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"ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-415": { "value": "1905300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "f-416": { "value": "9800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-417": { "value": "1915100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-418": { "value": "
1. Authorisation of financial statements and statement of
compliance
The Consolidated Financial Statements of The Weir Group PLC (the \u2018Company\u2019) and
its subsidiaries (together, the \u2018Group\u2019) for the year ended 31\u00a0December 2025 (\u20182025\u2019)
were approved and authorised for issue in accordance with a resolution of the
Directors on 3\u00a0March 2026. The comparative information is presented for the year
ended 31\u00a0December 2024 (\u20182024\u2019).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "The Weir Group PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "The Weir Group PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
The Consolidated Financial Statements of The Weir Group PLC have been prepared
in accordance with UK-adopted International Accounting Standards and with the
requirements of the Companies Act 2006 as applicable to those companies
reporting under those standards.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "The Weir Group PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
2. Accounting policies
Material accounting policies
The Group\u2019s material accounting policies are set out on pages 176 to 184. These
accounting policies have been applied consistently to all periods presented in these
Consolidated Financial Statements.
Basis of preparation
These financial statements are presented in Sterling. All values are rounded to the
nearest 0.1 million pounds (\u00a3m) except where otherwise\u00a0indicated.
The financial statements are also prepared on a historic cost basis except where
measured at fair value as outlined in the accounting policies.
Going concern
The Directors have a reasonable expectation that the Group has adequate
resources to continue to operate for a period of at least 12 months from the date of
approval of the financial statements. For this reason, they continue to adopt the
going concern basis of preparing the financial statements. In forming this view, the
Directors have reviewed the Group's budget and sensitivity analysis as discussed
further in the Directors' report on pages 151 to 155.
Basis of consolidation
The Consolidated Financial Statements include the results, cash flows and assets
and liabilities of The Weir Group PLC and its subsidiaries, and the Group\u2019s share of
results of its joint venture. For consolidation purposes, subsidiaries and joint ventures
prepare financial information for the same reporting period as the Company using
consistent accounting policies.
A subsidiary is an entity controlled, either directly or indirectly, by the Company,
where control is achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee. The results of a subsidiary acquired
during the period are included in the Group\u2019s results from the effective date on
which control is transferred to the Group. The results of a subsidiary are
deconsolidated from the Group's results from the effective date on which control
has been lost or the subsidiary has been sold. All intra-group transactions, balances,
income and expenses are eliminated on consolidation.
Non-controlling interests represent the portion of profit or loss and net assets in
subsidiaries that are not held by the Group and are presented within equity in the
Consolidated Balance Sheet, separately from the equity attributable to owners of
the Company.
A full list of the Company\u2019s related undertakings can be found on pages 251 to 262.
New accounting standards, amendments and interpretations
The accounting policies that follow are consistent with those of the previous period,
with the exception of the following standards, amendments and interpretations,
which are effective for the year ended 31\u00a0December 2025:
\u2013 Amendments to IAS 21 - Lack of exchangeability.
The amendments listed above are not considered to have a material impact on the
Consolidated Financial Statements of the Group.
The following new accounting standards and interpretations have been published
but are not mandatory for 31\u00a0December 2025:
\u2013 IFRS18 Presentation and disclosure in the financial statements;
\u2013 Amendments to IFRS 9 and IFRS 7 - Amendments to the classification and
measurement of financial instruments;
\u2013 Amendment to IFRS 9 and IFRS 7 - Contracts referencing nature-dependent
electricity; and
\u2013 Amendment to IAS 21 - Translation to hyperinflationary presentation currency.
These amendments have not been early adopted by the Group. The impact
assessment is ongoing, however it is expected that IFRS 18 will have a significant
impact on the presentation of the financial statements. The new accounting
standard does not impact the recognition and measurement of the financial
statements, however, it will significantly alter the income statement and related
disclosures. The Group is currently considering the requirements of the new
standard and the implications for the financial statements. The initial view is that the
following areas may be impacted:
\u2013 The line items presented in the income statement may change as a result of
revised aggregation and disaggregation of information. This will also impact the
disclosures in related notes.
\u2013 The presentation of the income statement.
\u2013 There will also be significant new disclosures for Management Performance
Measures (MPM) and a breakdown of the nature of expenses for line items
presented in the income statement. This disclosure will be dependent on the
method of disclosure in the income statement.
\u2013 For the first annual period of application of IFRS 18 a reconciliation will be provided
between the amounts previously presented under IAS 1 and the revised
presentation under IFRS 18.
\u2013 Goodwill will be disaggregated from intangible assets on the face of the Balance
Sheet.
From initial review, the amendments to IFRS 9, IFRS 7 and IAS 21 are not expected to
have a material impact on the Group in the current or future reporting periods.
Climate change
Climate change is considered to be a key element of our overall sustainability
strategy. As well as considering the impact of climate change across our business
model, the Directors have considered the impact on the financial statements in
accordance with the Task Force on Climate-related Financial Disclosures (TCFD)
recommendations. Climate change is not considered to have a material impact on
the financial reporting judgements and estimates arising from our considerations.
Overall, sustainability is recognised in the market as a growth driver for Weir and a
key part of our investment case. This is consistent with our assessment that climate
change is not expected to have a detrimental impact on the viability of the Group in
the medium-term. Specifically, we note the following.
\u2013 The impact of climate change has been included in the modelling to assess the
viability and going concern status of the Group, both in terms of the preparation
of our Strategic Plan, which underpins our viability statement modelling, and the
modelling of our severe, but plausible downside scenarios;
\u2013 Our assessment of the carrying value of goodwill and intangible assets included
consideration of scenario analysis of potential climate change on our end-markets
and this did not introduce a set of circumstances that were considered could
reasonably lead to an impairment;
\u2013 The impact on the carrying value and useful lives of tangible assets has been
considered, and while we continue to invest in projects to reduce our carbon
impact, the impact is not considered to be material on our existing asset base;
\u2013 In June 2023, the Group successfully completed the issuance of five-year \u00a3300m
Sustainability-Linked Notes. The cost of meeting our linked targets in 2026 has
been considered within the above modelling and the impact is not material.
Further detail on our science-based targets and performance against them is
included in the Emissions Strategy in the Strategic report.
Prior year restatement
Geographic regions
Following a review of the geographic regions reported by the Group, an update has
been made to align the allocation of countries to the World Bank view of global
regions and the Group's internal management regions. As a result, reallocations
have been made from Asia Pacific to Europe, which is now disclosed as Europe and
Central Asia. Australasia has been combined with Asia Pacific with the exception of
Australia. In addition, a review of centrally held goodwill balances resulted in a
change to what was reported as UK-based to better align with the underlying
businesses. The presentation of the geographical information in note 4 has been
amended as shown in the table below. This change relates to presentation only and
has no impact on the results or assets of the Group.
Revenue
Non-current assets
2024 as
previously
reported
2024 restated
2024 as
previously
reported
2024 restated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK
\u2013
\u2013
299.4
27.6
US
\u2013
\u2013
697.9
883.4
Canada
\u2013
\u2013
155.5
150.5
Asia Pacific
306.3
281.3
204.2
240.3
Australia
\u2013
401.6
\u2013
187.5
Australasia
437.5
\u2013
198.2
\u2013
Middle East & Africa
\u2013
\u2013
103.5
167.0
Europe & Central Asia
107.2
168.1
53.4
55.8
Reclassifications of expenditure
Following a review of account code mapping, certain reallocations have been made
between cost of sales, selling & distribution costs and administrative expenses.
There has been no change to the overall operating profit. Note 5 has been restated
for the year ended 31 December 2024. The reallocations resulted in an increase in
cost of sales of \u00a37.9m, an increase of \u00a331.4m in selling & distribution costs and a
corresponding decrease of \u00a339.3m in administrative expenses.
Use of estimates and judgements
The Group\u2019s material accounting policy information is set out below. The preparation
of the Consolidated Financial Statements, in conformity with IFRS, requires
management to make judgements that affect the application of accounting policies
and estimates that impact the reported amounts of assets, liabilities, income and
expense.
Management bases these judgements on a combination of past experience,
professional expert advice and other evidence that is relevant to each individual
circumstance. Actual results may differ from these judgements and the resulting
estimates, which are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the year in which the estimate is revised.
Areas requiring significant judgement in the current year, and on a recurring basis,
are presented to the Audit Committee, as summarised on pages 121 to 126.
Critical judgements and estimates
The areas where management considers critical judgements and estimates to be
required, which are areas more likely to be materially adjusted within the next 12
months due to inherent uncertainty regarding estimates and assumptions, are
those in respect of the following:
Retirement benefits (estimate)
The assumptions underlying the valuation of retirement benefit assets and liabilities
include discount rates, inflation rates and mortality assumptions, which are based on
actuarial advice. Changes in these assumptions could have a material impact on the
measurement of the Group\u2019s retirement benefit obligations. Sensitivities to changes
in key assumptions are provided in note 24.
Provisions (judgement/estimate)
Management judgement is used to determine when a provision is recognised,
taking into account the commercial drivers that gave rise to it, the Group\u2019s previous
experience of similar obligations and the progress of any associated legal
proceedings. The calculation of provisions typically involves management estimates
of associated cash flows and discount rates. The key provision, which required a
greater degree of management judgement and estimate, was the US asbestos
provision and associated insurance asset. This judgement was required up to the
point of deconsolidation, details of which are included in\u00a0note 22.
Deferred taxation (judgement/estimate)
The level of current and deferred tax recognised in the financial statements is
dependent on subjective judgements as to the interpretation of complex
international tax regulations and, in some cases, the outcome of decisions by tax
authorities in various jurisdictions around the world, together with the ability of the
Group to utilise tax attributes within the time limits imposed by the relevant tax
legislation. The value of the recognised US deferred tax asset in relation to US tax
attributes is based on expected future US taxable profits with reference to the
Group's ten-year forecast period and assumptions over the intended use of these
tax attributes during this period. The application of this model and its underlying
assumptions may result in future changes to the deferred tax asset recognised.
Please refer to note 23 for further detail.
Other estimates
Taxation (estimate)
The Group faces a variety of tax risks, which result from operating in a complex
global environment, including the ongoing reform of both international and
domestic tax rules in some of the Group\u2019s larger markets and the challenge to fulfil
ongoing tax compliance filing and transfer pricing obligations given the scale and
diversity of the Group\u2019s global operations.
The Group makes provision for open tax issues where it is probable that an exposure
will arise including, in a number of jurisdictions, transfer pricing positions, which are
by nature complex and can take a number of years to resolve. In all cases, provisions
are based on management\u2019s interpretation of tax law in each country, as supported
where appropriate by discussion and analysis undertaken by the Group\u2019s external
advisers, and reflect the single best estimate of the likely outcome or the expected
value for each liability. Provisions for uncertain tax positions are included in current
tax liabilities and total \u00a34.7m at 31\u00a0December 2025 (2024: \u00a35.1m).
The Group believes it has made adequate provision for such matters, although it is
possible that amounts ultimately paid will be different from the amounts provided,
but not materially within the next 12 months.
Accounting policies
Adjusting items
In order to provide the users of the Consolidated Financial Statements with a more
relevant presentation of the Group\u2019s performance, statutory results for each year
have been analysed between:
\u2013 adjusted results; and
\u2013 the effect of adjusting items.
The principal adjusting items are summarised below. These specific items are
presented on the face of the Consolidated Income Statement, along with the
related adjusting items' taxation, to provide greater clarity and a better
understanding of the impact of these items on the Group\u2019s financial performance. In
doing so, it also facilitates greater comparison of the Group\u2019s underlying results with
prior years and assessment of trends in financial performance. This split is consistent
with how business performance is measured internally. Adjusted results and
adjusting items are discussed in more detail in note 3.
Intangibles amortisation
Intangibles amortisation is expensed in line with the other intangible assets policy,
with separate disclosure provided to allow visibility of the impact of intangible assets
recognised via acquisition, which primarily relate to items that would not normally
be capitalised unless identified as part of\u00a0an acquisition opening balance sheet. The
ongoing costs associated with these assets are expensed.
Exceptional items
Exceptional items are items of income and expense which, because of the nature,
size and/or infrequency of the events giving rise to them, merit separate
presentation. Exceptional items may include, but are not restricted to: profits or
losses arising on disposal or closure of businesses; the cost of significant business
restructuring; significant impairments of intangible or tangible assets; adjustments
to the fair value of acquisition-related items such as contingent consideration and
inventory; and acquisitions and other items deemed exceptional due to their
significance, size or nature. On acquisition of a business, the Group records
inventories at fair value. As this inventory is sold, the unwind of the fair value uplift is
recognised as an exceptional item given this is not representative of the underlying
performance of the acquired business.
Other adjusting items
Other adjusting items are those that do not relate to the Group\u2019s current ongoing
trading and, due to their nature, are treated as adjusting items. For example, these
may include, but are not restricted to,\u00a0past service costs related to pension liabilities.
This also included movements in the provision for asbestos-related claims or the
associated insurance assets and associated costs, which related to the Flow Control
Division that was sold in 2019, but the provision remained with the Group until 28
July 2025, when the US-based subsidiary that held the provision was placed into
Chapter 11 bankruptcy.
Further analysis of the items included in the column \u2018Adjusting items\u2019 in the
Consolidated Income Statement is provided in notes 5 and 6 to\u00a0the financial
statements.
Discontinued operations
In compliance with IFRS 5 \u2018Non-current assets held for sale and discontinued
operations\u2019, when\u00a0it is known that a significant component of the Group will be held
for sale or disposed of,\u00a0the results are disclosed within one line in the Consolidated
Income Statement, with the comparative periods also restated. In the Consolidated
Balance Sheet, the assets and liabilities\u00a0of the component, in the current period only,
are reported as current assets/liabilities held for sale.
As a discontinued operation, the component is measured at the lower of its carrying
amount and fair value less costs to sell. At the time of\u00a0disposal, the foreign currency
translation reserve will be recycled to the Consolidated Income Statement and
included in the gain or loss on\u00a0disposal.
Business combinations
The Group applies the acquisition method in accounting for business combinations.
The consideration transferred by the Group to obtain control of a subsidiary is the
sum of the fair values of assets transferred, liabilities incurred and the equity
interests issued by the Group, which includes the fair value of any asset or liability
arising from a contingent consideration arrangement. Any goodwill arising from the
business combination is accounted for in line with\u00a0the goodwill policy below.
Acquisition costs are expensed as incurred.
On the acquisition of a business, management assesses: (i) the Purchase Price
Allocation (PPA) in order to attribute fair values to separately identifiable intangible
assets providing they meet the recognition criteria; and (ii) the fair values of other
assets and liabilities. The fair values of these intangible assets are dependent on
estimates of attributable future revenues, margins and cash flows, as well as
appropriate discount rates. In addition, the allocation of useful lives to acquired
intangible assets requires the application of judgement based on available
information and management expectations at the time of recognition. The valuation
of other tangible assets and liabilities involves aligning accounting policies with
those of the Group, reflecting appropriate external market valuations for property,
plant and equipment, assessing recoverability of receivables and inventory, and
exposures to unrecorded liabilities.
Joint venture
The Group has a long-term contractual arrangement with another party, which
represents a joint venture. The Group\u2019s interests in the results and assets and
liabilities of its joint venture are accounted for using the equity method.
This investment is carried in the Consolidated Balance Sheet at cost plus post-
acquisition changes in the Group\u2019s share of net assets less any impairment in value.
The Consolidated Income Statement reflects the share of results of operations of
the investment after tax. Where there has been a change recognised directly in the
investee\u2019s equity, the Group recognises its share of any changes and discloses this
when applicable in the Consolidated Statement of Comprehensive Income.
Any goodwill arising on the acquisition of a joint venture, representing the excess of
the cost of the investment over the Group\u2019s share of the net fair value of the joint
venture\u2019s identifiable assets, liabilities and contingent liabilities, is included in the
carrying amount of the joint venture and is not amortised. To the extent that the net
fair value of the joint venture\u2019s identifiable assets, liabilities and contingent liabilities
is greater than the cost of the investment, a gain is recognised and added to the
Group\u2019s share of the joint venture\u2019s profit or loss in the year in which the investment
is acquired.
Equity investment
The Group holds a non-controlling equity stake in an unquoted company. The
holding is classified as a financial asset and is measured at fair value with
subsequent changes in fair value recognised in profit or loss. The Group has utilised
the provision in IFRS 9 which allows, in limited circumstances, to use cost as an
appropriate estimate of fair value. Cost has been determined to represent the best
estimate of fair value given the lack of external market data, the relative infancy of
the business acquired and the wide range of potential fair values that might be
reached in a valuation exercise.
The financial asset is recognised in the Group\u2019s balance sheet as a non-current
asset as there is no intention to sell the asset within 12 months. Dividends from the
investment are recognised in profit or loss.
Foreign currency translation
The financial statements for each of the Group\u2019s subsidiaries and joint ventures are
prepared using their functional currency. The functional currency is the currency of
the primary economic environment in which an entity operates.
At the entity level, transactions denominated in foreign currencies are translated into
the entity\u2019s functional currency at the exchange rate ruling on the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies are
retranslated at the exchange rate ruling on the balance sheet date. Currency
translation differences are recognised in the Consolidated Income Statement
except when hedge accounting is applied and for differences on monetary assets
and liabilities that form part of the Group\u2019s net investment in a foreign operation.
These are recognised in other comprehensive income until the disposal of the net
investment, at which time they are recognised in profit or loss.
On consolidation, the results of foreign operations are translated into Sterling at the
average exchange rate for the year and their assets and liabilities are translated into
Sterling at the exchange rate ruling on the balance sheet date. Currency translation
differences, including those on monetary items that form part of a net investment in
a foreign operation, are recognised in the foreign currency translation reserve and in
other comprehensive income.
In the event that a foreign operation is sold, the gain or loss on disposal recognised
in the Consolidated Income Statement is determined after taking into account the
cumulative currency translation differences that are attributable to the operation. As
permitted by IFRS 1, the Group elected to deem cumulative currency translation
differences to be \u00a3nil as at 27 December 2003. Accordingly, the gain or loss on
disposal of a\u00a0foreign operation does not include currency translation differences
arising before that date.
In the Consolidated Cash Flow Statement, the cash flows of foreign operations are
translated into Sterling at the average exchange rate for the\u00a0year.
Revenue recognition
Revenue is the consideration the Group expects to receive from customers in
exchange for goods and services. Revenue is recognised in the Consolidated
Income Statement when control of goods and services is transferred to the
customer. Transfer of control is deemed to be over time where the following criteria
are met:
\u2013 The customer concurrently receives and consumes the benefits from the Group\u2019s
performance;
\u2013 The Group\u2019s performance creates or enhances a customer-controlled asset; or
\u2013 The Group\u2019s performance does not create an asset with an alternative use and the
Group has a right to payment for performance completed to date.
Where the above criteria are not met, then revenue is recognised at a point in time
when control is transferred to the customer.
Revenue is shown net of sales taxes, discounts and after eliminating sales within the
Group. No\u00a0revenue is recognised where recovery of the consideration is not
probable or there are significant uncertainties regarding associated costs, or the
possible return of goods. Variable consideration is recognised only if it is highly
probable that there will not be a significant revenue reversal. The consideration is an
estimation based on the terms of the contract and other available information.
Liquidated damages can result in variable consideration and will only be recognised
as a deduction from revenue where there is a history of recurring liquidated
damages, for example, for the same customer or product line with the value of the
reduction being the most likely amount from a range of possible outcomes. The
adjustment to\u00a0revenue will be monitored throughout the contract and adjusted as
liquidated damages become more or less likely. Volume discounts are deducted
from revenue based on the most reliable estimates of volumes to be purchased.
The timing of payment from customers is generally aligned to revenue recognition,
subject to agreed payment terms usually in line with industry standards. Certain
contracts may include milestone payments, which do not necessarily align to
revenue recognition: a contract asset is recorded where revenue is recognised in
advance of customer invoicing, and a contract liability is recognised where cash is
received in advance of revenue recognition.
Sale of goods
This policy is applicable to the sale of both original equipment and spare parts
whether sold individually, in bulk or as part of a cross-selling marketing strategy.
Contracts for the provision of both original equipment and spare parts, and where
required services, are combined if one or more of the following is met:
\u2013 The contract achieves a single commercial objective and is negotiated as a
package;
\u2013 The price or performance of one contract influences the amount of consideration
to be paid in the other contract; or
\u2013 The goods or services in the separate contracts represent a single performance
obligation.
Each cross-selling contract is reviewed to identify the performance obligations in relation
to original equipment and spare parts with them only being combined if they are not
capable of being distinct and are not distinct in the context of the contract.
Revenue from the sale of goods is recognised in line with incoterms, which in the
majority of transactions is at the point of despatch. This reflects when the customer
obtains control of the product and can determine its future use and location.
Where the sale of product requires customer inspection, this is deemed to be part
of the main performance obligation so revenue is not recognised until the
inspection has been completed and approved by the customer. In instances where
commissioning is provided, the transfer of control for the sale of goods is at the
point of despatch where commissioning is a separate performance obligation or
once commissioning is complete where combined in the sale of goods
performance obligation. A separate performance obligation for commissioning is
identified where a customer could obtain the same service from a third-party
supplier with revenue in respect of commissioning being recognised once the
commissioning is complete.
Provision of services
The revenue recognition of provision of services is dependent on the nature of the
contracts. Shorter-term contracts tend to be for \u2018one-off\u2019 service provision, which
means the customer only consumes the benefit from the Group\u2019s performance
when the work is complete. Revenue\u00a0is,\u00a0therefore, recognised at a point in time for
such contracts. For other contracts, revenue from the rendering of services is
generally recognised over time where the customer concurrently receives and
consumes a benefit from the Group\u2019s performance over the period of the contract
duration. Revenue from services is recognised in proportion to the stage of
completion of the performance obligations at the balance sheet date. The stage of
completion is assessed by reference to the transfer of control over time, which
usually corresponds to the contractual\u00a0agreement with each separate customer
and the costs incurred on the contract to date in comparison with the total forecast
costs of\u00a0the contract.
Subscription services
Revenue for subscription services and annual licences is recognised over the life of
the subscription or licence due to the requirement to provide support throughout
the subscription period to ensure functionality and the annual nature of the licence.
Construction contracts
Revenue for construction contracts is recognised over time as the contracts usually
contain discrete elements separately transferring control to\u00a0customers over the life
of the contract and the Group\u2019s performance does not create an asset with an
alternative use.
The stage of completion of a contract is determined either by reference to the
proportion that contract costs incurred for work performed to date bear to the
estimated total contract costs, or by reference to the completion of a physical
proportion of the contract work. Both these methods are faithful depictions of the
transfer of control given the Group has a right to payment for performance
completed to date. The basis used is dependent upon the nature of\u00a0the underlying
contract. For instances where the work is subject to formal customer acceptance
procedures, revenue will only be recognised once the customer review has been
completed and approved by the customer as this is the point both parties are in
agreement that control has been transferred in line with contract terms. Losses on
contracts are recognised in the year when such losses become probable.
Property, plant & equipment
Property, plant and equipment comprises owned assets and right-of-use assets
that do not meet the definition of investment property.
Owned assets
Owned property, plant and equipment is stated at cost less accumulated
depreciation and any recognised impairment losses. Freehold land and\u00a0assets
under construction are not depreciated. Depreciation of property, plant and
equipment is provided on a straight-line basis so as to charge the cost less residual
value to the Consolidated Income Statement over the expected useful life of the
asset concerned, and is in the following ranges:
Freehold buildings, long leasehold land and buildings10\u201340 years
Plant and equipment\u00a0 3\u201320 years
Right-of-use assets and lease liabilities
At inception of a contract, the Group assesses whether the contract is, or contains, a
lease. A\u00a0contract is, or contains, a lease if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration. To
assess whether a contract conveys the right to control the use of an identified asset,
the Group assesses whether it has both the right to obtain substantially all of the
economic benefits from use of\u00a0the identified asset and the right to direct the use of
the identified asset throughout the period of use.
The Group recognises a lease liability and right-of-use asset at the lease
commencement date. The lease liability is initially measured as the present value of
the lease payments that are not paid at the commencement date, discounted using
the interest rate implicit in the lease, or where the interest rate implicit in the lease
cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally,
the Group uses its incremental borrowing rate as the discount rate. The Group\u2019s
incremental borrowing rate is calculated by taking the government borrowing rate
in any given currency and adding the estimated Group credit spreads for a variety
of tenors. An interpolation is performed annually to obtain one rate for each of the
major lease currencies based on the weighted average life of the lease book.
Lease payments consist of the following components:
\u2013 fixed payments, including in-substance fixed payments, less any lease incentives
receivable;
\u2013 variable lease payments that depend on an index or a rate;
\u2013 amounts expected to be payable by the lessee under residual value guarantees;
\u2013 the exercise price of a purchase option (if the lessee is reasonably certain to
exercise that option); and
\u2013 payments of penalties for terminating the lease (if the lease term reflects the
lessee exercising the option to terminate the lease).
The right-of-use asset is measured as equal to the lease liability and adjusted for:
\u2013 lease payments made to the lessor at or before the commencement date;
\u2013 lease incentives received;
\u2013 initial direct costs associated with the lease; and
\u2013 an initial estimate of restoration costs.
The right-of-use asset is depreciated using the straight-line method over the lease
term. In\u00a0addition, the right-of-use asset is periodically reduced by any impairment
losses.
The Group has adopted the exemption available for short-term leases, with
payments being recognised on a straight-line basis over the lease term. Short-term
leases are defined as leases with a lease term of 12 months or less.
The Group has adopted the exemption available for low value assets, with payments
being recognised on a straight-line basis over the lease term. Leases relating to
laptops, desktop computers, mobile phones, photocopiers, printers and other office
equipment, where the asset value is less than \u00a33,500, or the local currency
equivalent, have been treated as low value. Where the lease contract meets both
short-term and low value exemptions, the annual cost of\u00a0the lease is reported within
expenses relating to short-term leases.
For each lease, the lease term has been calculated as the non-cancellable period of
the lease contract, except where the Group is reasonably certain that it will exercise
contractual extension options. In assessing whether a lessee is reasonably certain to
exercise an option to extend a lease, or not to exercise an option to terminate a
lease, the Group shall consider all relevant facts and circumstances that create an
economic incentive for the lessee to exercise the option to extend the lease, or not
to exercise the option to terminate the lease. In certain circumstances, the Group will
refer to the five-year Strategic Plan period as an appropriate period to consider
whether the \u2018reasonably certain\u2019 criteria are met.
Goodwill
Goodwill arises on the acquisition of businesses and represents any excess of the
cost of the acquired entity over the Group\u2019s interest in the fair value of the entity\u2019s
identifiable assets, liabilities and contingent liabilities determined at the date of
acquisition. Acquisition costs are recognised in the Consolidated Income Statement
in the year in which they are incurred. Goodwill in respect of an acquired business is
recognised as an intangible asset. Goodwill is carried at cost less any recognised
impairment losses and is tested at least annually or where there are indicators of
impairment.
The carrying amount of goodwill allocated to a cash generating unit is taken into
account when determining the gain or loss on disposal of the\u00a0unit.
An assessment of probable contingent consideration is recognised at the date of
acquisition or disposal. For acquisitions, subsequent changes to the fair value of the
contingent consideration are adjusted against the cost of acquisition where they
qualify as measurement period adjustments. The measurement period is the period
from the date of acquisition to the date that the Group obtains complete
information about facts and circumstances that existed as of the acquisition date,
and is subject to a maximum of one year. If the change does not qualify as a
measurement period adjustment, it is reflected in the Consolidated Income
Statement as an adjusting item. For disposals, any subsequent change in contingent
consideration is adjusted against the disposal proceeds and the gain or loss on
disposal.
Other intangible assets
Intangible assets acquired separately are measured at cost on initial recognition. An
intangible resource acquired in a business combination is recognised as an
intangible asset if it is separable from the acquired business or arises from
contractual or legal rights and it is expected to generate future economic benefits.
An intangible asset with a finite life is amortised on a straight-line basis so as to
charge its cost, which in respect of an acquired intangible asset represents its fair
value at the acquisition date, to the Consolidated Income Statement over its
expected useful life. An intangible asset with an indefinite life is\u00a0not amortised but is
tested at least annually for impairment and carried at cost less any recognised
impairment losses.
Brand names
Brands are recognised as a result of a business combination. The brand is
recognised if it is separable from the remaining business and is expected to
generate future economic benefits. Internally generated brands are not capitalised
in accordance with IAS 38 'Intangible assets'.
Brands are fair valued at acquisition and subsequently measured at cost less any
accumulated impairment. All subsequent expenditure is expensed to the
Consolidated Income Statement as incurred.
Due to the long-term nature of the brands, and there being no foreseeable limit to
the period over which they are determined to generate economic benefit, the
Group has assessed that they have indefinite useful lives, with the exception of
Motion Metrics, which is amortised over 15 years. An annual impairment exercise is
completed for brands with an indefinite useful life, to confirm that the value in use,
based on discounted cash flows, exceeds the carrying value.
Customer and distributor relationships
Customer and distributor relationships are recognised as part of a business
combination if they are separable from the acquired business or arise from
contractual or legal rights. They represent the relationships that the acquiree has
built up over a significant period of time and will provide repeat custom to the
business, which will generate future economic benefit.
The assets are initially recorded at fair value at acquisition and subsequently
recognised at cost less accumulated amortisation and impairment. All subsequent
expenditure is charged to the Consolidated Income Statement as incurred.
Amortisation is charged to the Consolidated Income Statement over the useful life
of the asset. The useful life can vary depending on the circumstances of each
acquisition. The useful lives range from five to 30 years.
If there are any indicators of impairment, an assessment of the value in use of the
relationships is completed. If the carrying value exceeds the value in use, the
variance is accounted for as an impairment to the asset with a corresponding
charge to the Consolidated Income Statement.
Software
Software assets can be purchased, acquired or internally generated. Software that is
not an integral part of related hardware is recognised as an intangible asset.
Software is recognised at cost less accumulated amortisation and impairment.
Amortisation is spread over the estimated useful life of the software, which can
range from four to eight years.
Software as a Service (SaaS) arrangements provide the Group with the right to access
cloud-based software applications over a contractual period. The software remains the
intellectual property of the developer and as a result, the Group does not recognise an
intangible asset in relation to subscription fees and costs incurred to customise or
configure the software. The related costs are recognised in the Consolidated Income
Statement when the service is received.
Costs incurred to enhance or develop an existing intangible asset or develop new
software code that meet the definition and recognition criteria of an intangible asset
are capitalised as\u00a0intangible software assets. Amortisation is recognised over the
expected useful life of the\u00a0software.
Trademarks and intellectual property
Trademarks and intellectual property are legally protected rights that are expected
to generate future revenues. On acquisition, they are measured at fair value based
on discounted expected cash flows. Assets are subsequently held at cost less
accumulated amortisation and\u00a0impairment.
The assets are amortised based on the period in which the legal protection is in
place or the asset is expected to generate revenues. The amortisation period for the
currently capitalised trademarks ranges from six to 15 years.
Other
Other intangible assets are stated at cost less accumulated amortisation and any
recognised impairment losses. The expected useful life of other intangible assets is
up to six years.
Research & development costs
All research expenditure is charged to the Consolidated Income Statement in the
year in which it is incurred.
Development expenditure is charged to the Consolidated Income Statement in the
year in which it is incurred unless it relates to the development of a new product or
technology and meets the following requirements:
\u2013 it is incurred after the technical feasibility and commercial viability of the product
has been proven;
\u2013 the development costs can be measured reliably;
\u2013 future economic benefits are probable; and
\u2013 the Group intends, and has sufficient resources, to complete the development
and to use or sell the asset.
Any such capitalised development expenditure is amortised on a straight-line basis
so it is charged to the Consolidated Income Statement over the expected life of the
resulting product or technology.
Government grants
Government grants are recognised at their fair value where it is certain that the
grant will be received and the Group will comply with all attached conditions.
Government grants relating to costs are deferred and recognised in the income
statement over the period necessary to match them with the costs they are
intended to compensate. Government grants relating to the purchase of property,
plant and equipment are deducted in arriving at the carrying amount of the related
asset.
Impairment of non-current assets
All non-current assets are tested for impairment whenever events or circumstances
indicate that their carrying values might be impaired. Additionally, goodwill and
intangible assets with an indefinite life are subject to an annual impairment test.
An impairment loss is recognised to the extent that an asset\u2019s carrying value
exceeds its recoverable amount, which represents the higher of the asset\u2019s fair value
less costs to sell and its value in use. An asset\u2019s value in use represents the present
value of the future cash flows expected to be derived from the asset. Where it is not
possible to estimate the recoverable amount of an individual asset, the impairment
test is conducted for the cash generating unit to which it belongs. Similarly, the
recoverable amount of goodwill is determined by reference to the discounted
future cash flows of the cash generating units to which it is allocated.
Impairment losses are recognised in the Consolidated Income Statement.
Impairment losses recognised in previous periods for an asset other than goodwill
are reversed if there has been a change in the estimates used to determine the
asset\u2019s recoverable amount. The carrying amount of an asset shall not be increased
above the carrying amount that would have been determined had no impairment
loss been recognised for the asset in prior periods. Impairment losses recognised in
respect of goodwill are not reversed.
Inventories
Inventories are valued at the lower of cost and net realisable value, with due
allowance for any obsolete or slow-moving items. Cost represents the expenditure
incurred in bringing inventories to their existing location and condition, and
comprises the cost of raw materials, direct labour costs, other direct costs and
related production overheads. Raw material cost is generally determined on a first-
in, first-out basis. Net realisable value is the estimated selling price less costs to
complete and sell.
Financial assets & liabilities
The Group\u2019s principal financial assets and liabilities, other than derivatives, comprise
bank overdrafts, short-term borrowings, loans and fixed-rate notes, cash and short-
term deposits. The Group also has other financial assets and liabilities such as trade
receivables, trade payables and leases which arise directly from its operations. Other
receivables include non-current assets in relation to an insurance policy held for a
grantor trust. This Trust Owned Life Insurance policy is held at fair value, which is
equivalent to its surrender value.
A financial asset is generally derecognised when the contract that gives rise to it is
settled, sold, cancelled or expires.
A financial liability is derecognised when the obligation under the liability is
discharged, cancelled or expires. Where an existing financial liability is replaced by
another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is
treated as a derecognition of the original liability and the recognition of a new
liability, such that the difference in the respective carrying amounts, together with
any costs or fees incurred, are recognised in profit or loss. Under IFRS 9 'Financial
instruments', where the modification is not substantial, the modified cash flows are
discounted at the original effective interest rate to determine a revised carrying
amount of the liability, with any difference in carrying amount recognised in the
Income Statement.
Reimbursement asset
The Group held several insurance policies with regards to legal claims in relation to
alleged asbestos exposure as discussed in note 22. In accordance with IAS 37
\u2018Provisions, contingent liabilities and contingent assets\u2019, a reimbursement asset is
only recognised when it is virtually certain that the asset will be received and there is
a corresponding liability recognised. The value recognised was the lower of the
amount confirmed by the insurer under the policy and the provision for the related
liability. If receipt of the asset is probable the asset is not recognised but disclosed.
Trade receivables
Trade receivables, which are generally of a short-term nature, are recognised at
original invoice amount where the consideration is unconditional. If they contain
significant financing components, trade receivables are instead recognised at fair
value. The Group holds trade receivables to collect the contractual cash flows and,
therefore, measures them subsequently at amortised cost using the effective
interest method. Details of the Group\u2019s impairment policies and the calculation of
the loss allowance are provided in note 18 and the policy in\u00a0respect of invoice
discounting is included in note 30.
Cash & cash equivalents
Cash and cash equivalents comprise cash in hand, deposits available on demand
and other short-term highly liquid investments with a maturity on acquisition of
three months or less and bank overdrafts and short-term borrowings with a
maturity on acquisition of three months or less. Bank overdrafts are presented as
current liabilities to the extent that there is no right of offset with cash balances.
Trade payables
Trade payables are recognised and carried at original invoice amount. The Group\u2019s
supply chain financing programme policy and assessment for the year is provided
in note 21.
Interest-bearing loans & borrowings
Obligations for loans and borrowings are recognised when the Group becomes
party to the related contracts and are measured initially at fair value less directly
attributable transaction costs. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the effective
interest method. Amortised cost is calculated by taking into account any issue costs
and any discount or premium on settlement. Borrowings are classified as current
liabilities unless the Group has an unconditional right to settle the liability at least 12
months after the balance sheet date.
The Group has Sustainability-Linked Notes with interest rates which are linked to the
achievement of Sustainability Performance Targets (SPT). After initial recognition,
these Sustainability-Linked Notes are measured at amortised cost using the
effective interest rate method. In the event that the SPTs are not expected to be
achieved, consideration will be given to the impact on cash flows on the
Sustainability-Linked Notes. Under IFRS 9 'Financial instruments', where the
modification is not substantial, the modified cash flows are discounted at the
original effective interest rate to determine a revised carrying amount of the liability,
with any difference in carrying amount recognised in the Income Statement.
Provisions, contingent liabilities & contingent assets
A provision is recognised in the Consolidated Balance Sheet when the Group has a
legal or constructive obligation as a result of a past event, the obligation can be
estimated reliably and it is probable that an outflow of economic benefits will be
required to settle the obligation. If the effect is material, provisions are determined
by discounting the expected future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and, where appropriate, the risks
specific to the liability.
A contingent liability is disclosed if there is a possible obligation as a result of a past
event that might, but will probably not, require an outflow of economic benefits; or
there is a present obligation as a result of a past event that probably requires an
outflow of economic benefits, but where the obligation cannot be measured
reliably.
A contingent asset is disclosed if an inflow of economic benefits is probable arising
from past events and whose existence will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future events not wholly within the control
of the entity.
Derivative financial instruments & hedge accounting
The Group uses derivative financial instruments, principally forward foreign currency
contracts and\u00a0cross-currency swaps, to reduce its exposure to exchange rate
movements. The Group also uses foreign currency borrowings as a hedge of its
exposure to foreign exchange risk on its investments in foreign subsidiaries. Additionally,
the Group periodically uses interest rate swaps to\u00a0manage its exposure to interest rate
risk. The Group does not hold or issue derivatives for speculative or trading purposes.
Derivative financial instruments are recognised as assets and liabilities measured at their
fair values at the balance sheet date. The fair value of forward foreign currency contracts
is calculated as the present value of the estimated future cash flows based on spot and
forward foreign exchange rates, and counterparty and the Group\u2019s own credit risk. The
fair value of interest rate swaps and cross-currency swaps is calculated as the present
value of the estimated future cash flows based on interest rate curves, spot foreign
exchange rates, and counterparty and own credit risk. Changes in their fair values are
recognised in the Consolidated Income Statement, except where hedge accounting is
used, provided the conditions specified by IFRS 9 are met. Hedge accounting is applied
in respect of hedge relationships where it is both permissible under IFRS 9 and practical
to\u00a0do so. When hedge accounting is used, the relevant hedging relationships
are\u00a0classified as fair value hedges, cash flow hedges or net investment hedges,
as\u00a0appropriate.
Where the hedging relationship is classified as a fair value hedge, the carrying amount of
the hedged asset or liability will be adjusted by the increase or decrease in its fair value
attributable to\u00a0the hedged risk and the resulting gain or loss will be recognised in the
Consolidated Income Statement where, to the extent that the hedge is effective, it will be
offset by the change in the fair value of the hedging instrument.
For fair value hedges in which the spot element of the hedging instrument has been
designated to the hedge, the changes in the forward element of the hedging
instrument is recognised within other comprehensive income in the costs of
hedging reserve within equity.
Where the hedging relationship is classified as a cash flow or net investment hedge, to
the extent that the hedge is effective, changes in the fair value of the hedging
instrument will be recognised directly in other comprehensive income. For the cash flow
hedge, when the hedged asset or liability is recognised in the financial statements, the
accumulated gains and losses recognised in other comprehensive income will be either
recycled to the income statement or, if the hedged item results in a non-financial asset,
will be recognised as adjustments to its initial carrying amount. For net investment
hedges, gains and losses on hedging instruments designated as hedges of the net
investments in foreign operations are recognised in other comprehensive income to the
extent that the hedging relationship is effective. Gains and losses accumulated in the
foreign currency translation reserve are recycled to the income statement when the
foreign operation is disposed of.
Hedge accounting is discontinued when the hedging instrument expires or is sold,
terminated or exercised, or no longer qualifies for hedge accounting. At that point in
time, any cumulative gain or loss on the hedging instrument recognised through other
comprehensive income is kept in equity until the forecasted transaction occurs. If a
hedged transaction is no longer expected to occur, the net cumulative gain or loss that
was reported in equity is immediately reclassified to the income statement in the period.
Derivatives embedded in non-derivative host contracts, which are not already measured
at fair value through profit or loss, are recognised separately as derivative financial
instruments when their\u00a0risks and characteristics are not closely related to those of the
host contract and the host contract is not stated at its fair value with changes in its fair
value recognised in the Consolidated Income Statement.
Where items are recognised in the Consolidated Income Statement, these are
presented within operating profit or finance costs dependent on their\u00a0nature.
Share-based payments
Equity settled share-based incentives are provided to employees under the Group\u2019s
Share Reward Plan (SRP), formerly the Long-Term Incentive Plan (LTIP), the Weir
ShareBuilder Plan (WSBP) and as a consequence of occasional one-off conditional
awards made to employees.
The fair value of SRP awards and one-off conditional awards at the date of the grant
is calculated using appropriate pricing models and the cost is recognised on a
straight-line basis over the vesting period. Adjustments are made to reflect
expected and actual forfeitures during the vesting period due to failure to satisfy
service or performance conditions, where applicable. The conditions of the SRP for
the Executive Directors, which took effect in 2018, are summarised in the Directors\u2019
Remuneration Policy, which can be found on the Company\u2019s website at
corporategovernance.weir. The conditions of the SRP for Senior Management are
summarised in note 28.
The fair value of WSBP awards at grant date is calculated as the share price at the
date of the grant less an adjustment for loss of reinvestment return on the dividend
equivalent. There are no performance conditions attached to these awards, but
participants who leave the Company prior to vesting lose their right to the awards.
The terms of the share awards granted under the WSBP are set out on the plan\u2019s
website at sharebuilder.weir.
Treasury shares
The Weir Group PLC shares held by the Company, or those held in Trust, are classified in
Shareholders\u2019 equity as treasury shares and are recognised at cost. Consideration
received for the sale of such shares is also recognised in equity, with any difference
between the proceeds from sale and the original cost being taken directly to retained
earnings. No gain or loss is recognised in total comprehensive income on the purchase,
sale, issue or cancellation of equity shares.
Post-employment benefits
Post-employment benefits comprise pension benefits provided to certain current
and former employees in the UK, US and Canada and post-retirement healthcare
benefits provided to certain employees in the US.
For defined benefit pension and post-retirement healthcare plans, the annual
service cost is calculated using the projected unit credit method and is recognised
over the future service lives of participating employees, in accordance with the
advice of qualified actuaries. Current service cost and administration expenses are
recognised in operating costs and net interest on the net pension liability is
recognised in finance costs.
The finance cost recognised in the Consolidated Income Statement in the year
reflects the net interest on the net pension liability/asset. This represents the change
in the net pension liability/asset resulting from the passage of time, and is
determined by applying the discount rate to the opening net liability/asset, taking
into account employer contributions paid into the plan, and hence reducing or
increasing the net liability/asset, during the year.
Past service costs resulting from enhanced benefits are recognised immediately in
the Consolidated Income Statement. Actuarial gains and losses, which represent
differences between interest on the plan assets, experience on the benefit
obligation and the effect of changes in actuarial assumptions, are recognised in full
in other comprehensive income in the year in which they occur.
The defined benefit liability or asset recognised in the Consolidated Balance Sheet
comprises the net total for each plan of the present value of the benefit obligation,
using a discount rate based on yields at the balance sheet date on appropriate high
quality corporate bonds that have maturity dates approximating the terms of the
Group\u2019s obligations and are denominated in the currency in which the benefits are
expected to be paid minus the fair value of the plan assets, if any, at the balance
sheet date. The balance sheet asset recognised is limited to the present value of
economic benefits, which may be available for the Group to recover by way of
refunds or a reduction in future contributions. In order to calculate the present value
of economic benefits, consideration is also given to any minimum funding
requirements.
For defined contribution plans, the cost represents the Group\u2019s contributions to the
plans and these are charged to the Consolidated Income Statement in the year in
which they fall due, along with any associated administration costs.
Taxation
Current tax is the amount of tax payable or recoverable in respect of the taxable profit or
loss for the\u00a0year.
Deferred tax liabilities represent tax payable in future years in respect of taxable
temporary differences. Deferred tax assets represent tax recoverable in future years in
respect of deductible temporary differences, the carry forward of unutilised tax losses
and the carry forward of unused tax credits. Deferred tax is measured on an
undiscounted basis using the tax rates and laws that have been enacted or
substantively enacted at the balance sheet date and are expected to apply when the
deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax is recognised on temporary differences between the carrying amount of an
asset or liability in the balance sheet and its tax base with the following exceptions:
-Deferred tax arising from the initial recognition of goodwill, or of an asset or liability in a
transaction that is not a business combination, that, at\u00a0the time of the transaction,
affects neither accounting nor taxable profit or loss, is not recognised;
-Deferred tax is provided on temporary differences arising on investments in
subsidiaries and joint ventures, except where the timing of the reversal of the
temporary difference can be controlled and it is probable that the temporary
difference will not reverse in the foreseeable future; and
-A deferred tax asset is recognised only to the extent that it is probable that future
taxable profits will be available against which the asset can be\u00a0utilised.
Current and deferred tax is recognised in the Consolidated Income Statement except if
it relates to an item recognised directly in equity, in which case it is recognised directly in
equity.
The Group also recognises provisions in the Consolidated Balance Sheet for uncertain
tax positions as disclosed above in other accounting estimates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
Basis of preparation
These financial statements are presented in Sterling. All values are rounded to the
nearest 0.1 million pounds (\u00a3m) except where otherwise\u00a0indicated.
The financial statements are also prepared on a historic cost basis except where
measured at fair value as outlined in the accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
Going concern
The Directors have a reasonable expectation that the Group has adequate
resources to continue to operate for a period of at least 12 months from the date of
approval of the financial statements. For this reason, they continue to adopt the
going concern basis of preparing the financial statements. In forming this view, the
Directors have reviewed the Group's budget and sensitivity analysis as discussed
further in the Directors' report on pages 151 to 155", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
Basis of consolidation
The Consolidated Financial Statements include the results, cash flows and assets
and liabilities of The Weir Group PLC and its subsidiaries, and the Group\u2019s share of
results of its joint venture. For consolidation purposes, subsidiaries and joint ventures
prepare financial information for the same reporting period as the Company using
consistent accounting policies.
A subsidiary is an entity controlled, either directly or indirectly, by the Company,
where control is achieved when the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee. The results of a subsidiary acquired
during the period are included in the Group\u2019s results from the effective date on
which control is transferred to the Group. The results of a subsidiary are
deconsolidated from the Group's results from the effective date on which control
has been lost or the subsidiary has been sold. All intra-group transactions, balances,
income and expenses are eliminated on consolidation.
Non-controlling interests represent the portion of profit or loss and net assets in
subsidiaries that are not held by the Group and are presented within equity in the
Consolidated Balance Sheet, separately from the equity attributable to owners of
the Company.
A full list of the Company\u2019s related undertakings can be found on pages", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
New accounting standards, amendments and interpretations
The accounting policies that follow are consistent with those of the previous period,
with the exception of the following standards, amendments and interpretations,
which are effective for the year ended 31\u00a0December 2025:
\u2013 Amendments to IAS 21 - Lack of exchangeability.
The amendments listed above are not considered to have a material impact on the
Consolidated Financial Statements of the Group.
The following new accounting standards and interpretations have been published
but are not mandatory for 31\u00a0December 2025:
\u2013 IFRS18 Presentation and disclosure in the financial statements;
\u2013 Amendments to IFRS 9 and IFRS 7 - Amendments to the classification and
measurement of financial instruments;
\u2013 Amendment to IFRS 9 and IFRS 7 - Contracts referencing nature-dependent
electricity; and
\u2013 Amendment to IAS 21 - Translation to hyperinflationary presentation currency.
These amendments have not been early adopted by the Group. The impact
assessment is ongoing, however it is expected that IFRS 18 will have a significant
impact on the presentation of the financial statements. The new accounting
standard does not impact the recognition and measurement of the financial
statements, however, it will significantly alter the income statement and related
disclosures. The Group is currently considering the requirements of the new
standard and the implications for the financial statements. The initial view is that the
following areas may be impacted:
\u2013 The line items presented in the income statement may change as a result of
revised aggregation and disaggregation of information. This will also impact the
disclosures in related notes.
\u2013 The presentation of the income statement.
\u2013 There will also be significant new disclosures for Management Performance
Measures (MPM) and a breakdown of the nature of expenses for line items
presented in the income statement. This disclosure will be dependent on the
method of disclosure in the income statement.
\u2013 For the first annual period of application of IFRS 18 a reconciliation will be provided
between the amounts previously presented under IAS 1 and the revised
presentation under IFRS 18.
\u2013 Goodwill will be disaggregated from intangible assets on the face of the Balance
Sheet.
From initial review, the amendments to IFRS 9, IFRS 7 and IAS 21 are not expected to
have a material impact on the Group in the current or future reporting periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
Prior year restatement
Geographic regions
Following a review of the geographic regions reported by the Group, an update has
been made to align the allocation of countries to the World Bank view of global
regions and the Group's internal management regions. As a result, reallocations
have been made from Asia Pacific to Europe, which is now disclosed as Europe and
Central Asia. Australasia has been combined with Asia Pacific with the exception of
Australia. In addition, a review of centrally held goodwill balances resulted in a
change to what was reported as UK-based to better align with the underlying
businesses. The presentation of the geographical information in note 4 has been
amended as shown in the table below. This change relates to presentation only and
has no impact on the results or assets of the Group.
Revenue
Non-current assets
2024 as
previously
reported
2024 restated
2024 as
previously
reported
2024 restated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK
\u2013
\u2013
299.4
27.6
US
\u2013
\u2013
697.9
883.4
Canada
\u2013
\u2013
155.5
150.5
Asia Pacific
306.3
281.3
204.2
240.3
Australia
\u2013
401.6
\u2013
187.5
Australasia
437.5
\u2013
198.2
\u2013
Middle East & Africa
\u2013
\u2013
103.5
167.0
Europe & Central Asia
107.2
168.1
53.4
55.8
Reclassifications of expenditure
Following a review of account code mapping, certain reallocations have been made
between cost of sales, selling & distribution costs and administrative expenses.
There has been no change to the overall operating profit. Note 5 has been restated
for the year ended 31 December 2024. The reallocations resulted in an increase in
cost of sales of \u00a37.9m, an increase of \u00a331.4m in selling & distribution costs and a
corresponding decrease of \u00a339.3m in administrative expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
Reclassifications of expenditure
Following a review of account code mapping, certain reallocations have been made
between cost of sales, selling & distribution costs and administrative expenses.
There has been no change to the overall operating profit. Note 5 has been restated
for the year ended 31 December 2024. The reallocations resulted in an increase in
cost of sales of \u00a37.9m, an increase of \u00a331.4m in selling & distribution costs and a
corresponding decrease of \u00a339.3m in administrative expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
Use of estimates and judgements
The Group\u2019s material accounting policy information is set out below. The preparation
of the Consolidated Financial Statements, in conformity with IFRS, requires
management to make judgements that affect the application of accounting policies
and estimates that impact the reported amounts of assets, liabilities, income and
expense.
Management bases these judgements on a combination of past experience,
professional expert advice and other evidence that is relevant to each individual
circumstance. Actual results may differ from these judgements and the resulting
estimates, which are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the year in which the estimate is revised.
Areas requiring significant judgement in the current year, and on a recurring basis,
are presented to the Audit Committee, as summarised on pages 121 to 126.
Critical judgements and estimates
The areas where management considers critical judgements and estimates to be
required, which are areas more likely to be materially adjusted within the next 12
months due to inherent uncertainty regarding estimates and assumptions, are
those in respect of the following:
Retirement benefits (estimate)
The assumptions underlying the valuation of retirement benefit assets and liabilities
include discount rates, inflation rates and mortality assumptions, which are based on
actuarial advice. Changes in these assumptions could have a material impact on the
measurement of the Group\u2019s retirement benefit obligations. Sensitivities to changes
in key assumptions are provided in note 24.
Provisions (judgement/estimate)
Management judgement is used to determine when a provision is recognised,
taking into account the commercial drivers that gave rise to it, the Group\u2019s previous
experience of similar obligations and the progress of any associated legal
proceedings. The calculation of provisions typically involves management estimates
of associated cash flows and discount rates. The key provision, which required a
greater degree of management judgement and estimate, was the US asbestos
provision and associated insurance asset. This judgement was required up to the
point of deconsolidation, details of which are included in\u00a0note 22.
Deferred taxation (judgement/estimate)
The level of current and deferred tax recognised in the financial statements is
dependent on subjective judgements as to the interpretation of complex
international tax regulations and, in some cases, the outcome of decisions by tax
authorities in various jurisdictions around the world, together with the ability of the
Group to utilise tax attributes within the time limits imposed by the relevant tax
legislation. The value of the recognised US deferred tax asset in relation to US tax
attributes is based on expected future US taxable profits with reference to the
Group's ten-year forecast period and assumptions over the intended use of these
tax attributes during this period. The application of this model and its underlying
assumptions may result in future changes to the deferred tax asset recognised.
Please refer to note 23 for further detail.
Other estimates
Taxation (estimate)
The Group faces a variety of tax risks, which result from operating in a complex
global environment, including the ongoing reform of both international and
domestic tax rules in some of the Group\u2019s larger markets and the challenge to fulfil
ongoing tax compliance filing and transfer pricing obligations given the scale and
diversity of the Group\u2019s global operations.
The Group makes provision for open tax issues where it is probable that an exposure
will arise including, in a number of jurisdictions, transfer pricing positions, which are
by nature complex and can take a number of years to resolve. In all cases, provisions
are based on management\u2019s interpretation of tax law in each country, as supported
where appropriate by discussion and analysis undertaken by the Group\u2019s external
advisers, and reflect the single best estimate of the likely outcome or the expected
value for each liability. Provisions for uncertain tax positions are included in current
tax liabilities and total \u00a34.7m at 31\u00a0December 2025 (2024: \u00a35.1m).
The Group believes it has made adequate provision for such matters, although it is
possible that amounts ultimately paid will be different from the amounts provided,
but not materially within the next 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
Exceptional items
Exceptional items are items of income and expense which, because of the nature,
size and/or infrequency of the events giving rise to them, merit separate
presentation. Exceptional items may include, but are not restricted to: profits or
losses arising on disposal or closure of businesses; the cost of significant business
restructuring; significant impairments of intangible or tangible assets; adjustments
to the fair value of acquisition-related items such as contingent consideration and
inventory; and acquisitions and other items deemed exceptional due to their
significance, size or nature. On acquisition of a business, the Group records
inventories at fair value. As this inventory is sold, the unwind of the fair value uplift is
recognised as an exceptional item given this is not representative of the underlying
performance of the acquired business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
Discontinued operations
In compliance with IFRS 5 \u2018Non-current assets held for sale and discontinued
operations\u2019, when\u00a0it is known that a significant component of the Group will be held
for sale or disposed of,\u00a0the results are disclosed within one line in the Consolidated
Income Statement, with the comparative periods also restated. In the Consolidated
Balance Sheet, the assets and liabilities\u00a0of the component, in the current period only,
are reported as current assets/liabilities held for sale.
As a discontinued operation, the component is measured at the lower of its carrying
amount and fair value less costs to sell. At the time of\u00a0disposal, the foreign currency
translation reserve will be recycled to the Consolidated Income Statement and
included in the gain or loss on\u00a0disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
Business combinations
The Group applies the acquisition method in accounting for business combinations.
The consideration transferred by the Group to obtain control of a subsidiary is the
sum of the fair values of assets transferred, liabilities incurred and the equity
interests issued by the Group, which includes the fair value of any asset or liability
arising from a contingent consideration arrangement. Any goodwill arising from the
business combination is accounted for in line with\u00a0the goodwill policy below.
Acquisition costs are expensed as incurred.
On the acquisition of a business, management assesses: (i) the Purchase Price
Allocation (PPA) in order to attribute fair values to separately identifiable intangible
assets providing they meet the recognition criteria; and (ii) the fair values of other
assets and liabilities. The fair values of these intangible assets are dependent on
estimates of attributable future revenues, margins and cash flows, as well as
appropriate discount rates. In addition, the allocation of useful lives to acquired
intangible assets requires the application of judgement based on available
information and management expectations at the time of recognition. The valuation
of other tangible assets and liabilities involves aligning accounting policies with
those of the Group, reflecting appropriate external market valuations for property,
plant and equipment, assessing recoverability of receivables and inventory, and
exposures to unrecorded liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
Joint venture
The Group has a long-term contractual arrangement with another party, which
represents a joint venture. The Group\u2019s interests in the results and assets and
liabilities of its joint venture are accounted for using the equity method.
This investment is carried in the Consolidated Balance Sheet at cost plus post-
acquisition changes in the Group\u2019s share of net assets less any impairment in value.
The Consolidated Income Statement reflects the share of results of operations of
the investment after tax. Where there has been a change recognised directly in the
investee\u2019s equity, the Group recognises its share of any changes and discloses this
when applicable in the Consolidated Statement of Comprehensive Income.
Any goodwill arising on the acquisition of a joint venture, representing the excess of
the cost of the investment over the Group\u2019s share of the net fair value of the joint
venture\u2019s identifiable assets, liabilities and contingent liabilities, is included in the
carrying amount of the joint venture and is not amortised. To the extent that the net
fair value of the joint venture\u2019s identifiable assets, liabilities and contingent liabilities
is greater than the cost of the investment, a gain is recognised and added to the
Group\u2019s share of the joint venture\u2019s profit or loss in the year in which the investment
is acquired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
Equity investment
The Group holds a non-controlling equity stake in an unquoted company. The
holding is classified as a financial asset and is measured at fair value with
subsequent changes in fair value recognised in profit or loss. The Group has utilised
the provision in IFRS 9 which allows, in limited circumstances, to use cost as an
appropriate estimate of fair value. Cost has been determined to represent the best
estimate of fair value given the lack of external market data, the relative infancy of
the business acquired and the wide range of potential fair values that might be
reached in a valuation exercise.
The financial asset is recognised in the Group\u2019s balance sheet as a non-current
asset as there is no intention to sell the asset within 12 months. Dividends from the
investment are recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
Foreign currency translation
The financial statements for each of the Group\u2019s subsidiaries and joint ventures are
prepared using their functional currency. The functional currency is the currency of
the primary economic environment in which an entity operates.
At the entity level, transactions denominated in foreign currencies are translated into
the entity\u2019s functional currency at the exchange rate ruling on the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies are
retranslated at the exchange rate ruling on the balance sheet date. Currency
translation differences are recognised in the Consolidated Income Statement
except when hedge accounting is applied and for differences on monetary assets
and liabilities that form part of the Group\u2019s net investment in a foreign operation.
These are recognised in other comprehensive income until the disposal of the net
investment, at which time they are recognised in profit or loss.
On consolidation, the results of foreign operations are translated into Sterling at the
average exchange rate for the year and their assets and liabilities are translated into
Sterling at the exchange rate ruling on the balance sheet date. Currency translation
differences, including those on monetary items that form part of a net investment in
a foreign operation, are recognised in the foreign currency translation reserve and in
other comprehensive income.
In the event that a foreign operation is sold, the gain or loss on disposal recognised
in the Consolidated Income Statement is determined after taking into account the
cumulative currency translation differences that are attributable to the operation. As
permitted by IFRS 1, the Group elected to deem cumulative currency translation
differences to be \u00a3nil as at 27 December 2003. Accordingly, the gain or loss on
disposal of a\u00a0foreign operation does not include currency translation differences
arising before that date.
In the Consolidated Cash Flow Statement, the cash flows of foreign operations are
translated into Sterling at the average exchange rate for the\u00a0year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
Revenue recognition
Revenue is the consideration the Group expects to receive from customers in
exchange for goods and services. Revenue is recognised in the Consolidated
Income Statement when control of goods and services is transferred to the
customer. Transfer of control is deemed to be over time where the following criteria
are met:
\u2013 The customer concurrently receives and consumes the benefits from the Group\u2019s
performance;
\u2013 The Group\u2019s performance creates or enhances a customer-controlled asset; or
\u2013 The Group\u2019s performance does not create an asset with an alternative use and the
Group has a right to payment for performance completed to date.
Where the above criteria are not met, then revenue is recognised at a point in time
when control is transferred to the customer.
Revenue is shown net of sales taxes, discounts and after eliminating sales within the
Group. No\u00a0revenue is recognised where recovery of the consideration is not
probable or there are significant uncertainties regarding associated costs, or the
possible return of goods. Variable consideration is recognised only if it is highly
probable that there will not be a significant revenue reversal. The consideration is an
estimation based on the terms of the contract and other available information.
Liquidated damages can result in variable consideration and will only be recognised
as a deduction from revenue where there is a history of recurring liquidated
damages, for example, for the same customer or product line with the value of the
reduction being the most likely amount from a range of possible outcomes. The
adjustment to\u00a0revenue will be monitored throughout the contract and adjusted as
liquidated damages become more or less likely. Volume discounts are deducted
from revenue based on the most reliable estimates of volumes to be purchased.
The timing of payment from customers is generally aligned to revenue recognition,
subject to agreed payment terms usually in line with industry standards. Certain
contracts may include milestone payments, which do not necessarily align to
revenue recognition: a contract asset is recorded where revenue is recognised in
advance of customer invoicing, and a contract liability is recognised where cash is
received in advance of revenue recognition.
Sale of goods
This policy is applicable to the sale of both original equipment and spare parts
whether sold individually, in bulk or as part of a cross-selling marketing strategy.
Contracts for the provision of both original equipment and spare parts, and where
required services, are combined if one or more of the following is met:
\u2013 The contract achieves a single commercial objective and is negotiated as a
package;
\u2013 The price or performance of one contract influences the amount of consideration
to be paid in the other contract; or
\u2013 The goods or services in the separate contracts represent a single performance
obligation.
Each cross-selling contract is reviewed to identify the performance obligations in relation
to original equipment and spare parts with them only being combined if they are not
capable of being distinct and are not distinct in the context of the contract.
Revenue from the sale of goods is recognised in line with incoterms, which in the
majority of transactions is at the point of despatch. This reflects when the customer
obtains control of the product and can determine its future use and location.
Where the sale of product requires customer inspection, this is deemed to be part
of the main performance obligation so revenue is not recognised until the
inspection has been completed and approved by the customer. In instances where
commissioning is provided, the transfer of control for the sale of goods is at the
point of despatch where commissioning is a separate performance obligation or
once commissioning is complete where combined in the sale of goods
performance obligation. A separate performance obligation for commissioning is
identified where a customer could obtain the same service from a third-party
supplier with revenue in respect of commissioning being recognised once the
commissioning is complete.
Provision of services
The revenue recognition of provision of services is dependent on the nature of the
contracts. Shorter-term contracts tend to be for \u2018one-off\u2019 service provision, which
means the customer only consumes the benefit from the Group\u2019s performance
when the work is complete. Revenue\u00a0is,\u00a0therefore, recognised at a point in time for
such contracts. For other contracts, revenue from the rendering of services is
generally recognised over time where the customer concurrently receives and
consumes a benefit from the Group\u2019s performance over the period of the contract
duration. Revenue from services is recognised in proportion to the stage of
completion of the performance obligations at the balance sheet date. The stage of
completion is assessed by reference to the transfer of control over time, which
usually corresponds to the contractual\u00a0agreement with each separate customer
and the costs incurred on the contract to date in comparison with the total forecast
costs of\u00a0the contract.
Subscription services
Revenue for subscription services and annual licences is recognised over the life of
the subscription or licence due to the requirement to provide support throughout
the subscription period to ensure functionality and the annual nature of the licence.
Construction contracts
Revenue for construction contracts is recognised over time as the contracts usually
contain discrete elements separately transferring control to\u00a0customers over the life
of the contract and the Group\u2019s performance does not create an asset with an
alternative use.
The stage of completion of a contract is determined either by reference to the
proportion that contract costs incurred for work performed to date bear to the
estimated total contract costs, or by reference to the completion of a physical
proportion of the contract work. Both these methods are faithful depictions of the
transfer of control given the Group has a right to payment for performance
completed to date. The basis used is dependent upon the nature of\u00a0the underlying
contract. For instances where the work is subject to formal customer acceptance
procedures, revenue will only be recognised once the customer review has been
completed and approved by the customer as this is the point both parties are in
agreement that control has been transferred in line with contract terms. Losses on
contracts are recognised in the year when such losses become probable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
Property, plant & equipment
Property, plant and equipment comprises owned assets and right-of-use assets
that do not meet the definition of investment property.
Owned assets
Owned property, plant and equipment is stated at cost less accumulated
depreciation and any recognised impairment losses. Freehold land and\u00a0assets
under construction are not depreciated. Depreciation of property, plant and
equipment is provided on a straight-line basis so as to charge the cost less residual
value to the Consolidated Income Statement over the expected useful life of the
asset concerned, and is in the following ranges:
Freehold buildings, long leasehold land and buildings10\u201340 years
Plant and equipment\u00a0 3\u201320 years
Right-of-use assets and lease liabilities
At inception of a contract, the Group assesses whether the contract is, or contains, a
lease. A\u00a0contract is, or contains, a lease if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration. To
assess whether a contract conveys the right to control the use of an identified asset,
the Group assesses whether it has both the right to obtain substantially all of the
economic benefits from use of\u00a0the identified asset and the right to direct the use of
the identified asset throughout the period of use.
The Group recognises a lease liability and right-of-use asset at the lease
commencement date. The lease liability is initially measured as the present value of
the lease payments that are not paid at the commencement date, discounted using
the interest rate implicit in the lease, or where the interest rate implicit in the lease
cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally,
the Group uses its incremental borrowing rate as the discount rate. The Group\u2019s
incremental borrowing rate is calculated by taking the government borrowing rate
in any given currency and adding the estimated Group credit spreads for a variety
of tenors. An interpolation is performed annually to obtain one rate for each of the
major lease currencies based on the weighted average life of the lease book.
Lease payments consist of the following components:
\u2013 fixed payments, including in-substance fixed payments, less any lease incentives
receivable;
\u2013 variable lease payments that depend on an index or a rate;
\u2013 amounts expected to be payable by the lessee under residual value guarantees;
\u2013 the exercise price of a purchase option (if the lessee is reasonably certain to
exercise that option); and
\u2013 payments of penalties for terminating the lease (if the lease term reflects the
lessee exercising the option to terminate the lease).
The right-of-use asset is measured as equal to the lease liability and adjusted for:
\u2013 lease payments made to the lessor at or before the commencement date;
\u2013 lease incentives received;
\u2013 initial direct costs associated with the lease; and
\u2013 an initial estimate of restoration costs.
The right-of-use asset is depreciated using the straight-line method over the lease
term. In\u00a0addition, the right-of-use asset is periodically reduced by any impairment
losses.
The Group has adopted the exemption available for short-term leases, with
payments being recognised on a straight-line basis over the lease term. Short-term
leases are defined as leases with a lease term of 12 months or less.
The Group has adopted the exemption available for low value assets, with payments
being recognised on a straight-line basis over the lease term. Leases relating to
laptops, desktop computers, mobile phones, photocopiers, printers and other office
equipment, where the asset value is less than \u00a33,500, or the local currency
equivalent, have been treated as low value. Where the lease contract meets both
short-term and low value exemptions, the annual cost of\u00a0the lease is reported within
expenses relating to short-term leases.
For each lease, the lease term has been calculated as the non-cancellable period of
the lease contract, except where the Group is reasonably certain that it will exercise
contractual extension options. In assessing whether a lessee is reasonably certain to
exercise an option to extend a lease, or not to exercise an option to terminate a
lease, the Group shall consider all relevant facts and circumstances that create an
economic incentive for the lessee to exercise the option to extend the lease, or not
to exercise the option to terminate the lease. In certain circumstances, the Group will
refer to the five-year Strategic Plan period as an appropriate period to consider
whether the \u2018reasonably certain\u2019 criteria are met.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
Property, plant & equipment
Property, plant and equipment comprises owned assets and right-of-use assets
that do not meet the definition of investment property.
Owned assets
Owned property, plant and equipment is stated at cost less accumulated
depreciation and any recognised impairment losses. Freehold land and\u00a0assets
under construction are not depreciated. Depreciation of property, plant and
equipment is provided on a straight-line basis so as to charge the cost less residual
value to the Consolidated Income Statement over the expected useful life of the
asset concerned, and is in the following ranges:
Freehold buildings, long leasehold land and buildings10\u201340 years
Plant and equipment\u00a0 3\u201320 years
The right-of-use asset is depreciated using the straight-line method over the lease
term. In\u00a0addition, the right-of-use asset is periodically reduced by any impairment
losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
Right-of-use assets and lease liabilities
At inception of a contract, the Group assesses whether the contract is, or contains, a
lease. A\u00a0contract is, or contains, a lease if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration. To
assess whether a contract conveys the right to control the use of an identified asset,
the Group assesses whether it has both the right to obtain substantially all of the
economic benefits from use of\u00a0the identified asset and the right to direct the use of
the identified asset throughout the period of use.
The Group recognises a lease liability and right-of-use asset at the lease
commencement date. The lease liability is initially measured as the present value of
the lease payments that are not paid at the commencement date, discounted using
the interest rate implicit in the lease, or where the interest rate implicit in the lease
cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally,
the Group uses its incremental borrowing rate as the discount rate. The Group\u2019s
incremental borrowing rate is calculated by taking the government borrowing rate
in any given currency and adding the estimated Group credit spreads for a variety
of tenors. An interpolation is performed annually to obtain one rate for each of the
major lease currencies based on the weighted average life of the lease book.
Lease payments consist of the following components:
\u2013 fixed payments, including in-substance fixed payments, less any lease incentives
receivable;
\u2013 variable lease payments that depend on an index or a rate;
\u2013 amounts expected to be payable by the lessee under residual value guarantees;
\u2013 the exercise price of a purchase option (if the lessee is reasonably certain to
exercise that option); and
\u2013 payments of penalties for terminating the lease (if the lease term reflects the
lessee exercising the option to terminate the lease).
The right-of-use asset is measured as equal to the lease liability and adjusted for:
\u2013 lease payments made to the lessor at or before the commencement date;
\u2013 lease incentives received;
\u2013 initial direct costs associated with the lease; and
\u2013 an initial estimate of restoration costs.
The right-of-use asset is depreciated using the straight-line method over the lease
term. In\u00a0addition, the right-of-use asset is periodically reduced by any impairment
losses.
The Group has adopted the exemption available for short-term leases, with
payments being recognised on a straight-line basis over the lease term. Short-term
leases are defined as leases with a lease term of 12 months or less.
The Group has adopted the exemption available for low value assets, with payments
being recognised on a straight-line basis over the lease term. Leases relating to
laptops, desktop computers, mobile phones, photocopiers, printers and other office
equipment, where the asset value is less than \u00a33,500, or the local currency
equivalent, have been treated as low value. Where the lease contract meets both
short-term and low value exemptions, the annual cost of\u00a0the lease is reported within
expenses relating to short-term leases.
For each lease, the lease term has been calculated as the non-cancellable period of
the lease contract, except where the Group is reasonably certain that it will exercise
contractual extension options. In assessing whether a lessee is reasonably certain to
exercise an option to extend a lease, or not to exercise an option to terminate a
lease, the Group shall consider all relevant facts and circumstances that create an
economic incentive for the lessee to exercise the option to extend the lease, or not
to exercise the option to terminate the lease. In certain circumstances, the Group will
refer to the five-year Strategic Plan period as an appropriate period to consider
whether the \u2018reasonably certain\u2019 criteria are met.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
Goodwill
Goodwill arises on the acquisition of businesses and represents any excess of the
cost of the acquired entity over the Group\u2019s interest in the fair value of the entity\u2019s
identifiable assets, liabilities and contingent liabilities determined at the date of
acquisition. Acquisition costs are recognised in the Consolidated Income Statement
in the year in which they are incurred. Goodwill in respect of an acquired business is
recognised as an intangible asset. Goodwill is carried at cost less any recognised
impairment losses and is tested at least annually or where there are indicators of
impairment.
The carrying amount of goodwill allocated to a cash generating unit is taken into
account when determining the gain or loss on disposal of the\u00a0unit.
An assessment of probable contingent consideration is recognised at the date of
acquisition or disposal. For acquisitions, subsequent changes to the fair value of the
contingent consideration are adjusted against the cost of acquisition where they
qualify as measurement period adjustments. The measurement period is the period
from the date of acquisition to the date that the Group obtains complete
information about facts and circumstances that existed as of the acquisition date,
and is subject to a maximum of one year. If the change does not qualify as a
measurement period adjustment, it is reflected in the Consolidated Income
Statement as an adjusting item. For disposals, any subsequent change in contingent
consideration is adjusted against the disposal proceeds and the gain or loss on
disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
Other intangible assets
Intangible assets acquired separately are measured at cost on initial recognition. An
intangible resource acquired in a business combination is recognised as an
intangible asset if it is separable from the acquired business or arises from
contractual or legal rights and it is expected to generate future economic benefits.
An intangible asset with a finite life is amortised on a straight-line basis so as to
charge its cost, which in respect of an acquired intangible asset represents its fair
value at the acquisition date, to the Consolidated Income Statement over its
expected useful life. An intangible asset with an indefinite life is\u00a0not amortised but is
tested at least annually for impairment and carried at cost less any recognised
impairment losses.
Brand names
Brands are recognised as a result of a business combination. The brand is
recognised if it is separable from the remaining business and is expected to
generate future economic benefits. Internally generated brands are not capitalised
in accordance with IAS 38 'Intangible assets'.
Brands are fair valued at acquisition and subsequently measured at cost less any
accumulated impairment. All subsequent expenditure is expensed to the
Consolidated Income Statement as incurred.
Due to the long-term nature of the brands, and there being no foreseeable limit to
the period over which they are determined to generate economic benefit, the
Group has assessed that they have indefinite useful lives, with the exception of
Motion Metrics, which is amortised over 15 years. An annual impairment exercise is
completed for brands with an indefinite useful life, to confirm that the value in use,
based on discounted cash flows, exceeds the carrying value.
Customer and distributor relationships
Customer and distributor relationships are recognised as part of a business
combination if they are separable from the acquired business or arise from
contractual or legal rights. They represent the relationships that the acquiree has
built up over a significant period of time and will provide repeat custom to the
business, which will generate future economic benefit.
The assets are initially recorded at fair value at acquisition and subsequently
recognised at cost less accumulated amortisation and impairment. All subsequent
expenditure is charged to the Consolidated Income Statement as incurred.
Amortisation is charged to the Consolidated Income Statement over the useful life
of the asset. The useful life can vary depending on the circumstances of each
acquisition. The useful lives range from five to 30 years.
If there are any indicators of impairment, an assessment of the value in use of the
relationships is completed. If the carrying value exceeds the value in use, the
variance is accounted for as an impairment to the asset with a corresponding
charge to the Consolidated Income Statement.
Software
Software assets can be purchased, acquired or internally generated. Software that is
not an integral part of related hardware is recognised as an intangible asset.
Software is recognised at cost less accumulated amortisation and impairment.
Amortisation is spread over the estimated useful life of the software, which can
range from four to eight years.
Software as a Service (SaaS) arrangements provide the Group with the right to access
cloud-based software applications over a contractual period. The software remains the
intellectual property of the developer and as a result, the Group does not recognise an
intangible asset in relation to subscription fees and costs incurred to customise or
configure the software. The related costs are recognised in the Consolidated Income
Statement when the service is received.
Costs incurred to enhance or develop an existing intangible asset or develop new
software code that meet the definition and recognition criteria of an intangible asset
are capitalised as\u00a0intangible software assets. Amortisation is recognised over the
expected useful life of the\u00a0software.
Trademarks and intellectual property
Trademarks and intellectual property are legally protected rights that are expected
to generate future revenues. On acquisition, they are measured at fair value based
on discounted expected cash flows. Assets are subsequently held at cost less
accumulated amortisation and\u00a0impairment.
The assets are amortised based on the period in which the legal protection is in
place or the asset is expected to generate revenues. The amortisation period for the
currently capitalised trademarks ranges from six to 15 years.
Other
Other intangible assets are stated at cost less accumulated amortisation and any
recognised impairment losses. The expected useful life of other intangible assets is
up to six years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
Research & development costs
All research expenditure is charged to the Consolidated Income Statement in the
year in which it is incurred.
Development expenditure is charged to the Consolidated Income Statement in the
year in which it is incurred unless it relates to the development of a new product or
technology and meets the following requirements:
\u2013 it is incurred after the technical feasibility and commercial viability of the product
has been proven;
\u2013 the development costs can be measured reliably;
\u2013 future economic benefits are probable; and
\u2013 the Group intends, and has sufficient resources, to complete the development
and to use or sell the asset.
Any such capitalised development expenditure is amortised on a straight-line basis
so it is charged to the Consolidated Income Statement over the expected life of the
resulting product or technology.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
Government grants
Government grants are recognised at their fair value where it is certain that the
grant will be received and the Group will comply with all attached conditions.
Government grants relating to costs are deferred and recognised in the income
statement over the period necessary to match them with the costs they are
intended to compensate. Government grants relating to the purchase of property,
plant and equipment are deducted in arriving at the carrying amount of the related
asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
Impairment of non-current assets
All non-current assets are tested for impairment whenever events or circumstances
indicate that their carrying values might be impaired. Additionally, goodwill and
intangible assets with an indefinite life are subject to an annual impairment test.
An impairment loss is recognised to the extent that an asset\u2019s carrying value
exceeds its recoverable amount, which represents the higher of the asset\u2019s fair value
less costs to sell and its value in use. An asset\u2019s value in use represents the present
value of the future cash flows expected to be derived from the asset. Where it is not
possible to estimate the recoverable amount of an individual asset, the impairment
test is conducted for the cash generating unit to which it belongs. Similarly, the
recoverable amount of goodwill is determined by reference to the discounted
future cash flows of the cash generating units to which it is allocated.
Impairment losses are recognised in the Consolidated Income Statement.
Impairment losses recognised in previous periods for an asset other than goodwill
are reversed if there has been a change in the estimates used to determine the
asset\u2019s recoverable amount. The carrying amount of an asset shall not be increased
above the carrying amount that would have been determined had no impairment
loss been recognised for the asset in prior periods. Impairment losses recognised in
respect of goodwill are not reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
Inventories
Inventories are valued at the lower of cost and net realisable value, with due
allowance for any obsolete or slow-moving items. Cost represents the expenditure
incurred in bringing inventories to their existing location and condition, and
comprises the cost of raw materials, direct labour costs, other direct costs and
related production overheads. Raw material cost is generally determined on a first-
in, first-out basis. Net realisable value is the estimated selling price less costs to
complete and sell.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
Financial assets & liabilities
The Group\u2019s principal financial assets and liabilities, other than derivatives, comprise
bank overdrafts, short-term borrowings, loans and fixed-rate notes, cash and short-
term deposits. The Group also has other financial assets and liabilities such as trade
receivables, trade payables and leases which arise directly from its operations. Other
receivables include non-current assets in relation to an insurance policy held for a
grantor trust. This Trust Owned Life Insurance policy is held at fair value, which is
equivalent to its surrender value.
A financial asset is generally derecognised when the contract that gives rise to it is
settled, sold, cancelled or expires.
A financial liability is derecognised when the obligation under the liability is
discharged, cancelled or expires. Where an existing financial liability is replaced by
another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is
treated as a derecognition of the original liability and the recognition of a new
liability, such that the difference in the respective carrying amounts, together with
any costs or fees incurred, are recognised in profit or loss. Under IFRS 9 'Financial
instruments', where the modification is not substantial, the modified cash flows are
discounted at the original effective interest rate to determine a revised carrying
amount of the liability, with any difference in carrying amount recognised in the
Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
Financial assets & liabilities
The Group\u2019s principal financial assets and liabilities, other than derivatives, comprise
bank overdrafts, short-term borrowings, loans and fixed-rate notes, cash and short-
term deposits. The Group also has other financial assets and liabilities such as trade
receivables, trade payables and leases which arise directly from its operations. Other
receivables include non-current assets in relation to an insurance policy held for a
grantor trust. This Trust Owned Life Insurance policy is held at fair value, which is
equivalent to its surrender value.
A financial asset is generally derecognised when the contract that gives rise to it is
settled, sold, cancelled or expires.
A financial liability is derecognised when the obligation under the liability is
discharged, cancelled or expires. Where an existing financial liability is replaced by
another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is
treated as a derecognition of the original liability and the recognition of a new
liability, such that the difference in the respective carrying amounts, together with
any costs or fees incurred, are recognised in profit or loss. Under IFRS 9 'Financial
instruments', where the modification is not substantial, the modified cash flows are
discounted at the original effective interest rate to determine a revised carrying
amount of the liability, with any difference in carrying amount recognised in the
Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
Reimbursement asset
The Group held several insurance policies with regards to legal claims in relation to
alleged asbestos exposure as discussed in note 22. In accordance with IAS 37
\u2018Provisions, contingent liabilities and contingent assets\u2019, a reimbursement asset is
only recognised when it is virtually certain that the asset will be received and there is
a corresponding liability recognised. The value recognised was the lower of the
amount confirmed by the insurer under the policy and the provision for the related
liability. If receipt of the asset is probable the asset is not recognised but disclosed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
Trade receivables
Trade receivables, which are generally of a short-term nature, are recognised at
original invoice amount where the consideration is unconditional. If they contain
significant financing components, trade receivables are instead recognised at fair
value. The Group holds trade receivables to collect the contractual cash flows and,
therefore, measures them subsequently at amortised cost using the effective
interest method. Details of the Group\u2019s impairment policies and the calculation of
the loss allowance are provided in note 18 and the policy in\u00a0respect of invoice
discounting is included in note 30.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
Cash & cash equivalents
Cash and cash equivalents comprise cash in hand, deposits available on demand
and other short-term highly liquid investments with a maturity on acquisition of
three months or less and bank overdrafts and short-term borrowings with a
maturity on acquisition of three months or less. Bank overdrafts are presented as
current liabilities to the extent that there is no right of offset with cash balances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
Trade payables
Trade payables are recognised and carried at original invoice amount. The Group\u2019s
supply chain financing programme policy and assessment for the year is provided
in note 21.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
Interest-bearing loans & borrowings
Obligations for loans and borrowings are recognised when the Group becomes
party to the related contracts and are measured initially at fair value less directly
attributable transaction costs. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the effective
interest method. Amortised cost is calculated by taking into account any issue costs
and any discount or premium on settlement. Borrowings are classified as current
liabilities unless the Group has an unconditional right to settle the liability at least 12
months after the balance sheet date.
The Group has Sustainability-Linked Notes with interest rates which are linked to the
achievement of Sustainability Performance Targets (SPT). After initial recognition,
these Sustainability-Linked Notes are measured at amortised cost using the
effective interest rate method. In the event that the SPTs are not expected to be
achieved, consideration will be given to the impact on cash flows on the
Sustainability-Linked Notes. Under IFRS 9 'Financial instruments', where the
modification is not substantial, the modified cash flows are discounted at the
original effective interest rate to determine a revised carrying amount of the liability,
with any difference in carrying amount recognised in the Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
Provisions, contingent liabilities & contingent assets
A provision is recognised in the Consolidated Balance Sheet when the Group has a
legal or constructive obligation as a result of a past event, the obligation can be
estimated reliably and it is probable that an outflow of economic benefits will be
required to settle the obligation. If the effect is material, provisions are determined
by discounting the expected future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and, where appropriate, the risks
specific to the liability.
A contingent liability is disclosed if there is a possible obligation as a result of a past
event that might, but will probably not, require an outflow of economic benefits; or
there is a present obligation as a result of a past event that probably requires an
outflow of economic benefits, but where the obligation cannot be measured
reliably.
A contingent asset is disclosed if an inflow of economic benefits is probable arising
from past events and whose existence will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future events not wholly within the control
of the entity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
Provisions, contingent liabilities & contingent assets
A provision is recognised in the Consolidated Balance Sheet when the Group has a
legal or constructive obligation as a result of a past event, the obligation can be
estimated reliably and it is probable that an outflow of economic benefits will be
required to settle the obligation. If the effect is material, provisions are determined
by discounting the expected future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and, where appropriate, the risks
specific to the liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
Derivative financial instruments & hedge accounting
The Group uses derivative financial instruments, principally forward foreign currency
contracts and\u00a0cross-currency swaps, to reduce its exposure to exchange rate
movements. The Group also uses foreign currency borrowings as a hedge of its
exposure to foreign exchange risk on its investments in foreign subsidiaries. Additionally,
the Group periodically uses interest rate swaps to\u00a0manage its exposure to interest rate
risk. The Group does not hold or issue derivatives for speculative or trading purposes.
Derivative financial instruments are recognised as assets and liabilities measured at their
fair values at the balance sheet date. The fair value of forward foreign currency contracts
is calculated as the present value of the estimated future cash flows based on spot and
forward foreign exchange rates, and counterparty and the Group\u2019s own credit risk. The
fair value of interest rate swaps and cross-currency swaps is calculated as the present
value of the estimated future cash flows based on interest rate curves, spot foreign
exchange rates, and counterparty and own credit risk. Changes in their fair values are
recognised in the Consolidated Income Statement, except where hedge accounting is
used, provided the conditions specified by IFRS 9 are met. Hedge accounting is applied
in respect of hedge relationships where it is both permissible under IFRS 9 and practical
to\u00a0do so. When hedge accounting is used, the relevant hedging relationships
are\u00a0classified as fair value hedges, cash flow hedges or net investment hedges,
as\u00a0appropriate.
Where the hedging relationship is classified as a fair value hedge, the carrying amount of
the hedged asset or liability will be adjusted by the increase or decrease in its fair value
attributable to\u00a0the hedged risk and the resulting gain or loss will be recognised in the
Consolidated Income Statement where, to the extent that the hedge is effective, it will be
offset by the change in the fair value of the hedging instrument.
For fair value hedges in which the spot element of the hedging instrument has been
designated to the hedge, the changes in the forward element of the hedging
instrument is recognised within other comprehensive income in the costs of
hedging reserve within equity.
Where the hedging relationship is classified as a cash flow or net investment hedge, to
the extent that the hedge is effective, changes in the fair value of the hedging
instrument will be recognised directly in other comprehensive income. For the cash flow
hedge, when the hedged asset or liability is recognised in the financial statements, the
accumulated gains and losses recognised in other comprehensive income will be either
recycled to the income statement or, if the hedged item results in a non-financial asset,
will be recognised as adjustments to its initial carrying amount. For net investment
hedges, gains and losses on hedging instruments designated as hedges of the net
investments in foreign operations are recognised in other comprehensive income to the
extent that the hedging relationship is effective. Gains and losses accumulated in the
foreign currency translation reserve are recycled to the income statement when the
foreign operation is disposed of.
Hedge accounting is discontinued when the hedging instrument expires or is sold,
terminated or exercised, or no longer qualifies for hedge accounting. At that point in
time, any cumulative gain or loss on the hedging instrument recognised through other
comprehensive income is kept in equity until the forecasted transaction occurs. If a
hedged transaction is no longer expected to occur, the net cumulative gain or loss that
was reported in equity is immediately reclassified to the income statement in the period.
Derivatives embedded in non-derivative host contracts, which are not already measured
at fair value through profit or loss, are recognised separately as derivative financial
instruments when their\u00a0risks and characteristics are not closely related to those of the
host contract and the host contract is not stated at its fair value with changes in its fair
value recognised in the Consolidated Income Statement.
Where items are recognised in the Consolidated Income Statement, these are
presented within operating profit or finance costs dependent on their\u00a0nature.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
Share-based payments
Equity settled share-based incentives are provided to employees under the Group\u2019s
Share Reward Plan (SRP), formerly the Long-Term Incentive Plan (LTIP), the Weir
ShareBuilder Plan (WSBP) and as a consequence of occasional one-off conditional
awards made to employees.
The fair value of SRP awards and one-off conditional awards at the date of the grant
is calculated using appropriate pricing models and the cost is recognised on a
straight-line basis over the vesting period. Adjustments are made to reflect
expected and actual forfeitures during the vesting period due to failure to satisfy
service or performance conditions, where applicable. The conditions of the SRP for
the Executive Directors, which took effect in 2018, are summarised in the Directors\u2019
Remuneration Policy, which can be found on the Company\u2019s website at
corporategovernance.weir. The conditions of the SRP for Senior Management are
summarised in note 28.
The fair value of WSBP awards at grant date is calculated as the share price at the
date of the grant less an adjustment for loss of reinvestment return on the dividend
equivalent. There are no performance conditions attached to these awards, but
participants who leave the Company prior to vesting lose their right to the awards.
The terms of the share awards granted under the WSBP are set out on the plan\u2019s
website at sharebuilder.weir.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
Treasury shares
The Weir Group PLC shares held by the Company, or those held in Trust, are classified in
Shareholders\u2019 equity as treasury shares and are recognised at cost. Consideration
received for the sale of such shares is also recognised in equity, with any difference
between the proceeds from sale and the original cost being taken directly to retained
earnings. No gain or loss is recognised in total comprehensive income on the purchase,
sale, issue or cancellation of equity shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
Post-employment benefits
Post-employment benefits comprise pension benefits provided to certain current
and former employees in the UK, US and Canada and post-retirement healthcare
benefits provided to certain employees in the US.
For defined benefit pension and post-retirement healthcare plans, the annual
service cost is calculated using the projected unit credit method and is recognised
over the future service lives of participating employees, in accordance with the
advice of qualified actuaries. Current service cost and administration expenses are
recognised in operating costs and net interest on the net pension liability is
recognised in finance costs.
The finance cost recognised in the Consolidated Income Statement in the year
reflects the net interest on the net pension liability/asset. This represents the change
in the net pension liability/asset resulting from the passage of time, and is
determined by applying the discount rate to the opening net liability/asset, taking
into account employer contributions paid into the plan, and hence reducing or
increasing the net liability/asset, during the year.
Past service costs resulting from enhanced benefits are recognised immediately in
the Consolidated Income Statement. Actuarial gains and losses, which represent
differences between interest on the plan assets, experience on the benefit
obligation and the effect of changes in actuarial assumptions, are recognised in full
in other comprehensive income in the year in which they occur.
The defined benefit liability or asset recognised in the Consolidated Balance Sheet
comprises the net total for each plan of the present value of the benefit obligation,
using a discount rate based on yields at the balance sheet date on appropriate high
quality corporate bonds that have maturity dates approximating the terms of the
Group\u2019s obligations and are denominated in the currency in which the benefits are
expected to be paid minus the fair value of the plan assets, if any, at the balance
sheet date. The balance sheet asset recognised is limited to the present value of
economic benefits, which may be available for the Group to recover by way of
refunds or a reduction in future contributions. In order to calculate the present value
of economic benefits, consideration is also given to any minimum funding
requirements.
For defined contribution plans, the cost represents the Group\u2019s contributions to the
plans and these are charged to the Consolidated Income Statement in the year in
which they fall due, along with any associated administration costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
Taxation
Current tax is the amount of tax payable or recoverable in respect of the taxable profit or
loss for the\u00a0year.
Deferred tax liabilities represent tax payable in future years in respect of taxable
temporary differences. Deferred tax assets represent tax recoverable in future years in
respect of deductible temporary differences, the carry forward of unutilised tax losses
and the carry forward of unused tax credits. Deferred tax is measured on an
undiscounted basis using the tax rates and laws that have been enacted or
substantively enacted at the balance sheet date and are expected to apply when the
deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax is recognised on temporary differences between the carrying amount of an
asset or liability in the balance sheet and its tax base with the following exceptions:
-Deferred tax arising from the initial recognition of goodwill, or of an asset or liability in a
transaction that is not a business combination, that, at\u00a0the time of the transaction,
affects neither accounting nor taxable profit or loss, is not recognised;
-Deferred tax is provided on temporary differences arising on investments in
subsidiaries and joint ventures, except where the timing of the reversal of the
temporary difference can be controlled and it is probable that the temporary
difference will not reverse in the foreseeable future; and
-A deferred tax asset is recognised only to the extent that it is probable that future
taxable profits will be available against which the asset can be\u00a0utilised.
Current and deferred tax is recognised in the Consolidated Income Statement except if
it relates to an item recognised directly in equity, in which case it is recognised directly in
equity.
The Group also recognises provisions in the Consolidated Balance Sheet for uncertain
tax positions as disclosed above in other accounting estimates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
Taxation
Current tax is the amount of tax payable or recoverable in respect of the taxable profit or
loss for the\u00a0year.
Deferred tax liabilities represent tax payable in future years in respect of taxable
temporary differences. Deferred tax assets represent tax recoverable in future years in
respect of deductible temporary differences, the carry forward of unutilised tax losses
and the carry forward of unused tax credits. Deferred tax is measured on an
undiscounted basis using the tax rates and laws that have been enacted or
substantively enacted at the balance sheet date and are expected to apply when the
deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax is recognised on temporary differences between the carrying amount of an
asset or liability in the balance sheet and its tax base with the following exceptions:
-Deferred tax arising from the initial recognition of goodwill, or of an asset or liability in a
transaction that is not a business combination, that, at\u00a0the time of the transaction,
affects neither accounting nor taxable profit or loss, is not recognised;
-Deferred tax is provided on temporary differences arising on investments in
subsidiaries and joint ventures, except where the timing of the reversal of the
temporary difference can be controlled and it is probable that the temporary
difference will not reverse in the foreseeable future; and
-A deferred tax asset is recognised only to the extent that it is probable that future
taxable profits will be available against which the asset can be\u00a0utilised.
Current and deferred tax is recognised in the Consolidated Income Statement except if
it relates to an item recognised directly in equity, in which case it is recognised directly in
equity.
The Group also recognises provisions in the Consolidated Balance Sheet for uncertain
tax positions as disclosed above in other accounting estimates", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
4. Segment information
Continuing operations includes two operating Divisions: Minerals and ESCO. These
two Divisions are organised and managed separately based on the key markets
served and each is treated as an operating segment and a reportable segment
under IFRS 8 'Operating segments'. The operating and reportable segments were
determined based on the reports reviewed by the Chief Executive Officer, which are
used to make operational decisions.
The Minerals segment is a global leader in engineering, manufacturing and service
processing technology used in abrasive, high-wear mining applications. Its differentiated
technology is also used in infrastructure and general industrial markets. The ESCO
segment is a global leader in the provision of Ground Engaging Tools (GET) for large
mining machines. It operates predominantly in mining and infrastructure markets where
its highly engineered technology improves productivity through extended wear life,
increased safety and reduced energy consumption.
Following the acquisition of Mining Software Holdings Pty Ltd ('Micromine') on 30
April 2025, the group has been included in the ESCO segment. Micromine is a
leading software provider to the mining industry with comprehensive solutions
across the upstream mining value chain from exploration through mine design and
planning, operational scheduling and mining operations in hard ore, soft ore and
underground applications. Fast2Mine was acquired on 11 November 2025 and is
highly complementary with the Micromine\u00ae portfolio. Fast2Mine will be integrated
with Micromine and reported within the ESCO segment.
Townley Engineering and Manufacturing Company, LLC and Townley Foundry and
Machine Co., LLC (combined 'Townley') was acquired on 28 August 2025. Townley is
a leading manufacturer of high-quality engineered products for minerals
processing. Townley has been included in the Minerals segment.
The Chief Executive Officer assesses the performance of the operating segments based
on operating profit from continuing operations before exceptional and other adjusting
items (\u2018segment result\u2019). Finance income and expenditure and associated interest-
bearing liabilities and financing derivative financial instruments are not allocated to
segments as all treasury activity is managed centrally by the Group Treasury function.
The amounts provided to the Chief Executive Officer with respect to assets and liabilities
are measured in a manner consistent with that of the financial statements. The assets
are allocated based on the operations of the segment and the physical location of the
asset. The liabilities are allocated based on the operations of the segment.
Transfer prices between business segments are set on an arm\u2019s length basis, in a
manner similar to transactions with third parties.
The segment information for the reportable segments for 2025 and 2024 is disclosed
below. Information related to discontinued operations is included in note 9.
Minerals
ESCO
Total continuing
operations
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
Sales to external customers
1,856.0
1,817.5
708.5
688.1
2,564.5
2,505.6
Inter-segment sales
\u2014
0.1
1.3
1.5
1.3
1.6
Segment revenue
1,856.0
1,817.6
709.8
689.6
2,565.8
2,507.2
Eliminations
(1.3)
(1.6)
2,564.5
2,505.6
Sales to external customers \u2013 2024 at 2025 average exchange rates
Sales to external customers
1,856.0
1,744.5
708.5
666.5
2,564.5
2,411.0
Segment result
Segment result before share of
results of joint ventures
406.3
382.8
149.9
127.4
556.2
510.2
Share of results of joint ventures
\u2013
\u2013
1.7
1.9
1.7
1.9
Segment result
406.3
382.8
151.6
129.3
557.9
512.1
Corporate expenses
(40.3)
(40.0)
Adjusted operating profit
517.6
472.1
Adjusting items
(81.7)
(81.1)
Net finance costs
(70.3)
(43.9)
Profit before tax from continuing operations
365.6
347.1
Segment result \u2013 2024 at 2025 average exchange rates
Segment result before share of
results of joint ventures
406.3
364.8
149.9
123.3
556.2
488.1
Share of results of joint ventures
\u2013
\u2013
1.7
1.8
1.7
1.8
Segment result
406.3
364.8
151.6
125.1
557.9
489.9
Corporate expenses
(40.3)
(40.1)
Adjusted operating profit
517.6
449.8
Revenues from any single external customer do not exceed 10% of Group revenue.
Minerals
ESCO
Total continuing
operations
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Timing of revenue
recognition
At a point in time
1,760.2
1,724.1
662.5
669.0
2,422.7
2,393.1
Over time
95.8
93.5
47.3
20.6
143.1
114.1
Segment revenue
1,856.0
1,817.6
709.8
689.6
2,565.8
2,507.2
Eliminations
(1.3)
(1.6)
2,564.5
2,505.6
Geographical information
Geographical information in respect of revenue for 2025 and 2024 is disclosed
below. Revenues are allocated based on the location to which the product is
shipped. Geographical information for 2024 has been restated as disclosed in note 2.
Restated
(note 2)
2025
2024
\u00a3m
\u00a3m
Revenue by geography
UK
26.4
17.7
US
426.8
402.5
Canada
401.6
386.5
Asia Pacific
273.3
281.3
Australia
389.0
401.6
South America
547.2
535.1
Middle East & Africa
348.3
312.8
Europe & Central Asia
151.9
168.1
Revenue
2,564.5
2,505.6
2025
2024
\u00a3m
\u00a3m
An analysis of the Group's revenue is as follows:
Original equipment
494.5
492.3
Aftermarket parts
1,841.0
1,797.7
Sales of goods
2,335.5
2,290.0
Provision of services \u2013 aftermarket
172.3
190.6
Construction contracts \u2013 original equipment
10.1
21.1
Subscription services - aftermarket
46.6
3.9
Revenue
2,564.5
2,505.6
Minerals
ESCO
Total Group
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets & liabilities
Intangible assets
564.7
532.6
1,413.2
737.7
1,977.9
1,270.3
Property, plant & equipment
348.7
309.8
176.1
179.9
524.8
489.7
Working capital assets
901.6
854.0
299.7
273.6
1,201.3
1,127.6
1,815.0
1,696.4
1,889.0
1,191.2
3,704.0
2,887.6
Investments in joint ventures
\u2013
\u2013
15.0
12.8
15.0
12.8
Equity investment
14.8
\u2013
\u2014
\u2014
14.8
\u2014
Segment assets
1,829.8
1,696.4
1,904.0
1,204.0
3,733.8
2,900.4
Corporate assets
805.7
884.6
Total assets
4,539.5
3,785.0
Working capital liabilities
518.5
507.0
147.0
126.8
665.5
633.8
Segment liabilities
518.5
507.0
147.0
126.8
665.5
633.8
Corporate liabilities
1,958.9
1,297.6
Total liabilities
2,624.4
1,931.4
Minerals
ESCO
Total Group
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Other segment information - total
Group
Segment additions to non-
current assets
94.1
78.5
28.2
33.1
122.3
111.6
Corporate additions to non-current assets
0.4
0.2
Total additions to non-current assets
122.7
111.8
Other segment information - total
Group
Segment depreciation &
amortisation
67.1
69.9
48.4
39.1
115.5
109.0
Segment impairment of
property, plant & equipment
2.5
7.2
0.3
\u2013
2.8
7.2
Segment impairment of
intangible assets
\u2013
18.6
\u2013
\u2013
\u2013
18.6
Corporate depreciation & amortisation
1.3
1.5
Total depreciation, amortisation & impairment
119.6
136.3
Corporate assets primarily comprise cash and short-term deposits, asbestos-
related insurance asset, Trust Owned Life Insurance policy investments, derivative
financial instruments, income tax receivable, deferred tax assets and elimination of
intercompany assets, as well as those assets that are used for general head office
purposes. Corporate liabilities primarily comprise interest-bearing loans and
borrowings, and related interest accruals, derivative financial instruments, income
tax payable, provisions, deferred tax liabilities, elimination of intercompany liabilities
and retirement benefit deficits as well as liabilities relating to general head office
activities. Segment additions to non-current assets include right-of-use assets.
Geographical information
Geographical information in respect of non-current assets for 2025 and 2024 is
disclosed below. Assets are allocated based on the location of the assets and
operations. Non-current assets consist of property, plant & equipment, intangible
assets, investments in joint ventures and equity investments. Geographical
information for 2024 has been restated as disclosed in note 2.
Restated
(note 2)
2025
2024
\u00a3m
\u00a3m
Non-current assets by geography
UK
24.5
27.6
US
897.3
883.4
Canada
142.1
150.5
Asia Pacific
227.7
240.3
Australia
927.4
187.5
South America
94.4
69.5
Middle East & Africa
169.9
167.0
Europe & Central Asia
58.1
55.8
Non-current assets
2,541.4
1,781.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "517600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:Adjustedresultsmember", "unit": "iso4217:GBP" } }, "f-467": { "value": "-81700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "weir:ConsolidatedIncomeStatementAxis": "weir:AdjustingItemsMember", "unit": "iso4217:GBP" } }, "f-476": { "value": "
5. Revenues & expenses
The following disclosures are given in relation to continuing operations.
Restated (note 2)
Year ended 31 December 2025
Year ended 31 December 2024
Adjusted
results
Adjusting
items
Statutory
results
Adjusted
results
Adjusting
items
Statutory
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
A reconciliation of revenue to operating profit is as follows:
Revenue
2,564.5
\u2013
2,564.5
2,505.6
\u2013
2,505.6
Cost of sales
(1,503.3)
(35.2)
(1,538.5)
(1,493.1)
(12.4)
(1,505.5)
Gross profit
1,061.2
(35.2)
1,026.0
1,012.5
(12.4)
1,000.1
Other operating
income
3.6
\u2013
3.6
7.4
\u2013
7.4
Selling & distribution
costs
(327.9)
(3.7)
(331.6)
(323.9)
(1.0)
(324.9)
Administrative
expenses
(221.0)
(62.6)
(283.6)
(225.8)
(67.7)
(293.5)
Deconsolidation of US
subsidiary
\u2013
19.8
19.8
\u2013
\u2013
\u2013
Share of results of
joint ventures
1.7
\u2013
1.7
1.9
\u2013
1.9
Operating profit
517.6
(81.7)
435.9
472.1
(81.1)
391.0
Year ended 31 December 2025
Year ended 31 December 2024
Adjusted
results
Adjusting
items
Statutory
results
Adjusted
results
Adjusting
items
Statutory
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Operating profit from continuing operations is stated after charging (crediting):
Cost of inventories
recognised as an
expense1
1,448.1
\u2013
1,448.1
1,446.6
\u2013
1,446.6
Depreciation of
property, plant &
equipment (note 12)
81.8
\u2013
81.8
77.8
\u2013
77.8
Lease expenses (note
12)
12.9
\u2013
12.9
13.7
\u2013
13.7
Amortisation of
intangible assets
(note 13)
8.8
26.2
35.0
12.0
20.7
32.7
Research &
development costs
55.2
\u2013
55.2
46.5
\u2013
46.5
Net foreign exchange
losses
2.2
\u2013
2.2
7.5
\u2013
7.5
Net impairment
charge of trade
receivables (note 18)
1.8
\u2013
1.8
1.2
\u2013
1.2
Government grants
(2.4)
\u2013
(2.4)
(4.2)
\u2013
(4.2)
Exceptional and other
adjusting items
(note\u00a06)2
\u2013
55.5
55.5
\u2013
60.4
60.4
Notes
1. Cost of inventories recognised as an expense has been restated for the year ended 31
December 2024 from \u00a31,485.2m in the prior year Group Financial Statements to \u00a31,446.6m.
This reduction is the net impact of the increase in cost of sales of \u00a37.9m from the ESCO
reallocation disclosed in note 2 and the exclusion of research and development costs, which
were incorrectly included in the total and are also disclosed in a subsequent row in the table.
2. Items not separately disclosed above.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
5. Revenues & expenses
The following disclosures are given in relation to continuing operations.
Restated (note 2)
Year ended 31 December 2025
Year ended 31 December 2024
Adjusted
results
Adjusting
items
Statutory
results
Adjusted
results
Adjusting
items
Statutory
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
A reconciliation of revenue to operating profit is as follows:
Revenue
2,564.5
\u2013
2,564.5
2,505.6
\u2013
2,505.6
Cost of sales
(1,503.3)
(35.2)
(1,538.5)
(1,493.1)
(12.4)
(1,505.5)
Gross profit
1,061.2
(35.2)
1,026.0
1,012.5
(12.4)
1,000.1
Other operating
income
3.6
\u2013
3.6
7.4
\u2013
7.4
Selling & distribution
costs
(327.9)
(3.7)
(331.6)
(323.9)
(1.0)
(324.9)
Administrative
expenses
(221.0)
(62.6)
(283.6)
(225.8)
(67.7)
(293.5)
Deconsolidation of US
subsidiary
\u2013
19.8
19.8
\u2013
\u2013
\u2013
Share of results of
joint ventures
1.7
\u2013
1.7
1.9
\u2013
1.9
Operating profit
517.6
(81.7)
435.9
472.1
(81.1)
391.0
Year ended 31 December 2025
Year ended 31 December 2024
Adjusted
results
Adjusting
items
Statutory
results
Adjusted
results
Adjusting
items
Statutory
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Operating profit from continuing operations is stated after charging (crediting):
Cost of inventories
recognised as an
expense1
1,448.1
\u2013
1,448.1
1,446.6
\u2013
1,446.6
Depreciation of
property, plant &
equipment (note 12)
81.8
\u2013
81.8
77.8
\u2013
77.8
Lease expenses (note
12)
12.9
\u2013
12.9
13.7
\u2013
13.7
Amortisation of
intangible assets
(note 13)
8.8
26.2
35.0
12.0
20.7
32.7
Research &
development costs
55.2
\u2013
55.2
46.5
\u2013
46.5
Net foreign exchange
losses
2.2
\u2013
2.2
7.5
\u2013
7.5
Net impairment
charge of trade
receivables (note 18)
1.8
\u2013
1.8
1.2
\u2013
1.2
Government grants
(2.4)
\u2013
(2.4)
(4.2)
\u2013
(4.2)
Exceptional and other
adjusting items
(note\u00a06)2
\u2013
55.5
55.5
\u2013
60.4
60.4
Notes
1. Cost of inventories recognised as an expense has been restated for the year ended 31
December 2024 from \u00a31,485.2m in the prior year Group Financial Statements to \u00a31,446.6m.
This reduction is the net impact of the increase in cost of sales of \u00a37.9m from the ESCO
reallocation disclosed in note 2 and the exclusion of research and development costs, which
were incorrectly included in the total and are also disclosed in a subsequent row in the table.
2. Items not separately disclosed above.
2025
2024
\u00a3m
\u00a3m
Employee benefits expense
Wages & salaries
555.5
534.8
Social security costs
47.4
48.3
Other pension costs
Defined contribution plans
34.6
29.3
Share-based payments \u2013 equity settled transactions (note 28)
11.7
10.4
649.2
622.8
Details of Directors\u2019 remuneration is disclosed in note 29.
2025
2024
Number
Number
The average monthly number of people employed by the Company and its
subsidiaries is as follows:
Minerals
8,698
8,677
ESCO
2,740
2,541
Group companies
460
433
11,898
11,651
At 31\u00a0December 2025, the total number of people employed by the Group,
including contingent workers, was 12,787 (2024: 11,830).
Auditors' remuneration
The total fees payable by the Group to auditors for work performed in respect of the
audit and other services provided to the Company and its subsidiary companies
during the year are disclosed below.
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company's auditors for the audit of the
Company and Consolidated Financial Statements
2.5
2.4
Fees payable to the Company's auditors for other services
The audit of the Company's subsidiaries
1.9
1.7
Audit-related assurance services
0.1
0.1
Other non-audit services
0.4
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
5. Revenues & expenses
The following disclosures are given in relation to continuing operations.
Restated (note 2)
Year ended 31 December 2025
Year ended 31 December 2024
Adjusted
results
Adjusting
items
Statutory
results
Adjusted
results
Adjusting
items
Statutory
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
A reconciliation of revenue to operating profit is as follows:
Revenue
2,564.5
\u2013
2,564.5
2,505.6
\u2013
2,505.6
Cost of sales
(1,503.3)
(35.2)
(1,538.5)
(1,493.1)
(12.4)
(1,505.5)
Gross profit
1,061.2
(35.2)
1,026.0
1,012.5
(12.4)
1,000.1
Other operating
income
3.6
\u2013
3.6
7.4
\u2013
7.4
Selling & distribution
costs
(327.9)
(3.7)
(331.6)
(323.9)
(1.0)
(324.9)
Administrative
expenses
(221.0)
(62.6)
(283.6)
(225.8)
(67.7)
(293.5)
Deconsolidation of US
subsidiary
\u2013
19.8
19.8
\u2013
\u2013
\u2013
Share of results of
joint ventures
1.7
\u2013
1.7
1.9
\u2013
1.9
Operating profit
517.6
(81.7)
435.9
472.1
(81.1)
391.0
Year ended 31 December 2025
Year ended 31 December 2024
Adjusted
results
Adjusting
items
Statutory
results
Adjusted
results
Adjusting
items
Statutory
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Operating profit from continuing operations is stated after charging (crediting):
Cost of inventories
recognised as an
expense1
1,448.1
\u2013
1,448.1
1,446.6
\u2013
1,446.6
Depreciation of
property, plant &
equipment (note 12)
81.8
\u2013
81.8
77.8
\u2013
77.8
Lease expenses (note
12)
12.9
\u2013
12.9
13.7
\u2013
13.7
Amortisation of
intangible assets
(note 13)
8.8
26.2
35.0
12.0
20.7
32.7
Research &
development costs
55.2
\u2013
55.2
46.5
\u2013
46.5
Net foreign exchange
losses
2.2
\u2013
2.2
7.5
\u2013
7.5
Net impairment
charge of trade
receivables (note 18)
1.8
\u2013
1.8
1.2
\u2013
1.2
Government grants
(2.4)
\u2013
(2.4)
(4.2)
\u2013
(4.2)
Exceptional and other
adjusting items
(note\u00a06)2
\u2013
55.5
55.5
\u2013
60.4
60.4
Notes
1. Cost of inventories recognised as an expense has been restated for the year ended 31
December 2024 from \u00a31,485.2m in the prior year Group Financial Statements to \u00a31,446.6m.
This reduction is the net impact of the increase in cost of sales of \u00a37.9m from the ESCO
reallocation disclosed in note 2 and the exclusion of research and development costs, which
were incorrectly included in the total and are also disclosed in a subsequent row in the table.
2. Items not separately disclosed above.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
5. Revenues & expenses
The following disclosures are given in relation to continuing operations.
Restated (note 2)
Year ended 31 December 2025
Year ended 31 December 2024
Adjusted
results
Adjusting
items
Statutory
results
Adjusted
results
Adjusting
items
Statutory
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
A reconciliation of revenue to operating profit is as follows:
Revenue
2,564.5
\u2013
2,564.5
2,505.6
\u2013
2,505.6
Cost of sales
(1,503.3)
(35.2)
(1,538.5)
(1,493.1)
(12.4)
(1,505.5)
Gross profit
1,061.2
(35.2)
1,026.0
1,012.5
(12.4)
1,000.1
Other operating
income
3.6
\u2013
3.6
7.4
\u2013
7.4
Selling & distribution
costs
(327.9)
(3.7)
(331.6)
(323.9)
(1.0)
(324.9)
Administrative
expenses
(221.0)
(62.6)
(283.6)
(225.8)
(67.7)
(293.5)
Deconsolidation of US
subsidiary
\u2013
19.8
19.8
\u2013
\u2013
\u2013
Share of results of
joint ventures
1.7
\u2013
1.7
1.9
\u2013
1.9
Operating profit
517.6
(81.7)
435.9
472.1
(81.1)
391.0
Year ended 31 December 2025
Year ended 31 December 2024
Adjusted
results
Adjusting
items
Statutory
results
Adjusted
results
Adjusting
items
Statutory
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Operating profit from continuing operations is stated after charging (crediting):
Cost of inventories
recognised as an
expense1
1,448.1
\u2013
1,448.1
1,446.6
\u2013
1,446.6
Depreciation of
property, plant &
equipment (note 12)
81.8
\u2013
81.8
77.8
\u2013
77.8
Lease expenses (note
12)
12.9
\u2013
12.9
13.7
\u2013
13.7
Amortisation of
intangible assets
(note 13)
8.8
26.2
35.0
12.0
20.7
32.7
Research &
development costs
55.2
\u2013
55.2
46.5
\u2013
46.5
Net foreign exchange
losses
2.2
\u2013
2.2
7.5
\u2013
7.5
Net impairment
charge of trade
receivables (note 18)
1.8
\u2013
1.8
1.2
\u2013
1.2
Government grants
(2.4)
\u2013
(2.4)
(4.2)
\u2013
(4.2)
Exceptional and other
adjusting items
(note\u00a06)2
\u2013
55.5
55.5
\u2013
60.4
60.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
5. Revenues & expenses
The following disclosures are given in relation to continuing operations.
Restated (note 2)
Year ended 31 December 2025
Year ended 31 December 2024
Adjusted
results
Adjusting
items
Statutory
results
Adjusted
results
Adjusting
items
Statutory
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
A reconciliation of revenue to operating profit is as follows:
Revenue
2,564.5
\u2013
2,564.5
2,505.6
\u2013
2,505.6
Cost of sales
(1,503.3)
(35.2)
(1,538.5)
(1,493.1)
(12.4)
(1,505.5)
Gross profit
1,061.2
(35.2)
1,026.0
1,012.5
(12.4)
1,000.1
Other operating
income
3.6
\u2013
3.6
7.4
\u2013
7.4
Selling & distribution
costs
(327.9)
(3.7)
(331.6)
(323.9)
(1.0)
(324.9)
Administrative
expenses
(221.0)
(62.6)
(283.6)
(225.8)
(67.7)
(293.5)
Deconsolidation of US
subsidiary
\u2013
19.8
19.8
\u2013
\u2013
\u2013
Share of results of
joint ventures
1.7
\u2013
1.7
1.9
\u2013
1.9
Operating profit
517.6
(81.7)
435.9
472.1
(81.1)
391.0
Year ended 31 December 2025
Year ended 31 December 2024
Adjusted
results
Adjusting
items
Statutory
results
Adjusted
results
Adjusting
items
Statutory
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Operating profit from continuing operations is stated after charging (crediting):
Cost of inventories
recognised as an
expense1
1,448.1
\u2013
1,448.1
1,446.6
\u2013
1,446.6
Depreciation of
property, plant &
equipment (note 12)
81.8
\u2013
81.8
77.8
\u2013
77.8
Lease expenses (note
12)
12.9
\u2013
12.9
13.7
\u2013
13.7
Amortisation of
intangible assets
(note 13)
8.8
26.2
35.0
12.0
20.7
32.7
Research &
development costs
55.2
\u2013
55.2
46.5
\u2013
46.5
Net foreign exchange
losses
2.2
\u2013
2.2
7.5
\u2013
7.5
Net impairment
charge of trade
receivables (note 18)
1.8
\u2013
1.8
1.2
\u2013
1.2
Government grants
(2.4)
\u2013
(2.4)
(4.2)
\u2013
(4.2)
Exceptional and other
adjusting items
(note\u00a06)2
\u2013
55.5
55.5
\u2013
60.4
60.4
12. Property, plant & equipment
Property, plant & equipment comprises owned and right-of-use assets that do not meet the definition of investment property.
Owned land
& buildings
Owned plant
& equipment
Total owned
property,
plant &
equipment
Right-of-use
land &
buildings
Right-of-use
plant &
equipment
Total right-
of-use
property,
plant &
equipment
Total
property,
plant &
equipment
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
146.2
604.7
750.9
177.4
35.9
213.3
964.2
Additions
5.1
66.9
72.0
28.8
5.9
34.7
106.7
Disposals
(2.2)
(35.9)
(38.1)
(13.5)
(5.1)
(18.6)
(56.7)
Reclassifications to intangible assets (note 13 )
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
(0.1)
Reclassifications between owned plant & equipment and right-of-use
assets
\u2013
0.9
0.9
\u2013
(0.9)
(0.9)
\u2013
Reclassifications to inventory
\u2013
0.2
0.2
\u2013
\u2013
\u2013
0.2
Reclassifications
28.9
(28.9)
\u2013
2.2
(2.2)
\u2013
\u2013
Reassessments and modifications
\u2013
\u2013
\u2013
0.6
0.2
0.8
0.8
Inflation adjustment
\u2013
1.3
1.3
\u2013
\u2013
\u2013
1.3
Exchange adjustment
(3.8)
(19.7)
(23.5)
(6.5)
(1.3)
(7.8)
(31.3)
At 31 December 2024
174.2
589.4
763.6
189.0
32.5
221.5
985.1
Additions
5.6
56.2
61.8
48.6
7.1
55.7
117.5
Acquisitions
11.0
9.5
20.5
2.6
\u2013
2.6
23.1
Disposals
(13.3)
(33.2)
(46.5)
(21.7)
(4.4)
(26.1)
(72.6)
Reclassifications to intangible assets (note 13)
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
(0.1)
Reclassifications to inventory
\u2013
0.6
0.6
\u2013
\u2013
\u2013
0.6
Reclassifications
5.9
(5.9)
\u2013
(1.6)
1.6
\u2013
\u2013
Reassessments and modifications
\u2013
\u2013
\u2013
2.4
0.1
2.5
2.5
Exchange adjustment
(2.9)
(6.4)
(9.3)
(4.2)
(0.1)
(4.3)
(13.6)
At 31 December 2025
180.5
610.1
790.6
215.1
36.8
251.9
1,042.5
Owned land
& buildings
Owned plant
& equipment
Total owned
property,
plant &
equipment
Right-of-use
land &
buildings
Right-of-use
plant &
equipment
Total right-
of-use
property,
plant &
equipment
Total
property,
plant &
equipment
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Accumulated depreciation & impairment
At 1 January 2024
44.6
324.4
369.0
84.2
20.5
104.7
473.7
Depreciation charge for the year
5.8
40.1
45.9
24.3
7.6
31.9
77.8
Impairment during the year
5.1
2.1
7.2
\u2013
\u2013
\u2013
7.2
Disposals
(1.6)
(32.7)
(34.3)
(12.3)
(5.1)
(17.4)
(51.7)
Reclassifications between owned plant & equipment and right-of-use
assets
\u2013
0.9
0.9
\u2013
(0.9)
(0.9)
\u2013
Reclassifications
4.5
(4.5)
\u2013
(0.5)
0.5
\u2013
\u2013
Reassessments and modifications
\u2013
\u2013
\u2013
(3.9)
\u2013
(3.9)
(3.9)
Inflation adjustment
\u2013
1.1
1.1
\u2013
\u2013
\u2013
1.1
Exchange adjustment
(1.3)
(12.0)
(13.3)
(3.4)
(0.9)
(4.3)
(17.6)
At 31 December 2024
57.1
319.4
376.5
88.4
21.7
110.1
486.6
Depreciation charge for the year
7.2
42.3
49.5
24.2
8.1
32.3
81.8
Impairment during the year
0.1
0.6
0.7
2.1
\u2013
2.1
2.8
Disposals
(5.5)
(25.4)
(30.9)
(20.7)
(4.3)
(25.0)
(55.9)
Reclassifications
(5.7)
5.7
\u2013
0.9
(0.9)
\u2013
\u2013
Reassessments and modifications
\u2013
\u2013
\u2013
(0.2)
(0.5)
(0.7)
(0.7)
Exchange adjustment
(0.5)
(2.7)
(3.2)
(2.3)
(0.3)
(2.6)
(5.8)
At 31 December 2025
52.7
339.9
392.6
92.4
23.8
116.2
508.8
Net book value at 31 December 2023
101.6
280.3
381.9
93.2
15.4
108.6
490.5
Net book value at 31 December 2024
117.1
270.0
387.1
100.6
10.8
111.4
498.5
Net book value at 31 December 2025
127.8
270.2
398.0
122.7
13.0
135.7
533.7
13. Intangible assets
Goodwill
Brand names
Customer &
distributor
relationships
Purchased
software
Intellectual
property &
trademarks
Development
costs
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
842.6
274.2
183.3
100.0
129.8
49.5
70.5
1,649.9
Additions
\u2013
\u2013
\u2013
3.0
\u2013
2.1
\u2013
5.1
Disposals
\u2013
\u2013
\u2013
(5.0)
(53.3)
(1.1)
(1.9)
(61.3)
Reclassifications from property, plant & equipment (note 12)
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Reclassifications
\u2013
\u2013
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Inflation adjustment
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Exchange adjustment
(2.1)
4.6
1.3
(2.6)
(4.7)
(0.5)
1.2
(2.8)
At 31 December 2024
840.5
278.8
184.5
95.7
71.8
50.0
69.8
1,591.1
Additions
\u2013
\u2013
\u2013
0.7
\u2013
4.5
\u2013
5.2
Acquisitions
517.2
59.0
119.7
\u2013
82.5
\u2013
\u2013
778.4
Disposals
\u2013
\u2013
(0.3)
(5.9)
\u2013
(0.9)
(1.8)
(8.9)
Reclassifications from property, plant & equipment (note 12)
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Reclassifications
\u2013
\u2013
\u2013
(1.8)
0.7
2.6
(1.5)
\u2013
Exchange adjustment
(26.1)
(16.5)
(5.7)
(0.9)
\u2013
0.7
(4.3)
(52.8)
At 31 December 2025
1,331.6
321.3
298.2
87.9
155.0
56.9
62.2
2,313.1
Goodwill
Brand names
Customer &
distributor
relationships
Purchased
software
Intellectual
property &
trademarks
Development
costs
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Accumulated amortisation & impairment
At 1 January 2024
3.1
0.5
92.0
66.8
87.4
41.5
42.6
333.9
Charge for the year
\u2013
0.2
5.5
10.6
8.8
1.4
6.2
32.7
Impairment during the year
\u2013
18.6
\u2013
\u2013
\u2013
\u2013
\u2013
18.6
Disposals
\u2013
\u2013
\u2013
(4.9)
(53.3)
(1.1)
(1.9)
(61.2)
Reclassifications
\u2013
\u2013
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Inflation adjustment
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Exchange adjustment
0.1
0.4
(0.1)
(2.9)
(1.4)
(0.2)
0.8
(3.3)
At 31 December 2024
3.2
19.7
97.3
69.8
41.5
41.6
47.7
320.8
Charge for the year
\u2013
0.3
9.8
7.1
10.2
1.4
6.2
35.0
Disposals
\u2013
\u2013
\u2013
(5.7)
\u2013
(0.9)
(1.8)
(8.4)
Disposal of business
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Group transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reclassifications from property, plant & equipment (note 12)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reclassifications from right-of-use assets (note 12)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reclassifications
\u2013
\u2013
\u2013
(1.8)
0.7
2.6
(1.5)
\u2013
Exchange adjustment
0.1
(1.4)
(5.0)
(0.9)
(2.0)
0.1
(3.1)
(12.2)
At 31 December 2025
3.3
18.6
102.1
68.5
50.4
44.8
47.5
335.2
Net book value at 31 December 2023
839.5
273.7
91.3
33.2
42.4
8.0
27.9
1,316.0
Net book value at 31 December 2024
837.3
259.1
87.2
25.9
30.3
8.4
22.1
1,270.3
Net book value at 31 December 2025
1,328.3
302.7
196.1
19.4
104.6
12.1
14.7
1,977.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
5. Revenues & expenses
2025
2024
\u00a3m
\u00a3m
Employee benefits expense
Wages & salaries
555.5
534.8
Social security costs
47.4
48.3
Other pension costs
Defined contribution plans
34.6
29.3
Share-based payments \u2013 equity settled transactions (note 28)
11.7
10.4
649.2
622.8
Details of Directors\u2019 remuneration is disclosed in note 29.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
5. Revenues & expenses
Auditors' remuneration
The total fees payable by the Group to auditors for work performed in respect of the
audit and other services provided to the Company and its subsidiary companies
during the year are disclosed below.
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company's auditors for the audit of the
Company and Consolidated Financial Statements
2.5
2.4
Fees payable to the Company's auditors for other services
The audit of the Company's subsidiaries
1.9
1.7
Audit-related assurance services
0.1
0.1
Other non-audit services
0.4
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
5. Revenues & expenses
2025
2024
\u00a3m
\u00a3m
Employee benefits expense
Wages & salaries
555.5
534.8
Social security costs
47.4
48.3
Other pension costs
Defined contribution plans
34.6
29.3
Share-based payments \u2013 equity settled transactions (note 28)
11.7
10.4
649.2
622.8
Details of Directors\u2019 remuneration is disclosed in note 29.
24. Pensions & other post-employment benefit plans
The Group operates various defined benefit pension plans in the UK and North
America. All defined benefit plans are closed to new members. The most significant
defined benefit plan is the Main funded UK plan.
UK plans
At the balance sheet date, the Group has a funded defined benefit plan - the Main
Plan and an unfunded retirement benefit plan for retired Executive Directors. The
Group also operates a defined contribution plan, the contributions to which are in
addition to those set out below, and are charged directly to the Consolidated
Income Statement.
For the defined benefit plans, benefits are related to service and final salary. The
Main Plan closed to future accrual of benefits effective from 30 June 2015.
The weighted average duration of the expected benefit payments from the Main
Plan is around ten years.
The current funding target for the Main UK Plan is to maintain assets equal to the
value of the accrued benefits. The Main Plan holds three insurance policies which
match the liabilities in respect of a significant proportion of deferred and retired
pensioners.
The regulatory framework in the UK requires the pension scheme Trustees and
Group to agree upon the assumptions underlying the funding target, and then to
agree upon the necessary contributions required to recover any deficit at the
valuation date. There is a risk to the Group that adverse experience against these
assumptions could lead to a requirement for the Group to make considerable
contributions to recover any deficit. This risk is significantly reduced through the
insurance policies held.
North American plans
The Group also sponsors funded defined benefit pension plans in the US and
Canada and certain unfunded arrangements (including post-employment
healthcare benefits for senior employees) in the US.
These plans combined make up 18% of the Group's pension and other post-
employment benefit plan commitments and 14% of the Group's total associated
assets.
The weighted average duration of these plans is around eight years.
Plan risks
The defined benefit plans in the UK and North America expose the Group to a
number of risks.
Uncertainty in benefit payments
The value of the Group's liabilities for the defined benefit plans will ultimately
depend on the amount of benefits paid out. This in turn will depend on the level of
inflation (for those benefits that are subject to some form of inflation protection)
and how long individuals live. This risk is significantly reduced through the insurance
policies held in the UK.
Volatility in asset values
The Group is exposed to future movements in the values of assets held in the
funded defined benefit plans to meet future uninsured benefit payments.
Uncertainty in cash funding
Movements in the values of the obligations or assets may result in the Group being
required to provide higher levels of cash funding, although changes in the level of
cash required can often be spread over a number of years. This risk is significantly
reduced through the insurance policies held. In addition, the Group is also exposed
to adverse changes in pension regulation.
Exchange rate movements
Movements in exchange rates will affect the value in GBP of the assets and
obligations of the Group's North American defined benefit plans.
Assumptions
The significant actuarial assumptions used for accounting purposes reflect
prevailing market conditions in the UK and North America and are as\u00a0follows.
UK pensions
North American
pensions & post-
retirement
healthcare
2025
2024
2025
2024
Significant actuarial assumptions:
Discount rate (% pa)
5.45
5.45
5.00
5.20
Retail Prices Inflation (RPI) assumption (% pa)
2.90
3.20
n/a
n/a
Post-retirement mortality (life expectancies
in years):
Current pensioners at 65 \u2013 male
20.8
20.5
20.8
20.7
Current pensioners at 65 \u2013 female
23.0
22.9
22.7
22.7
Future pensioners at 65 \u2013 male
21.8
21.4
22.3
22.2
Future pensioners at 65 \u2013 female
24.1
24.0
24.2
24.1
Other related actuarial assumptions:
Rate of increases for pensions in payment (% pa)
Pre 6 April 2006 service
2.80
3.05
n/a
n/a
Post 5 April 2006 service
2.00
2.10
n/a
n/a
Consumer Prices Inflation (CPI) assumption
(% pa)
2.40
2.65
n/a
n/a
Rate of increase in healthcare costs
n/a
n/a
*
**
* Between 5.5% and 12.6% per annum decreasing to 4.5% (Weir)/4.0% (ESCO) per annum and
remaining static at that level from 2035 (Weir)/2043 (ESCO) onwards.
** Between 5.5% and 12.6% per annum decreasing to 4.5% (Weir)/4.0% (ESCO) per annum and
remaining static at that level from 2035 (Weir /2042 (ESCO) onwards.
The assumptions used to determine end-of-year benefit obligations are also used
to calculate the following year's cost. For North America, weighted average
assumptions are shown above where applicable.
The post-retirement mortality assumptions allow for expected increases in
longevity. The 'current' disclosures above relate to assumptions based on longevity
(in years) following retirement at the balance sheet date, with 'future' being that
relating to a member retiring in 2046 (in 20 years' time).
The assets and liabilities of the plans are as follows.
UK pensions
North American
pensions &
post-
retirement
healthcare
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Plan assets at fair value
Equities (quoted)
\u2013
\u2013
9.3
9.1
9.3
9.1
Corporate bonds (quoted)
45.9
36.7
58.2
63.7
104.1
100.4
Government bonds (quoted)
101.8
106.8
14.5
34.2
116.3
141.0
Insurance policies (unquoted)
275.9
288.5
\u2013
\u2013
275.9
288.5
Property
\u2013
\u2013
\u2013
1.9
\u2013
1.9
Private debt (unquoted)
\u2013
29.8
\u2013
\u2013
\u2013
29.8
Multi Asset Credit Funds (quoted)
40.4
42.4
\u2013
\u2013
40.4
42.4
Asset backed securities (quoted)
33.8
\u2013
\u2013
\u2013
33.8
\u2013
Cash (quoted)
4.9
15.1
2.1
7.3
7.0
22.4
Fair value of plan assets
502.7
519.3
84.1
116.2
586.8
635.5
Present value of funded
obligations
(473.4)
(486.7)
(86.2)
(119.0)
(559.6)
(605.7)
Net asset (liability) for funded
obligations
29.3
32.6
(2.1)
(2.8)
27.2
29.8
Present value of unfunded
obligations
(0.5)
(0.7)
(16.2)
(19.8)
(16.7)
(20.5)
Net asset (liability)
28.8
31.9
(18.3)
(22.6)
10.5
9.3
Plans in surplus
29.3
32.6
\u2013
\u2013
29.3
32.6
Plans in deficit
(0.5)
(0.7)
(18.3)
(22.6)
(18.8)
(23.3)
Of the government bonds held at 31\u00a0December 2025, 52% (2024: 59%) are fixed
interest bonds. The pension plans have not directly invested in any of the Group\u2019s
own financial instruments, or in properties or other assets used by the Group.
In the UK, where the majority of the Group's pension assets are held, the investment
strategy is to primarily hold government bonds and corporate bonds to meet the
assessed value of the benefits promised for the non-insured members, along with
holding asset backed securities and multi-asset credit funds. The insured members
are backed by the insurance policies held within the Scheme.
The value of the insurance policies is set equal to the estimated IAS 19 liability. The
valuation uses the same methodology as the associated liability based on the
census data included in the most recent triennial valuation, adjusted for movements
in actuarial assumptions and inflation experience.
The ESCO unfunded arrangements are backed by a grantor trust that contains Trust
Owned Life Insurance (TOLI) policy investments. These investments do not match
the obligations of the corresponding employee benefit plans, they are not used in
practice to pay the benefits as they fall due and they are available to the Group\u2019s
creditors in the event of insolvency. This means the grantor trust does not qualify as
a 'plan asset' for the purposes of IAS 19 'Employee benefits' and is instead treated as
a separate Group asset outside of this note. The value of these assets was
estimated at \u00a339.0m as at 31\u00a0December 2025 and are recognised in note 18.
The change in the IAS 19 funding position recognised in the Consolidated Balance
Sheet is comprised as follows.
UK pension
North American
pensions & post-
retirement
healthcare
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening net assets
(liabilities)
31.9
29.3
(22.6)
(27.2)
9.3
2.1
Expense credited (charged)
to the Consolidated Income
Statement
1.1
0.9
(1.2)
(1.8)
(0.1)
(0.9)
Amount recognised in the
Consolidated Statement of
Comprehensive Income
(4.3)
1.6
0.7
3.3
(3.6)
4.9
Employer contributions
0.1
0.1
3.3
3.4
3.4
3.5
Exchange adjustment
\u2013
\u2013
1.5
(0.3)
1.5
(0.3)
Closing net assets (liabilities)
28.8
31.9
(18.3)
(22.6)
10.5
9.3
The amounts recognised for the Group in the Consolidated Income Statement and
in the Consolidated Statement of Comprehensive Income for the year are analysed
as follows.
UK pension
North American
pensions &
post-retirement
healthcare
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Recognised in the Consolidated Income Statement
Curtailment gain
\u2013
\u2013
0.7
\u2013
0.7
\u2013
Administrative expenses
(0.7)
(0.4)
(0.8)
(0.6)
(1.5)
(1.0)
Included in operating profit
(0.7)
(0.4)
(0.1)
(0.6)
(0.8)
(1.0)
Interest on net pension asset
(liability)
1.8
1.3
(1.1)
(1.2)
0.7
0.1
Total credit (expense)
charged to the Consolidated
Income Statement
1.1
0.9
(1.2)
(1.8)
(0.1)
(0.9)
Recognised in the Consolidated Statement of Comprehensive Income
Actual return on plan assets
21.7
(37.0)
7.3
1.2
29.0
(35.8)
Less: interest on plan assets
(27.3)
(25.9)
(4.6)
(5.5)
(31.9)
(31.4)
(5.6)
(62.9)
2.7
(4.3)
(2.9)
(67.2)
Other actuarial gains (losses) due to:
Changes in financial
assumptions
7.7
44.4
(2.0)
5.0
5.7
49.4
Changes in demographic
assumptions
(3.6)
11.5
\u2013
0.2
(3.6)
11.7
Experience on benefit
obligations
(2.8)
8.6
\u2013
0.6
(2.8)
9.2
Effect of asset limit
\u2013
\u2013
\u2013
1.8
\u2013
1.8
Actuarial (losses) gains
recognised in the
Consolidated Statement of
Comprehensive Income
(4.3)
1.6
0.7
3.3
(3.6)
4.9
Current service cost and administration expenses are recognised in operating costs
and interest on net pension liability is recognised in other finance costs.
The Group\u2019s largest North American plan is the US ESCO Corporation pension plan.
The Group\u2019s current funding policy for this plan is to pay the minimum required
contributions under US regulation. However, in the event the plan\u2019s funding level is
projected to fall below significant thresholds, the Group will consider funding more
than the minimum required contribution.
Pension contributions are determined with the advice of independent qualified
actuaries on the basis of regular valuations using the projected unit method. The
Group made no special contributions in 2025 (2024: \u00a3nil).
The latest actuarial funding valuation of the Main Plan was completed in 2024. As the
Plan was in a funding surplus, no recovery plan was required and, therefore, no
future deficit reduction contributions are currently payable. The Scottish Limited
Partnership (SLP) previously in place to fund pension contributions has been ended.
The Group has taken legal advice regarding its UK arrangements to confirm the
accounting treatment under IFRIC 14 with regard to recognition of a surplus and
also recognition of a minimum funding requirement. This confirmed that there is no
requirement to adjust the balance sheet and that recognition of a current surplus is
appropriate on the basis that the Group has an unconditional right to a refund of a
current (or projected future) surplus at some point in the future. Having considered
the position, taking account of the legal input received and noting that the Trustees
of the UK arrangements do not have discretionary powers to unilaterally wind up the
schemes without cause, the Directors of the Group have concluded that the Group
has an unconditional right to a refund of any surplus.
The Group is aware of a case involving Virgin Media and NTL Pension Trustee, which
could potentially lead to additional liabilities for some pension schemes and
sponsors. The Group has taken some initial legal advice and at this stage is not
aware of any evidence to suggest that the relevant legal requirements were not
complied with and, therefore, no further action has been taken. No allowance has
been made for any additional liabilities that may arise as a result of this court ruling.
A legislative solution has been proposed but is not yet law and uncertainty remains.
The Group will continue to monitor any future developments.
The total Group contributions for 2026 are expected to be \u00a32.6m.
Change in asset limit
UK pensions
North American
pensions &
post-retirement
benefits
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Effect of asset limit at start of
year
\u2013
\u2013
\u2013
(1.8)
\u2013
(1.8)
Interest on the asset limit
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
Change in the asset limit
other than interest
\u2013
\u2013
\u2013
1.8
\u2013
1.8
Exchange rate adjustment
\u2013
\u2013
\u2013
0.1
\u2013
0.1
Effect of asset limit at end of
year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Changes in the present value of the defined benefit obligations are analysed as follows.
UK pensions
North American
pensions &
post-retirement
benefits
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening defined benefit
obligations
(487.4)
(563.4)
(138.8)
(149.5)
(626.2)
(712.9)
Interest on benefit
obligations
(25.5)
(24.6)
(5.7)
(6.6)
(31.2)
(31.2)
Benefits paid
37.7
36.1
11.1
11.8
48.8
47.9
Actuarial gains (losses) due
to:
Changes in financial
assumptions
7.7
44.4
(2.0)
5.0
5.7
49.4
Changes in demographic
assumptions
(3.6)
11.5
\u2013
0.2
(3.6)
11.7
Experience on benefit
obligations
(2.8)
8.6
\u2013
0.6
(2.8)
9.2
Liabilities removed due to
curtailments/settlements
\u2013
\u2013
24.8
\u2013
24.8
\u2013
Exchange rate adjustment
\u2013
\u2013
8.2
(0.3)
8.2
(0.3)
Closing defined benefit
obligations
(473.9)
(487.4)
(102.4)
(138.8)
(576.3)
(626.2)
Changes in the fair value of plan assets are analysed as follows.
UK pensions
North American
pensions &
post-retirement
benefits
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening plan assets
519.3
592.7
116.2
124.1
635.5
716.8
Interest on plan assets
27.3
25.9
4.6
5.5
31.9
31.4
Employer contributions
0.1
0.1
3.3
3.4
3.4
3.5
Administrative expenses
(0.7)
(0.4)
(0.8)
(0.6)
(1.5)
(1.0)
Benefits paid
(37.7)
(36.1)
(11.1)
(11.8)
(48.8)
(47.9)
Actual return on plan assets
less interest on plan assets
(5.6)
(62.9)
2.7
(4.3)
(2.9)
(67.2)
Assets distributed on
settlements
\u2014
\u2014
(24.1)
\u2014
(24.1)
\u2014
Exchange rate adjustment
\u2013
\u2013
(6.7)
(0.1)
(6.7)
(0.1)
Closing plan assets
502.7
519.3
84.1
116.2
586.8
635.5
Sensitivity analysis
Changes in key assumptions can have a significant effect on the reported
retirement benefit obligation and the Consolidated Income Statement expense for
2026. The effects of changes in those assumptions on the reported retirement
benefit obligation are set out in the table below.
Increase
Decrease
Increase
Decrease
2025
2025
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Discount rate
Effect on defined benefit obligation of a
1.0% change
49.6
(58.1)
54.9
(64.3)
Effect on net funding position of a 1.0%
change
30.9
(36.8)
34.8
(41.3)
RPI inflation (and associated assumptions)
Effect on defined benefit obligation of a
1.0% change
(28.7)
24.6
(31.8)
25.9
Effect on net funding position of a 1.0%
change
(17.4)
13.4
(20.9)
14.0
Life expectancy
Effect on defined benefit obligation of a 1
year change
(22.2)
22.2
(22.7)
22.7
Effect on net funding position of a 1 year
change
(7.6)
7.6
(8.1)
8.1
The impact on the IAS19 net funding position is significantly reduced as a result of
the insurance policies held. In the absence of such policies, the impact on the IAS19
net funding position would be much closer to the significantly higher impact on the
defined benefit obligation shown in the table.
These sensitivities have been calculated to show the movement in the defined
benefit obligation and IAS19 net funding position in isolation and assume no other
changes in market conditions at the accounting date. In practice, for example, a
change in discount rate is unlikely to occur without any movement in the value of
the invested (non-insurance policy) assets held by the plans.
2025
2024
Compensation of key management personnel
\u00a3m
\u00a3m
Short-term employee benefits
9.1
8.3
Share-based payments
4.1
4.4
Post-employment benefits
0.4
0.4
13.6
13.1
2025
2024
Emoluments paid to the Directors of The Weir Group PLC
\u00a3m
\u00a3m
Remuneration
4.3
3.9
Gains made on the exercise of Long-Term Incentive Plan
awards
2.1
1.3
6.4
5.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
5. Revenues & expenses
Year ended 31 December 2025
Year ended 31 December 2024
Adjusted
results
Adjusting
items
Statutory
results
Adjusted
results
Adjusting
items
Statutory
results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Operating profit from continuing operations is stated after charging (crediting):
Cost of inventories
recognised as an
expense1
1,448.1
\u2013
1,448.1
1,446.6
\u2013
1,446.6
Depreciation of
property, plant &
equipment (note 12)
81.8
\u2013
81.8
77.8
\u2013
77.8
Lease expenses (note
12)
12.9
\u2013
12.9
13.7
\u2013
13.7
Amortisation of
intangible assets
(note 13)
8.8
26.2
35.0
12.0
20.7
32.7
Research &
development costs
55.2
\u2013
55.2
46.5
\u2013
46.5
Net foreign exchange
losses
2.2
\u2013
2.2
7.5
\u2013
7.5
Net impairment
charge of trade
receivables (note 18)
1.8
\u2013
1.8
1.2
\u2013
1.2
Government grants
(2.4)
\u2013
(2.4)
(4.2)
\u2013
(4.2)
Exceptional and other
adjusting items
(note\u00a06)2
\u2013
55.5
55.5
\u2013
60.4
60.4
Notes
1. Cost of inventories recognised as an expense has been restated for the year ended 31
December 2024 from \u00a31,485.2m in the prior year Group Financial Statements to \u00a31,446.6m.
This reduction is the net impact of the increase in cost of sales of \u00a37.9m from the ESCO
reallocation disclosed in note 2 and the exclusion of research and development costs, which
were incorrectly included in the total and are also disclosed in a subsequent row in the table.
2. Items not separately disclosed above.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
7. Finance (costs) income
Finance costs
2025
2024
\u00a3m
\u00a3m
Interest payable on financial liabilities
(71.8)
(55.1)
Interest and finance charges payable on lease liabilities
(6.1)
(5.9)
Change in fair value of forward points in cross-currency
swaps and forward contracts
(0.1)
(0.3)
Finance charges related to committed loan facilities
(6.5)
(3.0)
Finance charges related to discounting of trade receivables
(0.3)
(0.4)
Other finance costs \u2013 retirement benefits
(1.1)
(1.2)
(85.9)
(65.9)
Finance income
2025
2024
\u00a3m
\u00a3m
Interest receivable on financial assets
13.7
20.7
Change in fair value of forward points in cross-currency
swaps and forward contracts
0.1
\u2013
Other finance income \u2013 retirement benefits
1.8
1.3
15.6
22.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
8. Tax expense
Income tax (expense) credit from total operations
2025
2024
\u00a3m
\u00a3m
Consolidated Income Statement
Current income tax
UK corporation tax
\u2013
\u2013
Adjustments in respect of previous years
(1.4)
(1.4)
Total UK corporation tax
(1.4)
(1.4)
Foreign tax
(123.2)
(114.0)
Adjustments in respect of previous years
1.1
2.6
Total current income tax
(123.5)
(112.8)
Deferred income tax
Origination & reversal of temporary differences
14.1
12.7
Adjustment to estimated recoverable deferred tax assets
(13.5)
67.6
Adjustments in respect of previous years
4.9
0.8
Total deferred tax 1
5.5
81.1
Total income tax expense in the Consolidated Income
Statement
(118.0)
(31.7)
Total income tax expense is attributable to:
Profit from continuing operations
118.0
31.7
118.0
31.7
Note
1. Includes \u00a314.9m of a deferred tax charge relating to foreign tax ( 2024: \u00a364.8m credit).
The total income tax expense is disclosed in the Consolidated Income Statement, as
follows.
2025
2024
\u00a3m
\u00a3m
Tax (expense) credit
\u2013 adjusted results
(127.1)
(118.6)
\u2013 adjusting items
9.1
86.9
Continuing operations income tax expense in the
Consolidated Income Statement
(118.0)
(31.7)
Total income tax expense in the Consolidated Income
Statement
(118.0)
(31.7)
The tax credit of \u00a39.1m (2024 : \u00a386.9 m) which has been recognised in adjusting
items includes a \u00a36.3m credit (2024: \u00a34.2m credit) in respect of adjusting intangibles
amortisation and impairment, and a charge of \u00a313.3m (2024: \u00a3nil) which relates to
the derecognition of assets belonging to the US subsidiary that has been
deconsolidated during the year (note 6). During 2024 there was a credit of \u00a31.3m
relating to the US asbestos provision. The remaining \u00a316.1m credit (2024: \u00a381.4m
credit) relates to exceptional and other adjusting items.
The total deferred tax included in the income tax expense is detailed in note 23.
Tax relating to items credited (charged) to equity from continuing
operations
2025
2024
\u00a3m
\u00a3m
Consolidated Statement of Comprehensive Income
Deferred tax \u2013 origination & reversal of temporary differences
0.3
(1.1)
Deferred tax \u2013 effect of change in tax rates
\u2013
\u2013
Tax credit (charge) on actuarial gains/losses on retirement
benefits
0.3
(1.1)
Tax credit (charge) on hedge losses
0.3
(0.4)
Tax credit (charge) in the Consolidated Statement of
Comprehensive Income
0.6
(1.5)
Consolidated Statement of Changes in Equity
Deferred tax on share-based payments
2.9
0.8
Tax credit in the Consolidated Statement of Changes in Equity
2.9
0.8
Reconciliation of the total tax charge from total operations
The tax charge (2024: charge) in the Consolidated Income Statement for the year is
higher (2024: lower) than the weighted average of standard rates of corporation tax
across the Group of 25.6% (2024: 27.5%). The differences are reconciled below.
2025
2024
\u00a3m
\u00a3m
Profit before tax from continuing operations
365.6
347.1
Loss before tax from discontinued operations
\u2013
(2.9)
Profit before tax
365.6
344.2
At the weighted average of standard rates of
corporation tax across the Group of 25.6% ( 2024 : 27.5%)
93.6
94.7
Adjustments in respect of previous
years
\u2013 current tax
0.3
(1.2)
\u2013 deferred tax
(4.9)
(0.8)
Joint ventures
(0.4)
(0.5)
Movement in unrecognised deferred tax assets
13.5
(67.6)
Overseas tax on unremitted earnings
1.9
(0.5)
Income not taxable and expenses not deductible
8.3
5.6
Exceptional and other adjusting items ineligible for tax
5.7
2.0
At effective tax rate of 32.3% (2024: 9.2%)
118.0
31.7
Exceptional and other adjusting items ineligible for tax have increased from a debit
of \u00a32.0m in 2024 to a debit of \u00a35.7m in 2025. This relates to transactions costs
incurred during the year relating to acquisitions and disallowable costs relating to
business restructurings.
Movements in unrecognised deferred tax assets increased from a credit of \u00a367.6m
in 2024 to a debit of \u00a313.5m in 2025. The 2025 movement relates to the
derecognition of assets belonging to the US subsidiary that has been
deconsolidated during the year (see note 6).
The Group\u2019s provision for overseas tax on unremitted earnings increased from a
credit of \u00a30.5m in 2024 to a debit of \u00a31.9m in 2025 and relates to unremitted
earnings in the Group\u2019s subsidiaries in Chile and Peru.
Income not taxable and expenses not deductible have increased from a debit of
\u00a35.6m in 2024 to a debit of \u00a38.3m in 2025. This relates to an increase in irrecoverable
withholding tax on dividends and royalties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
9. Discontinued operations
There were no discontinued operations in the year ended 31 December 2025 (2024:
\u00a32.9m). The prior year charge is related to the finalisation of certain tax indemnities
under the sale and purchase agreement for the Oil & Gas Division, which was
disposed of in 2021. There were no current year investing cash outflows from
discontinued operations (2024 : \u00a31.8m).
For full disclosure of the disposal of the Oil & Gas Division refer to note 8 of the
Group's 2021 Annual Report and Financial Statements.
Loss per share
Loss per share from discontinued operations were as follows.
2025
2024
pence
pence
Basic
\u2013
(1.1)
Diluted
\u2013
(1.1)
The loss per share figures were derived by dividing the net loss attributable to
equity holders of the Company from discontinued operations by the weighted
average number of ordinary shares, for both basic and diluted amounts, shown in
note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
10. Earnings per share
Basic earnings per share amounts are calculated by dividing net profit for the year
attributable to equity holders of the Company by the weighted average number of
ordinary shares in issue after deducting the own shares held by employee share
ownership trusts and treasury shares. Diluted earnings per share is calculated by
dividing the net profit attributable to equity holders of the Company by the
weighted average number of ordinary shares outstanding during the year, adjusted
for the effect of dilutive share awards.
The following reflects the earnings used in the calculation of earnings per share.
2025
2024
\u00a3m
\u00a3m
Profit attributable to equity holders of the Company
Total operations1
246.9
312.2
Continuing operations1
246.9
315.1
Continuing operations before adjusting items1
319.5
309.3
The following reflects the share numbers used in the calculation of earnings per
share, and the difference between the weighted average share capital for the
purposes of the basic and the diluted earnings per share calculations.
2025
2024
Shares
million
Shares
million
Weighted average number of ordinary shares for basic
earnings per share
258.0
257.8
Effect of dilution: employee share awards
1.7
1.7
Adjusted weighted average number of ordinary shares for
diluted earnings per share
259.7
259.5
The profit attributable to equity holders of the Company used in the calculation of
both basic and diluted earnings per share from continuing operations before
adjusting items is calculated as follows.
2025
2024
\u00a3m
\u00a3m
Net profit attributable to equity holders from continuing
operations 1
246.9
315.1
Adjusting items net of tax
72.6
(5.8)
Net profit attributable to equity holders from continuing
operations before adjusting items
319.5
309.3
2025
2024
pence
pence
Basic earnings per share
Total operations1
95.7
121.1
Continuing operations1
95.7
122.2
Continuing operations before adjusting items1
123.8
120.0
Diluted earnings per share
Total operations1
95.1
120.3
Continuing operations1
95.1
121.4
Continuing operations before adjusting items1
123.0
119.2
Note
1. Adjusted for a profit of \u00a30.7m (2024 : \u00a30.3m) in respect of non-controlling interests for total
operations.
There have been 16,677 share awards ( 2024: 20,768) vested between the reporting
date and the date of signing of these financial statements. They will not be released
until after the date of signing. They will be settled out of existing shares held in trust.
Loss per share from discontinued operations is disclosed in note 9.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
11. Dividends paid & proposed
2025
2024
\u00a3m
\u00a3m
Declared & paid during the year
Equity dividends on ordinary shares
Final dividend for 2024: 22.1p (2023: 20.8p)
57.0
53.7
Interim dividend for 2025: 19.6p (2024: 17.9p)
50.6
46.1
107.6
99.8
Proposed for approval by Shareholders at the
Annual\u00a0General\u00a0Meeting
Final dividend for 2025: 22.1p (2024: 22.1p)
57.0
56.9
The current year dividend is in line with the capital allocation policy announced in
our 2020 Annual Report and Financial Statements, under which the Group intends to
distribute 33% of adjusted earnings by way of dividend. As a result, dividend cover in
2025 is 3.0 times.
The proposed dividend is based on the number of shares in issue, excluding
treasury shares held, at the date that the financial statements were approved and
authorised for issue. The final dividend may differ due to increases or decreases in
the number of shares in issue between the date of approval of this Annual Report
and Financial Statements and the record date for the final dividend.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
12. Property, plant & equipment
Property, plant & equipment comprises owned and right-of-use assets that do not meet the definition of investment property.
Owned land
& buildings
Owned plant
& equipment
Total owned
property,
plant &
equipment
Right-of-use
land &
buildings
Right-of-use
plant &
equipment
Total right-
of-use
property,
plant &
equipment
Total
property,
plant &
equipment
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
146.2
604.7
750.9
177.4
35.9
213.3
964.2
Additions
5.1
66.9
72.0
28.8
5.9
34.7
106.7
Disposals
(2.2)
(35.9)
(38.1)
(13.5)
(5.1)
(18.6)
(56.7)
Reclassifications to intangible assets (note 13 )
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
(0.1)
Reclassifications between owned plant & equipment and right-of-use
assets
\u2013
0.9
0.9
\u2013
(0.9)
(0.9)
\u2013
Reclassifications to inventory
\u2013
0.2
0.2
\u2013
\u2013
\u2013
0.2
Reclassifications
28.9
(28.9)
\u2013
2.2
(2.2)
\u2013
\u2013
Reassessments and modifications
\u2013
\u2013
\u2013
0.6
0.2
0.8
0.8
Inflation adjustment
\u2013
1.3
1.3
\u2013
\u2013
\u2013
1.3
Exchange adjustment
(3.8)
(19.7)
(23.5)
(6.5)
(1.3)
(7.8)
(31.3)
At 31 December 2024
174.2
589.4
763.6
189.0
32.5
221.5
985.1
Additions
5.6
56.2
61.8
48.6
7.1
55.7
117.5
Acquisitions
11.0
9.5
20.5
2.6
\u2013
2.6
23.1
Disposals
(13.3)
(33.2)
(46.5)
(21.7)
(4.4)
(26.1)
(72.6)
Reclassifications to intangible assets (note 13)
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
(0.1)
Reclassifications to inventory
\u2013
0.6
0.6
\u2013
\u2013
\u2013
0.6
Reclassifications
5.9
(5.9)
\u2013
(1.6)
1.6
\u2013
\u2013
Reassessments and modifications
\u2013
\u2013
\u2013
2.4
0.1
2.5
2.5
Exchange adjustment
(2.9)
(6.4)
(9.3)
(4.2)
(0.1)
(4.3)
(13.6)
At 31 December 2025
180.5
610.1
790.6
215.1
36.8
251.9
1,042.5
Owned land
& buildings
Owned plant
& equipment
Total owned
property,
plant &
equipment
Right-of-use
land &
buildings
Right-of-use
plant &
equipment
Total right-
of-use
property,
plant &
equipment
Total
property,
plant &
equipment
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Accumulated depreciation & impairment
At 1 January 2024
44.6
324.4
369.0
84.2
20.5
104.7
473.7
Depreciation charge for the year
5.8
40.1
45.9
24.3
7.6
31.9
77.8
Impairment during the year
5.1
2.1
7.2
\u2013
\u2013
\u2013
7.2
Disposals
(1.6)
(32.7)
(34.3)
(12.3)
(5.1)
(17.4)
(51.7)
Reclassifications between owned plant & equipment and right-of-use
assets
\u2013
0.9
0.9
\u2013
(0.9)
(0.9)
\u2013
Reclassifications
4.5
(4.5)
\u2013
(0.5)
0.5
\u2013
\u2013
Reassessments and modifications
\u2013
\u2013
\u2013
(3.9)
\u2013
(3.9)
(3.9)
Inflation adjustment
\u2013
1.1
1.1
\u2013
\u2013
\u2013
1.1
Exchange adjustment
(1.3)
(12.0)
(13.3)
(3.4)
(0.9)
(4.3)
(17.6)
At 31 December 2024
57.1
319.4
376.5
88.4
21.7
110.1
486.6
Depreciation charge for the year
7.2
42.3
49.5
24.2
8.1
32.3
81.8
Impairment during the year
0.1
0.6
0.7
2.1
\u2013
2.1
2.8
Disposals
(5.5)
(25.4)
(30.9)
(20.7)
(4.3)
(25.0)
(55.9)
Reclassifications
(5.7)
5.7
\u2013
0.9
(0.9)
\u2013
\u2013
Reassessments and modifications
\u2013
\u2013
\u2013
(0.2)
(0.5)
(0.7)
(0.7)
Exchange adjustment
(0.5)
(2.7)
(3.2)
(2.3)
(0.3)
(2.6)
(5.8)
At 31 December 2025
52.7
339.9
392.6
92.4
23.8
116.2
508.8
Net book value at 31 December 2023
101.6
280.3
381.9
93.2
15.4
108.6
490.5
Net book value at 31 December 2024
117.1
270.0
387.1
100.6
10.8
111.4
498.5
Net book value at 31 December 2025
127.8
270.2
398.0
122.7
13.0
135.7
533.7
Right-of-use assets
The Group leases many assets, including buildings, vehicles, forklifts, photocopiers
and printers, machinery and IT equipment. Building lease terms are negotiated on
an individual basis and contain a wide range of terms from one to 20 years. The
average lease term is approximately five years. Plant and equipment lease terms
range from one to 16 years, with an\u00a0average lease term of approximately four years.
The current and non-current lease liabilities are disclosed in notes 20 and 30
respectively. The maturity analysis of contractual undiscounted cash flows is
included in note 30. The following table shows the breakdown of\u00a0the lease expense
between amounts charged to operating profit and amounts charged to\u00a0finance
costs in the Consolidated Income Statement in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
12. Property, plant & equipment
Property, plant & equipment comprises owned and right-of-use assets that do not meet the definition of investment property.
Owned land
& buildings
Owned plant
& equipment
Total owned
property,
plant &
equipment
Right-of-use
land &
buildings
Right-of-use
plant &
equipment
Total right-
of-use
property,
plant &
equipment
Total
property,
plant &
equipment
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
146.2
604.7
750.9
177.4
35.9
213.3
964.2
Additions
5.1
66.9
72.0
28.8
5.9
34.7
106.7
Disposals
(2.2)
(35.9)
(38.1)
(13.5)
(5.1)
(18.6)
(56.7)
Reclassifications to intangible assets (note 13 )
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
(0.1)
Reclassifications between owned plant & equipment and right-of-use
assets
\u2013
0.9
0.9
\u2013
(0.9)
(0.9)
\u2013
Reclassifications to inventory
\u2013
0.2
0.2
\u2013
\u2013
\u2013
0.2
Reclassifications
28.9
(28.9)
\u2013
2.2
(2.2)
\u2013
\u2013
Reassessments and modifications
\u2013
\u2013
\u2013
0.6
0.2
0.8
0.8
Inflation adjustment
\u2013
1.3
1.3
\u2013
\u2013
\u2013
1.3
Exchange adjustment
(3.8)
(19.7)
(23.5)
(6.5)
(1.3)
(7.8)
(31.3)
At 31 December 2024
174.2
589.4
763.6
189.0
32.5
221.5
985.1
Additions
5.6
56.2
61.8
48.6
7.1
55.7
117.5
Acquisitions
11.0
9.5
20.5
2.6
\u2013
2.6
23.1
Disposals
(13.3)
(33.2)
(46.5)
(21.7)
(4.4)
(26.1)
(72.6)
Reclassifications to intangible assets (note 13)
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
(0.1)
Reclassifications to inventory
\u2013
0.6
0.6
\u2013
\u2013
\u2013
0.6
Reclassifications
5.9
(5.9)
\u2013
(1.6)
1.6
\u2013
\u2013
Reassessments and modifications
\u2013
\u2013
\u2013
2.4
0.1
2.5
2.5
Exchange adjustment
(2.9)
(6.4)
(9.3)
(4.2)
(0.1)
(4.3)
(13.6)
At 31 December 2025
180.5
610.1
790.6
215.1
36.8
251.9
1,042.5
Owned land
& buildings
Owned plant
& equipment
Total owned
property,
plant &
equipment
Right-of-use
land &
buildings
Right-of-use
plant &
equipment
Total right-
of-use
property,
plant &
equipment
Total
property,
plant &
equipment
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Accumulated depreciation & impairment
At 1 January 2024
44.6
324.4
369.0
84.2
20.5
104.7
473.7
Depreciation charge for the year
5.8
40.1
45.9
24.3
7.6
31.9
77.8
Impairment during the year
5.1
2.1
7.2
\u2013
\u2013
\u2013
7.2
Disposals
(1.6)
(32.7)
(34.3)
(12.3)
(5.1)
(17.4)
(51.7)
Reclassifications between owned plant & equipment and right-of-use
assets
\u2013
0.9
0.9
\u2013
(0.9)
(0.9)
\u2013
Reclassifications
4.5
(4.5)
\u2013
(0.5)
0.5
\u2013
\u2013
Reassessments and modifications
\u2013
\u2013
\u2013
(3.9)
\u2013
(3.9)
(3.9)
Inflation adjustment
\u2013
1.1
1.1
\u2013
\u2013
\u2013
1.1
Exchange adjustment
(1.3)
(12.0)
(13.3)
(3.4)
(0.9)
(4.3)
(17.6)
At 31 December 2024
57.1
319.4
376.5
88.4
21.7
110.1
486.6
Depreciation charge for the year
7.2
42.3
49.5
24.2
8.1
32.3
81.8
Impairment during the year
0.1
0.6
0.7
2.1
\u2013
2.1
2.8
Disposals
(5.5)
(25.4)
(30.9)
(20.7)
(4.3)
(25.0)
(55.9)
Reclassifications
(5.7)
5.7
\u2013
0.9
(0.9)
\u2013
\u2013
Reassessments and modifications
\u2013
\u2013
\u2013
(0.2)
(0.5)
(0.7)
(0.7)
Exchange adjustment
(0.5)
(2.7)
(3.2)
(2.3)
(0.3)
(2.6)
(5.8)
At 31 December 2025
52.7
339.9
392.6
92.4
23.8
116.2
508.8
Net book value at 31 December 2023
101.6
280.3
381.9
93.2
15.4
108.6
490.5
Net book value at 31 December 2024
117.1
270.0
387.1
100.6
10.8
111.4
498.5
Net book value at 31 December 2025
127.8
270.2
398.0
122.7
13.0
135.7
533.7
Owned property, plant & equipment
In 2025, an impairment of \u00a32.8m (2024: \u00a37.2m ) has been recognised in the year in
relation to the capacity optimisation pillar of Performance Excellence.
In 2025, the inflation adjustment recorded was to increase cost by \u00a3nil (2024: \u00a31.3m)
and increase accumulated depreciation by \u00a3nil (2024: \u00a31.1m). The inflation
adjustments relate to\u00a0owned plant and equipment assets located in Argentina,
within the Minerals Division. Inflation adjustments were recorded in accordance with
IAS 29 'Financial Reporting in Hyperinflationary Economies'.
The carrying amount of assets under construction included in plant and equipment
is \u00a334.3m (2024: \u00a348.9m).
Right-of-use assets
The Group leases many assets, including buildings, vehicles, forklifts, photocopiers
and printers, machinery and IT equipment. Building lease terms are negotiated on
an individual basis and contain a wide range of terms from one to 20 years. The
average lease term is approximately five years. Plant and equipment lease terms
range from one to 16 years, with an\u00a0average lease term of approximately four years.
The current and non-current lease liabilities are disclosed in notes 20 and 30
respectively. The maturity analysis of contractual undiscounted cash flows is
included in note 30. The following table shows the breakdown of\u00a0the lease expense
between amounts charged to operating profit and amounts charged to\u00a0finance
costs in the Consolidated Income Statement in the year.
2025
2024
\u00a3m
\u00a3m
Depreciation of right-of-use assets
(32.3)
(31.9)
Expenses relating to short-term leases
(9.4)
(10.9)
Expenses relating to leases of low value assets, excluding
short-term leases of low value
(2.0)
(1.9)
Income from sub-leasing right-of-use assets
0.2
0.3
Expenses relating to variable lease payments not included in
the measurement of lease liabilities
(1.7)
(1.2)
Charge to operating profit
(45.2)
(45.6)
Finance cost - interest expense related to lease liabilities
(6.1)
(5.9)
Charge to profit before tax from continuing operations
(51.3)
(51.5)
The total cash outflow in the year, which includes right-of-use cash flows and
associated finance costs, as well as cash flows for the above expenses, is \u00a348.6m
(2024: \u00a344.5m). Future cash outflows from leases not yet commenced to which the
Group is committed total \u00a3nil (2024 : \u00a356.0m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
13. Intangible assets
Goodwill
Brand names
Customer &
distributor
relationships
Purchased
software
Intellectual
property &
trademarks
Development
costs
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
842.6
274.2
183.3
100.0
129.8
49.5
70.5
1,649.9
Additions
\u2013
\u2013
\u2013
3.0
\u2013
2.1
\u2013
5.1
Disposals
\u2013
\u2013
\u2013
(5.0)
(53.3)
(1.1)
(1.9)
(61.3)
Reclassifications from property, plant & equipment (note 12)
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Reclassifications
\u2013
\u2013
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Inflation adjustment
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Exchange adjustment
(2.1)
4.6
1.3
(2.6)
(4.7)
(0.5)
1.2
(2.8)
At 31 December 2024
840.5
278.8
184.5
95.7
71.8
50.0
69.8
1,591.1
Additions
\u2013
\u2013
\u2013
0.7
\u2013
4.5
\u2013
5.2
Acquisitions
517.2
59.0
119.7
\u2013
82.5
\u2013
\u2013
778.4
Disposals
\u2013
\u2013
(0.3)
(5.9)
\u2013
(0.9)
(1.8)
(8.9)
Reclassifications from property, plant & equipment (note 12)
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Reclassifications
\u2013
\u2013
\u2013
(1.8)
0.7
2.6
(1.5)
\u2013
Exchange adjustment
(26.1)
(16.5)
(5.7)
(0.9)
\u2013
0.7
(4.3)
(52.8)
At 31 December 2025
1,331.6
321.3
298.2
87.9
155.0
56.9
62.2
2,313.1
Goodwill
Brand names
Customer &
distributor
relationships
Purchased
software
Intellectual
property &
trademarks
Development
costs
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Accumulated amortisation & impairment
At 1 January 2024
3.1
0.5
92.0
66.8
87.4
41.5
42.6
333.9
Charge for the year
\u2013
0.2
5.5
10.6
8.8
1.4
6.2
32.7
Impairment during the year
\u2013
18.6
\u2013
\u2013
\u2013
\u2013
\u2013
18.6
Disposals
\u2013
\u2013
\u2013
(4.9)
(53.3)
(1.1)
(1.9)
(61.2)
Reclassifications
\u2013
\u2013
(0.1)
0.1
\u2013
\u2013
\u2013
\u2013
Inflation adjustment
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
0.1
Exchange adjustment
0.1
0.4
(0.1)
(2.9)
(1.4)
(0.2)
0.8
(3.3)
At 31 December 2024
3.2
19.7
97.3
69.8
41.5
41.6
47.7
320.8
Charge for the year
\u2013
0.3
9.8
7.1
10.2
1.4
6.2
35.0
Disposals
\u2013
\u2013
\u2013
(5.7)
\u2013
(0.9)
(1.8)
(8.4)
Disposal of business
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Group transfers
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reclassifications from property, plant & equipment (note 12)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reclassifications from right-of-use assets (note 12)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Reclassifications
\u2013
\u2013
\u2013
(1.8)
0.7
2.6
(1.5)
\u2013
Exchange adjustment
0.1
(1.4)
(5.0)
(0.9)
(2.0)
0.1
(3.1)
(12.2)
At 31 December 2025
3.3
18.6
102.1
68.5
50.4
44.8
47.5
335.2
Net book value at 31 December 2023
839.5
273.7
91.3
33.2
42.4
8.0
27.9
1,316.0
Net book value at 31 December 2024
837.3
259.1
87.2
25.9
30.3
8.4
22.1
1,270.3
Net book value at 31 December 2025
1,328.3
302.7
196.1
19.4
104.6
12.1
14.7
1,977.9
In 2025, the inflation adjustment recorded was to increase cost by \u00a3nil (2024: \u00a30.1m)
and increase accumulated amortisation by \u00a3nil (2024: \u00a30.1m). The inflation
adjustments related to purchased software assets located in Argentina, within the
Minerals Division. Inflation adjustments were recorded in accordance with IAS 29
'Financial Reporting in Hyperinflationary Economies'.
The carrying amount of assets under construction included in intangible assets is
\u00a3nil ( 2024: \u00a32.1m).
Brand names, with the exception of the Motion Metrics\u2122 brand name, have been
assigned an\u00a0indefinite useful life and, as such, are not amortised, but are tested
annually for impairment, as detailed in note 15. In the prior year, a decision was
taken to rebrand certain products within the Minerals Division and this resulted in a
write down of the Trio brand name to nil. An exceptional impairment loss of \u00a318.6m
was recognised in 2024 (note 6). At 31 December 2025 the carrying value of brand
names with an indefinite life was \u00a3300.5m (2024 : \u00a3256.6m). The Motion Metrics\u2122
brand name has an expected useful life of 15 years and\u00a0is being amortised over this
period.
Brand names includes ESCO\u00ae, WARMAN\u00ae, Micromine\u00ae and LINATEX\u00ae, all of which are
considered to be leaders in their respective markets. The allocation of significant
brand names is as follows.
Brand names
2025
2024
\u00a3m
\u00a3m
ESCO\u00ae
126.7
136.2
WARMAN\u00ae
61.7
66.3
Micromine\u00ae
61.5
\u2013
LINATEX\u00ae
45.5
45.5
Other1
7.3
11.1
302.7
259.1
Note
1. Included within 'Other' is the Motion Metrics\u00ae brand name, which has a carrying value of
\u00a32.2m at 31\u00a0December 2025 (2024: \u00a32.5m), and is being amortised over an expected
remaining useful life of 11 years (2024: 12 years).
The allocation of customer and distributor relationships, and the amortisation period of
these assets is as follows.
Remaining
amortisation
period
Customer & distributor
relationships
2025
2024
2025
2024
Years
Years
\u00a3m
\u00a3m
ESCO
20-23
21-24
75.0
84.6
Carriere Industrial Supply
11
12
2.0
2.3
Micromine
14
n/a
119.1
\u2013
Other
n/a
Up to 1
\u2013
0.3
196.1
87.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
14. Business combinations
Mining Software Holdings Pty Ltd
The Group completed the acquisition of Mining Software Holdings Pty Ltd
('Micromine') on 30 April 2025, for an enterprise value of Australian Dollar $1,310.0m
(\u00a3624.0m). Micromine is a leading software provider to the mining industry with
comprehensive solutions across the upstream mining value chain from exploration
through mine design and planning, operational scheduling and mining operations
in hard ore, soft ore and underground applications. The Group paid cash
consideration of Australian Dollar $1,332.5m (\u00a3634.5m) upon completion of the
acquisition of which Australian Dollar $15.1m will be held in escrow for 12 months to
cover any claims of specific indemnities.
The provisional fair values, which are subject to finalisation within 12 months of
acquisition, are disclosed in the following table. The fair values will be finalised in the
first half of 2026. There are certain intangible assets included in the Australian Dollar
$910.3m (\u00a3433.5m) of goodwill recognised that cannot be individually separated
and reliably measured due to their nature. These items include the future growth of
the business, synergies and an assembled workforce.
The gross amount and fair value of Micromine trade receivables amounts to \u00a313.3m.
It is expected that virtually all the contractual amounts will be collected.
Townley Engineering and Manufacturing Company., LLC. and Townley Foundry
and Machine Co., LLC.
The Group completed the acquisition of Townley Engineering and Manufacturing
Company, LLC. and Townley Foundry and Machine Co., LLC (combined 'Townley') on
28 August 2025, for an enterprise value of US Dollar $150.0m (\u00a3110.9m). Founded in
1963, Townley is a leading provider of mining wear and abrasion solutions with an
extensive product range including slurry pumps, dredge pumps, cast foundry
products, valves, urethane parts, hoses and rubber linings. Townley\u2019s operations,
which include a foundry, and urethane and rubber products manufacturing, are
based in Ocala, within the phosphate mining region of north central Florida. The
Group paid cash consideration of US Dollar $185.1m (\u00a3136.9m) upon completion of
the acquisition, which included adjustments for net debt and working capital, and of
which US Dollar $1.5m will be held in escrow for 12 months to cover any claims of
specific indemnities.
The provisional fair values, which are subject to finalisation within 12 months of
acquisition, are disclosed in the following table. The fair values will be finalised in
2026, within the 12-month permitted period, including the identification and
valuation of intangible assets. There are certain intangible assets included in the
combined total of US Dollar $82.8m (\u00a361.2m) for the goodwill recognised that
cannot be individually separated and reliably measured due to their nature. These
items include the future growth of the business, synergies and an assembled
workforce. The gross amount and fair value of Townley trade receivables amounts to
\u00a38.0m. It is expected that virtually all the contractual amounts will be collected.
Fast2Mine Tecnologia e Desenvolvimento de Sistemas Ltda
The Group completed the acquisition of Fast2Mine Tecnologia e Desenvolvimento
de Sistemas Ltda ('Fast2Mine') on 11 November 2025, for an enterprise value of
Brazilian Real 172.4m (\u00a324.7m). Fast2Mine is a Brazil-based software provider to the
mining industry, with a focus on mine management solutions. The Group paid initial
cash consideration of Brazilian Real 167.8m (\u00a324.0m) upon completion of the
acquisition, with a further deferred consideration of Brazilian Real 10.5m (\u00a31.5m)
recognised, which is being held to cover any claims of specific indemnities and fully
payable six years after the date of acquisition.
The provisional fair values, which are subject to finalisation within 12 months of
acquisition, are disclosed in the following table. The fair values will be finalised in
2026, within the 12-month permitted period, including the identification and
valuation of intangible assets. There are certain intangible assets included in the
Brazilian Real 157.0m (\u00a322.5m) of goodwill recognised that cannot be individually
separated and reliably measured due to their nature. These items include the future
growth of the business, synergies and an assembled workforce. The gross amount
and fair value of Fast2Mine trade receivables amounts to \u00a31.4m. It is expected that
virtually all the contractual amounts will be collected.
2025
2025
2025
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Micromine
Townley
Fast2Mine
Total
Property, plant & equipment -
owned assets
0.8
18.4
1.3
20.5
Property, plant & equipment -
right-of-use assets
2.5
0.1
\u2013
2.6
Intangible assets
Customer and distributor
relationships
119.7
\u2013
\u2013
119.7
Intellectual property & trademarks
81.7
\u2013
0.8
82.5
Brand name
59.0
\u2013
\u2013
59.0
Inventories
0.2
30.8
0.1
31.1
Trade & other receivables
13.3
8.0
1.4
22.7
Deferred tax assets
7.7
\u2013
\u2013
7.7
Cash & cash equivalents
9.9
25.1
0.5
35.5
Interest-bearing loans & borrowings
(3.4)
(0.1)
\u2013
(3.5)
Trade & other payables
(30.6)
(5.3)
(0.6)
(36.5)
Income tax payable
(2.4)
\u2013
(0.2)
(2.6)
Provisions
(2.7)
(1.3)
(0.3)
(4.3)
Deferred tax liabilities
(54.7)
\u2013
\u2013
(54.7)
Provisional fair value of net
assets\u00a0acquired
201.0
75.7
3.0
279.7
Goodwill arising on acquisition
433.5
61.2
22.5
517.2
Total consideration
634.5
136.9
25.5
796.9
Cash consideration
634.5
136.9
24.0
795.4
Deferred consideration
\u2013
\u2013
1.5
1.5
Total consideration
634.5
136.9
25.5
796.9
The total net cash outflow on current
year acquisitions was as follows:
Cash consideration paid
634.5
136.9
24.0
795.4
Cash & cash equivalents acquired
(9.9)
(25.1)
(0.5)
(35.5)
Total cash outflow (note 26)
624.6
111.8
23.5
759.9
Micromine, Townley and Fast2Mine contributed \u00a363.7m to revenue and an operating
profit of \u00a319.2m (before adjusting items) in the period from the acquisitions to 31
December 2025. If the acquisitions had occurred at the start of 2025, the revenue
and statutory profit for the period from acquired operations would not have had a
material impact on the results disclosed in the Consolidated Income Statement and,
therefore, are not separately disclosed.
Contingent consideration
SentianAI
Included in the sale and purchase agreement of SentianAI in November 2023, a
maximum of an additional SEK23.7m (\u00a31.9m) is payable by the Group contingent on
SentianAI exceeding specific revenue and EBITDA margin targets over the next two
years and meeting non-financial targets by the end of 2026. The entry point for any
contingent payment would require significant growth in terms of revenue and
EBITDA margin by 2026. While the Group expects SentianAI to grow as it leverages
the benefits of being partnered with Minerals, and the opportunities within ESCO, the
entry targets are considered challenging. As a result, no contingent consideration
has been recorded at the balance sheet date in both the current and prior periods.
This will be reassessed at each future reporting period.
Fast2Mine
Included in the sale and purchase agreement of Fast2Mine, a maximum of an
additional Brazilian Real 69.0m (\u00a39.3m) is payable by the Group contingent on
Fast2Mine exceeding specific revenue and EBITDA margin targets by the end of
2026. If these targets are met, the contingent consideration would be paid by Group
in 2027. No contingent consideration has been recorded at the balance sheet date
in the current year. This will be reassessed at each future reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
15. Impairment testing of goodwill & intangible assets with
indefinite lives
Goodwill acquired through business combinations and intangible assets with
indefinite lives have been allocated at acquisition to Cash Generating Units (CGUs)
that are expected to benefit from the business combination. The Group tests
goodwill and intangible assets (brand names) with indefinite lives annually for
impairment, or more frequently if there are indications that these might be
impaired.
The carrying amounts of goodwill and intangible assets with indefinite lives have
been allocated as per the table below.
Goodwill
Intangibles
Goodwill
Intangibles
2025
2025
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Minerals
419.5
112.3
371.4
120.4
ESCO
908.8
188.2
465.9
136.2
Total Group
1,328.3
300.5
837.3
256.6
Description of CGUs
A description of each of the CGUs is provided below, along with a summary of the
key drivers of revenue growth and operating profit margin.
Minerals
Minerals includes the WARMAN\u00ae and LINATEX\u00ae brands. Weir Minerals companies
supply pumps and associated equipment and services to all global mining markets.
The key drivers for revenues are: (i) levels of mining capital expenditure that drives
demand for original equipment; and (ii) levels of actual mining activity that drives
demand for spare parts and service. Independent forecasts of mining capital
expenditure and activity have been used to derive revenue growth assumptions.
These independent forecasts were prepared during the final quarter of 2025.
The goodwill and intangible assets arising from the acquisition of Townley have
been included within the Minerals CGU. At 31 December 2025, the purchase price is
considered to reflect the fair value of the assets and, therefore, the\u00a0addition to the
Minerals CGU is considered to have a neutral impact on the impairment\u00a0analysis.
ESCO
ESCO includes the ESCO\u00ae, Bucyrus Blades and Micromine\u00ae brands. This CGU is a
supplier of Ground Engaging Tools (GET) and associated equipment and services to
the mining and infrastructure industries. It also supplies equipment-agnostic
software solutions to the mining industry. The key drivers for revenues are: (i) levels
of mining and infrastructure capital expenditure that drives both demand for original
equipment used in minerals extraction processes and for software solutions which
are used in resource exploration, and mine design and planning; and (ii) levels of
actual mining and infrastructure activity that drives demand for spare parts and
service, as well as software used in resource exploration, mine planning and
operation. Independent forecasts of\u00a0expenditure in these sectors have been used to
derive revenue growth assumptions. These\u00a0independent forecasts were prepared
during the final quarter of 2025.
The goodwill and intangible assets arising from the acquisition of Micromine and
Fast2Mine have been included within the ESCO CGU.
Impairment testing assumptions
Impairment testing requires an estimate of the value in use of the CGUs to which
the goodwill and intangible assets are allocated. To estimate the value in use, the
Group estimates the expected future cash flows from the CGU and discounts them
to their present value at a determined discount rate, which is appropriate for the
geographic location of the CGU. Forecasting expected cash flows and selecting an
appropriate discount rate inherently requires estimation. The forecasts reflect latest
strategic plans, for each of the CGUs, covering a period of five years, with cash flows
beyond five years extrapolated using an estimated growth rate. The strategic plans
incorporate initial plans for achieving the Group\u2019s long-term sustainability goals,
which are described more fully in the Strategic report.
The basis of the impairment tests for the two CGUs, including key assumptions, are
set out in the table below.
CGU
Basis of
valuation
Period of
forecast
Discount
rate 1
Real
growth2
Key
assumptions3
Source
Minerals
Value in use
5 years
12.9%
(2024:
12.8%)
0.0%
(2024:
0.0%)
Revenue
growth/
Adjusted
operating
profit
margins
External
forecast
Historic
experience
ESCO
Value in use
5 years
12.9%
(2024:
13.2%)
0.0%
(2024:
0.0%)
Revenue
growth/
Adjusted
operating
profit
margins
External
forecast
Historic
experience
Notes
1. Discount rate
The pre-tax nominal weighted average cost of capital (WACC) is the basis for the discount
rate, with adjustments made for geographic risk. The WACC is the weighted average of the
pre-tax cost of debt financing and the pre-tax cost of equity finance. The discount rate has
increased in Minerals, due to changes in country mix with mining asset betas remaining
stable, and ESCO has decreased also due to changes in country mix.
2. Real growth
For both CGUs the real growth beyond the five-year forecast period typically reflects external
International Monetary Fund (IMF) forecast growth rates for the countries in which the CGU
operates. While short-term inflation rates have eased in the last 12 months, for modelling
purposes we have continued to restrict the real growth to 0.0% in both CGUs to compensate
\u00a0 \u00a0 for current volatility in rates. We do not believe this reflects our outlook on real growth given
\u00a0 \u00a0 the global nature of these businesses, the long-term growth prospects in their end-markets
and the fact that they sell a significant proportion of their products to emerging markets,
which also have strong long-term growth prospects.
3. Adjusted operating profit margins
Adjusted operating profit margins have been forecast based on historic levels taking
cognisance of the likely impact of changing economic environments and competitive
landscapes on volumes and revenues, and the impact of associated management actions.
Impairment testing and sensitivity analysis
The Directors consider that the assumptions made represent their best estimate of
the future cash flows generated by the CGU, and that the discount rate used is
appropriate given the risks associated with the specific cash flows. The resulting
value in use model for the Minerals and ESCO CGUs show significant headroom
above carrying value.
While cash flow projections are subject to inherent uncertainty, sensitivity analysis
has been performed for these CGUs, the results of which shows there is no
reasonably possible change in key assumptions that would cause the carrying value
amounts to exceed recoverable amounts. A 1% increase in the pre-tax discount rate
and 1% decrease in growth rate for each CGU, also indicated significant headroom
on the carrying value of the assets.
Additionally, the Directors have considered scenarios consistent with meeting the
Paris goals of limiting the global temperature increase to well below 2\u00b0C, which the
Directors consider to be a reasonably possible outcome. In these scenarios,
assumptions have been made over the price and production volumes of certain
commodities, that are key to end customers, with several of these commodities
being vital globally in achieving the Paris goals. Under the scenarios considered by
the Directors, there are no indicators of impairment in relation to either CGU.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
16. Investments in joint ventures
At the year end, the Group held an investment in one joint venture, ESCO Elecmetal
Fundici\u00f3n Limitada.
\u00a3m
At 1 January 2024
12.2
Share of results
1.9
Exchange adjustment
(1.3)
At 31 December 2024
12.8
Share of results
1.7
Exchange adjustment
0.5
At 31 December 2025
15.0
The balance sheet of the Group's joint venture is detailed below.
2025
2024
\u00a3m
\u00a3m
Current assets
15.6
15.1
Non-current assets
25.0
25.3
Current liabilities
(4.9)
(6.9)
Non-current liabilities
\u2014
(2.3)
Net assets
35.7
31.2
The revenue and profit of the Group's joint venture is included below.
2025
2024
\u00a3m
\u00a3m
Revenue
27.0
26.6
Cost of sales
(22.8)
(21.7)
Income tax expense
(0.8)
(1.0)
Interest
\u2013
(0.1)
Profit after tax
3.4
3.8
The Group\u2019s investment in the joint venture is included in the list of subsidiaries on
pages 251 to 262.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "17. Inventories
2025
2024
\u00a3m
\u00a3m
Raw materials
27.3
32.2
Work in progress
49.9
59.2
Finished goods
570.2
488.7
647.4
580.1
In 2025, the cost of inventories recognised as an expense within cost of sales
amounted to \u00a31,448.1m (2024 restated (note 5):\u00a0\u00a3 1,446.6m). In 2025 , the write down
of inventories to net realisable value amounted to\u00a0\u00a323.8m ( 2024: \u00a310.9m), of which
\u00a30.5m (2024: \u00a3nil) was recognised as an exceptional item (note 6). The reversal of
previous write downs amounted to \u00a321.1 m ( 2024: \u00a37.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
18. Trade & other receivables
Other receivables presented as non-current on the face of the Consolidated Balance Sheet of
\u00a341.0m ( 2024: \u00a3 44.3m) are primarily in respect of insurance contracts and Trust Owned Life
Insurance policy investments of \u00a339.0m (2024: \u00a342.7m) that provide a form of security for
certain unfunded employee benefit plans operated by ESCO.
Current trade and other receivables are analysed in the following table.
2025
2024
\u00a3m
\u00a3m
Trade receivables
442.0
416.4
Loss allowance
(14.4)
(13.3)
427.6
403.1
Other debtors
44.0
33.7
Sales tax receivable
14.9
29.3
Prepayments
34.5
45.4
Contract assets
33.9
35.2
554.9
546.7
The average credit period on sales of goods is 61 days (2024: 59 days) on a
continuing basis. Other debtors includes \u00a3nil (2024: \u00a30.3m) in\u00a0respect of amounts
due from joint ventures, and \u00a3nil (2024: \u00a34.1m) in respect of insurance contracts
relating to asbestos-related claims (note 22).
Impairment of trade & other receivables
The Group has two types of financial assets that are subject to the IFRS 9 'Financial
instruments' expected credit loss model:
\u2013 trade receivables for sales of products and services; and
\u2013 contract assets.
The Group applies the IFRS 9 simplified approach to measuring expected credit
losses, which uses a lifetime expected loss allowance for all trade receivables and
contract assets. To measure the expected credit losses, trade receivables and
contract assets have been grouped based on\u00a0shared credit risk characteristics.
The contract assets relate to unbilled work in progress and have substantially the
same risk characteristics as the trade receivables for the same types of contracts.
Due to the way in which these contracts are managed, expected credit loss, if
recognised, is included within the loss allowance for\u00a0trade receivables.
Due to the diverse end-markets and customer geographies within the Group, the
methodology applied to arrive at the expected loss rate is dictated by local
circumstances. For\u00a0short-term trade receivables, historical loss rates might be an
appropriate basis for the estimate of expected future losses. They are then adjusted
to reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. As such, one
methodology applied is the use of a provision matrix, where different loss rates are
applied depending on the number of days that a trade receivable is past due.
Alternatively, the expected credit loss is calculated on an individual customer basis
based on historical loss data for that customer, their receivables ageing, and any
other knowledge of the customer\u2019s current and forecast financial position.
Trade receivables and contract assets are written off when there is no reasonable
expectation of recovery.
Impairment losses on trade receivables and contract assets are presented as net
impairment losses within operating profit (note 5). Subsequent recoveries of
amounts previously written off are credited against the same line item.
The gross carrying amount of trade receivables, for which the loss allowance is
measured at an amount equal to the lifetime expected credit losses under the
simplified method, is analysed as follows.
Analysis of gross carrying amount of trade receivables by days
past\u00a0due
2025
2024
\u00a3m
\u00a3m
Not past due
298.9
304.5
Up to 3 months past due
110.8
61.7
Between 3 & 6 months past due
7.8
16.8
More than 6 months past due
24.5
33.4
442.0
416.4
Reconciliation of opening to closing loss allowance for trade
receivables
2025
2024
\u00a3m
\u00a3m
Balance at the beginning of the year
(13.3)
(12.9)
Impairment losses recognised on receivables
(3.3)
(4.0)
Arising on acquisition
(1.5)
\u2013
Amounts written off as uncollectable
0.6
0.5
Amounts recovered during the year
1.1
0.2
Impairment losses reversed
1.5
2.8
Exchange adjustment
0.5
0.1
Balance at the end of the year
(14.4)
(13.3)
Amounts recovered during the year includes an amount of \u00a30.6m (2024: \u00a30.3m)
recognised as an exceptional item. There were no impairment losses recognised on
receivables reported as an exceptional item in 2025 (2024: \u00a3nil).
The Group has recognised the following assets in relation to contracts with
customers.
2025
2024
\u00a3m
\u00a3m
Construction contract assets
4.3
6.0
Accrued income
29.6
29.2
Total contract assets
33.9
35.2
The decrease in construction contract assets relates to a combination of the mix
of\u00a0contracts, and the timing of billing partially offset by new contracts entered into
in\u00a02025.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
19. Cash & short-term deposits
2025
2024
\u00a3m
\u00a3m
Cash at bank & in hand
482.0
528.1
Short-term deposits
27.0
28.3
509.0
556.4
For the purposes of the Consolidated Cash Flow Statement, cash & cash
equivalents comprise the following:
Cash & short-term deposits
509.0
556.4
Bank overdrafts (note 20 )
(1.3)
(29.5)
507.7
526.9
Cash at bank and in hand earns interest at floating-rates based on daily bank
deposit rates. Short-term deposits are made for varying periods of between one
day and three months, depending on the immediate cash requirements of the
Group and earns interest at the respective short-term deposit rates.
The Group operates a notional cash pooling arrangement in which individual
balances are not offset for reporting purposes as the Group does not intend to
settle on a net basis. Cash and short-term deposits at 31\u00a0December 2025 includes
\u00a30. 6m (2024: \u00a329.5m) that is part of this arrangement and both cash and interest-
bearing loans and borrowings are grossed up by this amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
20. Interest-bearing loans & borrowings
2025
2024
\u00a3m
\u00a3m
Current
Bank overdrafts
1.3
29.5
Fixed-rate notes
98.9
\u2013
Lease liabilities
23.5
25.7
123.7
55.2
Non-current
Bank loans1
478.2
(2.1)
Fixed-rate notes
1,048.3
936.6
Lease liabilities
132.4
101.3
1,658.9
1,035.8
Note
1. 2024 balance relates to unamortised issue costs.
The Group operates a notional cash pooling arrangement in which individual
balances are not offset for reporting purposes as the Group does not intend to
settle on a net basis. Cash and short-term deposits at 31\u00a0December 2025 includes
\u00a30.6m (2024: \u00a329.5m) that is part of this arrangement and both cash and interest-
bearing loans and borrowings are grossed up by this amount.
Weighted average interest rate
Interest
2025
2024
2025
2024
Bank loans
Maturity
basis
%
%
\u00a3m
\u00a3m
Sterling floating-rate
revolving credit
facility
2029
\u00a3 SONIA
4.40
\u2013
83.4
(2.1)
Australian Dollar
floating-rate term
loan
2027
A$ BBSY
4.91
\u2013
394.8
\u2013
Non-current bank
loans
478.2
(2.1)
The weighted average interest rates include an applicable margin over and above
the interest basis.
Fixed interest rate
Interest
2025
2024
2025
2024
Fixed-rate notes
Maturity
basis
%
%
\u00a3m
\u00a3m
United States Dollar
Sustainability-Linked
Notes
2026
FIXED
2.20
2.20
98.9
637.6
Sterling
Sustainability-Linked
Notes
2028
FIXED
6.88
6.88
149.4
298.4
United States Dollar
Bond Notes
2030
FIXED
5.35
\u2013
700.7
\u2013
Australian Dollar Bond
Notes
2031
FIXED
5.20
\u2013
197.6
\u2013
Other loans
2027
FIXED
5.00
5.00
0.6
0.6
1,147.2
936.6
Less: current instalments due on fixed-rate notes
United States Dollar
Sustainability-Linked
Notes
2026
FIXED
98.9
\u2013
Non-current fixed-rate notes
1,048.3
936.6
The disclosures above represent the interest profile and currency profile of financial
liabilities before the impact of derivative financial instruments.
The Group utilises a number of sources of funding including Sustainability-Linked Notes,
Bond Notes, revolving credit facility, term loan and uncommitted facilities.
In February 2024, the Group chose to reduce its US Dollar $800m multi-currency
revolving credit facility (RCF) by US Dollar $200m.
Subsequently, in March 2024, the Group exercised the option to extend its US Dollar
$600m multi-currency RCF by one year, which will now mature in April 2029.
In February 2025, the Group entered into an Australian Dollar $1,200m term loan facility
with a syndicate of 12 banks to finance its purchase of Micromine. The facility was due to
mature in February 2026 with an option to extend to February 2027. In January 2026, the
Group enacted a term out option on the facility resulting in the loan being extended to
February 2028.
In May 2025, the Group completed the issue of five-year US Dollar $950m Bond Notes
due to mature in May 2030. Using the cash from this issuance, the Group elected to buy
back some of its existing notes. This reduced its US Dollar $800m and \u00a3300m
Sustainability-Linked Notes to US Dollar $133.1m and \u00a3150m, which are due to mature in
May 2026 and May 2028 respectively. Unamortised issue costs were also released in line
with the reduction.
In October 2025, the Group completed the issue of Australian Dollar $400m Bond
Notes due to mature in January 2031. Cash from the issuance was used to reduce
the term loan facility to Australian Dollar $800m.
At 31\u00a0December 2025, \u00a383.4m (2024: \u00a3nil) was drawn under the US Dollar $600m multi-
currency RCF, which is disclosed net of unamortised issue costs of \u00a31.6m (2024: \u00a32.1m).
At 31\u00a0December 2025, a total of \u00a3248.3m (2024: \u00a3936.0m) was outstanding under
Sustainability-Linked Notes, which is disclosed net of unamortised issue costs of \u00a30.6m
(2024: \u00a33.0m).
At 31\u00a0December 2025, a total of \u00a3394.8m (2024: \u00a3nil) was outstanding under term loan,
which is disclosed net of unamortised issue costs of \u00a32.0m (2024: \u00a3nil).
At 31\u00a0December 2025, a total of \u00a3898.3m (2024: \u00a3nil) was outstanding under Bond Notes,
which is disclosed net of unamortised issue costs of \u00a36.2m (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
21. Trade & other payables
2025
2024
\u00a3m
\u00a3m
Current
Trade payables
240.9
242.1
Other creditors
17.5
8.2
Other taxes & social security costs
11.1
6.2
Accruals
222.7
226.3
Deferred consideration payable
\u2013
0.6
Contract liabilities
156.9
135.3
649.1
618.7
Non-current
Deferred consideration payable
1.5
\u2013
1.5
\u2013
Liabilities under supplier finance arrangements
Trade payables includes balances due to suppliers that have signed up to a supply
chain financing programme, under which all invoices are settled via a partner bank.
Supplier finance arrangements are characterised by one or more finance providers
offering to pay amounts that an entity owes its suppliers and the entity agreeing to
pay according to the terms and conditions of the arrangements at the same date,
or a date later than, when suppliers are paid. These arrangements provide the entity
with extended payment terms, or the suppliers with early payment terms, compared
to the related invoice payment due date. The value of the liability payable by the
Group remains unchanged.
Range of payment due dates
2025
2024
Liabilities under supplier finance
arrangements
90\u2013120 days after
invoice date
90\u2013120 days after
invoice date
Comparable trade payables that are
not part of the supplier finance
arrangements (same line of business)
0\u201390 days after
invoice date
0\u201390 days after
invoice date
Carrying amount of liabilities under
supplier finance arrangement
\u00a3m
\u00a3m
Liabilities under supplier finance
arrangement
99.7
99.6
Of which the supplier has received
payment from the finance provider
32.5
34.0
There were no material business combinations or foreign exchange differences that
would affect the liabilities under supplier finance arrangements in the period. There
were no non-cash transfers from trade payables to liabilities under the supplier
finance arrangements.
The carrying amounts of liabilities under the supplier finance arrangement are
considered to be reasonable approximations of their fair values, due to their short-
term nature.
The Group assesses the arrangement against indicators to assess if debts, which
vendors have sold to the partner bank under the supplier financing scheme,
continue to meet the definition of trade payables or should be classified as
borrowings. At 31\u00a0December 2025 and 31\u00a0December 2024, the payables met the
criteria of trade payables and the arrangement had no impact on the results or the
financial position of\u00a0the Group. The Group presents the cash outflows to settle the
liabilities under supplier finance arrangements as arising from operating activities in
the statement of cash flows.
The Group has recognised the following liabilities in relation to contracts with
customers.
2025
2024
\u00a3m
\u00a3m
Construction contract liabilities
3.8
14.8
Deferred income
153.1
120.5
Total contract liabilities
156.9
135.3
Excluding acquisitions, there has been a decrease in contract liabilities in the year,
driven by the release of deferred income due to several large projects completing
in 2025 as well as a shift in mix of contracts.
Revenue recognised in relation to contract liabilities
The following table shows the revenue recognised in the current reporting period
related to carried forward contract liabilities.
2025
2024
\u00a3m
\u00a3m
Revenue recognised that was included in the contract
liability balance at the beginning of the year
127.2
68.9
Transaction price allocated to unsatisfied performance obligations
The transaction price allocated to performance obligations unsatisfied at the year end is
\u00a3157.5m (2024: \u00a3100.5m). This relates only to performance obligations from contracts
with a duration of over a year as permitted by the practical expedient in paragraph 121
of IFRS 15 'Revenue from contracts with customers'.
The following table shows when revenue is expected to be recognised for
unsatisfied performance obligations from contracts with a duration of\u00a0over one year.
2025
2024
\u00a3m
\u00a3m
Less than one year
103.0
66.8
After one year, but not more than five years
41.7
3.4
After five years
12.8
30.3
Total value of performance obligations unsatisfied from
contracts with a duration over one year
157.5
100.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
21. Trade & other payables
2025
2024
\u00a3m
\u00a3m
Current
Trade payables
240.9
242.1
Other creditors
17.5
8.2
Other taxes & social security costs
11.1
6.2
Accruals
222.7
226.3
Deferred consideration payable
\u2013
0.6
Contract liabilities
156.9
135.3
649.1
618.7
Non-current
Deferred consideration payable
1.5
\u2013
1.5
\u2013
Liabilities under supplier finance arrangements
Trade payables includes balances due to suppliers that have signed up to a supply
chain financing programme, under which all invoices are settled via a partner bank.
Supplier finance arrangements are characterised by one or more finance providers
offering to pay amounts that an entity owes its suppliers and the entity agreeing to
pay according to the terms and conditions of the arrangements at the same date,
or a date later than, when suppliers are paid. These arrangements provide the entity
with extended payment terms, or the suppliers with early payment terms, compared
to the related invoice payment due date. The value of the liability payable by the
Group remains unchanged.
Range of payment due dates
2025
2024
Liabilities under supplier finance
arrangements
90\u2013120 days after
invoice date
90\u2013120 days after
invoice date
Comparable trade payables that are
not part of the supplier finance
arrangements (same line of business)
0\u201390 days after
invoice date
0\u201390 days after
invoice date
Carrying amount of liabilities under
supplier finance arrangement
\u00a3m
\u00a3m
Liabilities under supplier finance
arrangement
99.7
99.6
Of which the supplier has received
payment from the finance provider
32.5
34.0
There were no material business combinations or foreign exchange differences that
would affect the liabilities under supplier finance arrangements in the period. There
were no non-cash transfers from trade payables to liabilities under the supplier
finance arrangements.
The carrying amounts of liabilities under the supplier finance arrangement are
considered to be reasonable approximations of their fair values, due to their short-
term nature.
The Group assesses the arrangement against indicators to assess if debts, which
vendors have sold to the partner bank under the supplier financing scheme,
continue to meet the definition of trade payables or should be classified as
borrowings. At 31\u00a0December 2025 and 31\u00a0December 2024, the payables met the
criteria of trade payables and the arrangement had no impact on the results or the
financial position of\u00a0the Group. The Group presents the cash outflows to settle the
liabilities under supplier finance arrangements as arising from operating activities in
the statement of cash flows.
The Group has recognised the following liabilities in relation to contracts with
customers.
2025
2024
\u00a3m
\u00a3m
Construction contract liabilities
3.8
14.8
Deferred income
153.1
120.5
Total contract liabilities
156.9
135.3
Excluding acquisitions, there has been a decrease in contract liabilities in the year,
driven by the release of deferred income due to several large projects completing
in 2025 as well as a shift in mix of contracts.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
22. Provisions
Warranties
& contract
claims
Asbestos
-related
Employee
-related
Exceptional
items
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2025
11.3
71.6
15.3
16.0
11.8
126.0
Additions
15.8
1.7
22.2
72.4
0.9
113.0
Acquisitions
1.3
\u2013
3.0
\u2013
\u2013
4.3
Utilised
(13.7)
(4.8)
(21.2)
(46.1)
(1.0)
(86.8)
Unutilised
(1.0)
0.4
(0.6)
(1.6)
(0.3)
(3.1)
Reclassifications
\u2013
(1.2)
\u2013
(0.5)
1.7
\u2013
Deconsolidation
of US subsidiary
\u2013
(63.3)
\u2013
\u2013
\u2013
(63.3)
Exchange
adjustment
(0.5)
(4.4)
0.3
0.1
(0.5)
(5.0)
At 31 December
2025
13.2
\u2013
19.0
40.3
12.6
85.1
Current 2025
13.2
\u2013
13.1
39.2
2.2
67.7
Non-current 2025
\u2013
\u2013
5.9
1.1
10.4
17.4
At 31 December
2025
13.2
\u2013
19.0
40.3
12.6
85.1
Current 2024
11.3
9.8
9.4
16.0
1.8
48.3
Non-current 2024
\u2013
61.8
5.9
\u2013
10.0
77.7
At 31 December
2024
11.3
71.6
15.3
16.0
11.8
126.0
The impact of discounting is only material for the asbestos-related category of
provision, with lower discount rates at 28 July 2025, resulting in a \u00a30.6m increase in
the provision, which is reflected as unutilised above.
Warranties & contract claims
Provision has been made in respect of actual warranty claims on goods sold and
services provided, and allowance has been made for potential warranty claims
based on past experience for goods and services sold with a warranty guarantee. At
31\u00a0December 2025, the warranties portion of the provision totalled \u00a38.7m (2024:
\u00a38.6m). At 31 December 2025, all of these costs relate to claims that fall due within
one year of the balance sheet date.
Provision has been made in respect of sales contracts entered into for the sale of
goods in the normal course of business where the unavoidable costs of meeting
the obligations under the contracts exceed the economic benefits expected to be
received from the contracts and before allowing for future expected aftermarket
revenue streams. Provision is made immediately when it becomes apparent that
expected costs will exceed the expected benefits of the contract. At 31\u00a0December
2025, the contract claims element, which includes onerous provision, was \u00a34.5m
(2024: \u00a32.7m), all of which is expected to be incurred within one year of the balance
sheet date.
Asbestos-related
The asbestos-related opening balance primarily relates to the provision of a US-
based subsidiary of the Group (\u00a369.9m) and a small provision in relation to the UK
(\u00a31.7m). The US-based subsidiary of the Group is co-defendant in lawsuits pending
in the US in which plaintiffs are claiming damages arising from alleged exposure to
products previously sold by the US-based subsidiary that contained asbestos. The
dates of alleged exposure currently range from the 1950s to the 1990s.
On 28 July 2025, the US-based subsidiary was placed into Chapter 11 bankruptcy
proceedings. Based on this event, it has been concluded that the Group no longer
has control to direct the activities of the US-based subsidiary and, as a result, the
subsidiary has been deconsolidated with effect from 28 July 2025. This has resulted
in the deconsolidation of the US asbestos-related provision, as well as cash balances
held by the US-based subsidiary (note 26) and deferred tax assets, and has resulted
in an exceptional gain on deconsolidation of \u00a319.8m (note 6) and related tax charge
(note 8).
Prior to 28 July 2025, the US subsidiary's expected liability for US asbestos-related
diseases was assessed in conjunction with external advisers and based on planned
triennial actuarial reviews, the last of which took place in 2023. This review was based
on an industry standard epidemiological decay model, and the subsidiary's claims
settlement history. Further details of this can be found in the Group\u2019s 2024 Annual
Report and Financial Statements.
In the UK, there are outstanding asbestos-related claims that are not the subject of
insurance cover. The extent of the UK asbestos exposure involves a series of legacy
employer\u2019s liability claims that all relate to former UK operations and employment
periods in the 1950s to 1970s. In 1989, the Group\u2019s employer\u2019s liability insurer
(Chester Street Employers Association Ltd) was placed into run-off, which effectively
generated an uninsured liability exposure for all future long-tail disease claims with
an exposure period pre-dating 1 January 1972. All claims with a disease exposure
post 1 January 1972 are fully compensated via the government-established
Financial Services Compensation Scheme. Any settlement to a former employee
whose service period straddles 1972 is calculated on a pro rata basis. The Group
provides for these claims based on management\u2019s best estimate of the likely costs
given past experience of the volume and cost of similar claims brought against
the\u00a0Group.
The UK provision was reviewed and adjusted accordingly for claims experience in
the year, resulting in a provision of \u00a31.2m (2024: \u00a3 1.7m). Due to the materiality of this
provision the closing balance has been transferred to 'Other'.
Employee-related
Employee-related provisions arise from legal obligations in a number of territories in
which the Group operates, the majority of which relate to compensation associated
with periods of service. A large proportion of the provision is for long service leave.
The outflow is generally dependent upon the timing of employees\u2019 period of leave
with the calculation of the majority of the provision being based on criteria
determined by the various jurisdictions.
Exceptional items
The exceptional items provision relates to certain exceptional charges included
within note 6 where the cost is based on a reliable estimate of the obligation.
The opening balance of \u00a316.0m primarily relates to the Performance Excellence
programme, of which \u00a38.3m relates to capacity optimisation and lean process costs
and \u00a36.1m to functional transformation. Also included in the opening balance are
\u00a31.1m relating to Russia and \u00a30.5m of smaller balances mainly relating to legacy
legal claims.
Additions in the year of \u00a372.4m primarily relate to \u00a342.1m in relation to the
Performance Excellence programme and \u00a314.9m relating to acquisition and
integration costs. Performance Excellence costs of \u00a333.8m have been settled in the
year and acquisition and integration costs of \u00a36.4m.
The closing balance of \u00a340.3m primarily relates to the Performance Excellence
programme.
Other
Other provisions include environmental obligations, penalties, duties due, legal
claims and other exposures across the Group. The closing balance includes the
transfer in of the UK asbestos-related provision of \u00a31.2m as noted above. These
balances typically include estimates based on multiple sources of information and
reports from third-party advisers. The timing of outflows is difficult to predict as
many of them will ultimately rely on legal resolutions and the expected conclusion is
based on information currently available. Where certain outcomes are unknown, a
range of possible scenarios is calculated, with the most likely being reflected in the
provision.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
23. Deferred tax
2025
2024
\u00a3m
\u00a3m
Deferred income tax assets
Post-employment benefits
8.8
10.1
Decelerated depreciation for tax purposes
24.4
19.2
Intangible assets
10.6
12.1
Untaxed reserves
255.5
246.1
Offset against liabilities
(133.4)
(94.8)
Deferred income tax assets
165.9
192.7
Deferred income tax liabilities
Accelerated depreciation for tax purposes
(21.2)
(19.6)
Overseas tax on unremitted earnings
(3.5)
(2.6)
Intangible assets
(152.8)
(104.3)
Other temporary differences
(11.7)
(3.4)
Post-employment benefits
(11.5)
(12.7)
Offset against assets
133.4
94.8
Deferred income tax liabilities
(67.3)
(47.8)
Net deferred income tax asset
98.6
144.9
The movement in deferred income tax assets and liabilities during the year was as follows.
Post-
employment
benefits
Accelerated
depreciation
for tax
purposes
Overseas
tax on
unremitted
earnings
Intangible
assets
Untaxed
reserves,
tax losses
& other
temporary
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
2024
(0.9)
(1.6)
(3.3)
(103.9)
174.1
64.4
(Charged)
credited to the
Consolidated
Income
Statement
(note 8)
(0.7)
1.2
0.5
11.8
68.3
81.1
(Charged)
credited to
equity (note 8)
(1.1)
\u2013
\u2013
\u2013
0.8
(0.3)
Exchange
adjustment
0.1
\u2013
0.2
(0.1)
(0.5)
(0.3)
At 31
December
2024
(2.6)
(0.4)
(2.6)
(92.2)
242.7
144.9
(Charged)
credited to the
Consolidated
Income
Statement
(note 8)
(0.4)
4.3
(1.0)
0.3
2.3
5.5
Credited to
equity (note 8)
0.3
\u2013
\u2013
\u2013
2.9
3.2
Acquisition of
business
\u2013
\u2013
\u2013
(54.7)
7.7
(47.0)
Exchange
adjustment
\u2013
(0.7)
0.1
4.4
(11.8)
(8.0)
At 31
December
2025
(2.7)
3.2
(3.5)
(142.2)
243.8
98.6
Untaxed reserves primarily relate to accruals and provisions for liabilities where the
tax allowance is deferred until the cash expense occurs, and to temporarily
disallowable inventory/receivable provisions. Included in this balance is a deferred
tax asset in relation to tax losses of \u00a3105.1m (2024: \u00a378.6m). This includes \u00a362.9m
(2024: \u00a353.2m) relating to US Federal and State tax losses and \u00a337.5m (2024:
\u00a320.2m) relating to UK tax losses. The increase in UK tax losses relates to prior period
adjustments and further losses generated in the current year.
Deferred tax assets of \u00a337.5m (2024: \u00a320.2m) have been recognised in respect of
entities which have suffered a tax loss in either the current or preceding period.
Deferred tax assets have been recognised in these territories on the basis of
forecast future profitability. Of the recognised deferred tax assets, \u00a352.7m (2024:
\u00a342.9m) of US net operating losses have no time expiry, \u00a36.6m (2024: \u00a33.8m) of US
foreign tax credits have a ten-year time expiry with the earliest expiration date being
2027, \u00a311.9m (2024: \u00a310.4m) of US research and development tax credits have a 20-
year time expiry with the earliest expiration date being 2038, and \u00a310.1m (2024:
\u00a310.2m) of US State attributes have varying expiries, between 2026 and 2041.
Deferred tax assets of \u00a3nil (2024: \u00a343.5m) have been recognised in relation to
deferred deductions for intra-group interest in the US group. These attributes
remain on the balance sheet in the form of other deferred tax assets.
Deferred tax asset balances for unused tax losses of \u00a332.9m (2024: \u00a331.3m) have
not been recognised on the grounds that there is insufficient evidence that these
assets will be recoverable. Composition of these unrecognised assets as at 31
December 2025 are set out below.
Unrecognised tax attributes
2025
Gross
closing
balance
2025
Net
closing
balance
2024
Net closing
balance
Jurisdiction
\u00a3m
\u00a3m
\u00a3m
Africa
0.9
0.3
0.2
Australia
1.6
0.5
0.5
Chile
2.1
0.5
0.6
China
6.6
1.7
6.5
Malaysia
1.3
0.3
0.3
Sweden
2.7
0.6
0.5
United Kingdom
3.8
0.9
0.6
United States
126.1
26.5
20.4
Other
7.1
1.6
1.7
Total
152.2
32.9
31.3
Deferred tax asset balances for capital losses amounting to \u00a31.6m (2024: \u00a31.7m)
have not been recognised, but would be available in the event of future taxable
capital gains being incurred by the Group. Composition of these unrecognised
capital losses as at 31 December 2025 are set out in the following table.
Unrecognised capital losses
2025
Gross
closing
balance
2025
Net
closing
balance
2024
Net
closing
balance
Jurisdiction
\u00a3m
\u00a3m
\u00a3m
Australia
4.4
1.3
1.4
United Kingdom
1.2
0.3
0.3
Total
5.6
1.6
1.7
Unrecognised assets will be recovered when future tax charges are sufficient to
absorb these tax benefits.
The net deferred tax asset due after more than one year is \u00a398.6m (2024: \u00a3144.9m).
Pillar Two
The Group adopted the amendments to IAS 12 'Income taxes' for the first time in the
year ended 31 December 2024. The IASB amends the scope of IAS 12 to clarify that the
Standard applies to income taxes arising from tax law enacted, or substantively enacted,
to implement the Pillar Two model rules published by the OECD, including tax law that
implements qualified domestic minimum top-up taxes described in those rules.
The amendments introduce a temporary exception to the accounting requirements
for deferred taxes in IAS 12, so that an entity would neither recognise nor disclose
information about deferred tax assets and liabilities related to Pillar Two income
taxes. Following the amendments, the Group is required to disclose that it has
applied the exception and to disclose separately its current tax expense (income)
related to Pillar Two income taxes. The Group has applied the temporary exception
issued by the IASB in May 2023 from the accounting requirements for deferred taxes
in IAS 12. Accordingly, the Group neither recognises nor discloses information about
deferred tax assets and liabilities related to Pillar Two income taxes.
On 20 June 2023, the government of the United Kingdom, where The Weir Group
PLC is incorporated, substantively enacted the Pillar Two income taxes legislation
effective from 1 January 2024. Under the legislation, the parent company will be
required to pay, in the United Kingdom, top-up tax on profits of its subsidiaries that
are taxed at an effective tax rate of less than 15%. The Weir Group PLC falls within the
scope of Pillar Two legislation, therefore, these rules applied to the Group from
1 January 2024.
During the year, the Group has analysed its eligibility for the Transitional Country By
Country Reporting Safe Harbours on a jurisdiction by jurisdiction basis, using 2025
data. Based on the outcome of this analysis, the Group considers the main
jurisdiction for which a higher risk of exposure to Pillar Two may exist is the United
States. The Group, therefore, conducted a more in depth analysis of the application
of Pillar Two to the United States, with a particular focus on the available substance-
based concessions, and have concluded that for this specific jurisdiction, and the
wider global group, we do not anticipate that a material Pillar Two top-up tax is likely
to arise in respect of the period ending 31 December 2025 and, therefore, no impact
has been incorporated in the tax provision for the year. The Group is aware that the
rules and guidance in relation to Pillar Two continue to evolve and we are working
alongside tax specialists in order to continually assess the impact of the Pillar Two
income taxes legislation on future financial performance. As a result of this changing
landscape, there is a possibility that top-up taxes may arise at some point in the
future.
Temporary differences associated with Group investments
A deferred tax liability of \u00a35.9m (2024: \u00a34.1m) has been recognised in respect of
taxes on the unremitted earnings of the South American subsidiaries. As at
31\u00a0December 2025, this is the only recognised deferred tax liability in respect of
taxes on unremitted earnings, as the Group does not foresee a distribution of
unremitted earnings from other subsidiaries or joint ventures which would result in a
reversal of deferred tax. The temporary differences associated with investments in
subsidiaries and joint ventures, for which a deferred tax liability has not been
recognised, aggregate to \u00a32,959.8m (2024: \u00a32,649.5m).
There are no income tax consequences attaching to the payment of dividends by
the Company to its\u00a0shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
24. Pensions & other post-employment benefit plans
The Group operates various defined benefit pension plans in the UK and North
America. All defined benefit plans are closed to new members. The most significant
defined benefit plan is the Main funded UK plan.
UK plans
At the balance sheet date, the Group has a funded defined benefit plan - the Main
Plan and an unfunded retirement benefit plan for retired Executive Directors. The
Group also operates a defined contribution plan, the contributions to which are in
addition to those set out below, and are charged directly to the Consolidated
Income Statement.
For the defined benefit plans, benefits are related to service and final salary. The
Main Plan closed to future accrual of benefits effective from 30 June 2015.
The weighted average duration of the expected benefit payments from the Main
Plan is around ten years.
The current funding target for the Main UK Plan is to maintain assets equal to the
value of the accrued benefits. The Main Plan holds three insurance policies which
match the liabilities in respect of a significant proportion of deferred and retired
pensioners.
The regulatory framework in the UK requires the pension scheme Trustees and
Group to agree upon the assumptions underlying the funding target, and then to
agree upon the necessary contributions required to recover any deficit at the
valuation date. There is a risk to the Group that adverse experience against these
assumptions could lead to a requirement for the Group to make considerable
contributions to recover any deficit. This risk is significantly reduced through the
insurance policies held.
North American plans
The Group also sponsors funded defined benefit pension plans in the US and
Canada and certain unfunded arrangements (including post-employment
healthcare benefits for senior employees) in the US.
These plans combined make up 18% of the Group's pension and other post-
employment benefit plan commitments and 14% of the Group's total associated
assets.
The weighted average duration of these plans is around eight years.
Plan risks
The defined benefit plans in the UK and North America expose the Group to a
number of risks.
Uncertainty in benefit payments
The value of the Group's liabilities for the defined benefit plans will ultimately
depend on the amount of benefits paid out. This in turn will depend on the level of
inflation (for those benefits that are subject to some form of inflation protection)
and how long individuals live. This risk is significantly reduced through the insurance
policies held in the UK.
Volatility in asset values
The Group is exposed to future movements in the values of assets held in the
funded defined benefit plans to meet future uninsured benefit payments.
Uncertainty in cash funding
Movements in the values of the obligations or assets may result in the Group being
required to provide higher levels of cash funding, although changes in the level of
cash required can often be spread over a number of years. This risk is significantly
reduced through the insurance policies held. In addition, the Group is also exposed
to adverse changes in pension regulation.
Exchange rate movements
Movements in exchange rates will affect the value in GBP of the assets and
obligations of the Group's North American defined benefit plans.
Assumptions
The significant actuarial assumptions used for accounting purposes reflect
prevailing market conditions in the UK and North America and are as\u00a0follows.
UK pensions
North American
pensions & post-
retirement
healthcare
2025
2024
2025
2024
Significant actuarial assumptions:
Discount rate (% pa)
5.45
5.45
5.00
5.20
Retail Prices Inflation (RPI) assumption (% pa)
2.90
3.20
n/a
n/a
Post-retirement mortality (life expectancies
in years):
Current pensioners at 65 \u2013 male
20.8
20.5
20.8
20.7
Current pensioners at 65 \u2013 female
23.0
22.9
22.7
22.7
Future pensioners at 65 \u2013 male
21.8
21.4
22.3
22.2
Future pensioners at 65 \u2013 female
24.1
24.0
24.2
24.1
Other related actuarial assumptions:
Rate of increases for pensions in payment (% pa)
Pre 6 April 2006 service
2.80
3.05
n/a
n/a
Post 5 April 2006 service
2.00
2.10
n/a
n/a
Consumer Prices Inflation (CPI) assumption
(% pa)
2.40
2.65
n/a
n/a
Rate of increase in healthcare costs
n/a
n/a
*
**
* Between 5.5% and 12.6% per annum decreasing to 4.5% (Weir)/4.0% (ESCO) per annum and
remaining static at that level from 2035 (Weir)/2043 (ESCO) onwards.
** Between 5.5% and 12.6% per annum decreasing to 4.5% (Weir)/4.0% (ESCO) per annum and
remaining static at that level from 2035 (Weir /2042 (ESCO) onwards.
The assumptions used to determine end-of-year benefit obligations are also used
to calculate the following year's cost. For North America, weighted average
assumptions are shown above where applicable.
The post-retirement mortality assumptions allow for expected increases in
longevity. The 'current' disclosures above relate to assumptions based on longevity
(in years) following retirement at the balance sheet date, with 'future' being that
relating to a member retiring in 2046 (in 20 years' time).
The assets and liabilities of the plans are as follows.
UK pensions
North American
pensions &
post-
retirement
healthcare
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Plan assets at fair value
Equities (quoted)
\u2013
\u2013
9.3
9.1
9.3
9.1
Corporate bonds (quoted)
45.9
36.7
58.2
63.7
104.1
100.4
Government bonds (quoted)
101.8
106.8
14.5
34.2
116.3
141.0
Insurance policies (unquoted)
275.9
288.5
\u2013
\u2013
275.9
288.5
Property
\u2013
\u2013
\u2013
1.9
\u2013
1.9
Private debt (unquoted)
\u2013
29.8
\u2013
\u2013
\u2013
29.8
Multi Asset Credit Funds (quoted)
40.4
42.4
\u2013
\u2013
40.4
42.4
Asset backed securities (quoted)
33.8
\u2013
\u2013
\u2013
33.8
\u2013
Cash (quoted)
4.9
15.1
2.1
7.3
7.0
22.4
Fair value of plan assets
502.7
519.3
84.1
116.2
586.8
635.5
Present value of funded
obligations
(473.4)
(486.7)
(86.2)
(119.0)
(559.6)
(605.7)
Net asset (liability) for funded
obligations
29.3
32.6
(2.1)
(2.8)
27.2
29.8
Present value of unfunded
obligations
(0.5)
(0.7)
(16.2)
(19.8)
(16.7)
(20.5)
Net asset (liability)
28.8
31.9
(18.3)
(22.6)
10.5
9.3
Plans in surplus
29.3
32.6
\u2013
\u2013
29.3
32.6
Plans in deficit
(0.5)
(0.7)
(18.3)
(22.6)
(18.8)
(23.3)
Of the government bonds held at 31\u00a0December 2025, 52% (2024: 59%) are fixed
interest bonds. The pension plans have not directly invested in any of the Group\u2019s
own financial instruments, or in properties or other assets used by the Group.
In the UK, where the majority of the Group's pension assets are held, the investment
strategy is to primarily hold government bonds and corporate bonds to meet the
assessed value of the benefits promised for the non-insured members, along with
holding asset backed securities and multi-asset credit funds. The insured members
are backed by the insurance policies held within the Scheme.
The value of the insurance policies is set equal to the estimated IAS 19 liability. The
valuation uses the same methodology as the associated liability based on the
census data included in the most recent triennial valuation, adjusted for movements
in actuarial assumptions and inflation experience.
The ESCO unfunded arrangements are backed by a grantor trust that contains Trust
Owned Life Insurance (TOLI) policy investments. These investments do not match
the obligations of the corresponding employee benefit plans, they are not used in
practice to pay the benefits as they fall due and they are available to the Group\u2019s
creditors in the event of insolvency. This means the grantor trust does not qualify as
a 'plan asset' for the purposes of IAS 19 'Employee benefits' and is instead treated as
a separate Group asset outside of this note. The value of these assets was
estimated at \u00a339.0m as at 31\u00a0December 2025 and are recognised in note 18.
The change in the IAS 19 funding position recognised in the Consolidated Balance
Sheet is comprised as follows.
UK pension
North American
pensions & post-
retirement
healthcare
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening net assets
(liabilities)
31.9
29.3
(22.6)
(27.2)
9.3
2.1
Expense credited (charged)
to the Consolidated Income
Statement
1.1
0.9
(1.2)
(1.8)
(0.1)
(0.9)
Amount recognised in the
Consolidated Statement of
Comprehensive Income
(4.3)
1.6
0.7
3.3
(3.6)
4.9
Employer contributions
0.1
0.1
3.3
3.4
3.4
3.5
Exchange adjustment
\u2013
\u2013
1.5
(0.3)
1.5
(0.3)
Closing net assets (liabilities)
28.8
31.9
(18.3)
(22.6)
10.5
9.3
The amounts recognised for the Group in the Consolidated Income Statement and
in the Consolidated Statement of Comprehensive Income for the year are analysed
as follows.
UK pension
North American
pensions &
post-retirement
healthcare
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Recognised in the Consolidated Income Statement
Curtailment gain
\u2013
\u2013
0.7
\u2013
0.7
\u2013
Administrative expenses
(0.7)
(0.4)
(0.8)
(0.6)
(1.5)
(1.0)
Included in operating profit
(0.7)
(0.4)
(0.1)
(0.6)
(0.8)
(1.0)
Interest on net pension asset
(liability)
1.8
1.3
(1.1)
(1.2)
0.7
0.1
Total credit (expense)
charged to the Consolidated
Income Statement
1.1
0.9
(1.2)
(1.8)
(0.1)
(0.9)
Recognised in the Consolidated Statement of Comprehensive Income
Actual return on plan assets
21.7
(37.0)
7.3
1.2
29.0
(35.8)
Less: interest on plan assets
(27.3)
(25.9)
(4.6)
(5.5)
(31.9)
(31.4)
(5.6)
(62.9)
2.7
(4.3)
(2.9)
(67.2)
Other actuarial gains (losses) due to:
Changes in financial
assumptions
7.7
44.4
(2.0)
5.0
5.7
49.4
Changes in demographic
assumptions
(3.6)
11.5
\u2013
0.2
(3.6)
11.7
Experience on benefit
obligations
(2.8)
8.6
\u2013
0.6
(2.8)
9.2
Effect of asset limit
\u2013
\u2013
\u2013
1.8
\u2013
1.8
Actuarial (losses) gains
recognised in the
Consolidated Statement of
Comprehensive Income
(4.3)
1.6
0.7
3.3
(3.6)
4.9
Current service cost and administration expenses are recognised in operating costs
and interest on net pension liability is recognised in other finance costs.
The Group\u2019s largest North American plan is the US ESCO Corporation pension plan.
The Group\u2019s current funding policy for this plan is to pay the minimum required
contributions under US regulation. However, in the event the plan\u2019s funding level is
projected to fall below significant thresholds, the Group will consider funding more
than the minimum required contribution.
Pension contributions are determined with the advice of independent qualified
actuaries on the basis of regular valuations using the projected unit method. The
Group made no special contributions in 2025 (2024: \u00a3nil).
The latest actuarial funding valuation of the Main Plan was completed in 2024. As the
Plan was in a funding surplus, no recovery plan was required and, therefore, no
future deficit reduction contributions are currently payable. The Scottish Limited
Partnership (SLP) previously in place to fund pension contributions has been ended.
The Group has taken legal advice regarding its UK arrangements to confirm the
accounting treatment under IFRIC 14 with regard to recognition of a surplus and
also recognition of a minimum funding requirement. This confirmed that there is no
requirement to adjust the balance sheet and that recognition of a current surplus is
appropriate on the basis that the Group has an unconditional right to a refund of a
current (or projected future) surplus at some point in the future. Having considered
the position, taking account of the legal input received and noting that the Trustees
of the UK arrangements do not have discretionary powers to unilaterally wind up the
schemes without cause, the Directors of the Group have concluded that the Group
has an unconditional right to a refund of any surplus.
The Group is aware of a case involving Virgin Media and NTL Pension Trustee, which
could potentially lead to additional liabilities for some pension schemes and
sponsors. The Group has taken some initial legal advice and at this stage is not
aware of any evidence to suggest that the relevant legal requirements were not
complied with and, therefore, no further action has been taken. No allowance has
been made for any additional liabilities that may arise as a result of this court ruling.
A legislative solution has been proposed but is not yet law and uncertainty remains.
The Group will continue to monitor any future developments.
The total Group contributions for 2026 are expected to be \u00a32.6m.
Change in asset limit
UK pensions
North American
pensions &
post-retirement
benefits
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Effect of asset limit at start of
year
\u2013
\u2013
\u2013
(1.8)
\u2013
(1.8)
Interest on the asset limit
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
Change in the asset limit
other than interest
\u2013
\u2013
\u2013
1.8
\u2013
1.8
Exchange rate adjustment
\u2013
\u2013
\u2013
0.1
\u2013
0.1
Effect of asset limit at end of
year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Changes in the present value of the defined benefit obligations are analysed as follows.
UK pensions
North American
pensions &
post-retirement
benefits
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening defined benefit
obligations
(487.4)
(563.4)
(138.8)
(149.5)
(626.2)
(712.9)
Interest on benefit
obligations
(25.5)
(24.6)
(5.7)
(6.6)
(31.2)
(31.2)
Benefits paid
37.7
36.1
11.1
11.8
48.8
47.9
Actuarial gains (losses) due
to:
Changes in financial
assumptions
7.7
44.4
(2.0)
5.0
5.7
49.4
Changes in demographic
assumptions
(3.6)
11.5
\u2013
0.2
(3.6)
11.7
Experience on benefit
obligations
(2.8)
8.6
\u2013
0.6
(2.8)
9.2
Liabilities removed due to
curtailments/settlements
\u2013
\u2013
24.8
\u2013
24.8
\u2013
Exchange rate adjustment
\u2013
\u2013
8.2
(0.3)
8.2
(0.3)
Closing defined benefit
obligations
(473.9)
(487.4)
(102.4)
(138.8)
(576.3)
(626.2)
Changes in the fair value of plan assets are analysed as follows.
UK pensions
North American
pensions &
post-retirement
benefits
Total
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening plan assets
519.3
592.7
116.2
124.1
635.5
716.8
Interest on plan assets
27.3
25.9
4.6
5.5
31.9
31.4
Employer contributions
0.1
0.1
3.3
3.4
3.4
3.5
Administrative expenses
(0.7)
(0.4)
(0.8)
(0.6)
(1.5)
(1.0)
Benefits paid
(37.7)
(36.1)
(11.1)
(11.8)
(48.8)
(47.9)
Actual return on plan assets
less interest on plan assets
(5.6)
(62.9)
2.7
(4.3)
(2.9)
(67.2)
Assets distributed on
settlements
\u2014
\u2014
(24.1)
\u2014
(24.1)
\u2014
Exchange rate adjustment
\u2013
\u2013
(6.7)
(0.1)
(6.7)
(0.1)
Closing plan assets
502.7
519.3
84.1
116.2
586.8
635.5
Sensitivity analysis
Changes in key assumptions can have a significant effect on the reported
retirement benefit obligation and the Consolidated Income Statement expense for
2026. The effects of changes in those assumptions on the reported retirement
benefit obligation are set out in the table below.
Increase
Decrease
Increase
Decrease
2025
2025
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Discount rate
Effect on defined benefit obligation of a
1.0% change
49.6
(58.1)
54.9
(64.3)
Effect on net funding position of a 1.0%
change
30.9
(36.8)
34.8
(41.3)
RPI inflation (and associated assumptions)
Effect on defined benefit obligation of a
1.0% change
(28.7)
24.6
(31.8)
25.9
Effect on net funding position of a 1.0%
change
(17.4)
13.4
(20.9)
14.0
Life expectancy
Effect on defined benefit obligation of a 1
year change
(22.2)
22.2
(22.7)
22.7
Effect on net funding position of a 1 year
change
(7.6)
7.6
(8.1)
8.1
The impact on the IAS19 net funding position is significantly reduced as a result of
the insurance policies held. In the absence of such policies, the impact on the IAS19
net funding position would be much closer to the significantly higher impact on the
defined benefit obligation shown in the table.
These sensitivities have been calculated to show the movement in the defined
benefit obligation and IAS19 net funding position in isolation and assume no other
changes in market conditions at the accounting date. In practice, for example, a
change in discount rate is unlikely to occur without any movement in the value of
the invested (non-insurance policy) assets held by the plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
25. Share capital & reserves
2025
2024
Number
million
Number\u00a0
million
Issued & fully paid share capital
At the beginning of the year
259.6
259.6
At the end of the year
259.6
259.6
Treasury shares
At the beginning of the year
2.0
1.7
Purchase of shares in respect of equity settled share-based
payments
0.4
0.6
Utilised during the year in respect of equity settled share-
based payments
(0.7)
(0.3)
At the end of the year
1.7
2.0
The Company has one class of ordinary share with a par value of 12.5 pence, which
carries no rights to fixed income.
As at 31\u00a0December 2025, Computershare Investor Services PLC held the following
shares, which are subject to restriction, on behalf of\u00a0individuals.
\u2013 258,333 shares (2024: 218,405) for restricted shares that have vested under the
Share Reward Plan. These shares have a market value of\u00a0\u00a37.3m.
\u2013 6,906 shares (2024: 8,428) for bonus shares awarded under the Share Reward Plan.
These shares have a market value of \u00a30.2m.
As at 31\u00a0December 2025, 1,660,708 shares (2024: 2,046,084) were unallocated and
held by the Computershare Trustees (Jersey) Limited with a\u00a0market value of \u00a347.2m.
Reserves
The period movements on the below reserves are summarised in the Consolidated
Statement of Changes in Equity.
Merger reserve
The merger reserve relates to the issue of new equity as part of the consideration
paid for an acquisition. Shares issued directly to ESCO shareholders on 12 July 2018,
as part of the total acquisition consideration, qualified for merger relief under
Section 612 of the Companies Act 2006 and resulted in an increase to the reserve of
\u00a3323.2m. The remaining reserve balance of \u00a39.4m relates to shares issued in part
consideration for the acquisition of Delta Industrial Valves Inc. during 2015.
Capital redemption reserve
The capital redemption reserve was created by a repurchase and cancellation of
own shares during the 53 weeks ended 1 January 1999.
Foreign currency translation reserve
The foreign currency translation reserve is used to record exchange differences
arising from the translation of the financial statements of foreign operations and the
Group\u2019s hedge of its net investment in foreign operations.
Hedge accounting reserve
This reserve records the portion of the gains or losses on hedging instruments used
as cash flow and fair value hedges that are determined to\u00a0be effective. Net (gains)
losses transferred from equity during the year are included in the following line
items in the Consolidated Income\u00a0Statement.
2025
2024
\u00a3m
\u00a3m
Revenue
1.2
0.1
Finance costs
(0.1)
(0.3)
1.1
(0.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
25. Share capital & reserves
2025
2024
Number
million
Number\u00a0
million
Issued & fully paid share capital
At the beginning of the year
259.6
259.6
At the end of the year
259.6
259.6
Treasury shares
At the beginning of the year
2.0
1.7
Purchase of shares in respect of equity settled share-based
payments
0.4
0.6
Utilised during the year in respect of equity settled share-
based payments
(0.7)
(0.3)
At the end of the year
1.7
2.0
The Company has one class of ordinary share with a par value of 12.5 pence, which
carries no rights to fixed income.
As at 31\u00a0December 2025, Computershare Investor Services PLC held the following
shares, which are subject to restriction, on behalf of\u00a0individuals.
\u2013 258,333 shares (2024: 218,405) for restricted shares that have vested under the
Share Reward Plan. These shares have a market value of\u00a0\u00a37.3m.
\u2013 6,906 shares (2024: 8,428) for bonus shares awarded under the Share Reward Plan.
These shares have a market value of \u00a30.2m.
As at 31\u00a0December 2025, 1,660,708 shares (2024: 2,046,084) were unallocated and
held by the Computershare Trustees (Jersey) Limited with a\u00a0market value of \u00a347.2m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
26. Additional cash flow information
2025
2024
Note
s
\u00a3m
\u00a3m
Total operations
Net cash generated from operating activities
Operating profit \u2013 continuing operations
435.9
391.0
Operating loss \u2013 discontinued operations
\u2013
(2.9)
Operating profit \u2013 total operations
435.9
388.1
Exceptional and other adjusting items
6
55.5
63.3
Amortisation of intangible assets
13
35.0
32.7
Share of results of joint ventures
16
(1.7)
(1.9)
Depreciation of property, plant & equipment
12
49.5
45.9
Depreciation of right-of-use assets
12
32.3
31.9
Impairment of property, plant & equipment
12
\u2013
0.1
Capital grants received
\u2013
(0.4)
Loss on disposal of property, plant & equipment
2.1
0.9
Funding of pension & post-retirement costs
(0.8)
(0.4)
Employee share schemes
28
11.7
10.4
Transactional foreign exchange
5
2.2
7.5
Increase in provisions
1.2
5.1
Cash generated from operations before working
capital cash flows
622.9
583.2
(Increase) decrease in inventories
(52.7)
2.0
Decrease (increase) in trade & other receivables &
construction contracts
38.1
(19.3)
(Decrease) increase in trade & other payables &
construction contracts
(42.3)
25.2
Adjusted operating cash flow
566.0
591.1
Exceptional and other adjusting cash items
(48.6)
(30.7)
Income tax paid
(132.0)
(110.5)
Net cash generated from operating activities
385.4
449.9
Cash flows from discontinued operations included above are disclosed separately
in note 9.
The following tables summarise the cash flows arising on acquisitions (note 14) and
disposals (notes 6 and 9).
2025
2024
\u00a3m
\u00a3m
Acquisitions of subsidiaries
Acquisition of subsidiaries \u2013 cash consideration paid
795.4
\u2013
Cash & cash equivalents acquired
(35.5)
\u2013
Total cash outflow on current period acquisitions
759.9
\u2013
Prior period acquisitions - deferred consideration paid
0.6
1.0
Total cash outflow relating to acquisitions
760.5
1.0
Net cash outflow arising on disposals
Prior period disposals
\u2013
1.8
Total cash outflow relating to disposals
\u2013
1.8
2025
2024
\u00a3m
\u00a3m
Net debt comprises the following
Cash & short-term deposits (note 19)
509.0
556.4
Current interest-bearing loans & borrowings (note 20)
(123.7)
(55.2)
Non-current interest-bearing loans & borrowings (note 20)
(1,658.9)
(1,035.8)
(1,273.6)
(534.6)
Reconciliation of financing cash flows to movement in net debt
Opening
balance
at 1
January
2025
Cash
Additions/
acquisitions
Deconsoli-
dation
FX
Non-
cash
Closing
balance at
31
December
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash & cash
equivalents
526.9
10.2
35.5
(36.6)
(28.3)
\u2013
507.7
Third-party
loans
(939.6)
(720.9)
\u2013
\u2013
24.7
\u2013
(1,635.8)
Leases
(127.0)
29.3
(60.7)
\u2013
2.5
\u2013
(155.9)
Unamortised
issue\u00a0costs
5.1
10.8
\u2013
\u2013
0.1
(5.6)
10.4
Amounts
included in
gross\u00a0debt
(1,061.5)
(680.8)
(60.7)
\u2013
27.3
(5.6)
(1,781.3)
Amounts
included in
net\u00a0debt
(534.6)
(670.6)
(25.2)
(36.6)
(1.0)
(5.6)
(1,273.6)
Financing
derivatives
2.3
13.4
\u2013
\u2013
\u2013
(16.2)
(0.5)
Total
financing
liabilities1
(1,059.2)
(667.4)
(60.7)
\u2013
27.3
(21.8)
(1,781.8)
Note
1. Total financing liabilities comprise gross debt plus other liabilities relating to
financing\u00a0activities.
On 28 July 2025, a US-based subsidiary of the Group was placed into Chapter 11
bankruptcy proceedings. Based on this event, it has been concluded that the Group
no longer has control of the US-based subsidiary and, as a result, the subsidiary has
been deconsolidated. The cash balances of the subsidiary have been
deconsolidated and are shown as a separate movement in the above table. Further
detail is included in note 6.
Opening
balance at
1 January
2024
Cash
Additions/
acquisitions
FX
Non-cash
Closing\u00a0
balance at
31
December
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash & cash
equivalents
447.4
95.2
\u2013
(15.7)
\u2013
526.9
Third-party loans
(1,026.8)
99.4
\u2013
(12.2)
\u2013
(939.6)
Leases
(117.5)
24.8
(38.4)
4.1
\u2013
(127.0)
Unamortised
issue costs
6.8
0.3
\u2013
\u2013
(2.0)
5.1
Amounts
included in
gross\u00a0debt
(1,137.5)
124.5
(38.4)
(8.1)
(2.0)
(1,061.5)
Amounts
included in
net\u00a0debt
(690.1)
219.7
(38.4)
(23.8)
(2.0)
(534.6)
Financing
derivatives
(2.3)
1.7
\u2013
\u2013
2.9
2.3
Total financing
liabilities1
(1,139.8)
126.2
(38.4)
(8.1)
0.9
(1,059.2)
Note
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "48600000.0", "decimals": -5, "dimensions": { "concept": "weir:ExceptionalAndOtherAdjustingCashItemsClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-501": { "value": "30700000.0", "decimals": -5, "dimensions": { "concept": "weir:ExceptionalAndOtherAdjustingCashItemsClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-502": { "value": "132000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-503": { "value": "110500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-504": { "value": "
27. Commitments & legal claims
Capital commitments
2025
2024
\u00a3m
\u00a3m
Outstanding capital commitments contracted but not
provided for \u2013 property, plant & equipment
12.0
13.2
Legal claims
The Company and certain subsidiaries are, from time-to-time, party to legal
proceedings and claims that arise in the normal course of business. Provisions have
been made where the Directors have assessed that a cash outflow is probable. All
other claims are believed to be remote or are not yet ripe.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
28. Equity settled share-based payments
Employee share plans
The Group\u2019s 2018 Share Reward Plan (SRP) allows for Restricted shares and Bonus
shares to be awarded to employees under the Plan. Details of the SRP for Executive
Directors are outlined in the Remuneration report on pages 127 to 150. The vesting
period varies with awards issued between 2018\u20132020 vesting in four tranches for
Group Executives and Executive Directors and three tranches for all other
participants on a pro rata basis, awards issued in 2021 vesting in three tranches,
while awards issued from 2022 will vest in full at the end of three years. Underpins
and two and three-year holding periods are attached to the Executive Directors\u2019 and
Group Executives\u2019 SRP awards. Dividend equivalents are added in the form of shares
at each vesting date.
In 2019, the Weir Group All-Employee Share Ownership Plan (Weir ShareBuilder)
launched. Awards granted under Weir ShareBuilder are free shares given to all
employees who meet the eligibility criteria. Awards vest in one tranche on the
second anniversary of the grant date. The 2023 award vested on 17\u00a0May 2025.
Dividend equivalents are added in the form of shares at each vesting date. These
awards are immaterial in both the number of shares and award value.
In 2024, one-off performance share awards were issued to two senior employees.
The awards contain \u2018non-market\u2019 vesting conditions for IFRS 2 purposes and will vest
at the end of April 2026. These awards are subject to an underpin, which consists of
a \u2018basket\u2019 of pre-determined key metrics that will reflect achievement of
Performance Excellence targets over the vesting period. For each metric, a clearly
defined and, where relevant, quantifiable \u2018threshold\u2019 was set at the time of grant.
Dividend equivalents are added in the form of shares at each vesting date. These
awards are immaterial in both the number of shares and award value.
One-off conditional share awards are also occasionally granted to employees. These
transactions fall under the scope of IFRS 2 'Share-based payments' and are treated
in line with awards issued under the Group\u2019s SRP in the year of award.
The following tables illustrate the number and weighted average share prices
(WASP) of shares awarded.
Restricted shares
2025
2024
Number
2025
Number
2024
million
WASP
million
WASP
Outstanding at the beginning of the
year
1.8
\u00a317.62
1.5
\u00a316.04
Awarded during the year
0.7
\u00a320.02
0.8
\u00a319.83
Vested during the year
(0.7)
\u00a315.12
(0.3)
\u00a314.64
Forfeited during the year
(0.1)
\u00a318.80
(0.2)
\u00a318.18
Outstanding at the end of the year
1.7
\u00a319.52
1.8
\u00a317.62
A total of 16,548 awards (2024: 21,292) were issued to new employees under the
Weir ShareBuilder Plan in the year.
In respect of awards issued in the year and revised estimates of previously issued
awards, under the SRP, Weir ShareBuilder and performance shares, an amount of
\u00a311.7m has been charged (2024: \u00a310.4m) to the Consolidated Income Statement in
respect of the number of awards that are expected to be made at the end of the
vesting period.
The remaining contractual lives of the outstanding SRP, Weir ShareBuilder and one-
off conditional share awards at the end of the period are as\u00a0follows.
2025
2025
2024
2024
Year of award
Number\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
million
Remaining
contractual
life 1
Number\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
million
Remaining
contractual
life 1
2020
\u2014
\u2014
0.1
3 months
2021
\u2014
\u2014
0.1
9 months
2022
\u2014
\u2014
0.5
3 months
2023
0.4
3 months
0.5
13 months
2024
0.6
13 months
0.6
21 months
2025
0.8
24 months
\u2013
\u2013
Note
1. Remaining contractual life reflects an average across awards with one to five-year vesting
periods.
The fair value at date of grant of the conditional awards has been independently
estimated for both the Restricted shares and Weir ShareBuilder awards. The grant
date fair value of these awards is calculated as the share price at the date of grant
less an adjustment for loss of reinvestment return on the dividend equivalent. There
are no performance conditions attached to these awards.
The fair value of occasional one-off conditional awards at grant date is also
estimated on this\u00a0basis.
Bonus shares
Under the Group\u2019s annual bonus plan, Executive Directors and members of the
Group Executive defer 30% of any bonus received into an award of Weir Group
shares, which will normally be released after three years. These awards have
dividend equivalents added in the form of shares at each vesting date.
The SRP bonus shares are administered by Computershare Trust Company, N.A., CPU
Share Plans Pty Ltd and Computershare Investor Services PLC. The shares are
acquired on market at the grant date and are held in Computershare Trust
Company, N.A., CPU Share Plans Pty Ltd and Computershare Investor Services PLC
until such time as they are vested. Forfeited shares are reallocated in subsequent
grants. Under the terms of the Trust Deed, Weir Group is required to provide the
necessary funding for the acquisition of the shares at the time of the grant.
The number of shares to be granted is determined based on the applicable annual
bonus divided by the average share price for the three days immediately prior to
the date of the grant. In 2025, 53,366 shares were awarded (2024: 37,278).
The fair value of the rights at grant date was estimated by taking the market price of
the Company\u2019s shares on that date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
29. Related party disclosure
The following table provides the total amount of significant transactions that have
been entered into by the Group with related parties for the relevant financial year
and outstanding balances at the year end.
Sales to
related
parties \u2013
goods
Sales to
related
parties \u2013
services
Purchases
from
related
parties \u2013
goods
Amounts
owed to
related
parties
Amounts
owed by
related
parties
Related party
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Joint ventures
2025
1.0
0.1
17.1
2.7
\u2013
2024
1.0
0.1
17.3
4.8
0.3
Group pension plans
2025
\u2013
\u2013
\u2013
2.8
\u2013
2024
\u2013
\u2013
\u2013
2.8
\u2013
Contributions to the Group pension plans are disclosed in note 24.
Terms & conditions of transactions with related parties
Sales to and from related parties are made at normal market prices. Outstanding
balances at the period end are unsecured and settlement occurs in cash. There
have been no guarantees provided or received for any related party balances. For
2025, the Group has not raised any provision for doubtful debts relating to amounts
owed by related parties (2024: \u00a3nil) as the payment history has been excellent and
there is no forward-looking information that suggests there will be any issues
affecting the ability for future settlement. This assessment is undertaken each
financial year through examining the financial position of the related party and the
market in which the related party operates.
2025
2024
Compensation of key management personnel
\u00a3m
\u00a3m
Short-term employee benefits
9.1
8.3
Share-based payments
4.1
4.4
Post-employment benefits
0.4
0.4
13.6
13.1
2025
2024
Emoluments paid to the Directors of The Weir Group PLC
\u00a3m
\u00a3m
Remuneration
4.3
3.9
Gains made on the exercise of Long-Term Incentive Plan
awards
2.1
1.3
6.4
5.2
Key management comprises the Board and the Group Executive. Further details of
the Directors\u2019 remuneration are disclosed in the Directors\u2019 Remuneration report on
pages 127 to 150.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
2025
2024
Compensation of key management personnel
\u00a3m
\u00a3m
Short-term employee benefits
9.1
8.3
Share-based payments
4.1
4.4
Post-employment benefits
0.4
0.4
13.6
13.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "
30. Financial instruments
Derivative financial instruments
The Group enters into derivative financial instruments in the normal course of
business in order to hedge its exposure to foreign exchange risk. Derivatives are only
used for economic hedging purposes and no speculative positions are taken.
Derivatives are recognised as held for trading and at fair value through profit and
loss unless they are designated in IFRS 9 'Financial Instruments' compliant hedge
relationships.
The following table summarises the types of derivative financial instrument included
within each balance sheet category.
2025
2024
\u00a3m
\u00a3m
Included in current assets
Forward foreign currency contracts designated as cash flow
hedges
0.1
1.1
Forward foreign currency contracts designated as fair value
hedges
\u2013
1.7
Other forward foreign currency contracts
4.7
7.9
4.8
10.7
Included in current liabilities
Forward foreign currency contracts designated as cash flow
hedges
(0.3)
(0.3)
Forward foreign currency contracts designated as fair value
hedges
\u2013
(0.4)
Other forward foreign currency contracts
(4.3)
(9.4)
(4.6)
(10.1)
Net derivative financial assets
0.2
0.6
Financial assets and liabilities
Financial assets and liabilities (with the exception of derivative financial instruments)
are initially recognised at fair value net of transaction costs. Subsequently, they are
recognised at either fair value or amortised cost. Derivative financial instruments are
initially recognised at fair value and, subsequently, remeasured at fair value. The
Group uses the following hierarchy for determining and disclosing the fair value of
financial instruments by valuation technique:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or
liabilities;
Level 2:Other techniques for which all inputs that have a significant effect on the
recorded fair value are observable, either directly or indirectly; and
Level 3:Techniques that use inputs that have a significant effect on the recorded fair
value that are not based on observable market data.
During the year ended 31\u00a0December 2024, following the settlement of private
placement debt and the issue of further Sustainability-Linked Notes, the fair value of
fixed-rate borrowings were reassessed as a level 1 fair value measurement rather
than level 2 as the full balance is now calculated using quoted market prices.
During the year ended 31\u00a0December 2025, following the issue of Australian Dollar
Bond Notes, which are not quoted on active markets, the fair value of fixed-rate
borrowings is split between level 1 and level 2.
In May 2025, the Group invested US$20m in CiDRA Holdings LLC, an unquoted
minerals processing company based in the United States. The equity investment is
classified as a financial asset and is measured at fair value with subsequent changes
in fair value recognised in profit or loss. Cost has been determined to represent the
best estimate of fair value given the lack of external market data, the relative infancy
of the business acquired and the wide range of potential fair values that might be
reached in a valuation exercise.
During the year ended 31\u00a0December 2025, there were no transfers between level 1
and level 2 fair value measurements and no transfers into or out of level 3 fair value
measurements.
Offsetting
Financial assets and liabilities are offset and the net amount reported in the balance
sheet where the Group currently has a legal right to offset the recognised amounts,
and there is an intention to settle on a net basis or realise the asset and settle the
liability simultaneously.
As at 31\u00a0December 2025, cash and short-term deposits of \u00a3509.0m (2024: \u00a3556.4m)
and current interest-bearing loans and borrowings of \u00a3123.7m (2024: \u00a355.2m) were
presented after elimination of debit and credit balances within individual pools of
\u00a3nil (2024: \u00a30.1m).
The Group operates a notional cash pooling arrangement in which individual
balances are not offset for reporting purposes as the Group does not intend to
settle on a net basis. Cash and short-term deposits at 31\u00a0December 2025 includes
\u00a30.6m (2024: \u00a329.5m) that is part of this arrangement and both cash and interest-
bearing loans and borrowings are grossed up by this amount.
The Group has also entered into arrangements that do not meet the criteria for
offsetting, but still allow for the related amounts to be offset in specific
circumstances. As at 31\u00a0December 2025, the Group had derivative financial
instruments of \u00a30.1m (2024: \u00a31.6m) which were subject to master netting
arrangements, but not offset.
Carrying amounts and fair values
The following tables show the carrying amounts and fair values of the Group\u2019s
financial instruments that are reported in the financial statements.
Fair value measurement using
Carrying
amount
Fair value
Level 1
Quoted prices
in active
markets
Level 2
Significant
observable
inputs
Level 3
Significant
unobservable
inputs
2025
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments recognised at fair value through profit or loss
4.7
4.7
\u2013
4.7
\u2013
Derivative financial instruments in designated hedge accounting relationships
0.1
0.1
\u2013
0.1
\u2013
Trade & other receivables excluding statutory assets, prepayments & construction contract
assets
542.2
542.2
\u2013
542.2
\u2013
Equity investment
14.8
14.8
\u2013
\u2013
14.8
Cash & short-term deposits
509.0
509.0
\u2013
509.0
\u2013
1,070.8
Financial liabilities
Derivative financial instruments recognised at fair value through profit or loss
4.3
4.3
\u2013
4.3
\u2013
Derivative financial instruments in designated hedge accounting relationships
0.3
0.3
\u2013
0.3
\u2013
Deferred consideration payable
1.5
1.5
\u2013
1.5
\u2013
Amortised cost:
Fixed-rate borrowings
1,147.2
1,184.3
974.7
209.6
\u2013
Floating-rate borrowings
478.2
478.2
\u2013
478.2
\u2013
Leases
155.9
n/a
n/a
n/a
n/a
Bank overdrafts
1.3
1.3
\u2013
1.3
\u2013
Trade & other payables excluding statutory liabilities & contract liabilities
481.1
481.1
\u2013
481.1
\u2013
2,269.8
Fair value measurement using
Carrying
amount
Fair value
Level 1
Quoted prices
in active
markets
Level 2
Significant
observable
inputs
Level 3
Significant
unobservable
inputs
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments recognised at fair value through profit or loss
7.9
7.9
\u2013
7.9
\u2013
Derivative financial instruments in designated hedge accounting relationships
2.8
2.8
\u2013
2.8
\u2013
Trade & other receivables excluding statutory assets, prepayments & construction contract
assets
510.3
510.3
\u2013
510.3
\u2013
Cash & short-term deposits
556.4
556.4
\u2013
556.4
\u2013
1,077.4
Financial liabilities
Derivative financial instruments recognised at fair value through profit or loss
9.4
9.4
\u2013
9.4
\u2013
Derivative financial instruments in designated hedge accounting relationships
0.7
0.7
\u2013
0.7
\u2013
Deferred consideration payable
0.6
0.6
\u2013
0.6
\u2013
Amortised cost:
Fixed-rate borrowings
936.6
923.5
923.5
\u2013
\u2013
Floating-rate borrowings
(2.1)
(2.1)
\u2013
(2.1)
\u2013
Leases
127.0
n/a
n/a
n/a
n/a
Bank overdrafts
29.5
29.5
\u2013
29.5
\u2013
Trade & other payables excluding statutory liabilities & contract liabilities
476.6
476.6
\u2013
476.6
\u2013
1,578.3
Assets and liabilities recognised at amortised cost
The fair value of fixed-rate borrowings is split between level 1 & level 2 fair value
measurement following the issue of Australian Dollar Bond Notes which are not
calculated using quoted market prices.
All other financial assets and liabilities carried at cost require level 2 fair value
measurement for disclosure purposes. The fair value of floating-rate borrowings
approximates the carrying value due to the variable nature of the interest terms.\u00a0
The carrying amount of lease liabilities is estimated by discounting future cash flows
using the rate implicit in the lease or the Group\u2019s incremental borrowing rate. The
fair value of cash and short-term deposits, trade and other receivables and trade
and other payables approximates their carrying amount due to the short-term
maturities of these instruments. As such, disclosure of the fair value hierarchy for
these items is not required.
Assets and liabilities recognised at fair value
The Group enters into derivative financial instruments with various counterparties,
principally financial institutions with investment grade credit ratings. The derivative
financial instruments are valued using valuation techniques with market observable
inputs including spot and forward foreign exchange rates, interest rate curves,
counterparty and own credit risk. The fair value of cross-currency swaps is
calculated as the present value of the estimated future cash flows based on spot
and forward foreign exchange rates. The fair value of forward foreign currency
contracts is calculated as the present value of the estimated future cash flows
based on spot and forward foreign exchange rates.
The fair value of the Group's equity investment has been assessed as level 3 fair
value measurement. Cost has been determined to represent the best estimate of
fair value given the lack of external market data, the relative infancy of the business
acquired and the wide range of potential fair values that might be reached in a
valuation exercise.
For financial instruments that are recognised at fair value on a recurring basis, the
Group determines whether transfers have occurred between levels in the hierarchy
by re-assessing categorisation (based on the lowest level input that is significant to
the fair value measurement as a whole) at the end of each reporting period. The
Group holds all financial instruments recognised at fair value at level 2 with the
exception of contingent consideration which is a level 3 fair value measurement. The
current fair value of contingent consideration is \u00a3nil and further detail regarding the
basis of valuation is included in note 14. During the year, there were no transfers
between level 1 and level 2 fair value measurements and no transfers into, or out of,
level 3 fair value measurements.
Hedging activities
The Group designates certain derivative financial instruments in either cash flow
hedging, net investment hedging or fair value hedging relationships in accordance
with IFRS 9.
Cash flow hedge
Net investment hedge
Fair value hedge
Hedge
relationship
Cash flow hedge of
highly probable
forecast foreign
currency purchases
and sales
Net investment
hedge of foreign
operations
Fair value hedge of
foreign currency debt
Hedged risk
Transactional foreign
exchange risk
Translational foreign
exchange risk
Transactional foreign
exchange risk
Hedging
instruments
Forward foreign
currency contracts
Foreign currency
debt
Forward foreign
currency contracts
Forward foreign
currency contracts
For each type of derivative financial instrument, the net carrying amount and
maturity date ranges are set out in the table below.
Net
carrying
amount
Maturity dates
Year ended 31 December 2025
\u00a3m
Forward foreign currency contracts designated as
cash flow hedges
(0.2)
2026 to 2027
Other forward foreign currency contracts at fair value
through profit or loss
0.4
2026
0.2
Net
carrying
amount
Maturity
dates
Year ended 31 December 2024
\u00a3m
Forward foreign currency contracts designated as cash flow
hedges
0.8
2025 to
2026
Forward foreign currency contracts designated as fair value
hedges
1.3
2025
Other forward foreign currency contracts at fair value
through profit or loss
(1.5)
2025 to
2026
0.6
For each type of derivative financial instrument, the amounts recognised for the year
in profit or loss and equity are set out in the following table. In the financial
statements these amounts are offset by the retranslation of foreign currency
denominated receivables and payables, the impact of which is also set out in the
following tables.
Amounts recognised in
profit or loss
Amounts recognised in equity
Other
(losses)
gains in
operating
profit
Total
amounts
recognised
in profit or
loss
Cost of
hedging
reserve
Cash
flow
hedge
reserve
Foreign
currency
translation
reserve
Year ended 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Instruments measured at fair value
Designated in hedge accounting relationships
Forward foreign currency
contracts designated as
cash flow hedges
(1.2)
(1.2)
\u2013
0.2
\u2013
Forward foreign currency
contracts designated as fair
value hedges
0.1
0.1
(0.2)
\u2013
\u2013
Not designated in hedge accounting relationships
Other forward foreign
currency contracts at fair
value through profit or loss
(11.6)
(11.6)
\u2013
\u2013
\u2013
Total (losses) gains on
instruments
(12.7)
(12.7)
(0.2)
0.2
\u2013
Amounts recognised in
profit or loss
Amounts recognised in equity
Other
(losses)
gains in
operating
profit
Total
amounts
recognised
in profit or
loss
Cost of
hedging
reserve
Cash flow
hedge
reserve
Foreign
currency
translation
reserve
Year ended 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Instruments measured at fair value
Designated in hedge accounting relationships
Forward foreign currency
contracts designated as
cash flow hedges
(0.1)
(0.1)
\u2013
0.8
\u2013
Forward foreign currency
contracts designated as fair
value hedges
0.3
0.3
0.5
\u2013
\u2013
Not designated in hedge accounting relationships
Other forward foreign
currency contracts at fair
value through profit or loss
4.2
4.2
\u2013
\u2013
\u2013
Total gains on instruments
4.4
4.4
0.5
0.8
\u2014
Hedge ineffectiveness
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.
For hedges of foreign currency revenue and cost of sales, the Group enters into
hedge relationships where the critical terms of the hedging instrument match
exactly with the terms of the hedged item. The Group therefore performs a
qualitative assessment of effectiveness. 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 determine whether an economic relationship remains, and so
assess effectiveness. As all critical terms matched during the year, the economic
relationships were 100% effective.
Ineffectiveness may arise if the timing of the forecast transaction changes from
what was originally estimated, or if there are changes in the credit risk of the Group
or the derivative counterparty.
The Group utilises borrowings that are measured at amortised cost and
denominated in the currency of the hedged net assets, as hedging instruments in
net investment hedges. The Group does not hedge 100% of its net assets of foreign
operations, therefore, the hedged item is identified as a proportion of the net assets
of the foreign operations up to the notional amount of the foreign exchange
forwards and principal amount of the borrowings. The Group also utilises forward
foreign currency contracts as hedging instruments in net investment hedges.
During the year ended 31\u00a0December 2025, the Group\u2019s net investment hedge was
discontinued due to a change in functional currency within a US-based subsidiary of the
Group as a result of refinancing activities. Foreign exchange differences on the hedging
instrument recognised in other comprehensive income remain in the foreign currency
translation reserve and no amounts were reclassified to the income statement. Following
discontinuation, no net investment hedges were in place at the reporting date.
There was no ineffectiveness during 2025 or 2024 in relation to hedge relationships.
Effects of hedge accounting on financial position and performance
The effects of the foreign currency related hedging instruments on the Group\u2019s
financial position and performance are as follows.
Cash flow hedging: foreign currency forwards
2025
2024
Carrying amount (\u00a3m)
(0.2)
0.8
Assets
0.1
1.1
Liabilities
(0.3)
(0.3)
Notional amounts (m)
USD
7.6
21.0
EUR
17.3
29.3
Average exchange rates
EUR:AUD
1.79
1.65
USD:AUD
1.53
1.52
Maturity dates
01/2026 -
01/2027
01/2025 -
01/2026
Hedge ratios1
1:1
1:1
Change in fair value of hedging instruments since 1 January
(\u00a3m)
(1.0)
0.7
Change in value of hedged item used to determine hedge
effectiveness (\u00a3m)
1.0
(0.7)
Note 1. The foreign currency forwards are denominated in the same currency as the highly
probable future transactions, therefore, the hedge ratio is 1:1.
Net investment hedging: foreign currency forwards and
borrowings
2025
2024
Carrying amount (\u00a3m)
\u2013
(639.0)
Liabilities \u2013 borrowings
\u2013
(639.0)
Notional amounts (m)
USD
\u2013
800.0
Average exchange rates
GBP:USD
\u2013
1.28
Maturity dates
\u2013
05/2026
Hedge ratios
\u2013
1:1
Change in fair value of hedging instruments since 1 January
(\u00a3m)
\u2013
(12.2)
Change in value of hedged item used to determine hedge
effectiveness (\u00a3m)
\u2013
12.2
Fair value hedging: foreign currency forwards
2025
2024
Carrying amount (\u00a3m)
\u2013
1.3
Assets \u2013 derivatives
\u2013
1.7
Liabilities \u2013 derivatives
\u2013
(0.4)
Notional amounts (m)
USD
\u2013
230.0
Average exchange rates
GBP:USD
\u2013
1.26
Maturity dates
\u2013
05/2025
Hedge ratios1
\u2013
1:1
Change in fair value of hedging instruments since 1 January
(\u00a3m)
(1.3)
2.6
Change in value of hedged item used to determine hedge
effectiveness (\u00a3m)
1.3
(2.6)
Note
1. The derivatives are denominated in the same currency as the foreign currency debt,
therefore, the hedge ratio is 1:1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
30. Financial instruments
Derivative financial instruments
The Group enters into derivative financial instruments in the normal course of
business in order to hedge its exposure to foreign exchange risk. Derivatives are only
used for economic hedging purposes and no speculative positions are taken.
Derivatives are recognised as held for trading and at fair value through profit and
loss unless they are designated in IFRS 9 'Financial Instruments' compliant hedge
relationships.
The following table summarises the types of derivative financial instrument included
within each balance sheet category.
2025
2024
\u00a3m
\u00a3m
Included in current assets
Forward foreign currency contracts designated as cash flow
hedges
0.1
1.1
Forward foreign currency contracts designated as fair value
hedges
\u2013
1.7
Other forward foreign currency contracts
4.7
7.9
4.8
10.7
Included in current liabilities
Forward foreign currency contracts designated as cash flow
hedges
(0.3)
(0.3)
Forward foreign currency contracts designated as fair value
hedges
\u2013
(0.4)
Other forward foreign currency contracts
(4.3)
(9.4)
(4.6)
(10.1)
Net derivative financial assets
0.2
0.6
Financial assets and liabilities
Financial assets and liabilities (with the exception of derivative financial instruments)
are initially recognised at fair value net of transaction costs. Subsequently, they are
recognised at either fair value or amortised cost. Derivative financial instruments are
initially recognised at fair value and, subsequently, remeasured at fair value. The
Group uses the following hierarchy for determining and disclosing the fair value of
financial instruments by valuation technique:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or
liabilities;
Level 2:Other techniques for which all inputs that have a significant effect on the
recorded fair value are observable, either directly or indirectly; and
Level 3:Techniques that use inputs that have a significant effect on the recorded fair
value that are not based on observable market data.
During the year ended 31\u00a0December 2024, following the settlement of private
placement debt and the issue of further Sustainability-Linked Notes, the fair value of
fixed-rate borrowings were reassessed as a level 1 fair value measurement rather
than level 2 as the full balance is now calculated using quoted market prices.
During the year ended 31\u00a0December 2025, following the issue of Australian Dollar
Bond Notes, which are not quoted on active markets, the fair value of fixed-rate
borrowings is split between level 1 and level 2.
In May 2025, the Group invested US$20m in CiDRA Holdings LLC, an unquoted
minerals processing company based in the United States. The equity investment is
classified as a financial asset and is measured at fair value with subsequent changes
in fair value recognised in profit or loss. Cost has been determined to represent the
best estimate of fair value given the lack of external market data, the relative infancy
of the business acquired and the wide range of potential fair values that might be
reached in a valuation exercise.
During the year ended 31\u00a0December 2025, there were no transfers between level 1
and level 2 fair value measurements and no transfers into or out of level 3 fair value
measurements.
Offsetting
Financial assets and liabilities are offset and the net amount reported in the balance
sheet where the Group currently has a legal right to offset the recognised amounts,
and there is an intention to settle on a net basis or realise the asset and settle the
liability simultaneously.
As at 31\u00a0December 2025, cash and short-term deposits of \u00a3509.0m (2024: \u00a3556.4m)
and current interest-bearing loans and borrowings of \u00a3123.7m (2024: \u00a355.2m) were
presented after elimination of debit and credit balances within individual pools of
\u00a3nil (2024: \u00a30.1m).
The Group operates a notional cash pooling arrangement in which individual
balances are not offset for reporting purposes as the Group does not intend to
settle on a net basis. Cash and short-term deposits at 31\u00a0December 2025 includes
\u00a30.6m (2024: \u00a329.5m) that is part of this arrangement and both cash and interest-
bearing loans and borrowings are grossed up by this amount.
The Group has also entered into arrangements that do not meet the criteria for
offsetting, but still allow for the related amounts to be offset in specific
circumstances. As at 31\u00a0December 2025, the Group had derivative financial
instruments of \u00a30.1m (2024: \u00a31.6m) which were subject to master netting
arrangements, but not offset.
Carrying amounts and fair values
The following tables show the carrying amounts and fair values of the Group\u2019s
financial instruments that are reported in the financial statements.
Fair value measurement using
Carrying
amount
Fair value
Level 1
Quoted prices
in active
markets
Level 2
Significant
observable
inputs
Level 3
Significant
unobservable
inputs
2025
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments recognised at fair value through profit or loss
4.7
4.7
\u2013
4.7
\u2013
Derivative financial instruments in designated hedge accounting relationships
0.1
0.1
\u2013
0.1
\u2013
Trade & other receivables excluding statutory assets, prepayments & construction contract
assets
542.2
542.2
\u2013
542.2
\u2013
Equity investment
14.8
14.8
\u2013
\u2013
14.8
Cash & short-term deposits
509.0
509.0
\u2013
509.0
\u2013
1,070.8
Financial liabilities
Derivative financial instruments recognised at fair value through profit or loss
4.3
4.3
\u2013
4.3
\u2013
Derivative financial instruments in designated hedge accounting relationships
0.3
0.3
\u2013
0.3
\u2013
Deferred consideration payable
1.5
1.5
\u2013
1.5
\u2013
Amortised cost:
Fixed-rate borrowings
1,147.2
1,184.3
974.7
209.6
\u2013
Floating-rate borrowings
478.2
478.2
\u2013
478.2
\u2013
Leases
155.9
n/a
n/a
n/a
n/a
Bank overdrafts
1.3
1.3
\u2013
1.3
\u2013
Trade & other payables excluding statutory liabilities & contract liabilities
481.1
481.1
\u2013
481.1
\u2013
2,269.8
Fair value measurement using
Carrying
amount
Fair value
Level 1
Quoted prices
in active
markets
Level 2
Significant
observable
inputs
Level 3
Significant
unobservable
inputs
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments recognised at fair value through profit or loss
7.9
7.9
\u2013
7.9
\u2013
Derivative financial instruments in designated hedge accounting relationships
2.8
2.8
\u2013
2.8
\u2013
Trade & other receivables excluding statutory assets, prepayments & construction contract
assets
510.3
510.3
\u2013
510.3
\u2013
Cash & short-term deposits
556.4
556.4
\u2013
556.4
\u2013
1,077.4
Financial liabilities
Derivative financial instruments recognised at fair value through profit or loss
9.4
9.4
\u2013
9.4
\u2013
Derivative financial instruments in designated hedge accounting relationships
0.7
0.7
\u2013
0.7
\u2013
Deferred consideration payable
0.6
0.6
\u2013
0.6
\u2013
Amortised cost:
Fixed-rate borrowings
936.6
923.5
923.5
\u2013
\u2013
Floating-rate borrowings
(2.1)
(2.1)
\u2013
(2.1)
\u2013
Leases
127.0
n/a
n/a
n/a
n/a
Bank overdrafts
29.5
29.5
\u2013
29.5
\u2013
Trade & other payables excluding statutory liabilities & contract liabilities
476.6
476.6
\u2013
476.6
\u2013
1,578.3
Assets and liabilities recognised at amortised cost
The fair value of fixed-rate borrowings is split between level 1 & level 2 fair value
measurement following the issue of Australian Dollar Bond Notes which are not
calculated using quoted market prices.
All other financial assets and liabilities carried at cost require level 2 fair value
measurement for disclosure purposes. The fair value of floating-rate borrowings
approximates the carrying value due to the variable nature of the interest terms.\u00a0
The carrying amount of lease liabilities is estimated by discounting future cash flows
using the rate implicit in the lease or the Group\u2019s incremental borrowing rate. The
fair value of cash and short-term deposits, trade and other receivables and trade
and other payables approximates their carrying amount due to the short-term
maturities of these instruments. As such, disclosure of the fair value hierarchy for
these items is not required.
Assets and liabilities recognised at fair value
The Group enters into derivative financial instruments with various counterparties,
principally financial institutions with investment grade credit ratings. The derivative
financial instruments are valued using valuation techniques with market observable
inputs including spot and forward foreign exchange rates, interest rate curves,
counterparty and own credit risk. The fair value of cross-currency swaps is
calculated as the present value of the estimated future cash flows based on spot
and forward foreign exchange rates. The fair value of forward foreign currency
contracts is calculated as the present value of the estimated future cash flows
based on spot and forward foreign exchange rates.
The fair value of the Group's equity investment has been assessed as level 3 fair
value measurement. Cost has been determined to represent the best estimate of
fair value given the lack of external market data, the relative infancy of the business
acquired and the wide range of potential fair values that might be reached in a
valuation exercise.
For financial instruments that are recognised at fair value on a recurring basis, the
Group determines whether transfers have occurred between levels in the hierarchy
by re-assessing categorisation (based on the lowest level input that is significant to
the fair value measurement as a whole) at the end of each reporting period. The
Group holds all financial instruments recognised at fair value at level 2 with the
exception of contingent consideration which is a level 3 fair value measurement. The
current fair value of contingent consideration is \u00a3nil and further detail regarding the
basis of valuation is included in note 14. During the year, there were no transfers
between level 1 and level 2 fair value measurements and no transfers into, or out of,
level 3 fair value measurements.
Hedging activities
The Group designates certain derivative financial instruments in either cash flow
hedging, net investment hedging or fair value hedging relationships in accordance
with IFRS 9.
Cash flow hedge
Net investment hedge
Fair value hedge
Hedge
relationship
Cash flow hedge of
highly probable
forecast foreign
currency purchases
and sales
Net investment
hedge of foreign
operations
Fair value hedge of
foreign currency debt
Hedged risk
Transactional foreign
exchange risk
Translational foreign
exchange risk
Transactional foreign
exchange risk
Hedging
instruments
Forward foreign
currency contracts
Foreign currency
debt
Forward foreign
currency contracts
Forward foreign
currency contracts
For each type of derivative financial instrument, the net carrying amount and
maturity date ranges are set out in the table below.
Net
carrying
amount
Maturity dates
Year ended 31 December 2025
\u00a3m
Forward foreign currency contracts designated as
cash flow hedges
(0.2)
2026 to 2027
Other forward foreign currency contracts at fair value
through profit or loss
0.4
2026
0.2
Net
carrying
amount
Maturity
dates
Year ended 31 December 2024
\u00a3m
Forward foreign currency contracts designated as cash flow
hedges
0.8
2025 to
2026
Forward foreign currency contracts designated as fair value
hedges
1.3
2025
Other forward foreign currency contracts at fair value
through profit or loss
(1.5)
2025 to
2026
0.6
For each type of derivative financial instrument, the amounts recognised for the year
in profit or loss and equity are set out in the following table. In the financial
statements these amounts are offset by the retranslation of foreign currency
denominated receivables and payables, the impact of which is also set out in the
following tables.
Amounts recognised in
profit or loss
Amounts recognised in equity
Other
(losses)
gains in
operating
profit
Total
amounts
recognised
in profit or
loss
Cost of
hedging
reserve
Cash
flow
hedge
reserve
Foreign
currency
translation
reserve
Year ended 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Instruments measured at fair value
Designated in hedge accounting relationships
Forward foreign currency
contracts designated as
cash flow hedges
(1.2)
(1.2)
\u2013
0.2
\u2013
Forward foreign currency
contracts designated as fair
value hedges
0.1
0.1
(0.2)
\u2013
\u2013
Not designated in hedge accounting relationships
Other forward foreign
currency contracts at fair
value through profit or loss
(11.6)
(11.6)
\u2013
\u2013
\u2013
Total (losses) gains on
instruments
(12.7)
(12.7)
(0.2)
0.2
\u2013
Amounts recognised in
profit or loss
Amounts recognised in equity
Other
(losses)
gains in
operating
profit
Total
amounts
recognised
in profit or
loss
Cost of
hedging
reserve
Cash flow
hedge
reserve
Foreign
currency
translation
reserve
Year ended 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Instruments measured at fair value
Designated in hedge accounting relationships
Forward foreign currency
contracts designated as
cash flow hedges
(0.1)
(0.1)
\u2013
0.8
\u2013
Forward foreign currency
contracts designated as fair
value hedges
0.3
0.3
0.5
\u2013
\u2013
Not designated in hedge accounting relationships
Other forward foreign
currency contracts at fair
value through profit or loss
4.2
4.2
\u2013
\u2013
\u2013
Total gains on instruments
4.4
4.4
0.5
0.8
\u2014
Hedge ineffectiveness
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.
For hedges of foreign currency revenue and cost of sales, the Group enters into
hedge relationships where the critical terms of the hedging instrument match
exactly with the terms of the hedged item. The Group therefore performs a
qualitative assessment of effectiveness. 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 determine whether an economic relationship remains, and so
assess effectiveness. As all critical terms matched during the year, the economic
relationships were 100% effective.
Ineffectiveness may arise if the timing of the forecast transaction changes from
what was originally estimated, or if there are changes in the credit risk of the Group
or the derivative counterparty.
The Group utilises borrowings that are measured at amortised cost and
denominated in the currency of the hedged net assets, as hedging instruments in
net investment hedges. The Group does not hedge 100% of its net assets of foreign
operations, therefore, the hedged item is identified as a proportion of the net assets
of the foreign operations up to the notional amount of the foreign exchange
forwards and principal amount of the borrowings. The Group also utilises forward
foreign currency contracts as hedging instruments in net investment hedges.
During the year ended 31\u00a0December 2025, the Group\u2019s net investment hedge was
discontinued due to a change in functional currency within a US-based subsidiary of the
Group as a result of refinancing activities. Foreign exchange differences on the hedging
instrument recognised in other comprehensive income remain in the foreign currency
translation reserve and no amounts were reclassified to the income statement. Following
discontinuation, no net investment hedges were in place at the reporting date.
There was no ineffectiveness during 2025 or 2024 in relation to hedge relationships.
Effects of hedge accounting on financial position and performance
The effects of the foreign currency related hedging instruments on the Group\u2019s
financial position and performance are as follows.
Cash flow hedging: foreign currency forwards
2025
2024
Carrying amount (\u00a3m)
(0.2)
0.8
Assets
0.1
1.1
Liabilities
(0.3)
(0.3)
Notional amounts (m)
USD
7.6
21.0
EUR
17.3
29.3
Average exchange rates
EUR:AUD
1.79
1.65
USD:AUD
1.53
1.52
Maturity dates
01/2026 -
01/2027
01/2025 -
01/2026
Hedge ratios1
1:1
1:1
Change in fair value of hedging instruments since 1 January
(\u00a3m)
(1.0)
0.7
Change in value of hedged item used to determine hedge
effectiveness (\u00a3m)
1.0
(0.7)
Note 1. The foreign currency forwards are denominated in the same currency as the highly
probable future transactions, therefore, the hedge ratio is 1:1.
Net investment hedging: foreign currency forwards and
borrowings
2025
2024
Carrying amount (\u00a3m)
\u2013
(639.0)
Liabilities \u2013 borrowings
\u2013
(639.0)
Notional amounts (m)
USD
\u2013
800.0
Average exchange rates
GBP:USD
\u2013
1.28
Maturity dates
\u2013
05/2026
Hedge ratios
\u2013
1:1
Change in fair value of hedging instruments since 1 January
(\u00a3m)
\u2013
(12.2)
Change in value of hedged item used to determine hedge
effectiveness (\u00a3m)
\u2013
12.2
Fair value hedging: foreign currency forwards
2025
2024
Carrying amount (\u00a3m)
\u2013
1.3
Assets \u2013 derivatives
\u2013
1.7
Liabilities \u2013 derivatives
\u2013
(0.4)
Notional amounts (m)
USD
\u2013
230.0
Average exchange rates
GBP:USD
\u2013
1.26
Maturity dates
\u2013
05/2025
Hedge ratios1
\u2013
1:1
Change in fair value of hedging instruments since 1 January
(\u00a3m)
(1.3)
2.6
Change in value of hedged item used to determine hedge
effectiveness (\u00a3m)
1.3
(2.6)
Note
1. The derivatives are denominated in the same currency as the foreign currency debt,
therefore, the hedge ratio is 1:1.
Financial risk management
Financial risk management of the Group is carried out by Group Treasury in
conjunction with individual subsidiaries. The principal financial risks to which the
Group is exposed are market risk, liquidity risk and credit risk.
Market risk
The Group is exposed to foreign exchange risk and interest rate risk in the ordinary
course of business.
Foreign exchange risk
The Group is exposed to both transactional and translational foreign exchange risk.
Transactional risk arises when subsidiaries enter into transactions denominated in
currencies other than their functional currency for operational or financing purposes
or when the Group\u2019s Treasury function enters into transactions for financing or risk
management purposes. Translational risk arises on the translation of overseas
earnings and investments into Sterling for consolidated reporting purposes. Foreign
currency transactional and translational risk could result in volatility in reported
consolidated earnings and net assets.
In respect of transactional foreign currency risk, the Group maintains a policy that all
operating units eliminate exposures on committed foreign currency transactions,
usually by entering into forward foreign currency contracts through the Group\u2019s
Treasury function. Certain operating units apply cash flow hedge accounting in
accordance with IFRS 9. The Group does not engage in any speculative foreign
exchange transactions.
The Group has material foreign investments in the US, Australia, Canada, Europe,
South America and South Africa. In respect of translational risk, the Group has a
policy of partially hedging its net investment exposure to US Dollar (US$). This is
achieved through designating an element of US$ denominated borrowings and
forward currency contracts as net investment hedges against the Group\u2019s
investments. The Group does not hedge the translational exposure arising from
profit and loss items.
Sensitivity to foreign exchange rates
The Group considers the most significant transactional foreign exchange risk relates
to the US Dollar, Australian Dollar, Euro and Canadian Dollar. The table below shows
the impact of movements in derivative valuation as a result of a weakening of these
currencies. In\u00a0the Consolidated Income Statement, these amounts are partially
offset by the retranslation of foreign currency denominated receivables
and\u00a0payables. The table also shows the impact of movements in foreign currency
debt designated in net investment hedges.
Increase in
currency
rate
Effect on
profit
gain (loss)
Effect on
equity
gain (loss)
Transactional foreign exchange
\u00a3m
\u00a3m
2025
US Dollar
+25%
(10.4)
\u2013
Australian Dollar
+25%
3.7
\u2013
Euro
+25%
(8.3)
\u2013
Canadian Dollar
+25%
(5.6)
\u2013
2024
US Dollar
+25%
(40.6)
127.8
Australian Dollar
+25%
9.5
\u2013
Euro
+25%
(8.9)
\u2013
Canadian Dollar
+25%
(16.5)
\u2013
The Group is also exposed to translational foreign exchange risk as a result of its
global operations and therefore the earnings of the Group will fluctuate due to
changes in foreign exchange rates in relation to Sterling. The Group\u2019s operating
profit before adjusting items was denominated in the following currencies.
2025
2024
\u00a3m
\u00a3m
US Dollar
190.9
206.8
Australian Dollar
106.3
106.3
Canadian Dollar
101.2
71.8
Chilean Peso
79.5
72.5
Euro
45.0
33.0
Brazilian Real
22.8
14.9
South African Rand
20.3
16.6
Chinese Yuan
12.6
5.6
Indian Rupee
10.9
8.1
UK Sterling
(100.6)
(65.3)
Other
28.7
1.8
Adjusted operating profit
517.6
472.1
Interest rate risk
The Group is exposed to interest rate risk on its outstanding borrowings. Changes in
interest rates will affect future interest cash flows on floating-rate borrowings and
the fair value of fixed-rate borrowings.
The earnings of the Group are sensitive to changes in interest rates in respect of
floating-rate borrowings. As at 31\u00a0December 2025, 29% (2024: none) of the Group\u2019s
borrowings were at floating interest rates. The interest rate profile of the Group\u2019s
interest-bearing borrowings were as\u00a0follows.
2025
2024
Floating-
rate
Fixed-rate
Total
Floating-
rate
Fixed-rate
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
US Dollar
\u2013
(805.6)
(805.6)
\u2013
(639.6)
(639.6)
UK Sterling
(85.0)
(150.0)
(235.0)
\u2013
(300.0)
(300.0)
Australian
Dollar
(396.8)
(198.4)
(595.2)
\u2013
\u2013
\u2013
Sensitivity to interest rates
Based on borrowings at 31\u00a0December 2025, a 1% increase in interest rates would
have a \u00a34.8m (2024: \u00a3nil) impact on the profit before tax and amortisation of the
Group. This assumes that the change in interest rates is effective from the beginning
of the period and that all other variables are constant throughout the period.
Liquidity risk
Liquidity risk is the risk that the Group is unable to meet its financial liabilities as they
fall due.
Liquidity risk is managed by monitoring forecast and actual cash flows and ensuring
that sufficient committed facilities are in place to meet possible downside scenarios.
The Group\u2019s objective is to maintain a balance between continuity of funding and
flexibility through the use of fixed-rate notes, bank loans and bank overdrafts. Further
details of the Group\u2019s borrowing facilities are disclosed in note 20.
The tables below show only the financial liabilities of the total Group by maturity. The
amounts disclosed in the table are undiscounted cash flows and may therefore not
agree to the amounts disclosed in the Consolidated Balance Sheet.
The Group manages its liquidity to ensure that it always has sufficient funding to
grow the business and is able to meet its obligations as they fall due.
Year ended 31 December 2025
Less than
1 year
1 to 2
years
2 to 5
years
More than
5 years
Total
Total Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign currency
contracts - net outflow
0.3
\u2013
\u2013
\u2013
0.3
Cash flows relating to
derivative financial
liabilities
0.3
\u2013
\u2013
\u2013
0.3
Trade & other payables
excluding statutory liabilities
& deferred income
(484.9)
(1.5)
\u2013
\u2013
(486.4)
Leases
(28.0)
(37.2)
(47.0)
(57.1)
(169.3)
Bank overdrafts
(1.3)
\u2013
\u2013
\u2013
(1.3)
Bank loans
(31.9)
(408.4)
(89.9)
\u2013
(530.2)
Fixed-rate notes
(156.9)
(58.9)
(988.6)
(203.5)
(1,407.9)
Cash flows relating to non-
derivative financial
liabilities
(703.0)
(506.0)
(1,125.5)
(260.6)
(2,595.1)
(702.7)
(506.0)
(1,125.5)
(260.6)
(2,594.8)
Year ended 31 December 2024
Less than 1
year
1 to 2
years
2 to 5
years
More than
5 years
Total
Total Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign currency
contracts - net outflow
0.1
\u2013
\u2013
\u2013
0.1
Cash flows relating to
derivative financial
liabilities
0.1
\u2013
\u2013
\u2013
0.1
Trade & other payables
excluding statutory
liabilities & deferred
income
(492.0)
\u2013
\u2013
\u2013
(492.0)
Leases
(31.3)
(28.0)
(49.9)
(55.9)
(165.1)
Bank overdrafts
(29.5)
\u2013
\u2013
\u2013
(29.5)
Fixed-rate notes
(34.7)
(666.7)
(341.3)
\u2013
(1,042.7)
Cash flows relating to non-
derivative financial
liabilities
(587.5)
(694.7)
(391.2)
(55.9)
(1,729.3)
(587.4)
(694.7)
(391.2)
(55.9)
(1,729.2)
Credit risk
The Group is exposed to credit risk to the extent of non-payment by either its customers
or the counterparties to its derivative financial instruments.
The Group\u2019s credit risk is primarily attributable to its trade receivables with risk
spread over a large number of countries and customers, with no significant
concentration of risk. Where appropriate, the Group endeavours to minimise risk by
the use of trade finance instruments such as letters of credit and insurance. In
addition, applicable credit worthiness checks are undertaken with external credit
rating agencies before entering into contracts with customers and credit limits are
set as appropriate and enforced. As shown in note 18, the trade receivables
presented in the balance sheet are net of the expected credit loss allowance. Refer
to note 18 for details of the loss allowance calculation.
In certain circumstances, operating entities are permitted to make use of invoice
discounting facilities, primarily customer supply chain financing arrangements, to
reduce counterparty credit risk. The arrangements are assessed to ensure the entity
has transferred substantially all the risks and rewards of ownership of the
receivables, allowing the derecognition of the receivables in their entirety. The cash
when received is recognised as a working capital movement and presented in cash
generated from operations. The total amount of receivable invoices discounted at
the year end and therefore derecognised was \u00a332.2m (2024: \u00a334.8m) and this is
reflected in the working capital cash flows section of note 26. The fees incurred as
part of the invoice discounting programme are as shown in note 7.
The Group\u2019s exposure to the credit risk of financial instruments is limited by the
adherence to counterparty credit limits, and by only trading with counterparties that
have an investment grade credit rating or better at contract inception, based upon
ratings provided by the major credit rating agencies. Exposures to those
counterparties are regularly reviewed and, when the market view of a counterparty\u2019s
credit quality changes, adjusted as considered appropriate.
The maximum exposure to credit risk is equal to the carrying value of the financial
assets of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
Fair value measurement using
Carrying
amount
Fair value
Level 1
Quoted prices
in active
markets
Level 2
Significant
observable
inputs
Level 3
Significant
unobservable
inputs
2025
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments recognised at fair value through profit or loss
4.7
4.7
\u2013
4.7
\u2013
Derivative financial instruments in designated hedge accounting relationships
0.1
0.1
\u2013
0.1
\u2013
Trade & other receivables excluding statutory assets, prepayments & construction contract
assets
542.2
542.2
\u2013
542.2
\u2013
Equity investment
14.8
14.8
\u2013
\u2013
14.8
Cash & short-term deposits
509.0
509.0
\u2013
509.0
\u2013
1,070.8
Financial liabilities
Derivative financial instruments recognised at fair value through profit or loss
4.3
4.3
\u2013
4.3
\u2013
Derivative financial instruments in designated hedge accounting relationships
0.3
0.3
\u2013
0.3
\u2013
Deferred consideration payable
1.5
1.5
\u2013
1.5
\u2013
Amortised cost:
Fixed-rate borrowings
1,147.2
1,184.3
974.7
209.6
\u2013
Floating-rate borrowings
478.2
478.2
\u2013
478.2
\u2013
Leases
155.9
n/a
n/a
n/a
n/a
Bank overdrafts
1.3
1.3
\u2013
1.3
\u2013
Trade & other payables excluding statutory liabilities & contract liabilities
481.1
481.1
\u2013
481.1
\u2013
2,269.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
Financial risk management
Financial risk management of the Group is carried out by Group Treasury in
conjunction with individual subsidiaries. The principal financial risks to which the
Group is exposed are market risk, liquidity risk and credit risk.
Market risk
The Group is exposed to foreign exchange risk and interest rate risk in the ordinary
course of business.
Foreign exchange risk
The Group is exposed to both transactional and translational foreign exchange risk.
Transactional risk arises when subsidiaries enter into transactions denominated in
currencies other than their functional currency for operational or financing purposes
or when the Group\u2019s Treasury function enters into transactions for financing or risk
management purposes. Translational risk arises on the translation of overseas
earnings and investments into Sterling for consolidated reporting purposes. Foreign
currency transactional and translational risk could result in volatility in reported
consolidated earnings and net assets.
In respect of transactional foreign currency risk, the Group maintains a policy that all
operating units eliminate exposures on committed foreign currency transactions,
usually by entering into forward foreign currency contracts through the Group\u2019s
Treasury function. Certain operating units apply cash flow hedge accounting in
accordance with IFRS 9. The Group does not engage in any speculative foreign
exchange transactions.
The Group has material foreign investments in the US, Australia, Canada, Europe,
South America and South Africa. In respect of translational risk, the Group has a
policy of partially hedging its net investment exposure to US Dollar (US$). This is
achieved through designating an element of US$ denominated borrowings and
forward currency contracts as net investment hedges against the Group\u2019s
investments. The Group does not hedge the translational exposure arising from
profit and loss items.
Sensitivity to foreign exchange rates
The Group considers the most significant transactional foreign exchange risk relates
to the US Dollar, Australian Dollar, Euro and Canadian Dollar. The table below shows
the impact of movements in derivative valuation as a result of a weakening of these
currencies. In\u00a0the Consolidated Income Statement, these amounts are partially
offset by the retranslation of foreign currency denominated receivables
and\u00a0payables. The table also shows the impact of movements in foreign currency
debt designated in net investment hedges.
Increase in
currency
rate
Effect on
profit
gain (loss)
Effect on
equity
gain (loss)
Transactional foreign exchange
\u00a3m
\u00a3m
2025
US Dollar
+25%
(10.4)
\u2013
Australian Dollar
+25%
3.7
\u2013
Euro
+25%
(8.3)
\u2013
Canadian Dollar
+25%
(5.6)
\u2013
2024
US Dollar
+25%
(40.6)
127.8
Australian Dollar
+25%
9.5
\u2013
Euro
+25%
(8.9)
\u2013
Canadian Dollar
+25%
(16.5)
\u2013
The Group is also exposed to translational foreign exchange risk as a result of its
global operations and therefore the earnings of the Group will fluctuate due to
changes in foreign exchange rates in relation to Sterling. The Group\u2019s operating
profit before adjusting items was denominated in the following currencies.
2025
2024
\u00a3m
\u00a3m
US Dollar
190.9
206.8
Australian Dollar
106.3
106.3
Canadian Dollar
101.2
71.8
Chilean Peso
79.5
72.5
Euro
45.0
33.0
Brazilian Real
22.8
14.9
South African Rand
20.3
16.6
Chinese Yuan
12.6
5.6
Indian Rupee
10.9
8.1
UK Sterling
(100.6)
(65.3)
Other
28.7
1.8
Adjusted operating profit
517.6
472.1
Interest rate risk
The Group is exposed to interest rate risk on its outstanding borrowings. Changes in
interest rates will affect future interest cash flows on floating-rate borrowings and
the fair value of fixed-rate borrowings.
The earnings of the Group are sensitive to changes in interest rates in respect of
floating-rate borrowings. As at 31\u00a0December 2025, 29% (2024: none) of the Group\u2019s
borrowings were at floating interest rates. The interest rate profile of the Group\u2019s
interest-bearing borrowings were as\u00a0follows.
2025
2024
Floating-
rate
Fixed-rate
Total
Floating-
rate
Fixed-rate
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
US Dollar
\u2013
(805.6)
(805.6)
\u2013
(639.6)
(639.6)
UK Sterling
(85.0)
(150.0)
(235.0)
\u2013
(300.0)
(300.0)
Australian
Dollar
(396.8)
(198.4)
(595.2)
\u2013
\u2013
\u2013
Sensitivity to interest rates
Based on borrowings at 31\u00a0December 2025, a 1% increase in interest rates would
have a \u00a34.8m (2024: \u00a3nil) impact on the profit before tax and amortisation of the
Group. This assumes that the change in interest rates is effective from the beginning
of the period and that all other variables are constant throughout the period.
Liquidity risk
Liquidity risk is the risk that the Group is unable to meet its financial liabilities as they
fall due.
Liquidity risk is managed by monitoring forecast and actual cash flows and ensuring
that sufficient committed facilities are in place to meet possible downside scenarios.
The Group\u2019s objective is to maintain a balance between continuity of funding and
flexibility through the use of fixed-rate notes, bank loans and bank overdrafts. Further
details of the Group\u2019s borrowing facilities are disclosed in note 20.
The tables below show only the financial liabilities of the total Group by maturity. The
amounts disclosed in the table are undiscounted cash flows and may therefore not
agree to the amounts disclosed in the Consolidated Balance Sheet.
The Group manages its liquidity to ensure that it always has sufficient funding to
grow the business and is able to meet its obligations as they fall due.
Year ended 31 December 2025
Less than
1 year
1 to 2
years
2 to 5
years
More than
5 years
Total
Total Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign currency
contracts - net outflow
0.3
\u2013
\u2013
\u2013
0.3
Cash flows relating to
derivative financial
liabilities
0.3
\u2013
\u2013
\u2013
0.3
Trade & other payables
excluding statutory liabilities
& deferred income
(484.9)
(1.5)
\u2013
\u2013
(486.4)
Leases
(28.0)
(37.2)
(47.0)
(57.1)
(169.3)
Bank overdrafts
(1.3)
\u2013
\u2013
\u2013
(1.3)
Bank loans
(31.9)
(408.4)
(89.9)
\u2013
(530.2)
Fixed-rate notes
(156.9)
(58.9)
(988.6)
(203.5)
(1,407.9)
Cash flows relating to non-
derivative financial
liabilities
(703.0)
(506.0)
(1,125.5)
(260.6)
(2,595.1)
(702.7)
(506.0)
(1,125.5)
(260.6)
(2,594.8)
Year ended 31 December 2024
Less than 1
year
1 to 2
years
2 to 5
years
More than
5 years
Total
Total Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign currency
contracts - net outflow
0.1
\u2013
\u2013
\u2013
0.1
Cash flows relating to
derivative financial
liabilities
0.1
\u2013
\u2013
\u2013
0.1
Trade & other payables
excluding statutory
liabilities & deferred
income
(492.0)
\u2013
\u2013
\u2013
(492.0)
Leases
(31.3)
(28.0)
(49.9)
(55.9)
(165.1)
Bank overdrafts
(29.5)
\u2013
\u2013
\u2013
(29.5)
Fixed-rate notes
(34.7)
(666.7)
(341.3)
\u2013
(1,042.7)
Cash flows relating to non-
derivative financial
liabilities
(587.5)
(694.7)
(391.2)
(55.9)
(1,729.3)
(587.4)
(694.7)
(391.2)
(55.9)
(1,729.2)
Credit risk
The Group is exposed to credit risk to the extent of non-payment by either its customers
or the counterparties to its derivative financial instruments.
The Group\u2019s credit risk is primarily attributable to its trade receivables with risk
spread over a large number of countries and customers, with no significant
concentration of risk. Where appropriate, the Group endeavours to minimise risk by
the use of trade finance instruments such as letters of credit and insurance. In
addition, applicable credit worthiness checks are undertaken with external credit
rating agencies before entering into contracts with customers and credit limits are
set as appropriate and enforced. As shown in note 18, the trade receivables
presented in the balance sheet are net of the expected credit loss allowance. Refer
to note 18 for details of the loss allowance calculation.
In certain circumstances, operating entities are permitted to make use of invoice
discounting facilities, primarily customer supply chain financing arrangements, to
reduce counterparty credit risk. The arrangements are assessed to ensure the entity
has transferred substantially all the risks and rewards of ownership of the
receivables, allowing the derecognition of the receivables in their entirety. The cash
when received is recognised as a working capital movement and presented in cash
generated from operations. The total amount of receivable invoices discounted at
the year end and therefore derecognised was \u00a332.2m (2024: \u00a334.8m) and this is
reflected in the working capital cash flows section of note 26. The fees incurred as
part of the invoice discounting programme are as shown in note 7.
The Group\u2019s exposure to the credit risk of financial instruments is limited by the
adherence to counterparty credit limits, and by only trading with counterparties that
have an investment grade credit rating or better at contract inception, based upon
ratings provided by the major credit rating agencies. Exposures to those
counterparties are regularly reviewed and, when the market view of a counterparty\u2019s
credit quality changes, adjusted as considered appropriate.
The maximum exposure to credit risk is equal to the carrying value of the financial
assets of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
Market risk
The Group is exposed to foreign exchange risk and interest rate risk in the ordinary
course of business.
Foreign exchange risk
The Group is exposed to both transactional and translational foreign exchange risk.
Transactional risk arises when subsidiaries enter into transactions denominated in
currencies other than their functional currency for operational or financing purposes
or when the Group\u2019s Treasury function enters into transactions for financing or risk
management purposes. Translational risk arises on the translation of overseas
earnings and investments into Sterling for consolidated reporting purposes. Foreign
currency transactional and translational risk could result in volatility in reported
consolidated earnings and net assets.
In respect of transactional foreign currency risk, the Group maintains a policy that all
operating units eliminate exposures on committed foreign currency transactions,
usually by entering into forward foreign currency contracts through the Group\u2019s
Treasury function. Certain operating units apply cash flow hedge accounting in
accordance with IFRS 9. The Group does not engage in any speculative foreign
exchange transactions.
The Group has material foreign investments in the US, Australia, Canada, Europe,
South America and South Africa. In respect of translational risk, the Group has a
policy of partially hedging its net investment exposure to US Dollar (US$). This is
achieved through designating an element of US$ denominated borrowings and
forward currency contracts as net investment hedges against the Group\u2019s
investments. The Group does not hedge the translational exposure arising from
profit and loss items.
Sensitivity to foreign exchange rates
The Group considers the most significant transactional foreign exchange risk relates
to the US Dollar, Australian Dollar, Euro and Canadian Dollar. The table below shows
the impact of movements in derivative valuation as a result of a weakening of these
currencies. In\u00a0the Consolidated Income Statement, these amounts are partially
offset by the retranslation of foreign currency denominated receivables
and\u00a0payables. The table also shows the impact of movements in foreign currency
debt designated in net investment hedges.
Increase in
currency
rate
Effect on
profit
gain (loss)
Effect on
equity
gain (loss)
Transactional foreign exchange
\u00a3m
\u00a3m
2025
US Dollar
+25%
(10.4)
\u2013
Australian Dollar
+25%
3.7
\u2013
Euro
+25%
(8.3)
\u2013
Canadian Dollar
+25%
(5.6)
\u2013
2024
US Dollar
+25%
(40.6)
127.8
Australian Dollar
+25%
9.5
\u2013
Euro
+25%
(8.9)
\u2013
Canadian Dollar
+25%
(16.5)
\u2013
The Group is also exposed to translational foreign exchange risk as a result of its
global operations and therefore the earnings of the Group will fluctuate due to
changes in foreign exchange rates in relation to Sterling. The Group\u2019s operating
profit before adjusting items was denominated in the following currencies.
2025
2024
\u00a3m
\u00a3m
US Dollar
190.9
206.8
Australian Dollar
106.3
106.3
Canadian Dollar
101.2
71.8
Chilean Peso
79.5
72.5
Euro
45.0
33.0
Brazilian Real
22.8
14.9
South African Rand
20.3
16.6
Chinese Yuan
12.6
5.6
Indian Rupee
10.9
8.1
UK Sterling
(100.6)
(65.3)
Other
28.7
1.8
Adjusted operating profit
517.6
472.1
Interest rate risk
The Group is exposed to interest rate risk on its outstanding borrowings. Changes in
interest rates will affect future interest cash flows on floating-rate borrowings and
the fair value of fixed-rate borrowings.
The earnings of the Group are sensitive to changes in interest rates in respect of
floating-rate borrowings. As at 31\u00a0December 2025, 29% (2024: none) of the Group\u2019s
borrowings were at floating interest rates. The interest rate profile of the Group\u2019s
interest-bearing borrowings were as\u00a0follows.
2025
2024
Floating-
rate
Fixed-rate
Total
Floating-
rate
Fixed-rate
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
US Dollar
\u2013
(805.6)
(805.6)
\u2013
(639.6)
(639.6)
UK Sterling
(85.0)
(150.0)
(235.0)
\u2013
(300.0)
(300.0)
Australian
Dollar
(396.8)
(198.4)
(595.2)
\u2013
\u2013
\u2013
Sensitivity to interest rates
Based on borrowings at 31\u00a0December 2025, a 1% increase in interest rates would
have a \u00a34.8m (2024: \u00a3nil) impact on the profit before tax and amortisation of the
Group. This assumes that the change in interest rates is effective from the beginning
of the period and that all other variables are constant throughout the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "
Liquidity risk
Liquidity risk is the risk that the Group is unable to meet its financial liabilities as they
fall due.
Liquidity risk is managed by monitoring forecast and actual cash flows and ensuring
that sufficient committed facilities are in place to meet possible downside scenarios.
The Group\u2019s objective is to maintain a balance between continuity of funding and
flexibility through the use of fixed-rate notes, bank loans and bank overdrafts. Further
details of the Group\u2019s borrowing facilities are disclosed in note 20.
The tables below show only the financial liabilities of the total Group by maturity. The
amounts disclosed in the table are undiscounted cash flows and may therefore not
agree to the amounts disclosed in the Consolidated Balance Sheet.
The Group manages its liquidity to ensure that it always has sufficient funding to
grow the business and is able to meet its obligations as they fall due.
Year ended 31 December 2025
Less than
1 year
1 to 2
years
2 to 5
years
More than
5 years
Total
Total Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign currency
contracts - net outflow
0.3
\u2013
\u2013
\u2013
0.3
Cash flows relating to
derivative financial
liabilities
0.3
\u2013
\u2013
\u2013
0.3
Trade & other payables
excluding statutory liabilities
& deferred income
(484.9)
(1.5)
\u2013
\u2013
(486.4)
Leases
(28.0)
(37.2)
(47.0)
(57.1)
(169.3)
Bank overdrafts
(1.3)
\u2013
\u2013
\u2013
(1.3)
Bank loans
(31.9)
(408.4)
(89.9)
\u2013
(530.2)
Fixed-rate notes
(156.9)
(58.9)
(988.6)
(203.5)
(1,407.9)
Cash flows relating to non-
derivative financial
liabilities
(703.0)
(506.0)
(1,125.5)
(260.6)
(2,595.1)
(702.7)
(506.0)
(1,125.5)
(260.6)
(2,594.8)
Year ended 31 December 2024
Less than 1
year
1 to 2
years
2 to 5
years
More than
5 years
Total
Total Group
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign currency
contracts - net outflow
0.1
\u2013
\u2013
\u2013
0.1
Cash flows relating to
derivative financial
liabilities
0.1
\u2013
\u2013
\u2013
0.1
Trade & other payables
excluding statutory
liabilities & deferred
income
(492.0)
\u2013
\u2013
\u2013
(492.0)
Leases
(31.3)
(28.0)
(49.9)
(55.9)
(165.1)
Bank overdrafts
(29.5)
\u2013
\u2013
\u2013
(29.5)
Fixed-rate notes
(34.7)
(666.7)
(341.3)
\u2013
(1,042.7)
Cash flows relating to non-
derivative financial
liabilities
(587.5)
(694.7)
(391.2)
(55.9)
(1,729.3)
(587.4)
(694.7)
(391.2)
(55.9)
(1,729.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "
Credit risk
The Group is exposed to credit risk to the extent of non-payment by either its customers
or the counterparties to its derivative financial instruments.
The Group\u2019s credit risk is primarily attributable to its trade receivables with risk
spread over a large number of countries and customers, with no significant
concentration of risk. Where appropriate, the Group endeavours to minimise risk by
the use of trade finance instruments such as letters of credit and insurance. In
addition, applicable credit worthiness checks are undertaken with external credit
rating agencies before entering into contracts with customers and credit limits are
set as appropriate and enforced. As shown in note 18, the trade receivables
presented in the balance sheet are net of the expected credit loss allowance. Refer
to note 18 for details of the loss allowance calculation.
In certain circumstances, operating entities are permitted to make use of invoice
discounting facilities, primarily customer supply chain financing arrangements, to
reduce counterparty credit risk. The arrangements are assessed to ensure the entity
has transferred substantially all the risks and rewards of ownership of the
receivables, allowing the derecognition of the receivables in their entirety. The cash
when received is recognised as a working capital movement and presented in cash
generated from operations. The total amount of receivable invoices discounted at
the year end and therefore derecognised was \u00a332.2m (2024: \u00a334.8m) and this is
reflected in the working capital cash flows section of note 26. The fees incurred as
part of the invoice discounting programme are as shown in note 7.
The Group\u2019s exposure to the credit risk of financial instruments is limited by the
adherence to counterparty credit limits, and by only trading with counterparties that
have an investment grade credit rating or better at contract inception, based upon
ratings provided by the major credit rating agencies. Exposures to those
counterparties are regularly reviewed and, when the market view of a counterparty\u2019s
credit quality changes, adjusted as considered appropriate.
The maximum exposure to credit risk is equal to the carrying value of the financial
assets of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "
31. Capital management
The primary objective of the Group\u2019s capital management is to ensure that it
maintains robust capital ratios in order to support its business and maximise
Shareholder value.
The Group manages its capital structure and makes adjustments in light of changes
in economic conditions. To maintain or adjust the capital structure, the Group may
adjust the dividend payment to Shareholders, return capital to Shareholders or issue
new shares. The Group\u2019s banking arrangements include bi-annual financial
covenants based on adjusted net debt to EBITDA (not greater than 3.5) and adjusted
interest cover (not\u00a0less than 3.5). The Group has complied with these covenants
throughout the reporting period and monitors capital using the following\u00a0indicators.
Net debt to EBITDA cover \u2013 covenant basis
Net debt to EBITDA comprises net debt divided by operating profits from total
operations before exceptional and other adjusting items, intangibles amortisation,
depreciation and excluding the impact of IFRS 16 \u2018Leases\u2019.
For the purposes of the covenants required by the Group\u2019s lenders, net debt is to be
converted at the exchange rate used in the preparation of the Group\u2019s Consolidated
Income Statement and Consolidated Cash Flow Statement, i.e. average rate. In
addition, results of businesses acquired in the financial year have to be included as if
the acquisitions occurred at the start of the financial year, while the results of
businesses disposed of in the year are to be excluded.
The Group considers the ratio of net debt to EBITDA on a covenant basis to be the
key metric from a capital management perspective. The Group seeks to maintain
the ratio between 0.5 to 1.5 times, with up to 2.0 times for acquisitions.
2025
2024
Net debt at average exchange rates (\u00a3m)
1,128.8
390.2
Adjusted EBITDA from continued operations (note 3) (\u00a3m)
608.2
561.9
Adjustment for IFRS 16 (\u00a3m)
(35.5)
(30.5)
Adjustment for Micromine acquisition (\u00a3m)
9.9
\u2013
Adjustment for Townley acquisition (\u00a3m)
3.4
\u2013
Adjustment for Fast2Mine acquisition (\u00a3m)
2.1
\u2013
Adjusted EBITDA \u2013 covenant basis (\u00a3m)
588.1
531.4
Net debt to adjusted EBITDA cover (ratio)
1.9
0.7
Interest cover \u2013 covenant basis
Interest cover comprises adjusted operating profit from total operations divided by
adjusted net finance costs (excluding other finance costs) and excluding the impact
of IFRS 16 \u2018Leases\u2019.
2025
2024
Adjusted EBITA from continuing operations (note 3) (\u00a3m)
526.4
484.1
Adjustment to exclude the impact of IFRS 16 (\u00a3m)
(3.2)
1.4
Adjustment for Micromine acquisition (\u00a3m)
9.7
\u2013
Adjustment for Townley acquisition (\u00a3m)
2.6
\u2013
Adjustment for Fast2Mine acquisition (\u00a3m)
1.9
\u2013
Operating profit \u2013 covenant basis (\u00a3m)
537.4
485.5
Adjusted net finance costs (excluding other finance costs) \u2013
covenant basis (\u00a3m)
64.9
38.1
Interest cover (ratio) \u2013 covenant basis
8.3
12.7
Gearing ratio
Gearing comprises net debt divided by total equity. Net debt comprises cash and
short-term deposits and interest-bearing loans and borrowings (note 26).
2025
2024
Net debt (\u00a3m)
1,273.6
534.6
Total equity (\u00a3m)
1,915.1
1,853.6
Gearing ratio (%)
66.5
28.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "
33. Events after the balance sheet date
On 3 March 2026, the Group announced that it had completed the purchase of the
remaining 50% share of its Chile-based joint venture ESCO Elecmetal Fundici\u00f3n
Limitada ('ESEL'). This follows the announcement on 12 December 2025 of our
agreement to acquire ESEL, a manufacturer of high-quality ground engaging tools,
for a Sterling equivalent purchase price of \u00a356m (US$75m), subject to customary
net debt and working capital adjustments. The acquisition will strengthen Weir\u2019s
direct market channels and manufacturing capabilities in South America and
accelerate the long-term market growth opportunity for Weir in the LATAM region.
The business will be integrated into the South American region within our ESCO
Division. The deal has been financed from existing debt facilities and has no impact
to Weir\u2019s previous net debt guidance for 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "1 West Regent Street GlasgowG2 1RW", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": "19600000.0", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-01-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-519": { "value": "22100000.0", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2025-07-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-520": { "value": "0.462", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2018-01-01T00:00:00/2019-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-521": { "value": "0.165", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2019-01-01T00:00:00/2020-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-522": { "value": "0.0", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2020-01-01T00:00:00/2021-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-523": { "value": "0.238", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-524": { "value": "0.328", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-525": { "value": "0.386", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-526": { "value": "40000000.0", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300KDR56WHY9I3D10", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } } } }