.9m, \u00a30.3m and \u00a31.2m, respectively.
Interest rate risk management
The Group has a policy of maintaining approximately 60% of its borrowing costs at fixed interest rates. The Group generally
borrows long-term in fixed rates but at times may borrow at floating rates and swap into fixed depending on credit market conditions.
Occasionally a portion of fixed debt interest is swapped into floating rates. The combination of maintaining an acceptable balance of
fixed and floating rate debt, and the Group\u2019s policy of borrowing in foreign currency in proportion to its generation of foreign currency
earnings, provides an effective hedge against the impact of interest rate and foreign currency volatility on total interest costs.
As at year end 2025, the percentage of debt at fixed interest was 73% (2024 \u2013 81%), excluding IFRS 16 lease liabilities from debt.
The following sensitivity analysis of the Group\u2019s exposure to interest rate risk in 2025 has been retrospectively determined based
on the exposure to applicable interest rates on financial assets and liabilities held throughout the financial year, with all other
variables held constant (such as foreign exchange rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s
Treasury Committee. If variable interest rates had been 0.5% lower (or higher), the Group\u2019s profit before tax would have increased
(or decreased) by \u00a30.5m. Any fixed interest debt is held to maturity and not fair value adjusted through the Consolidated Income
Statement. An increase (or decrease) of 0.5% in the market interest rate for the fixed rate debt held up to maturity would have
decreased (or increased) the fair value of the Group\u2019s borrowings by \u00a31.5m. The Group\u2019s sensitivity to interest rates has remained
broadly consistent with prior period due to the high proportion of fixed debt.
27. Hedging and translation reserves
Hedging Translation Hedging Translation
reserve reserve Total reserve reserve Total
Year ended Year ended Year ended Year ended Year ended Year ended
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
(38.2)
77.4
39.2
(36.1)
73.4
37.3
Exchange differences on translation of overseas operations
\u2013
(11.3)
(11.3)
\u2013
4.0
4.0
Net gains/(losses) on foreign exchange contracts / debt \u2013 net investment hedges
(0.8)
\u2013
(0.8)
\u2013
\u2013
\u2013
Foreign exchange losses/(gains) recycled to the Income Statement on disposal
18.1
(72.7)
(54.6)
\u2013
\u2013
\u2013
Change in fair value of hedging derivatives
6.5
\u2013
6.5
(2.9)
\u2013
(2.9)
Tax on foreign exchange contracts- cash flow hedges
(1.7)
\u2013
(1.7)
0.8
\u2013
0.8
Balance at 31 December
(16.1)
(6.6)
(22.7)
(38.2)
77.4
39.2
Hedging Reserve At 31 December 2025, the hedging reserve comprises net investment hedging losses of \u00a317.9m (2024 \u2013 \u00a335.2m), foreign exchange contracts \u2013 cash flow hedge gain of \u00a32.3m (2024 \u2013 \u00a34.2m losses) and related tax gains of \u00a30.5m (2024 \u2013 \u00a31.2m). Movement in fair value of foreign exchange contracts \u2013 cash flow hedges:
Derivatives at Derivatives at Derivatives at Derivatives at
fair value fair value fair value fair value
through through through through
Hedging Income Hedging Income
Reserve Statement Total Reserve Statement Total
Year ended Year ended Year ended Year ended Year ended Year ended
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
(4.2)
(0.4)
(4.6)
(1.3)
(0.3)
(1.6)
Fair value movement recognised in Hedging reserve
9.8
\u2013
9.8
(2.8)
\u2013
(2.8)
Fair value movement recognised in Income Statement
\u2013
(2.7)
(2.7)
\u2013
(0.2)
(0.2)
Movement on operations disposed at 31 December 2025
(0.5)
0.5
Fair value movement recognised in Hedging reserve and Income Statement
(2.8)
2.8
\u2013
(0.1)
0.1
\u2013
Balance at 31 December
2.3
0.2
2.5
(4.2)
(0.4)
(4.6)
The Group uses foreign currency forward contracts to manage its foreign currency risk associated with its highly probable forecast transactions. These contracts are designated as cash flow hedge relationships. To the extent these hedges are effective, the change in fair value of the hedging instrument is recognised in the hedging reserve. The sum of the fair value of foreign exchange contracts deferred in the hedging reserve and recognised in the Income Statement is presented as foreign exchange contracts \u2013 cash flow hedges. See Note 20 for further details. Costs of Hedging The group designates the forward component of foreign currency forward contracts as hedging instruments in cash flow hedge relationships. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-540": { "value": "Foreign exchange risk management The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operations\u2019 trading activities in foreign currencies. Where commented on below, the sensitivity analysis of the Group\u2019s exposure to foreign currency risk at the reporting date has been determined based on the change taking place at the beginning of the financial year and left unchanged throughout the reporting period, with all other variables held constant (such as interest rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. Translation risk The Group derived 84% of its revenue from businesses outside the United Kingdom, with 62% relating to operations in North America. Fluctuations in the value of the US Dollar and other currencies in relation to Pound Sterling have had, and may continue to have, a significant impact on the results of the Group\u2019s operations when reported in Pound Sterling. The Group decided not to hedge this translation risk. In addition, the majority of assets are denominated in foreign currency, particularly in US Dollars. In order to provide a hedge against volatility in the value of these assets compared to the Group\u2019s loss/earnings, and hence provide a natural hedge against the Group\u2019s principal lending covenant (the ratio of net debt to EBITDA), the Group aims to borrow in foreign currencies in similar proportions to its generation of foreign currency EBITDA, where practical and economic. The Group has restarted its Net Investment Hedging programme to manage a portion of the foreign exchange risk on its Euro net investment. In February 2025 a foreign exchange forward contract was entered and rolled 1:1 into a Euro borrowing in March 2025. The principal of this borrowing has been rolled forward on a monthly basis and amounts to \u20ac14.0m. The accumulated foreign exchange net loss of these financial instruments qualifies for hedge accounting and is recognised in equity. Any ineffective portion (2025: \u00a3nil) would be recognised in the Income Statement. A 10% appreciation (or depreciation) of all other currencies against the Pound Sterling would have increased (or decreased) 2025 Group adjusted operating profit by \u00a38.5m (\u00a35.2m of which would have been due to the US Dollar movement) and would have increased (or decreased) equity by \u00a325.7m (\u00a322.0m of which would have been due to the US Dollar movement). Transaction risk The Group has a number of transaction-related foreign currency exposures, particularly between the US Dollar and the Pound Sterling, Euro and Mexican Peso. The Group seeks to hedge between 0% to 100% of transaction-related exposures mainly on a rolling 15 to 18-month forward basis, but in some cases for periods of up to 60 months and applies hedge accounting where the forwards can be designated in a qualifying cash flow hedge relationship. Based on the net of the annual sales and purchase-related exposures, all transaction-related foreign currency exposures to Group profit after hedging in existence at 31 December 2025 are immaterial. The impact on equity is determined by the unrecognised portion of open forward contracts at the year-end. A 10% appreciation (or depreciation) of the US Dollar against the Pound Sterling, Euro and the Mexican Peso would have decreased (or increased) equity by \u00a35.9m, \u00a30.3m and \u00a31.2m, respectively. Interest rate risk management The Group has a policy of maintaining approximately 60% of its borrowing costs at fixed interest rates. The Group generally borrows long-term in fixed rates but at times may borrow at floating rates and swap into fixed depending on credit market conditions. Occasionally a portion of fixed debt interest is swapped into floating rates. The combination of maintaining an acceptable balance of fixed and floating rate debt, and the Group\u2019s policy of borrowing in foreign currency in proportion to its generation of foreign currency earnings, provides an effective hedge against the impact of interest rate and foreign currency volatility on total interest costs. As at year end 2025, the percentage of debt at fixed interest was 73% (2024 \u2013 81%), excluding IFRS 16 lease liabilities from debt. The following sensitivity analysis of the Group\u2019s exposure to interest rate risk in 2025 has been retrospectively determined based on the exposure to applicable interest rates on financial assets and liabilities held throughout the financial year, with all other variables held constant (such as foreign exchange rates). The sensitivity assumptions are based on analysis reviewed by the Group\u2019s Treasury Committee. If variable interest rates had been 0.5% lower (or higher), the Group\u2019s profit before tax would have increased (or decreased) by \u00a30.5m. Any fixed interest debt is held to maturity and not fair value adjusted through the Consolidated Income Statement. An increase (or decrease) of 0.5% in the market interest rate for the fixed rate debt held up to maturity would have decreased (or increased) the fair value of the Group\u2019s borrowings by \u00a31.5m. The Group\u2019s sensitivity to interest rates has remained broadly consistent with prior period due to the high proportion of fixed debt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-521": { "value": "
Liquidity risk management
Liquidity risk reflects the risk that the Group will have insufficient resources to meet its financial liabilities as they fall due. The Group
manages liquidity risk by maintaining adequate reserves, banking facilities and revolving credit facilities, by continuously monitoring
forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Cash flow forecasts are produced
monthly, together with appropriate capacity planning and scenario analysis, to ensure that bank covenant and liquidity targets will be
met. The Directors also regularly assess the balance of capital and debt funding of the Group, as part of a process to satisfy the
Group\u2019s long-term strategic funding requirements.
As noted in the Financial Review on pages 38 to 40, the Group is currently in a well-funded position, with significant headroom
under its committed borrowing facilities. It is considered unlikely that the Group will face any significant funding issues in the
foreseeable future.
Categories of financial instruments
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Carrying value of financial assets:
Cash and cash equivalents
82.0
45.5
Trade receivables
91.4
119.2
Deferred consideration receivable
8.2
\u2013
Other receivables
0.5
0.2
Financial assets at amortised cost
182.1
164.9
Contingent Consideration receivable \u2013 fair value through profit or loss
12.9
\u2013
Foreign exchange contracts \u2013 cash flow hedges
3.1
1. 1
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
Total financial assets
198.1
166.1
Carrying value of financial liabilities:
Bank overdrafts and loans
155.3
198.9
Lease liabilities
44.0
76.2
Trade payables
64.8
107.4
Other payables
71.8
65.8
Financial liabilities at amortised cost
335.9
448.3
Contingent Consideration payable \u2013 fair value through profit or loss
3.5
16.5
Foreign exchange contracts \u2013 cash flow hedges
0.6
5.7
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
Total financial liabilities
340.0
470.6
Undiscounted contractual maturity of financial liabilities at amortised cost:
Amounts payable:
On demand or within one year
180.9
270.0
In the second to fifth years inclusive
165.3
141.2
After five years
20.3
90.2
366.5
501.4
Less: future finance charges
(30.6)
(53.1)
Financial liabilities at amortised cost
335.9
448.3
Deferred consideration receivable relates to customary adjustments to net working capital in relation to the disposal of Aerostructures (see note 35). The contingent consideration which is potentially receivable in less than 1 year has a gross value at 31 December 2025 of \u00a313.2m and a discounted value of \u00a312.9m.The contingent consideration which is potentially payable in less than 2 years has a gross value at 31 December 2025 of $5.0m (\u00a33.7m) and a discounted value of $4.7m (\u00a33.5m). At 31 December 2024 the gross value was $21.6m (\u00a317.3m) and a discounted value was $20.6m (\u00a316.5m). The carrying amount is a reasonable approximation of fair value for the financial assets and liabilities, excluding leases, noted above except for bank overdrafts and loans, disclosure of which are included within Note 19. An ageing analysis of trade receivables is disclosed within Note 18. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-522": { "value": "Forward foreign exchange contracts The Group enters into forward foreign exchange contracts to hedge the exchange risk arising on the operation\u2019s trading activities in foreign currencies in accordance with the Group\u2019s accounting policy as set out in Note 2. At 31 December 2025, total notional amounts and fair values of outstanding forward foreign exchange contracts that the Group have committed are given below:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Notional amounts:
Foreign exchange contracts \u2013 cash flow hedges
131.5
157.1
Foreign exchange contracts \u2013 held for trading
0.5
8.0
Total
132.0
165.1
Less: amounts maturing within 12 months
(96.5)
(115.5)
Amounts maturing after 12 months
35.5
49.6
Contractual maturity:
Cash flow hedges balances due within one year:
Outflow
(94.8)
(108.8)
Inflow
96.7
106.3
Cash flow hedges balances due between one and two years:
Outflow
(17.8)
(21.8)
Inflow
18.7
20.5
Cash flow hedges balances due between two and five years:
Outflow
(15.9)
(29.7)
Inflow
16.9
29.3
Held for trading balances due within one year:
Outflow
(0.5)
(8.0)
Inflow
0.5
8.0
Fair values:
Foreign exchange contracts \u2013 cash flow hedges
2.5
(4.6)
Foreign exchange contracts \u2013 held for trading
\u2013
\u2013
Total liability
2.5
(4.6)
These fair values are based on market values of equivalent instruments at the Balance Sheet date, comprising \u00a33.1m (2024 \u2013 \u00a31.2m) assets included in trade and other receivables and \u00a30.6m (2024 \u2013 \u00a35.8m) liabilities included in trade and other payables. The fair value of currency derivatives that are designated and effective as cash flow hedges amounting to \u00a32.3m gain (2024 \u2013 \u00a34.2m loss) has been deferred in equity. An amount of \u00a30.6m gain related to foreign exchange contracts (2024 \u2013 \u00a30.1m loss) has been transferred to the Consolidated Income Statement, and is included within operating profit. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the designated component value of the hedging instrument exceeds on an absolute basis the change in value of the hedged item attributable to the hedged risk. In hedges of the above foreign exchange contracts this may arise if the timing of the transaction changes from what was originally estimated. The hedged forecast transactions denominated in foreign currency are expected to occur at various dates during the next 60 months. Amounts deferred in equity are recognised in the Consolidated Income Statement in the same period in which the hedged items affect profit or loss, which is generally within 12 months from the Balance Sheet date.
In 2024 and 2025 some cash flow hedging relationships were discontinued because forecast foreign currency transactions were
no longer highly probable and no longer expected to occur. Previously accumulated gains or losses on the forward contracts were
immediately reclassified to the income statement. These forward contracts, and the forward contracts entered to unwind the
position, that remained at 31 December 2024 and 31 December 2025 were presented in the balance sheet as held for trading assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-523": { "value": "
Fair values
The following table presents an analysis of financial instruments that are measured subsequent to initial recognition at fair value,
grouped into Levels 1\u20133 based on the degree to which the fair value is observable:
Level 1 those fair values derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2
those fair values derived from 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); and
Level 3
those fair values derived from valuation techniques that include inputs for the asset or liability that are not based on
observable market data (unobservable inputs).
There has not been any transfer of assets or liabilities between levels. There are no non-recurring fair value measurements.
Level 2 fair values are derived from future cash flows, of open forward contracts at 31 December, translated by the difference
between contractual rates and observable forward exchange rates.
Level 1 Level 2 Level 3 Total
31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Contingent consideration receivable \u2013 fair value through profit or loss
\u2013
\u2013
12.9
12.9
Foreign exchange contracts \u2013 cash flow hedges
\u2013
3.1
\u2013
3.1
Foreign exchange contracts \u2013 held for trading
\u2013
\u2013
\u2013
\u2013
Total assets
\u2013
3.1
12.9
16.0
Liabilities
Contingent Consideration \u2013 fair value through profit or loss
\u2013
\u2013
3.5
3.5
Foreign exchange contracts \u2013 cash flow hedges
\u2013
0.6
\u2013
0.6
Foreign exchange contracts \u2013 held for trading
\u2013
\u2013
\u2013
\u2013
Total liabilities
\u2013
0.6
3.5
4.1
Level 1 Level 2 Level 3 Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Contingent consideration receivable \u2013 fair value through profit or loss
\u2013
\u2013
\u2013
\u2013
Foreign exchange contracts \u2013 cash flow hedges
\u2013
1. 1
\u2013
1. 1
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total assets
\u2013
1. 2
\u2013
1. 2
Liabilities
Contingent Consideration payable \u2013 fair value through profit or loss
\u2013
\u2013
16.5
16.5
Foreign exchange contracts \u2013 cash flow hedges
\u2013
5.7
\u2013
5.7
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total liabilities
\u2013
5.8
16.5
22.3
The fair value of contingent consideration payable is based on the expected present value technique, using risk-adjusted discount rate
to discount probability weighted cash flows.
The contingent consideration receivable has been recognised at fair value at 31 December 2025, representing management\u2019s best
estimate based on information available at the reporting date determined under the sale and purchase contract. The valuation uses
unobservable inputs, is classified as a Level 3 fair value measurement and is based on the discount rate adjustment present value
technique, using risk-adjusted discount rate to discount a single estimate of cash flows. While the completion accounts process may
involve negotiation, in management\u2019s view this relates to contractual application rather than variability in valuation inputs. Actual
amounts received may differ from the estimate recognised once the completion accounts process is concluded.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-541": { "value": "Fair values The following table presents an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1\u20133 based on the degree to which the fair value is observable: Level 1 those fair values derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 those fair values derived from 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); and Level 3 those fair values derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). There has not been any transfer of assets or liabilities between levels. There are no non-recurring fair value measurements. Level 2 fair values are derived from future cash flows, of open forward contracts at 31 December, translated by the difference between contractual rates and observable forward exchange rates.
Level 1 Level 2 Level 3 Total
31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Contingent consideration receivable \u2013 fair value through profit or loss
\u2013
\u2013
12.9
12.9
Foreign exchange contracts \u2013 cash flow hedges
\u2013
3.1
\u2013
3.1
Foreign exchange contracts \u2013 held for trading
\u2013
\u2013
\u2013
\u2013
Total assets
\u2013
3.1
12.9
16.0
Liabilities
Contingent Consideration \u2013 fair value through profit or loss
\u2013
\u2013
3.5
3.5
Foreign exchange contracts \u2013 cash flow hedges
\u2013
0.6
\u2013
0.6
Foreign exchange contracts \u2013 held for trading
\u2013
\u2013
\u2013
\u2013
Total liabilities
\u2013
0.6
3.5
4.1
Level 1 Level 2 Level 3 Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Contingent consideration receivable \u2013 fair value through profit or loss
\u2013
\u2013
\u2013
\u2013
Foreign exchange contracts \u2013 cash flow hedges
\u2013
1. 1
\u2013
1. 1
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total assets
\u2013
1. 2
\u2013
1. 2
Liabilities
Contingent Consideration payable \u2013 fair value through profit or loss
\u2013
\u2013
16.5
16.5
Foreign exchange contracts \u2013 cash flow hedges
\u2013
5.7
\u2013
5.7
Foreign exchange contracts \u2013 held for trading
\u2013
0.1
\u2013
0.1
Total liabilities
\u2013
5.8
16.5
22.3
The fair value of contingent consideration payable is based on the expected present value technique, using risk-adjusted discount rate to discount probability weighted cash flows. The contingent consideration receivable has been recognised at fair value at 31 December 2025, representing management\u2019s best estimate based on information available at the reporting date determined under the sale and purchase contract. The valuation uses unobservable inputs, is classified as a Level 3 fair value measurement and is based on the discount rate adjustment present value technique, using risk-adjusted discount rate to discount a single estimate of cash flows. While the completion accounts process may involve negotiation, in management\u2019s view this relates to contractual application rather than variability in valuation inputs. Actual amounts received may differ from the estimate recognised once the completion accounts process is concluded.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-554": { "value": "21. Tax balance sheet Current tax The current tax receivable of \u00a32.7m (2024 \u2013 \u00a32.8m) includes excess tax paid to tax authorities that is expected to be recovered within 12 months by way of offset against future tax liabilities or refund. The majority of the Group\u2019s taxable profits arise in countries, including the US, where the estimated tax liabilities are paid in on- account instalments during the year to which they relate and are largely paid at the Balance Sheet date. The current tax liability of \u00a37.5m (2024 \u2013 \u00a38.0m) includes \u00a31.9m (2024 \u2013 \u00a31.9m) tax due on profits of the current and prior years as well as \u00a35.6m (2024 \u2013 \u00a36.1m) provisions for tax uncertainties that represent amounts expected to be paid but by their nature, there is uncertainty over timing and eventual settlement. The Group recognises provisions for tax items which are considered to have a range of possible tax outcomes and separately accounts for interest that may be due thereon. These uncertainties exist due to a number of factors including differing interpretations of local tax laws and the determination of appropriate arm\u2019s length pricing in accordance with OECD transfer pricing principles on internal transactions and financing arrangements. In calculating the carrying amount of provisions, Management estimates the tax which could become payable as a result of differing interpretations and decisions by tax authorities in respect of transactions and events whose treatment for tax purposes is uncertain. In accordance with IFRIC 23, individual provisions are established based on an assessment of whether it is the most likely individual outcome, or the expected outcome on a probability basis that is likely to best reflect the resolution of the uncertainty. The range of reasonably possible outcomes considered by the Board is not expected to increase the provision by a material amount. Deferred tax liabilities and assets The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated Unrealised Goodwill and Other
tax FX intangible Retirement R&D Tax temporary
depreciation gains amortisation benefits tax credits losses differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(18.7)
0.3
(8.0)
(10.1)
0.8
3.4
46.0
13.7
Reclassification
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
(10.0)
\u2013
(Charge)/credit to Consolidated Income Statement
(0.8)
(0.5)
(0.7)
(0.8)
5.7
0.7
0.3
3.9
(Charge)/credit to other comprehensive income
\u2013
0.8
\u2013
1. 1
\u2013
\u2013
\u2013
1. 9
Credit direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange differences
(0.3)
0.1
(0.1)
0.1
0.2
\u2013
0.6
0.6
At 1 January 2025
(19.8)
0.7
(8.8)
(9.7)
16.7
4.1
36.1
19.3
(Charge)/credit to Consolidated Income Statement
9.4
0.2
\u2013
1.5
(7.3)
7.5
(3.8)
7.5
Credit to other comprehensive income
\u2013
(1.7)
\u2013
3.5
\u2013
\u2013
\u2013
1.8
Charge direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.4
0.4
Balances disposed
2.0
\u2013
(0.1)
(0.1)
\u2013
(1.1)
(2.4)
(1.7)
Exchange differences
0.7
\u2013
0.7
\u2013
(1.0)
(0.2)
(1.7)
(1.5)
Asset / (liability) at 31 December 2025
(7.7)
(0.8)
(8.2)
(4.8)
8.4
10.3
28.6
25.8
Other temporary differences include assets in the US of \u00a310.1m (2024 \u2013 \u00a315.1m) in respect of inventory provisions, accruals and other expenses where tax relief is only available when items are realised or paid as well other timing differences for interest costs of \u00a311.0m (2024 \u2013 \u00a310.0m). Also included are assets held in respect of IFRS16 of \u00a31.5m (2024 \u2013 \u00a32.8m) and share-based compensation \u00a33.3m (2024 \u2013 \u00a32.7m). During the year, net timing difference liabilities of \u00a34.6m, in respect of the US and UK Aerostructures disposals have reversed through the income statement. The deferred tax liability in respect of retirement benefits relates primarily to the Senior plc UK defined benefit pension plan \u00a35.8m (2024 \u2013 \u00a310.9m), net of deferred tax assets on other schemes. Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances, after offset:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Deferred tax assets
28.1
27.5
Deferred tax liabilities
(2.3)
(8.2)
25.8
19.3
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, including those arising from the reversal of other taxable temporary differences, against which the assets can be utilised. At the Balance Sheet date the Group has recognised deferred tax assets in respect of losses of \u00a310.3m (2024 \u2013 \u00a34.4m), including \u00a30.1m (2024 \u2013 \u00a30.4m) recognised against deferred tax liabilities and \u00a310.2m (2024 \u2013 \u00a34.0m) recognised based on anticipated profits in the Group\u2019s five year forecast to 2030 as approved by the Board. Due to uncertainty as to the availability of future profits against which tax losses may be utilised, \u00a31.3m (2024 \u2013 \u00a311.7m) of losses have not been recognised at the Balance Sheet date. Included in unrecognised tax losses are losses of \u00a3nil (2024 \u2013 \u00a311.4m) that will expire over a period of one to nine years. Other losses may be carried forward indefinitely. At the Balance Sheet date, a deferred tax liability of \u00a30.6m (2024 \u2013 \u00a30.4m) has been recognised in respect of the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries expected to reverse in the foreseeable future. No temporary difference has been recognised in respect of \u00a35.9m (2024 \u2013 \u00a330.7m) of undistributed earnings, which may be subject to a withholding tax, as the Group is in a position to control the timing of the reversal of the temporary differences and it is not probable that such differences will reverse in the foreseeable future. At the Balance Sheet date, the Group had \u00a35.0m (2024 \u2013 \u00a35.0m) of surplus Advanced Corporation Tax (\u2018ACT\u2019), previously written off, for which no deferred tax asset has been recognised as it is unlikely to be recovered in the foreseeable future due to the UK earnings profile. The Group also has \u00a318.0m (2024 \u2013 \u00a318.0m) of unused capital losses. 23. Trade and other payables Trade and other payables at 31 December comprise the following:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Current liabilities
Trade payables
64.8
107.4
Social security and PAYE
4.9
4.8
Value added tax
0.9
2.3
Foreign exchange contracts
0.6
3.7
Accrued expenses
81.2
78.7
Total trade and other payables
152.4
196.9
Foreign exchange contracts of \u00a3nil (2024 \u2013 \u00a32.1m), advance payments of \u00a32.4m (2024 \u2013 \u00a34.4m) and other long-term liabilities of \u00a31.4m (2024 \u2013 \u00a32.0m) are included in Others, under Non-current liabilities on the Consolidated Balance Sheet. The Directors consider that the carrying amount of trade payables approximates to their fair value. The average credit period taken for trade purchases is 56 days (2024 \u2013 61 days).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-542": { "value": "Current tax The current tax receivable of \u00a32.7m (2024 \u2013 \u00a32.8m) includes excess tax paid to tax authorities that is expected to be recovered within 12 months by way of offset against future tax liabilities or refund. The majority of the Group\u2019s taxable profits arise in countries, including the US, where the estimated tax liabilities are paid in on- account instalments during the year to which they relate and are largely paid at the Balance Sheet date. The current tax liability of \u00a37.5m (2024 \u2013 \u00a38.0m) includes \u00a31.9m (2024 \u2013 \u00a31.9m) tax due on profits of the current and prior years as well as \u00a35.6m (2024 \u2013 \u00a36.1m) provisions for tax uncertainties that represent amounts expected to be paid but by their nature, there is uncertainty over timing and eventual settlement. The Group recognises provisions for tax items which are considered to have a range of possible tax outcomes and separately accounts for interest that may be due thereon. These uncertainties exist due to a number of factors including differing interpretations of local tax laws and the determination of appropriate arm\u2019s length pricing in accordance with OECD transfer pricing principles on internal transactions and financing arrangements. In calculating the carrying amount of provisions, Management estimates the tax which could become payable as a result of differing interpretations and decisions by tax authorities in respect of transactions and events whose treatment for tax purposes is uncertain. In accordance with IFRIC 23, individual provisions are established based on an assessment of whether it is the most likely individual outcome, or the expected outcome on a probability basis that is likely to best reflect the resolution of the uncertainty. The range of reasonably possible outcomes considered by the Board is not expected to increase the provision by a material amount. Deferred tax liabilities and assets The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated Unrealised Goodwill and Other
tax FX intangible Retirement R&D Tax temporary
depreciation gains amortisation benefits tax credits losses differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(18.7)
0.3
(8.0)
(10.1)
0.8
3.4
46.0
13.7
Reclassification
\u2013
\u2013
\u2013
\u2013
10.0
\u2013
(10.0)
\u2013
(Charge)/credit to Consolidated Income Statement
(0.8)
(0.5)
(0.7)
(0.8)
5.7
0.7
0.3
3.9
(Charge)/credit to other comprehensive income
\u2013
0.8
\u2013
1. 1
\u2013
\u2013
\u2013
1. 9
Credit direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Exchange differences
(0.3)
0.1
(0.1)
0.1
0.2
\u2013
0.6
0.6
At 1 January 2025
(19.8)
0.7
(8.8)
(9.7)
16.7
4.1
36.1
19.3
(Charge)/credit to Consolidated Income Statement
9.4
0.2
\u2013
1.5
(7.3)
7.5
(3.8)
7.5
Credit to other comprehensive income
\u2013
(1.7)
\u2013
3.5
\u2013
\u2013
\u2013
1.8
Charge direct to equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.4
0.4
Balances disposed
2.0
\u2013
(0.1)
(0.1)
\u2013
(1.1)
(2.4)
(1.7)
Exchange differences
0.7
\u2013
0.7
\u2013
(1.0)
(0.2)
(1.7)
(1.5)
Asset / (liability) at 31 December 2025
(7.7)
(0.8)
(8.2)
(4.8)
8.4
10.3
28.6
25.8
Other temporary differences include assets in the US of \u00a310.1m (2024 \u2013 \u00a315.1m) in respect of inventory provisions, accruals and other expenses where tax relief is only available when items are realised or paid as well other timing differences for interest costs of \u00a311.0m (2024 \u2013 \u00a310.0m). Also included are assets held in respect of IFRS16 of \u00a31.5m (2024 \u2013 \u00a32.8m) and share-based compensation \u00a33.3m (2024 \u2013 \u00a32.7m). During the year, net timing difference liabilities of \u00a34.6m, in respect of the US and UK Aerostructures disposals have reversed through the income statement. The deferred tax liability in respect of retirement benefits relates primarily to the Senior plc UK defined benefit pension plan \u00a35.8m (2024 \u2013 \u00a310.9m), net of deferred tax assets on other schemes. Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances, after offset:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Deferred tax assets
28.1
27.5
Deferred tax liabilities
(2.3)
(8.2)
25.8
19.3
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available, including those arising from the reversal of other taxable temporary differences, against which the assets can be utilised. At the Balance Sheet date the Group has recognised deferred tax assets in respect of losses of \u00a310.3m (2024 \u2013 \u00a34.4m), including \u00a30.1m (2024 \u2013 \u00a30.4m) recognised against deferred tax liabilities and \u00a310.2m (2024 \u2013 \u00a34.0m) recognised based on anticipated profits in the Group\u2019s five year forecast to 2030 as approved by the Board. Due to uncertainty as to the availability of future profits against which tax losses may be utilised, \u00a31.3m (2024 \u2013 \u00a311.7m) of losses have not been recognised at the Balance Sheet date. Included in unrecognised tax losses are losses of \u00a3nil (2024 \u2013 \u00a311.4m) that will expire over a period of one to nine years. Other losses may be carried forward indefinitely. At the Balance Sheet date, a deferred tax liability of \u00a30.6m (2024 \u2013 \u00a30.4m) has been recognised in respect of the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries expected to reverse in the foreseeable future. No temporary difference has been recognised in respect of \u00a35.9m (2024 \u2013 \u00a330.7m) of undistributed earnings, which may be subject to a withholding tax, as the Group is in a position to control the timing of the reversal of the temporary differences and it is not probable that such differences will reverse in the foreseeable future. At the Balance Sheet date, the Group had \u00a35.0m (2024 \u2013 \u00a35.0m) of surplus Advanced Corporation Tax (\u2018ACT\u2019), previously written off, for which no deferred tax asset has been recognised as it is unlikely to be recovered in the foreseeable future due to the UK earnings profile. The Group also has \u00a318.0m (2024 \u2013 \u00a318.0m) of unused capital losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "
22. Lease liabilities
When measuring lease liabilities, the Group discounts lease payments using incremental borrowing rates, determined on a lease
portfolio basis.
Undiscounted contractual maturity of lease liabilities:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Amounts payable:
On demand or within one year
8.6
14.2
In the second to fifth years inclusive
25.1
39.8
After five years
20.3
49.0
54.0
103.0
Less: future finance charges
(10.0)
(26.8)
Lease liabilities
44.0
76.2
Amounts recognised in the Consolidated Income Statement:
Year ended
Year ended
1
2025 2024
\u00a3m \u00a3m
Interest on lease liabilities
2.2
1. 8
2.2
1. 8
There was no income from sub-leasing right-of-use assets (2024 \u2013 \u00a3nil). If all lease extension options were fully applied, lease
liabilities would increase by \u00a36.9m at 31 December 2025. There was no expense related to low value or short-term leases
(2024 \u2013 \u00a3nil).
Amounts recognised in the Consolidated Cash Flow Statement
Year ended
Year ended
1
2025 2024
\u00a3m \u00a3m
Cash outflow for leases
8.5
7. 9
1 Comparative information related to Consolidated Income Statement and Cash Flow has been re-presented to show continuing operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "
23. Trade and other payables
Trade and other payables at 31 December comprise the following:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Current liabilities
Trade payables
64.8
107.4
Social security and PAYE
4.9
4.8
Value added tax
0.9
2.3
Foreign exchange contracts
0.6
3.7
Accrued expenses
81.2
78.7
Total trade and other payables
152.4
196.9
Foreign exchange contracts of \u00a3nil (2024 \u2013 \u00a32.1m), advance payments of \u00a32.4m (2024 \u2013 \u00a34.4m) and other long-term liabilities of
\u00a31.4m (2024 \u2013 \u00a32.0m) are included in Others, under Non-current liabilities on the Consolidated Balance Sheet.
The Directors consider that the carrying amount of trade payables approximates to their fair value.
The average credit period taken for trade purchases is 56 days (2024 \u2013 61 days).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-551": { "value": "23. Trade and other payables Trade and other payables at 31 December comprise the following:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Current liabilities
Trade payables
64.8
107.4
Social security and PAYE
4.9
4.8
Value added tax
0.9
2.3
Foreign exchange contracts
0.6
3.7
Accrued expenses
81.2
78.7
Total trade and other payables
152.4
196.9
Foreign exchange contracts of \u00a3nil (2024 \u2013 \u00a32.1m), advance payments of \u00a32.4m (2024 \u2013 \u00a34.4m) and other long-term liabilities of \u00a31.4m (2024 \u2013 \u00a32.0m) are included in Others, under Non-current liabilities on the Consolidated Balance Sheet. The Directors consider that the carrying amount of trade payables approximates to their fair value. The average credit period taken for trade purchases is 56 days (2024 \u2013 61 days).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-524": { "value": "23. Trade and other payables Trade and other payables at 31 December comprise the following:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Current liabilities
Trade payables
64.8
107.4
Social security and PAYE
4.9
4.8
Value added tax
0.9
2.3
Foreign exchange contracts
0.6
3.7
Accrued expenses
81.2
78.7
Total trade and other payables
152.4
196.9
Foreign exchange contracts of \u00a3nil (2024 \u2013 \u00a32.1m), advance payments of \u00a32.4m (2024 \u2013 \u00a34.4m) and other long-term liabilities of \u00a31.4m (2024 \u2013 \u00a32.0m) are included in Others, under Non-current liabilities on the Consolidated Balance Sheet. The Directors consider that the carrying amount of trade payables approximates to their fair value. The average credit period taken for trade purchases is 56 days (2024 \u2013 61 days).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "
24. Provisions
Legal claims and
Warranty Restructuring contractual matters Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
1 7. 9
0.5
7. 1
25.5
Additional provision in the year
2.8
\u2013
1. 7
4.5
Utilisation of provision
(1.0)
(0.5)
(0.6)
(2.1)
Release of unused amounts
(0.6)
\u2013
(1.5)
(2.1)
Exchange differences
0.1
\u2013
\u2013
0.1
At 1 January 2025
19.2
0.0
6.7
25.9
Additional provision in the year
3.3
2.9
0.4
6.6
Utilisation of provision
(1.0)
(1.5)
(0.1)
(2.6)
Release of unused amounts
(2.6)
\u2013
(0.1)
(2.7)
Exchange differences
(0.9)
\u2013
(0.2)
(1.1)
At 31 December 2025
18.1
1.4
6.7
26.1
Included in current liabilities
6.3
1.4
6.6
14.3
Warranty
Provisions for warranty costs are based on an assessment of future claims with reference to past experience. Management exercises
judgment to determine the best estimate of the most likely outcome for each provision separately. \u00a36.3m of costs are expected to
settle within the next 1 year, with the remainder expected to settle within 3 years. The warranty costs include a provision of \u00a39.8m
(2024 \u2013 \u00a311.8m) related to one specific disputed commercial matter which was resolved in 2025.
Legal claims and contractual matters
Provisions at 31 December 2025 comprise \u00a36.7m (2024- \u00a36.7m) relating to contractual matters that have arisen in the ordinary
course of business, the settlement of which are subject to ongoing discussions. Management exercises judgment to determine
the best estimate of the most likely outcome, having considered each provision separately and the possible range of outcomes.
Amounts are recorded for known issues based on past experience of similar items and other known factors and circumstances.
As with any judgment there is a high degree of inherent uncertainty, particularly with legal proceedings and claims, and the actual
amounts of the settlement could differ from the amount provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-525": { "value": "24. Provisions
Legal claims and
Warranty Restructuring contractual matters Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
1 7. 9
0.5
7. 1
25.5
Additional provision in the year
2.8
\u2013
1. 7
4.5
Utilisation of provision
(1.0)
(0.5)
(0.6)
(2.1)
Release of unused amounts
(0.6)
\u2013
(1.5)
(2.1)
Exchange differences
0.1
\u2013
\u2013
0.1
At 1 January 2025
19.2
0.0
6.7
25.9
Additional provision in the year
3.3
2.9
0.4
6.6
Utilisation of provision
(1.0)
(1.5)
(0.1)
(2.6)
Release of unused amounts
(2.6)
\u2013
(0.1)
(2.7)
Exchange differences
(0.9)
\u2013
(0.2)
(1.1)
At 31 December 2025
18.1
1.4
6.7
26.1
Included in current liabilities
6.3
1.4
6.6
14.3
Warranty Provisions for warranty costs are based on an assessment of future claims with reference to past experience. Management exercises judgment to determine the best estimate of the most likely outcome for each provision separately. \u00a36.3m of costs are expected to settle within the next 1 year, with the remainder expected to settle within 3 years. The warranty costs include a provision of \u00a39.8m (2024 \u2013 \u00a311.8m) related to one specific disputed commercial matter which was resolved in 2025. Legal claims and contractual matters Provisions at 31 December 2025 comprise \u00a36.7m (2024- \u00a36.7m) relating to contractual matters that have arisen in the ordinary course of business, the settlement of which are subject to ongoing discussions. Management exercises judgment to determine the best estimate of the most likely outcome, having considered each provision separately and the possible range of outcomes. Amounts are recorded for known issues based on past experience of similar items and other known factors and circumstances. As with any judgment there is a high degree of inherent uncertainty, particularly with legal proceedings and claims, and the actual amounts of the settlement could differ from the amount provided. 34. Contingent liabilities The Group could, in the course of conducting business, be subject to claims arising from possible scenarios such as commercial and compliance matters, product quality or liability, tax audits and it also faces general information security risks. Where the Board has assessed there to be a probable outflow of economic benefits, provision has been made for the best estimate as at 31 December 2025 (see Note 24). For all other matters, the Board consider less than probable likelihood that there will be an economic outflow of benefits. While the outcome of these matters cannot be predicted with any certainty, the Directors do not expect any of these arrangements, legal actions or claims, after allowing for provisions already made where appropriate, to result in significant loss to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "
25. Share capital and share premium
Share capital
At 31 December 2025, the Company has issued and fully paid 419.4 million ordinary shares of 10p each and share capital of \u00a341.9m
(2024 \u2013 419.4 million ordinary shares of 10p each and share capital of \u00a341.9m). No shares were issued during 2025 and 2024.
The Company has one class of ordinary shares which carry no right to fixed income.
Share premium
At 31 December 2025, the Company has share premium of \u00a314.8m (2024 \u2013 \u00a314.8m). There was no movement during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-543": { "value": "25. Share capital and share premium Share capital At 31 December 2025, the Company has issued and fully paid 419.4 million ordinary shares of 10p each and share capital of \u00a341.9m (2024 \u2013 419.4 million ordinary shares of 10p each and share capital of \u00a341.9m). No shares were issued during 2025 and 2024. The Company has one class of ordinary shares which carry no right to fixed income. Share premium At 31 December 2025, the Company has share premium of \u00a314.8m (2024 \u2013 \u00a314.8m). There was no movement during the year.
26. Equity reserve
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Balance at 1 January
7.8
7. 9
Transfer to retained earnings reserve
(3.1)
(4.6)
Share based payment charge
5.1
4.5
Balance at 31 December
9.8
7. 8
The transfer to retained earnings reserve is in respect of equity-settled share-based payments that vested during the year.
27. Hedging and translation reserves
Hedging Translation Hedging Translation
reserve reserve Total reserve reserve Total
Year ended Year ended Year ended Year ended Year ended Year ended
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
(38.2)
77.4
39.2
(36.1)
73.4
37.3
Exchange differences on translation of overseas operations
\u2013
(11.3)
(11.3)
\u2013
4.0
4.0
Net gains/(losses) on foreign exchange contracts / debt \u2013 net investment hedges
(0.8)
\u2013
(0.8)
\u2013
\u2013
\u2013
Foreign exchange losses/(gains) recycled to the Income Statement on disposal
18.1
(72.7)
(54.6)
\u2013
\u2013
\u2013
Change in fair value of hedging derivatives
6.5
\u2013
6.5
(2.9)
\u2013
(2.9)
Tax on foreign exchange contracts- cash flow hedges
(1.7)
\u2013
(1.7)
0.8
\u2013
0.8
Balance at 31 December
(16.1)
(6.6)
(22.7)
(38.2)
77.4
39.2
Hedging Reserve
At 31 December 2025, the hedging reserve comprises net investment hedging losses of \u00a317.9m (2024 \u2013 \u00a335.2m), foreign exchange
contracts \u2013 cash flow hedge gain of \u00a32.3m (2024 \u2013 \u00a34.2m losses) and related tax gains of \u00a30.5m (2024 \u2013 \u00a31.2m).
Movement in fair value of foreign exchange contracts \u2013 cash flow hedges:
Derivatives at Derivatives at Derivatives at Derivatives at
fair value fair value fair value fair value
through through through through
Hedging Income Hedging Income
Reserve Statement Total Reserve Statement Total
Year ended Year ended Year ended Year ended Year ended Year ended
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
(4.2)
(0.4)
(4.6)
(1.3)
(0.3)
(1.6)
Fair value movement recognised in Hedging reserve
9.8
\u2013
9.8
(2.8)
\u2013
(2.8)
Fair value movement recognised in Income Statement
\u2013
(2.7)
(2.7)
\u2013
(0.2)
(0.2)
Movement on operations disposed at 31 December 2025
(0.5)
0.5
Fair value movement recognised in Hedging reserve and Income Statement
(2.8)
2.8
\u2013
(0.1)
0.1
\u2013
Balance at 31 December
2.3
0.2
2.5
(4.2)
(0.4)
(4.6)
The Group uses foreign currency forward contracts to manage its foreign currency risk associated with its highly probable forecast
transactions. These contracts are designated as cash flow hedge relationships. To the extent these hedges are effective, the change
in fair value of the hedging instrument is recognised in the hedging reserve. The sum of the fair value of foreign exchange contracts
deferred in the hedging reserve and recognised in the Income Statement is presented as foreign exchange contracts \u2013 cash flow
hedges. See Note 20 for further details.
Costs of Hedging
The group designates the forward component of foreign currency forward contracts as hedging instruments in cash flow
hedge relationships.
28. Retained earnings
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Balance at 1 January
376.7
368.0
Dividends paid
(10.3)
(10.1)
Profit for the year
(4.2)
25.9
Pension actuarial loss
(14.8)
(4.8)
Transfer from equity reserve
3.1
4.6
Transfer from own share reserve
(4.4)
(7.2)
Tax on deductible temporary differences
3.9
0.3
Balance at 31 December
350.0
376.7
29. Own shares
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Balance at 1 January
(10.5)
(12.8)
Transfer to retained earnings reserve
4.4
9.3
Purchase of new shares
(7.4)
(7.0)
Balance at 31 December
(13.5)
(10.5)
The own shares reserve represents the cost of shares purchased in the market and held by the Senior plc Employee Benefit Trust to satisfy options under the Group\u2019s share option schemes (see Note 32). At 31 December 2025, the number of own shares held by the Senior Plc Employee Benefit Trust is 7,331,947 (2024 -6,018,162).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "26. Equity reserve
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Balance at 1 January
7.8
7. 9
Transfer to retained earnings reserve
(3.1)
(4.6)
Share based payment charge
5.1
4.5
Balance at 31 December
9.8
7. 8
The transfer to retained earnings reserve is in respect of equity-settled share-based payments that vested during the year.
28. Retained earnings
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Balance at 1 January
376.7
368.0
Dividends paid
(10.3)
(10.1)
Profit for the year
(4.2)
25.9
Pension actuarial loss
(14.8)
(4.8)
Transfer from equity reserve
3.1
4.6
Transfer from own share reserve
(4.4)
(7.2)
Tax on deductible temporary differences
3.9
0.3
Balance at 31 December
350.0
376.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "27. Hedging and translation reserves
Hedging Translation Hedging Translation
reserve reserve Total reserve reserve Total
Year ended Year ended Year ended Year ended Year ended Year ended
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
(38.2)
77.4
39.2
(36.1)
73.4
37.3
Exchange differences on translation of overseas operations
\u2013
(11.3)
(11.3)
\u2013
4.0
4.0
Net gains/(losses) on foreign exchange contracts / debt \u2013 net investment hedges
(0.8)
\u2013
(0.8)
\u2013
\u2013
\u2013
Foreign exchange losses/(gains) recycled to the Income Statement on disposal
18.1
(72.7)
(54.6)
\u2013
\u2013
\u2013
Change in fair value of hedging derivatives
6.5
\u2013
6.5
(2.9)
\u2013
(2.9)
Tax on foreign exchange contracts- cash flow hedges
(1.7)
\u2013
(1.7)
0.8
\u2013
0.8
Balance at 31 December
(16.1)
(6.6)
(22.7)
(38.2)
77.4
39.2
Hedging Reserve At 31 December 2025, the hedging reserve comprises net investment hedging losses of \u00a317.9m (2024 \u2013 \u00a335.2m), foreign exchange contracts \u2013 cash flow hedge gain of \u00a32.3m (2024 \u2013 \u00a34.2m losses) and related tax gains of \u00a30.5m (2024 \u2013 \u00a31.2m). Movement in fair value of foreign exchange contracts \u2013 cash flow hedges:
Derivatives at Derivatives at Derivatives at Derivatives at
fair value fair value fair value fair value
through through through through
Hedging Income Hedging Income
Reserve Statement Total Reserve Statement Total
Year ended Year ended Year ended Year ended Year ended Year ended
2025 2025 2025 2024 2024 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
(4.2)
(0.4)
(4.6)
(1.3)
(0.3)
(1.6)
Fair value movement recognised in Hedging reserve
9.8
\u2013
9.8
(2.8)
\u2013
(2.8)
Fair value movement recognised in Income Statement
\u2013
(2.7)
(2.7)
\u2013
(0.2)
(0.2)
Movement on operations disposed at 31 December 2025
(0.5)
0.5
Fair value movement recognised in Hedging reserve and Income Statement
(2.8)
2.8
\u2013
(0.1)
0.1
\u2013
Balance at 31 December
2.3
0.2
2.5
(4.2)
(0.4)
(4.6)
The Group uses foreign currency forward contracts to manage its foreign currency risk associated with its highly probable forecast transactions. These contracts are designated as cash flow hedge relationships. To the extent these hedges are effective, the change in fair value of the hedging instrument is recognised in the hedging reserve. The sum of the fair value of foreign exchange contracts deferred in the hedging reserve and recognised in the Income Statement is presented as foreign exchange contracts \u2013 cash flow hedges. See Note 20 for further details. Costs of Hedging The group designates the forward component of foreign currency forward contracts as hedging instruments in cash flow hedge relationships. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "
29. Own shares
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Balance at 1 January
(10.5)
(12.8)
Transfer to retained earnings reserve
4.4
9.3
Purchase of new shares
(7.4)
(7.0)
Balance at 31 December
(13.5)
(10.5)
The own shares reserve represents the cost of shares purchased in the market and held by the Senior plc Employee Benefit Trust
to satisfy options under the Group\u2019s share option schemes (see Note 32).
At 31 December 2025, the number of own shares held by the Senior Plc Employee Benefit Trust is 7,331,947 (2024 -6,018,162).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "
30. Acquisition
Acquisition of Spencer Aerospace Manufacturing,LLC.
On 25 November 2022, the Group acquired substantially all of the assets of Spencer Aerospace Manufacturing, LLC, a leading
manufacturer of highly engineered, high-pressure hydraulic fluid fittings for use in commercial and military aerospace applications,
located in Valencia, California, USA.
At 31 December 2025, there is a maximum contingent consideration remaining of $5m (\u00a33.7m) potentially payable, in milestone
amounts, dependent on the financial performance of Spencer Aerospace for the period from 1 January 2026 to 31 December 2026.
The most likely outcome of this remaining contingent element is estimated as $5m. The fair value of $4.7m (\u00a33.5m), which includes
discounting, has been recognised at 31 December 2025. The fair value of contingent consideration assumes continuing to expand
the relationship with Spencer\u2019s established customers and leveraging Senior\u2019s strong relationships with OEMs, Tier 1 integrators
and after market customers around the world to exploit opportunities for Spencer Aerospace.
In 2025, $16.6m (\u00a313.0m) contingent consideration was paid, \u00a30.8m costs (2024 \u2013 \u00a30.8m) were incurred and fair value change of
\u00a30.5m was recognised relating to interest unwind (2024 \u2013 release of \u00a33.6m for the 2025 earnout target not expected to be payable
offset by \u00a31.4m interest unwind).
The movement of deferred and contingent consideration payable is shown below:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Balance at 1 January
16.5
29.0
Cash paid
(13.0)
(10.7)
Change in fair value on acquisition consideration
0.5
(2.2)
Effect of movements in exchange rates
(0.5)
0.4
Balance at 31 December
3.5
16.5
Amounts falling due within one year
\u2013
13.0
Amounts falling due after one year
3.5
3.5
Contingent consideration payable at 31 December
3.5
16.5
35. Disposal and discontinued operations The Group completed the sale of its Aerostructures business on 31st December 2025 to Sullivan Street Partners, a UK-based mid-market private equity investor, for total estimated consideration of \u00a3116.8m, comprising initial proceeds of \u00a395.7m and estimated customary adjustments and fair value contingent consideration receivable of \u00a321.1m. Net assets disposed were \u00a3147.3m (\u00a3210.0m working capital and other assets net of held for sale depreciation stoppage, \u00a327.2m goodwill, partly offset by \u00a335.3m finance lease liabilities and \u00a354.6m recycling of historical foreign currency net gains) and disposal costs were \u00a311.7m, which resulted in a full year net loss before tax of \u00a342.2m. The Group is entitled to contingent consideration determined by reference to a multiple of the EBITDA of the disposed business for the year ended 31 December 2025, subject to specific adjustments set out in the sale and purchase agreement (\u201cSPA\u201d), and is subject to a completion accounts process which has not been finalised or agreed with the purchaser at the reporting date. Other post sale customary adjustments, such as working capital true-ups, will also be finalised on conclusion of the completion accounts process. Per the SPA, the contractual range on the contingent consideration is \u00a3nil to \u00a350m. A contingent consideration receivable of \u00a313.2m (before \u00a30.3m discounting) has been recognised at fair value at 31 December 2025, representing management\u2019s best estimate of the amount expected to be received based on information available at the reporting date and the contractual terms of the SPA. The valuation requires the application of judgement, particularly in relation to the interpretation of contractual provisions and the resolution of matters through the completion accounts process. The final outcome, which may differ from the valuation at 31 December 2025, remains subject to these interpretations, negotiation and agreement between the parties and will be finalised once the completion accounts process is concluded. The Directors believe the fair value determined is reasonable based on the approach taken. However, once an agreement is reached with the buyer the ultimate amount receivable may be higher or lower than the amount recognised. Based on information available today, the Directors do not expect the amount receivable to be materially lower, although it could be materially higher. The results of the discontinued operation, which have been included in the Consolidated Income Statement, were as follows:
Year ended Year ended
2025 2024
Results of discontinued operations \u00a3m \u00a3m
Revenue
312.5
272.4
Trading profit/(loss)
6.2
(6.5)
Operating profit/(loss)
6.2
(6.5)
Profit/(loss) before tax
3.2
(9.2)
Tax (charge)/credit
(1.1)
2.2
Profit/(loss) from operating activities, net of tax
2.1
(7.0)
Full year impact of disposal
(42.2)
(0.4)
Tax on disposal loss
8.6
0.1
Loss for the period from discontinued operations, net of tax
(31.5)
(7.3)
Other comprehensive (expense)/income, net of tax
(59.6)
3.4
Total comprehensive expense for the period
(91.1)
(3.9)
(Loss)/earnings per share
Basic
(7.62)p
(1.76)p
Diluted
(7.40)p
(1.72)p
Year ended Year ended
2025 2024
Cash flows from discontinued operations \u00a3m \u00a3m
Net cash generated in operating activities
7.4
3.2
Net cash from investing activities
78.2
(13.5)
Net cash used in financing activities
(4.3)
(3.9)
Net cash flow for the period
81.3
(14.2)
Net cash disposed
(1.3)
\u2013
Net cash impact
80.0
(14.2)
Year ended
2025
Effect of disposal on individual assets and liabilities\ue01f \u00a3m
Assets
Goodwill
1
 27.2
Other intangible assets
1.2
Property, plant and equipment
1
131.0
Deferred tax assets
1.5
Inventories
94.3
Trade and other receivables
41.4
Cash and cash equivalents
1.3
Total assets
297.9
Liabilities
Trade and other payables
(50.8)
Retirement benefits
(1.6)
Lease liabilities
(35.3)
Other creditors
(0.9)
Total liabilities
(88.6)
Net assets disposed
209.3
1
On 30th June 2025, there was a remeasurement loss of \u00a339.7m (\u00a327.2m goodwill, \u00a39.3m property, plant and equipment and \u00a33.2m right of use assets), following the
transfer of these assets to held for sale. This loss is included within the total loss from discontinued operations.
Net assets above offset with recycling of historical FX gain of \u00a354.6m and depreciation stoppage of \u00a37.4m resulting in net assets
disposed of \u00a3147.3m.
Consideration received, satisfied in cash
95.7
Purchase property, plant and equipment
(17.5)
Net cash from investing activities
78.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "
31. Notes to the consolidated cash flow statement
A) Reconciliation of operating profit to net cash from operating activities
Year ended
Year ended
a
2025 2024
\u00a3m \u00a3m
Operating profit from continuing operations
47.3
46.8
Adjustments for:
Depreciation of property, plant and equipment
27.5
26.3
Amortisation of intangible assets
2.8
2.6
Profit on sale of fixed assets
(0.2)
\u2013
Share-based payment charges
4.7
4.0
Pension contributions
(0.8)
(0.8)
Pension service and running costs
1.6
1. 6
Pension benefit clarification
7.3
\u2013
Corporate undertaking costs
(0.8)
(0.8)
Share of joint venture
(3.0)
(1.3)
Increase in inventories
(3.0)
(10.7)
(Increase)/decrease in receivables
(13.6)
7. 2
Increase/(decrease) in payables and provisions
11.8
(5.6)
Restructuring impairment of property, plant and equipment
0.4
\u2013
US class action lawsuit
\u2013
1. 1
Site relocation costs
\u2013
1. 9
Foreign exchange movements (non-cash)
3.0
(0.2)
Cash generated by operations
85.0
72.1
Income taxes paid
(7.5)
(7.4)
Interest paid
(20.6)
(18.9)
Net cash from operating activities
56.9
45.8
B) Free Cash Flow
Free cash flow, a non-statutory item, enhances the reporting of the cash-generating ability of the Group prior to corporate activity
such as acquisitions, restructuring, disposal activities, financing and transactions with shareholders. It is used as a performance
measure by the Board and Executive Committee and is derived as follows:
Year ended
Year ended
a
2025 2024
Notes \u00a3m \u00a3m
Net cash from operating activities
56.9
45.8
Corporate undertaking costs
9
0.8
0.8
Restructuring cash paid
1.5
0.5
Site relocation costs
2.4
1. 6
Interest received
6.5
7. 0
Proceeds on disposal of property, plant and equipment
0.3
\u2013
Purchases of property, plant and equipment
(32.0)
(28.5)
Purchase of intangible assets
(0.6)
(1.1)
Free cash flow
35.8
26.1
a Comparative information has been re-presented to show continuing operations, note 35.
C) Analysis of net debt
At 1 Net Other At
January Cash Non Exchange Lease 31 December
2025 flow Cash Disposal\ue01f movement Movements 2025
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and bank balances
45.5
37.7
\u2013
(1.3)
0.1
\u2013
82.0
Overdrafts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
45.5
37.7
\u2013
(1.3)
0.1
\u2013
82.0
Debt due within one year
(75.0)
74.3
(30.0)
\u2013
0.7
\u2013
(30.0)
Debt due after one year
(123.9)
(35.7)
30.0
\u2013
4.3
\u2013
(125.3)
Lease liabilities
1
22
(76.2)
10.7
\u2013
34.8
2.5
(15.8)
(44.0)
Liabilities arising from financing activities
(275.1)
49.3
\u2013
34.8
7.5
(15.8)
(199.3)
Total
(229.6)
87.0
\u2013
33.5
7.6
(15.8)
(117.3)
1 The change in lease liabilities in the year ended 31 December 2025 includes total lease rental payments of \u00a314.4m including discontinued operations (\u00a33.7m of these payments relates to lease
interest), \u00a334.8m related to disposal of Aerostructures and \u00a32.5m exchange movement partly offset by \u00a315.8m lease additions and modifications.
At 1 Net Other At
January Cash Non Exchange Lease 31 December
2024 flow Cash movement Movements 2024
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and bank balances
47.6
(1.4)
\u2013
(0.7)
\u2013
45.5
Overdrafts
(1.8)
1. 8
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
45.8
0.4
\u2013
(0.7)
\u2013
45.5
Debt due within one year
\u2013
\u2013
(75.0)
\u2013
\u2013
(75.0)
Debt due after one year
(177.8)
(20.2)
75.0
(0.9)
(123.9)
Lease liabilities
2
22
(71.8)
10.0
\u2013
(1.5)
(12.9)
(76.2)
Liabilities arising from financing activities
(249.6)
(10.2)
\u2013
(2.4)
(12.9)
(275.1)
Total
(203.8)
(9.8)
\u2013
(3.1)
(12.9)
(229.6)
2 The change in lease liabilities in the year ended 31 December 2024 includes lease rental payments of \u00a313.4m (\u00a33.4m of these payments relates to lease interest), \u00a31.5m exchange movement
and \u00a312.9m other movements which are related to lease additions and modifications.
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents comprise:
Cash and bank balances
82.0
45.5
Total
82.0
45.5
Cash and cash equivalents (which are presented as a single class of assets on the face of the Consolidated Balance Sheet) comprise
cash at bank and other short-term highly liquid investments with a maturity of three months or less. The Directors consider that the
carrying amount of cash and cash equivalents approximates to their fair value.
D) Analysis of working capital and provisions
Working capital comprises the following:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Inventories
144.9
236.0
Trade and other receivables
108.2
137.2
Trade and other payables
(152.4)
(196.9)
Working capital, including derivatives
100.7
176.3
Items excluded:
Foreign exchange contracts
(1.0)
2.7
Total
99.7
179.0
Working capital and provisions movement, net of restructuring items, a non-statutory cash flow item, is derived as follows:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Increase in inventories
(3.0)
(10.7)
(Increase)/decrease in receivables
(13.6)
7. 2
Increase/(decrease) in payables and provisions
11.8
(5.6)
Working capital and provisions movement, excluding currency effects
(4.8)
(9.1)
Items excluded:
(Increase)/decrease in restructuring provision
(1.5)
0.5
Increase in inventory impairment
(1.7)
\u2013
Total
(8.0)
(8.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-526": { "value": "31. Notes to the consolidated cash flow statement A) Reconciliation of operating profit to net cash from operating activities
Year ended
Year ended
a
2025 2024
\u00a3m \u00a3m
Operating profit from continuing operations
47.3
46.8
Adjustments for:
Depreciation of property, plant and equipment
27.5
26.3
Amortisation of intangible assets
2.8
2.6
Profit on sale of fixed assets
(0.2)
\u2013
Share-based payment charges
4.7
4.0
Pension contributions
(0.8)
(0.8)
Pension service and running costs
1.6
1. 6
Pension benefit clarification
7.3
\u2013
Corporate undertaking costs
(0.8)
(0.8)
Share of joint venture
(3.0)
(1.3)
Increase in inventories
(3.0)
(10.7)
(Increase)/decrease in receivables
(13.6)
7. 2
Increase/(decrease) in payables and provisions
11.8
(5.6)
Restructuring impairment of property, plant and equipment
0.4
\u2013
US class action lawsuit
\u2013
1. 1
Site relocation costs
\u2013
1. 9
Foreign exchange movements (non-cash)
3.0
(0.2)
Cash generated by operations
85.0
72.1
Income taxes paid
(7.5)
(7.4)
Interest paid
(20.6)
(18.9)
Net cash from operating activities
56.9
45.8
B) Free Cash Flow Free cash flow, a non-statutory item, enhances the reporting of the cash-generating ability of the Group prior to corporate activity such as acquisitions, restructuring, disposal activities, financing and transactions with shareholders. It is used as a performance measure by the Board and Executive Committee and is derived as follows:
Year ended
Year ended
a
2025 2024
Notes \u00a3m \u00a3m
Net cash from operating activities
56.9
45.8
Corporate undertaking costs
9
0.8
0.8
Restructuring cash paid
1.5
0.5
Site relocation costs
2.4
1. 6
Interest received
6.5
7. 0
Proceeds on disposal of property, plant and equipment
0.3
\u2013
Purchases of property, plant and equipment
(32.0)
(28.5)
Purchase of intangible assets
(0.6)
(1.1)
Free cash flow
35.8
26.1
a Comparative information has been re-presented to show continuing operations, note 35. C) Analysis of net debt
At 1 Net Other At
January Cash Non Exchange Lease 31 December
2025 flow Cash Disposal\ue01f movement Movements 2025
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and bank balances
45.5
37.7
\u2013
(1.3)
0.1
\u2013
82.0
Overdrafts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
45.5
37.7
\u2013
(1.3)
0.1
\u2013
82.0
Debt due within one year
(75.0)
74.3
(30.0)
\u2013
0.7
\u2013
(30.0)
Debt due after one year
(123.9)
(35.7)
30.0
\u2013
4.3
\u2013
(125.3)
Lease liabilities
1
22
(76.2)
10.7
\u2013
34.8
2.5
(15.8)
(44.0)
Liabilities arising from financing activities
(275.1)
49.3
\u2013
34.8
7.5
(15.8)
(199.3)
Total
(229.6)
87.0
\u2013
33.5
7.6
(15.8)
(117.3)
1 The change in lease liabilities in the year ended 31 December 2025 includes total lease rental payments of \u00a314.4m including discontinued operations (\u00a33.7m of these payments relates to lease interest), \u00a334.8m related to disposal of Aerostructures and \u00a32.5m exchange movement partly offset by \u00a315.8m lease additions and modifications.
At 1 Net Other At
January Cash Non Exchange Lease 31 December
2024 flow Cash movement Movements 2024
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and bank balances
47.6
(1.4)
\u2013
(0.7)
\u2013
45.5
Overdrafts
(1.8)
1. 8
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
45.8
0.4
\u2013
(0.7)
\u2013
45.5
Debt due within one year
\u2013
\u2013
(75.0)
\u2013
\u2013
(75.0)
Debt due after one year
(177.8)
(20.2)
75.0
(0.9)
(123.9)
Lease liabilities
2
22
(71.8)
10.0
\u2013
(1.5)
(12.9)
(76.2)
Liabilities arising from financing activities
(249.6)
(10.2)
\u2013
(2.4)
(12.9)
(275.1)
Total
(203.8)
(9.8)
\u2013
(3.1)
(12.9)
(229.6)
2 The change in lease liabilities in the year ended 31 December 2024 includes lease rental payments of \u00a313.4m (\u00a33.4m of these payments relates to lease interest), \u00a31.5m exchange movement and \u00a312.9m other movements which are related to lease additions and modifications.
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents comprise:
Cash and bank balances
82.0
45.5
Total
82.0
45.5
Cash and cash equivalents (which are presented as a single class of assets on the face of the Consolidated Balance Sheet) comprise cash at bank and other short-term highly liquid investments with a maturity of three months or less. The Directors consider that the carrying amount of cash and cash equivalents approximates to their fair value. D) Analysis of working capital and provisions Working capital comprises the following:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Inventories
144.9
236.0
Trade and other receivables
108.2
137.2
Trade and other payables
(152.4)
(196.9)
Working capital, including derivatives
100.7
176.3
Items excluded:
Foreign exchange contracts
(1.0)
2.7
Total
99.7
179.0
Working capital and provisions movement, net of restructuring items, a non-statutory cash flow item, is derived as follows:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Increase in inventories
(3.0)
(10.7)
(Increase)/decrease in receivables
(13.6)
7. 2
Increase/(decrease) in payables and provisions
11.8
(5.6)
Working capital and provisions movement, excluding currency effects
(4.8)
(9.1)
Items excluded:
(Increase)/decrease in restructuring provision
(1.5)
0.5
Increase in inventory impairment
(1.7)
\u2013
Total
(8.0)
(8.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-544": { "value": "C) Analysis of net debt
At 1 Net Other At
January Cash Non Exchange Lease 31 December
2025 flow Cash Disposal\ue01f movement Movements 2025
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and bank balances
45.5
37.7
\u2013
(1.3)
0.1
\u2013
82.0
Overdrafts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
45.5
37.7
\u2013
(1.3)
0.1
\u2013
82.0
Debt due within one year
(75.0)
74.3
(30.0)
\u2013
0.7
\u2013
(30.0)
Debt due after one year
(123.9)
(35.7)
30.0
\u2013
4.3
\u2013
(125.3)
Lease liabilities
1
22
(76.2)
10.7
\u2013
34.8
2.5
(15.8)
(44.0)
Liabilities arising from financing activities
(275.1)
49.3
\u2013
34.8
7.5
(15.8)
(199.3)
Total
(229.6)
87.0
\u2013
33.5
7.6
(15.8)
(117.3)
1 The change in lease liabilities in the year ended 31 December 2025 includes total lease rental payments of \u00a314.4m including discontinued operations (\u00a33.7m of these payments relates to lease interest), \u00a334.8m related to disposal of Aerostructures and \u00a32.5m exchange movement partly offset by \u00a315.8m lease additions and modifications.
At 1 Net Other At
January Cash Non Exchange Lease 31 December
2024 flow Cash movement Movements 2024
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and bank balances
47.6
(1.4)
\u2013
(0.7)
\u2013
45.5
Overdrafts
(1.8)
1. 8
\u2013
\u2013
\u2013
\u2013
Cash and cash equivalents
45.8
0.4
\u2013
(0.7)
\u2013
45.5
Debt due within one year
\u2013
\u2013
(75.0)
\u2013
\u2013
(75.0)
Debt due after one year
(177.8)
(20.2)
75.0
(0.9)
(123.9)
Lease liabilities
2
22
(71.8)
10.0
\u2013
(1.5)
(12.9)
(76.2)
Liabilities arising from financing activities
(249.6)
(10.2)
\u2013
(2.4)
(12.9)
(275.1)
Total
(203.8)
(9.8)
\u2013
(3.1)
(12.9)
(229.6)
2 The change in lease liabilities in the year ended 31 December 2024 includes lease rental payments of \u00a313.4m (\u00a33.4m of these payments relates to lease interest), \u00a31.5m exchange movement and \u00a312.9m other movements which are related to lease additions and modifications.
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents comprise:
Cash and bank balances
82.0
45.5
Total
82.0
45.5
Cash and cash equivalents (which are presented as a single class of assets on the face of the Consolidated Balance Sheet) comprise cash at bank and other short-term highly liquid investments with a maturity of three months or less. The Directors consider that the carrying amount of cash and cash equivalents approximates to their fair value. D) Analysis of working capital and provisions Working capital comprises the following:
Year ended Year ended
2025 2024
\u00a3m \u00a3m
Inventories
144.9
236.0
Trade and other receivables
108.2
137.2
Trade and other payables
(152.4)
(196.9)
Working capital, including derivatives
100.7
176.3
Items excluded:
Foreign exchange contracts
(1.0)
2.7
Total
99.7
179.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "
32. Share-based payments
The Group recognised total expenses of \u00a35.1m (2024 \u2013 \u00a34.5m) related to equity-settled share-based payments, of which \u00a30.4m
(2024 \u2013 \u00a30.5m) related to discontinued operations. The Group also recognised \u00a30.9m (2024 \u2013 \u00a30.3m) related to social security cost.
As at 31 December 2025, the Group had a liability of \u00a31.3m (2024 \u2013 \u00a30.9m) arising from share-based payments relating to social
security costs.
A) 2014 long-term incentive plan
Equity-settled Long-Term Incentive Plans
On 11 March 2025, 3,571,727 shares were awarded under the 2014 Long-Term Incentive Plan. Awards made under this plan have
a three-year vesting period, and are subject to the following equally weighted performance conditions: adjusted earnings per
share (EPS), total shareholder return (TSR), and for awards granted from 2021, there is also a return on capital employed (ROCE)
performance condition. The adjusted EPS and ROCE performance conditions\u2019 targets are expressed as absolute numbers for the
final financial year of the three-year performance period. The threshold of the TSR performance condition requires the Company\u2019s
TSR performance to fall within the top half of a comparator group at the end of the three-year performance period. Vesting levels
increase with higher performance. The awards are settled by delivering shares to the participants.
The estimated fair value for the awards granted in the year, excluding for the Executive Directors, with EPS and ROCE conditions
is 161.0p, which is the share price at the date of grant. The estimated fair value for the awards granted in the year, excluding for the
Executive Directors, with TSR conditions is 111.6p per share reflecting an adjustment of 33% to the fair value of the awards with
EPS conditions due to the stringent TSR condition. The respective fair values for awards made to the Executive Directors is 148.1p
and 102.7p reflecting the two year retention period.
These fair values were calculated by applying a binomial option pricing model. This model incorporates a technique called
\u201cbootstrapping\u201d, which models the impact of the TSR condition. The model inputs at the date of grant were the share price
(161.0p for the main award), expected volatility of 26% per annum, and the performance conditions as noted above. Expected
volatility was determined by calculating the historical volatility of the Group\u2019s share price over the previous three years.
On 4 April 2025, 501,432 additional shares were awarded with three-year vesting period and subject to the same performance
conditions mentioned above. In addition, one off 303,774 LTIP 2022 replacement shares and 199,030 LTIP2023 replacement
shares were also awarded on 4 April 2025 under performance conditions of respective awards.
There were also 17,366 dividend equivalent shares awarded and exercised in 2025.
The following share awards were outstanding as at 31 December 2025 and 2024:
Year ended Year ended
2025 2024
Number of Number of
shares shares
Outstanding at 1 January
13,338,868
13,137,108
Granted
4,593,329
4,293,831
Exercised
(782,849)
(2,569,383)
Forfeited
(4,476,066)
(1,522,688)
Outstanding at 31 December
12,673,282
13,338,868
B) Enhanced smis deferred share award
On 11 March 2025, 587,214 shares were awarded under the Enhanced SMIS Deferred Share Award. Shares earned under this
award have a three-year deferral period and would be subject to forfeiture by a \u201cbad leaver\u201d over that deferral period. There are no
performance criteria for this award. The awards are settled by delivering shares to the participants.
There were also 37,216 dividend equivalent shares awarded and exercised in 2025.
The estimated fair value for the awards granted in the year is 161.0p per share, which is the share price at the date of grant.
The following share awards were outstanding as at 31 December 2025 and 2024:
Year ended Year ended
2025 2024
Number of Number of
shares Shares
Outstanding at 1 January
3,393,683
3,135,225
Granted
624,430
944,861
Exercised
(1,391,115)
(686,403)
Outstanding at 31 December
2,626,998
3,393,683
C) Savings-related share option plan
The Company operates a Savings-Related Share Option Plan for eligible employees across the Group. There are no performance
criteria for this arrangement and options are issued to all participants in accordance with the HM Revenue & Customs rules for such
savings plans. Savings-Related Share Options were last issued on 29 April 2025 under three-years saving contract.
The following options were outstanding as at 31 December 2025 and 2024:
Year ended 2025
Year ended 2024
Weighted Weighted
Number of average Number of average
share exercise share exercise
options price options price
Outstanding at 1 January
2,491,276
151.77p
4,942,990
138.66p
Granted
3,005,408
147.10p
\u2013
\u2013
Exercised
(200,902)
121.11p
(1,538,946)
118.40p
Forfeited
(656,561)
147.37p
(912,768)
137.05p
Outstanding at 31 December
4,639,221
150.69p
2,491,276
151.77p
Exercisable at 31 December
\u2013
\u2013
298,041
118.40p
200,902 shares were exercised in 2025 (2024 \u2013 1,538,946 shares). The options outstanding at 31 December 2025 had exercise
prices of 156.30p and 147.10p per share, and a weighted average remaining contractual life of 2.2 years. The options outstanding
at 31 December 2024 had exercise prices of 156.30p and 118.40p per share, and a weighted average remaining contractual life
of 1.7 years.
D) Restricted share awards
On 15 March 2025, 365,000 shares and on 4 April 2025, 57,775 additional shares were awarded under this plan. Shares granted under
this award have a three-year deferral period and would be subject to forfeiture by a \u201cbad leaver\u201d over that deferral period. There are no
performance criteria for this award. The awards are settled by delivering shares to the participants.
The estimated fair value for the awards granted in the year is 161.0p per share, which is the share price at the date of grant.
The following share awards were outstanding as at 31 December 2025 and 2024:
Year ended Year ended
2025 2024
Number of Number of
shares Shares
Outstanding at 1 January
775,000
540,000
Granted
422,775
355,000
Exercised
(199,605)
(100,000)
Forfeited
\u2013
(20,000)
Outstanding at 31 December
998,170
775,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-527": { "value": "a) Defined benefit plans UK Plan: In September 2025, the Trustee of the Senior plc Pension Plan entered into a bulk annuity contract (\u201cbuy-in\u201d) with an insurer, M&G, covering all scheme members. The policy is treated as a plan asset under IAS19 with the value set equal to the corresponding liability covered by the policy, as it provides income substantially matching the benefits payable by the Plan. The legal obligation to pay benefits remains with the Plan Trustee. No formal decision to progress to buy-out and wind-up can be made until the Company and Trustee agree on several key areas, including clarification of certain Plan benefits and use of residual surplus. The loss arising out of this transaction of approximately \u00a316.0m was recognised in Other Comprehensive Income. As part of the due diligence work undertaken for the buy-in, some clarifications were identified relating to the administration of certain plan benefits. In addition, a separate matter outside of the buy-in scope was also identified for annuity income owed to the UK Plan in respect of other insured members. These matters are historical and had they been identified previously, would have impacted the financial statements in prior periods. As a consequence, the Group incurred a charge of \u00a37.3m in 2025 representing the estimated effect of applying the benefit clarifications on the UK Plan at the year end. These estimated adjustments have been accounted for as plan amendments through past service cost in the Consolidated Income Statement as the estimated amount related to Other Comprehensive Income is considered negligible. Comparative information has not been restated as the Directors consider the impact on prior period financial statements to be immaterial. The UK Plan was in a surplus position of \u00a322.8m as at 5 April 2025 when measured on the Trustee\u2019s funding basis and is in a surplus position of \u00a323.3m as at 31 December 2025 (31 December 2024 \u2013 \u00a343.5m surplus) when measured on an IAS 19 basis. The difference between the triennial funding and annual IAS 19 valuation relates to the assumptions used. For example, the funding discount rate is based on the UK Plan\u2019s stated investment strategy, as opposed to the yields available on corporate bonds for the IAS 19 discount rate. The IAS 19 surplus position on the UK Plan is recognised as an asset in the Consolidated and Company Balance Sheet, with no requirement to recognise an additional liability on the UK Plan, on the grounds that the Company has an unconditional right to a refund, assuming the gradual settlement of Plan liabilities over time until all members have left. In considering this, the Company has taken into account that the Trustees do not have unilateral powers to wind up the Plan or modify benefits. The decision to enter into the buy-in was a change in investment strategy which was decided by the Trustee in consultation with and support from Senior plc. As a result of the buy-in, the UK Plan has largely mitigated its funding and investment risks and has ensured that the Plan is able to meet its primary investment objective of meeting all future benefit payments as they fall due. In particular, while the value of the obligations may increase or decrease as a result of changes in financial conditions or assumptions, such as longevity, there is expected to be a matching change in the value of the bulk annuity contract. Therefore the surplus is no longer sensitive to changes in assumptions and the risk that the Company would need to provide further contributions has been significantly mitigated. No further Company contributions are payable under the current funding plan. The surplus may however change in future as the value of the assets other than the bulk annuity policy changes and expenses are met from Plan assets. The UK Plan\u2019s average duration is around 10 years and benefits are expected to be paid for the next 60 years. These cash flow payments are expected to reach a peak around 2031, and gradually decline thereafter as the membership matures. On 5 June 2025, the Department for Work and Pensions (DWP) announced that the Government will introduce legislation to give pension schemes affected by the Virgin Media ruling the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards. This new development remains under consideration for the Company and the Trustee. The defined benefit obligation presented in these condensed financial statements reflects the plan benefits currently being administered and the estimated impact of recently identified benefit clarifications and therefore treats all past rule changes as being valid. Up to and including 18th December 2025 the Trustee of the UK Plan was Senior Trustee Limited. The appointment of the Directors to the Board was determined by the Articles of Association of Senior Trustee Limited. There were seven Trustee Directors in total and in accordance with statutory requirements under the Pensions Act 2004, at least one-third of trustees must be a Member Nominated Director. There were three Member Nominated Directors and four Directors who have been nominated by the Company, of which the Chairman and one other Director are viewed as independent. On 19th December 2025, the Company appointed ndapt Trustee Limited (\u201cndapt\u201d) to replace Senior Trustee Limited as the sole professional trustee of the UK Plan, following an assessment of the governance structure and the workstream requirements following the buy-in. Financial Summary of defined benefit plans: The amount included in the Consolidated Balance Sheet arising from the Group\u2019s obligations in respect of its defined benefit plans is set out below.
31 December 2025
31 December 2024
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of defined benefit obligations
(172.7)
(32.2)
(4.0)
(208.9)
(181.9)
(33.5)
(5.4)
(220.8)
Fair value of plan assets
196.0
29.9
\u2013
225.9
225.4
32.1
\u2013
257.5
Plan surplus/(deficit) per Consolidated Balance Sheet
23.3
(2.3)
(4.0)
17.0
43.5
(1.4)
(5.4)
36.7
i) Movements in the present value of defined benefit obligations were as follows:
31 December 2025
31 December 2024
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
181.9
33.5
5.4
220.8
199.2
37.3
5.2
241.7
Current service cost
\u2013
0.2
0.6
0.8
\u2013
0.2
0.5
0.7
Past service cost
7.3
\u2013
\u2013
7.3
\u2013
\u2013
\u2013
\u2013
Interest cost
9.4
1.8
0.1
11.3
8.8
1. 7
0.1
10.6
Experience on benefit obligations
(0.5)
1.1
\u2013
0.6
0.6
(0.8)
\u2013
(0.2)
Actuarial (gains)/losses \u2013 financial
(4.3)
0.2
(0.1)
(4.2)
(17.3)
(2.1)
0.1
(19.3)
Actuarial losses/(gains) \u2013 demographic
(3.6)
\u2013
\u2013
(3.6)
2.6
\u2013
\u2013
2.6
Benefits paid
(17.5)
(2.3)
(0.6)
(20.4)
(12.0)
(3.3)
(0.4)
(15.7)
Disposal (Aerostructures)
\u2013
\u2013
(1.6)
(1.6)
\u2013
\u2013
\u2013
\u2013
Exchange differences
\u2013
(2.3)
0.2
(2.1)
\u2013
0.5
(0.1)
0.4
At 31 December
172.7
32.2
4.0
208.9
181.9
33.5
5.4
220.8
ii) Movements in the fair value of plan assets were as follows:
31 December 2025
31 December 2024
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
225.4
32.1
\u2013
257.5
247.7
34.5
\u2013
282.2
Interest on plan assets
11.7
1.7
\u2013
13.4
11. 0
1. 6
\u2013
12.6
Actual return on plan assets less interest
(22.3)
0.3
\u2013
(22.0)
(20.1)
(1.6)
\u2013
(21.7)
Contributions from employer
\u2013
0.4
\u2013
0.4
\u2013
0.4
\u2013
0.4
Benefits paid
(17.5)
(2.3)
\u2013
(19.8)
(12.0)
(3.3)
\u2013
(15.3)
Running costs
(1.3)
(0.1)
\u2013
(1.4)
(1.2)
\u2013
\u2013
(1.2)
Exchange differences
\u2013
(2.2)
\u2013
(2.2)
\u2013
0.5
\u2013
0.5
At 31 December
196.0
29.9
\u2013
225.9
225.4
32.1
\u2013
257.5
iii) Amounts recognised in the Consolidated Income Statement in respect of these defined benefit schemes are as follows:
31 December 2025
31 December 2024
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current service cost
\u2013
0.2
0.6
0.8
\u2013
0.2
0.5
0.7
Past service cost
7.3
\u2013
\u2013
7.3
\u2013
\u2013
\u2013
\u2013
Running cost
1.3
0.1
\u2013
1.4
1. 2
\u2013
\u2013
1. 2
Charge included within operating profit
8.6
0.3
0.6
9.5
1. 2
0.2
0.5
1. 9
Included within finance income
(2.3)
0.1
0.1
(2.1)
(2.2)
0.1
0.1
(2.0)
Amount recognised in the Income Statement
6.3
0.4
0.7
7.4
(1.0)
0.3
0.6
(0.1)
iv) Amounts recognised in other comprehensive income are as follows:
31 December 2025
31 December 2024
UK plans US plans Unfunded UK plans US plans Unfunded
funded funded plans Total funded funded plans Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net actuarial gain/(losses) in the year due to:
\u2013
Change in financial assumptions
4.3
(0.2)
0.1
4.2
1 7. 3
2.1
(0.1)
19.3
\u2013
Change in demographic assumptions
3.6
\u2013
\u2013
3.6
(2.6)
\u2013
\u2013
(2.6)
\u2013
Experience adjustments on benefit obligations
0.5
(1.1)
\u2013
(0.6)
(0.6)
0.8
\u2013
0.2
Actual return on plan assets less interest on
benefit obligations
(22.3)
0.3
\u2013
(22.0)
(20.1)
(1.6)
\u2013
(21.7)
(Losses)/gains recognised in other
comprehensive income
(13.9)
(1.0)
0.1
(14.8)
(6.0)
1. 3
(0.1)
(4.8)
Actuarial losses of \u00a314.8m (2024 \u2013 \u00a34.8m) have been recognised in the Statement of Comprehensive Income. The cumulative amount of actuarial losses recognised in the Statement of Comprehensive Income as at 31 December 2025 is \u00a368.3m (2024 \u2013 \u00a35 3.5m). v) Assets and assumptions in funded plans
UK plans funded
US plans funded
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Fair value of plan assets
Insured annuities
159.2
3.1
\u2013
\u2013
Bonds
\u2013
99.4
29.9
32.1
Gilts and money market funds
28.5
118.0
\u2013
\u2013
Cash
0.9
4.9
\u2013
\u2013
Net current assets
1
7.4
\u2013
\u2013
\u2013
Total
196.0
225.4
29.9
32.1
Actual return on plan assets
(10.6)
(9.1)
2.0
3.0
1 The net current assets include a prepayment of \u00a36m made to the insurer in respect of data cleanse items relating to the administration of certain plan benefits which are already provided for within the defined benefit obligation at 31st December 2025. The UK Plan\u2019s assets are within insured annuities and invested in pooled funds, invested exclusively within instruments with quoted market prices in an active market. The value of the invested assets has been measured at bid value and the insurance annuity policies have been valued using assumptions consistent with the corresponding obligations. As at 31 December 2025, all of the UK Plan\u2019s gilt and money market funds allocation was held in a sterling money market fund. The UK Plan does not invest directly in property occupied by the Company or in financial securities issued by the Company. Following the M&G buy-in, changes in the financial or demographic assumptions will not have a material impact on Plan surplus as the value of the Plan\u2019s insurance policy assets are expected to move in line with the defined benefit obligations. In the US funded plan, the assets are held in separate trustee administered funds managed by independent financial institutions and have pension costs assessed by consulting actuaries using the Projected Unit Method. The estimated contributions expected to be paid during 2026 in the US funded plans is \u00a30.4m.
UK plans funded
US plans funded
2025
2024
2025
2024
Major assumptions (per annum %)
Inflation
2
2.90%
3.30%
N/A
N/A
Increase in salaries
N/A
N/A
N/A
N/A
Increase in pensions
2.80%
3.10%
0.00%
0.00%
Increase in deferred pensions
2.90%
3.30%
0.00%
0.00%
Rate used to discount plan liabilities
5.40%
5.40%
5.28%
5.63%
Life expectancy of a male aged 65 at the year-end
20.2
20.3
19.9
19.8
Life expectancy of a male aged 65, 20 years after the year-end
21.5
21.7
20.8
21.4
2 Benefits under the US funded plans are not linked to inflation or increase in salaries, but are negotiated as part of collective bargaining agreement, with benefits based on the year of credited service. The UK Plan retirement benefit obligation is discounted at a rate set by reference to market yields at the end of the reporting period on high quality corporate bonds. Estimation is required when setting the criteria for bonds to be included in the population from which the yield curve is derived. The most significant criteria considered for the selection of bonds include the issue size of the corporate bonds, quality of the bonds and the identification of outliers which are excluded. The assumption for estimating future Retail Prices Index (RPI) inflation is based on the difference in yields on fixed-interest and index-linked gilts. Demographic assumptions are set broadly in line with the most recent actuarial valuation of the UK plan. The mortality assumption is 96% of standard mortality tables with an allowance for future improvements in line with the CMI 2024 enhanced projections, with a long-term annual rate of improvement of 1.25% for males and for females. For the UK Plan, the estimated impact on the defined benefit liabilities at 31 December 2025 for changes in assumptions is as follows:
2025 2024
Increase/(decrease) Increase/(decrease)
in defined benefit in defined benefit
liabilities liabilities
\u00a3m \u00a3m
0.5% decrease in the discount rate
(8.5)
(9.1)
One-year increase in life expectancy
(6.6)
(7.5)
0.5% increase in inflation
(5.4)
(5.4)
These sensitivities have been calculated to show the movement in defined benefit obligations as at 31 December 2025. vi) Other post-retirement liabilities This balance comprises an unfunded German pension plan of \u00a32.3m (2024 \u2013 \u00a32.5m), unfunded closed pension and post-retirement healthcare plans in the US of \u00a30.4m (2024 \u2013 \u00a30.4m), a provision for post-retirement payments in France of \u00a31.3m (2024 \u2013 \u00a31.4m) and \u00a3nil for post-retirement payments in Thailand which is no longer part of the Group (2024 \u2013 \u00a31.1m). The closed pension and post-retirement healthcare plans in the US have been valued on a Projected Unit Method using a discount rate of 5.28% (2024 \u2013 5.63%). No participants were eligible for medical benefits under the healthcare plan in 2025. The German plan has been subject to formal actuarial valuation on a Projected Unit Method with the following assumptions: discount rate 4.04%, salary growth nil% and pension increase 2.0% (2024 \u2013 3.17%, nil% and 2.2%). In France, the provision arises from a legal obligation to make payments to retirees in the first two years post-retirement. Hence, it is not subject to discounting to the same extent as the other longer-term post-retirement liabilities. The Thailand plan was disposed as part of the Aerostructures disposal on 31st December 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-528": { "value": "b) Defined contribution schemes The Group has a number of different defined contribution and government-sponsored arrangements in place in the countries in which it operates. None of these are individually material to the Group and the aggregate cost of such schemes for the period was \u00a313.2m (2024 \u2013 \u00a311.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "
34. Contingent liabilities
The Group could, in the course of conducting business, be subject to claims arising from possible scenarios such as commercial and
compliance matters, product quality or liability, tax audits and it also faces general information security risks. Where the Board has
assessed there to be a probable outflow of economic benefits, provision has been made for the best estimate as at 31 December
2025 (see Note 24). For all other matters, the Board consider less than probable likelihood that there will be an economic outflow
of benefits. While the outcome of these matters cannot be predicted with any certainty, the Directors do not expect any of these
arrangements, legal actions or claims, after allowing for provisions already made where appropriate, to result in significant loss to
the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-529": { "value": "
35. Disposal and discontinued operations
The Group completed the sale of its Aerostructures business on 31st December 2025 to Sullivan Street Partners, a UK-based
mid-market private equity investor, for total estimated consideration of \u00a3116.8m, comprising initial proceeds of \u00a395.7m and estimated
customary adjustments and fair value contingent consideration receivable of \u00a321.1m. Net assets disposed were \u00a3147.3m (\u00a3210.0m
working capital and other assets net of held for sale depreciation stoppage, \u00a327.2m goodwill, partly offset by \u00a335.3m finance lease
liabilities and \u00a354.6m recycling of historical foreign currency net gains) and disposal costs were \u00a311.7m, which resulted in a full year
net loss before tax of \u00a342.2m.
The Group is entitled to contingent consideration determined by reference to a multiple of the EBITDA of the disposed business
for the year ended 31 December 2025, subject to specific adjustments set out in the sale and purchase agreement (\u201cSPA\u201d), and
is subject to a completion accounts process which has not been finalised or agreed with the purchaser at the reporting date. Other
post sale customary adjustments, such as working capital true-ups, will also be finalised on conclusion of the completion accounts
process. Per the SPA, the contractual range on the contingent consideration is \u00a3nil to \u00a350m. A contingent consideration receivable
of \u00a313.2m (before \u00a30.3m discounting) has been recognised at fair value at 31 December 2025, representing management\u2019s best
estimate of the amount expected to be received based on information available at the reporting date and the contractual terms of
the SPA. The valuation requires the application of judgement, particularly in relation to the interpretation of contractual provisions
and the resolution of matters through the completion accounts process. The final outcome, which may differ from the valuation at
31 December 2025, remains subject to these interpretations, negotiation and agreement between the parties and will be finalised
once the completion accounts process is concluded. The Directors believe the fair value determined is reasonable based on the
approach taken. However, once an agreement is reached with the buyer the ultimate amount receivable may be higher or lower than
the amount recognised. Based on information available today, the Directors do not expect the amount receivable to be materially
lower, although it could be materially higher.
The results of the discontinued operation, which have been included in the Consolidated Income Statement, were as follows:
Year ended Year ended
2025 2024
Results of discontinued operations \u00a3m \u00a3m
Revenue
312.5
272.4
Trading profit/(loss)
6.2
(6.5)
Operating profit/(loss)
6.2
(6.5)
Profit/(loss) before tax
3.2
(9.2)
Tax (charge)/credit
(1.1)
2.2
Profit/(loss) from operating activities, net of tax
2.1
(7.0)
Full year impact of disposal
(42.2)
(0.4)
Tax on disposal loss
8.6
0.1
Loss for the period from discontinued operations, net of tax
(31.5)
(7.3)
Other comprehensive (expense)/income, net of tax
(59.6)
3.4
Total comprehensive expense for the period
(91.1)
(3.9)
(Loss)/earnings per share
Basic
(7.62)p
(1.76)p
Diluted
(7.40)p
(1.72)p
Year ended Year ended
2025 2024
Cash flows from discontinued operations \u00a3m \u00a3m
Net cash generated in operating activities
7.4
3.2
Net cash from investing activities
78.2
(13.5)
Net cash used in financing activities
(4.3)
(3.9)
Net cash flow for the period
81.3
(14.2)
Net cash disposed
(1.3)
\u2013
Net cash impact
80.0
(14.2)
Year ended
2025
Effect of disposal on individual assets and liabilities\ue01f \u00a3m
Assets
Goodwill
1
 27.2
Other intangible assets
1.2
Property, plant and equipment
1
131.0
Deferred tax assets
1.5
Inventories
94.3
Trade and other receivables
41.4
Cash and cash equivalents
1.3
Total assets
297.9
Liabilities
Trade and other payables
(50.8)
Retirement benefits
(1.6)
Lease liabilities
(35.3)
Other creditors
(0.9)
Total liabilities
(88.6)
Net assets disposed
209.3
1
On 30th June 2025, there was a remeasurement loss of \u00a339.7m (\u00a327.2m goodwill, \u00a39.3m property, plant and equipment and \u00a33.2m right of use assets), following the
transfer of these assets to held for sale. This loss is included within the total loss from discontinued operations.
Net assets above offset with recycling of historical FX gain of \u00a354.6m and depreciation stoppage of \u00a37.4m resulting in net assets
disposed of \u00a3147.3m.
Consideration received, satisfied in cash
95.7
Purchase property, plant and equipment
(17.5)
Net cash from investing activities
78.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-552": { "value": "35. Disposal and discontinued operations The Group completed the sale of its Aerostructures business on 31st December 2025 to Sullivan Street Partners, a UK-based mid-market private equity investor, for total estimated consideration of \u00a3116.8m, comprising initial proceeds of \u00a395.7m and estimated customary adjustments and fair value contingent consideration receivable of \u00a321.1m. Net assets disposed were \u00a3147.3m (\u00a3210.0m working capital and other assets net of held for sale depreciation stoppage, \u00a327.2m goodwill, partly offset by \u00a335.3m finance lease liabilities and \u00a354.6m recycling of historical foreign currency net gains) and disposal costs were \u00a311.7m, which resulted in a full year net loss before tax of \u00a342.2m. The Group is entitled to contingent consideration determined by reference to a multiple of the EBITDA of the disposed business for the year ended 31 December 2025, subject to specific adjustments set out in the sale and purchase agreement (\u201cSPA\u201d), and is subject to a completion accounts process which has not been finalised or agreed with the purchaser at the reporting date. Other post sale customary adjustments, such as working capital true-ups, will also be finalised on conclusion of the completion accounts process. Per the SPA, the contractual range on the contingent consideration is \u00a3nil to \u00a350m. A contingent consideration receivable of \u00a313.2m (before \u00a30.3m discounting) has been recognised at fair value at 31 December 2025, representing management\u2019s best estimate of the amount expected to be received based on information available at the reporting date and the contractual terms of the SPA. The valuation requires the application of judgement, particularly in relation to the interpretation of contractual provisions and the resolution of matters through the completion accounts process. The final outcome, which may differ from the valuation at 31 December 2025, remains subject to these interpretations, negotiation and agreement between the parties and will be finalised once the completion accounts process is concluded. The Directors believe the fair value determined is reasonable based on the approach taken. However, once an agreement is reached with the buyer the ultimate amount receivable may be higher or lower than the amount recognised. Based on information available today, the Directors do not expect the amount receivable to be materially lower, although it could be materially higher. The results of the discontinued operation, which have been included in the Consolidated Income Statement, were as follows:
Year ended Year ended
2025 2024
Results of discontinued operations \u00a3m \u00a3m
Revenue
312.5
272.4
Trading profit/(loss)
6.2
(6.5)
Operating profit/(loss)
6.2
(6.5)
Profit/(loss) before tax
3.2
(9.2)
Tax (charge)/credit
(1.1)
2.2
Profit/(loss) from operating activities, net of tax
2.1
(7.0)
Full year impact of disposal
(42.2)
(0.4)
Tax on disposal loss
8.6
0.1
Loss for the period from discontinued operations, net of tax
(31.5)
(7.3)
Other comprehensive (expense)/income, net of tax
(59.6)
3.4
Total comprehensive expense for the period
(91.1)
(3.9)
(Loss)/earnings per share
Basic
(7.62)p
(1.76)p
Diluted
(7.40)p
(1.72)p
Year ended Year ended 2025 2024 \u00a3m \u00a3m Net cash generated in operating activities 7.4 3.2 Net cash from investing activities 78.2 (13.5) Net cash used in financing activities (4.3) (3.9) Net cash flow for the period 81.3 (14.2) Net cash disposed (1.3) \u2013 Net cash impact 80.0 (14.2)
Year ended
2025
Effect of disposal on individual assets and liabilities\ue01f \u00a3m
Assets
Goodwill
1
 27.2
Other intangible assets
1.2
Property, plant and equipment
1
131.0
Deferred tax assets
1.5
Inventories
94.3
Trade and other receivables
41.4
Cash and cash equivalents
1.3
Total assets
297.9
Liabilities
Trade and other payables
(50.8)
Retirement benefits
(1.6)
Lease liabilities
(35.3)
Other creditors
(0.9)
Total liabilities
(88.6)
Net assets disposed
209.3
1
On 30th June 2025, there was a remeasurement loss of \u00a339.7m (\u00a327.2m goodwill, \u00a39.3m property, plant and equipment and \u00a33.2m right of use assets), following the
transfer of these assets to held for sale. This loss is included within the total loss from discontinued operations.
Net assets above offset with recycling of historical FX gain of \u00a354.6m and depreciation stoppage of \u00a37.4m resulting in net assets
disposed of \u00a3147.3m.
Consideration received, satisfied in cash
95.7
Purchase property, plant and equipment
(17.5)
Net cash from investing activities
78.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "
36. Post balance sheet event
The Company made an announcement under Rule 2.4 of the UK Takeover Code on 27 February 2026 in which it confirmed that it was
in discussions with parties in connection with a potential offer for the Company. There can be no certainty that any offer will be made,
or as to the terms of any such offer.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "59/61 High Street, Rickmansworth, Hertfordshire WD3 1RH", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493002HQHWN5JQHKQ51", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }