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"fact-462": {
"value": "1 Basis of preparation
RS Group plc (the Company) is a public limited company registered in England and Wales and listed on
the London Stock Exchange.
The Group accounts for the year ended 31 March 2025 are presented in sterling and rounded to
\u00a30.1 million. They are prepared in accordance with UK-adopted international accounting standards (UK
IAS) and the requirements of the Companies Act 2006.
The Group accounts have been prepared on a going concern basis under the historical cost convention,
modified by the revaluation of retirement benefit obligations and certain financial assets and liabilities
(including derivative financial instruments) as explained in the relevant notes. The principal accounting
policies have been applied consistently unless otherwise stated.
In adopting the going concern basis for preparing these Group accounts, the Board has considered
the Group\u2019s future trading prospects; the Group\u2019s available liquidity, the maturity of its debt facilities and
obligations under its debt covenants, and the Group\u2019s principal risks.
We have undertaken reverse stress tests on the latest forecast to assess the circumstances that would
threaten the Group\u2019s current financing arrangements. These included significant declines in revenue,
significant declines in revenue and gross margin, a major deterioration in cash collection, and a major
under-performing acquisitions. These reverse stress tests assumed that capital expenditure and
operating costs are unchanged from those in the forecast, no significant working capital initiatives occur
in mitigation, dividends continue to be paid and there are no changes in or extensions to debt financing.
Based on the assessment outlined above and the output of our detailed rolling forecasts, the
Board believes that it is appropriate to continue to adopt the going concern basis in preparing the
Group\u2019s accounts.
Basis of consolidation
The Group accounts comprise the results, assets and liabilities of the Company and all its subsidiaries
(together referred to as the Group) and include the Employee Benefit Trust (EBT) and the Group\u2019s
interest in a joint venture. Subsidiaries are entities controlled by the Company and the EBT is controlled
by the Company. The joint venture is accounted for using the equity method of accounting.
The results of businesses acquired in the year are consolidated from the effective date of acquisition.
The net assets of businesses acquired are incorporated in the Group accounts at their fair values at the
date of acquisition.
Intra-group transactions and balances are eliminated in preparing the Group accounts and no profit or
loss is recognised on intra-group transactions. Unrealised gains or losses arising from transactions with
the joint venture are eliminated to the extent of the Group\u2019s interest in the entity.
Estimates and judgements
The preparation of accounts in accordance with UK IAS requires the Group to make judgements and
estimates that affect the application of accounting policies and reported amounts of assets and liabilities,
income and expenses. Except for judgements involved in estimations, no judgements have been
made in the process of applying the Group\u2019s accounting policies that have had a significant effect on
the amounts recognised in the accounts. The judgements involved in estimations take account of the
Group\u2019s latest expectations of the longer-term impacts of climate change and environmental regulations
and the current global economic and geopolitical uncertainties, and the impact was not material.
Significant estimates are those that have a significant risk of resulting in a material adjustment to the
carrying amounts of the Group\u2019s assets and liabilities within the next year. The significant estimates
made in preparing the accounts were in relation to retirement benefit obligations and inventory
provisioning and further details on the application of these estimates can be found in Note 10 and Note
18 respectively. While not significant estimates, the Group also focuses on estimates made in relation to
the fair values on acquisition of businesses (Note 29) and the review of intangibles and other assets for
impairment (Notes 14 and 23). Further details are provided in the relevant notes.
Actual results in the longer term may differ from these estimates.
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are recorded using the rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are
retranslated at the rate ruling at that date and the gains and losses on translation are recognised in
operating profit. Non-monetary assets and liabilities that are measured in terms of historical cost in a
foreign currency are translated using the rate at the date of the transaction. Non-monetary assets and
liabilities denominated in foreign currencies that are stated at fair value are translated at the rate ruling
at the date the fair value was determined.
Translation of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
acquisition, are translated at exchange rates ruling at the balance sheet date. The income statement
and cash flows of foreign operations are translated at the average rate for the period. Foreign exchange
differences on translation of foreign operations are recognised in other comprehensive income.
2 Segmental reporting
The Group\u2019s operating segments comprise three regions: EMEA, Americas and Asia Pacific.
Their principal activities are described on pages 33 to 35. The operating segments\u2019 performance is
assessed on revenue and adjusted operating profit on a monthly basis by the chief operating decision
maker, who is the Chief Executive Officer. Inter-segment pricing is determined on an arm\u2019s length
basis, comprising sales of product at cost and a handling charge included within distribution and
marketing expenses.
During the first half of the year the Group reviewed the methodology for the allocation of central costs
which has resulted in an increased level of costs apportioned to the regions and a lower level of central
costs, and the prior years\u2019 segmental operating profits and central costs have been restated below.
The level of costs reallocated from/(to) central costs to/(from) the regions as a result of the change was
\u00a337.7 million (EMEA: \u00a332.3 million; Americas: \u00a36.6 million; partially offset by Asia Pacific: (\u00a31.2 million)) in
the year ended 31 March 2024 and \u00a336.0 million (EMEA: \u00a328.1 million; Americas: \u00a38.9 million; partially
offset by Asia Pacific: (\u00a31.0 million)) in the year ended 31 March 2023.
Due to a prior period error, there is an additional restatement of prior years. Further details can be found
in Note 32.
3 Alternative Performance Measures (APMs)
The Group uses a number of APMs in addition to those measures reported in accordance with UK IAS.
Such APMs are not defined terms under UK IAS and are not intended to be a substitute for any UK IAS
measure. The Directors believe that the APMs are important when assessing the financial and operating
performance of the Group. The APMs are used internally for performance analysis and in employee
incentive arrangements, as well as in discussions with the investment analyst community.
The APMs assist with the comparability of information between reporting periods by adjusting for factors
such as fluctuations in foreign exchange rates, number of trading days and items, such as reorganisation
costs, that are substantial in scope and impact and do not form part of operational or management
activities that the Directors would consider when assessing performance. The Directors review on at
least an annual basis the threshold for what is substantial, in the context of the business performance.
The Directors also believe that excluding recent acquisitions, amortisation and impairment of acquired
intangibles and acquisition-related items aids comparison of the performance between reporting
periods and between businesses with similar assets that were internally generated.
4 Revenue recognition
Revenue from the sale of goods is recognised in the income statement when control of the goods has
transferred, which in most countries is contractually on delivery to the customer but in a few countries
is contractually on collection from the Group\u2019s distribution sites by the delivery company. When the
Group arranges the delivery of goods where control has transferred on collection, the customer is
invoiced an amount to cover the cost of freight and this is included in revenue as the goods are shipped.
Customers are invoiced on dispatch of the goods. Revenue is measured with reference to the amount
invoiced to the customer, net of any immediate discounts applicable to the order. Obligations for
retrospective customer volume discounts are calculated by estimating the expected discount percentage
that will be achieved for the contractual period using historical data adjusted for current experience
and applying that percentage to actual qualifying sales. When a customer has a right to return goods
purchased, the Group estimates the obligation for the expected value of the refunds using recent
experience. Obligations for both retrospective customer volume discounts and the expected value of
refunds for returns are deducted from the revenue recognised when the goods are sold and included in
other payables on the balance sheet and at 31 March 2025 were \u00a319.1 million (2023/24: \u00a316.7 million).
Products sourced for customers under the provision of outsourced services are sent directly by suppliers
to customers and the Group has no control over the products sourced and bears no inventory risk.
The Group does not have discretion in establishing the price as the price charged to customers is the
price charged by the suppliers. Therefore, the Group acts as an agent in relation to these products and
so does not recognise the value of these products in revenue or cost of sales. Revenue is measured with
reference to the amount invoiced to the customer for management charges and is recognised either
over time based on time elapsed for monthly management charges or when the related products are
delivered for other management charges. Invoices are raised monthly for monthly management charges
or when the invoices for the related products are invoiced for other management charges, normally on
a weekly or monthly basis. Income earned from suppliers for access to the Group\u2019s online procurement
portals is recognised as revenue either over time based on time elapsed for subscription fees or as
their products are delivered to the Group\u2019s customers for licence fees. Invoices are raised monthly,
quarterly or annually in advance for subscription fees depending on contractual terms. Credit notes for
licence fee income are received from suppliers depending on contractual terms with the least frequent
being annual.
Revenue from the sale of calibration services is recognised when control of the services has transferred,
which is upon delivery to the customer of the items which have been calibrated. Customers are invoiced
on dispatch of the calibrated items. Revenue is measured with reference to the amount invoiced to
the customer.
All revenue is recognised net of sales taxes and all payment terms are based on commercially reasonable
terms for the respective markets and no element of financing is deemed present.
Remaining performance obligations (unsatisfied or partially unsatisfied) at the year end all relate to
customer contracts that have an original expected duration of not more than one year or are invoiced
based on time incurred. As permitted under IFRS 15 \u2018Revenue from Contracts with Customers\u2019, the
transaction price allocated to these remaining performance obligations is not disclosed .
5 Cost of sales
Cost of sales comprises the cost of goods delivered to customers and the write-down of inventories to
net realisable value, excluding freight and packaging expenses.
When a customer has a right to return goods, the Group estimates the expected value of the goods that
are likely to be returned based on historical experience and the expected gross margin. It recognises an
asset in other receivables for the right to recover these goods and deducts this from cost of sales when
the goods are sold.
The Group receives rebates from certain suppliers relating mainly to the volume of purchases made
in a specified time period. These rebates are recognised as a reduction in cost of sales to the extent
that the inventories purchased from the supplier and eligible for rebates have been sold in the year.
Rebates on purchases that remain in inventories are deducted from the cost of inventories, thus
reducing cost of sales in the income statement in the period in which the inventories are expensed.
The Group recognises the rebate only where there is evidence of a binding arrangement with the
supplier, the amount can be estimated reliably and receipt is probable. The Group estimates whether
the supplier rebates relate to products already sold or remaining in inventories, based on inventory
turns. When estimating the value of supplier rebates earned but not yet received, the Group makes
assumptions about the likely volume of eligible purchases to be made over the remaining rebate period.
As at 31 March 2025, the Group had \u00a33.3 million (2023/24: \u00a32.1 million) of supplier rebates recognised
within trade and other receivables.
7 Finance income and costs
Finance costs that are directly attributable to the construction of an asset that necessarily takes a
substantial period of time to get ready for its intended use are capitalised as part of the cost of that
asset. Interest on financial assets and liabilities measured at amortised cost and on lease liabilities is
calculated using the effective interest method and recognised in the income statement as incurred.
Invoice finance charges relate to costs incurred when the Group makes use of its customers\u2019 supplier
invoice financing options where this is commercially and administratively attractive. These options
are used for some outsourced services customers, including where they give the Group access to the
customers\u2019 invoice portals to simplify the invoice query reconciliation process and so speed up the
receipt of payments.
9 Share-based payments
The Group operates share-based payment schemes which are the LTIPs, the Deferred Share Bonus Plan
(DSBP) and the Savings-Related Share Option Scheme (SAYE).
Equity-settled share-based payments are measured at fair value at the grant date, calculated using
an appropriate option pricing model. The fair value is expensed in the income statement with a
corresponding increase in equity on a straight-line basis over the period that employees become
unconditionally entitled to the awards. The income statement charge is adjusted to reflect expected and
actual levels of vesting associated with non-market performance related criteria.
Cash-settled share-based payments are measured at fair value at the balance sheet date, taking into account the estimated number of awards that will actually vest and the relative completion of the vesting period. This fair value is included in liabilities and changes in the value of these liabilities are recognised in the income statement. The Employee Benefit Trust (EBT) established to administer the schemes owns shares in the Company which are shown in equity. 10 Retirement benefit obligations
For defined benefit schemes, the surplus or deficit recognised in the balance sheet is the difference
between the fair value of the scheme assets and the present value of the obligations at the balance
sheet date. The present value of the obligations is calculated by independent actuaries using the
projected unit credit method. It is determined by discounting estimated future cash outflows using a
discount rate reflecting yields on high-quality corporate bonds with terms approximating the terms of
the related obligation. The operating profit charge comprises the current service cost, net interest cost,
past service costs, administrative expenses, curtailment gains and losses and settlement gains and
losses. The net interest cost is based on the discount rate at the beginning of the year, contributions
paid in and the surplus or deficit during the year. Past service costs and curtailment gains and losses are
recognised at the earlier of when the scheme amendment or curtailment occurs and when any related
reorganisation costs or termination benefits are recognised. Settlement gains and losses are recognised
when the settlement occurs. Remeasurements, representing returns on scheme assets excluding
amounts included in interest and actuarial gains and losses arising from changes in demographic and
financial assumptions and experience adjustments, are recognised in other comprehensive income.
The Group\u2019s largest defined benefit pension scheme is in the UK, providing benefits based on
final pensionable pay for eligible employees who joined on or before 1 April 2003. The scheme is
administered by a corporate trustee and the funds are independent of the Group\u2019s finances. The Group
also has defined benefit pension schemes in Germany and the Republic of Ireland which are closed to
both new members and accruals for future service, defined benefit retirement indemnity schemes in
France and Italy, and a contribution-based pension scheme in Switzerland that guarantees a minimum
rate of investment return and so is accounted for under IAS 19 \u2018Employee Benefits\u2019 as a defined benefit
pension scheme.
For defined contribution schemes, the costs are charged to operating profit as they fall due. The Group
has defined contribution schemes in a number of countries, including the UK, the US, Australia and
Germany, and contributes to government schemes in a number of other countries that are defined
contribution schemes. The Group also makes payments to employees\u2019 personal pensions in the UK when
their employing company does not provide defined benefit or defined contribution schemes.
11 Taxation
Current and deferred tax are recognised in the income statement, except when they relate to items
recognised in other comprehensive income or directly in equity when the related tax is also recognised
in other comprehensive income or directly in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted
or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of
previous years.
The Group recognises deferred tax assets and liabilities based on estimates of future taxable income
and recoverability. Deferred tax is provided using the balance sheet liability method, providing for
temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes.
The amount of deferred tax provided is calculated using tax rates enacted or substantively enacted at
the balance sheet date that are expected to apply when the deferred tax asset is realised or the deferred
tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future
taxable profits will be available against which these temporary differences can be utilised.
No deferred tax liabilities are recognised on the initial recognition of goodwill. However, when goodwill
arises in a jurisdiction where it is deductible in determining taxable profit, the amortisation for tax
purposes of goodwill creates a taxable temporary difference and this resulting deferred tax liability
is recognised.
The Group recognises a current tax provision when the Group has a present obligation as a result
of a past event, and it is considered probable that there will be a future outflow of funds. As an
international business, the Group is exposed to the income tax laws of the large number of jurisdictions
in which it operates. These laws are complex and subject to different interpretations by taxpayers
and tax authorities. The assessment of uncertain tax positions is subjective. It is based on the Group\u2019s
interpretation of country-specific tax law and its application and interaction, on previous experience and
on management\u2019s professional judgement supported by external advisors where necessary.
The Group estimates a provision for uncertain tax positions by making judgements about the position
likely to be taken by each tax authority. Where it is considered probable that the tax authority will accept
the tax treatment used, or expected to be used, in the income tax return, the accounts reflect the
treatment in the return. Where it is not considered probable that the tax authority will accept the tax
treatment, the tax amounts in the accounts reflect that uncertainty using either the most likely amount
or the expected value amount depending on which method is expected to reflect the resolution of that
uncertainty better.
Provisions for uncertain tax positions are included within current tax liabilities. The Group\u2019s uncertain
tax positions relate principally to cross-border transfer pricing. As at 31 March 2025, the total value of
these tax provisions was \u00a39.1 million (2023/24: \u00a38.8 million). It is possible that the amounts paid will be
different from the amounts provided but this is not expected to be material.
Penalties and interest on provisions for uncertain tax positions are included in Note 24.
Basic earnings per share is calculated by dividing the profit for the year attributable to owners of the
Company by the weighted average number of shares in issue during the year excluding shares held by
the EBT.
Diluted earnings per share is calculated by adjusting the weighted average number of shares to assume
the conversion of all potentially dilutive ordinary shares. The share-based payment schemes which result
in the issue of shares at a value below the market price of the shares are potentially dilutive.
14 Intangible assets
Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value
attributed to the net assets acquired (including contingent liabilities). Goodwill is not amortised but
is reviewed annually for impairment. Acquisition-related costs are charged to the income statement
as incurred.
Intangible assets excluding goodwill are stated at cost, or fair value at the date of acquisition, less
accumulated amortisation and any provisions for impairment. Residual value is reassessed annually.
Expenditure on internally generated goodwill and brands is recognised in the income statement
as an expense as incurred. Amortisation is calculated to write off the cost on a straight-line basis
over the following useful lives from the date the assets are first available for use: software 2 \u2013 11
years; development expenditure 3 years; brands 5 \u2013 10 years; customer contracts, relationships and
distribution agreements 4 \u2013 16 years; and acquired research 3 years.
Goodwill is allocated at acquisition to groups of cash generating units (CGUs) that are expected to benefit from the synergies arising as a result of the acquisition, with \u00a3380.1 million (2023/24: \u00a3412.1 million) relating to the Americas group of CGUs, \u00a3227.5 million (2023/24: \u00a3231.1 million) relating to the EMEA group of CGUs and \u00a38.8 million (2023/24: \u00a33.1 million) relating to the Asia Pacific group of CGUs. Cash generating units represent the smallest identifiable groups of assets that generate cash inflows that are largely independent of the cash inflows from other groups of assets. The Group reviews its intangible assets regularly to assess if there are any indications the assets may be impaired. In addition, goodwill and any other intangible assets that are not yet being amortised are subject to annual impairment reviews. An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. The recoverable amount is calculated as the higher of fair value less costs of disposal and value in use. For an asset that does not generate largely independent cash flows, the recoverable amount is determined for the cash generating unit to which the asset belongs. For the goodwill impairment reviews, the recoverable amount of the groups of CGUs are based on value-in-use calculations, which use cash flow projections based on the Group\u2019s annual targets and strategic plan which cover the next five years. The strategic plan is also used as the basis for the viability statement. When the strategic plan was prepared it considered current performance and made assumptions about future revenue and gross margin growth rates determined using internal forecasts based upon historical growth rates and future medium-term plans which consider, and are consistent with, relevant macroeconomic indicators. It also took into account expected increases in costs of products and overheads, including those related to climate change as well as expected benefits from the expansion of the Group\u2019s more sustainable product range and ESG solutions business. The cash flows from the strategic plan are extrapolated using the relevant long-term growth rate for the groups of CGUs and discounted at the Group\u2019s externally sourced pre-tax weighted average cost of capital adjusted for the estimated tax cash flows and risk applicable for the groups of CGUs to estimate cash flow projections. These cash flow projections are adjusted to take account of the likely future capital expenditure costs of meeting the Group\u2019s climate change commitments to be net zero in its direct operations by 2030 (expected to be c. \u00a318 million over the period to 2029/30) and are consistent with the Group\u2019s climate scenario analysis of physical and transition risk impacts conducted for the Task Force on Climate-related Financial Disclosures (TCFD). 15 Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any provisions
for impairment after taking account of any impact of the Group\u2019s strategy related to climate change.
The Group monitors property, plant and equipment throughout the year and tests for impairment if
events or changes in circumstances indicate that the carrying amount may not be recoverable. The cost
of self-constructed assets includes the cost of materials, direct labour and certain direct overheads.
No depreciation has been charged on freehold land. Other assets are depreciated to residual value,
which is reassessed annually, on a straight-line basis over the following useful lives: freehold buildings
and improvements to leasehold buildings 50 years (or the lease term if shorter); plant and machinery
5 \u2013 20 years; and computer equipment 3 \u2013 5 years. This reassessment of residual value includes
consideration of the Group\u2019s climate scenario analysis of physical and transition risk impacts conducted
for the TCFD and there have been no significant changes in the year.
16 Leases
The Group assesses at the inception of a contract whether the contract is, or contains, a lease.
Where it conveys the right to control the use of an identified asset for a period of time in exchange
for consideration, the contract is deemed to be, or to include, a lease. The Group leases various
properties, plant and machinery, computer equipment and vehicles typically for periods between 2 and
20 years. Where a contract includes a vehicle lease, the Group has elected to account for the non-lease
components as part of the lease. Where the Group determines, at the commencement date of each
lease, that it is reasonably certain to exercise an option to extend the lease or not to exercise an option
to terminate the lease, the additional period is included within the lease term.
Leases are recognised on the balance sheet at their commencement date as a liability representing the
present value of the future lease payments not yet paid and a right-of-use asset reflecting the future
benefit to the Group generated by using the underlying asset. The discount on the lease liability is
calculated using the Group\u2019s incremental borrowing rate, as rates implicit in the Group\u2019s leases cannot be
readily determined, and is charged to finance costs in the income statement as it unwinds. The Group\u2019s
incremental borrowing rate is adjusted to take account of the country risk, lease term and start date
for each lease. Fixed payments less any lease incentives receivable, in-substance fixed payments and
variable payments based on an index or rate form part of the lease liability. Variable payments which are
not based on an index or rate are expensed when the event that triggers the payment occurs.
The right-of-use asset is stated at cost less accumulated depreciation and any provisions for impairment.
Initially the cost of the right-of-use asset comprises the initial amount of the lease liability adjusted for
any lease payments made at or before commencement of the lease less any lease incentives received,
plus any direct costs incurred and an estimate of the cost to restore the underlying asset. The right-of-
use asset is depreciated on a straight-line basis over the lease term (or useful life of the asset, if shorter),
which is reassessed as the underlying facts and circumstances of the lease change.
The Group has elected to not recognise the lease liability and right-of-use asset in respect of short-term
leases and leases of low-value assets on the balance sheet. Short-term leases and leases of low-value
assets are expensed in the income statement on a straight-line basis over the lease term.
The lease liability is remeasured when there is a change in the future lease payments or if the Group
changes its assessment of whether it will exercise an extension or termination option. When the lease
liability is remeasured in this way, a corresponding adjustment is made to the carrying value of the right-
of-use asset. If the carrying value of the right-of-use asset is reduced to zero, any further reductions are
recognised in the income statement.
When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two
separate contracts. The sublease is classified as an operating lease by reference to the right-of-use asset
arising from the head lease. Rental income from operating leases is recognised on a straight-line basis
over the term of the relevant lease.
18 Inventories
Inventories are valued at the lower of cost and net realisable value. Cost is calculated on a weighted
average basis and for finished goods and goods for resale includes attributable overheads.
The Group estimates the net realisable value of inventories in order to determine the value of any
provision required. In this estimation judgements, including any impact of obsolescence including that
related to regulatory changes due to, amongst other things, climate change, are made in relation to the
number of years of sales there are in inventories of each product and the value recoverable from those
inventories. In determining the recoverable value, judgement is taken about the ability of the Group to
return a proportion of stock to suppliers under supplier specific contractual provisions. The Group bases
its estimates on recent historical experience and knowledge of the products on hand and the terms
of contractual arrangements with suppliers. Should more or less inventory be able to be returned to
suppliers than planned, there would be a consequential impact on the inventory provision.
17 Investment in joint venture
The Group\u2019s share of the post-tax profit of its joint venture is included in profit before tax. The investment
in the joint venture is carried in the Group balance sheet at historical cost plus post-acquisition changes
in the Group\u2019s share of the joint venture\u2019s net assets. The Group owns 50% of the share capital of RS
Components & Controls (India) Limited, its joint venture.
Government grants related to expenditure on property, plant and equipment are credited to the income
statement at the same rate as the depreciation on the asset to which the grant relates.
Cash flow hedge accounting
The Group uses derivative financial instruments, namely forward foreign exchange contracts, to
hedge variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction.
The effective part of any gain or loss on the derivative financial instrument is recognised in other
comprehensive income, while any ineffective part is recognised immediately in the income statement.
When the hedged item subsequently results in the recognition of a non-financial asset or liability
(e.g. inventories), the associated cumulative gain or loss recognised in the hedging reserve is transferred
to the initial carrying amount of the asset or liability. When the hedged item subsequently results in the
recognition of a financial asset or liability, the associated cumulative gain or loss that was recognised in
other comprehensive income is reclassified from equity to the income statement in the same period that
the hedged item affects the income statement.
When a hedging instrument expires or is sold, terminated or exercised, or the Group discontinues
hedge accounting as it no longer meets the Group\u2019s risk management objective but the hedged forecast
transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is
reclassified from equity when the transaction occurs in accordance with the above policy. If the hedged
transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in
equity is reclassified to the income statement.
The fair value of forward foreign exchange contracts is the difference between their discounted
contractual forward price and their current forward price.
Net investment hedge accounting
The portion of the gain or loss on an instrument used to hedge a net investment in a foreign operation
that is determined to be an effective hedge is recognised in other comprehensive income. The ineffective
portion is recognised immediately in the income statement. Amounts taken to other comprehensive
income are reclassified from equity to the income statement when the foreign operations are sold
or liquidated.
Other financial instruments
All other financial instruments are initially recognised at fair value and adjusted by transaction costs.
Initial fair value is generally the transaction price. Subsequent measurement is as follows:
\u2013 Borrowings are measured at amortised cost. Options to extend the term of facilities are considered to
be loan commitments.
\u2013 All other financial assets, including current receivables, are measured at amortised cost less any
impairment allowances on the basis that these assets are held to collect all contractual cash flows
being principal and interest on the amount outstanding.
\u2013 All other financial liabilities, including current payables, are measured at amortised cost.
21 Financial instruments
The Group uses derivative financial instruments, principally forward foreign exchange contracts and
occasionally currency swaps to cover its exposure to foreign exchange risk arising from operational and
financing activities.
In accordance with its treasury policies, the Group designates the majority of its derivative financial
instruments as cash flow hedges. The Group does not hold or issue derivative financial instruments for
trading purposes.
Derivatives are recognised at fair value. Derivative financial instruments that do not qualify for cash flow
hedge or net investment hedge accounting are classified as measured at fair value through profit or loss
(FVTPL) and changes in their fair values are recognised in the income statement as they arise.
Netting arrangements for financial instruments
Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is
a legally enforceable 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. The Group has no financial instruments
that meet the criteria for offsetting. Financial instruments that are subject to enforceable master netting
arrangements and other similar agreements but are not offset are shown in the table below.
Cash and cash equivalents comprise cash in hand and in current accounts, overnight deposits and short-term deposits of less than three months net of overdrafts with qualifying financial institutions. Borrowings represent loans from qualifying financial institutions. The impairment allowance for trade receivables is measured at an amount equal to lifetime expected
credit losses. Trade receivables have been grouped based on shared credit risk characteristics and the
number of days from date of invoice. The expected loss rates are based on the payment profile of sales
over a 36-month period from 1 April 2021 and the corresponding historical credit losses experienced
within this period calculated as the trade receivables from this period that have not been paid by the
year end. The historical loss rates are adjusted to reflect current and forward-looking information on
macroeconomic factors affecting the ability of the customers to settle the receivables.
24 Provisions and contingent liabilities
Provisions are recognised when the Group has a present obligation as a result of a past event and a
reasonable estimate can be made of a probable adverse outcome. Otherwise, material contingent
liabilities are disclosed unless the transfer of economic benefits is remote.
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"fact-463": {
"value": "1 Basis of preparation RS Group plc (the Company) is a public limited company registered in England and Wales and listed on the London Stock Exchange. The Group accounts for the year ended 31 March 2025 are presented in sterling and rounded to \u00a30.1 million. They are prepared in accordance with UK-adopted international accounting standards (UK IAS) and the requirements of the Companies Act 2006. The Group accounts have been prepared on a going concern basis under the historical cost convention, modified by the revaluation of retirement benefit obligations and certain financial assets and liabilities (including derivative financial instruments) as explained in the relevant notes. The principal accounting policies have been applied consistently unless otherwise stated. In adopting the going concern basis for preparing these Group accounts, the Board has considered the Group\u2019s future trading prospects; the Group\u2019s available liquidity, the maturity of its debt facilities and obligations under its debt covenants, and the Group\u2019s principal risks. We have undertaken reverse stress tests on the latest forecast to assess the circumstances that would threaten the Group\u2019s current financing arrangements. These included significant declines in revenue, significant declines in revenue and gross margin, a major deterioration in cash collection, and a major under-performing acquisitions. These reverse stress tests assumed that capital expenditure and operating costs are unchanged from those in the forecast, no significant working capital initiatives occur in mitigation, dividends continue to be paid and there are no changes in or extensions to debt financing. Based on the assessment outlined above and the output of our detailed rolling forecasts, the Board believes that it is appropriate to continue to adopt the going concern basis in preparing the Group\u2019s accounts. Basis of consolidation The Group accounts comprise the results, assets and liabilities of the Company and all its subsidiaries (together referred to as the Group) and include the Employee Benefit Trust (EBT) and the Group\u2019s interest in a joint venture. Subsidiaries are entities controlled by the Company and the EBT is controlled by the Company. The joint venture is accounted for using the equity method of accounting. The results of businesses acquired in the year are consolidated from the effective date of acquisition. The net assets of businesses acquired are incorporated in the Group accounts at their fair values at the date of acquisition. Intra-group transactions and balances are eliminated in preparing the Group accounts and no profit or loss is recognised on intra-group transactions. Unrealised gains or losses arising from transactions with the joint venture are eliminated to the extent of the Group\u2019s interest in the entity. Estimates and judgements The preparation of accounts in accordance with UK IAS requires the Group to make judgements and estimates that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. Except for judgements involved in estimations, no judgements have been made in the process of applying the Group\u2019s accounting policies that have had a significant effect on the amounts recognised in the accounts. The judgements involved in estimations take account of the Group\u2019s latest expectations of the longer-term impacts of climate change and environmental regulations and the current global economic and geopolitical uncertainties, and the impact was not material. Significant estimates are those that have a significant risk of resulting in a material adjustment to the carrying amounts of the Group\u2019s assets and liabilities within the next year. The significant estimates made in preparing the accounts were in relation to retirement benefit obligations and inventory provisioning and further details on the application of these estimates can be found in Note 10 and Note 18 respectively. While not significant estimates, the Group also focuses on estimates made in relation to the fair values on acquisition of businesses (Note 29) and the review of intangibles and other assets for impairment (Notes 14 and 23). Further details are provided in the relevant notes. Actual results in the longer term may differ from these estimates. Foreign currency Foreign currency transactions Transactions in foreign currencies are recorded using the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated at the rate ruling at that date and the gains and losses on translation are recognised in operating profit. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at the rate ruling at the date the fair value was determined. Translation of foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated at exchange rates ruling at the balance sheet date. The income statement and cash flows of foreign operations are translated at the average rate for the period. Foreign exchange differences on translation of foreign operations are recognised in other comprehensive income. Standards and interpretations adopted in the year Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 titled \u2018Supplier Finance Arrangements\u2019 The amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and International Financial Reporting Standard (IFRS) 7 \u2018Financial Instruments: Disclosures\u2019 titled \u2018Supplier Finance Arrangements\u2019 introduce new disclosure requirements that enables users of financial statements to assess the effects of supplier finance arrangements on the Group\u2019s liabilities, cash flows and exposure to concentration of liquidity risk.The Group applied transitional provisions contained in the amendments and hence it did not disclose
the comparative information in the first year of adoption. Note 20 provides the required disclosures
related to these amendments.
Other
Amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-current\u2019 and \u2018Presentation of Financial
Statements \u2013 Non-current Liabilities with Covenants\u2019, and Amendments to IFRS 16 \u201cLeases \u2013 Lease
Liability in a Sale and Leaseback\u201d were adopted in the year. There was no material impact on the reported
results or financial position of the Group.
Standards or interpretations issued but not yet applied
The Group does not consider that the following standards or interpretations issued but not yet effective,
and in some cases not yet adopted by the UK Endorsement Board (UKEB), will have a significant impact
on the accounts, except if indicated below.
Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 titled \u2018Lack of Exchangeability\u2019
effective for annual reporting periods beginning on or after 1 January 2025.
Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 titled
\u2018Amendments to the Classification and Measurement of Financial Instruments\u2019 effective for annual
reporting periods beginning on or after 1 January 2026. The potential impact on cash and banking
operations and amounts reported in cash and cash equivalents on adoption of the amendments is
currently being assessed.
Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 titled
\u2018Contracts Referencing Nature-dependent Electricity\u2019 effective for annual reporting periods beginning on
or after 1 January 2026.
IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019, not yet endorsed for adoption in
UK IAS, effective for annual reporting periods beginning on or after 1 January 2027 with earlier
application permitted.
IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 effective for annual reporting periods
beginning on or after 1 January 2027 with earlier application permitted. The Group anticipates that
the application of these amendments may have an impact on the Group\u2019s consolidated accounts in
future periods.
IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and
complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved
to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings
per Share.
IFRS 18 introduces new requirements to:
\u2013 present specified categories and defined subtotals in the income statement
\u2013 provide disclosures on management-defined performance measures (MPMs) in the notes to
the accounts
\u2013 improve aggregation and disaggregation
The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an
entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions.
",
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"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-488": {
"value": "RS Group plc (the Company) is a public limited company registered in England and Wales and listed on the London Stock Exchange. The Group accounts for the year ended 31 March 2025 are presented in sterling and rounded to \u00a30.1 million. They are prepared in accordance with UK-adopted international accounting standards (UK IAS) and the requirements of the Companies Act 2006. The Group accounts have been prepared on a going concern basis under the historical cost convention, modified by the revaluation of retirement benefit obligations and certain financial assets and liabilities (including derivative financial instruments) as explained in the relevant notes. The principal accounting policies have been applied consistently unless otherwise stated. In adopting the going concern basis for preparing these Group accounts, the Board has considered the Group\u2019s future trading prospects; the Group\u2019s available liquidity, the maturity of its debt facilities and obligations under its debt covenants, and the Group\u2019s principal risks. We have undertaken reverse stress tests on the latest forecast to assess the circumstances that would threaten the Group\u2019s current financing arrangements. These included significant declines in revenue, significant declines in revenue and gross margin, a major deterioration in cash collection, and a major under-performing acquisitions. These reverse stress tests assumed that capital expenditure and operating costs are unchanged from those in the forecast, no significant working capital initiatives occur in mitigation, dividends continue to be paid and there are no changes in or extensions to debt financing. Based on the assessment outlined above and the output of our detailed rolling forecasts, the Board believes that it is appropriate to continue to adopt the going concern basis in preparing the Group\u2019s accounts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-6": {
"value": "RS Group plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-458": {
"value": "RS Group plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-461": {
"value": "RS Group plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-7": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-8": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-459": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-513": {
"value": "The Group accounts for the year ended 31 March 2025 are presented in sterling and rounded to \u00a30.1 million. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-514": {
"value": "They are prepared in accordance with UK-adopted international accounting standards (UK IAS) and the requirements of the Companies Act 2006. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-515": {
"value": "The Group accounts have been prepared on a going concern basis under the historical cost convention, modified by the revaluation of retirement benefit obligations and certain financial assets and liabilities (including derivative financial instruments) as explained in the relevant notes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-489": {
"value": "Basis of consolidation The Group accounts comprise the results, assets and liabilities of the Company and all its subsidiaries (together referred to as the Group) and include the Employee Benefit Trust (EBT) and the Group\u2019s interest in a joint venture. Subsidiaries are entities controlled by the Company and the EBT is controlled by the Company. The joint venture is accounted for using the equity method of accounting. The results of businesses acquired in the year are consolidated from the effective date of acquisition. The net assets of businesses acquired are incorporated in the Group accounts at their fair values at the date of acquisition. Intra-group transactions and balances are eliminated in preparing the Group accounts and no profit or loss is recognised on intra-group transactions. Unrealised gains or losses arising from transactions with the joint venture are eliminated to the extent of the Group\u2019s interest in the entity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-596": {
"value": "The Group accounts comprise the results, assets and liabilities of the Company and all its subsidiaries (together referred to as the Group) and include the Employee Benefit Trust (EBT) and the Group\u2019s interest in a joint venture. Subsidiaries are entities controlled by the Company and the EBT is controlled by the Company. The joint venture is accounted for using the equity method of accounting. The results of businesses acquired in the year are consolidated from the effective date of acquisition. The net assets of businesses acquired are incorporated in the Group accounts at their fair values at the date of acquisition. Intra-group transactions and balances are eliminated in preparing the Group accounts and no profit or loss is recognised on intra-group transactions. Unrealised gains or losses arising from transactions with the joint venture are eliminated to the extent of the Group\u2019s interest in the entity. 17 Investment in joint venture The Group\u2019s share of the post-tax profit of its joint venture is included in profit before tax. The investment in the joint venture is carried in the Group balance sheet at historical cost plus post-acquisition changes in the Group\u2019s share of the joint venture\u2019s net assets. The Group owns 50% of the share capital of RS Components & Controls (India) Limited, its joint venture. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-577": {
"value": "The Group accounts comprise the results, assets and liabilities of the Company and all its subsidiaries (together referred to as the Group) and include the Employee Benefit Trust (EBT) and the Group\u2019s interest in a joint venture. Subsidiaries are entities controlled by the Company and the EBT is controlled by the Company. The joint venture is accounted for using the equity method of accounting. The results of businesses acquired in the year are consolidated from the effective date of acquisition. The net assets of businesses acquired are incorporated in the Group accounts at their fair values at the date of acquisition. Intra-group transactions and balances are eliminated in preparing the Group accounts and no profit or loss is recognised on intra-group transactions. Unrealised gains or losses arising from transactions with the joint venture are eliminated to the extent of the Group\u2019s interest in the entity. 17 Investment in joint venture The Group\u2019s share of the post-tax profit of its joint venture is included in profit before tax. The investment in the joint venture is carried in the Group balance sheet at historical cost plus post-acquisition changes in the Group\u2019s share of the joint venture\u2019s net assets. The Group owns 50% of the share capital of RS Components & Controls (India) Limited, its joint venture. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-490": {
"value": "Estimates and judgements The preparation of accounts in accordance with UK IAS requires the Group to make judgements and estimates that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. Except for judgements involved in estimations, no judgements have been made in the process of applying the Group\u2019s accounting policies that have had a significant effect on the amounts recognised in the accounts. The judgements involved in estimations take account of the Group\u2019s latest expectations of the longer-term impacts of climate change and environmental regulations and the current global economic and geopolitical uncertainties, and the impact was not material. Significant estimates are those that have a significant risk of resulting in a material adjustment to the carrying amounts of the Group\u2019s assets and liabilities within the next year. The significant estimates made in preparing the accounts were in relation to retirement benefit obligations and inventory provisioning and further details on the application of these estimates can be found in Note 10 and Note 18 respectively. While not significant estimates, the Group also focuses on estimates made in relation to the fair values on acquisition of businesses (Note 29) and the review of intangibles and other assets for impairment (Notes 14 and 23). Further details are provided in the relevant notes. Actual results in the longer term may differ from these estimates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-491": {
"value": "Foreign currency Foreign currency transactions Transactions in foreign currencies are recorded using the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated at the rate ruling at that date and the gains and losses on translation are recognised in operating profit. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at the rate ruling at the date the fair value was determined. Translation of foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated at exchange rates ruling at the balance sheet date. The income statement and cash flows of foreign operations are translated at the average rate for the period. Foreign exchange differences on translation of foreign operations are recognised in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-492": {
"value": "Standards and interpretations adopted in the year
Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 titled
\u2018Supplier Finance Arrangements\u2019
The amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and International Financial Reporting Standard
(IFRS) 7 \u2018Financial Instruments: Disclosures\u2019 titled \u2018Supplier Finance Arrangements\u2019 introduce new
disclosure requirements that enables users of financial statements to assess the effects of supplier
finance arrangements on the Group\u2019s liabilities, cash flows and exposure to concentration of liquidity risk.
The Group applied transitional provisions contained in the amendments and hence it did not disclose the comparative information in the first year of adoption. Note 20 provides the required disclosures related to these amendments. Other Amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-current\u2019 and \u2018Presentation of Financial Statements \u2013 Non-current Liabilities with Covenants\u2019, and Amendments to IFRS 16 \u201cLeases \u2013 Lease Liability in a Sale and Leaseback\u201d were adopted in the year. There was no material impact on the reported results or financial position of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-516": {
"value": "Standards and interpretations adopted in the year Amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 titled \u2018Supplier Finance Arrangements\u2019 The amendments to IAS 7 \u2018Statement of Cash Flows\u2019 and International Financial Reporting Standard (IFRS) 7 \u2018Financial Instruments: Disclosures\u2019 titled \u2018Supplier Finance Arrangements\u2019 introduce new disclosure requirements that enables users of financial statements to assess the effects of supplier finance arrangements on the Group\u2019s liabilities, cash flows and exposure to concentration of liquidity risk. The Group applied transitional provisions contained in the amendments and hence it did not disclose the comparative information in the first year of adoption. Note 20 provides the required disclosures related to these amendments. Other Amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-current\u2019 and \u2018Presentation of Financial Statements \u2013 Non-current Liabilities with Covenants\u2019, and Amendments to IFRS 16 \u201cLeases \u2013 Lease Liability in a Sale and Leaseback\u201d were adopted in the year. There was no material impact on the reported results or financial position of the Group. Standards or interpretations issued but not yet applied The Group does not consider that the following standards or interpretations issued but not yet effective, and in some cases not yet adopted by the UK Endorsement Board (UKEB), will have a significant impact on the accounts, except if indicated below. Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 titled \u2018Lack of Exchangeability\u2019 effective for annual reporting periods beginning on or after 1 January 2025. Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 titled \u2018Amendments to the Classification and Measurement of Financial Instruments\u2019 effective for annual reporting periods beginning on or after 1 January 2026. The potential impact on cash and banking operations and amounts reported in cash and cash equivalents on adoption of the amendments is currently being assessed. Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 titled \u2018Contracts Referencing Nature-dependent Electricity\u2019 effective for annual reporting periods beginning on or after 1 January 2026. IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019, not yet endorsed for adoption in UK IAS, effective for annual reporting periods beginning on or after 1 January 2027 with earlier application permitted. IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 effective for annual reporting periods beginning on or after 1 January 2027 with earlier application permitted. The Group anticipates that the application of these amendments may have an impact on the Group\u2019s consolidated accounts in future periods. IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share. IFRS 18 introduces new requirements to: \u2013 present specified categories and defined subtotals in the income statement \u2013 provide disclosures on management-defined performance measures (MPMs) in the notes to the accounts \u2013 improve aggregation and disaggregation The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-493": {
"value": "Standards or interpretations issued but not yet applied The Group does not consider that the following standards or interpretations issued but not yet effective, and in some cases not yet adopted by the UK Endorsement Board (UKEB), will have a significant impact on the accounts, except if indicated below. Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 titled \u2018Lack of Exchangeability\u2019 effective for annual reporting periods beginning on or after 1 January 2025. Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 titled \u2018Amendments to the Classification and Measurement of Financial Instruments\u2019 effective for annual reporting periods beginning on or after 1 January 2026. The potential impact on cash and banking operations and amounts reported in cash and cash equivalents on adoption of the amendments is currently being assessed. Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 titled \u2018Contracts Referencing Nature-dependent Electricity\u2019 effective for annual reporting periods beginning on or after 1 January 2026. IFRS 19 \u2018Subsidiaries without Public Accountability: Disclosures\u2019, not yet endorsed for adoption in UK IAS, effective for annual reporting periods beginning on or after 1 January 2027 with earlier application permitted. IFRS 18 \u2018Presentation and Disclosures in Financial Statements\u2019 effective for annual reporting periods beginning on or after 1 January 2027 with earlier application permitted. The Group anticipates that the application of these amendments may have an impact on the Group\u2019s consolidated accounts in future periods. IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share. IFRS 18 introduces new requirements to: \u2013 present specified categories and defined subtotals in the income statement \u2013 provide disclosures on management-defined performance measures (MPMs) in the notes to the accounts \u2013 improve aggregation and disaggregation The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-570": {
"value": "2 Segmental reporting The Group\u2019s operating segments comprise three regions: EMEA, Americas and Asia Pacific. Their principal activities are described on pages 33 to 35. The operating segments\u2019 performance is assessed on revenue and adjusted operating profit on a monthly basis by the chief operating decision maker, who is the Chief Executive Officer. Inter-segment pricing is determined on an arm\u2019s length basis, comprising sales of product at cost and a handling charge included within distribution and marketing expenses. During the first half of the year the Group reviewed the methodology for the allocation of central costs which has resulted in an increased level of costs apportioned to the regions and a lower level of central costs, and the prior years\u2019 segmental operating profits and central costs have been restated below. The level of costs reallocated from/(to) central costs to/(from) the regions as a result of the change was \u00a337.7 million (EMEA: \u00a332.3 million; Americas: \u00a36.6 million; partially offset by Asia Pacific: (\u00a31.2 million)) in the year ended 31 March 2024 and \u00a336.0 million (EMEA: \u00a328.1 million; Americas: \u00a38.9 million; partially offset by Asia Pacific: (\u00a31.0 million)) in the year ended 31 March 2023. Due to a prior period error, there is an additional restatement of prior years. Further details can be found in Note 32. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-517": {
"value": "2 Segmental reporting The Group\u2019s operating segments comprise three regions: EMEA, Americas and Asia Pacific. Their principal activities are described on pages 33 to 35. The operating segments\u2019 performance is assessed on revenue and adjusted operating profit on a monthly basis by the chief operating decision maker, who is the Chief Executive Officer. Inter-segment pricing is determined on an arm\u2019s length basis, comprising sales of product at cost and a handling charge included within distribution and marketing expenses. During the first half of the year the Group reviewed the methodology for the allocation of central costs which has resulted in an increased level of costs apportioned to the regions and a lower level of central costs, and the prior years\u2019 segmental operating profits and central costs have been restated below. The level of costs reallocated from/(to) central costs to/(from) the regions as a result of the change was \u00a337.7 million (EMEA: \u00a332.3 million; Americas: \u00a36.6 million; partially offset by Asia Pacific: (\u00a31.2 million)) in the year ended 31 March 2024 and \u00a336.0 million (EMEA: \u00a328.1 million; Americas: \u00a38.9 million; partially offset by Asia Pacific: (\u00a31.0 million)) in the year ended 31 March 2023. Due to a prior period error, there is an additional restatement of prior years. Further details can be found in Note 32. Year ended 31 March 2024 (restated) EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Revenue from external customers 1,794.8 933.7 213.9 2,942.4 Segmental operating profit 223.4 89.2 5.0 317.6 Central costs (11.4) Adjusted operating profit1 306.2 Amortisation of acquired intangibles (26.6) Acquisition-related items (Note 3) (5.1) Operating profit 274.5 Net finance costs (31.9) Share of profit of joint venture 0.6 Profit before tax 243.2 Segmental capital expenditure 38.3 12.5 0.4 51.2 Central costs \u2013 Capital expenditure 51.2 Segmental depreciation and amortisation 38.8 14.2 2.7 55.7 Central costs 1.4 Amortisation of acquired intangibles 26.6 Depreciation and amortisation (including of right-of-use assets) 83.7 1. See Note 3 for definition of this APM. Year ended 31 March 2025 EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Revenue from external customers 1,777.3 907.4 218.8 2,903.5 Segmental operating profit 200.5 81.6 6.1 288.2 Central costs (14.0) Adjusted operating profit 1 274.2 Amortisation and impairment of acquired intangibles (37.3) Acquisition-related items (Note 3) (4.1) Operating profit 232.8 Net finance costs (27.3) Share of profit of joint venture 0.6 Profit before tax 206.1 Segmental capital expenditure 38.2 9.9 0.8 48.9 Central costs \u2013 Capital expenditure 48.9 Segmental depreciation and amortisation 41.7 13.1 3.2 58.0 Central costs 1.4 Amortisation of acquired intangibles 26.0 Depreciation and amortisation (including of right-of-use assets) 85.4 Disaggregation of revenue In the tables below, revenue is disaggregated by sales channels, by own-brand products or other product and service solutions, and also by service solutions or other. Service solutions includes procurement solutions, maintenance solutions and other solutions. The Group\u2019s largest own brand is RS PRO. \u00a32,805.2 million of revenue is recognised at a point in time (2023/24: \u00a32,850.7 million) and \u00a398.3 million over time (2023/24: \u00a391.7 million). Sales channel During the year the Group reviewed what it classes as digital revenue which has resulted in an overall increase to digital revenue and corresponding decrease to offline revenue in EMEA for the year ended 31 March 2024 of \u00a318.4 million (2022/23: \u00a3nil), and in Americas a decrease in digital revenue and a corresponding increase in offline revenue of \u00a318.5 million (2022/23: \u00a34.2 million). The Group has also reviewed its categorisation of service solutions revenue, which has resulted in a decrease in service solutions revenue in Americas of \u00a311.2 million in the year ended 31 March 2024 (2022/23: \u00a33.9 million). The information below reflects the new classifications. Year ended 31 March 2025 EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Web 851.2 269.5 81.9 1,202.6 eProcurement and other digital 479.1 35.7 36.5 551.3 Digital 1,330.3 305.2 118.4 1,753.9 Offline 447.0 602.2 100.4 1,149.6 Revenue 1,777.3 907.4 218.8 2,903.5 Year ended 31 March 2024 (restated) EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Web 881.1 281.6 88.5 1,251.2 eProcurement and other digital 459.6 36.1 34.6 530.3 Digital 1,340.7 317.7 123.1 1,781.5 Offline 454.1 616.0 90.8 1,160.9 Revenue 1,794.8 933.7 213.9 2,942.4 Year ended 31 March 2023 (restated) Web 893.8 340.5 121.2 1,355.5 eProcurement and other digital 417.3 60.1 39.6 517.0 Digital 1,311.1 400.6 160.8 1,872.5 Offline 457.4 544.9 107.5 1,109.8 Revenue 1,768.5 945.5 268.3 2,982.3 Own-brand/other products and service solutions Year ended 31 March 2025 EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Own-brand product and service solutions 359.6 7.1 33.7 400.4 Other product and service solutions 1,417.7 900.3 185.1 2,503.1 Revenue 1,777.3 907.4 218.8 2,903.5 Year ended 31 March 2024 Own-brand product and service solutions 364.9 6.7 33.2 404.8 Other product and service solutions 1,429.9 927.0 180.7 2,537.6 Revenue 1,794.8 933.7 213.9 2,942.4 Service solutions/other Year ended 31 March 2025 EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Service solutions 557.1 133.7 46.7 737.5 Other 1,220.2 773.7 172.1 2,166.0 Revenue 1,777.3 907.4 218.8 2,903.5 Year ended 31 March 2024 (restated) Service solutions 532.3 121.6 43.4 697.3 Other 1,262.5 812.1 170.5 2,245.1 Revenue 1,794.8 933.7 213.9 2,942.4 Year ended 31 March 2023 (restated) Service solutions 506.1 129.0 46.4 681.5 Other 1,262.4 816.5 221.9 2,300.8 Revenue 1,768.5 945.5 268.3 2,982.3 Revenue and non-current assets by geographical location In the table below, revenue is based on the location of the Group operation where the sales originated and non-current assets are based on the location of the assets. Non-current assets exclude financial instruments, retirement benefit net assets and deferred tax assets. Revenue Non-current assets 2025 \u00a3m 2024 \u00a3m 2025 \u00a3m 2024 \u00a3m UK (country of domicile) 669.5 686.1 209.0 218.4 US 671.0 698.3 366.8 381.9 France 331.1 326.2 16.2 13.7 Mexico 197.9 193.2 181.8 238.8 Germany 169.9 189.0 27.5 30.2 Italy 120.1 126.9 5.3 3.4 Switzerland 51.2 44.3 289.5 288.0 Rest of World 692.8 678.4 35.0 63.3 Group 2,903.5 2,942.4 1,131.1 1,237.7 4 Revenue recognition Revenue from the sale of goods is recognised in the income statement when control of the goods has transferred, which in most countries is contractually on delivery to the customer but in a few countries is contractually on collection from the Group\u2019s distribution sites by the delivery company. When the Group arranges the delivery of goods where control has transferred on collection, the customer is invoiced an amount to cover the cost of freight and this is included in revenue as the goods are shipped. Customers are invoiced on dispatch of the goods. Revenue is measured with reference to the amount invoiced to the customer, net of any immediate discounts applicable to the order. Obligations for retrospective customer volume discounts are calculated by estimating the expected discount percentage that will be achieved for the contractual period using historical data adjusted for current experience and applying that percentage to actual qualifying sales. When a customer has a right to return goods purchased, the Group estimates the obligation for the expected value of the refunds using recent experience. Obligations for both retrospective customer volume discounts and the expected value of refunds for returns are deducted from the revenue recognised when the goods are sold and included in other payables on the balance sheet and at 31 March 2025 were \u00a319.1 million (2023/24: \u00a316.7 million). Products sourced for customers under the provision of outsourced services are sent directly by suppliers to customers and the Group has no control over the products sourced and bears no inventory risk. The Group does not have discretion in establishing the price as the price charged to customers is the price charged by the suppliers. Therefore, the Group acts as an agent in relation to these products and so does not recognise the value of these products in revenue or cost of sales. Revenue is measured with reference to the amount invoiced to the customer for management charges and is recognised either over time based on time elapsed for monthly management charges or when the related products are delivered for other management charges. Invoices are raised monthly for monthly management charges or when the invoices for the related products are invoiced for other management charges, normally on a weekly or monthly basis. Income earned from suppliers for access to the Group\u2019s online procurement portals is recognised as revenue either over time based on time elapsed for subscription fees or as their products are delivered to the Group\u2019s customers for licence fees. Invoices are raised monthly, quarterly or annually in advance for subscription fees depending on contractual terms. Credit notes for licence fee income are received from suppliers depending on contractual terms with the least frequent being annual. Revenue from the sale of calibration services is recognised when control of the services has transferred, which is upon delivery to the customer of the items which have been calibrated. Customers are invoiced on dispatch of the calibrated items. Revenue is measured with reference to the amount invoiced to the customer. All revenue is recognised net of sales taxes and all payment terms are based on commercially reasonable terms for the respective markets and no element of financing is deemed present. Remaining performance obligations (unsatisfied or partially unsatisfied) at the year end all relate to customer contracts that have an original expected duration of not more than one year or are invoiced based on time incurred. As permitted under IFRS 15 \u2018Revenue from Contracts with Customers\u2019, the transaction price allocated to these remaining performance obligations is not disclosed . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-494": {
"value": "2 Segmental reporting The Group\u2019s operating segments comprise three regions: EMEA, Americas and Asia Pacific. Their principal activities are described on pages 33 to 35. The operating segments\u2019 performance is assessed on revenue and adjusted operating profit on a monthly basis by the chief operating decision maker, who is the Chief Executive Officer. Inter-segment pricing is determined on an arm\u2019s length basis, comprising sales of product at cost and a handling charge included within distribution and marketing expenses. During the first half of the year the Group reviewed the methodology for the allocation of central costs which has resulted in an increased level of costs apportioned to the regions and a lower level of central costs, and the prior years\u2019 segmental operating profits and central costs have been restated below. The level of costs reallocated from/(to) central costs to/(from) the regions as a result of the change was \u00a337.7 million (EMEA: \u00a332.3 million; Americas: \u00a36.6 million; partially offset by Asia Pacific: (\u00a31.2 million)) in the year ended 31 March 2024 and \u00a336.0 million (EMEA: \u00a328.1 million; Americas: \u00a38.9 million; partially offset by Asia Pacific: (\u00a31.0 million)) in the year ended 31 March 2023. Due to a prior period error, there is an additional restatement of prior years. Further details can be found in Note 32. Year ended 31 March 2024 (restated) EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Revenue from external customers 1,794.8 933.7 213.9 2,942.4 Segmental operating profit 223.4 89.2 5.0 317.6 Central costs (11.4) Adjusted operating profit1 306.2 Amortisation of acquired intangibles (26.6) Acquisition-related items (Note 3) (5.1) Operating profit 274.5 Net finance costs (31.9) Share of profit of joint venture 0.6 Profit before tax 243.2 Segmental capital expenditure 38.3 12.5 0.4 51.2 Central costs \u2013 Capital expenditure 51.2 Segmental depreciation and amortisation 38.8 14.2 2.7 55.7 Central costs 1.4 Amortisation of acquired intangibles 26.6 Depreciation and amortisation (including of right-of-use assets) 83.7 1. See Note 3 for definition of this APM. Year ended 31 March 2025 EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Revenue from external customers 1,777.3 907.4 218.8 2,903.5 Segmental operating profit 200.5 81.6 6.1 288.2 Central costs (14.0) Adjusted operating profit 1 274.2 Amortisation and impairment of acquired intangibles (37.3) Acquisition-related items (Note 3) (4.1) Operating profit 232.8 Net finance costs (27.3) Share of profit of joint venture 0.6 Profit before tax 206.1 Segmental capital expenditure 38.2 9.9 0.8 48.9 Central costs \u2013 Capital expenditure 48.9 Segmental depreciation and amortisation 41.7 13.1 3.2 58.0 Central costs 1.4 Amortisation of acquired intangibles 26.0 Depreciation and amortisation (including of right-of-use assets) 85.4 Disaggregation of revenue In the tables below, revenue is disaggregated by sales channels, by own-brand products or other product and service solutions, and also by service solutions or other. Service solutions includes procurement solutions, maintenance solutions and other solutions. The Group\u2019s largest own brand is RS PRO. \u00a32,805.2 million of revenue is recognised at a point in time (2023/24: \u00a32,850.7 million) and \u00a398.3 million over time (2023/24: \u00a391.7 million). Sales channel During the year the Group reviewed what it classes as digital revenue which has resulted in an overall increase to digital revenue and corresponding decrease to offline revenue in EMEA for the year ended 31 March 2024 of \u00a318.4 million (2022/23: \u00a3nil), and in Americas a decrease in digital revenue and a corresponding increase in offline revenue of \u00a318.5 million (2022/23: \u00a34.2 million). The Group has also reviewed its categorisation of service solutions revenue, which has resulted in a decrease in service solutions revenue in Americas of \u00a311.2 million in the year ended 31 March 2024 (2022/23: \u00a33.9 million). The information below reflects the new classifications. Year ended 31 March 2025 EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Web 851.2 269.5 81.9 1,202.6 eProcurement and other digital 479.1 35.7 36.5 551.3 Digital 1,330.3 305.2 118.4 1,753.9 Offline 447.0 602.2 100.4 1,149.6 Revenue 1,777.3 907.4 218.8 2,903.5 Year ended 31 March 2024 (restated) EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Web 881.1 281.6 88.5 1,251.2 eProcurement and other digital 459.6 36.1 34.6 530.3 Digital 1,340.7 317.7 123.1 1,781.5 Offline 454.1 616.0 90.8 1,160.9 Revenue 1,794.8 933.7 213.9 2,942.4 Year ended 31 March 2023 (restated) Web 893.8 340.5 121.2 1,355.5 eProcurement and other digital 417.3 60.1 39.6 517.0 Digital 1,311.1 400.6 160.8 1,872.5 Offline 457.4 544.9 107.5 1,109.8 Revenue 1,768.5 945.5 268.3 2,982.3 Own-brand/other products and service solutions Year ended 31 March 2025 EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Own-brand product and service solutions 359.6 7.1 33.7 400.4 Other product and service solutions 1,417.7 900.3 185.1 2,503.1 Revenue 1,777.3 907.4 218.8 2,903.5 Year ended 31 March 2024 Own-brand product and service solutions 364.9 6.7 33.2 404.8 Other product and service solutions 1,429.9 927.0 180.7 2,537.6 Revenue 1,794.8 933.7 213.9 2,942.4 Service solutions/other Year ended 31 March 2025 EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Service solutions 557.1 133.7 46.7 737.5 Other 1,220.2 773.7 172.1 2,166.0 Revenue 1,777.3 907.4 218.8 2,903.5 Year ended 31 March 2024 (restated) Service solutions 532.3 121.6 43.4 697.3 Other 1,262.5 812.1 170.5 2,245.1 Revenue 1,794.8 933.7 213.9 2,942.4 Year ended 31 March 2023 (restated) Service solutions 506.1 129.0 46.4 681.5 Other 1,262.4 816.5 221.9 2,300.8 Revenue 1,768.5 945.5 268.3 2,982.3 Revenue and non-current assets by geographical location In the table below, revenue is based on the location of the Group operation where the sales originated and non-current assets are based on the location of the assets. Non-current assets exclude financial instruments, retirement benefit net assets and deferred tax assets. Revenue Non-current assets 2025 \u00a3m 2024 \u00a3m 2025 \u00a3m 2024 \u00a3m UK (country of domicile) 669.5 686.1 209.0 218.4 US 671.0 698.3 366.8 381.9 France 331.1 326.2 16.2 13.7 Mexico 197.9 193.2 181.8 238.8 Germany 169.9 189.0 27.5 30.2 Italy 120.1 126.9 5.3 3.4 Switzerland 51.2 44.3 289.5 288.0 Rest of World 692.8 678.4 35.0 63.3 Group 2,903.5 2,942.4 1,131.1 1,237.7 4 Revenue recognition Revenue from the sale of goods is recognised in the income statement when control of the goods has transferred, which in most countries is contractually on delivery to the customer but in a few countries is contractually on collection from the Group\u2019s distribution sites by the delivery company. When the Group arranges the delivery of goods where control has transferred on collection, the customer is invoiced an amount to cover the cost of freight and this is included in revenue as the goods are shipped. Customers are invoiced on dispatch of the goods. Revenue is measured with reference to the amount invoiced to the customer, net of any immediate discounts applicable to the order. Obligations for retrospective customer volume discounts are calculated by estimating the expected discount percentage that will be achieved for the contractual period using historical data adjusted for current experience and applying that percentage to actual qualifying sales. When a customer has a right to return goods purchased, the Group estimates the obligation for the expected value of the refunds using recent experience. Obligations for both retrospective customer volume discounts and the expected value of refunds for returns are deducted from the revenue recognised when the goods are sold and included in other payables on the balance sheet and at 31 March 2025 were \u00a319.1 million (2023/24: \u00a316.7 million). Products sourced for customers under the provision of outsourced services are sent directly by suppliers to customers and the Group has no control over the products sourced and bears no inventory risk. The Group does not have discretion in establishing the price as the price charged to customers is the price charged by the suppliers. Therefore, the Group acts as an agent in relation to these products and so does not recognise the value of these products in revenue or cost of sales. Revenue is measured with reference to the amount invoiced to the customer for management charges and is recognised either over time based on time elapsed for monthly management charges or when the related products are delivered for other management charges. Invoices are raised monthly for monthly management charges or when the invoices for the related products are invoiced for other management charges, normally on a weekly or monthly basis. Income earned from suppliers for access to the Group\u2019s online procurement portals is recognised as revenue either over time based on time elapsed for subscription fees or as their products are delivered to the Group\u2019s customers for licence fees. Invoices are raised monthly, quarterly or annually in advance for subscription fees depending on contractual terms. Credit notes for licence fee income are received from suppliers depending on contractual terms with the least frequent being annual. Revenue from the sale of calibration services is recognised when control of the services has transferred, which is upon delivery to the customer of the items which have been calibrated. Customers are invoiced on dispatch of the calibrated items. Revenue is measured with reference to the amount invoiced to the customer. All revenue is recognised net of sales taxes and all payment terms are based on commercially reasonable terms for the respective markets and no element of financing is deemed present. Remaining performance obligations (unsatisfied or partially unsatisfied) at the year end all relate to customer contracts that have an original expected duration of not more than one year or are invoiced based on time incurred. As permitted under IFRS 15 \u2018Revenue from Contracts with Customers\u2019, the transaction price allocated to these remaining performance obligations is not disclosed . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-464": {
"value": "2 Segmental reporting The Group\u2019s operating segments comprise three regions: EMEA, Americas and Asia Pacific. Their principal activities are described on pages 33 to 35. The operating segments\u2019 performance is assessed on revenue and adjusted operating profit on a monthly basis by the chief operating decision maker, who is the Chief Executive Officer. Inter-segment pricing is determined on an arm\u2019s length basis, comprising sales of product at cost and a handling charge included within distribution and marketing expenses. During the first half of the year the Group reviewed the methodology for the allocation of central costs which has resulted in an increased level of costs apportioned to the regions and a lower level of central costs, and the prior years\u2019 segmental operating profits and central costs have been restated below. The level of costs reallocated from/(to) central costs to/(from) the regions as a result of the change was \u00a337.7 million (EMEA: \u00a332.3 million; Americas: \u00a36.6 million; partially offset by Asia Pacific: (\u00a31.2 million)) in the year ended 31 March 2024 and \u00a336.0 million (EMEA: \u00a328.1 million; Americas: \u00a38.9 million; partially offset by Asia Pacific: (\u00a31.0 million)) in the year ended 31 March 2023. Due to a prior period error, there is an additional restatement of prior years. Further details can be found in Note 32. Year ended 31 March 2024 (restated)
EMEA
\u00a3m
Americas
\u00a3m
Asia Pacific
\u00a3m
Group
\u00a3m
Revenue from external customers 1,794.8 933.7 213.9 2,942.4
Segmental operating profit 223.4 89.2 5.0 317.6
Central costs (11.4)
Adjusted operating profit
1
306.2
Amortisation of acquired intangibles (26.6)
Acquisition-related items (Note 3) (5.1)
Operating profit 274.5
Net finance costs (31.9)
Share of profit of joint venture 0.6
Profit before tax 243.2
Segmental capital expenditure 38.3 12.5 0.4 51.2
Central costs \u2013
Capital expenditure 51.2
Segmental depreciation and amortisation 38.8 14.2 2.7 55.7
Central costs 1.4
Amortisation of acquired intangibles 26.6
Depreciation and amortisation
(including of right-of-use assets)
83.7
1. See Note 3 for definition of this APM.
Year ended 31 March 2025
EMEA
\u00a3m
Americas
\u00a3m
Asia Pacific
\u00a3m
Group
\u00a3m
Revenue from external customers 1,777.3 907.4 218.8 2,903.5
Segmental operating profit 200.5 81.6 6.1 288.2
Central costs (14.0)
Adjusted operating profit
1
274.2
Amortisation and impairment of acquired intangibles (37.3)
Acquisition-related items (Note 3) (4.1)
Operating profit 232.8
Net finance costs (27.3)
Share of profit of joint venture 0.6
Profit before tax 206.1
Segmental capital expenditure 38.2 9.9 0.8 48.9
Central costs \u2013
Capital expenditure 48.9
Segmental depreciation and amortisation 41.7 13.1 3.2 58.0
Central costs 1.4
Amortisation of acquired intangibles 26.0
Depreciation and amortisation
(including of right-of-use assets)
85.4
Disaggregation of revenue
In the tables below, revenue is disaggregated by sales channels, by own-brand products or other
product and service solutions, and also by service solutions or other. Service solutions includes
procurement solutions, maintenance solutions and other solutions. The Group\u2019s largest own brand
is RS PRO. \u00a32,805.2 million of revenue is recognised at a point in time (2023/24: \u00a32,850.7 million) and
\u00a398.3 million over time (2023/24: \u00a391.7 million).
Sales channel
During the year the Group reviewed what it classes as digital revenue which has resulted in an overall
increase to digital revenue and corresponding decrease to offline revenue in EMEA for the year ended
31 March 2024 of \u00a318.4 million (2022/23: \u00a3nil), and in Americas a decrease in digital revenue and a
corresponding increase in offline revenue of \u00a318.5 million (2022/23: \u00a34.2 million). The Group has also
reviewed its categorisation of service solutions revenue, which has resulted in a decrease in service
solutions revenue in Americas of \u00a311.2 million in the year ended 31 March 2024 (2022/23: \u00a33.9 million).
The information below reflects the new classifications.
Year ended 31 March 2025
EMEA
\u00a3m
Americas
\u00a3m
Asia Pacific
\u00a3m
Group
\u00a3m
Web 851.2 269.5 81.9 1,202.6
eProcurement and other digital 479.1 35.7 36.5 551.3
Digital 1,330.3 305.2 118.4 1,753.9
Offline 447.0 602.2 100.4 1,149.6
Revenue 1,777.3 907.4 218.8 2,903.5
Year ended 31 March 2024 (restated)
EMEA
\u00a3m
Americas
\u00a3m
Asia Pacific
\u00a3m
Group
\u00a3m
Web 881.1 281.6 88.5 1,251.2
eProcurement and other digital 459.6 36.1 34.6 530.3
Digital 1,340.7 317.7 123.1 1,781.5
Offline 454.1 616.0 90.8 1,160.9
Revenue 1,794.8 933.7 213.9 2,942.4
Year ended 31 March 2023 (restated)
Web 893.8 340.5 121.2 1,355.5
eProcurement and other digital 417.3 60.1 39.6 517.0
Digital 1,311.1 400.6 160.8 1,872.5
Offline 457.4 544.9 107.5 1,109.8
Revenue 1,768.5 945.5 268.3 2,982.3
Own-brand/other products and service solutions
Year ended 31 March 2025
EMEA
\u00a3m
Americas
\u00a3m
Asia Pacific
\u00a3m
Group
\u00a3m
Own-brand product and service solutions 359.6 7.1 33.7 400.4
Other product and service solutions 1,417.7 900.3 185.1 2,503.1
Revenue 1,777.3 907.4 218.8 2,903.5
Year ended 31 March 2024
Own-brand product and service solutions 364.9 6.7 33.2 404.8
Other product and service solutions 1,429.9 927.0 180.7 2,537.6
Revenue 1,794.8 933.7 213.9 2,942.4
Service solutions/other
Year ended 31 March 2025
EMEA
\u00a3m
Americas
\u00a3m
Asia Pacific
\u00a3m
Group
\u00a3m
Service solutions 557.1 133.7 46.7 737.5
Other 1,220.2 773.7 172.1 2,166.0
Revenue 1,777.3 907.4 218.8 2,903.5
Year ended 31 March 2024 (restated)
Service solutions 532.3 121.6 43.4 697.3
Other 1,262.5 812.1 170.5 2,245.1
Revenue 1,794.8 933.7 213.9 2,942.4
Year ended 31 March 2023 (restated)
Service solutions 506.1 129.0 46.4 681.5
Other 1,262.4 816.5 221.9 2,300.8
Revenue 1,768.5 945.5 268.3 2,982.3
Revenue and non-current assets by geographical location
In the table below, revenue is based on the location of the Group operation where the sales originated
and non-current assets are based on the location of the assets. Non-current assets exclude financial
instruments, retirement benefit net assets and deferred tax assets.
Revenue Non-current assets
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
UK (country of domicile) 669.5 686.1 209.0 218.4
US 671.0 698.3 366.8 381.9
France 331.1 326.2 16.2 13.7
Mexico 197.9 193.2 181.8 238.8
Germany 169.9 189.0 27.5 30.2
Italy 120.1 126.9 5.3 3.4
Switzerland 51.2 44.3 289.5 288.0
Rest of World 692.8 678.4 35.0 63.3
Group 2,903.5 2,942.4 1,131.1 1,237.7
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-543": {
"value": "Disaggregation of revenue In the tables below, revenue is disaggregated by sales channels, by own-brand products or other product and service solutions, and also by service solutions or other. Service solutions includes procurement solutions, maintenance solutions and other solutions. The Group\u2019s largest own brand is RS PRO. \u00a32,805.2 million of revenue is recognised at a point in time (2023/24: \u00a32,850.7 million) and \u00a398.3 million over time (2023/24: \u00a391.7 million). Sales channel During the year the Group reviewed what it classes as digital revenue which has resulted in an overall increase to digital revenue and corresponding decrease to offline revenue in EMEA for the year ended 31 March 2024 of \u00a318.4 million (2022/23: \u00a3nil), and in Americas a decrease in digital revenue and a corresponding increase in offline revenue of \u00a318.5 million (2022/23: \u00a34.2 million). The Group has also reviewed its categorisation of service solutions revenue, which has resulted in a decrease in service solutions revenue in Americas of \u00a311.2 million in the year ended 31 March 2024 (2022/23: \u00a33.9 million). The information below reflects the new classifications. Year ended 31 March 2025 EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Web 851.2 269.5 81.9 1,202.6 eProcurement and other digital 479.1 35.7 36.5 551.3 Digital 1,330.3 305.2 118.4 1,753.9 Offline 447.0 602.2 100.4 1,149.6 Revenue 1,777.3 907.4 218.8 2,903.5 Year ended 31 March 2024 (restated) EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Web 881.1 281.6 88.5 1,251.2 eProcurement and other digital 459.6 36.1 34.6 530.3 Digital 1,340.7 317.7 123.1 1,781.5 Offline 454.1 616.0 90.8 1,160.9 Revenue 1,794.8 933.7 213.9 2,942.4 Year ended 31 March 2023 (restated) Web 893.8 340.5 121.2 1,355.5 eProcurement and other digital 417.3 60.1 39.6 517.0 Digital 1,311.1 400.6 160.8 1,872.5 Offline 457.4 544.9 107.5 1,109.8 Revenue 1,768.5 945.5 268.3 2,982.3 Own-brand/other products and service solutions Year ended 31 March 2025 EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Own-brand product and service solutions 359.6 7.1 33.7 400.4 Other product and service solutions 1,417.7 900.3 185.1 2,503.1 Revenue 1,777.3 907.4 218.8 2,903.5 Year ended 31 March 2024 Own-brand product and service solutions 364.9 6.7 33.2 404.8 Other product and service solutions 1,429.9 927.0 180.7 2,537.6 Revenue 1,794.8 933.7 213.9 2,942.4 Service solutions/other Year ended 31 March 2025 EMEA \u00a3m Americas \u00a3m Asia Pacific \u00a3m Group \u00a3m Service solutions 557.1 133.7 46.7 737.5 Other 1,220.2 773.7 172.1 2,166.0 Revenue 1,777.3 907.4 218.8 2,903.5 Year ended 31 March 2024 (restated) Service solutions 532.3 121.6 43.4 697.3 Other 1,262.5 812.1 170.5 2,245.1 Revenue 1,794.8 933.7 213.9 2,942.4 Year ended 31 March 2023 (restated) Service solutions 506.1 129.0 46.4 681.5 Other 1,262.4 816.5 221.9 2,300.8 Revenue 1,768.5 945.5 268.3 2,982.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-544": {
"value": "Revenue and non-current assets by geographical location In the table below, revenue is based on the location of the Group operation where the sales originated and non-current assets are based on the location of the assets. Non-current assets exclude financial instruments, retirement benefit net assets and deferred tax assets. Revenue Non-current assets 2025 \u00a3m 2024 \u00a3m 2025 \u00a3m 2024 \u00a3m UK (country of domicile) 669.5 686.1 209.0 218.4 US 671.0 698.3 366.8 381.9 France 331.1 326.2 16.2 13.7 Mexico 197.9 193.2 181.8 238.8 Germany 169.9 189.0 27.5 30.2 Italy 120.1 126.9 5.3 3.4 Switzerland 51.2 44.3 289.5 288.0 Rest of World 692.8 678.4 35.0 63.3 Group 2,903.5 2,942.4 1,131.1 1,237.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-578": {
"value": "3 Alternative Performance Measures (APMs) The Group uses a number of APMs in addition to those measures reported in accordance with UK IAS. Such APMs are not defined terms under UK IAS and are not intended to be a substitute for any UK IAS measure. The Directors believe that the APMs are important when assessing the financial and operating performance of the Group. The APMs are used internally for performance analysis and in employee incentive arrangements, as well as in discussions with the investment analyst community. The APMs assist with the comparability of information between reporting periods by adjusting for factors such as fluctuations in foreign exchange rates, number of trading days and items, such as reorganisation costs, that are substantial in scope and impact and do not form part of operational or management activities that the Directors would consider when assessing performance. The Directors review on at least an annual basis the threshold for what is substantial, in the context of the business performance. The Directors also believe that excluding recent acquisitions, amortisation and impairment of acquired intangibles and acquisition-related items aids comparison of the performance between reporting periods and between businesses with similar assets that were internally generated. ",
"dimensions": {
"concept": "rsgroupplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasuresAPMs",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-465": {
"value": "3 Alternative Performance Measures (APMs) The Group uses a number of APMs in addition to those measures reported in accordance with UK IAS. Such APMs are not defined terms under UK IAS and are not intended to be a substitute for any UK IAS measure. The Directors believe that the APMs are important when assessing the financial and operating performance of the Group. The APMs are used internally for performance analysis and in employee incentive arrangements, as well as in discussions with the investment analyst community. The APMs assist with the comparability of information between reporting periods by adjusting for factors such as fluctuations in foreign exchange rates, number of trading days and items, such as reorganisation costs, that are substantial in scope and impact and do not form part of operational or management activities that the Directors would consider when assessing performance. The Directors review on at least an annual basis the threshold for what is substantial, in the context of the business performance. The Directors also believe that excluding recent acquisitions, amortisation and impairment of acquired intangibles and acquisition-related items aids comparison of the performance between reporting periods and between businesses with similar assets that were internally generated. Adjusted profit measures These are the equivalent UK IAS measures adjusted to exclude amortisation and impairment of intangible assets arising on acquisition of businesses, acquisition-related items, substantial reorganisation costs, substantial asset write-downs, one-off pension credits or costs, significant tax rate changes and, where relevant, associated income tax effects. Adjusted profit before tax is a performance measure for the annual incentive and the all employee Long Term Incentive Plan (LTIP) called the RS YAY! Award. Adjusted earnings per share is a performance measure for the LTIP and Journey to Greatness
(J2G) LTIP Award. Adjusted operating profit conversion, adjusted operating profit margin and adjusted
earnings per share are financial key performance indicators (KPIs) which are used to measure the
Group\u2019s progress in delivering the successful implementation of its strategy and monitor and drive
its performance.
Year ended 31 March 2025
Operating
profit
\u00a3m
Operating
profit
margin
1
%
Operating
profit
conversion
2
%
Profit
before
tax
\u00a3m
Profit for
the year
\u00a3m
Basic
earnings
per share
p
Diluted
earnings
per share
p
Reported 232.8 8.0% 18.7% 206.1 152.6 32.5p 32.5p
Amortisation and impairment of acquired
intangibles
37.3 37.3 28.0 6.0p 6.0p
Acquisition-related items 4.1 4.1 3.0 0.6p 0.6p
Adjusted 274.2 9.4% 22.1% 247.5 183.6 39.1p 39.1p
Year ended 31 March 2024 restated
3
Reported 274.5 9.3% 21.8% 243.2 179.4 37.9p 37.8p
Amortisation of acquired intangibles 26.6 26.6 19.8 4.2p 4.2p
Acquisition-related items 5.1 5.1 3.8 0.8p 0.8p
Adjusted 306.2 10.4% 24.3% 274.9 203.0 42.9p 42.8p
1. Operating profit margin is operating profit expressed as a percentage of revenue.
2. Operating profit conversion is operating profit expressed as a percentage of gross profit.
3. Please refer to Note 32 for further details of the restatement.
During the year, the customer contracts, relationships and distribution agreements were assessed for
impairment. As a result of that review, the asset related to the acquisition of IESA was fully impaired,
with an impairment cost of \u00a310.9 million. In addition, \u00a30.4 million of software acquired with IESA was
also impaired.
Acquisition-related items comprise transaction costs directly attributable to the acquisition of
businesses, any deferred consideration payments relating to the retention of former owners and key
employees of acquired businesses expensed as remuneration, adjustments to acquisition-related
indemnification assets and the related liabilities that result from events after the acquisition date and
any remeasurements of contingent consideration payable on acquisition of businesses that result from
events after the acquisition date.
2025
\u00a3m
2024
\u00a3m
Transaction costs \u2013 acquisition-related costs incurred in year for acquisitions completed
in year
\u2013 (4.7)
Acquisition related legal claim costs (2.1) \u2013
Retention bonuses (1.7) \u2013
Other acquisition-related costs (0.6) (0.8)
Remeasurements of contingent consideration (Note 29) 0.3 0.4
Acquisition-related items (in administrative expenses) (4.1) (5.1)
Adjustments to uncertain tax provisions related to indemnification assets 0.7 1.3
Other associated income tax effects 0.4 \u2013
Acquisition-related items after tax (3.0) (3.8)
Included in acquisition-related items for the year ended 31 March 2025 was \u00a32.1 million in respect of
legal costs for an ongoing dispute.
Included in acquisition-related items for the year ended 31 March 2024 was the release of the
\u00a30.4 million contingent consideration payable on acquisition of domnick hunter-RL (Thailand) Co., Ltd.
given the conditions for payment were not met.
Like-for-like revenue and profit measures
Like-for-like revenue and profit measures are adjusted to exclude the effects of changes in exchange
rates on translation of overseas profits. They exclude acquisitions in the relevant years until they have
been owned for a year, at which point they start to be included in both the current and comparative
years for the same number of months. These measures enable management and investors to track
more easily, and consistently, the performance of the business.
The principal exchange rates applied in preparing the Group accounts and in calculating the following
like-for-like measures are:
2025
Average
2025
Closing
2024
Average
2024
Closing
US dollar 1.276 1.293 1.257 1.264
Euro 1.189 1.198 1.159 1.170
Like-for-like revenue change
Like-for-like revenue change is also adjusted to eliminate the impact of differences in trading days
year-on-year. It is calculated by comparing the revenue of the base business for the current year
with the prior year converted at the current year\u2019s average exchange rates and pro-rated for the
same number of trading days as the current year. It is a performance measure for the annual
incentive and a financial KPI.
\u00a3m
Revenue for 2024 2,942.4
Effect of exchange rates (65.9)
Effect of trading days 27.5
Revenue for 2024 at 2025 rates and trading days 2,904.0
2025
Group
\u00a3m
Less:
acquisitions
owned
< 1 year
\u00a3m
2025
base
business
\u00a3m
2024
\u00a3m
2024 at 2025
rates and
trading days
\u00a3m
Like-for-like
change
%
EMEA 1,777.3 41.1 1,736.2 1,794.8 1,788.0 (3)%
Americas 907.4 \u2013 907.4 933.7 905.7 \u2013
Asia Pacific 218.8 8.5 210.3 213.9 210.3 \u2013
Revenue 2,903.5 49.6 2,853.9 2,942.4 2,904.0 (2)%
Gross margin and like-for-like gross margin change
Gross margin is gross profit expressed as a percentage of revenue. Like-for-like change in gross margin
is calculated by taking the difference between gross margin for the base business for the current year
and gross margin for the prior year with reported revenue and reported gross profit converted at the
current year\u2019s average exchange rates.
2025
Group
\u00a3m
Less:
acquisitions
owned
< 1 year
\u00a3m
2025
base
business
\u00a3m
2024
restated
1
\u00a3m
2024
restated
1
at
2025 rates
\u00a3m
Like-for-like
change
pts
Revenue 2,903.5 49.6 2,853.9 2,942.4 2,876.5
Gross profit 1,243.2 22.5 1,220.7 1,258.3 1,233.2
Gross margin 42.8% 45.4% 42.8% 42.8% 42.9% (0.1) pts
1. Please refer to Note 32 for further details of the restatement.
Like-for-like profit change
Like-for-like change in profit is calculated by comparing the base business for the current year with the
prior year converted at the current year\u2019s average exchange rates.
2025
Group
\u00a3m
Less:
acquisitions
owned
< 1 year
\u00a3m
2025
base
business
\u00a3m
2024
restated
1
\u00a3m
2024
restated
1
at
2025 rates
\u00a3m
Like-for-like
change
%
Segmental operating profit
EMEA 200.5 2.3 198.2 223.4 217.0 (9)%
Americas 81.6 \u2013 81.6 89.2 85.4 (4)%
Asia Pacific 6.1 0.1 6.0 5.0 4.2 43%
Segmental operating profit 288.2 2.4 285.8 317.6 306.6 (7)%
Central costs (14.0) \u2013 (14.0) (11.4) (11.4) 23%
Adjusted operating profit 274.2 2.4 271.8 306.2 295.2 (8)%
Adjusted profit before tax 247.5 2.1 245.4 274.9 264.0 (7)%
Adjusted earnings per share 39.1p 0.4p 38.7p 42.9p 41.2p (6)%
Adjusted diluted earnings per share 39.1p 0.5p 38.6p 42.8p
1. Please refer to Notes 2 and 32 for further details of the restatements.
Adjusted free cash flow and adjusted operating cash flow conversion
Adjusted free cash flow is net cash from operating activities less purchases of intangible assets, property,
plant and equipment plus any proceeds on sale of intangible assets, property, plant and equipment,
adjusted for the cash impact of substantial reorganisation costs and acquisition-related items and is a
performance measure for the annual incentive.
Adjusted operating cash flow is adjusted free cash flow before income tax and net interest paid.
Adjusted operating cash flow conversion is adjusted operating cash flow expressed as a percentage of
adjusted operating profit and is a financial KPI.
2025
\u00a3m
2024
restated
1
\u00a3m
Net cash from operating activities 259.1 196.6
Purchase of intangible assets (33.1) (35.7)
Purchase of property, plant and equipment (16.2) (15.9)
Add back: impact of substantial reorganisation cash flows 0.2 0.7
Add back: impact of acquisition-related items cash flows 4.1 5.5
Adjusted free cash flow 214.1 151.2
Add back: income tax paid 60.4 73.3
Add back: net interest paid 29.3 31.0
Adjusted operating cash flow 303.8 255.5
Adjusted operating profit 274.2 306.2
Adjusted operating cash flow conversion 110.8% 83.4%
1. Please refer to Note 32 for further details of the restatement.
Earnings before interest, tax, depreciation and amortisation (EBITDA), net debt and net debt to
adjusted EBITDA
EBITDA is operating profit excluding depreciation and amortisation. Net debt to adjusted EBITDA (one of the
Group\u2019s debt covenants) is the ratio of net debt to EBITDA excluding impairment of intangible assets arising on
acquisition of businesses, acquisition-related items, substantial reorganisation costs, substantial asset write-downs
and one-off pension credits or costs on an annualised basis covering the preceding twelve-month period. Net debt
comprises cash and cash equivalents, borrowings and lease liabilities and is reconciled in Note 22.
2025
\u00a3m
2024
restated
1
\u00a3m
Operating profit 232.8 274.5
Add back: depreciation and amortisation 85.4 83.7
EBITDA 318.2 358.2
Add back: impairment of acquired intangibles 11.3 \u2013
Add back: acquisition-related items 4.1 5.1
Adjusted EBITDA 333.6 363.3
Net debt 364.2 418.2
Net debt to adjusted EBITDA 1.1x 1.2x
1. Please refer to Note 32 for further details of the restatement.
Earnings before interest, tax and amortisation (EBITA) and EBITA to interest
EBITA is adjusted EBITDA after depreciation. EBITA to interest (one of the Group\u2019s debt covenants)
is the ratio of EBITA to finance costs including capitalised interest less finance income (interest per
debt covenants).
2025
\u00a3m
2024
restated
1
\u00a3m
Adjusted EBITDA 333.6 363.3
Less: depreciation (34.7) (35.5)
EBITA 298.9 327.8
Finance costs 32.0 36.7
Less: finance income (4.7) (4.8)
Interest (per debt covenants) 27.3 31.9
EBITA to interest 10.9x 10.3x
1. Please refer to Note 32 for further details of the restatement.
Return on capital employed (ROCE)
ROCE is adjusted operating profit expressed as a percentage of monthly average net assets excluding
net cash/debt and retirement benefit obligations and is an underpin for the LTIP and J2G LTIP Award and
a financial KPI.
2025
\u00a3m
2024
restated
1
\u00a3m
Average net assets 1,374.9 1,387.5
Add back: average net debt 414.7 371.5
Add back: average retirement benefit net obligations 20.2 31.2
Average capital employed 1,809.8 1,790.2
Adjusted operating profit 274.2 306.2
ROCE 15.2% 17.1%
1. Please refer to Note 32 for further details of the restatement.
Working capital as a percentage of revenue
Working capital is inventories, current trade and other receivables and current trade and other payables.
2025
\u00a3m
2024
restated
1
\u00a3m
Inventories 617.3 637.4
Current trade and other receivables 688.5 701.4
Current trade and other payables (611.0) (602.7)
Working capital 694.8 736.1
Revenue 2,903.5 2,942.4
Working capital as a percentage of revenue 23.9% 25.0%
1. Please refer to Note 32 for further details of the restatement.
Inventory turn
Inventory turn is cost of sales divided by inventories.
2025
\u00a3m
2024
restated
1
\u00a3m
Cost of sales 1,660.3 1,684.1
Inventories 617.3 637.4
Inventory turn 2.7 2.6
1. Please refer to Note 32 for further details of the restatement.
Ratio of capital expenditure to depreciation
Ratio of capital expenditure to depreciation is capital expenditure divided by depreciation and
amortisation excluding amortisation of acquired intangibles and depreciation of right-of-use assets.
2025
\u00a3m
2024
\u00a3m
Depreciation and amortisation 85.4 83.7
Less: amortisation of acquired intangibles (26.0) (26.6)
Less: depreciation of right-of-use assets (17.2) (18.6)
Adjusted depreciation and amortisation 42.2 38.5
Capital expenditure 48.9 51.2
Ratio of capital expenditure to depreciation 1.2 times 1.3 times
",
"dimensions": {
"concept": "rsgroupplc:DisclosureOfAlternativePerformanceMeasuresAPMs",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-579": {
"value": "4 Revenue recognition Revenue from the sale of goods is recognised in the income statement when control of the goods has transferred, which in most countries is contractually on delivery to the customer but in a few countries is contractually on collection from the Group\u2019s distribution sites by the delivery company. When the Group arranges the delivery of goods where control has transferred on collection, the customer is invoiced an amount to cover the cost of freight and this is included in revenue as the goods are shipped. Customers are invoiced on dispatch of the goods. Revenue is measured with reference to the amount invoiced to the customer, net of any immediate discounts applicable to the order. Obligations for retrospective customer volume discounts are calculated by estimating the expected discount percentage that will be achieved for the contractual period using historical data adjusted for current experience and applying that percentage to actual qualifying sales. When a customer has a right to return goods purchased, the Group estimates the obligation for the expected value of the refunds using recent experience. Obligations for both retrospective customer volume discounts and the expected value of refunds for returns are deducted from the revenue recognised when the goods are sold and included in other payables on the balance sheet and at 31 March 2025 were \u00a319.1 million (2023/24: \u00a316.7 million). Products sourced for customers under the provision of outsourced services are sent directly by suppliers to customers and the Group has no control over the products sourced and bears no inventory risk. The Group does not have discretion in establishing the price as the price charged to customers is the price charged by the suppliers. Therefore, the Group acts as an agent in relation to these products and so does not recognise the value of these products in revenue or cost of sales. Revenue is measured with reference to the amount invoiced to the customer for management charges and is recognised either over time based on time elapsed for monthly management charges or when the related products are delivered for other management charges. Invoices are raised monthly for monthly management charges or when the invoices for the related products are invoiced for other management charges, normally on a weekly or monthly basis. Income earned from suppliers for access to the Group\u2019s online procurement portals is recognised as revenue either over time based on time elapsed for subscription fees or as their products are delivered to the Group\u2019s customers for licence fees. Invoices are raised monthly, quarterly or annually in advance for subscription fees depending on contractual terms. Credit notes for licence fee income are received from suppliers depending on contractual terms with the least frequent being annual. Revenue from the sale of calibration services is recognised when control of the services has transferred, which is upon delivery to the customer of the items which have been calibrated. Customers are invoiced on dispatch of the calibrated items. Revenue is measured with reference to the amount invoiced to the customer. All revenue is recognised net of sales taxes and all payment terms are based on commercially reasonable terms for the respective markets and no element of financing is deemed present. Remaining performance obligations (unsatisfied or partially unsatisfied) at the year end all relate to customer contracts that have an original expected duration of not more than one year or are invoiced based on time incurred. As permitted under IFRS 15 \u2018Revenue from Contracts with Customers\u2019, the transaction price allocated to these remaining performance obligations is not disclosed ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-597": {
"value": "Obligations for retrospective customer volume discounts are calculated by estimating the expected discount percentage that will be achieved for the contractual period using historical data adjusted for current experience and applying that percentage to actual qualifying sales. When a customer has a right to return goods purchased, the Group estimates the obligation for the expected value of the refunds using recent experience. Obligations for both retrospective customer volume discounts and the expected value of refunds for returns are deducted from the revenue recognised when the goods are sold and included in other payables on the balance sheet and at 31 March 2025 were \u00a319.1 million (2023/24: \u00a316.7 million). The Group receives rebates from certain suppliers relating mainly to the volume of purchases made in a specified time period. These rebates are recognised as a reduction in cost of sales to the extent that the inventories purchased from the supplier and eligible for rebates have been sold in the year. Rebates on purchases that remain in inventories are deducted from the cost of inventories, thus reducing cost of sales in the income statement in the period in which the inventories are expensed. The Group recognises the rebate only where there is evidence of a binding arrangement with the supplier, the amount can be estimated reliably and receipt is probable. The Group estimates whether the supplier rebates relate to products already sold or remaining in inventories, based on inventory turns. When estimating the value of supplier rebates earned but not yet received, the Group makes assumptions about the likely volume of eligible purchases to be made over the remaining rebate period. As at 31 March 2025, the Group had \u00a33.3 million (2023/24: \u00a32.1 million) of supplier rebates recognised within trade and other receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-545": {
"value": "5 Cost of sales Cost of sales comprises the cost of goods delivered to customers and the write-down of inventories to net realisable value, excluding freight and packaging expenses. When a customer has a right to return goods, the Group estimates the expected value of the goods that are likely to be returned based on historical experience and the expected gross margin. It recognises an asset in other receivables for the right to recover these goods and deducts this from cost of sales when the goods are sold. The Group receives rebates from certain suppliers relating mainly to the volume of purchases made in a specified time period. These rebates are recognised as a reduction in cost of sales to the extent that the inventories purchased from the supplier and eligible for rebates have been sold in the year. Rebates on purchases that remain in inventories are deducted from the cost of inventories, thus reducing cost of sales in the income statement in the period in which the inventories are expensed. The Group recognises the rebate only where there is evidence of a binding arrangement with the supplier, the amount can be estimated reliably and receipt is probable. The Group estimates whether the supplier rebates relate to products already sold or remaining in inventories, based on inventory turns. When estimating the value of supplier rebates earned but not yet received, the Group makes assumptions about the likely volume of eligible purchases to be made over the remaining rebate period. As at 31 March 2025, the Group had \u00a33.3 million (2023/24: \u00a32.1 million) of supplier rebates recognised within trade and other receivables. 2025 \u00a3m 2024 restated 1 \u00a3m Inventory scrapped 15.1 13.2 Movement in inventory provisions 7.1 27.6 Write-down of inventories to net realisable value 22.2 40.8 Loss on foreign exchange related to sales and purchases 0.4 6.8 Net gains on forward foreign exchange contracts classified as fair value through profit or loss (0.1) (2.6) Direct pass-through costs related to the provision of outsourced services 42.6 42.8 Inventories recognised as an expense 1,595.2 1,596.3 Cost of sales 1,660.3 1,684.1 1. Please refer to Note 32 for further details of the restatement. 6 Operating profit The following items have been included in operating profit: 2025 \u00a3m 2024 \u00a3m Amortisation of intangible assets (Note 14) 50.7 48.2 Depreciation of property, plant and equipment (Note 15) 17.5 16.9 Depreciation of right-of-use assets (Note 16) 17.2 18.6 Depreciation and amortisation 85.4 83.7 Impairment of intangible assets (Note 14) 12.8 4.6 Impairment of property, plant and equipment (Note 15) 0.4 \u2013 Freight and packaging expenses 111.0 109.0 Amortisation of government grants (0.1) (0.1) (Gain)/loss on other foreign exchange (0.6) 0.1 Net losses/(gains) on forward foreign exchange contracts classified as fair value through profit or loss 0.7 (0.5) Loss on disposal of intangible assets 0.3 0.2 Loss on disposal of property, plant and equipment 0.1 1.3 (Gain)/loss on disposal of right-of-use assets (0.3) 0.1 Increase in impairment allowance for financial assets (Note 23) 4.2 3.4 Employee costs (Note 8) 496.0 469.7 Fees paid to the Auditors were: 2025 \u00a3m 2024 \u00a3m Fees payable to the Company\u2019s Auditors for the audit of the Company and Group accounts 2.1 1.1 Fees payable to the Company\u2019s Auditors and their associates for other services: Audit of the Company\u2019s subsidiaries 2.0 2.0 Audit-related assurance services 0.1 0.1 Total fees payable to the Company\u2019s Auditors and their associates 4.2 3.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-518": {
"value": "5 Cost of sales Cost of sales comprises the cost of goods delivered to customers and the write-down of inventories to net realisable value, excluding freight and packaging expenses. When a customer has a right to return goods, the Group estimates the expected value of the goods that are likely to be returned based on historical experience and the expected gross margin. It recognises an asset in other receivables for the right to recover these goods and deducts this from cost of sales when the goods are sold. The Group receives rebates from certain suppliers relating mainly to the volume of purchases made in a specified time period. These rebates are recognised as a reduction in cost of sales to the extent that the inventories purchased from the supplier and eligible for rebates have been sold in the year. Rebates on purchases that remain in inventories are deducted from the cost of inventories, thus reducing cost of sales in the income statement in the period in which the inventories are expensed. The Group recognises the rebate only where there is evidence of a binding arrangement with the supplier, the amount can be estimated reliably and receipt is probable. The Group estimates whether the supplier rebates relate to products already sold or remaining in inventories, based on inventory turns. When estimating the value of supplier rebates earned but not yet received, the Group makes assumptions about the likely volume of eligible purchases to be made over the remaining rebate period. As at 31 March 2025, the Group had \u00a33.3 million (2023/24: \u00a32.1 million) of supplier rebates recognised within trade and other receivables. 2025 \u00a3m 2024 restated 1 \u00a3m Inventory scrapped 15.1 13.2 Movement in inventory provisions 7.1 27.6 Write-down of inventories to net realisable value 22.2 40.8 Loss on foreign exchange related to sales and purchases 0.4 6.8 Net gains on forward foreign exchange contracts classified as fair value through profit or loss (0.1) (2.6) Direct pass-through costs related to the provision of outsourced services 42.6 42.8 Inventories recognised as an expense 1,595.2 1,596.3 Cost of sales 1,660.3 1,684.1 1. Please refer to Note 32 for further details of the restatement. 6 Operating profit The following items have been included in operating profit: 2025 \u00a3m 2024 \u00a3m Amortisation of intangible assets (Note 14) 50.7 48.2 Depreciation of property, plant and equipment (Note 15) 17.5 16.9 Depreciation of right-of-use assets (Note 16) 17.2 18.6 Depreciation and amortisation 85.4 83.7 Impairment of intangible assets (Note 14) 12.8 4.6 Impairment of property, plant and equipment (Note 15) 0.4 \u2013 Freight and packaging expenses 111.0 109.0 Amortisation of government grants (0.1) (0.1) (Gain)/loss on other foreign exchange (0.6) 0.1 Net losses/(gains) on forward foreign exchange contracts classified as fair value through profit or loss 0.7 (0.5) Loss on disposal of intangible assets 0.3 0.2 Loss on disposal of property, plant and equipment 0.1 1.3 (Gain)/loss on disposal of right-of-use assets (0.3) 0.1 Increase in impairment allowance for financial assets (Note 23) 4.2 3.4 Employee costs (Note 8) 496.0 469.7 Fees paid to the Auditors were: 2025 \u00a3m 2024 \u00a3m Fees payable to the Company\u2019s Auditors for the audit of the Company and Group accounts 2.1 1.1 Fees payable to the Company\u2019s Auditors and their associates for other services: Audit of the Company\u2019s subsidiaries 2.0 2.0 Audit-related assurance services 0.1 0.1 Total fees payable to the Company\u2019s Auditors and their associates 4.2 3.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-495": {
"value": "5 Cost of sales Cost of sales comprises the cost of goods delivered to customers and the write-down of inventories to net realisable value, excluding freight and packaging expenses. When a customer has a right to return goods, the Group estimates the expected value of the goods that are likely to be returned based on historical experience and the expected gross margin. It recognises an asset in other receivables for the right to recover these goods and deducts this from cost of sales when the goods are sold. The Group receives rebates from certain suppliers relating mainly to the volume of purchases made in a specified time period. These rebates are recognised as a reduction in cost of sales to the extent that the inventories purchased from the supplier and eligible for rebates have been sold in the year. Rebates on purchases that remain in inventories are deducted from the cost of inventories, thus reducing cost of sales in the income statement in the period in which the inventories are expensed. The Group recognises the rebate only where there is evidence of a binding arrangement with the supplier, the amount can be estimated reliably and receipt is probable. The Group estimates whether the supplier rebates relate to products already sold or remaining in inventories, based on inventory turns. When estimating the value of supplier rebates earned but not yet received, the Group makes assumptions about the likely volume of eligible purchases to be made over the remaining rebate period. As at 31 March 2025, the Group had \u00a33.3 million (2023/24: \u00a32.1 million) of supplier rebates recognised within trade and other receivables. 2025 \u00a3m 2024 restated 1 \u00a3m Inventory scrapped 15.1 13.2 Movement in inventory provisions 7.1 27.6 Write-down of inventories to net realisable value 22.2 40.8 Loss on foreign exchange related to sales and purchases 0.4 6.8 Net gains on forward foreign exchange contracts classified as fair value through profit or loss (0.1) (2.6) Direct pass-through costs related to the provision of outsourced services 42.6 42.8 Inventories recognised as an expense 1,595.2 1,596.3 Cost of sales 1,660.3 1,684.1 1. Please refer to Note 32 for further details of the restatement. 6 Operating profit
The following items have been included in operating profit:
2025
\u00a3m
2024
\u00a3m
Amortisation of intangible assets (Note 14) 50.7 48.2
Depreciation of property, plant and equipment (Note 15) 17.5 16.9
Depreciation of right-of-use assets (Note 16) 17.2 18.6
Depreciation and amortisation 85.4 83.7
Impairment of intangible assets (Note 14) 12.8 4.6
Impairment of property, plant and equipment (Note 15) 0.4 \u2013
Freight and packaging expenses 111.0 109.0
Amortisation of government grants (0.1) (0.1)
(Gain)/loss on other foreign exchange (0.6) 0.1
Net losses/(gains) on forward foreign exchange contracts classified as fair value through
profit or loss
0.7 (0.5)
Loss on disposal of intangible assets 0.3 0.2
Loss on disposal of property, plant and equipment 0.1 1.3
(Gain)/loss on disposal of right-of-use assets (0.3) 0.1
Increase in impairment allowance for financial assets (Note 23) 4.2 3.4
Employee costs (Note 8) 496.0 469.7
Fees paid to the Auditors were:
2025
\u00a3m
2024
\u00a3m
Fees payable to the Company\u2019s Auditors for the audit of the Company
and Group accounts
2.1 1.1
Fees payable to the Company\u2019s Auditors and their associates for other services:
Audit of the Company\u2019s subsidiaries 2.0 2.0
Audit-related assurance services 0.1 0.1
Total fees payable to the Company\u2019s Auditors and their associates 4.2 3.2
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-466": {
"value": "5 Cost of sales Cost of sales comprises the cost of goods delivered to customers and the write-down of inventories to net realisable value, excluding freight and packaging expenses. When a customer has a right to return goods, the Group estimates the expected value of the goods that are likely to be returned based on historical experience and the expected gross margin. It recognises an asset in other receivables for the right to recover these goods and deducts this from cost of sales when the goods are sold. The Group receives rebates from certain suppliers relating mainly to the volume of purchases made in a specified time period. These rebates are recognised as a reduction in cost of sales to the extent that the inventories purchased from the supplier and eligible for rebates have been sold in the year. Rebates on purchases that remain in inventories are deducted from the cost of inventories, thus reducing cost of sales in the income statement in the period in which the inventories are expensed. The Group recognises the rebate only where there is evidence of a binding arrangement with the supplier, the amount can be estimated reliably and receipt is probable. The Group estimates whether the supplier rebates relate to products already sold or remaining in inventories, based on inventory turns. When estimating the value of supplier rebates earned but not yet received, the Group makes assumptions about the likely volume of eligible purchases to be made over the remaining rebate period. As at 31 March 2025, the Group had \u00a33.3 million (2023/24: \u00a32.1 million) of supplier rebates recognised within trade and other receivables. 2025 \u00a3m 2024 restated 1 \u00a3m Inventory scrapped 15.1 13.2 Movement in inventory provisions 7.1 27.6 Write-down of inventories to net realisable value 22.2 40.8 Loss on foreign exchange related to sales and purchases 0.4 6.8 Net gains on forward foreign exchange contracts classified as fair value through profit or loss (0.1) (2.6) Direct pass-through costs related to the provision of outsourced services 42.6 42.8 Inventories recognised as an expense 1,595.2 1,596.3 Cost of sales 1,660.3 1,684.1 1. Please refer to Note 32 for further details of the restatement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-571": {
"value": "2025 \u00a3m 2024 \u00a3m Amortisation of intangible assets (Note 14) 50.7 48.2 Depreciation of property, plant and equipment (Note 15) 17.5 16.9 Depreciation of right-of-use assets (Note 16) 17.2 18.6 Depreciation and amortisation 85.4 83.7 Impairment of intangible assets (Note 14) 12.8 4.6 Impairment of property, plant and equipment (Note 15) 0.4 \u2013 Freight and packaging expenses 111.0 109.0 Amortisation of government grants (0.1) (0.1) (Gain)/loss on other foreign exchange (0.6) 0.1 Net losses/(gains) on forward foreign exchange contracts classified as fair value through profit or loss 0.7 (0.5) Loss on disposal of intangible assets 0.3 0.2 Loss on disposal of property, plant and equipment 0.1 1.3 (Gain)/loss on disposal of right-of-use assets (0.3) 0.1 Increase in impairment allowance for financial assets (Note 23) 4.2 3.4 Employee costs (Note 8) 496.0 469.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-562": {
"value": "2025 \u00a3m 2024 \u00a3m Amortisation of intangible assets (Note 14) 50.7 48.2 Depreciation of property, plant and equipment (Note 15) 17.5 16.9 Depreciation of right-of-use assets (Note 16) 17.2 18.6 Depreciation and amortisation 85.4 83.7 Impairment of intangible assets (Note 14) 12.8 4.6 Impairment of property, plant and equipment (Note 15) 0.4 \u2013 Freight and packaging expenses 111.0 109.0 Amortisation of government grants (0.1) (0.1) (Gain)/loss on other foreign exchange (0.6) 0.1 Net losses/(gains) on forward foreign exchange contracts classified as fair value through profit or loss 0.7 (0.5) Loss on disposal of intangible assets 0.3 0.2 Loss on disposal of property, plant and equipment 0.1 1.3 (Gain)/loss on disposal of right-of-use assets (0.3) 0.1 Increase in impairment allowance for financial assets (Note 23) 4.2 3.4 Employee costs (Note 8) 496.0 469.7 15 Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any provisions for impairment after taking account of any impact of the Group\u2019s strategy related to climate change. The Group monitors property, plant and equipment throughout the year and tests for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. The cost of self-constructed assets includes the cost of materials, direct labour and certain direct overheads. No depreciation has been charged on freehold land. Other assets are depreciated to residual value, which is reassessed annually, on a straight-line basis over the following useful lives: freehold buildings and improvements to leasehold buildings 50 years (or the lease term if shorter); plant and machinery 5 \u2013 20 years; and computer equipment 3 \u2013 5 years. This reassessment of residual value includes consideration of the Group\u2019s climate scenario analysis of physical and transition risk impacts conducted for the TCFD and there have been no significant changes in the year. Land and buildings \u00a3m Plant and machinery \u00a3m Computer equipment \u00a3m Total \u00a3m Cost At 1 April 2023 163.7 241.8 67.0 472.5 Acquisitions \u2013 0.4 0.2 0.6 Additions 2.7 10.1 2.8 15.6 Disposals (0.6) (2.8) (0.5) (3.9) Reclassifications \u2013 0.1 (0.1) \u2013 Translation differences (2.7) (2.7) (0.7) (6.1) At 31 March 2024 163.1 246.9 68.7 478.7 Acquisitions (Note 29) 0.1 1.7 \u2013 1.8 Additions 0.9 13.2 1.8 15.9 Disposals (1.4) (6.3) (1.8) (9.5) Reclassifications \u2013 (0.6) \u2013 (0.6) Translation differences (2.7) (2.9) (0.6) (6.2) At 31 March 2025 160.0 252.0 68.1 480.1 Land and buildings \u00a3m Plant and machinery \u00a3m Computer equipment \u00a3m Total \u00a3m Depreciation At 1 April 2023 60.8 164.5 60.9 286.2 Charge for the year 3.7 11.0 2.2 16.9 Disposals (0.5) (1.6) (0.5) (2.6) Reclassifications \u2013 0.1 (0.1) \u2013 Translation differences (0.8) (1.3) (0.6) (2.7) At 31 March 2024 63.2 172.7 61.9 297.8 Charge for the year 3.8 11.6 2.1 17.5 Disposals (1.3) (6.3) (1.8) (9.4) Impairment losses 0.4 \u2013 \u2013 0.4 Translation differences (0.9) (1.4) (0.6) (2.9) At 31 March 2025 65.2 176.6 61.6 303.4 Net book value At 31 March 2025 94.8 75.4 6.5 176.7 At 31 March 2024 99.9 74.2 6.8 180.9 Included above are \u00a31.8 million of property, plant and equipment under construction at 31 March 2025 (2023/24: \u00a35.9 million). During the year, \u00a30.6 million was reclassified between plant and machinery and software.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-563": {
"value": "Fees paid to the Auditors were: 2025 \u00a3m 2024 \u00a3m Fees payable to the Company\u2019s Auditors for the audit of the Company and Group accounts 2.1 1.1 Fees payable to the Company\u2019s Auditors and their associates for other services: Audit of the Company\u2019s subsidiaries 2.0 2.0 Audit-related assurance services 0.1 0.1 Total fees payable to the Company\u2019s Auditors and their associates 4.2 3.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-467": {
"value": "7 Finance income and costs Finance costs that are directly attributable to the construction of an asset that necessarily takes a substantial period of time to get ready for its intended use are capitalised as part of the cost of that asset. Interest on financial assets and liabilities measured at amortised cost and on lease liabilities is calculated using the effective interest method and recognised in the income statement as incurred. Invoice finance charges relate to costs incurred when the Group makes use of its customers\u2019 supplier invoice financing options where this is commercially and administratively attractive. These options are used for some outsourced services customers, including where they give the Group access to the customers\u2019 invoice portals to simplify the invoice query reconciliation process and so speed up the receipt of payments. 2025 \u00a3m 2024 \u00a3m Finance income Interest income on financial assets measured at amortised cost 4.7 4.8 Finance income 4.7 4.8 Finance costs Interest expense on financial liabilities measured at amortised cost (25.8) (28.1) Interest expense on lease liabilities (2.8) (2.9) Interest expense on financial liabilities not at fair value through profit or loss (28.6) (31.0) Interest expense on tax payable (0.1) (1.2) Interest credit/(charge) on uncertain income tax positions 0.4 (0.1) Invoice finance charges (3.7) (4.4) Finance costs (32.0) (36.7)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-610": {
"value": "Finance costs that are directly attributable to the construction of an asset that necessarily takes a substantial period of time to get ready for its intended use are capitalised as part of the cost of that asset. Interest on financial assets and liabilities measured at amortised cost and on lease liabilities is calculated using the effective interest method and recognised in the income statement as incurred. Invoice finance charges relate to costs incurred when the Group makes use of its customers\u2019 supplier invoice financing options where this is commercially and administratively attractive. These options are used for some outsourced services customers, including where they give the Group access to the customers\u2019 invoice portals to simplify the invoice query reconciliation process and so speed up the receipt of payments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-607": {
"value": "Finance costs that are directly attributable to the construction of an asset that necessarily takes a substantial period of time to get ready for its intended use are capitalised as part of the cost of that asset. Interest on financial assets and liabilities measured at amortised cost and on lease liabilities is calculated using the effective interest method and recognised in the income statement as incurred. Invoice finance charges relate to costs incurred when the Group makes use of its customers\u2019 supplier invoice financing options where this is commercially and administratively attractive. These options are used for some outsourced services customers, including where they give the Group access to the customers\u2019 invoice portals to simplify the invoice query reconciliation process and so speed up the receipt of payments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-598": {
"value": "Finance costs that are directly attributable to the construction of an asset that necessarily takes a substantial period of time to get ready for its intended use are capitalised as part of the cost of that asset. Interest on financial assets and liabilities measured at amortised cost and on lease liabilities is calculated using the effective interest method and recognised in the income statement as incurred. Invoice finance charges relate to costs incurred when the Group makes use of its customers\u2019 supplier invoice financing options where this is commercially and administratively attractive. These options are used for some outsourced services customers, including where they give the Group access to the customers\u2019 invoice portals to simplify the invoice query reconciliation process and so speed up the receipt of payments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-580": {
"value": "Finance costs that are directly attributable to the construction of an asset that necessarily takes a substantial period of time to get ready for its intended use are capitalised as part of the cost of that asset. Interest on financial assets and liabilities measured at amortised cost and on lease liabilities is calculated using the effective interest method and recognised in the income statement as incurred. Invoice finance charges relate to costs incurred when the Group makes use of its customers\u2019 supplier invoice financing options where this is commercially and administratively attractive. These options are used for some outsourced services customers, including where they give the Group access to the customers\u2019 invoice portals to simplify the invoice query reconciliation process and so speed up the receipt of payments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-496": {
"value": "2025
\u00a3m
2024
\u00a3m
Finance income
Interest income on financial assets measured at amortised cost 4.7 4.8
Finance income 4.7 4.8
Finance costs
Interest expense on financial liabilities measured at amortised cost (25.8) (28.1)
Interest expense on lease liabilities (2.8) (2.9)
Interest expense on financial liabilities not at fair value through profit or loss (28.6) (31.0)
Interest expense on tax payable (0.1) (1.2)
Interest credit/(charge) on uncertain income tax positions 0.4 (0.1)
Invoice finance charges (3.7) (4.4)
Finance costs (32.0) (36.7)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-572": {
"value": "2025 \u00a3m 2024 \u00a3m Finance income Interest income on financial assets measured at amortised cost 4.7 4.8 Finance income 4.7 4.8 Finance costs Interest expense on financial liabilities measured at amortised cost (25.8) (28.1) Interest expense on lease liabilities (2.8) (2.9) Interest expense on financial liabilities not at fair value through profit or loss (28.6) (31.0) Interest expense on tax payable (0.1) (1.2) Interest credit/(charge) on uncertain income tax positions 0.4 (0.1) Invoice finance charges (3.7) (4.4) Finance costs (32.0) (36.7)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-564": {
"value": "2025 \u00a3m 2024 \u00a3m Finance income Interest income on financial assets measured at amortised cost 4.7 4.8 Finance income 4.7 4.8 Finance costs Interest expense on financial liabilities measured at amortised cost (25.8) (28.1) Interest expense on lease liabilities (2.8) (2.9) Interest expense on financial liabilities not at fair value through profit or loss (28.6) (31.0) Interest expense on tax payable (0.1) (1.2) Interest credit/(charge) on uncertain income tax positions 0.4 (0.1) Invoice finance charges (3.7) (4.4) Finance costs (32.0) (36.7)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-546": {
"value": "2025 \u00a3m 2024 \u00a3m Finance income Interest income on financial assets measured at amortised cost 4.7 4.8 Finance income 4.7 4.8 Finance costs Interest expense on financial liabilities measured at amortised cost (25.8) (28.1) Interest expense on lease liabilities (2.8) (2.9) Interest expense on financial liabilities not at fair value through profit or loss (28.6) (31.0) Interest expense on tax payable (0.1) (1.2) Interest credit/(charge) on uncertain income tax positions 0.4 (0.1) Invoice finance charges (3.7) (4.4) Finance costs (32.0) (36.7)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-519": {
"value": "2025 \u00a3m 2024 \u00a3m Finance income Interest income on financial assets measured at amortised cost 4.7 4.8 Finance income 4.7 4.8 Finance costs Interest expense on financial liabilities measured at amortised cost (25.8) (28.1) Interest expense on lease liabilities (2.8) (2.9) Interest expense on financial liabilities not at fair value through profit or loss (28.6) (31.0) Interest expense on tax payable (0.1) (1.2) Interest credit/(charge) on uncertain income tax positions 0.4 (0.1) Invoice finance charges (3.7) (4.4) Finance costs (32.0) (36.7)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-468": {
"value": "8 Employees
Average number of employees 2025 2024
EMEA 5,689 5,872
Americas 2,192 2,256
Asia Pacific 760 767
Central 68 69
Group 8,709 8,964
Employment costs
2025
\u00a3m
2024
\u00a3m
Wages and salaries 401.9 373.8
Social security costs 51.0 52.7
Share-based payments \u2013 equity-settled (Note 9) 9.4 7.8
Share-based payments \u2013 cash-settled (Note 9) (0.8) 0.4
Defined contribution retirement benefit costs (Note 10) 21.4 21.0
Defined benefit retirement benefit costs (Note 10) 3.4 4.1
486.3 459.8
Termination benefits 9.7 9.9
Total 496.0 469.7
Information on the Directors\u2019 remuneration is given in the Directors\u2019 Remuneration report on pages 104
to 131.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-581": {
"value": "9 Share-based payments The Group operates share-based payment schemes which are the LTIPs, the Deferred Share Bonus Plan (DSBP) and the Savings-Related Share Option Scheme (SAYE). Equity-settled share-based payments are measured at fair value at the grant date, calculated using an appropriate option pricing model. The fair value is expensed in the income statement with a corresponding increase in equity on a straight-line basis over the period that employees become unconditionally entitled to the awards. The income statement charge is adjusted to reflect expected and actual levels of vesting associated with non-market performance related criteria. Cash-settled share-based payments are measured at fair value at the balance sheet date, taking into account the estimated number of awards that will actually vest and the relative completion of the vesting period. This fair value is included in liabilities and changes in the value of these liabilities are recognised in the income statement. The Employee Benefit Trust (EBT) established to administer the schemes owns shares in the Company which are shown in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-469": {
"value": "9 Share-based payments The Group operates share-based payment schemes which are the LTIPs, the Deferred Share Bonus Plan (DSBP) and the Savings-Related Share Option Scheme (SAYE). Equity-settled share-based payments are measured at fair value at the grant date, calculated using an appropriate option pricing model. The fair value is expensed in the income statement with a corresponding increase in equity on a straight-line basis over the period that employees become unconditionally entitled to the awards. The income statement charge is adjusted to reflect expected and actual levels of vesting associated with non-market performance related criteria. Cash-settled share-based payments are measured at fair value at the balance sheet date, taking into
account the estimated number of awards that will actually vest and the relative completion of the vesting
period. This fair value is included in liabilities and changes in the value of these liabilities are recognised
in the income statement.
The Employee Benefit Trust (EBT) established to administer the schemes owns shares in the Company
which are shown in equity.
LTIPs \u2013 equity settled and cash settled
The Group\u2019s active LTIPs are granted under the 2019 LTIP, the 2022 LTIP, the J2G LTIP Award and the
RS YAY! Award. Under these LTIPs, awards are made to plan participants normally subject to service
conditions and performance conditions. Some of the awards are equity settled and some are cash
settled. At the vesting date the award will either vest, in full or in part, or expire, normally depending on
the outcome of the performance conditions. All awards have \u00a3nil exercise price and normally receive
accrued dividends on settlement.
Those awards made under the 2019 LTIP in 2021/22 (vested in June 2024) were normally subject to a
market performance condition based on total shareholder return (TSR) of the Group versus a defined
comparator group (see the Directors\u2019 Remuneration report for details) and a non-market performance
condition based on cumulative growth in adjusted earnings per share (EPS) over the vesting period with
a ROCE underpin.
Awards under the 2022 LTIP are subject to a market performance condition based on TSR of the Group
versus a defined comparator group (see the Directors\u2019 Remuneration report for details) and a non-
market performance condition based on the adjusted EPS compound annual growth rate (CAGR) over
the vesting period with a ROCE underpin, or subject to the continued employment of the participant
within the Group.
Awards under the J2G LTIP Award to senior management are subject to non-market performance
conditions based on the adjusted EPS CAGR over the vesting period and a scorecard of key performance
indicators directly linked to The RS Way scorecard, with a ROCE underpin.
Awards under the RS YAY! Award to all other employees are subject to a non-market performance
condition based on adjusted profit before tax CAGR over the vesting period.
The fair values of equity-settled LTIP awards were calculated at the grant date using the assumptions
below, with the fair value of those subject to market performance conditions calculated using a Monte
Carlo model.
2025 2024
Grant date
December
2024
June
2024
December
2023
November
2023
June
2023
May
2023
Market performance conditions
Awards granted 32,298 447,743 31,818 110,006 6,109 931,186
Fair value at grant date 243p 268p 243p 184p 251p 295p
Assumptions used:
Share price 701p 698p 816p 714p 800p 798p
Expected volatility 29.2% 29.0% 29.5% 29.6% 30.0% 30.2%
Expected life 2 years
5 months
3 years 2 years
5 months
2 years
6 months
2 years
11 months
3 years
Risk-free interest rate 4.07% 4.24% 3.97% 4.29% 4.95% 4.50%
Other conditions
Awards granted - LTIP 32,298 447,743 31,818 135,979 44,851 1,307,163
Fair value at grant date 640p 637p 816p 714p 800p 798p
Awards granted - restricted shares 136,838 774,977 \u2013 42,655 8,819 106,376
Fair value at grant date 701p 698p \u2013 714p 800p 798p
Expected volatility was estimated based on the historical volatility of the Company\u2019s shares over the most
recent period commensurate to the expected life of the award. The risk-free interest rate represents the
yield, at the grant date, of UK government bonds with duration commensurate to the expected life of
the award.
The fair values of cash-settled LTIP awards at 31 March 2025 were:
Awards
granted Fair value
July 2022 - Other conditions 12,000 140p
December 2022 - Other conditions 1,300 140p
June 2023 - Other conditions 462 140p
December 2023 - Other conditions 2,419 0p
June 2024 - Other conditions 7,035 562p
The movements in the LTIP awards (equity and cash settled) were:
2025
Number of
awards
2024
Number of
awards
Outstanding at 1 April 6,827,091 6,302,743
Forfeited during the year (507,411) (1,019,886)
Expired during the year (427,907) (585,383)
Exercised during the year (475,579) (632,463)
Granted during the year 1,913,933 2,762,080
Outstanding at 31 March 7,330,127 6,827,091
DSBP \u2013 equity settled
Under the DSBP, one-third of the total annual incentive earned by plan participants is awarded as shares
and vests after two years, normally subject to the continued employment of the participant within the
Group. There are no other performance conditions. The participants receive accrued dividends on
vesting. Deferred share awards relating to the annual incentive for the year ended 31 March 2025 are
expected to be awarded in June 2025. The fair value of the shares awarded during the year was 698p
(2023/24: 803p) per share award which was the share price at the date of award.
The movements in the DSBP awards were:
2025
Number of
awards
2024
Number of
awards
Outstanding at 1 April 248,588 224,185
Forfeited during the year \u2013 \u2013
Exercised during the year (115,527) (108,658)
Granted during the year 44,334 133,061
Outstanding at 31 March 177,395 248,588
SAYE \u2013 equity settled and cash settled
The SAYE scheme is available to the majority of employees of the Group employed at the time that
the invitation period commences. The UK element is equity settled and the overseas element is cash
settled. The option price is based on the average market price of the Company\u2019s shares over the three
days prior to the offer, discounted by 20%. The option exercise conditions are the employee\u2019s continued
employment for a three-year period and the maintenance of employee\u2019s regular monthly savings.
Failure of either of these conditions is normally deemed a forfeiture of the option.
Employees may subscribe to the three-year or, when offered, the five-year savings period. Under the UK
element, at the end of the savings period, the employee has six months to either exercise their options
to purchase the shares at the agreed price or withdraw their savings with accrued interest. Under the
overseas element, at the end of the savings period, the employee has six months to either exercise
their options to receive cash equal to the difference between the market price and the option price or
withdraw their savings with accrued interest. There are no market conditions attached to the vesting of
the options.
The fair value of equity-settled SAYE options was calculated at the grant date using a Black-Scholes
model, with the assumptions below.
2025 2024
Grant date
3 year
December
2024
3 year
November
2023
Options granted 879,923 1,814,474
Fair value at grant date 219p 265p
Assumptions used:
Share price 722p 776p
Exercise price 573p 562p
Expected volatility 31.5% 28.7%
Expected option life 3 years
2 months
3 years
Expected dividend yield 2.93% 2.50%
Risk-free interest rate 4.01% 4.14%
Expected volatility was estimated based on the historical volatility of the Company\u2019s shares over the most
recent three-year period. Expected dividend yield was the annual dividend yield as at the grant date.
The risk-free interest rate was the yield, at the grant date, of three-year UK government bonds.
The fair values of cash-settled SAYE options at 31 March 2025 are shown below and were calculated
using a Black-Scholes model, using a share price of 562p, expected dividend yield of 3.1% and additional
assumptions below.
Options
granted Fair value Exercise price
Expected
volatility
Expected
remaining
option life
Risk-free
interest rate
5 year September 2020 19,798 48p 573p 30.7% 0.6 4.06%
5 year September 2021 11,939 20p 824p 29.5% 1.6 4.21%
3 year December 2022 518,735 20p 715p 30.7% 0.8 4.06%
3 year November 2023 707,264 87p 562p 29.2% 1.8 4.21%
3 year December 2024 309,326 106p 573p 30.5% 2.8 4.18%
Expected volatility is estimated based on the historical volatility of the Company\u2019s shares over the most
recent period commensurate to the expected remaining life of the option. Expected dividend yield is
the annual dividend yield as at the year end. The risk-free interest rate is the yield, at the year end,
of UK government bonds with duration commensurate to the expected remaining life of the option.
The movements in and weighted average exercise price of the SAYE options (equity and cash
settled) were:
2025 2024
Weighted
average
exercise
price
Number of
options
Weighted
average
exercise
price
Number of
options
Outstanding at 1 April 616p 4,526,870 662p 4,056,336
Forfeited during the year 641p (195,806) 733p (299,010)
Expired during the year 623p (646,268) 708p (847,998)
Exercised during the year 500p (373,468) 539p (904,196)
Granted during the year 573p 1,189,249 562p 2,521,738
Outstanding at 31 March 612p 4,500,577 616p 4,526,870
Exercisable at 31 March 767p 391,978 573p 125,525
SAYE options outstanding at the year end were:
2025 2024
Option prices:
\u00a34.00 - \u00a34.99 57,406 280,813
\u00a35.00 - \u00a35.99 3,284,752 2,761,202
\u00a37.00 - \u00a37.99 795,500 1,048,950
\u00a38.00 - \u00a38.99 362,919 435,905
4,500,577 4,526,870
Weighted average remaining contractual life (in years) 2.01 2.62
Weighted average share price during period of exercise 701p 753p
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-497": {
"value": "2025 2024 Weighted average exercise price Number of options Weighted average exercise price Number of options Outstanding at 1 April 616p 4,526,870 662p 4,056,336 Forfeited during the year 641p (195,806) 733p (299,010) Expired during the year 623p (646,268) 708p (847,998) Exercised during the year 500p (373,468) 539p (904,196) Granted during the year 573p 1,189,249 562p 2,521,738 Outstanding at 31 March 612p 4,500,577 616p 4,526,870 Exercisable at 31 March 767p 391,978 573p 125,525 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-470": {
"value": "10 Retirement benefit obligations For defined benefit schemes, the surplus or deficit recognised in the balance sheet is the difference between the fair value of the scheme assets and the present value of the obligations at the balance sheet date. The present value of the obligations is calculated by independent actuaries using the projected unit credit method. It is determined by discounting estimated future cash outflows using a discount rate reflecting yields on high-quality corporate bonds with terms approximating the terms of the related obligation. The operating profit charge comprises the current service cost, net interest cost, past service costs, administrative expenses, curtailment gains and losses and settlement gains and losses. The net interest cost is based on the discount rate at the beginning of the year, contributions paid in and the surplus or deficit during the year. Past service costs and curtailment gains and losses are recognised at the earlier of when the scheme amendment or curtailment occurs and when any related reorganisation costs or termination benefits are recognised. Settlement gains and losses are recognised when the settlement occurs. Remeasurements, representing returns on scheme assets excluding amounts included in interest and actuarial gains and losses arising from changes in demographic and financial assumptions and experience adjustments, are recognised in other comprehensive income. The Group\u2019s largest defined benefit pension scheme is in the UK, providing benefits based on final pensionable pay for eligible employees who joined on or before 1 April 2003. The scheme is administered by a corporate trustee and the funds are independent of the Group\u2019s finances. The Group also has defined benefit pension schemes in Germany and the Republic of Ireland which are closed to both new members and accruals for future service, defined benefit retirement indemnity schemes in France and Italy, and a contribution-based pension scheme in Switzerland that guarantees a minimum rate of investment return and so is accounted for under IAS 19 \u2018Employee Benefits\u2019 as a defined benefit pension scheme. For defined contribution schemes, the costs are charged to operating profit as they fall due. The Group has defined contribution schemes in a number of countries, including the UK, the US, Australia and Germany, and contributes to government schemes in a number of other countries that are defined contribution schemes. The Group also makes payments to employees\u2019 personal pensions in the UK when their employing company does not provide defined benefit or defined contribution schemes. Regulatory framework and governance The UK scheme, the RS Group Pension Scheme, is a registered scheme established under trust law and, as such, is subject to UK pension, tax and trust legislation. It is managed by a corporate trustee, RS Group Pension Trustees Limited (the Trustee). The Trustee includes representatives appointed by both the Company and members. Although the Company bears the financial cost of the scheme, the Trustee directors are responsible for the overall management of the scheme including compliance with applicable regulations and legislation. The Trustee directors are required by law to act in the interest of all relevant beneficiaries and to set certain policies, to manage the day-to-day administration of the benefits and to set the scheme investment strategy in consultation with the Company. UK pensions are regulated by the Pensions Regulator whose statutory objectives and regulatory powers are described on its website: thepensionsregulator.gov.uk Deficit position and funding The funding of the UK scheme is assessed using assumptions in accordance with the advice of independent actuaries. These assumptions may be different to those used for the accounting valuation. The last triennial funding valuation was carried out as at 31 March 2022 and showed a deficit of \u00a336.4 million on a statutory technical provisions basis. The Trustee and the Company agreed a recovery plan to eliminate this deficit over time. Under this plan, the Group agreed to make deficit contributions of \u00a311.1 million per annum with the aim that the scheme will be fully funded on a statutory technical provisions basis by 30 September 2025. The rules of the UK scheme give the Trustee powers to wind up the scheme, which it may exercise if the Trustee is aware that the assets of the scheme are insufficient to meet its liabilities. Although the scheme was in deficit on a statutory funding basis at 31 March 2022, the Trustee has confirmed that it has no current intention to exercise its power to wind up the scheme. Under the UK scheme\u2019s rules the power to wind up the scheme and augment benefits is with the Trustee and, therefore, under IFRIC 14 the Group does not have an unconditional right to any surplus that may arise. On that basis, the defined benefit net asset at 31 March 2025 has been restricted to \u00a3nil (2023/24: \u00a3nil) and an additional liability of \u00a35.4 million (2023/24: \u00a316.1 million) has been recognised which is equal to the present value of the agreed future deficit contributions under the recovery plan. Based on the funding position as at 31 March 2025, in the year ending 31 March 2026 the Group expects to pay \u00a37.5 million of contributions to the UK scheme, including \u00a35.6 million of deficit contribution payments, and \u00a30.9 million to the other defined benefit schemes. Investment strategy and risk exposure The defined benefit schemes expose the Group to actuarial risks such as longevity, interest rate, inflation and investment risks. The approach for managing the UK scheme\u2019s investment strategy and risks are set out below. Interest rate risk The Trustee has set a benchmark for total investment in bonds (government and corporate), interest rate swaps, inflation swaps, gilt repurchase agreements and cash as part of its matching asset portfolio (comprising the qualifying investor alternative investment fund (QIAIF), a bespoke pooled structure in which the scheme is the sole investor). Under this strategy, if gilt yields fall, the value of the investments within the matching asset portfolio will rise to help match the increase in the valuation of the liabilities arising from a fall in the discount rate, which is derived from gilt yields. Similarly, if gilt yields rise, the value of the matching asset portfolio will fall, as will the valuation of the liabilities because of an increase in the discount rate. Inflation risk The scheme holds index-linked gilts, inflation swaps and repurchase agreements to manage against inflation risk associated with pension liability increases. Derivatives are only held indirectly, via the QIAIF. Longevity risk Prudent mortality assumptions are used that appropriately allow for future improvements in life expectancy. These assumptions are reviewed on a regular basis to ensure they remain appropriate. The Trustee uses the Club Vita service to provide a better estimate of the mortality rates of the scheme\u2019s membership than the standard tables. Club Vita facilitates the accumulation and pooling of data and helps pension schemes understand and manage longevity risk by providing data-driven insights into life expectancy patterns and trends, enabling more informed strategic decisions and better risk management. With effect from 1 June 2008, the scheme introduced a mortality risk sharing mechanism whereby members\u2019 benefits for pensionable service after that date will be reduced if the life expectancy of the scheme\u2019s members increases more quickly than a pre-determined rate. Environmental, social and governance (ESG) and climate risk The Trustee considers how ESG and climate change are integrated within investment processes and how they align with the Trustee\u2019s policies in appointing new investment managers and monitoring existing investment managers. The Trustee has set out clear expectations for its advisors and the scheme\u2019s investment managers to consider ESG issues, including climate change, where relevant to investment outcomes. The Trustee, together with its advisor, monitors annually the extent to which ESG factors, including explicit consideration of climate change, are integrated into the investment managers\u2019 approaches. To supplement this, the Trustee makes regular use of the investment consultant\u2019s ESG ratings and will engage proactively with investment managers whose ESG ratings are judged to be lagging their peers within the asset class. The investment and risk subcommittee meets all investment managers at least annually to discuss ESG and climate change issues specifically. Assumptions Financial assumptions The principal assumptions used to determine the UK defined benefit obligations were: 2025 2024 Discount rate 5.80% 4.90% Rate of increase in pensionable salaries Nil Nil Rate of RPI inflation 3.10% 3.20% Rate of CPI inflation 2.80% 2.80% Rate of pension increases RPI inflation capped at 5.0% p.a. 2.90% 2.95% RPI inflation capped at 2.5% p.a. 1.90% 1.95% Life expectancy assumptions Based upon the demographics of scheme members, the weighted average life expectancy assumptions used to determine the UK defined benefit obligations were: 2025 Years 2024 Years Member aged 65 (current life expectancy) \u2013 male 22.1 22.0 Member aged 65 (current life expectancy) \u2013 female 23.5 23.4 Member aged 45 (life expectancy at aged 65) \u2013 male 22.5 23.4 Member aged 45 (life expectancy at aged 65) \u2013 female 25.2 25.1 At 31 March 2025, the weighted average duration of the UK defined benefit obligation was 12 years (2023/24: 14 years). Sensitivity analysis of the impact of changes in key assumptions The calculations of the defined benefit obligations are sensitive to the assumptions used. The sensitivity analysis below is based on a change in reasonably potential assumptions for the UK scheme while holding all other assumptions constant, as the amount of the Retirement Obligation for the other defined benefit schemes is less material to the Group; in practice changes in some of the assumptions may be correlated. A change would have the following increase/(decrease) on the UK defined benefit obligations as at 31 March 2025: Increase in assumption \u00a3m Decrease in assumption \u00a3m Effect on obligation of a 0.5 pts change to the assumed discount rate (19.8) 21.9 Effect on obligation of a 0.25 pts change in the assumed inflation rate 9.5 (9.2) Effect on obligation of a change of one year in assumed life expectancy 8.9 (8.9) Income statement The net charge/(credit) recognised in operating profit for retirement benefit obligations was: 2025 2024 UK \u00a3m Other \u00a3m Total \u00a3m UK \u00a3m Other \u00a3m Total \u00a3m Current service cost 1.1 0.5 1.6 1.2 0.4 1.6 Past service cost \u2013 (0.1) (0.1) \u2013 (0.1) (0.1) Interest expense on obligation 18.4 0.8 19.2 18.7 0.9 19.6 Interest income on scheme assets (20.5) (0.6) (21.1) (20.7) (0.6) (21.3) Interest expense on asset ceiling/ onerous liability 2.6 0.1 2.7 3.0 0.1 3.1 Administrative expenses 1.1 \u2013 1.1 1.2 \u2013 1.2 Total charge for defined benefit schemes 2.7 0.7 3.4 3.4 0.7 4.1 Total charge for defined contribution schemes and personal pensions 11.2 10.2 21.4 10.6 10.4 21.0 Balance sheet The amounts included in the balance sheet arising from the Group\u2019s assets/(obligations) in respect of its defined benefit schemes was: 2025 2024 UK \u00a3m Other \u00a3m Total \u00a3m UK \u00a3m Other \u00a3m Total \u00a3m Fair value of scheme assets 400.4 32.5 432.9 421.2 30.8 452.0 Present value of defined benefit obligations (342.6) (36.7) (379.3) (385.1) (36.7) (421.8) Effect of asset ceiling/onerous liability (63.2) (4.3) (67.5) (52.2) (3.7) (55.9) Retirement benefit net obligations (5.4) (8.5) (13.9) (16.1) (9.6) (25.7) Amount recognised on the balance sheet - liability (5.4) (11.0) (16.4) (16.1) (11.1) (27.2) Amount recognised on the balance sheet - asset \u2013 2.5 2.5 \u2013 1.5 1.5 The other defined benefit schemes were: 2025 2024 Fair value of scheme assets \u00a3m Present value of defined benefit obligations \u00a3m Effect of asset ceiling/ onerous liability \u00a3m Retirement benefit obligations \u00a3m Fair value of scheme assets \u00a3m Present value of defined benefit obligations \u00a3m Effect of asset ceiling/ onerous liability \u00a3m Retirement benefit obligations \u00a3m Germany\u2019s defined benefit pension scheme \u2013 (6.8) \u2013 (6.8) \u2013 (7.2) \u2013 (7.2) Republic of Ireland\u2019s defined benefit pension scheme 7.0 (5.1) \u2013 1.9 7.2 (5.7) \u2013 1.5 France\u2019s defined benefit retirement indemnity scheme \u2013 (3.0) \u2013 (3.0) \u2013 (3.1) \u2013 (3.1) Italy\u2019s defined benefit retirement indemnity scheme \u2013 (1.2) \u2013 (1.2) \u2013 (0.8) \u2013 (0.8) Switzerland\u2019s contribution- based scheme 25.5 (20.6) (4.3) 0.6 23.6 (19.9) (3.7) \u2013 Other 32.5 (36.7) (4.3) (8.5) 30.8 (36.7) (3.7) (9.6) Movements in the present value of the defined benefit obligations in the year were: 2025 2024 UK \u00a3m Other \u00a3m Total \u00a3m UK \u00a3m Other \u00a3m Total \u00a3m At 1 April 385.1 36.7 421.8 390.5 16.8 407.3 Acquisitions \u2013 0.6 0.6 \u2013 20.5 20.5 Current service cost 1.1 0.5 1.6 1.2 0.4 1.6 Past service cost \u2013 (0.1) (0.1) \u2013 (0.1) (0.1) Interest expense 18.4 0.8 19.2 18.7 0.9 19.6 Effect of changes in demographic assumptions \u2013 \u2013 \u2013 (5.1) \u2013 (5.1) Effect of changes in financial assumptions (43.5) (1.0) (44.5) (4.4) 1.6 (2.8) Effect of experience adjustments 0.9 0.8 1.7 2.3 0.1 2.4 Benefits paid (19.4) (1.4) (20.8) (18.1) (3.2) (21.3) Employee contributions \u2013 0.2 0.2 \u2013 0.1 0.1 Exchange differences \u2013 (0.4) (0.4) \u2013 (0.4) (0.4) At 31 March 342.6 36.7 379.3 385.1 36.7 421.8 Of the UK scheme\u2019s present value of the defined benefit obligations, \u00a330.9 million (2023/24: \u00a333.8 million) relates to active members, \u00a3135.9 million (2023/24: \u00a3153.6 million) to vested deferred members and \u00a3175.8 million (2023/24: \u00a3197.7 million) to retirees. Movements in the fair value of the schemes\u2019 assets in the year were: 2025 2024 UK \u00a3m Other \u00a3m Total \u00a3m UK \u00a3m Other \u00a3m Total \u00a3m At 1 April 421.2 30.8 452.0 425.4 6.6 432.0 Acquisitions \u2013 \u2013 \u2013 \u2013 25.6 25.6 Interest income 20.5 0.6 21.1 20.7 0.6 21.3 Return on scheme assets (excluding interest income) (33.9) 1.5 (32.4) (18.6) 0.5 (18.1) Contributions by company 13.1 1.0 14.1 13.0 0.9 13.9 Benefits paid (19.4) (1.4) (20.8) (18.1) (3.2) (21.3) Administrative expenses (1.1) \u2013 (1.1) (1.2) \u2013 (1.2) Employee contributions \u2013 0.2 0.2 \u2013 0.1 0.1 Exchange differences \u2013 (0.2) (0.2) \u2013 (0.3) (0.3) At 31 March 400.4 32.5 432.9 421.2 30.8 452.0 The fair values of the schemes\u2019 assets were: 2025 2024 UK \u00a3m Other \u00a3m Total \u00a3m UK \u00a3m Other \u00a3m Total \u00a3m QIAIF (liability driven investment and credit portfolio of quoted assets) 213.5 \u2013 213.5 264.9 \u2013 264.9 Quoted equities \u2013 10.7 10.7 \u2013 10.1 10.1 Quoted debt instruments 102.6 13.5 116.1 68.3 12.8 81.1 Unquoted debt instruments 83.5 \u2013 83.5 87.8 \u2013 87.8 Property \u2013 8.2 8.2 \u2013 7.7 7.7 Cash 0.8 0.1 0.9 0.2 0.2 0.4 Total market value of scheme assets 400.4 32.5 432.9 421.2 30.8 452.0 Property relates to investments in unquoted real estate funds and no property or real estate funds are held directly. The split of UK quoted and unquoted debt instruments is based on the split of the underlying assets of pooled investment vehicles in which the scheme is invested. The fair values of the unquoted debt instruments are determined by the fund managers using quoted prices for similar assets or other valuation techniques where all the inputs are directly observable or indirectly observable from market data. The defined benefit schemes do not invest in the Company and no assets owned by the schemes are used by the Group. Movements in the effect of asset ceiling/onerous liability were: 2025 2024 UK \u00a3m Other \u00a3m Total \u00a3m UK \u00a3m Other \u00a3m Total \u00a3m At 1 April 52.2 3.7 55.9 61.1 \u2013 61.1 Acquisitions \u2013 \u2013 \u2013 \u2013 5.1 5.1 Interest expense 2.6 0.1 2.7 3.0 0.1 3.1 Change in asset ceiling/onerous liability (excluding interest expense) 8.4 0.5 8.9 (11.9) (1.5) (13.4) At 31 March 63.2 4.3 67.5 52.2 3.7 55.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
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"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-582": {
"value": "10 Retirement benefit obligations For defined benefit schemes, the surplus or deficit recognised in the balance sheet is the difference between the fair value of the scheme assets and the present value of the obligations at the balance sheet date. The present value of the obligations is calculated by independent actuaries using the projected unit credit method. It is determined by discounting estimated future cash outflows using a discount rate reflecting yields on high-quality corporate bonds with terms approximating the terms of the related obligation. The operating profit charge comprises the current service cost, net interest cost, past service costs, administrative expenses, curtailment gains and losses and settlement gains and losses. The net interest cost is based on the discount rate at the beginning of the year, contributions paid in and the surplus or deficit during the year. Past service costs and curtailment gains and losses are recognised at the earlier of when the scheme amendment or curtailment occurs and when any related reorganisation costs or termination benefits are recognised. Settlement gains and losses are recognised when the settlement occurs. Remeasurements, representing returns on scheme assets excluding amounts included in interest and actuarial gains and losses arising from changes in demographic and financial assumptions and experience adjustments, are recognised in other comprehensive income. The Group\u2019s largest defined benefit pension scheme is in the UK, providing benefits based on final pensionable pay for eligible employees who joined on or before 1 April 2003. The scheme is administered by a corporate trustee and the funds are independent of the Group\u2019s finances. The Group also has defined benefit pension schemes in Germany and the Republic of Ireland which are closed to both new members and accruals for future service, defined benefit retirement indemnity schemes in France and Italy, and a contribution-based pension scheme in Switzerland that guarantees a minimum rate of investment return and so is accounted for under IAS 19 \u2018Employee Benefits\u2019 as a defined benefit pension scheme. For defined contribution schemes, the costs are charged to operating profit as they fall due. The Group has defined contribution schemes in a number of countries, including the UK, the US, Australia and Germany, and contributes to government schemes in a number of other countries that are defined contribution schemes. The Group also makes payments to employees\u2019 personal pensions in the UK when their employing company does not provide defined benefit or defined contribution schemes. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-498": {
"value": "For defined contribution schemes, the costs are charged to operating profit as they fall due. The Group has defined contribution schemes in a number of countries, including the UK, the US, Australia and Germany, and contributes to government schemes in a number of other countries that are defined contribution schemes. The Group also makes payments to employees\u2019 personal pensions in the UK when their employing company does not provide defined benefit or defined contribution schemes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-499": {
"value": "Regulatory framework and governance
The UK scheme, the RS Group Pension Scheme, is a registered scheme established under trust law
and, as such, is subject to UK pension, tax and trust legislation. It is managed by a corporate trustee,
RS Group Pension Trustees Limited (the Trustee). The Trustee includes representatives appointed by
both the Company and members. Although the Company bears the financial cost of the scheme, the
Trustee directors are responsible for the overall management of the scheme including compliance with
applicable regulations and legislation. The Trustee directors are required by law to act in the interest
of all relevant beneficiaries and to set certain policies, to manage the day-to-day administration of the
benefits and to set the scheme investment strategy in consultation with the Company.
UK pensions are regulated by the Pensions Regulator whose statutory objectives and regulatory powers
are described on its website: thepensionsregulator.gov.uk
Deficit position and funding
The funding of the UK scheme is assessed using assumptions in accordance with the advice of
independent actuaries. These assumptions may be different to those used for the accounting valuation.
The last triennial funding valuation was carried out as at 31 March 2022 and showed a deficit of
\u00a336.4 million on a statutory technical provisions basis. The Trustee and the Company agreed a recovery
plan to eliminate this deficit over time. Under this plan, the Group agreed to make deficit contributions
of \u00a311.1 million per annum with the aim that the scheme will be fully funded on a statutory technical
provisions basis by 30 September 2025.
The rules of the UK scheme give the Trustee powers to wind up the scheme, which it may exercise if the
Trustee is aware that the assets of the scheme are insufficient to meet its liabilities. Although the scheme
was in deficit on a statutory funding basis at 31 March 2022, the Trustee has confirmed that it has no
current intention to exercise its power to wind up the scheme.
Under the UK scheme\u2019s rules the power to wind up the scheme and augment benefits is with the
Trustee and, therefore, under IFRIC 14 the Group does not have an unconditional right to any surplus
that may arise. On that basis, the defined benefit net asset at 31 March 2025 has been restricted to \u00a3nil
(2023/24: \u00a3nil) and an additional liability of \u00a35.4 million (2023/24: \u00a316.1 million) has been recognised
which is equal to the present value of the agreed future deficit contributions under the recovery plan.
Based on the funding position as at 31 March 2025, in the year ending 31 March 2026 the Group
expects to pay \u00a37.5 million of contributions to the UK scheme, including \u00a35.6 million of deficit
contribution payments, and \u00a30.9 million to the other defined benefit schemes.
Investment strategy and risk exposure
The defined benefit schemes expose the Group to actuarial risks such as longevity, interest rate, inflation
and investment risks. The approach for managing the UK scheme\u2019s investment strategy and risks are set
out below.
Interest rate risk
The Trustee has set a benchmark for total investment in bonds (government and corporate), interest
rate swaps, inflation swaps, gilt repurchase agreements and cash as part of its matching asset portfolio
(comprising the qualifying investor alternative investment fund (QIAIF), a bespoke pooled structure in
which the scheme is the sole investor). Under this strategy, if gilt yields fall, the value of the investments
within the matching asset portfolio will rise to help match the increase in the valuation of the liabilities
arising from a fall in the discount rate, which is derived from gilt yields. Similarly, if gilt yields rise, the
value of the matching asset portfolio will fall, as will the valuation of the liabilities because of an increase
in the discount rate.
Inflation risk
The scheme holds index-linked gilts, inflation swaps and repurchase agreements to manage against
inflation risk associated with pension liability increases. Derivatives are only held indirectly, via the QIAIF.
Longevity risk
Prudent mortality assumptions are used that appropriately allow for future improvements in life
expectancy. These assumptions are reviewed on a regular basis to ensure they remain appropriate.
The Trustee uses the Club Vita service to provide a better estimate of the mortality rates of the scheme\u2019s
membership than the standard tables. Club Vita facilitates the accumulation and pooling of data
and helps pension schemes understand and manage longevity risk by providing data-driven insights
into life expectancy patterns and trends, enabling more informed strategic decisions and better risk
management. With effect from 1 June 2008, the scheme introduced a mortality risk sharing mechanism
whereby members\u2019 benefits for pensionable service after that date will be reduced if the life expectancy
of the scheme\u2019s members increases more quickly than a pre-determined rate.
Environmental, social and governance (ESG) and climate risk
The Trustee considers how ESG and climate change are integrated within investment processes and
how they align with the Trustee\u2019s policies in appointing new investment managers and monitoring
existing investment managers. The Trustee has set out clear expectations for its advisors and the
scheme\u2019s investment managers to consider ESG issues, including climate change, where relevant to
investment outcomes. The Trustee, together with its advisor, monitors annually the extent to which ESG
factors, including explicit consideration of climate change, are integrated into the investment managers\u2019
approaches. To supplement this, the Trustee makes regular use of the investment consultant\u2019s ESG
ratings and will engage proactively with investment managers whose ESG ratings are judged to be
lagging their peers within the asset class. The investment and risk subcommittee meets all investment
managers at least annually to discuss ESG and climate change issues specifically.
Assumptions
Financial assumptions
The principal assumptions used to determine the UK defined benefit obligations were:
2025 2024
Discount rate 5.80% 4.90%
Rate of increase in pensionable salaries Nil Nil
Rate of RPI inflation 3.10% 3.20%
Rate of CPI inflation 2.80% 2.80%
Rate of pension increases
RPI inflation capped at 5.0% p.a. 2.90% 2.95%
RPI inflation capped at 2.5% p.a. 1.90% 1.95%
Life expectancy assumptions
Based upon the demographics of scheme members, the weighted average life expectancy assumptions
used to determine the UK defined benefit obligations were:
2025
Years
2024
Years
Member aged 65 (current life expectancy) \u2013 male 22.1 22.0
Member aged 65 (current life expectancy) \u2013 female 23.5 23.4
Member aged 45 (life expectancy at aged 65) \u2013 male 22.5 23.4
Member aged 45 (life expectancy at aged 65) \u2013 female 25.2 25.1
At 31 March 2025, the weighted average duration of the UK defined benefit obligation was 12 years
(2023/24: 14 years).
Sensitivity analysis of the impact of changes in key assumptions
The calculations of the defined benefit obligations are sensitive to the assumptions used. The sensitivity
analysis below is based on a change in reasonably potential assumptions for the UK scheme while
holding all other assumptions constant, as the amount of the Retirement Obligation for the other
defined benefit schemes is less material to the Group; in practice changes in some of the assumptions
may be correlated.
A change would have the following increase/(decrease) on the UK defined benefit obligations as at
31 March 2025:
Increase in
assumption
\u00a3m
Decrease in
assumption
\u00a3m
Effect on obligation of a 0.5 pts change to the assumed discount rate (19.8) 21.9
Effect on obligation of a 0.25 pts change in the assumed inflation rate 9.5 (9.2)
Effect on obligation of a change of one year in assumed life expectancy 8.9 (8.9)
Income statement
The net charge/(credit) recognised in operating profit for retirement benefit obligations was:
2025 2024
UK
\u00a3m
Other
\u00a3m
Total
\u00a3m
UK
\u00a3m
Other
\u00a3m
Total
\u00a3m
Current service cost 1.1 0.5 1.6 1.2 0.4 1.6
Past service cost \u2013 (0.1) (0.1) \u2013 (0.1) (0.1)
Interest expense on obligation 18.4 0.8 19.2 18.7 0.9 19.6
Interest income on scheme assets (20.5) (0.6) (21.1) (20.7) (0.6) (21.3)
Interest expense on asset ceiling/
onerous liability
2.6 0.1 2.7 3.0 0.1 3.1
Administrative expenses 1.1 \u2013 1.1 1.2 \u2013 1.2
Total charge for defined
benefit schemes
2.7 0.7 3.4 3.4 0.7 4.1
Total charge for defined
contribution schemes and
personal pensions
11.2 10.2 21.4 10.6 10.4 21.0
Balance sheet
The amounts included in the balance sheet arising from the Group\u2019s assets/(obligations) in respect of its
defined benefit schemes was:
2025 2024
UK
\u00a3m
Other
\u00a3m
Total
\u00a3m
UK
\u00a3m
Other
\u00a3m
Total
\u00a3m
Fair value of scheme assets 400.4 32.5 432.9 421.2 30.8 452.0
Present value of defined benefit
obligations
(342.6) (36.7) (379.3) (385.1) (36.7) (421.8)
Effect of asset ceiling/onerous liability (63.2) (4.3) (67.5) (52.2) (3.7) (55.9)
Retirement benefit net obligations (5.4) (8.5) (13.9) (16.1) (9.6) (25.7)
Amount recognised on the balance
sheet - liability
(5.4) (11.0) (16.4) (16.1) (11.1) (27.2)
Amount recognised on the balance
sheet - asset
\u2013 2.5 2.5 \u2013 1.5 1.5
The other defined benefit schemes were:
2025 2024
Fair
value of
scheme
assets
\u00a3m
Present
value of
defined
benefit
obligations
\u00a3m
Effect
of asset
ceiling/
onerous
liability
\u00a3m
Retirement
benefit
obligations
\u00a3m
Fair value
of scheme
assets
\u00a3m
Present
value of
defined
benefit
obligations
\u00a3m
Effect
of asset
ceiling/
onerous
liability
\u00a3m
Retirement
benefit
obligations
\u00a3m
Germany\u2019s defined benefit
pension scheme
\u2013 (6.8) \u2013 (6.8) \u2013 (7.2) \u2013 (7.2)
Republic of Ireland\u2019s defined
benefit pension scheme
7.0 (5.1) \u2013 1.9 7.2 (5.7) \u2013 1.5
France\u2019s defined benefit
retirement indemnity scheme
\u2013 (3.0) \u2013 (3.0) \u2013 (3.1) \u2013 (3.1)
Italy\u2019s defined benefit
retirement indemnity scheme
\u2013 (1.2) \u2013 (1.2) \u2013 (0.8) \u2013 (0.8)
Switzerland\u2019s contribution-
based scheme
25.5 (20.6) (4.3) 0.6 23.6 (19.9) (3.7) \u2013
Other 32.5 (36.7) (4.3) (8.5) 30.8 (36.7) (3.7) (9.6)
Movements in the present value of the defined benefit obligations in the year were:
2025 2024
UK
\u00a3m
Other
\u00a3m
Total
\u00a3m
UK
\u00a3m
Other
\u00a3m
Total
\u00a3m
At 1 April 385.1 36.7 421.8 390.5 16.8 407.3
Acquisitions \u2013 0.6 0.6 \u2013 20.5 20.5
Current service cost 1.1 0.5 1.6 1.2 0.4 1.6
Past service cost \u2013 (0.1) (0.1) \u2013 (0.1) (0.1)
Interest expense 18.4 0.8 19.2 18.7 0.9 19.6
Effect of changes in demographic assumptions \u2013 \u2013 \u2013 (5.1) \u2013 (5.1)
Effect of changes in financial assumptions (43.5) (1.0) (44.5) (4.4) 1.6 (2.8)
Effect of experience adjustments 0.9 0.8 1.7 2.3 0.1 2.4
Benefits paid (19.4) (1.4) (20.8) (18.1) (3.2) (21.3)
Employee contributions \u2013 0.2 0.2 \u2013 0.1 0.1
Exchange differences \u2013 (0.4) (0.4) \u2013 (0.4) (0.4)
At 31 March 342.6 36.7 379.3 385.1 36.7 421.8
Of the UK scheme\u2019s present value of the defined benefit obligations, \u00a330.9 million
(2023/24: \u00a333.8 million) relates to active members, \u00a3135.9 million (2023/24: \u00a3153.6 million) to vested
deferred members and \u00a3175.8 million (2023/24: \u00a3197.7 million) to retirees.
Movements in the fair value of the schemes\u2019 assets in the year were:
2025 2024
UK
\u00a3m
Other
\u00a3m
Total
\u00a3m
UK
\u00a3m
Other
\u00a3m
Total
\u00a3m
At 1 April 421.2 30.8 452.0 425.4 6.6 432.0
Acquisitions \u2013 \u2013 \u2013 \u2013 25.6 25.6
Interest income 20.5 0.6 21.1 20.7 0.6 21.3
Return on scheme assets (excluding
interest income)
(33.9) 1.5 (32.4) (18.6) 0.5 (18.1)
Contributions by company 13.1 1.0 14.1 13.0 0.9 13.9
Benefits paid (19.4) (1.4) (20.8) (18.1) (3.2) (21.3)
Administrative expenses (1.1) \u2013 (1.1) (1.2) \u2013 (1.2)
Employee contributions \u2013 0.2 0.2 \u2013 0.1 0.1
Exchange differences \u2013 (0.2) (0.2) \u2013 (0.3) (0.3)
At 31 March 400.4 32.5 432.9 421.2 30.8 452.0
The fair values of the schemes\u2019 assets were:
2025 2024
UK
\u00a3m
Other
\u00a3m
Total
\u00a3m
UK
\u00a3m
Other
\u00a3m
Total
\u00a3m
QIAIF (liability driven investment and credit
portfolio of quoted assets)
213.5 \u2013 213.5 264.9 \u2013 264.9
Quoted equities \u2013 10.7 10.7 \u2013 10.1 10.1
Quoted debt instruments 102.6 13.5 116.1 68.3 12.8 81.1
Unquoted debt instruments 83.5 \u2013 83.5 87.8 \u2013 87.8
Property \u2013 8.2 8.2 \u2013 7.7 7.7
Cash 0.8 0.1 0.9 0.2 0.2 0.4
Total market value of scheme assets 400.4 32.5 432.9 421.2 30.8 452.0
Property relates to investments in unquoted real estate funds and no property or real estate funds
are held directly. The split of UK quoted and unquoted debt instruments is based on the split of the
underlying assets of pooled investment vehicles in which the scheme is invested.
The fair values of the unquoted debt instruments are determined by the fund managers using quoted
prices for similar assets or other valuation techniques where all the inputs are directly observable or
indirectly observable from market data.
The defined benefit schemes do not invest in the Company and no assets owned by the schemes are
used by the Group.
Movements in the effect of asset ceiling/onerous liability were:
2025 2024
UK
\u00a3m
Other
\u00a3m
Total
\u00a3m
UK
\u00a3m
Other
\u00a3m
Total
\u00a3m
At 1 April 52.2 3.7 55.9 61.1 \u2013 61.1
Acquisitions \u2013 \u2013 \u2013 \u2013 5.1 5.1
Interest expense 2.6 0.1 2.7 3.0 0.1 3.1
Change in asset ceiling/onerous liability (excluding
interest expense)
8.4 0.5 8.9 (11.9) (1.5) (13.4)
At 31 March 63.2 4.3 67.5 52.2 3.7 55.9
",
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"fact-520": {
"value": "Sensitivity analysis of the impact of changes in key assumptions The calculations of the defined benefit obligations are sensitive to the assumptions used. The sensitivity analysis below is based on a change in reasonably potential assumptions for the UK scheme while holding all other assumptions constant, as the amount of the Retirement Obligation for the other defined benefit schemes is less material to the Group; in practice changes in some of the assumptions may be correlated. A change would have the following increase/(decrease) on the UK defined benefit obligations as at 31 March 2025: Increase in assumption \u00a3m Decrease in assumption \u00a3m Effect on obligation of a 0.5 pts change to the assumed discount rate (19.8) 21.9 Effect on obligation of a 0.25 pts change in the assumed inflation rate 9.5 (9.2) Effect on obligation of a change of one year in assumed life expectancy 8.9 (8.9) ",
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"fact-521": {
"value": "2025 2024 UK \u00a3m Other \u00a3m Total \u00a3m UK \u00a3m Other \u00a3m Total \u00a3m Fair value of scheme assets 400.4 32.5 432.9 421.2 30.8 452.0 Present value of defined benefit obligations (342.6) (36.7) (379.3) (385.1) (36.7) (421.8) Effect of asset ceiling/onerous liability (63.2) (4.3) (67.5) (52.2) (3.7) (55.9) Retirement benefit net obligations (5.4) (8.5) (13.9) (16.1) (9.6) (25.7) Amount recognised on the balance sheet - liability (5.4) (11.0) (16.4) (16.1) (11.1) (27.2) Amount recognised on the balance sheet - asset \u2013 2.5 2.5 \u2013 1.5 1.5 ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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},
"fact-583": {
"value": "11 Taxation Current and deferred tax are recognised in the income statement, except when they relate to items recognised in other comprehensive income or directly in equity when the related tax is also recognised in other comprehensive income or directly in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. The Group recognises deferred tax assets and liabilities based on estimates of future taxable income and recoverability. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is calculated using tax rates enacted or substantively enacted at the balance sheet date that are expected to apply when the deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which these temporary differences can be utilised. No deferred tax liabilities are recognised on the initial recognition of goodwill. However, when goodwill arises in a jurisdiction where it is deductible in determining taxable profit, the amortisation for tax purposes of goodwill creates a taxable temporary difference and this resulting deferred tax liability is recognised. The Group recognises a current tax provision when the Group has a present obligation as a result of a past event, and it is considered probable that there will be a future outflow of funds. As an international business, the Group is exposed to the income tax laws of the large number of jurisdictions in which it operates. These laws are complex and subject to different interpretations by taxpayers and tax authorities. The assessment of uncertain tax positions is subjective. It is based on the Group\u2019s interpretation of country-specific tax law and its application and interaction, on previous experience and on management\u2019s professional judgement supported by external advisors where necessary. The Group estimates a provision for uncertain tax positions by making judgements about the position likely to be taken by each tax authority. Where it is considered probable that the tax authority will accept the tax treatment used, or expected to be used, in the income tax return, the accounts reflect the treatment in the return. Where it is not considered probable that the tax authority will accept the tax treatment, the tax amounts in the accounts reflect that uncertainty using either the most likely amount or the expected value amount depending on which method is expected to reflect the resolution of that uncertainty better. Provisions for uncertain tax positions are included within current tax liabilities. The Group\u2019s uncertain tax positions relate principally to cross-border transfer pricing. As at 31 March 2025, the total value of these tax provisions was \u00a39.1 million (2023/24: \u00a38.8 million). It is possible that the amounts paid will be different from the amounts provided but this is not expected to be material. Penalties and interest on provisions for uncertain tax positions are included in Note 24. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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},
"fact-471": {
"value": "11 Taxation Current and deferred tax are recognised in the income statement, except when they relate to items recognised in other comprehensive income or directly in equity when the related tax is also recognised in other comprehensive income or directly in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. The Group recognises deferred tax assets and liabilities based on estimates of future taxable income and recoverability. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is calculated using tax rates enacted or substantively enacted at the balance sheet date that are expected to apply when the deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which these temporary differences can be utilised. No deferred tax liabilities are recognised on the initial recognition of goodwill. However, when goodwill arises in a jurisdiction where it is deductible in determining taxable profit, the amortisation for tax purposes of goodwill creates a taxable temporary difference and this resulting deferred tax liability is recognised. The Group recognises a current tax provision when the Group has a present obligation as a result of a past event, and it is considered probable that there will be a future outflow of funds. As an international business, the Group is exposed to the income tax laws of the large number of jurisdictions in which it operates. These laws are complex and subject to different interpretations by taxpayers and tax authorities. The assessment of uncertain tax positions is subjective. It is based on the Group\u2019s interpretation of country-specific tax law and its application and interaction, on previous experience and on management\u2019s professional judgement supported by external advisors where necessary. The Group estimates a provision for uncertain tax positions by making judgements about the position likely to be taken by each tax authority. Where it is considered probable that the tax authority will accept the tax treatment used, or expected to be used, in the income tax return, the accounts reflect the treatment in the return. Where it is not considered probable that the tax authority will accept the tax treatment, the tax amounts in the accounts reflect that uncertainty using either the most likely amount or the expected value amount depending on which method is expected to reflect the resolution of that uncertainty better. Provisions for uncertain tax positions are included within current tax liabilities. The Group\u2019s uncertain tax positions relate principally to cross-border transfer pricing. As at 31 March 2025, the total value of these tax provisions was \u00a39.1 million (2023/24: \u00a38.8 million). It is possible that the amounts paid will be different from the amounts provided but this is not expected to be material. Penalties and interest on provisions for uncertain tax positions are included in Note 24. Tax expense/(income) recognised in the income statement 2025 \u00a3m 2024 restated 1 \u00a3m Current tax Current tax on profits for the year 58.6 67.8 Adjustments for prior years (0.1) 6.3 Total current tax 58.5 74.1 Deferred tax Origination and reversal of temporary differences (4.3) (3.9) Adjustments for prior years (0.7) (6.4) Total deferred tax (5.0) (10.3) Income tax expense 53.5 63.8 1. Please refer to Note 32 for further details of the restatement. The income tax expense for the year can be reconciled to the profit per the income statement as follows:
2025
\u00a3m
2024
restated
1
\u00a3m
Profit before tax 206.1 243.2
Expected tax charge at UK corporation tax rate of 25% (2024: 25%) 51.6 60.8
Recurring items
Differences in overseas corporation tax rates (1.2) 0.3
Impact of tax losses (1.7) (0.1)
Items not taxable for tax purposes\ue062 (0.8) (1.2)
Items not deductible for tax purposes 3.3 4.7
Other local taxes suffered overseas\ue062 2.1 1.1
Non-recurring items
Changes in tax rates and laws 0.7 \u2013
Movement in uncertain tax provisions in current year 1.1 0.9
Movement in uncertain tax provisions for prior years (0.8) (2.6)
Prior year adjustments (0.8) (0.1)
53.5 63.8
1. Please refer to Note 32 for further details of the restatement.
The Group is within the scope of the OECD Pillar Two model rules, which the UK government
substantively enacted in its Finance (No.2) Act 2023 on 20 June 2023, introducing an income inclusion
rule and domestic minimum top-up tax that apply for accounting periods beginning on or after
31 December 2023. The Group has done a review of the impact of these rules and it does not have a
material impact on the reported results or financial position of the Group.
Tax expense/(income) recognised directly in other comprehensive income
2025
\u00a3m
2024
\u00a3m
Relating to remeasurement of retirement benefit obligations 0.3 0.1
Relating to movement in cash flow hedges 0.2 \u2013
0.5 0.1
Movement in deferred tax assets and liabilities
Intangible
assets
(excluding
goodwill),
right-of-use
assets and
property,
plant and
equipment
\u00a3m
Goodwill
\u00a3m
Retirement
benefit
obligations
\u00a3m
Employee
benefits
\u00a3m
Tax losses
\u00a3m
Lease
liabilities
\u00a3m
Other
\u00a3m
Net tax
(liabilities)/
assets
\u00a3m
At 1 April 2023 (71.9) (51.2) 8.7 12.0 2.8 13.1 3.3 (83.2)
Prior period restatement
(Note 32)
\u2013 \u2013 \u2013 \u2013 \u2013 \u2013 3.2 3.2
At 1 April 2023 (restated
1
) (71.9) (51.2) 8.7 12.0 2.8 13.1 6.5 (80.0)
Acquisitions (25.7) \u2013 \u2013 \u2013 2.4 6.8 2.4 (14.1)
Credit/(charge) to income
statement (restated
1
)
8.9 0.3 0.4 (3.7) 1.6 (1.0) 3.8 10.3
Recognised directly in equity \u2013 \u2013 (2.9) (1.7) \u2013 \u2013 \u2013 (4.6)
Translation differences (1.7) 1.0 (0.1) (0.1) \u2013 \u2013 0.1 (0.8)
At 31 March 2024 restated
1
(90.4) (49.9) 6.1 6.5 6.8 18.9 12.8 (89.2)
Acquisitions (Note 29) (0.8) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.8)
Credit/(charge) to income
statement
12.6 (0.4) (0.1) (1.1) (3.6) (5.0) 2.6 5.0
Recognised directly in equity \u2013 \u2013 (2.7) (0.4) \u2013 \u2013 \u2013 (3.1)
Translation differences 6.0 1.1 \u2013 (0.2) (1.2) \u2013 1.9 7.6
At 31 March 2025 (72.6) (49.2) 3.3 4.8 2.0 13.9 17.3 (80.5)
Analysed in the balance sheet as:
2025
\u00a3m
2024
restated
1
\u00a3m
2023
restated
1
\u00a3m
Deferred tax assets 11.1 9.5 6.9
Deferred tax liabilities (91.6) (98.7) (86.9)
(80.5) (89.2) (80.0)
1. Please refer to Note 32 for further details of the restatement.
A deferred tax asset has been recognised for tax losses where current projections show that sufficient
taxable profits will arise in the near future against which these losses may be offset. A deferred tax asset
has not been recognised in respect of carry-forward tax losses where recoverability is uncertain totalling
\u00a30.6 million (2023/24: \u00a31.3 million) which carries no expiry date.
",
"dimensions": {
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"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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},
"fact-599": {
"value": "Current and deferred tax are recognised in the income statement, except when they relate to items recognised in other comprehensive income or directly in equity when the related tax is also recognised in other comprehensive income or directly in equity. The Group recognises deferred tax assets and liabilities based on estimates of future taxable income and recoverability. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is calculated using tax rates enacted or substantively enacted at the balance sheet date that are expected to apply when the deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which these temporary differences can be utilised. No deferred tax liabilities are recognised on the initial recognition of goodwill. However, when goodwill arises in a jurisdiction where it is deductible in determining taxable profit, the amortisation for tax purposes of goodwill creates a taxable temporary difference and this resulting deferred tax liability is recognised. ",
"dimensions": {
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},
"fact-500": {
"value": "Movement in deferred tax assets and liabilities Intangible assets (excluding goodwill), right-of-use assets and property, plant and equipment \u00a3m Goodwill \u00a3m Retirement benefit obligations \u00a3m Employee benefits \u00a3m Tax losses \u00a3m Lease liabilities \u00a3m Other \u00a3m Net tax (liabilities)/ assets \u00a3m At 1 April 2023 (71.9) (51.2) 8.7 12.0 2.8 13.1 3.3 (83.2) Prior period restatement (Note 32) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 3.2 3.2 At 1 April 2023 (restated1 ) (71.9) (51.2) 8.7 12.0 2.8 13.1 6.5 (80.0) Acquisitions (25.7) \u2013 \u2013 \u2013 2.4 6.8 2.4 (14.1) Credit/(charge) to income statement (restated1) 8.9 0.3 0.4 (3.7) 1.6 (1.0) 3.8 10.3 Recognised directly in equity \u2013 \u2013 (2.9) (1.7) \u2013 \u2013 \u2013 (4.6) Translation differences (1.7) 1.0 (0.1) (0.1) \u2013 \u2013 0.1 (0.8) At 31 March 2024 restated 1 (90.4) (49.9) 6.1 6.5 6.8 18.9 12.8 (89.2) Acquisitions (Note 29) (0.8) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.8) Credit/(charge) to income statement 12.6 (0.4) (0.1) (1.1) (3.6) (5.0) 2.6 5.0 Recognised directly in equity \u2013 \u2013 (2.7) (0.4) \u2013 \u2013 \u2013 (3.1) Translation differences 6.0 1.1 \u2013 (0.2) (1.2) \u2013 1.9 7.6 At 31 March 2025 (72.6) (49.2) 3.3 4.8 2.0 13.9 17.3 (80.5) Analysed in the balance sheet as: 2025 \u00a3m 2024 restated1 \u00a3m 2023 restated1 \u00a3m Deferred tax assets 11.1 9.5 6.9 Deferred tax liabilities (91.6) (98.7) (86.9) (80.5) (89.2) (80.0) 1. Please refer to Note 32 for further details of the restatement. A deferred tax asset has been recognised for tax losses where current projections show that sufficient taxable profits will arise in the near future against which these losses may be offset. A deferred tax asset has not been recognised in respect of carry-forward tax losses where recoverability is uncertain totalling \u00a30.6 million (2023/24: \u00a31.3 million) which carries no expiry date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-573": {
"value": "Analysed in the balance sheet as: 2025 \u00a3m 2024 restated1 \u00a3m 2023 restated1 \u00a3m Deferred tax assets 11.1 9.5 6.9 Deferred tax liabilities (91.6) (98.7) (86.9) (80.5) (89.2) (80.0) 1. Please refer to Note 32 for further details of the restatement. A deferred tax asset has been recognised for tax losses where current projections show that sufficient taxable profits will arise in the near future against which these losses may be offset. A deferred tax asset has not been recognised in respect of carry-forward tax losses where recoverability is uncertain totalling \u00a30.6 million (2023/24: \u00a31.3 million) which carries no expiry date. 20 Trade and other payables 2025 \u00a3m 2024 \u00a3m Current Trade payables\ue062 359.4 381.8 Other taxation and social security\ue062 41.2 40.7 Government grants\ue062 0.1 0.1 Cash-settled share-based payment liability 0.4 1.2 Accruals 165.2 133.0 Contract liabilities 3.9 4.4 Other payables (including estimated obligations for customer volume discounts and refunds \u2013 Note 4) 40.8 41.5 Current trade and other payables 611.0 602.7 Non-current Government grants\ue062 2.0 2.2 Cash-settled share-based payment liability 0.6 2.4 Other employee benefits 3.1 3.8 Accruals \u2013 0.1 Other payables 1.7 8.8 Non-current other payables 7.4 17.3 Contract liabilities are where the Group has received payment but is yet to perform its part of the contract. Government grants related to expenditure on property, plant and equipment are credited to the income statement at the same rate as the depreciation on the asset to which the grant relates. The Group offers a supply chain finance facility to its suppliers. This was set up when the Group worked with suppliers to extend payment terms to protect its working capital position. It is primarily provided to give suppliers the option to protect their own working capital position from the impact of this extension. Judgement is required to assess the payables subject to these arrangements and whether they should continue to be classified as trade payables and whether the cash flows should still be classified as operating. The substance of the contractual terms with the bank providing the financing does not differ from the terms under the supplier contracts. The standard payment terms under supplier contracts are 60 days, with a maximum payment term of 180 days. As there are no changes to the invoice terms, the amount owed to the bank is included in trade payables. Related cash flows are included in cash generated from operations. 2025 2024 Carrying amount of the financial liabilities that are subject to supplier finance arrangements (\u00a3m) Presented within trade and other payables 14.7 14.1 - of which suppliers have received payment from the bank 0.3 N/A Range of payment due dates (days after invoice date) Trade payables subject to supplier finance arrangement Up to 180 N/A Comparable trade payables Up to 180 N/A The comparative information that is not required to be presented by the Group in the current year is marked as \u201cN/A\u201d in the table. Changes in liabilities that are subject to supplier finance arrangements are primarily attributable to additions resulting from purchases of goods and services and subsequent cash settlements. There were no material non-cash changes in these liabilities. The Group does not face a significant liquidity risk as a result of its supplier finance arrangements given the limited amount of liabilities subject to supplier finance arrangements and the Group\u2019s access to other sources of finance on similar terms.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-565": {
"value": "Analysed in the balance sheet as: 2025 \u00a3m 2024 restated1 \u00a3m 2023 restated1 \u00a3m Deferred tax assets 11.1 9.5 6.9 Deferred tax liabilities (91.6) (98.7) (86.9) (80.5) (89.2) (80.0) 1. Please refer to Note 32 for further details of the restatement. A deferred tax asset has been recognised for tax losses where current projections show that sufficient taxable profits will arise in the near future against which these losses may be offset. A deferred tax asset has not been recognised in respect of carry-forward tax losses where recoverability is uncertain totalling \u00a30.6 million (2023/24: \u00a31.3 million) which carries no expiry date. 19 Trade and other receivables 2025 \u00a3m 2024 \u00a3m Current Gross trade receivables 615.9 624.0 Impairment allowance (Note 23) (11.5) (11.1) Net trade receivables 604.4 612.9 Amounts owed by joint venture 1.3 1.5 Prepayments 44.5 43.9 Other taxation and social security\ue062 8.8 7.8 Contract assets 2.8 8.1 Other receivables 26.7 27.2 Current trade and other receivables 688.5 701.4 Non-current Prepayments 0.1 0.1 Other receivables 4.5 8.3 Non-current other receivables 4.6 8.4 Contract assets relate mainly to licence fee income and are where the Group has performed its part of the contract for that element but other performance obligations are required to be completed before it can receive the credit note for licence fee income from suppliers or raise the invoice for other contracts with customers. Current other receivables include \u00a38.1 million (2023/24: \u00a37.9 million) for amounts yet to be invoiced to customers related to product sales where the Group acts as an agent (Note 4), expected inventory returns and loans to employees. Non-current other receivables include insurance claims receivables and lease deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-522": {
"value": "Analysed in the balance sheet as: 2025 \u00a3m 2024 restated1 \u00a3m 2023 restated1 \u00a3m Deferred tax assets 11.1 9.5 6.9 Deferred tax liabilities (91.6) (98.7) (86.9) (80.5) (89.2) (80.0) 1. Please refer to Note 32 for further details of the restatement. A deferred tax asset has been recognised for tax losses where current projections show that sufficient taxable profits will arise in the near future against which these losses may be offset. A deferred tax asset has not been recognised in respect of carry-forward tax losses where recoverability is uncertain totalling \u00a30.6 million (2023/24: \u00a31.3 million) which carries no expiry date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-472": {
"value": "12 Earnings per share Basic earnings per share is calculated by dividing the profit for the year attributable to owners of the Company by the weighted average number of shares in issue during the year excluding shares held by the EBT. Diluted earnings per share is calculated by adjusting the weighted average number of shares to assume the conversion of all potentially dilutive ordinary shares. The share-based payment schemes which result in the issue of shares at a value below the market price of the shares are potentially dilutive. 2025 Number 2024 restated 1 Number Weighted average number of shares 470,022,152 473,300,106 Dilutive effect of share-based payments 214,829 781,177 Diluted weighted average number of shares 470,236,981 474,081,283 Basic earnings per share 32.5p 37.9p Diluted earnings per share 32.5p 37.8p 1. Please refer to Note 32 for further details of the restatement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-584": {
"value": "12 Earnings per share Basic earnings per share is calculated by dividing the profit for the year attributable to owners of the Company by the weighted average number of shares in issue during the year excluding shares held by the EBT. Diluted earnings per share is calculated by adjusting the weighted average number of shares to assume the conversion of all potentially dilutive ordinary shares. The share-based payment schemes which result in the issue of shares at a value below the market price of the shares are potentially dilutive. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-473": {
"value": "13 Dividends
2025
\u00a3m
2024
\u00a3m
Final dividend for the year ended 31 March 2024 \u2013 13.7p (2023: 13.7p) 64.9 64.8
Interim dividend for the year ended 31 March 2025 \u2013 8.5p (2024: 8.3p) 39.8 39.3
104.7 104.1
The trustees of the EBT have waived their right to receive dividends and this amounts to \u00a30.8 million
(2023/24: \u00a3nil).
A proposed final dividend for the year ended 31 March 2025 of 13.9p is subject to approval by
shareholders at the Annual General Meeting on 17 July 2025 and the estimated amount to be paid of
\u00a365.1 million has not been included as a liability in these accounts.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-523": {
"value": "0.137",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-524": {
"value": "0.137",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-525": {
"value": "0.139",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-526": {
"value": "14 Intangible assets Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value attributed to the net assets acquired (including contingent liabilities). Goodwill is not amortised but is reviewed annually for impairment. Acquisition-related costs are charged to the income statement as incurred. Goodwill
\u00a3m
Software
\u00a3m
Development
expenditure
\u00a3m
Brands
\u00a3m
Customer
contracts,
relationships
and
distribution
agreements
\u00a3m
Acquired
research
\u00a3m
Total
\u00a3m
Cost
At 1 April 2023 463.3 343.5 1.8 \u2013 199.8 1.1 1,009.5
Acquisitions 182.3 10.6 \u2013 22.1 73.5 \u2013 288.5
Additions - internally
generated
\u2013 12.4 \u2013 \u2013 \u2013 \u2013 12.4
Additions - other \u2013 23.2 \u2013 \u2013 \u2013 \u2013 23.2
Disposals \u2013 (1.0) \u2013 \u2013 \u2013 \u2013 (1.0)
Translation differences 0.7 (1.3) \u2013 (0.1) 6.4 \u2013 5.7
At 31 March 2024 646.3 387.4 1.8 22.0 279.7 1.1 1,338.3
Acquisitions (Note 29) 5.9 \u2013 \u2013 \u2013 0.5 \u2013 6.4
Additions - internally
generated
\u2013 16.5 \u2013 \u2013 \u2013 \u2013 16.5
Additions - other \u2013 16.5 \u2013 \u2013 \u2013 \u2013 16.5
Disposals \u2013 (2.4) \u2013 \u2013 \u2013 \u2013 (2.4)
Reclassifications \u2013 3.0 \u2013 \u2013 \u2013 \u2013 3.0
Translation differences (35.8) (2.0) \u2013 (0.7) (26.3) \u2013 (64.8)
At 31 March 2025 616.4 419.0 1.8 21.3 253.9 1.1 1,313.5
Goodwill \u00a3m Software \u00a3m Development expenditure \u00a3m Brands \u00a3m Customer contracts, relationships and distribution agreements \u00a3m Acquired research \u00a3m Total \u00a3m Amortisation At 1 April 2023 \u2013 265.3 1.4 \u2013 37.2 0.8 304.7 Charge for the year \u2013 21.2 0.4 2.0 24.3 0.3 48.2 Impairment losses \u2013 4.6 \u2013 \u2013 \u2013 \u2013 4.6 Disposals \u2013 (0.8) \u2013 \u2013 \u2013 \u2013 (0.8) Translation differences \u2013 (1.2) \u2013 \u2013 0.2 \u2013 (1.0) At 31 March 2024 \u2013 289.1 1.8 2.0 61.7 1.1 355.7 Charge for the year \u2013 24.7 \u2013 2.6 23.4 \u2013 50.7 Impairment losses \u2013 1.9 \u2013 \u2013 10.9 \u2013 12.8 Disposals \u2013 (2.1) \u2013 \u2013 \u2013 \u2013 (2.1) Reclassifications \u2013 2.4 \u2013 \u2013 \u2013 \u2013 2.4 Translation differences \u2013 (1.2) \u2013 (0.1) (3.6) \u2013 (4.9) At 31 March 2025 \u2013 314.8 1.8 4.5 92.4 1.1 414.6 Net book value At 31 March 2025 616.4 104.2 \u2013 16.8 161.5 \u2013 898.9 At 31 March 2024 646.3 98.3 \u2013 20.0 218.0 \u2013 982.6 Goodwill is allocated at acquisition to groups of cash generating units (CGUs) that are expected to benefit from the synergies arising as a result of the acquisition, with \u00a3380.1 million (2023/24: \u00a3412.1 million) relating to the Americas group of CGUs, \u00a3227.5 million (2023/24: \u00a3231.1 million) relating to the EMEA group of CGUs and \u00a38.8 million (2023/24: \u00a33.1 million) relating to the Asia Pacific group of CGUs. Cash generating units represent the smallest identifiable groups of assets that generate cash inflows that are largely independent of the cash inflows from other groups of assets. The Group reviews its intangible assets regularly to assess if there are any indications the assets may be impaired. In addition, goodwill and any other intangible assets that are not yet being amortised are subject to annual impairment reviews. An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. The recoverable amount is calculated as the higher of fair value less costs of disposal and value in use. For an asset that does not generate largely independent cash flows, the recoverable amount is determined for the cash generating unit to which the asset belongs. For the goodwill impairment reviews, the recoverable amount of the groups of CGUs are based on value-in-use calculations, which use cash flow projections based on the Group\u2019s annual targets and strategic plan which cover the next five years. The strategic plan is also used as the basis for the viability statement. When the strategic plan was prepared it considered current performance and made assumptions about future revenue and gross margin growth rates determined using internal forecasts based upon historical growth rates and future medium-term plans which consider, and are consistent with, relevant macroeconomic indicators. It also took into account expected increases in costs of products and overheads, including those related to climate change as well as expected benefits from the expansion of the Group\u2019s more sustainable product range and ESG solutions business. The cash flows from the strategic plan are extrapolated using the relevant long-term growth rate for the groups of CGUs and discounted at the Group\u2019s externally sourced pre-tax weighted average cost of capital adjusted for the estimated tax cash flows and risk applicable for the groups of CGUs to estimate cash flow projections. These cash flow projections are adjusted to take account of the likely future capital expenditure costs of meeting the Group\u2019s climate change commitments to be net zero in its direct operations by 2030 (expected to be c. \u00a318 million over the period to 2029/30) and are consistent with the Group\u2019s climate scenario analysis of physical and transition risk impacts conducted for the Task Force on Climate-related Financial Disclosures (TCFD). For the Americas group of CGUs, the long-term growth rate is 2.5% (2023/24: 1.9%) which is consistent with the market estimate of long-term average growth rates for the product and service solutions providers industries and does not exceed expected long-term GDP growth for Americas. The nominal pre-tax discount rate is 11.5% (2023/24: 11.9%). For the EMEA group of CGUs, the long-term growth rate is 2.0% (2023/24: 1.5%) which is consistent with the market estimate of long-term average growth rates for the product and service solutions providers\u2019 industries and does not exceed expected long-term GDP growth for EMEA. The nominal pre-tax discount rate is 11.2% (2023/24: 11.9%). For the Asia Pacific group of CGUs, the long-term growth rate is 1.4% (2023/24: 2.0%) which is consistent with the market estimate of long-term average growth rates for the product and service solutions providers\u2019 industries and does not exceed expected long-term GDP growth for Asia Pacific. The nominal pre-tax discount rate is 15.9% (2023/24: 17.5%). There is significant headroom between the carrying amount and the value in use of the groups of CGUs and so the Directors believe that currently all reasonably likely changes in the key assumptions referred to above would not give rise to an impairment charge.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-501": {
"value": "14 Intangible assets Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value attributed to the net assets acquired (including contingent liabilities). Goodwill is not amortised but is reviewed annually for impairment. Acquisition-related costs are charged to the income statement as incurred. Intangible assets excluding goodwill are stated at cost, or fair value at the date of acquisition, less accumulated amortisation and any provisions for impairment. Residual value is reassessed annually. Expenditure on internally generated goodwill and brands is recognised in the income statement as an expense as incurred. Amortisation is calculated to write off the cost on a straight-line basis over the following useful lives from the date the assets are first available for use: software 2 \u2013 11 years; development expenditure 3 years; brands 5 \u2013 10 years; customer contracts, relationships and distribution agreements 4 \u2013 16 years; and acquired research 3 years. Goodwill \u00a3m Software \u00a3m Development expenditure \u00a3m Brands \u00a3m Customer contracts, relationships and distribution agreements \u00a3m Acquired research \u00a3m Total \u00a3m Cost At 1 April 2023 463.3 343.5 1.8 \u2013 199.8 1.1 1,009.5 Acquisitions 182.3 10.6 \u2013 22.1 73.5 \u2013 288.5 Additions - internally generated \u2013 12.4 \u2013 \u2013 \u2013 \u2013 12.4 Additions - other \u2013 23.2 \u2013 \u2013 \u2013 \u2013 23.2 Disposals \u2013 (1.0) \u2013 \u2013 \u2013 \u2013 (1.0) Translation differences 0.7 (1.3) \u2013 (0.1) 6.4 \u2013 5.7 At 31 March 2024 646.3 387.4 1.8 22.0 279.7 1.1 1,338.3 Acquisitions (Note 29) 5.9 \u2013 \u2013 \u2013 0.5 \u2013 6.4 Additions - internally generated \u2013 16.5 \u2013 \u2013 \u2013 \u2013 16.5 Additions - other \u2013 16.5 \u2013 \u2013 \u2013 \u2013 16.5 Disposals \u2013 (2.4) \u2013 \u2013 \u2013 \u2013 (2.4) Reclassifications \u2013 3.0 \u2013 \u2013 \u2013 \u2013 3.0 Translation differences (35.8) (2.0) \u2013 (0.7) (26.3) \u2013 (64.8) At 31 March 2025 616.4 419.0 1.8 21.3 253.9 1.1 1,313.5 Goodwill \u00a3m Software \u00a3m Development expenditure \u00a3m Brands \u00a3m Customer contracts, relationships and distribution agreements \u00a3m Acquired research \u00a3m Total \u00a3m Amortisation At 1 April 2023 \u2013 265.3 1.4 \u2013 37.2 0.8 304.7 Charge for the year \u2013 21.2 0.4 2.0 24.3 0.3 48.2 Impairment losses \u2013 4.6 \u2013 \u2013 \u2013 \u2013 4.6 Disposals \u2013 (0.8) \u2013 \u2013 \u2013 \u2013 (0.8) Translation differences \u2013 (1.2) \u2013 \u2013 0.2 \u2013 (1.0) At 31 March 2024 \u2013 289.1 1.8 2.0 61.7 1.1 355.7 Charge for the year \u2013 24.7 \u2013 2.6 23.4 \u2013 50.7 Impairment losses \u2013 1.9 \u2013 \u2013 10.9 \u2013 12.8 Disposals \u2013 (2.1) \u2013 \u2013 \u2013 \u2013 (2.1) Reclassifications \u2013 2.4 \u2013 \u2013 \u2013 \u2013 2.4 Translation differences \u2013 (1.2) \u2013 (0.1) (3.6) \u2013 (4.9) At 31 March 2025 \u2013 314.8 1.8 4.5 92.4 1.1 414.6 Net book value At 31 March 2025 616.4 104.2 \u2013 16.8 161.5 \u2013 898.9 At 31 March 2024 646.3 98.3 \u2013 20.0 218.0 \u2013 982.6 During the year, \u00a32.4 million was reclassified between cost and accumulated amortisation of software following a review of the fixed asset register. \u00a30.6 million was also reclassified between software, plant and machinery. As at 31 March 2025, the cost and accumulated amortisation of internally generated intangible assets included in software were \u00a391.6 million and \u00a359.4 million (2023/24: \u00a378.8 million and \u00a349.5 million), respectively. At 31 March 2025, the material individual software assets were the new product management system with a net book value of \u00a318.2 million (2023/24: \u00a316.0 million) which will have a useful life of 8 years, and the inventory availability and product fufilment module with a net book value of \u00a310.6 million (2023/24: \u00a36.7 million) which will have a useful life of 5 years. Material individual customer contracts, relationships and distribution agreements are from the acquisitions of Synovos, Risoul and Distrelec with net book values of \u00a310.4 million, \u00a375.8 million and \u00a363.6 million, respectively (2023/24: \u00a314.4 million, \u00a3105.0 million and \u00a369.7 million) and remaining useful lives of 4 years, 1 to 14 years and 15 years, respectively. Goodwill is allocated at acquisition to groups of cash generating units (CGUs) that are expected to benefit from the synergies arising as a result of the acquisition, with \u00a3380.1 million (2023/24: \u00a3412.1 million) relating to the Americas group of CGUs, \u00a3227.5 million (2023/24: \u00a3231.1 million) relating to the EMEA group of CGUs and \u00a38.8 million (2023/24: \u00a33.1 million) relating to the Asia Pacific group of CGUs. Cash generating units represent the smallest identifiable groups of assets that generate cash inflows that are largely independent of the cash inflows from other groups of assets. The Group reviews its intangible assets regularly to assess if there are any indications the assets may be impaired. In addition, goodwill and any other intangible assets that are not yet being amortised are subject to annual impairment reviews. An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. The recoverable amount is calculated as the higher of fair value less costs of disposal and value in use. For an asset that does not generate largely independent cash flows, the recoverable amount is determined for the cash generating unit to which the asset belongs. During the year, the customer contracts, relationships and distribution agreements were assessed for impairment. As a result of that review, the asset related to the acquisition of IESA was fully impaired, with an impairment cost of \u00a310.9 million. In addition, \u00a30.4 million of software acquired with IESA was also impaired. For the goodwill impairment reviews, the recoverable amount of the groups of CGUs are based on value-in-use calculations, which use cash flow projections based on the Group\u2019s annual targets and strategic plan which cover the next five years. The strategic plan is also used as the basis for the viability statement. When the strategic plan was prepared it considered current performance and made assumptions about future revenue and gross margin growth rates determined using internal forecasts based upon historical growth rates and future medium-term plans which consider, and are consistent with, relevant macroeconomic indicators. It also took into account expected increases in costs of products and overheads, including those related to climate change as well as expected benefits from the expansion of the Group\u2019s more sustainable product range and ESG solutions business. The cash flows from the strategic plan are extrapolated using the relevant long-term growth rate for the groups of CGUs and discounted at the Group\u2019s externally sourced pre-tax weighted average cost of capital adjusted for the estimated tax cash flows and risk applicable for the groups of CGUs to estimate cash flow projections. These cash flow projections are adjusted to take account of the likely future capital expenditure costs of meeting the Group\u2019s climate change commitments to be net zero in its direct operations by 2030 (expected to be c. \u00a318 million over the period to 2029/30) and are consistent with the Group\u2019s climate scenario analysis of physical and transition risk impacts conducted for the Task Force on Climate-related Financial Disclosures (TCFD). For the Americas group of CGUs, the long-term growth rate is 2.5% (2023/24: 1.9%) which is consistent with the market estimate of long-term average growth rates for the product and service solutions providers industries and does not exceed expected long-term GDP growth for Americas. The nominal pre-tax discount rate is 11.5% (2023/24: 11.9%). For the EMEA group of CGUs, the long-term growth rate is 2.0% (2023/24: 1.5%) which is consistent with the market estimate of long-term average growth rates for the product and service solutions providers\u2019 industries and does not exceed expected long-term GDP growth for EMEA. The nominal pre-tax discount rate is 11.2% (2023/24: 11.9%). For the Asia Pacific group of CGUs, the long-term growth rate is 1.4% (2023/24: 2.0%) which is consistent with the market estimate of long-term average growth rates for the product and service solutions providers\u2019 industries and does not exceed expected long-term GDP growth for Asia Pacific. The nominal pre-tax discount rate is 15.9% (2023/24: 17.5%). There is significant headroom between the carrying amount and the value in use of the groups of CGUs and so the Directors believe that currently all reasonably likely changes in the key assumptions referred to above would not give rise to an impairment charge.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-474": {
"value": "14 Intangible assets Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value attributed to the net assets acquired (including contingent liabilities). Goodwill is not amortised but is reviewed annually for impairment. Acquisition-related costs are charged to the income statement as incurred. Intangible assets excluding goodwill are stated at cost, or fair value at the date of acquisition, less accumulated amortisation and any provisions for impairment. Residual value is reassessed annually. Expenditure on internally generated goodwill and brands is recognised in the income statement as an expense as incurred. Amortisation is calculated to write off the cost on a straight-line basis over the following useful lives from the date the assets are first available for use: software 2 \u2013 11 years; development expenditure 3 years; brands 5 \u2013 10 years; customer contracts, relationships and distribution agreements 4 \u2013 16 years; and acquired research 3 years. Goodwill \u00a3m Software \u00a3m Development expenditure \u00a3m Brands \u00a3m Customer contracts, relationships and distribution agreements \u00a3m Acquired research \u00a3m Total \u00a3m Cost At 1 April 2023 463.3 343.5 1.8 \u2013 199.8 1.1 1,009.5 Acquisitions 182.3 10.6 \u2013 22.1 73.5 \u2013 288.5 Additions - internally generated \u2013 12.4 \u2013 \u2013 \u2013 \u2013 12.4 Additions - other \u2013 23.2 \u2013 \u2013 \u2013 \u2013 23.2 Disposals \u2013 (1.0) \u2013 \u2013 \u2013 \u2013 (1.0) Translation differences 0.7 (1.3) \u2013 (0.1) 6.4 \u2013 5.7 At 31 March 2024 646.3 387.4 1.8 22.0 279.7 1.1 1,338.3 Acquisitions (Note 29) 5.9 \u2013 \u2013 \u2013 0.5 \u2013 6.4 Additions - internally generated \u2013 16.5 \u2013 \u2013 \u2013 \u2013 16.5 Additions - other \u2013 16.5 \u2013 \u2013 \u2013 \u2013 16.5 Disposals \u2013 (2.4) \u2013 \u2013 \u2013 \u2013 (2.4) Reclassifications \u2013 3.0 \u2013 \u2013 \u2013 \u2013 3.0 Translation differences (35.8) (2.0) \u2013 (0.7) (26.3) \u2013 (64.8) At 31 March 2025 616.4 419.0 1.8 21.3 253.9 1.1 1,313.5 Goodwill
\u00a3m
Software
\u00a3m
Development
expenditure
\u00a3m
Brands
\u00a3m
Customer
contracts,
relationships
and
distribution
agreements
\u00a3m
Acquired
research
\u00a3m
Total
\u00a3m
Amortisation
At 1 April 2023 \u2013 265.3 1.4 \u2013 37.2 0.8 304.7
Charge for the year \u2013 21.2 0.4 2.0 24.3 0.3 48.2
Impairment losses \u2013 4.6 \u2013 \u2013 \u2013 \u2013 4.6
Disposals \u2013 (0.8) \u2013 \u2013 \u2013 \u2013 (0.8)
Translation differences \u2013 (1.2) \u2013 \u2013 0.2 \u2013 (1.0)
At 31 March 2024 \u2013 289.1 1.8 2.0 61.7 1.1 355.7
Charge for the year \u2013 24.7 \u2013 2.6 23.4 \u2013 50.7
Impairment losses \u2013 1.9 \u2013 \u2013 10.9 \u2013 12.8
Disposals \u2013 (2.1) \u2013 \u2013 \u2013 \u2013 (2.1)
Reclassifications \u2013 2.4 \u2013 \u2013 \u2013 \u2013 2.4
Translation differences \u2013 (1.2) \u2013 (0.1) (3.6) \u2013 (4.9)
At 31 March 2025 \u2013 314.8 1.8 4.5 92.4 1.1 414.6
Net book value
At 31 March 2025 616.4 104.2 \u2013 16.8 161.5 \u2013 898.9
At 31 March 2024 646.3 98.3 \u2013 20.0 218.0 \u2013 982.6
During the year, \u00a32.4 million was reclassified between cost and accumulated amortisation of software
following a review of the fixed asset register. \u00a30.6 million was also reclassified between software, plant
and machinery.
As at 31 March 2025, the cost and accumulated amortisation of internally generated intangible assets
included in software were \u00a391.6 million and \u00a359.4 million (2023/24: \u00a378.8 million and \u00a349.5 million),
respectively.
At 31 March 2025, the material individual software assets were the new product management system
with a net book value of \u00a318.2 million (2023/24: \u00a316.0 million) which will have a useful life of 8 years,
and the inventory availability and product fufilment module with a net book value of \u00a310.6 million
(2023/24: \u00a36.7 million) which will have a useful life of 5 years. Material individual customer contracts,
relationships and distribution agreements are from the acquisitions of Synovos, Risoul and Distrelec
with net book values of \u00a310.4 million, \u00a375.8 million and \u00a363.6 million, respectively (2023/24: \u00a314.4 million,
\u00a3105.0 million and \u00a369.7 million) and remaining useful lives of 4 years, 1 to 14 years and 15 years,
respectively.
Goodwill is allocated at acquisition to groups of cash generating units (CGUs) that are
expected to benefit from the synergies arising as a result of the acquisition, with \u00a3380.1 million
(2023/24: \u00a3412.1 million) relating to the Americas group of CGUs, \u00a3227.5 million (2023/24: \u00a3231.1 million)
relating to the EMEA group of CGUs and \u00a38.8 million (2023/24: \u00a33.1 million) relating to the Asia Pacific
group of CGUs. Cash generating units represent the smallest identifiable groups of assets that generate
cash inflows that are largely independent of the cash inflows from other groups of assets.
The Group reviews its intangible assets regularly to assess if there are any indications the assets may
be impaired. In addition, goodwill and any other intangible assets that are not yet being amortised are
subject to annual impairment reviews.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit
exceeds its recoverable amount. The recoverable amount is calculated as the higher of fair value less
costs of disposal and value in use. For an asset that does not generate largely independent cash flows,
the recoverable amount is determined for the cash generating unit to which the asset belongs.
During the year, the customer contracts, relationships and distribution agreements were assessed for
impairment. As a result of that review, the asset related to the acquisition of IESA was fully impaired,
with an impairment cost of \u00a310.9 million. In addition, \u00a30.4 million of software acquired with IESA was
also impaired.
For the goodwill impairment reviews, the recoverable amount of the groups of CGUs are based on
value-in-use calculations, which use cash flow projections based on the Group\u2019s annual targets and
strategic plan which cover the next five years. The strategic plan is also used as the basis for the
viability statement. When the strategic plan was prepared it considered current performance and made
assumptions about future revenue and gross margin growth rates determined using internal forecasts
based upon historical growth rates and future medium-term plans which consider, and are consistent
with, relevant macroeconomic indicators.
It also took into account expected increases in costs of products and overheads, including those related
to climate change as well as expected benefits from the expansion of the Group\u2019s more sustainable
product range and ESG solutions business. The cash flows from the strategic plan are extrapolated using
the relevant long-term growth rate for the groups of CGUs and discounted at the Group\u2019s externally
sourced pre-tax weighted average cost of capital adjusted for the estimated tax cash flows and risk
applicable for the groups of CGUs to estimate cash flow projections. These cash flow projections are
adjusted to take account of the likely future capital expenditure costs of meeting the Group\u2019s climate
change commitments to be net zero in its direct operations by 2030 (expected to be c. \u00a318 million over
the period to 2029/30) and are consistent with the Group\u2019s climate scenario analysis of physical and
transition risk impacts conducted for the Task Force on Climate-related Financial Disclosures (TCFD).
For the Americas group of CGUs, the long-term growth rate is 2.5% (2023/24: 1.9%) which is consistent
with the market estimate of long-term average growth rates for the product and service solutions
providers industries and does not exceed expected long-term GDP growth for Americas. The nominal
pre-tax discount rate is 11.5% (2023/24: 11.9%).
For the EMEA group of CGUs, the long-term growth rate is 2.0% (2023/24: 1.5%) which is consistent with
the market estimate of long-term average growth rates for the product and service solutions providers\u2019
industries and does not exceed expected long-term GDP growth for EMEA. The nominal pre-tax discount
rate is 11.2% (2023/24: 11.9%).
For the Asia Pacific group of CGUs, the long-term growth rate is 1.4% (2023/24: 2.0%) which is consistent
with the market estimate of long-term average growth rates for the product and service solutions
providers\u2019 industries and does not exceed expected long-term GDP growth for Asia Pacific. The nominal
pre-tax discount rate is 15.9% (2023/24: 17.5%).
There is significant headroom between the carrying amount and the value in use of the groups of CGUs
and so the Directors believe that currently all reasonably likely changes in the key assumptions referred
to above would not give rise to an impairment charge.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-585": {
"value": "14 Intangible assets Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value attributed to the net assets acquired (including contingent liabilities). Goodwill is not amortised but is reviewed annually for impairment. Acquisition-related costs are charged to the income statement as incurred. Intangible assets excluding goodwill are stated at cost, or fair value at the date of acquisition, less accumulated amortisation and any provisions for impairment. Residual value is reassessed annually. Expenditure on internally generated goodwill and brands is recognised in the income statement as an expense as incurred. Amortisation is calculated to write off the cost on a straight-line basis over the following useful lives from the date the assets are first available for use: software 2 \u2013 11 years; development expenditure 3 years; brands 5 \u2013 10 years; customer contracts, relationships and distribution agreements 4 \u2013 16 years; and acquired research 3 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-601": {
"value": "Goodwill represents the excess of the fair value of the consideration of an acquisition over the fair value attributed to the net assets acquired (including contingent liabilities). Goodwill is not amortised but is reviewed annually for impairment. Acquisition-related costs are charged to the income statement as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-600": {
"value": "Intangible assets excluding goodwill are stated at cost, or fair value at the date of acquisition, less accumulated amortisation and any provisions for impairment. Residual value is reassessed annually. Expenditure on internally generated goodwill and brands is recognised in the income statement as an expense as incurred. Amortisation is calculated to write off the cost on a straight-line basis over the following useful lives from the date the assets are first available for use: software 2 \u2013 11 years; development expenditure 3 years; brands 5 \u2013 10 years; customer contracts, relationships and distribution agreements 4 \u2013 16 years; and acquired research 3 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-602": {
"value": "The Group reviews its intangible assets regularly to assess if there are any indications the assets may be impaired. In addition, goodwill and any other intangible assets that are not yet being amortised are subject to annual impairment reviews. An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. The recoverable amount is calculated as the higher of fair value less costs of disposal and value in use. For an asset that does not generate largely independent cash flows, the recoverable amount is determined for the cash generating unit to which the asset belongs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-586": {
"value": "The Group reviews its intangible assets regularly to assess if there are any indications the assets may be impaired. In addition, goodwill and any other intangible assets that are not yet being amortised are subject to annual impairment reviews. An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. The recoverable amount is calculated as the higher of fair value less costs of disposal and value in use. For an asset that does not generate largely independent cash flows, the recoverable amount is determined for the cash generating unit to which the asset belongs. The impairment allowance for trade receivables is measured at an amount equal to lifetime expected credit losses. Trade receivables have been grouped based on shared credit risk characteristics and the number of days from date of invoice. The expected loss rates are based on the payment profile of sales over a 36-month period from 1 April 2021 and the corresponding historical credit losses experienced within this period calculated as the trade receivables from this period that have not been paid by the year end. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-547": {
"value": "During the year, the customer contracts, relationships and distribution agreements were assessed for impairment. As a result of that review, the asset related to the acquisition of IESA was fully impaired, with an impairment cost of \u00a310.9 million. In addition, \u00a30.4 million of software acquired with IESA was also impaired. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-587": {
"value": "15 Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any provisions for impairment after taking account of any impact of the Group\u2019s strategy related to climate change. The Group monitors property, plant and equipment throughout the year and tests for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. The cost of self-constructed assets includes the cost of materials, direct labour and certain direct overheads. No depreciation has been charged on freehold land. Other assets are depreciated to residual value, which is reassessed annually, on a straight-line basis over the following useful lives: freehold buildings and improvements to leasehold buildings 50 years (or the lease term if shorter); plant and machinery 5 \u2013 20 years; and computer equipment 3 \u2013 5 years. This reassessment of residual value includes consideration of the Group\u2019s climate scenario analysis of physical and transition risk impacts conducted for the TCFD and there have been no significant changes in the year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-475": {
"value": "15 Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any provisions for impairment after taking account of any impact of the Group\u2019s strategy related to climate change. The Group monitors property, plant and equipment throughout the year and tests for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. The cost of self-constructed assets includes the cost of materials, direct labour and certain direct overheads. No depreciation has been charged on freehold land. Other assets are depreciated to residual value, which is reassessed annually, on a straight-line basis over the following useful lives: freehold buildings and improvements to leasehold buildings 50 years (or the lease term if shorter); plant and machinery 5 \u2013 20 years; and computer equipment 3 \u2013 5 years. This reassessment of residual value includes consideration of the Group\u2019s climate scenario analysis of physical and transition risk impacts conducted for the TCFD and there have been no significant changes in the year. Land and buildings \u00a3m Plant and machinery \u00a3m Computer equipment \u00a3m Total \u00a3m Cost At 1 April 2023 163.7 241.8 67.0 472.5 Acquisitions \u2013 0.4 0.2 0.6 Additions 2.7 10.1 2.8 15.6 Disposals (0.6) (2.8) (0.5) (3.9) Reclassifications \u2013 0.1 (0.1) \u2013 Translation differences (2.7) (2.7) (0.7) (6.1) At 31 March 2024 163.1 246.9 68.7 478.7 Acquisitions (Note 29) 0.1 1.7 \u2013 1.8 Additions 0.9 13.2 1.8 15.9 Disposals (1.4) (6.3) (1.8) (9.5) Reclassifications \u2013 (0.6) \u2013 (0.6) Translation differences (2.7) (2.9) (0.6) (6.2) At 31 March 2025 160.0 252.0 68.1 480.1 Land and
buildings
\u00a3m
Plant and
machinery
\u00a3m
Computer
equipment
\u00a3m
Total
\u00a3m
Depreciation
At 1 April 2023 60.8 164.5 60.9 286.2
Charge for the year 3.7 11.0 2.2 16.9
Disposals (0.5) (1.6) (0.5) (2.6)
Reclassifications \u2013 0.1 (0.1) \u2013
Translation differences (0.8) (1.3) (0.6) (2.7)
At 31 March 2024 63.2 172.7 61.9 297.8
Charge for the year 3.8 11.6 2.1 17.5
Disposals (1.3) (6.3) (1.8) (9.4)
Impairment losses 0.4 \u2013 \u2013 0.4
Translation differences (0.9) (1.4) (0.6) (2.9)
At 31 March 2025 65.2 176.6 61.6 303.4
Net book value
At 31 March 2025 94.8 75.4 6.5 176.7
At 31 March 2024 99.9 74.2 6.8 180.9
Included above are \u00a31.8 million of property, plant and equipment under construction at 31 March 2025
(2023/24: \u00a35.9 million). During the year, \u00a30.6 million was reclassified between plant and machinery
and software.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-603": {
"value": "No depreciation has been charged on freehold land. Other assets are depreciated to residual value, which is reassessed annually, on a straight-line basis over the following useful lives: freehold buildings and improvements to leasehold buildings 50 years (or the lease term if shorter); plant and machinery 5 \u2013 20 years; and computer equipment 3 \u2013 5 years. This reassessment of residual value includes consideration of the Group\u2019s climate scenario analysis of physical and transition risk impacts conducted for the TCFD and there have been no significant changes in the year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-502": {
"value": "2025
\u00a3m
2024
\u00a3m
Right-of-use assets
Buildings 45.1 64.3
Plant and machinery 0.3 0.1
Computer equipment \u2013 \u2013
Vehicles 8.9 8.4
Right-of-use assets 54.3 72.8
Lease liabilities
Current 15.5 16.0
Non-current 41.2 57.9
Lease liabilities 56.7 73.9
Depreciation charge for right-of-use assets
Buildings 12.8 13.3
Plant and machinery 0.1 0.1
Computer equipment \u2013 1.3
Vehicles 4.3 3.9
Depreciation charge for right-of-use assets 17.2 18.6
Additions to right-of-use assets
Right-of-use assets acquired with businesses 2.4 29.8
Other additions to right-of-use assets 5.9 8.4
Additions to right-of-use assets 8.3 38.2
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-476": {
"value": "16 Leases The Group assesses at the inception of a contract whether the contract is, or contains, a lease. Where it conveys the right to control the use of an identified asset for a period of time in exchange for consideration, the contract is deemed to be, or to include, a lease. The Group leases various properties, plant and machinery, computer equipment and vehicles typically for periods between 2 and 20 years. Where a contract includes a vehicle lease, the Group has elected to account for the non-lease components as part of the lease. Where the Group determines, at the commencement date of each lease, that it is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease, the additional period is included within the lease term. Leases are recognised on the balance sheet at their commencement date as a liability representing the present value of the future lease payments not yet paid and a right-of-use asset reflecting the future benefit to the Group generated by using the underlying asset. The discount on the lease liability is calculated using the Group\u2019s incremental borrowing rate, as rates implicit in the Group\u2019s leases cannot be readily determined, and is charged to finance costs in the income statement as it unwinds. The Group\u2019s incremental borrowing rate is adjusted to take account of the country risk, lease term and start date for each lease. Fixed payments less any lease incentives receivable, in-substance fixed payments and variable payments based on an index or rate form part of the lease liability. Variable payments which are not based on an index or rate are expensed when the event that triggers the payment occurs. The right-of-use asset is stated at cost less accumulated depreciation and any provisions for impairment. Initially the cost of the right-of-use asset comprises the initial amount of the lease liability adjusted for any lease payments made at or before commencement of the lease less any lease incentives received, plus any direct costs incurred and an estimate of the cost to restore the underlying asset. The right-of- use asset is depreciated on a straight-line basis over the lease term (or useful life of the asset, if shorter), which is reassessed as the underlying facts and circumstances of the lease change. The Group has elected to not recognise the lease liability and right-of-use asset in respect of short-term leases and leases of low-value assets on the balance sheet. Short-term leases and leases of low-value assets are expensed in the income statement on a straight-line basis over the lease term. The lease liability is remeasured when there is a change in the future lease payments or if the Group changes its assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying value of the right- of-use asset. If the carrying value of the right-of-use asset is reduced to zero, any further reductions are recognised in the income statement. When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as an operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. The amounts recognised relating to leases were: 2025 \u00a3m 2024 \u00a3m Right-of-use assets Buildings 45.1 64.3 Plant and machinery 0.3 0.1 Computer equipment \u2013 \u2013 Vehicles 8.9 8.4 Right-of-use assets 54.3 72.8 Lease liabilities Current 15.5 16.0 Non-current 41.2 57.9 Lease liabilities 56.7 73.9 Depreciation charge for right-of-use assets Buildings 12.8 13.3 Plant and machinery 0.1 0.1 Computer equipment \u2013 1.3 Vehicles 4.3 3.9 Depreciation charge for right-of-use assets 17.2 18.6 Additions to right-of-use assets Right-of-use assets acquired with businesses 2.4 29.8 Other additions to right-of-use assets 5.9 8.4 Additions to right-of-use assets 8.3 38.22025
\u00a3m
2024
\u00a3m
Total cash outflow/(inflow) for leases
Included in cash flows from operating activities:
Interest expense 2.8 2.9
Expense relating to short-term leases 0.8 1.1
Expense relating to leases of low-value assets, excluding short-term leases of
low-value assets
0.3 0.4
Expense relating to variable lease payments not included in measurement of
lease liabilities
2.0 0.9
Income from sub-leasing right-of-use assets (0.4) (1.8)
Included in cash flows from financing activities:
Principal elements of lease payments 15.7 18.5
Total cash outflow for leases 21.2 22.0
Right-of-use asset disposals of \u00a316.8 million (2023/24: \u00a30.2 million) were recognised in the year
The interest expense on lease liabilities recognised in the income statement was \u00a32.8 million
(2023/24: \u00a32.9 million). Potential future cash outflows that are not reflected in the measurement
of lease liabilities were not material.
The contractual maturity analysis of lease liabilities is included in liquidity risk in Note 23.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-588": {
"value": "16 Leases The Group assesses at the inception of a contract whether the contract is, or contains, a lease. Where it conveys the right to control the use of an identified asset for a period of time in exchange for consideration, the contract is deemed to be, or to include, a lease. The Group leases various properties, plant and machinery, computer equipment and vehicles typically for periods between 2 and 20 years. Where a contract includes a vehicle lease, the Group has elected to account for the non-lease components as part of the lease. Where the Group determines, at the commencement date of each lease, that it is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease, the additional period is included within the lease term. Leases are recognised on the balance sheet at their commencement date as a liability representing the present value of the future lease payments not yet paid and a right-of-use asset reflecting the future benefit to the Group generated by using the underlying asset. The discount on the lease liability is calculated using the Group\u2019s incremental borrowing rate, as rates implicit in the Group\u2019s leases cannot be readily determined, and is charged to finance costs in the income statement as it unwinds. The Group\u2019s incremental borrowing rate is adjusted to take account of the country risk, lease term and start date for each lease. Fixed payments less any lease incentives receivable, in-substance fixed payments and variable payments based on an index or rate form part of the lease liability. Variable payments which are not based on an index or rate are expensed when the event that triggers the payment occurs. The right-of-use asset is stated at cost less accumulated depreciation and any provisions for impairment. Initially the cost of the right-of-use asset comprises the initial amount of the lease liability adjusted for any lease payments made at or before commencement of the lease less any lease incentives received, plus any direct costs incurred and an estimate of the cost to restore the underlying asset. The right-of- use asset is depreciated on a straight-line basis over the lease term (or useful life of the asset, if shorter), which is reassessed as the underlying facts and circumstances of the lease change. The Group has elected to not recognise the lease liability and right-of-use asset in respect of short-term leases and leases of low-value assets on the balance sheet. Short-term leases and leases of low-value assets are expensed in the income statement on a straight-line basis over the lease term. The lease liability is remeasured when there is a change in the future lease payments or if the Group changes its assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying value of the right- of-use asset. If the carrying value of the right-of-use asset is reduced to zero, any further reductions are recognised in the income statement. When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as an operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-478": {
"value": "18 Inventories Inventories are valued at the lower of cost and net realisable value. Cost is calculated on a weighted average basis and for finished goods and goods for resale includes attributable overheads. The Group estimates the net realisable value of inventories in order to determine the value of any provision required. In this estimation judgements, including any impact of obsolescence including that related to regulatory changes due to, amongst other things, climate change, are made in relation to the number of years of sales there are in inventories of each product and the value recoverable from those inventories. In determining the recoverable value, judgement is taken about the ability of the Group to return a proportion of stock to suppliers under supplier specific contractual provisions. The Group bases its estimates on recent historical experience and knowledge of the products on hand and the terms of contractual arrangements with suppliers. Should more or less inventory be able to be returned to suppliers than planned, there would be a consequential impact on the inventory provision. 2025 \u00a3m 2024 restated 1 \u00a3m 2023 restated 1 \u00a3m Raw materials and consumables 97.6 111.0 96.6 Finished goods and goods for resale 606.5 613.3 563.1 Gross inventories 704.1 724.3 659.7 Inventory provisions (86.8) (86.9) (56.6) Net inventories 617.3 637.4 603.1 1. Please refer to Note 32 for further details of the restatement. Sensitivity analysis of the impact of changes in key assumptions If the numbers of each product sold in a year decreased, leading to an increase of one year in the number of years of sales there are in inventory, inventory provisions would increase by \u00a36.7 million (2023/24 restated: \u00a38.6 million). If the numbers of each product sold in a year increased leading to a decrease of one year in the number of years of sales there are in inventory, inventory provisions would decrease by \u00a33.2 million (2023/24 restated: \u00a33.8 million). A reduction in the value recoverable leading to an increase in provision rates of 10%, up to a maximum of 100% provision per product, would increase the inventory provisions by \u00a32.7 million (2023/24 restated: \u00a34.2 million). An increase in the value recoverable leading to a decrease in provision rates of 10% would decrease the inventory provisions by \u00a38.6 million (2023/24 restated: \u00a37.5 million).",
"dimensions": {
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"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-589": {
"value": "18 Inventories Inventories are valued at the lower of cost and net realisable value. Cost is calculated on a weighted average basis and for finished goods and goods for resale includes attributable overheads. The Group estimates the net realisable value of inventories in order to determine the value of any provision required. In this estimation judgements, including any impact of obsolescence including that related to regulatory changes due to, amongst other things, climate change, are made in relation to the number of years of sales there are in inventories of each product and the value recoverable from those inventories. In determining the recoverable value, judgement is taken about the ability of the Group to return a proportion of stock to suppliers under supplier specific contractual provisions. The Group bases its estimates on recent historical experience and knowledge of the products on hand and the terms of contractual arrangements with suppliers. Should more or less inventory be able to be returned to suppliers than planned, there would be a consequential impact on the inventory provision. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-527": {
"value": "17 Investment in joint venture The Group\u2019s share of the post-tax profit of its joint venture is included in profit before tax. The investment in the joint venture is carried in the Group balance sheet at historical cost plus post-acquisition changes in the Group\u2019s share of the joint venture\u2019s net assets. The Group owns 50% of the share capital of RS Components & Controls (India) Limited, its joint venture. 2025 \u00a3m 2024 \u00a3m At 1 April 1.3 1.5 Group\u2019s share of profit for the year 0.6 0.6 Group\u2019s share of other comprehensive expense (0.1) (0.2) Group\u2019s share of total comprehensive income 0.5 0.4 Dividends (0.6) (0.6) At 31 March 1.2 1.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-503": {
"value": "17 Investment in joint venture The Group\u2019s share of the post-tax profit of its joint venture is included in profit before tax. The investment in the joint venture is carried in the Group balance sheet at historical cost plus post-acquisition changes in the Group\u2019s share of the joint venture\u2019s net assets. The Group owns 50% of the share capital of RS Components & Controls (India) Limited, its joint venture. 2025 \u00a3m 2024 \u00a3m At 1 April 1.3 1.5 Group\u2019s share of profit for the year 0.6 0.6 Group\u2019s share of other comprehensive expense (0.1) (0.2) Group\u2019s share of total comprehensive income 0.5 0.4 Dividends (0.6) (0.6) At 31 March 1.2 1.3 Name and registered address of undertaking Country of incorporation Class of share held Risoul Dominicana S.R.L* Autopista Duarte KM 17, Calle Los Almejos, Palma Enana No 13, Nave 1, Villa Linda, Palmarejito, Santo Domingo Oeste, Dominican Republic Dominican Republic Ordinary Elfa Distrelec O\u00dc* Hobujaama 4, Tallinn 10151, Estonia Estonia Ordinary Elfa Distrelec Oy* Bertel Jungin Aukio 5, FI-02600, Finland Finland Ordinary RS Components SAS*\ue062 Rue Norman King, 60000, Beauvais, France France Ordinary RS Integrated Supply France* Rue Norman King BF 453, F-60031 Beauvais Cedex, France France Ordinary Distrelec Deutschland GmbH* Schellackstrasse 1, 28217 Bremen Germany Ordinary RS Components GmbH*\ue062 Mainzer Landstra\u00dfe 180, 60327, Frankfurt, Germany Germany Ordinary RS Integrated Supply Deutschland GmbH* Bleibtreustr. 21, 10623, Berlin, Germany Germany Ordinary RS Integrated Supply Hungary Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g* 1062, 1-3. Tower A, 6th floor, Budapest, Hungary Hungary Ordinary RS Components & Controls (India) Limited*\u2020\ue062 222 Okhla Industrial Estate, New Delhi, India India Ordinary RS Components S.r.l.*\ue062 Sesto san Giovanni, Viale Thomas Alva Edison, 110, 20099, MI, Italy Italy Ordinary RS Integrated Supply Italy S.r.l.* Sesto san Giovanni, Viale Thomas Alva Edison, 110, 20099, MI, Italy Italy Ordinary RS Components KK* West Tower 12F, Yokohama Business Park, 134 Godocho, Hodogaya, Yokohama, Kanagawa, 240-0005, Japan Japan Ordinary 30 Related undertakings A full list of related undertakings (comprising subsidiaries and a joint venture) is set out below. All subsidiaries are wholly owned except where indicated below and operate within their countries of incorporation. Those companies marked with an asterisk (*) are indirectly held by the Company. Name and registered address of undertaking Country of incorporation Class of share held Distributor of product and service solutions RS Components Pty Limited* 25, Pavesi Street, Smithfield, Sydney NSW 2164, Australia Australia Ordinary Trident Australia Pty Limited* 25, Pavesi Street, Smithfield, Sydney NSW 2164, Australia Australia Ordinary Distrelec Gesellschaft m.b.H.* Jagdgasse 25, 1100, Wien, Austria Austria Ordinary RS Components Handelsgesellschaft m.b.H* Albrechtser Stra\u00dfe 11, 3950, Gm\u00fcnd, Austria Austria Share of equity RS Integrated Supply Belgium* Louizalaan 65/11, 1050 Elsene, Belgium Belgium Ordinary RS Americas (Canada), Inc.* 1155 Lola Street, Unit 6, Ottawa, ON, K1K 4C1, Canada Canada Common RS Integrated Supply Canada Corp.* 600-1741 Lower Waters Street, Halifax, NS, B3J 0J2, Canada Canada Common RS Group Limitada (DBA - RS Limitada)* Av. Eduardo Frei Montalva, 6001-71 Conchali, Santiago, Chile Chile Ordinary RS Components Limited*\ue062 4/F, VC House, 4-6 On Lan Street, Central, Hong Kong China Ordinary RS Components (Shanghai) Company Limited* East Part, 2 Floor, No.27 building, No.30, Fu Te East Third Road China (Shanghai) Pilot Free Trade Zone China Ordinary Elfa Distrelec A/S* Hasleg\u00e5rdsvej 8-12, 8210 Aarhus V, Denmark Denmark Ordinary RS Components A/S* Nattergalevej 6, 2400, K\u00f8benhavn NV, Denmark Denmark Ordinary \u2020 Note 17 provides details about the Company\u2019s interest in the joint venture. Name and registered address of undertaking Country of incorporation Class of share held RS Components Corporation* Philippines Common and preference 21st Floor Multinational Bancorporation Centre, 6805 Ayala Avenue, Makati City, Philippines Elfa Distrelec Sp. z.o.o* Ul. Domaniewska 48, 02-672, Warszawa, Poland Poland Ordinary RS Components sp. z.o.o.* Ul. Domaniewska 48, 02-672, Warszawa, Poland Poland Ordinary RS Integrated Supply Poland Sp. z.o.o.* Ul. Domaniewska 48, 02-672, Warszawa, Poland Poland Ordinary Radionics Limited*\ue062 Glenview Industrial Estate, Herberton Road, Rialto, Dublin 12, Ireland Republic of Ireland Ordinary RS Integrated Supply Ireland Limited* Glenview Industrial Estate, Herberton Road, Rialto, Dublin 12, Ireland Republic of Ireland Ordinary Synovos Ireland Limited* 70 Sir John Rogerson\u2019s Quay, Dublin 2, Ireland Republic of Ireland Ordinary RS Components Pte Ltd*\ue062 133 Cecil Street, #14-01, Keck Seng Tower, Singapore Singapore Ordinary RS Integrated Supply Singapore Pte. Ltd.* 10 Ubi Crescent, #06-18 Ubi Techpark, 408564, Singapore Singapore Ordinary Synovos Singapore Pte. Ltd.* 1 Marina Boulevard, #28-00, One Marina Boulevard, 018989, Singapore Singapore Ordinary RS Integrated Supply Slovakia s.r.o.* Landererova 12, Bratislava - mestsk\u00e1 \u010das\u0165 Star\u00e9 Mesto, 81109, Slovakia Slovakia Ordinary Amidata S.A.U.* Avenida de Bruselas 6, Alcobendas, 28108, Madrid, Spain Spain Ordinary Risoul Iberica SA* 08402 - Granollers, calle Girona, numero 85, Barcelona, Spain Spain Ordinary Elfa Distrelec AB* Kronborgsgr\u00e4nd 1, 164 46 Kista, Sweden Sweden Ordinary Name and registered address of undertaking Country of incorporation Class of share held Elfa Distrelec SIA* Kri\u0161j\u0101\u0146a Valdem\u0101ra iela 62, R\u012bga LV 1013, Latvia Latvia Ordinary Elfa Distrelec, UAB* Ukmerg\u0117s g. 219, LT-07152 Vilnius, Lithuania Lithuania Ordinary RS Components Sdn. Bhd.*\ue062 Suite 9D, Level 9, Menara Ansar, 65 Jalan Trus, Johor Bahru, 80000, Johor, Malaysia Malaysia Ordinary Allied Electronics & Automation S. de R.L. de C.V.* Avenida Circunvalaci\u00f3n Agustin Yalez N\u00b0 2613 Int. 1A 105, Colonia Arcos Vallarta Sur, Guadalajara Jalisco, 44500, Mexico Mexico Ordinary Risoul y Cia, S.A. de C.V.* Avenida Sendero Divisorio 400, Residencia Casa Bella, San Nicolas de los Garza, Nuevo Leon, 66428, Mexico Mexico Ordinary RS Custom Order Solutions, S.A. de C.V.* Avenida Sendero Divisorio 400, Residencia Casa Bella, San Nicolas de los Garza, Nuevo Leon, 66428, Mexico Mexico Ordinary Storeroom Solutions Mexico, S. de R.L. de C.V.* Florencia 57 P, 3 Juarez Distritio Federal, 06600, Mexico Mexico Ordinary Distrelec B.V.* De Tweeling 28, 5215 MC\u2018s Hertogenbosch, Netherlands Netherlands Ordinary Liscombe B.V.* Jarmuiden 56 a, 1046 AE, Amsterdam, Netherlands Netherlands Ordinary RS Components B.V.*\ue062 Bingerweg 19, 2031 AZ Haarlem, Netherlands Netherlands Ordinary RS Integrated Supply Netherlands B.V.* Bingerweg 19, 2031 AZ Haarlem, Netherlands Netherlands Ordinary RS Components Limited*\ue062 KPMG, 18 Viaduct Harbour Avenue, Auckland, 1010, New Zealand New Zealand Ordinary Elfa Distrelec AS* Apotekergata 10B, 0180 Oslo, Norway Norway Ordinary RS Components AS*\ue062 Kristian Augusts Gate 13, 0164 Oslo, Norway Norway Ordinary Name and registered address of undertaking Country of incorporation Class of share held New DEAM, LLC* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common RS Americas, Inc* 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States United States of America Common RS Integrated Supply Puerto Rico LLC* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common RS Integrated Supply US Inc.* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common Holding, Financing and Management Companies RS Components Business Services (Foshan) Limited* 22nd Floor, Glory International Financial Center, No.25, Ronghe Road, Guicheng, Nanhai District, Foshan, Guangdong, 528200, China China Ordinary Electrocomponents France SARL* Rue Norman King, 60000, Beauvais, France France Ordinary Bodenfeld Immobilien GmbH* Mainzer Landstra\u00dfe 180, 60327, Frankfurt, Germany Germany Ordinary Electrocomponents Jersey Finance Unlimited* 44 Esplanade, St Helier, JE4 9WG, Jersey Jersey Common Synovos Netherlands C.V.* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States Netherlands Partnership Electrocomponents Holdings (Thailand) Limited* (49.00%) GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Name and registered address of undertaking Country of incorporation Class of share held RS Components AB*\ue062 Kronborgsgr\u00e4nd 1, 164 46 Kista, Sweden Sweden Ordinary RS Integrated Supply Sweden AB* Drottninggatan 96, 113 60, Stockholm, Sweden Sweden Ordinary Distrelec Schweiz AG* Grabenstrasse 6, 8606 N\u00e4nikon, Switzerland Switzerland Ordinary Domnick (Thailand) Co., Ltd.* (86.74%) No. 99/1-3, Naradhiwas Rajanagarindra Road, Chong Nonsi, Yan Nawa, Bangkok,10120, Thailand Thailand Ordinary RS Components Co., Ltd* GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Distrelec Ltd* 7th floor, 2 St Peter\u2019s Square, Manchester, M2 3AA, UK UK Ordinary IESA A & D Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary John Liscombe Limited* UK Ordinary and Fifth Floor, Two Pancras Square, London N1C 4AG, UK Needlers Limited* Ordinary and Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK OKdo Technology Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Components Limited\ue062 Birchington Road, Weldon, Corby, Northamptonshire, NN17 9RS, UK UK Ordinary RS Integrated Supply UK Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary MRO Distribution, Inc.* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common Name and registered address of undertaking Country of incorporation Class of share held Electrocomponents (US), Inc.* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Electrocomponents US LLC* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Synovos International, Inc.* United States of America Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States Common Not currently trading RS Components (Proprietary) Limited* 20 Indianapolis Street, Kyalami Business Park, Kyalami Midrand, Gauteng, 1684, South Africa South Africa Ordinary Risoul (Trinidad and Tobago) Limited* Nunez & Co, Level 2, Invaders Bay Tower, Invaders Bay, Off Audrey Jeffers Highway, Port of Spain, Trinidad and Tobago Trinidad and Tobago Ordinary Electro Lighting Group Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary IESA Limited Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Components Limited (UK), RS Componentes Limited (HK), RS Components B.V. (Netherlands) and RS Components GmbH (Germany) operate branch offices in South Africa, the Philippines, China (Shanghai) and China (Taiwan), Belgium and Switzerland. Name and registered address of undertaking Country of incorporation Class of share held Electrocomponents Newco (Thailand) Limited* (86.73%) GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Electrocomponents (Thailand) Limited* (73.99%) GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Electrocomponents Overseas Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary Electrocomponents US Finance Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary IESA A & D Holdings Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary IESA Holdings Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary Needlers Holdings Limited* UK Ordinary and Fifth Floor, Two Pancras Square, London N1C 4AG, UK RS Components Holdings Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Group International Holdings Limited Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Group Pension Trustees Limited\ue062 Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary Electrocomponents, Inc* United States of America Common and 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Electrocomponents North America, Inc.* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Electrocomponents North America LLC* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-477": {
"value": "17 Investment in joint venture The Group\u2019s share of the post-tax profit of its joint venture is included in profit before tax. The investment in the joint venture is carried in the Group balance sheet at historical cost plus post-acquisition changes in the Group\u2019s share of the joint venture\u2019s net assets. The Group owns 50% of the share capital of RS Components & Controls (India) Limited, its joint venture. 2025 \u00a3m 2024 \u00a3m At 1 April 1.3 1.5 Group\u2019s share of profit for the year 0.6 0.6 Group\u2019s share of other comprehensive expense (0.1) (0.2) Group\u2019s share of total comprehensive income 0.5 0.4 Dividends (0.6) (0.6) At 31 March 1.2 1.3 Name and registered address of undertaking Country of incorporation Class of share held
Risoul Dominicana S.R.L*
Autopista Duarte KM 17, Calle Los Almejos, Palma Enana
No 13, Nave 1, Villa Linda, Palmarejito, Santo Domingo Oeste,
Dominican Republic Dominican Republic Ordinary
Elfa Distrelec O\u00dc*
Hobujaama 4, Tallinn 10151, Estonia Estonia Ordinary
Elfa Distrelec Oy*
Bertel Jungin Aukio 5, FI-02600, Finland Finland Ordinary
RS Components SAS*\ue062
Rue Norman King, 60000, Beauvais, France France Ordinary
RS Integrated Supply France*
Rue Norman King BF 453, F-60031 Beauvais Cedex, France France Ordinary
Distrelec Deutschland GmbH*
Schellackstrasse 1, 28217 Bremen Germany Ordinary
RS Components GmbH*\ue062
Mainzer Landstra\u00dfe 180, 60327, Frankfurt, Germany Germany Ordinary
RS Integrated Supply Deutschland GmbH*
Bleibtreustr. 21, 10623, Berlin, Germany Germany Ordinary
RS Integrated Supply Hungary Korl\u00e1tolt
Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g*
1062, 1-3. Tower A, 6th floor, Budapest, Hungary Hungary Ordinary
RS Components & Controls (India) Limited*\u2020\ue062
222 Okhla Industrial Estate, New Delhi, India India Ordinary
RS Components S.r.l.*\ue062
Sesto san Giovanni, Viale Thomas Alva Edison,
110, 20099, MI, Italy Italy Ordinary
RS Integrated Supply Italy S.r.l.*
Sesto san Giovanni, Viale Thomas Alva Edison,
110, 20099, MI, Italy Italy Ordinary
RS Components KK*
West Tower 12F, Yokohama Business Park, 134 Godocho,
Hodogaya, Yokohama, Kanagawa, 240-0005, Japan Japan Ordinary
30 Related undertakings
A full list of related undertakings (comprising subsidiaries and a joint venture) is set out below.
All subsidiaries are wholly owned except where indicated below and operate within their countries of
incorporation. Those companies marked with an asterisk (*) are indirectly held by the Company.
Name and registered address of undertaking Country of incorporation Class of share held
Distributor of product and service solutions
RS Components Pty Limited*
25, Pavesi Street, Smithfield, Sydney NSW 2164, Australia Australia Ordinary
Trident Australia Pty Limited*
25, Pavesi Street, Smithfield, Sydney NSW 2164, Australia Australia Ordinary
Distrelec Gesellschaft m.b.H.*
Jagdgasse 25, 1100, Wien, Austria Austria Ordinary
RS Components Handelsgesellschaft m.b.H*
Albrechtser Stra\u00dfe 11, 3950, Gm\u00fcnd, Austria Austria Share of equity
RS Integrated Supply Belgium*
Louizalaan 65/11, 1050 Elsene, Belgium Belgium Ordinary
RS Americas (Canada), Inc.*
1155 Lola Street, Unit 6, Ottawa, ON, K1K 4C1, Canada Canada Common
RS Integrated Supply Canada Corp.*
600-1741 Lower Waters Street, Halifax, NS, B3J 0J2, Canada Canada Common
RS Group Limitada (DBA - RS Limitada)*
Av. Eduardo Frei Montalva, 6001-71 Conchali, Santiago, Chile Chile Ordinary
RS Components Limited*\ue062
4/F, VC House, 4-6 On Lan Street, Central, Hong Kong China Ordinary
RS Components (Shanghai) Company Limited*
East Part, 2 Floor, No.27 building, No.30, Fu Te East Third Road
China (Shanghai) Pilot Free Trade Zone China Ordinary
Elfa Distrelec A/S*
Hasleg\u00e5rdsvej 8-12, 8210 Aarhus V, Denmark Denmark Ordinary
RS Components A/S*
Nattergalevej 6, 2400, K\u00f8benhavn NV, Denmark Denmark Ordinary
\u2020 Note 17 provides details about the Company\u2019s interest in the joint venture.
Name and registered address of undertaking Country of incorporation Class of share held
RS Components Corporation*
Philippines
Common and
preference
21st Floor Multinational Bancorporation Centre,
6805 Ayala Avenue, Makati City, Philippines
Elfa Distrelec Sp. z.o.o*
Ul. Domaniewska 48, 02-672, Warszawa, Poland Poland Ordinary
RS Components sp. z.o.o.*
Ul. Domaniewska 48, 02-672, Warszawa, Poland Poland Ordinary
RS Integrated Supply Poland Sp. z.o.o.*
Ul. Domaniewska 48, 02-672, Warszawa, Poland Poland Ordinary
Radionics Limited*\ue062
Glenview Industrial Estate, Herberton Road, Rialto,
Dublin 12, Ireland Republic of Ireland Ordinary
RS Integrated Supply Ireland Limited*
Glenview Industrial Estate, Herberton Road, Rialto,
Dublin 12, Ireland Republic of Ireland Ordinary
Synovos Ireland Limited*
70 Sir John Rogerson\u2019s Quay, Dublin 2, Ireland Republic of Ireland Ordinary
RS Components Pte Ltd*\ue062
133 Cecil Street, #14-01, Keck Seng Tower, Singapore Singapore Ordinary
RS Integrated Supply Singapore Pte. Ltd.*
10 Ubi Crescent, #06-18 Ubi Techpark, 408564, Singapore Singapore Ordinary
Synovos Singapore Pte. Ltd.*
1 Marina Boulevard, #28-00, One Marina Boulevard,
018989, Singapore Singapore Ordinary
RS Integrated Supply Slovakia s.r.o.*
Landererova 12, Bratislava - mestsk\u00e1 \u010das\u0165 Star\u00e9 Mesto,
81109, Slovakia Slovakia Ordinary
Amidata S.A.U.*
Avenida de Bruselas 6, Alcobendas, 28108, Madrid, Spain Spain Ordinary
Risoul Iberica SA*
08402 - Granollers, calle Girona, numero 85, Barcelona, Spain Spain Ordinary
Elfa Distrelec AB*
Kronborgsgr\u00e4nd 1, 164 46 Kista, Sweden Sweden Ordinary
Name and registered address of undertaking Country of incorporation Class of share held
Elfa Distrelec SIA*
Kri\u0161j\u0101\u0146a Valdem\u0101ra iela 62, R\u012bga LV 1013, Latvia Latvia Ordinary
Elfa Distrelec, UAB*
Ukmerg\u0117s g. 219, LT-07152 Vilnius, Lithuania Lithuania Ordinary
RS Components Sdn. Bhd.*\ue062
Suite 9D, Level 9, Menara Ansar, 65 Jalan Trus,
Johor Bahru, 80000, Johor, Malaysia Malaysia Ordinary
Allied Electronics & Automation S. de R.L. de C.V.*
Avenida Circunvalaci\u00f3n Agustin Yalez N\u00b0 2613 Int. 1A 105,
Colonia Arcos Vallarta Sur, Guadalajara Jalisco, 44500, Mexico Mexico Ordinary
Risoul y Cia, S.A. de C.V.*
Avenida Sendero Divisorio 400, Residencia Casa Bella,
San Nicolas de los Garza, Nuevo Leon, 66428, Mexico Mexico Ordinary
RS Custom Order Solutions, S.A. de C.V.*
Avenida Sendero Divisorio 400, Residencia Casa Bella,
San Nicolas de los Garza, Nuevo Leon, 66428, Mexico Mexico Ordinary
Storeroom Solutions Mexico, S. de R.L. de C.V.*
Florencia 57 P, 3 Juarez Distritio Federal, 06600, Mexico Mexico Ordinary
Distrelec B.V.*
De Tweeling 28, 5215 MC\u2018s Hertogenbosch, Netherlands Netherlands Ordinary
Liscombe B.V.*
Jarmuiden 56 a, 1046 AE, Amsterdam, Netherlands Netherlands Ordinary
RS Components B.V.*\ue062
Bingerweg 19, 2031 AZ Haarlem, Netherlands Netherlands Ordinary
RS Integrated Supply Netherlands B.V.*
Bingerweg 19, 2031 AZ Haarlem, Netherlands Netherlands Ordinary
RS Components Limited*\ue062
KPMG, 18 Viaduct Harbour Avenue, Auckland, 1010,
New Zealand New Zealand Ordinary
Elfa Distrelec AS*
Apotekergata 10B, 0180 Oslo, Norway Norway Ordinary
RS Components AS*\ue062
Kristian Augusts Gate 13, 0164 Oslo, Norway Norway Ordinary
Name and registered address of undertaking Country of incorporation Class of share held
New DEAM, LLC*
Two Radnor Corporate Center, Suite 400, Radnor,
PA 19087, United States
United States
of America Common
RS Americas, Inc*
7151 Jack Newell Blvd S., Fort Worth, TX 76118,
United States
United States
of America Common
RS Integrated Supply Puerto Rico LLC*
Two Radnor Corporate Center, Suite 400, Radnor,
PA 19087, United States
United States
of America Common
RS Integrated Supply US Inc.*
Two Radnor Corporate Center, Suite 400, Radnor,
PA 19087, United States
United States
of America Common
Holding, Financing and Management Companies
RS Components Business Services (Foshan) Limited*
22nd Floor, Glory International Financial Center, No.25,
Ronghe Road, Guicheng, Nanhai District, Foshan,
Guangdong, 528200, China China Ordinary
Electrocomponents France SARL*
Rue Norman King, 60000, Beauvais, France France Ordinary
Bodenfeld Immobilien GmbH*
Mainzer Landstra\u00dfe 180, 60327, Frankfurt, Germany Germany Ordinary
Electrocomponents Jersey Finance Unlimited*
44 Esplanade, St Helier, JE4 9WG, Jersey Jersey Common
Synovos Netherlands C.V.*
Two Radnor Corporate Center, Suite 400, Radnor,
PA 19087, United States Netherlands Partnership
Electrocomponents Holdings (Thailand) Limited* (49.00%)
GMM Grammy Place, Room No. 1901-1904, Floor 19,
No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana,
Bangkok, 10110, Thailand Thailand Ordinary
Name and registered address of undertaking Country of incorporation Class of share held RS Components AB*\ue062 Kronborgsgr\u00e4nd 1, 164 46 Kista, Sweden Sweden Ordinary RS Integrated Supply Sweden AB* Drottninggatan 96, 113 60, Stockholm, Sweden Sweden Ordinary Distrelec Schweiz AG* Grabenstrasse 6, 8606 N\u00e4nikon, Switzerland Switzerland Ordinary Domnick (Thailand) Co., Ltd.* (86.74%) No. 99/1-3, Naradhiwas Rajanagarindra Road, Chong Nonsi, Yan Nawa, Bangkok,10120, Thailand Thailand Ordinary RS Components Co., Ltd* GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Distrelec Ltd* 7th floor, 2 St Peter\u2019s Square, Manchester, M2 3AA, UK UK Ordinary IESA A & D Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary John Liscombe Limited* UK Ordinary and Fifth Floor, Two Pancras Square, London N1C 4AG, UK Needlers Limited* Ordinary and Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK OKdo Technology Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Components Limited\ue062 Birchington Road, Weldon, Corby, Northamptonshire, NN17 9RS, UK UK Ordinary RS Integrated Supply UK Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary MRO Distribution, Inc.* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common Name and registered address of undertaking Country of incorporation Class of share held Electrocomponents (US), Inc.* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Electrocomponents US LLC* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Synovos International, Inc.* United States of America Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States Common Not currently trading RS Components (Proprietary) Limited* 20 Indianapolis Street, Kyalami Business Park, Kyalami Midrand, Gauteng, 1684, South Africa South Africa Ordinary Risoul (Trinidad and Tobago) Limited* Nunez & Co, Level 2, Invaders Bay Tower, Invaders Bay, Off Audrey Jeffers Highway, Port of Spain, Trinidad and Tobago Trinidad and Tobago Ordinary Electro Lighting Group Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary IESA Limited Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Components Limited (UK), RS Componentes Limited (HK), RS Components B.V. (Netherlands) and RS Components GmbH (Germany) operate branch offices in South Africa, the Philippines, China (Shanghai) and China (Taiwan), Belgium and Switzerland. Name and registered address of undertaking Country of incorporation Class of share held Electrocomponents Newco (Thailand) Limited* (86.73%) GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Electrocomponents (Thailand) Limited* (73.99%) GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Electrocomponents Overseas Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary Electrocomponents US Finance Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary IESA A & D Holdings Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary IESA Holdings Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary Needlers Holdings Limited* UK Ordinary and Fifth Floor, Two Pancras Square, London N1C 4AG, UK RS Components Holdings Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Group International Holdings Limited Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Group Pension Trustees Limited\ue062 Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary Electrocomponents, Inc* United States of America Common and 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Electrocomponents North America, Inc.* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Electrocomponents North America LLC* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-529": {
"value": "20 Trade and other payables 2025 \u00a3m 2024 \u00a3m Current Trade payables\ue062 359.4 381.8 Other taxation and social security\ue062 41.2 40.7 Government grants\ue062 0.1 0.1 Cash-settled share-based payment liability 0.4 1.2 Accruals 165.2 133.0 Contract liabilities 3.9 4.4 Other payables (including estimated obligations for customer volume discounts and refunds \u2013 Note 4) 40.8 41.5 Current trade and other payables 611.0 602.7 Non-current Government grants\ue062 2.0 2.2 Cash-settled share-based payment liability 0.6 2.4 Other employee benefits 3.1 3.8 Accruals \u2013 0.1 Other payables 1.7 8.8 Non-current other payables 7.4 17.3 Contract liabilities are where the Group has received payment but is yet to perform its part of the contract. Government grants related to expenditure on property, plant and equipment are credited to the income statement at the same rate as the depreciation on the asset to which the grant relates. The Group offers a supply chain finance facility to its suppliers. This was set up when the Group worked with suppliers to extend payment terms to protect its working capital position. It is primarily provided to give suppliers the option to protect their own working capital position from the impact of this extension. Judgement is required to assess the payables subject to these arrangements and whether they should continue to be classified as trade payables and whether the cash flows should still be classified as operating. The substance of the contractual terms with the bank providing the financing does not differ from the terms under the supplier contracts. The standard payment terms under supplier contracts are 60 days, with a maximum payment term of 180 days. As there are no changes to the invoice terms, the amount owed to the bank is included in trade payables. Related cash flows are included in cash generated from operations. 2025 2024 Carrying amount of the financial liabilities that are subject to supplier finance arrangements (\u00a3m) Presented within trade and other payables 14.7 14.1 - of which suppliers have received payment from the bank 0.3 N/A Range of payment due dates (days after invoice date) Trade payables subject to supplier finance arrangement Up to 180 N/A Comparable trade payables Up to 180 N/A The comparative information that is not required to be presented by the Group in the current year is marked as \u201cN/A\u201d in the table. Changes in liabilities that are subject to supplier finance arrangements are primarily attributable to additions resulting from purchases of goods and services and subsequent cash settlements. There were no material non-cash changes in these liabilities. The Group does not face a significant liquidity risk as a result of its supplier finance arrangements given the limited amount of liabilities subject to supplier finance arrangements and the Group\u2019s access to other sources of finance on similar terms.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-505": {
"value": "20 Trade and other payables 2025 \u00a3m 2024 \u00a3m Current Trade payables\ue062 359.4 381.8 Other taxation and social security\ue062 41.2 40.7 Government grants\ue062 0.1 0.1 Cash-settled share-based payment liability 0.4 1.2 Accruals 165.2 133.0 Contract liabilities 3.9 4.4 Other payables (including estimated obligations for customer volume discounts and refunds \u2013 Note 4) 40.8 41.5 Current trade and other payables 611.0 602.7 Non-current Government grants\ue062 2.0 2.2 Cash-settled share-based payment liability 0.6 2.4 Other employee benefits 3.1 3.8 Accruals \u2013 0.1 Other payables 1.7 8.8 Non-current other payables 7.4 17.3 Contract liabilities are where the Group has received payment but is yet to perform its part of the contract. Government grants related to expenditure on property, plant and equipment are credited to the income statement at the same rate as the depreciation on the asset to which the grant relates. The Group offers a supply chain finance facility to its suppliers. This was set up when the Group worked with suppliers to extend payment terms to protect its working capital position. It is primarily provided to give suppliers the option to protect their own working capital position from the impact of this extension. Judgement is required to assess the payables subject to these arrangements and whether they should continue to be classified as trade payables and whether the cash flows should still be classified as operating. The substance of the contractual terms with the bank providing the financing does not differ from the terms under the supplier contracts. The standard payment terms under supplier contracts are 60 days, with a maximum payment term of 180 days. As there are no changes to the invoice terms, the amount owed to the bank is included in trade payables. Related cash flows are included in cash generated from operations. 2025 2024 Carrying amount of the financial liabilities that are subject to supplier finance arrangements (\u00a3m) Presented within trade and other payables 14.7 14.1 - of which suppliers have received payment from the bank 0.3 N/A Range of payment due dates (days after invoice date) Trade payables subject to supplier finance arrangement Up to 180 N/A Comparable trade payables Up to 180 N/A The comparative information that is not required to be presented by the Group in the current year is marked as \u201cN/A\u201d in the table. Changes in liabilities that are subject to supplier finance arrangements are primarily attributable to additions resulting from purchases of goods and services and subsequent cash settlements. There were no material non-cash changes in these liabilities. The Group does not face a significant liquidity risk as a result of its supplier finance arrangements given the limited amount of liabilities subject to supplier finance arrangements and the Group\u2019s access to other sources of finance on similar terms.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-480": {
"value": "20 Trade and other payables 2025 \u00a3m 2024 \u00a3m Current Trade payables\ue062 359.4 381.8 Other taxation and social security\ue062 41.2 40.7 Government grants\ue062 0.1 0.1 Cash-settled share-based payment liability 0.4 1.2 Accruals 165.2 133.0 Contract liabilities 3.9 4.4 Other payables (including estimated obligations for customer volume discounts and refunds \u2013 Note 4) 40.8 41.5 Current trade and other payables 611.0 602.7 Non-current Government grants\ue062 2.0 2.2 Cash-settled share-based payment liability 0.6 2.4 Other employee benefits 3.1 3.8 Accruals \u2013 0.1 Other payables 1.7 8.8 Non-current other payables 7.4 17.3 Contract liabilities are where the Group has received payment but is yet to perform its part of the contract. Government grants related to expenditure on property, plant and equipment are credited to the income statement at the same rate as the depreciation on the asset to which the grant relates. The Group offers a supply chain finance facility to its suppliers. This was set up when the Group worked with suppliers to extend payment terms to protect its working capital position. It is primarily provided to give suppliers the option to protect their own working capital position from the impact of this extension. Judgement is required to assess the payables subject to these arrangements and whether they should continue to be classified as trade payables and whether the cash flows should still be classified as operating. The substance of the contractual terms with the bank providing the financing does not differ from the terms under the supplier contracts. The standard payment terms under supplier contracts are 60 days, with a maximum payment term of 180 days. As there are no changes to the invoice terms, the amount owed to the bank is included in trade payables. Related cash flows are included in cash generated from operations. 2025 2024
Carrying amount of the financial liabilities that are subject to supplier finance
arrangements (\u00a3m)
Presented within trade and other payables 14.7 14.1
- of which suppliers have received payment from the bank 0.3 N/A
Range of payment due dates (days after invoice date)
Trade payables subject to supplier finance arrangement Up to 180 N/A
Comparable trade payables Up to 180 N/A
The comparative information that is not required to be presented by the Group in the current year is
marked as \u201cN/A\u201d in the table.
Changes in liabilities that are subject to supplier finance arrangements are primarily attributable to
additions resulting from purchases of goods and services and subsequent cash settlements. There were
no material non-cash changes in these liabilities.
The Group does not face a significant liquidity risk as a result of its supplier finance arrangements given
the limited amount of liabilities subject to supplier finance arrangements and the Group\u2019s access to other
sources of finance on similar terms.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-549": {
"value": "2025
\u00a3m
2024
\u00a3m
Current
Trade payables\ue062 359.4 381.8
Other taxation and social security\ue062 41.2 40.7
Government grants\ue062 0.1 0.1
Cash-settled share-based payment liability 0.4 1.2
Accruals 165.2 133.0
Contract liabilities 3.9 4.4
Other payables (including estimated obligations for customer volume discounts and
refunds \u2013 Note 4)
40.8 41.5
Current trade and other payables 611.0 602.7
Non-current
Government grants\ue062 2.0 2.2
Cash-settled share-based payment liability 0.6 2.4
Other employee benefits 3.1 3.8
Accruals \u2013 0.1
Other payables 1.7 8.8
Non-current other payables 7.4 17.3
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-566": {
"value": "2025 \u00a3m 2024 \u00a3m Current Trade payables\ue062 359.4 381.8 Other taxation and social security\ue062 41.2 40.7 Government grants\ue062 0.1 0.1 Cash-settled share-based payment liability 0.4 1.2 Accruals 165.2 133.0 Contract liabilities 3.9 4.4 Other payables (including estimated obligations for customer volume discounts and refunds \u2013 Note 4) 40.8 41.5 Current trade and other payables 611.0 602.7 Non-current Government grants\ue062 2.0 2.2 Cash-settled share-based payment liability 0.6 2.4 Other employee benefits 3.1 3.8 Accruals \u2013 0.1 Other payables 1.7 8.8 Non-current other payables 7.4 17.3 Government grants related to expenditure on property, plant and equipment are credited to the income statement at the same rate as the depreciation on the asset to which the grant relates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-550": {
"value": "Contract liabilities are where the Group has received payment but is yet to perform its part of the contract.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-590": {
"value": "Government grants related to expenditure on property, plant and equipment are credited to the income statement at the same rate as the depreciation on the asset to which the grant relates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-479": {
"value": "19 Trade and other receivables
2025
\u00a3m
2024
\u00a3m
Current
Gross trade receivables 615.9 624.0
Impairment allowance (Note 23) (11.5) (11.1)
Net trade receivables 604.4 612.9
Amounts owed by joint venture 1.3 1.5
Prepayments 44.5 43.9
Other taxation and social security\ue062 8.8 7.8
Contract assets 2.8 8.1
Other receivables 26.7 27.2
Current trade and other receivables 688.5 701.4
Non-current
Prepayments 0.1 0.1
Other receivables 4.5 8.3
Non-current other receivables 4.6 8.4
Contract assets relate mainly to licence fee income and are where the Group has performed its part of
the contract for that element but other performance obligations are required to be completed before it
can receive the credit note for licence fee income from suppliers or raise the invoice for other contracts
with customers.
Current other receivables include \u00a38.1 million (2023/24: \u00a37.9 million) for amounts yet to be invoiced
to customers related to product sales where the Group acts as an agent (Note 4), expected inventory
returns and loans to employees. Non-current other receivables include insurance claims receivables and
lease deposits.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-548": {
"value": "2025 \u00a3m 2024 \u00a3m Current Gross trade receivables 615.9 624.0 Impairment allowance (Note 23) (11.5) (11.1) Net trade receivables 604.4 612.9 Amounts owed by joint venture 1.3 1.5 Prepayments 44.5 43.9 Other taxation and social security\ue062 8.8 7.8 Contract assets 2.8 8.1 Other receivables 26.7 27.2 Current trade and other receivables 688.5 701.4 Non-current Prepayments 0.1 0.1 Other receivables 4.5 8.3 Non-current other receivables 4.6 8.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-528": {
"value": "2025 \u00a3m 2024 \u00a3m Current Gross trade receivables 615.9 624.0 Impairment allowance (Note 23) (11.5) (11.1) Net trade receivables 604.4 612.9 Amounts owed by joint venture 1.3 1.5 Prepayments 44.5 43.9 Other taxation and social security\ue062 8.8 7.8 Contract assets 2.8 8.1 Other receivables 26.7 27.2 Current trade and other receivables 688.5 701.4 Non-current Prepayments 0.1 0.1 Other receivables 4.5 8.3 Non-current other receivables 4.6 8.4 Contract assets relate mainly to licence fee income and are where the Group has performed its part of the contract for that element but other performance obligations are required to be completed before it can receive the credit note for licence fee income from suppliers or raise the invoice for other contracts with customers. Current other receivables include \u00a38.1 million (2023/24: \u00a37.9 million) for amounts yet to be invoiced to customers related to product sales where the Group acts as an agent (Note 4), expected inventory returns and loans to employees. Non-current other receivables include insurance claims receivables and lease deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-504": {
"value": "2025 \u00a3m 2024 \u00a3m Current Gross trade receivables 615.9 624.0 Impairment allowance (Note 23) (11.5) (11.1) Net trade receivables 604.4 612.9 Amounts owed by joint venture 1.3 1.5 Prepayments 44.5 43.9 Other taxation and social security\ue062 8.8 7.8 Contract assets 2.8 8.1 Other receivables 26.7 27.2 Current trade and other receivables 688.5 701.4 Non-current Prepayments 0.1 0.1 Other receivables 4.5 8.3 Non-current other receivables 4.6 8.4 Contract assets relate mainly to licence fee income and are where the Group has performed its part of the contract for that element but other performance obligations are required to be completed before it can receive the credit note for licence fee income from suppliers or raise the invoice for other contracts with customers. Current other receivables include \u00a38.1 million (2023/24: \u00a37.9 million) for amounts yet to be invoiced to customers related to product sales where the Group acts as an agent (Note 4), expected inventory returns and loans to employees. Non-current other receivables include insurance claims receivables and lease deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-506": {
"value": "Cash flow hedge accounting The Group uses derivative financial instruments, namely forward foreign exchange contracts, to hedge variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction. The effective part of any gain or loss on the derivative financial instrument is recognised in other comprehensive income, while any ineffective part is recognised immediately in the income statement. When the hedged item subsequently results in the recognition of a non-financial asset or liability (e.g. inventories), the associated cumulative gain or loss recognised in the hedging reserve is transferred to the initial carrying amount of the asset or liability. When the hedged item subsequently results in the recognition of a financial asset or liability, the associated cumulative gain or loss that was recognised in other comprehensive income is reclassified from equity to the income statement in the same period that the hedged item affects the income statement. When a hedging instrument expires or is sold, terminated or exercised, or the Group discontinues hedge accounting as it no longer meets the Group\u2019s risk management objective but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is reclassified from equity when the transaction occurs in accordance with the above policy. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is reclassified to the income statement. The fair value of forward foreign exchange contracts is the difference between their discounted contractual forward price and their current forward price. Net investment hedge accounting The portion of the gain or loss on an instrument used to hedge a net investment in a foreign operation that is determined to be an effective hedge is recognised in other comprehensive income. The ineffective portion is recognised immediately in the income statement. Amounts taken to other comprehensive income are reclassified from equity to the income statement when the foreign operations are sold or liquidated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-609": {
"value": "Other financial instruments All other financial instruments are initially recognised at fair value and adjusted by transaction costs. Initial fair value is generally the transaction price. Subsequent measurement is as follows: \u2013 Borrowings are measured at amortised cost. Options to extend the term of facilities are considered to be loan commitments. \u2013 All other financial assets, including current receivables, are measured at amortised cost less any impairment allowances on the basis that these assets are held to collect all contractual cash flows being principal and interest on the amount outstanding. \u2013 All other financial liabilities, including current payables, are measured at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-481": {
"value": "21 Financial instruments The Group uses derivative financial instruments, principally forward foreign exchange contracts and occasionally currency swaps to cover its exposure to foreign exchange risk arising from operational and financing activities. In accordance with its treasury policies, the Group designates the majority of its derivative financial instruments as cash flow hedges. The Group does not hold or issue derivative financial instruments for trading purposes. Derivatives are recognised at fair value. Derivative financial instruments that do not qualify for cash flow hedge or net investment hedge accounting are classified as measured at fair value through profit or loss (FVTPL) and changes in their fair values are recognised in the income statement as they arise. Cash flow hedge accounting The Group uses derivative financial instruments, namely forward foreign exchange contracts, to hedge variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction. The effective part of any gain or loss on the derivative financial instrument is recognised in other comprehensive income, while any ineffective part is recognised immediately in the income statement. When the hedged item subsequently results in the recognition of a non-financial asset or liability (e.g. inventories), the associated cumulative gain or loss recognised in the hedging reserve is transferred to the initial carrying amount of the asset or liability. When the hedged item subsequently results in the recognition of a financial asset or liability, the associated cumulative gain or loss that was recognised in other comprehensive income is reclassified from equity to the income statement in the same period that the hedged item affects the income statement. When a hedging instrument expires or is sold, terminated or exercised, or the Group discontinues hedge accounting as it no longer meets the Group\u2019s risk management objective but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is reclassified from equity when the transaction occurs in accordance with the above policy. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is reclassified to the income statement. The fair value of forward foreign exchange contracts is the difference between their discounted contractual forward price and their current forward price. Net investment hedge accounting The portion of the gain or loss on an instrument used to hedge a net investment in a foreign operation that is determined to be an effective hedge is recognised in other comprehensive income. The ineffective portion is recognised immediately in the income statement. Amounts taken to other comprehensive income are reclassified from equity to the income statement when the foreign operations are sold or liquidated. Other financial instruments All other financial instruments are initially recognised at fair value and adjusted by transaction costs. Initial fair value is generally the transaction price. Subsequent measurement is as follows: \u2013 Borrowings are measured at amortised cost. Options to extend the term of facilities are considered to be loan commitments. \u2013 All other financial assets, including current receivables, are measured at amortised cost less any impairment allowances on the basis that these assets are held to collect all contractual cash flows being principal and interest on the amount outstanding. \u2013 All other financial liabilities, including current payables, are measured at amortised cost. Classes and categories of financial instruments
2025
\u00a3m
2024
\u00a3m
Financial assets measured at amortised cost
Non-current other receivables 4.5 8.3
Cash and cash equivalents - cash and short-term deposits 147.7 258.7
Trade and other receivables 625.3 633.5
Financial assets mandatorily measured at FVTPL
Derivative financial instruments 0.1 0.2
Derivatives designated and effective as hedging instruments (fair value
movements through other comprehensive income)
Derivative financial instruments 1.8 2.4
Total financial assets 779.4 903.1
Financial liabilities measured at amortised cost
Non-current other payables (1.7) (8.9)
Cash and cash equivalents - bank overdrafts (41.7) (162.7)
Trade and other payables (504.4) (513.5)
Multicurrency revolving facility (112.6) (155.0)
Unsecured bank facility (23.5) \u2013
Term loan (124.2) (128.2)
Private placement loan notes (153.2) (157.1)
Lease liabilities (56.7) (73.9)
Financial liabilities mandatorily measured at FVTPL
Derivative financial instruments (0.1) \u2013
Derivatives designated and effective as hedging instruments (fair value
movements through other comprehensive income)
Derivative financial instruments (1.7) (1.1)
Total financial liabilities (1,019.8) (1,200.4)
Fair values
Under IFRS 13 \u2018Fair Value Measurement\u2019, fair values are measured using a hierarchy where the
inputs are:
\u2013 Level 1 \u2013 quoted prices in active markets for identical assets or liabilities
\u2013 Level 2 \u2013 not Level 1 but are observable for that asset or liability either directly or indirectly
\u2013 Level 3 \u2013 not based on observable market data (unobservable)
The derivatives listed above are measured at fair value using Level 2 inputs, estimated by discounting
the future contractual cash flows using appropriate market-sourced data at the balance sheet date.
The overall valuation is classified as level 2 on the fair value hierarchy.
For all financial assets and liabilities, fair value approximates the carrying amounts in the balance sheet
except for the following:
2025 2024
Carrying
amounts
\u00a3m
Fair value
\u00a3m
Carrying
amounts
\u00a3m
Fair value
\u00a3m
Non-current private placement loan notes (153.2) (145.4) (157.1) (142.9)
The fair values are calculated by discounting future cash flows to net present values using prevailing
interest rate curves, a Level 2 input, and indicative values of the Group\u2019s credit margin, a Level 3 input.
The overall valuation is classified as level 3 on the fair value hierarchy.
Derivatives 2025 2024 Current assets \u00a3m Current liabilities \u00a3m Current assets \u00a3m Current liabilities \u00a3m Forward foreign exchange contracts designated as cash flow hedges (principal amount \u00a3150.5 million (2023/24: \u00a3225.3 million)) 1.8 (1.7) 2.4 (1.1) Forward foreign exchange contracts classified as fair value through profit or loss 0.1 (0.1) 0.2 \u2013 Derivatives 1.9 (1.8) 2.6 (1.1) Netting arrangements for financial instruments Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable 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. The Group has no financial instruments that meet the criteria for offsetting. Financial instruments that are subject to enforceable master netting arrangements and other similar agreements but are not offset are shown in the table below. Gross and net amounts in balance sheet \u00a3m Financial instruments not offset \u00a3m Net amounts \u00a3m At 31 March 2025 Other derivative assets 1.9 (1.8) 0.1 Other derivative liabilities (1.8) 1.8 \u2013 At 31 March 2024 Other derivative assets 2.6 (1.0) 1.6 Other derivative liabilities (1.1) 1.0 (0.1) 22 Net debt 2025 \u00a3m 2024 \u00a3m Cash and short-term deposits 147.7 258.7 Bank overdrafts (unsecured) (41.7) (162.7) Cash and cash equivalents 106.0 96.0 2025 \u00a3m 2024 \u00a3m Non-current borrowings Unsecured private placement loan notes repayable after more than five years (38.6) (78.4) Unsecured private placement loan notes repayable from four to five years (37.8) \u2013 Unsecured private placement loan notes repayable from two to three years \u2013 (78.7) Unsecured private placement loan notes repayable from one to two years (76.8) \u2013 Unsecured multicurrency revolving credit facility repayable from four to five years (112.6) (155.0) Unsecured term loan repayable from three to four years (124.2) \u2013 Unsecured term loan repayable from two to three years \u2013 (128.2) Non-current borrowings (390.0) (440.3) Current borrowings Unsecured bank facility repayable within one year (23.5) \u2013 Current borrowings (23.5) \u2013 Total borrowings (413.5) (440.3) Cash and cash equivalents 106.0 96.0 Non-current lease liabilities (41.2) (57.9) Current lease liabilities (15.5) (16.0) Net debt (364.2) (418.2) See Note 3 for definition of net debt which is an APM. Cash and cash equivalents comprise cash in hand and in current accounts, overnight deposits and short-term deposits of less than three months net of overdrafts with qualifying financial institutions. Borrowings represent loans from qualifying financial institutions. See Note 23 for details of the Group\u2019s committed debt facilities. Movements in net debt were:
Borrowings
\u00a3m
Lease
liabilities
\u00a3m
Total liabilities
from
financing
activities
\u00a3m
Cash
and cash
equivalents
\u00a3m
Net debt
\u00a3m
At 1 April 2023 (184.6) (48.9) (233.5) 120.5 (113.0)
Cash flows (259.4) 18.5 (240.9) (20.2) (261.1)
Acquired with businesses \u2013 (28.5) (28.5) \u2013 (28.5)
New leases \u2013 (8.4) (8.4) \u2013 (8.4)
Lease modifications \u2013 (7.3) (7.3) \u2013 (7.3)
Disposal of leases \u2013 0.5 0.5 \u2013 0.5
Translation differences 3.7 0.2 3.9 (4.3) (0.4)
At 31 March 2024 (440.3) (73.9) (514.2) 96.0 (418.2)
Cash flows 18.7 15.7 34.4 16.0 50.4
Acquired with businesses
\u2013 (2.3) (2.3) \u2013 (2.3)
New leases
\u2013 (5.9) (5.9) \u2013 (5.9)
Lease modifications
\u2013 (7.8) (7.8) \u2013 (7.8)
Disposal of leases
\u2013 16.8 16.8 \u2013 16.8
Translation differences
8.1 0.7 8.8 (6.0) 2.8
At 31 March 2025 (413.5) (56.7) (470.2) 106.0 (364.2)
23 Financial risk management
The principal financial risks to which the Group is exposed are those of credit, liquidity and market.
Market risk includes foreign currency transaction risk and interest rate risk. Each of these is managed in
accordance with Board-approved policies.
Credit risk
The Group is exposed to credit risk on financial assets such as cash deposits, derivative instruments and
trade and other receivables.
The amounts in the balance sheet represent the maximum credit risk exposure at the balance sheet
date. There were no significant concentrations of credit risk at the balance sheet date, as exposure is
spread over a large number of counterparties, customers and geographic locations. The Group has
reviewed its credit risk again carefully this year due to the current global economic and geopolitical
uncertainties and the Group does not believe it has materially altered during the year.
For cash deposits and derivative instruments, the Group identifies counterparties of suitable
creditworthiness based on ratings assigned by international credit-rating agencies and has procedures
to ensure that only these parties are used, that exposure limits are set based on the external credit
ratings and that these limits are not exceeded. The impairment losses on these are immaterial.
The table below sets out the credit exposure to counterparties by rating for cash and cash equivalents
and derivatives.
The maximum exposure with a single bank for deposits was \u00a322.7 million (2023/24: \u00a312.6 million) and
the largest mark to market exposure for derivative financial instruments to a single bank was \u00a30.2 million
(2023/24: \u00a30.6 million). The Group also occasionally uses money market funds to invest surplus cash
thereby diversifying credit risk and at 31 March 2025 its exposure to these funds was \u00a3nil (2023/24: \u00a3nil).
Aaa
\u00a3m
Aa
\u00a3m
A
\u00a3m
Baa
\u00a3m
Ba1 and
below/
unrated
\u00a3m
Total
\u00a3m
Bank balances and deposits
\u2013 98.1 46.0 0.8 2.8 147.7
Third party financial derivatives
\u2013 1.0 0.9 \u2013 \u2013 1.9
At 31 March 2025 \u2013 99.1 46.9 0.8 2.8 149.6
Aaa \u00a3m Aa \u00a3m A \u00a3m Baa \u00a3m Ba1 and below/ unrated \u00a3m Total \u00a3m Bank balances and deposits \u2013 211.1 44.6 2.1 0.9 258.7 Third party financial derivatives \u2013 1.0 1.6 \u2013 \u2013 2.6 At 31 March 2024 \u2013 212.1 46.2 2.1 0.9 261.3 For trade and other receivables, all operating companies have credit policies and monitor their credit exposure on an ongoing basis. Each operating company performs credit evaluations on all customers seeking credit over a certain amount. For countries with no local operating company presence, export credit limits are set and monitored on a country basis, monthly, by the Treasury Committee. The impairment losses on contract assets, amounts owed by joint venture and other receivables are immaterial. The impairment allowance for trade receivables is measured at an amount equal to lifetime expected credit losses. Trade receivables have been grouped based on shared credit risk characteristics and the number of days from date of invoice. The expected loss rates are based on the payment profile of sales over a 36-month period from 1 April 2021 and the corresponding historical credit losses experienced within this period calculated as the trade receivables from this period that have not been paid by the year end. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. On that basis, the impairment allowance for trade receivables was determined as follows: 2025 2024 Expected loss rate % Gross carrying amount \u00a3m Loss allowance \u00a3m Expected loss rate % Gross carrying amount \u00a3m Loss allowance \u00a3m 0 - 30 days from date of invoice 0.7% 348.6 2.3 1.0% 339.4 3.5 31 - 60 days from date of invoice 0.6% 162.0 1.0 1.2% 174.0 2.1 61 - 90 days from date of invoice 1.4% 50.8 0.7 1.8% 51.1 0.9 91 - 120 days from date of invoice 3.3% 18.4 0.6 3.0% 16.6 0.5 Over 120 days from date of invoice 19.1% 36.1 6.9 9.6% 42.9 4.1 Total 615.9 11.5 624.0 11.1 The ageing of net trade receivables at the reporting date was:
2025
\u00a3m
2024
\u00a3m
Not past due 469.2 487.2
Past due 1 - 30 days 73.3 71.8
Past due 31 - 60 days 26.5 18.6
Past due 61 - 120 days 14.3 10.1
Past due over 120 days 21.1 25.2
Total 604.4 612.9
The movement in the impairment allowance for trade receivables was as follows:
2025
\u00a3m
2024
\u00a3m
At 1 April (11.1) (12.6)
Acquisitions \u2013 (0.8)
Trade receivables written off 3.5 5.6
Increase in impairment allowance recognised in profit or loss (4.2) (3.4)
Translation differences 0.3 0.1
At 31 March (11.5) (11.1)
Trade receivables are written off when there is no reasonable expectation of recovery, for example
when a customer enters liquidation or the Group agrees with the customer to write off an outstanding
invoice. The Group continues to limit its exposure through tight credit policies, proactive monitoring
and collections. Historically, the Group has generally experienced very low levels of trade receivables
not being recovered, including those significantly past due, and this was also the case during 2024/25.
However, with the continued global economic and geopolitical uncertainties, the Group remains cautious
about its exposure and so has reviewed carefully, and maintained at a higher level, its expected loss rates
for those markets and industries that are most affected.
At 31 March 2025, the largest trade receivable balance was \u00a315.5 million (2023/24: \u00a313.5 million), of
which \u00a311.0 million has been received since the year end.
Liquidity risk
The Group\u2019s key priority is to ensure that it can meet its liabilities as they fall due. The Group ensures
this by having sufficient committed debt facilities in place to meet its anticipated funding requirements.
The Group\u2019s forecast funding requirements and its committed debt facilities are reported to and
monitored by the Treasury Committee monthly.
During the year, the Group\u2019s request to take up the remaining one-year term extension to the
multicurrency revolving credit facility was approved by the lenders and therefore, as at 31 March 2025,
the Group had the following committed debt finance in place:
\u2013 Private placement loan notes of \u20ac18 million with a maturity of October 2026, US$80 million with
a maturity of December 2026, \u20ac13 million with a maturity of October 2029, US$35 million with a
maturity of March 2030 and US$50 million with a maturity of October 2031.
\u2013 A \u00a3400 million multicurrency revolving credit facility, with an accordion of up to a further \u00a3100 million,
with a maturity of October 2029. Amounts borrowed under this facility are borrowed for fixed amounts
of time after which they can be repaid or rolled up to a maximum of the facility maturity.
\u2013 A \u20ac150 million term loan previously repayable by April 2026. During the year the loan was extended on
similar terms and is now repayable by October 2028.
As at 31 March 2025, the Group had \u00a3287.4 million (2023/24: \u00a3245.0 million) of available undrawn
committed debt facilities in respect of which all conditions precedent had been met.
The Group also uses bank overdrafts, uncommitted short-term money market loans, cash and short-
term investments. The main purpose of these financial instruments is to manage the Group\u2019s day-to-day
funding and liquidity requirements.
The contractual maturities of financial liabilities, including contractual future interest payments were:
Carrying
amounts
\u00a3m
Contractual
cash flows
\u00a3m
Within
1 year
\u00a3m
1-2
years
\u00a3m
2-3
years
\u00a3m
3-4
years
\u00a3m
After
4 years
\u00a3m
Derivative financial
liabilities
Inflows for forward foreign
exchange contracts
N/A 161.7 161.7 \u2013 \u2013 \u2013 \u2013
Outflows for forward
foreign exchange contracts
N/A (163.2) (163.2) \u2013 \u2013 \u2013 \u2013
Forward foreign exchange
contracts
(1.8) (1.5) (1.5) \u2013 \u2013 \u2013 \u2013
Non-derivative financial
liabilities
Multicurrency revolving
credit facility
(112.6) (134.7) (4.8) (4.8) (4.8) (4.8) (115.5)
Unsecured bank facility (23.5) (24.0) (24.0) \u2013 \u2013 \u2013 \u2013
Term loan (124.2) (141.8) (4.5) (4.5) (4.5) (128.3) \u2013
Private placement loan
notes
(153.2) (171.9) (4.8) (81.0) (2.5) (2.5) (81.1)
Lease liabilities (56.7) (67.2) (17.9) (14.8) (9.0) (6.2) (19.3)
Bank overdrafts (41.7) (41.7) (41.7) \u2013 \u2013 \u2013 \u2013
Trade payables, other
payables and accruals
(504.1) (504.1) (500.6) (3.5) \u2013 \u2013 \u2013
At 31 March 2025 (1,017.8) (1,086.9) (599.8) (108.6) (20.8) (141.8) (215.9)
Carrying
amounts
\u00a3m
Contractual
cash flows
\u00a3m
Within
1 year
\u00a3m
1-2
years
\u00a3m
2-3
years
\u00a3m
3-4
years
\u00a3m
After 4
years
\u00a3m
Derivative financial
liabilities
Inflows for forward foreign
exchange contracts
N/A 150.5 150.5 \u2013 \u2013 \u2013 \u2013
Outflows for forward
foreign exchange contracts
N/A (151.7) (151.7) \u2013 \u2013 \u2013 \u2013
Forward foreign exchange
contracts
(1.1) (1.2) (1.2) \u2013 \u2013 \u2013 \u2013
Non-derivative financial
liabilities
Multicurrency revolving
credit facility
(155.0) (163.5) (77.8) (74.3) (11.4) \u2013 \u2013
Term loan (128.2) (142.0) (6.6) (6.6) (128.8) \u2013 \u2013
Private placement loan
notes
(157.1) (182.4) (4.9) (4.9) (83.6) (2.6) (86.4)
Lease liabilities (73.9) (89.6) (19.0) (15.8) (12.8) (7.4) (34.6)
Bank overdrafts (162.7) (162.7) (162.7) \u2013 \u2013 \u2013 \u2013
Trade payables, other
payables and accruals
(519.1) (519.1) (507.7) (3.0) (8.4) \u2013 \u2013
At 31 March 2024 (1,197.1) (1,260.5) (779.9) (104.6) (245.0) (10.0) (121.0)
Market risk \u2013 foreign currency transaction risk
The Group is exposed to foreign currency transaction risk as it has operating companies with payables
and receivables in currencies other than their functional currency. The Group also has foreign currency
translation risk resulting from investment in foreign subsidiaries and foreign currency debt which is
mainly in US dollars and euros.
Hedging of currency exposures during periods when operating companies cannot easily change their
selling prices is implemented in order to shelter the forecast gross profit during those periods. In this
way the impacts of currency fluctuations can be smoothed until selling prices can be changed in the light
of movements in exchange rates. The hedges are enacted through forward foreign exchange contracts
entered into by Group Treasury in appropriate currencies based on trading projections provided by the
operating companies with fixed terms mainly of between three and seven months and occasionally out
to 11 months for some more certain US dollar trading projections. The Group\u2019s largest exposures relate
to euros and US dollars.
In addition, specific cash flows relating to material transactions in currencies other than the functional
currency of the local business are hedged when the commitment is made.
As of 31 March 2025, net transactions of \u00a377 million and \u00a340 million were hedged for EUR/GBP and
USD/GBP respectively.
The Group classifies forward foreign exchange contracts as hedging instruments against forecast cash
receipts and payments for sales and purchases and designates the forward element of these contracts
as cash flow hedges for accounting purposes on a 1:1 basis which means the fair value movement in the
hedged item is equal and opposite to the fair value movement in the hedging instrument. The forecast
cash flows are expected to occur evenly throughout the forecast period from the year end, which is
between three and 11 months, and will affect the income statement in the period in which they occur
or the inventories are sold. The average forward prices of the outstanding forward foreign exchange
contracts are \u20ac1.16:\u00a31 and US$1.27:\u00a31 (2023/24: \u20ac1.17:\u00a31 and US$1.26:\u00a31).
Foreign currency transaction exposures, and the hedges in place to mitigate them, are monitored
monthly by the Treasury Committee. The Group does not believe its foreign currency transaction risk
has altered materially during the year. Ineffectiveness may arise if actual foreign currency transactions
are lower than the trading projections. There may also be hedge ineffectiveness from the effect of
the counterparty and Group\u2019s own credit risk on the fair value of forward contracts, which is not
reflected in the fair value of the hedged item attributable to changes in foreign exchange rates, or
basis risk or from the timing of transaction. No other sources of ineffectiveness emerged from these
hedging relationships.
The Group has designated the US$165 million private placement loan notes (2023/24: US$165 million),
with a carrying amount of \u00a3127.3 million (2023/24: \u00a3130.5 million), as hedges of US$165 million
(2023/24: US$165 million) of net investments in its US dollar functional currency subsidiaries. The Group
has designated the \u20ac181 million of private placement loan notes and term loan (2023/24: \u20ac181 million),
with a carrying amount of \u00a3150.1 million (2023/24: \u00a3154.8 million), as hedges of \u20ac181 million
(2023/24: \u20ac181 million) of net investments in its euro functional currency subsidiaries. These hedges
are expected to remain highly effective as the change in the value of the net assets of the subsidiaries
hedged is always exactly offset by the related change in the fair value of the private placement loan
notes and term loan. No other foreign currency translation exposures are explicitly hedged although
local currency debt is used where economically and fiscally efficient in the financing of subsidiaries and
this provides a degree of natural hedging. Guidelines are in place to manage the currency mix of the
Group\u2019s net debt. The Group does not believe its foreign currency translation risk has altered materially
during the year. The balance in the cumulative translation reserve relating to the US$165 million and
\u20ac181 million net investment hedges is a gain of \u00a313.7 million (2023/24: \u00a37.1 million) with a further loss
of \u00a336.7 million (2023/24: \u00a336.7 million) relating to previous net investment hedging relationships.
During the year to 31 March 2025 a gain of \u00a36.6 million was recognised in OCI.
Borrowings are analysed by currency as:
At 31 March 2025
Bank
overdrafts
\u00a3m
Bank
facility
\u00a3m
Term loan
\u00a3m
Multicurrency
revolving
credit facility
\u00a3m
Private
placement
loan notes
\u00a3m
Total
\u00a3m
Sterling (22.0) \u2013 \u2013 (50.0) \u2013 (72.0)
US dollar (5.6) \u2013 \u2013 \u2013 (127.3) (132.9)
Euro (8.0) \u2013 (124.2) (62.6) (25.9) (220.7)
Canadian dollar (4.0) \u2013 \u2013 \u2013 \u2013 (4.0)
Other (2.1) (23.5) \u2013 \u2013 \u2013 (25.6)
Total borrowings (41.7) (23.5) (124.2) (112.6) (153.2) (455.2)
At 31 March 2024
Bank
overdrafts
\u00a3m
Bank
facility
\u00a3m
Term loan
\u00a3m
Multicurrency
revolving
credit facility
\u00a3m
Private
placement
loan notes
\u00a3m
Total
\u00a3m
Sterling (94.1) \u2013 \u2013 (155.0) \u2013 (249.1)
US dollar (26.4) \u2013 \u2013 \u2013 (130.5) (156.9)
Euro (28.5) \u2013 (128.2) \u2013 (26.6) (183.3)
Canadian dollar (8.3) \u2013 \u2013 \u2013 \u2013 (8.3)
Other (5.4) \u2013 \u2013 \u2013 \u2013 (5.4)
Total borrowings (162.7) \u2013 (128.2) (155.0) (157.1) (603.0)
Market risk \u2013 interest rate risk
The Group\u2019s policy dictates regular monitoring of interest rate exposure with a view to taking suitable
actions should exposure reach certain levels.
As at 31 March 2025 (and 31 March 2024), the Group had US$165 million and \u20ac31 million of
private placement loan notes at fixed interest rates. All other borrowings were at variable rates.
At 31 March 2025, 34% (2023/24: 26%) of the Group\u2019s gross borrowings excluding lease liabilities
(total borrowings plus bank overdrafts) were at fixed rates, with surplus cash deposited at variable rates.
Sensitivity analysis of exposure to interest rates and foreign exchange rates
The sensitivity analysis is based on the following:
\u2013 Change of one percentage point in market interest rates affecting all variable rate elements of
financial instruments.
\u2013 Change of 5% in euro and US dollar exchange rates affecting the fair value of derivative financial
instruments designated as hedging instruments and other financial assets and liabilities.
The transactional foreign exchange effect in equity due to net investment hedges included below would
be offset in full by the translation of the US and European subsidiaries.
2025 2024
Impact on
income
statement
gain/(loss)
\u00a3m
Impact on
equity gain/
(loss)
\u00a3m
Impact on
income
statement
gain/(loss)
\u00a3m
Impact on
equity gain/
(loss)
\u00a3m
One percentage point increase in interest rates (1.6) \u2013 (1.9) \u2013
5% weakening of the euro 1.5 5.5 1.1 5.4
5% weakening of the US dollar (1.9) 12.1 (2.1) 10.0
A corresponding decrease in interest rates or strengthening of exchange rates would result in an equal
and opposite effect to the amounts above.
Capital management
The Board\u2019s policy is to maintain a strong capital base always, with an appropriate debt to equity mix, to
ensure investor, creditor and market confidence and to support the future development of the business.
The Board monitors ROCE (Note 3) and the level of dividends to ordinary shareholders.
The Group seeks to raise debt from a variety of sources and with a variety of maturities. See Note 22 for
further details.
The Group\u2019s debt covenants are net debt to adjusted EBITDA to be less than 3.25 times and EBITA to
interest to be greater than 3 times, which are measured on a rolling 12-month basis at half year and year
end. At the year end the Group comfortably met these covenants with net debt to adjusted EBITDA of
1.1x (2023/24 restated: 1.2x) and EBITA to interest of 10.9x (2023/24 restated: 10.3x).
There were no significant changes in the Group\u2019s approach to capital management during the year.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-611": {
"value": "21 Financial instruments The Group uses derivative financial instruments, principally forward foreign exchange contracts and occasionally currency swaps to cover its exposure to foreign exchange risk arising from operational and financing activities. In accordance with its treasury policies, the Group designates the majority of its derivative financial instruments as cash flow hedges. The Group does not hold or issue derivative financial instruments for trading purposes. Derivatives are recognised at fair value. Derivative financial instruments that do not qualify for cash flow hedge or net investment hedge accounting are classified as measured at fair value through profit or loss (FVTPL) and changes in their fair values are recognised in the income statement as they arise. Cash flow hedge accounting The Group uses derivative financial instruments, namely forward foreign exchange contracts, to hedge variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction. The effective part of any gain or loss on the derivative financial instrument is recognised in other comprehensive income, while any ineffective part is recognised immediately in the income statement. When the hedged item subsequently results in the recognition of a non-financial asset or liability (e.g. inventories), the associated cumulative gain or loss recognised in the hedging reserve is transferred to the initial carrying amount of the asset or liability. When the hedged item subsequently results in the recognition of a financial asset or liability, the associated cumulative gain or loss that was recognised in other comprehensive income is reclassified from equity to the income statement in the same period that the hedged item affects the income statement. When a hedging instrument expires or is sold, terminated or exercised, or the Group discontinues hedge accounting as it no longer meets the Group\u2019s risk management objective but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is reclassified from equity when the transaction occurs in accordance with the above policy. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is reclassified to the income statement. The fair value of forward foreign exchange contracts is the difference between their discounted contractual forward price and their current forward price. Net investment hedge accounting The portion of the gain or loss on an instrument used to hedge a net investment in a foreign operation that is determined to be an effective hedge is recognised in other comprehensive income. The ineffective portion is recognised immediately in the income statement. Amounts taken to other comprehensive income are reclassified from equity to the income statement when the foreign operations are sold or liquidated. Other financial instruments All other financial instruments are initially recognised at fair value and adjusted by transaction costs. Initial fair value is generally the transaction price. Subsequent measurement is as follows: \u2013 Borrowings are measured at amortised cost. Options to extend the term of facilities are considered to be loan commitments. \u2013 All other financial assets, including current receivables, are measured at amortised cost less any impairment allowances on the basis that these assets are held to collect all contractual cash flows being principal and interest on the amount outstanding. \u2013 All other financial liabilities, including current payables, are measured at amortised cost. Netting arrangements for financial instruments Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable 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. The Group has no financial instruments that meet the criteria for offsetting. Financial instruments that are subject to enforceable master netting arrangements and other similar agreements but are not offset are shown in the table below. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-608": {
"value": "The Group uses derivative financial instruments, principally forward foreign exchange contracts and occasionally currency swaps to cover its exposure to foreign exchange risk arising from operational and financing activities. In accordance with its treasury policies, the Group designates the majority of its derivative financial instruments as cash flow hedges. The Group does not hold or issue derivative financial instruments for trading purposes. Derivatives are recognised at fair value. Derivative financial instruments that do not qualify for cash flow hedge or net investment hedge accounting are classified as measured at fair value through profit or loss (FVTPL) and changes in their fair values are recognised in the income statement as they arise. Cash flow hedge accounting The Group uses derivative financial instruments, namely forward foreign exchange contracts, to hedge variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction. The effective part of any gain or loss on the derivative financial instrument is recognised in other comprehensive income, while any ineffective part is recognised immediately in the income statement. When the hedged item subsequently results in the recognition of a non-financial asset or liability (e.g. inventories), the associated cumulative gain or loss recognised in the hedging reserve is transferred to the initial carrying amount of the asset or liability. When the hedged item subsequently results in the recognition of a financial asset or liability, the associated cumulative gain or loss that was recognised in other comprehensive income is reclassified from equity to the income statement in the same period that the hedged item affects the income statement. When a hedging instrument expires or is sold, terminated or exercised, or the Group discontinues hedge accounting as it no longer meets the Group\u2019s risk management objective but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is reclassified from equity when the transaction occurs in accordance with the above policy. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is reclassified to the income statement. The fair value of forward foreign exchange contracts is the difference between their discounted contractual forward price and their current forward price. Net investment hedge accounting The portion of the gain or loss on an instrument used to hedge a net investment in a foreign operation that is determined to be an effective hedge is recognised in other comprehensive income. The ineffective portion is recognised immediately in the income statement. Amounts taken to other comprehensive income are reclassified from equity to the income statement when the foreign operations are sold or liquidated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-604": {
"value": "The Group uses derivative financial instruments, principally forward foreign exchange contracts and occasionally currency swaps to cover its exposure to foreign exchange risk arising from operational and financing activities. In accordance with its treasury policies, the Group designates the majority of its derivative financial instruments as cash flow hedges. The Group does not hold or issue derivative financial instruments for trading purposes. Derivatives are recognised at fair value. Derivative financial instruments that do not qualify for cash flow hedge or net investment hedge accounting are classified as measured at fair value through profit or loss (FVTPL) and changes in their fair values are recognised in the income statement as they arise. Cash flow hedge accounting The Group uses derivative financial instruments, namely forward foreign exchange contracts, to hedge variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction. The effective part of any gain or loss on the derivative financial instrument is recognised in other comprehensive income, while any ineffective part is recognised immediately in the income statement. When the hedged item subsequently results in the recognition of a non-financial asset or liability (e.g. inventories), the associated cumulative gain or loss recognised in the hedging reserve is transferred to the initial carrying amount of the asset or liability. When the hedged item subsequently results in the recognition of a financial asset or liability, the associated cumulative gain or loss that was recognised in other comprehensive income is reclassified from equity to the income statement in the same period that the hedged item affects the income statement. When a hedging instrument expires or is sold, terminated or exercised, or the Group discontinues hedge accounting as it no longer meets the Group\u2019s risk management objective but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is reclassified from equity when the transaction occurs in accordance with the above policy. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is reclassified to the income statement. The fair value of forward foreign exchange contracts is the difference between their discounted contractual forward price and their current forward price. Net investment hedge accounting The portion of the gain or loss on an instrument used to hedge a net investment in a foreign operation that is determined to be an effective hedge is recognised in other comprehensive income. The ineffective portion is recognised immediately in the income statement. Amounts taken to other comprehensive income are reclassified from equity to the income statement when the foreign operations are sold or liquidated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-591": {
"value": "The Group uses derivative financial instruments, principally forward foreign exchange contracts and occasionally currency swaps to cover its exposure to foreign exchange risk arising from operational and financing activities. In accordance with its treasury policies, the Group designates the majority of its derivative financial instruments as cash flow hedges. The Group does not hold or issue derivative financial instruments for trading purposes. Derivatives are recognised at fair value. Derivative financial instruments that do not qualify for cash flow hedge or net investment hedge accounting are classified as measured at fair value through profit or loss (FVTPL) and changes in their fair values are recognised in the income statement as they arise. Cash flow hedge accounting The Group uses derivative financial instruments, namely forward foreign exchange contracts, to hedge variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction. The effective part of any gain or loss on the derivative financial instrument is recognised in other comprehensive income, while any ineffective part is recognised immediately in the income statement. When the hedged item subsequently results in the recognition of a non-financial asset or liability (e.g. inventories), the associated cumulative gain or loss recognised in the hedging reserve is transferred to the initial carrying amount of the asset or liability. When the hedged item subsequently results in the recognition of a financial asset or liability, the associated cumulative gain or loss that was recognised in other comprehensive income is reclassified from equity to the income statement in the same period that the hedged item affects the income statement. When a hedging instrument expires or is sold, terminated or exercised, or the Group discontinues hedge accounting as it no longer meets the Group\u2019s risk management objective but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is reclassified from equity when the transaction occurs in accordance with the above policy. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is reclassified to the income statement. The fair value of forward foreign exchange contracts is the difference between their discounted contractual forward price and their current forward price. Net investment hedge accounting The portion of the gain or loss on an instrument used to hedge a net investment in a foreign operation that is determined to be an effective hedge is recognised in other comprehensive income. The ineffective portion is recognised immediately in the income statement. Amounts taken to other comprehensive income are reclassified from equity to the income statement when the foreign operations are sold or liquidated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-567": {
"value": "Fair values Under IFRS 13 \u2018Fair Value Measurement\u2019, fair values are measured using a hierarchy where the inputs are: \u2013 Level 1 \u2013 quoted prices in active markets for identical assets or liabilities \u2013 Level 2 \u2013 not Level 1 but are observable for that asset or liability either directly or indirectly \u2013 Level 3 \u2013 not based on observable market data (unobservable) The derivatives listed above are measured at fair value using Level 2 inputs, estimated by discounting the future contractual cash flows using appropriate market-sourced data at the balance sheet date. The overall valuation is classified as level 2 on the fair value hierarchy. For all financial assets and liabilities, fair value approximates the carrying amounts in the balance sheet except for the following: 2025 2024 Carrying amounts \u00a3m Fair value \u00a3m Carrying amounts \u00a3m Fair value \u00a3m Non-current private placement loan notes (153.2) (145.4) (157.1) (142.9) The fair values are calculated by discounting future cash flows to net present values using prevailing interest rate curves, a Level 2 input, and indicative values of the Group\u2019s credit margin, a Level 3 input. The overall valuation is classified as level 3 on the fair value hierarchy. Derivatives 2025 2024 Current assets \u00a3m Current liabilities \u00a3m Current assets \u00a3m Current liabilities \u00a3m Forward foreign exchange contracts designated as cash flow hedges (principal amount \u00a3150.5 million (2023/24: \u00a3225.3 million)) 1.8 (1.7) 2.4 (1.1) Forward foreign exchange contracts classified as fair value through profit or loss 0.1 (0.1) 0.2 \u2013 Derivatives 1.9 (1.8) 2.6 (1.1) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-574": {
"value": "Classes and categories of financial instruments 2025 \u00a3m 2024 \u00a3m Financial assets measured at amortised cost Non-current other receivables 4.5 8.3 Cash and cash equivalents - cash and short-term deposits 147.7 258.7 Trade and other receivables 625.3 633.5 Financial assets mandatorily measured at FVTPL Derivative financial instruments 0.1 0.2 Derivatives designated and effective as hedging instruments (fair value movements through other comprehensive income) Derivative financial instruments 1.8 2.4 Total financial assets 779.4 903.1 Financial liabilities measured at amortised cost Non-current other payables (1.7) (8.9) Cash and cash equivalents - bank overdrafts (41.7) (162.7) Trade and other payables (504.4) (513.5) Multicurrency revolving facility (112.6) (155.0) Unsecured bank facility (23.5) \u2013 Term loan (124.2) (128.2) Private placement loan notes (153.2) (157.1) Lease liabilities (56.7) (73.9) Financial liabilities mandatorily measured at FVTPL Derivative financial instruments (0.1) \u2013 Derivatives designated and effective as hedging instruments (fair value movements through other comprehensive income) Derivative financial instruments (1.7) (1.1) Total financial liabilities (1,019.8) (1,200.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-551": {
"value": "Classes and categories of financial instruments 2025 \u00a3m 2024 \u00a3m Financial assets measured at amortised cost Non-current other receivables 4.5 8.3 Cash and cash equivalents - cash and short-term deposits 147.7 258.7 Trade and other receivables 625.3 633.5 Financial assets mandatorily measured at FVTPL Derivative financial instruments 0.1 0.2 Derivatives designated and effective as hedging instruments (fair value movements through other comprehensive income) Derivative financial instruments 1.8 2.4 Total financial assets 779.4 903.1 Financial liabilities measured at amortised cost Non-current other payables (1.7) (8.9) Cash and cash equivalents - bank overdrafts (41.7) (162.7) Trade and other payables (504.4) (513.5) Multicurrency revolving facility (112.6) (155.0) Unsecured bank facility (23.5) \u2013 Term loan (124.2) (128.2) Private placement loan notes (153.2) (157.1) Lease liabilities (56.7) (73.9) Financial liabilities mandatorily measured at FVTPL Derivative financial instruments (0.1) \u2013 Derivatives designated and effective as hedging instruments (fair value movements through other comprehensive income) Derivative financial instruments (1.7) (1.1) Total financial liabilities (1,019.8) (1,200.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-568": {
"value": "Classes and categories of financial instruments 2025 \u00a3m 2024 \u00a3m Financial assets measured at amortised cost Non-current other receivables 4.5 8.3 Cash and cash equivalents - cash and short-term deposits 147.7 258.7 Trade and other receivables 625.3 633.5 Financial assets mandatorily measured at FVTPL Derivative financial instruments 0.1 0.2 Derivatives designated and effective as hedging instruments (fair value movements through other comprehensive income) Derivative financial instruments 1.8 2.4 Total financial assets 779.4 903.1 Financial liabilities measured at amortised cost Non-current other payables (1.7) (8.9) Cash and cash equivalents - bank overdrafts (41.7) (162.7) Trade and other payables (504.4) (513.5) Multicurrency revolving facility (112.6) (155.0) Unsecured bank facility (23.5) \u2013 Term loan (124.2) (128.2) Private placement loan notes (153.2) (157.1) Lease liabilities (56.7) (73.9) Financial liabilities mandatorily measured at FVTPL Derivative financial instruments (0.1) \u2013 Derivatives designated and effective as hedging instruments (fair value movements through other comprehensive income) Derivative financial instruments (1.7) (1.1) Total financial liabilities (1,019.8) (1,200.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-530": {
"value": "Classes and categories of financial instruments 2025 \u00a3m 2024 \u00a3m Financial assets measured at amortised cost Non-current other receivables 4.5 8.3 Cash and cash equivalents - cash and short-term deposits 147.7 258.7 Trade and other receivables 625.3 633.5 Financial assets mandatorily measured at FVTPL Derivative financial instruments 0.1 0.2 Derivatives designated and effective as hedging instruments (fair value movements through other comprehensive income) Derivative financial instruments 1.8 2.4 Total financial assets 779.4 903.1 Financial liabilities measured at amortised cost Non-current other payables (1.7) (8.9) Cash and cash equivalents - bank overdrafts (41.7) (162.7) Trade and other payables (504.4) (513.5) Multicurrency revolving facility (112.6) (155.0) Unsecured bank facility (23.5) \u2013 Term loan (124.2) (128.2) Private placement loan notes (153.2) (157.1) Lease liabilities (56.7) (73.9) Financial liabilities mandatorily measured at FVTPL Derivative financial instruments (0.1) \u2013 Derivatives designated and effective as hedging instruments (fair value movements through other comprehensive income) Derivative financial instruments (1.7) (1.1) Total financial liabilities (1,019.8) (1,200.4) Fair values Under IFRS 13 \u2018Fair Value Measurement\u2019, fair values are measured using a hierarchy where the inputs are: \u2013 Level 1 \u2013 quoted prices in active markets for identical assets or liabilities \u2013 Level 2 \u2013 not Level 1 but are observable for that asset or liability either directly or indirectly \u2013 Level 3 \u2013 not based on observable market data (unobservable) The derivatives listed above are measured at fair value using Level 2 inputs, estimated by discounting the future contractual cash flows using appropriate market-sourced data at the balance sheet date. The overall valuation is classified as level 2 on the fair value hierarchy. For all financial assets and liabilities, fair value approximates the carrying amounts in the balance sheet except for the following: 2025 2024 Carrying amounts \u00a3m Fair value \u00a3m Carrying amounts \u00a3m Fair value \u00a3m Non-current private placement loan notes (153.2) (145.4) (157.1) (142.9) The fair values are calculated by discounting future cash flows to net present values using prevailing interest rate curves, a Level 2 input, and indicative values of the Group\u2019s credit margin, a Level 3 input. The overall valuation is classified as level 3 on the fair value hierarchy. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-507": {
"value": "Classes and categories of financial instruments 2025 \u00a3m 2024 \u00a3m Financial assets measured at amortised cost Non-current other receivables 4.5 8.3 Cash and cash equivalents - cash and short-term deposits 147.7 258.7 Trade and other receivables 625.3 633.5 Financial assets mandatorily measured at FVTPL Derivative financial instruments 0.1 0.2 Derivatives designated and effective as hedging instruments (fair value movements through other comprehensive income) Derivative financial instruments 1.8 2.4 Total financial assets 779.4 903.1 Financial liabilities measured at amortised cost Non-current other payables (1.7) (8.9) Cash and cash equivalents - bank overdrafts (41.7) (162.7) Trade and other payables (504.4) (513.5) Multicurrency revolving facility (112.6) (155.0) Unsecured bank facility (23.5) \u2013 Term loan (124.2) (128.2) Private placement loan notes (153.2) (157.1) Lease liabilities (56.7) (73.9) Financial liabilities mandatorily measured at FVTPL Derivative financial instruments (0.1) \u2013 Derivatives designated and effective as hedging instruments (fair value movements through other comprehensive income) Derivative financial instruments (1.7) (1.1) Total financial liabilities (1,019.8) (1,200.4) Fair values Under IFRS 13 \u2018Fair Value Measurement\u2019, fair values are measured using a hierarchy where the inputs are: \u2013 Level 1 \u2013 quoted prices in active markets for identical assets or liabilities \u2013 Level 2 \u2013 not Level 1 but are observable for that asset or liability either directly or indirectly \u2013 Level 3 \u2013 not based on observable market data (unobservable) The derivatives listed above are measured at fair value using Level 2 inputs, estimated by discounting the future contractual cash flows using appropriate market-sourced data at the balance sheet date. The overall valuation is classified as level 2 on the fair value hierarchy.Derivatives
2025 2024
Current
assets
\u00a3m
Current
liabilities
\u00a3m
Current
assets
\u00a3m
Current
liabilities
\u00a3m
Forward foreign exchange contracts designated as cash flow
hedges (principal amount \u00a3150.5 million (2023/24: \u00a3225.3
million))
1.8 (1.7) 2.4 (1.1)
Forward foreign exchange contracts classified as fair value
through profit or loss
0.1 (0.1) 0.2 \u2013
Derivatives 1.9 (1.8) 2.6 (1.1)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-553": {
"value": "Derivatives 2025 2024 Current assets \u00a3m Current liabilities \u00a3m Current assets \u00a3m Current liabilities \u00a3m Forward foreign exchange contracts designated as cash flow hedges (principal amount \u00a3150.5 million (2023/24: \u00a3225.3 million)) 1.8 (1.7) 2.4 (1.1) Forward foreign exchange contracts classified as fair value through profit or loss 0.1 (0.1) 0.2 \u2013 Derivatives 1.9 (1.8) 2.6 (1.1) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDetailedInformationAboutHedgesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-531": {
"value": "2025 2024 Current assets \u00a3m Current liabilities \u00a3m Current assets \u00a3m Current liabilities \u00a3m Forward foreign exchange contracts designated as cash flow hedges (principal amount \u00a3150.5 million (2023/24: \u00a3225.3 million)) 1.8 (1.7) 2.4 (1.1) Forward foreign exchange contracts classified as fair value through profit or loss 0.1 (0.1) 0.2 \u2013 Derivatives 1.9 (1.8) 2.6 (1.1) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-552": {
"value": "Netting arrangements for financial instruments Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable 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. The Group has no financial instruments that meet the criteria for offsetting. Financial instruments that are subject to enforceable master netting arrangements and other similar agreements but are not offset are shown in the table below. Gross and net amounts in balance sheet \u00a3m Financial instruments not offset \u00a3m Net amounts \u00a3m At 31 March 2025 Other derivative assets 1.9 (1.8) 0.1 Other derivative liabilities (1.8) 1.8 \u2013 At 31 March 2024 Other derivative assets 2.6 (1.0) 1.6 Other derivative liabilities (1.1) 1.0 (0.1) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-532": {
"value": "Netting arrangements for financial instruments Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable 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. The Group has no financial instruments that meet the criteria for offsetting. Financial instruments that are subject to enforceable master netting arrangements and other similar agreements but are not offset are shown in the table below. Gross and net amounts in balance sheet \u00a3m Financial instruments not offset \u00a3m Net amounts \u00a3m At 31 March 2025 Other derivative assets 1.9 (1.8) 0.1 Other derivative liabilities (1.8) 1.8 \u2013 At 31 March 2024 Other derivative assets 2.6 (1.0) 1.6 Other derivative liabilities (1.1) 1.0 (0.1) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-508": {
"value": "Netting arrangements for financial instruments Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable 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. The Group has no financial instruments that meet the criteria for offsetting. Financial instruments that are subject to enforceable master netting arrangements and other similar agreements but are not offset are shown in the table below. Gross and net amounts in balance sheet \u00a3m Financial instruments not offset \u00a3m Net amounts \u00a3m At 31 March 2025 Other derivative assets 1.9 (1.8) 0.1 Other derivative liabilities (1.8) 1.8 \u2013 At 31 March 2024 Other derivative assets 2.6 (1.0) 1.6 Other derivative liabilities (1.1) 1.0 (0.1) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-592": {
"value": "Netting arrangements for financial instruments Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable 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. The Group has no financial instruments that meet the criteria for offsetting. Financial instruments that are subject to enforceable master netting arrangements and other similar agreements but are not offset are shown in the table below. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-509": {
"value": "22 Net debt
2025
\u00a3m
2024
\u00a3m
Cash and short-term deposits 147.7 258.7
Bank overdrafts (unsecured) (41.7) (162.7)
Cash and cash equivalents 106.0 96.0
2025
\u00a3m
2024
\u00a3m
Non-current borrowings
Unsecured private placement loan notes repayable after more than five years (38.6) (78.4)
Unsecured private placement loan notes repayable from four to five years (37.8) \u2013
Unsecured private placement loan notes repayable from two to three years \u2013 (78.7)
Unsecured private placement loan notes repayable from one to two years (76.8) \u2013
Unsecured multicurrency revolving credit facility repayable from four to five years (112.6) (155.0)
Unsecured term loan repayable from three to four years (124.2) \u2013
Unsecured term loan repayable from two to three years \u2013 (128.2)
Non-current borrowings (390.0) (440.3)
Current borrowings
Unsecured bank facility repayable within one year (23.5) \u2013
Current borrowings (23.5) \u2013
Total borrowings (413.5) (440.3)
Cash and cash equivalents 106.0 96.0
Non-current lease liabilities (41.2) (57.9)
Current lease liabilities (15.5) (16.0)
Net debt (364.2) (418.2)
See Note 3 for definition of net debt which is an APM. Cash and cash equivalents comprise cash in hand
and in current accounts, overnight deposits and short-term deposits of less than three months net of
overdrafts with qualifying financial institutions. Borrowings represent loans from qualifying financial
institutions. See Note 23 for details of the Group\u2019s committed debt facilities.
Movements in net debt were: Borrowings \u00a3m Lease liabilities \u00a3m Total liabilities from financing activities \u00a3m Cash and cash equivalents \u00a3m Net debt \u00a3m At 1 April 2023 (184.6) (48.9) (233.5) 120.5 (113.0) Cash flows (259.4) 18.5 (240.9) (20.2) (261.1) Acquired with businesses \u2013 (28.5) (28.5) \u2013 (28.5) New leases \u2013 (8.4) (8.4) \u2013 (8.4) Lease modifications \u2013 (7.3) (7.3) \u2013 (7.3) Disposal of leases \u2013 0.5 0.5 \u2013 0.5 Translation differences 3.7 0.2 3.9 (4.3) (0.4) At 31 March 2024 (440.3) (73.9) (514.2) 96.0 (418.2) Cash flows 18.7 15.7 34.4 16.0 50.4 Acquired with businesses \u2013 (2.3) (2.3) \u2013 (2.3) New leases \u2013 (5.9) (5.9) \u2013 (5.9) Lease modifications \u2013 (7.8) (7.8) \u2013 (7.8) Disposal of leases \u2013 16.8 16.8 \u2013 16.8 Translation differences 8.1 0.7 8.8 (6.0) 2.8 At 31 March 2025 (413.5) (56.7) (470.2) 106.0 (364.2) Borrowings are analysed by currency as: At 31 March 2025 Bank overdrafts \u00a3m Bank facility \u00a3m Term loan \u00a3m Multicurrency revolving credit facility \u00a3m Private placement loan notes \u00a3m Total \u00a3m Sterling (22.0) \u2013 \u2013 (50.0) \u2013 (72.0) US dollar (5.6) \u2013 \u2013 \u2013 (127.3) (132.9) Euro (8.0) \u2013 (124.2) (62.6) (25.9) (220.7) Canadian dollar (4.0) \u2013 \u2013 \u2013 \u2013 (4.0) Other (2.1) (23.5) \u2013 \u2013 \u2013 (25.6) Total borrowings (41.7) (23.5) (124.2) (112.6) (153.2) (455.2) At 31 March 2024 Bank overdrafts \u00a3m Bank facility \u00a3m Term loan \u00a3m Multicurrency revolving credit facility \u00a3m Private placement loan notes \u00a3m Total \u00a3m Sterling (94.1) \u2013 \u2013 (155.0) \u2013 (249.1) US dollar (26.4) \u2013 \u2013 \u2013 (130.5) (156.9) Euro (28.5) \u2013 (128.2) \u2013 (26.6) (183.3) Canadian dollar (8.3) \u2013 \u2013 \u2013 \u2013 (8.3) Other (5.4) \u2013 \u2013 \u2013 \u2013 (5.4) Total borrowings (162.7) \u2013 (128.2) (155.0) (157.1) (603.0) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-533": {
"value": "22 Net debt 2025 \u00a3m 2024 \u00a3m Cash and short-term deposits 147.7 258.7 Bank overdrafts (unsecured) (41.7) (162.7) Cash and cash equivalents 106.0 96.0 2025 \u00a3m 2024 \u00a3m Non-current borrowings Unsecured private placement loan notes repayable after more than five years (38.6) (78.4) Unsecured private placement loan notes repayable from four to five years (37.8) \u2013 Unsecured private placement loan notes repayable from two to three years \u2013 (78.7) Unsecured private placement loan notes repayable from one to two years (76.8) \u2013 Unsecured multicurrency revolving credit facility repayable from four to five years (112.6) (155.0) Unsecured term loan repayable from three to four years (124.2) \u2013 Unsecured term loan repayable from two to three years \u2013 (128.2) Non-current borrowings (390.0) (440.3) Current borrowings Unsecured bank facility repayable within one year (23.5) \u2013 Current borrowings (23.5) \u2013 Total borrowings (413.5) (440.3) Cash and cash equivalents 106.0 96.0 Non-current lease liabilities (41.2) (57.9) Current lease liabilities (15.5) (16.0) Net debt (364.2) (418.2) See Note 3 for definition of net debt which is an APM. Cash and cash equivalents comprise cash in hand and in current accounts, overnight deposits and short-term deposits of less than three months net of overdrafts with qualifying financial institutions. Borrowings represent loans from qualifying financial institutions. See Note 23 for details of the Group\u2019s committed debt facilities. Movements in net debt were: Borrowings \u00a3m Lease liabilities \u00a3m Total liabilities from financing activities \u00a3m Cash and cash equivalents \u00a3m Net debt \u00a3m At 1 April 2023 (184.6) (48.9) (233.5) 120.5 (113.0) Cash flows (259.4) 18.5 (240.9) (20.2) (261.1) Acquired with businesses \u2013 (28.5) (28.5) \u2013 (28.5) New leases \u2013 (8.4) (8.4) \u2013 (8.4) Lease modifications \u2013 (7.3) (7.3) \u2013 (7.3) Disposal of leases \u2013 0.5 0.5 \u2013 0.5 Translation differences 3.7 0.2 3.9 (4.3) (0.4) At 31 March 2024 (440.3) (73.9) (514.2) 96.0 (418.2) Cash flows 18.7 15.7 34.4 16.0 50.4 Acquired with businesses \u2013 (2.3) (2.3) \u2013 (2.3) New leases \u2013 (5.9) (5.9) \u2013 (5.9) Lease modifications \u2013 (7.8) (7.8) \u2013 (7.8) Disposal of leases \u2013 16.8 16.8 \u2013 16.8 Translation differences 8.1 0.7 8.8 (6.0) 2.8 At 31 March 2025 (413.5) (56.7) (470.2) 106.0 (364.2) ",
"dimensions": {
"concept": "rsgroupplc:DisclosureOfNetDebt",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-554": {
"value": "2025 \u00a3m 2024 \u00a3m Cash and short-term deposits 147.7 258.7 Bank overdrafts (unsecured) (41.7) (162.7) Cash and cash equivalents 106.0 96.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-555": {
"value": "2025 \u00a3m 2024 \u00a3m Non-current borrowings Unsecured private placement loan notes repayable after more than five years (38.6) (78.4) Unsecured private placement loan notes repayable from four to five years (37.8) \u2013 Unsecured private placement loan notes repayable from two to three years \u2013 (78.7) Unsecured private placement loan notes repayable from one to two years (76.8) \u2013 Unsecured multicurrency revolving credit facility repayable from four to five years (112.6) (155.0) Unsecured term loan repayable from three to four years (124.2) \u2013 Unsecured term loan repayable from two to three years \u2013 (128.2) Non-current borrowings (390.0) (440.3) Current borrowings Unsecured bank facility repayable within one year (23.5) \u2013 Current borrowings (23.5) \u2013 Total borrowings (413.5) (440.3) Cash and cash equivalents 106.0 96.0 Non-current lease liabilities (41.2) (57.9) Current lease liabilities (15.5) (16.0) Net debt (364.2) (418.2) See Note 3 for definition of net debt which is an APM. Cash and cash equivalents comprise cash in hand and in current accounts, overnight deposits and short-term deposits of less than three months net of overdrafts with qualifying financial institutions. Borrowings represent loans from qualifying financial institutions. See Note 23 for details of the Group\u2019s committed debt facilities. Borrowings are analysed by currency as: At 31 March 2025 Bank overdrafts \u00a3m Bank facility \u00a3m Term loan \u00a3m Multicurrency revolving credit facility \u00a3m Private placement loan notes \u00a3m Total \u00a3m Sterling (22.0) \u2013 \u2013 (50.0) \u2013 (72.0) US dollar (5.6) \u2013 \u2013 \u2013 (127.3) (132.9) Euro (8.0) \u2013 (124.2) (62.6) (25.9) (220.7) Canadian dollar (4.0) \u2013 \u2013 \u2013 \u2013 (4.0) Other (2.1) (23.5) \u2013 \u2013 \u2013 (25.6) Total borrowings (41.7) (23.5) (124.2) (112.6) (153.2) (455.2) At 31 March 2024 Bank overdrafts \u00a3m Bank facility \u00a3m Term loan \u00a3m Multicurrency revolving credit facility \u00a3m Private placement loan notes \u00a3m Total \u00a3m Sterling (94.1) \u2013 \u2013 (155.0) \u2013 (249.1) US dollar (26.4) \u2013 \u2013 \u2013 (130.5) (156.9) Euro (28.5) \u2013 (128.2) \u2013 (26.6) (183.3) Canadian dollar (8.3) \u2013 \u2013 \u2013 \u2013 (8.3) Other (5.4) \u2013 \u2013 \u2013 \u2013 (5.4) Total borrowings (162.7) \u2013 (128.2) (155.0) (157.1) (603.0) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-593": {
"value": "Cash and cash equivalents comprise cash in hand and in current accounts, overnight deposits and short-term deposits of less than three months net of overdrafts with qualifying financial institutions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-594": {
"value": "Borrowings represent loans from qualifying financial institutions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-575": {
"value": "23 Financial risk management The principal financial risks to which the Group is exposed are those of credit, liquidity and market. Market risk includes foreign currency transaction risk and interest rate risk. Each of these is managed in accordance with Board-approved policies. Credit risk The Group is exposed to credit risk on financial assets such as cash deposits, derivative instruments and trade and other receivables. The amounts in the balance sheet represent the maximum credit risk exposure at the balance sheet date. There were no significant concentrations of credit risk at the balance sheet date, as exposure is spread over a large number of counterparties, customers and geographic locations. The Group has reviewed its credit risk again carefully this year due to the current global economic and geopolitical uncertainties and the Group does not believe it has materially altered during the year. For cash deposits and derivative instruments, the Group identifies counterparties of suitable creditworthiness based on ratings assigned by international credit-rating agencies and has procedures to ensure that only these parties are used, that exposure limits are set based on the external credit ratings and that these limits are not exceeded. The impairment losses on these are immaterial. The table below sets out the credit exposure to counterparties by rating for cash and cash equivalents and derivatives. The maximum exposure with a single bank for deposits was \u00a322.7 million (2023/24: \u00a312.6 million) and the largest mark to market exposure for derivative financial instruments to a single bank was \u00a30.2 million (2023/24: \u00a30.6 million). The Group also occasionally uses money market funds to invest surplus cash thereby diversifying credit risk and at 31 March 2025 its exposure to these funds was \u00a3nil (2023/24: \u00a3nil). Aaa \u00a3m Aa \u00a3m A \u00a3m Baa \u00a3m Ba1 and below/ unrated \u00a3m Total \u00a3m Bank balances and deposits \u2013 98.1 46.0 0.8 2.8 147.7 Third party financial derivatives \u2013 1.0 0.9 \u2013 \u2013 1.9 At 31 March 2025 \u2013 99.1 46.9 0.8 2.8 149.6 Aaa \u00a3m Aa \u00a3m A \u00a3m Baa \u00a3m Ba1 and below/ unrated \u00a3m Total \u00a3m Bank balances and deposits \u2013 211.1 44.6 2.1 0.9 258.7 Third party financial derivatives \u2013 1.0 1.6 \u2013 \u2013 2.6 At 31 March 2024 \u2013 212.1 46.2 2.1 0.9 261.3 For trade and other receivables, all operating companies have credit policies and monitor their credit exposure on an ongoing basis. Each operating company performs credit evaluations on all customers seeking credit over a certain amount. For countries with no local operating company presence, export credit limits are set and monitored on a country basis, monthly, by the Treasury Committee. The impairment losses on contract assets, amounts owed by joint venture and other receivables are immaterial. The impairment allowance for trade receivables is measured at an amount equal to lifetime expected credit losses. Trade receivables have been grouped based on shared credit risk characteristics and the number of days from date of invoice. The expected loss rates are based on the payment profile of sales over a 36-month period from 1 April 2021 and the corresponding historical credit losses experienced within this period calculated as the trade receivables from this period that have not been paid by the year end. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. On that basis, the impairment allowance for trade receivables was determined as follows: 2025 2024 Expected loss rate % Gross carrying amount \u00a3m Loss allowance \u00a3m Expected loss rate % Gross carrying amount \u00a3m Loss allowance \u00a3m 0 - 30 days from date of invoice 0.7% 348.6 2.3 1.0% 339.4 3.5 31 - 60 days from date of invoice 0.6% 162.0 1.0 1.2% 174.0 2.1 61 - 90 days from date of invoice 1.4% 50.8 0.7 1.8% 51.1 0.9 91 - 120 days from date of invoice 3.3% 18.4 0.6 3.0% 16.6 0.5 Over 120 days from date of invoice 19.1% 36.1 6.9 9.6% 42.9 4.1 Total 615.9 11.5 624.0 11.1 The ageing of net trade receivables at the reporting date was: 2025 \u00a3m 2024 \u00a3m Not past due 469.2 487.2 Past due 1 - 30 days 73.3 71.8 Past due 31 - 60 days 26.5 18.6 Past due 61 - 120 days 14.3 10.1 Past due over 120 days 21.1 25.2 Total 604.4 612.9 The movement in the impairment allowance for trade receivables was as follows: 2025 \u00a3m 2024 \u00a3m At 1 April (11.1) (12.6) Acquisitions \u2013 (0.8) Trade receivables written off 3.5 5.6 Increase in impairment allowance recognised in profit or loss (4.2) (3.4) Translation differences 0.3 0.1 At 31 March (11.5) (11.1) Trade receivables are written off when there is no reasonable expectation of recovery, for example when a customer enters liquidation or the Group agrees with the customer to write off an outstanding invoice. The Group continues to limit its exposure through tight credit policies, proactive monitoring and collections. Historically, the Group has generally experienced very low levels of trade receivables not being recovered, including those significantly past due, and this was also the case during 2024/25. However, with the continued global economic and geopolitical uncertainties, the Group remains cautious about its exposure and so has reviewed carefully, and maintained at a higher level, its expected loss rates for those markets and industries that are most affected. At 31 March 2025, the largest trade receivable balance was \u00a315.5 million (2023/24: \u00a313.5 million), of which \u00a311.0 million has been received since the year end. The contractual maturities of financial liabilities, including contractual future interest payments were: Carrying amounts \u00a3m Contractual cash flows \u00a3m Within 1 year \u00a3m 1-2 years \u00a3m 2-3 years \u00a3m 3-4 years \u00a3m After 4 years \u00a3m Derivative financial liabilities Inflows for forward foreign exchange contracts N/A 161.7 161.7 \u2013 \u2013 \u2013 \u2013 Outflows for forward foreign exchange contracts N/A (163.2) (163.2) \u2013 \u2013 \u2013 \u2013 Forward foreign exchange contracts (1.8) (1.5) (1.5) \u2013 \u2013 \u2013 \u2013 Non-derivative financial liabilities Multicurrency revolving credit facility (112.6) (134.7) (4.8) (4.8) (4.8) (4.8) (115.5) Unsecured bank facility (23.5) (24.0) (24.0) \u2013 \u2013 \u2013 \u2013 Term loan (124.2) (141.8) (4.5) (4.5) (4.5) (128.3) \u2013 Private placement loan notes (153.2) (171.9) (4.8) (81.0) (2.5) (2.5) (81.1) Lease liabilities (56.7) (67.2) (17.9) (14.8) (9.0) (6.2) (19.3) Bank overdrafts (41.7) (41.7) (41.7) \u2013 \u2013 \u2013 \u2013 Trade payables, other payables and accruals (504.1) (504.1) (500.6) (3.5) \u2013 \u2013 \u2013 At 31 March 2025 (1,017.8) (1,086.9) (599.8) (108.6) (20.8) (141.8) (215.9) Liquidity risk The Group\u2019s key priority is to ensure that it can meet its liabilities as they fall due. The Group ensures this by having sufficient committed debt facilities in place to meet its anticipated funding requirements. The Group\u2019s forecast funding requirements and its committed debt facilities are reported to and monitored by the Treasury Committee monthly. During the year, the Group\u2019s request to take up the remaining one-year term extension to the multicurrency revolving credit facility was approved by the lenders and therefore, as at 31 March 2025, the Group had the following committed debt finance in place: \u2013 Private placement loan notes of \u20ac18 million with a maturity of October 2026, US$80 million with a maturity of December 2026, \u20ac13 million with a maturity of October 2029, US$35 million with a maturity of March 2030 and US$50 million with a maturity of October 2031. \u2013 A \u00a3400 million multicurrency revolving credit facility, with an accordion of up to a further \u00a3100 million, with a maturity of October 2029. Amounts borrowed under this facility are borrowed for fixed amounts of time after which they can be repaid or rolled up to a maximum of the facility maturity. \u2013 A \u20ac150 million term loan previously repayable by April 2026. During the year the loan was extended on similar terms and is now repayable by October 2028. As at 31 March 2025, the Group had \u00a3287.4 million (2023/24: \u00a3245.0 million) of available undrawn committed debt facilities in respect of which all conditions precedent had been met. The Group also uses bank overdrafts, uncommitted short-term money market loans, cash and short- term investments. The main purpose of these financial instruments is to manage the Group\u2019s day-to-day funding and liquidity requirements. Carrying amounts \u00a3m Contractual cash flows \u00a3m Within 1 year \u00a3m 1-2 years \u00a3m 2-3 years \u00a3m 3-4 years \u00a3m After 4 years \u00a3m Derivative financial liabilities Inflows for forward foreign exchange contracts N/A 150.5 150.5 \u2013 \u2013 \u2013 \u2013 Outflows for forward foreign exchange contracts N/A (151.7) (151.7) \u2013 \u2013 \u2013 \u2013 Forward foreign exchange contracts (1.1) (1.2) (1.2) \u2013 \u2013 \u2013 \u2013 Non-derivative financial liabilities Multicurrency revolving credit facility (155.0) (163.5) (77.8) (74.3) (11.4) \u2013 \u2013 Term loan (128.2) (142.0) (6.6) (6.6) (128.8) \u2013 \u2013 Private placement loan notes (157.1) (182.4) (4.9) (4.9) (83.6) (2.6) (86.4) Lease liabilities (73.9) (89.6) (19.0) (15.8) (12.8) (7.4) (34.6) Bank overdrafts (162.7) (162.7) (162.7) \u2013 \u2013 \u2013 \u2013 Trade payables, other payables and accruals (519.1) (519.1) (507.7) (3.0) (8.4) \u2013 \u2013 At 31 March 2024 (1,197.1) (1,260.5) (779.9) (104.6) (245.0) (10.0) (121.0) Market risk \u2013 foreign currency transaction risk The Group is exposed to foreign currency transaction risk as it has operating companies with payables and receivables in currencies other than their functional currency. The Group also has foreign currency translation risk resulting from investment in foreign subsidiaries and foreign currency debt which is mainly in US dollars and euros. Hedging of currency exposures during periods when operating companies cannot easily change their selling prices is implemented in order to shelter the forecast gross profit during those periods. In this way the impacts of currency fluctuations can be smoothed until selling prices can be changed in the light of movements in exchange rates. The hedges are enacted through forward foreign exchange contracts entered into by Group Treasury in appropriate currencies based on trading projections provided by the operating companies with fixed terms mainly of between three and seven months and occasionally out to 11 months for some more certain US dollar trading projections. The Group\u2019s largest exposures relate to euros and US dollars. In addition, specific cash flows relating to material transactions in currencies other than the functional currency of the local business are hedged when the commitment is made. As of 31 March 2025, net transactions of \u00a377 million and \u00a340 million were hedged for EUR/GBP and USD/GBP respectively. The Group classifies forward foreign exchange contracts as hedging instruments against forecast cash receipts and payments for sales and purchases and designates the forward element of these contracts as cash flow hedges for accounting purposes on a 1:1 basis which means the fair value movement in the hedged item is equal and opposite to the fair value movement in the hedging instrument. The forecast cash flows are expected to occur evenly throughout the forecast period from the year end, which is between three and 11 months, and will affect the income statement in the period in which they occur or the inventories are sold. The average forward prices of the outstanding forward foreign exchange contracts are \u20ac1.16:\u00a31 and US$1.27:\u00a31 (2023/24: \u20ac1.17:\u00a31 and US$1.26:\u00a31). Foreign currency transaction exposures, and the hedges in place to mitigate them, are monitored monthly by the Treasury Committee. The Group does not believe its foreign currency transaction risk has altered materially during the year. Ineffectiveness may arise if actual foreign currency transactions are lower than the trading projections. There may also be hedge ineffectiveness from the effect of the counterparty and Group\u2019s own credit risk on the fair value of forward contracts, which is not reflected in the fair value of the hedged item attributable to changes in foreign exchange rates, or basis risk or from the timing of transaction. No other sources of ineffectiveness emerged from these hedging relationships. The Group has designated the US$165 million private placement loan notes (2023/24: US$165 million), with a carrying amount of \u00a3127.3 million (2023/24: \u00a3130.5 million), as hedges of US$165 million (2023/24: US$165 million) of net investments in its US dollar functional currency subsidiaries. The Group has designated the \u20ac181 million of private placement loan notes and term loan (2023/24: \u20ac181 million), with a carrying amount of \u00a3150.1 million (2023/24: \u00a3154.8 million), as hedges of \u20ac181 million (2023/24: \u20ac181 million) of net investments in its euro functional currency subsidiaries. These hedges are expected to remain highly effective as the change in the value of the net assets of the subsidiaries hedged is always exactly offset by the related change in the fair value of the private placement loan notes and term loan. No other foreign currency translation exposures are explicitly hedged although local currency debt is used where economically and fiscally efficient in the financing of subsidiaries and this provides a degree of natural hedging. Guidelines are in place to manage the currency mix of the Group\u2019s net debt. The Group does not believe its foreign currency translation risk has altered materially during the year. The balance in the cumulative translation reserve relating to the US$165 million and \u20ac181 million net investment hedges is a gain of \u00a313.7 million (2023/24: \u00a37.1 million) with a further loss of \u00a336.7 million (2023/24: \u00a336.7 million) relating to previous net investment hedging relationships. During the year to 31 March 2025 a gain of \u00a36.6 million was recognised in OCI. Sensitivity analysis of exposure to interest rates and foreign exchange rates The sensitivity analysis is based on the following: \u2013 Change of one percentage point in market interest rates affecting all variable rate elements of financial instruments. \u2013 Change of 5% in euro and US dollar exchange rates affecting the fair value of derivative financial instruments designated as hedging instruments and other financial assets and liabilities. The transactional foreign exchange effect in equity due to net investment hedges included below would be offset in full by the translation of the US and European subsidiaries. 2025 2024 Impact on income statement gain/(loss) \u00a3m Impact on equity gain/ (loss) \u00a3m Impact on income statement gain/(loss) \u00a3m Impact on equity gain/ (loss) \u00a3m One percentage point increase in interest rates (1.6) \u2013 (1.9) \u2013 5% weakening of the euro 1.5 5.5 1.1 5.4 5% weakening of the US dollar (1.9) 12.1 (2.1) 10.0 A corresponding decrease in interest rates or strengthening of exchange rates would result in an equal and opposite effect to the amounts above. Capital management The Board\u2019s policy is to maintain a strong capital base always, with an appropriate debt to equity mix, to ensure investor, creditor and market confidence and to support the future development of the business. The Board monitors ROCE (Note 3) and the level of dividends to ordinary shareholders. The Group seeks to raise debt from a variety of sources and with a variety of maturities. See Note 22 for further details. The Group\u2019s debt covenants are net debt to adjusted EBITDA to be less than 3.25 times and EBITA to interest to be greater than 3 times, which are measured on a rolling 12-month basis at half year and year end. At the year end the Group comfortably met these covenants with net debt to adjusted EBITDA of 1.1x (2023/24 restated: 1.2x) and EBITA to interest of 10.9x (2023/24 restated: 10.3x). There were no significant changes in the Group\u2019s approach to capital management during the year. Borrowings are analysed by currency as: At 31 March 2025 Bank overdrafts \u00a3m Bank facility \u00a3m Term loan \u00a3m Multicurrency revolving credit facility \u00a3m Private placement loan notes \u00a3m Total \u00a3m Sterling (22.0) \u2013 \u2013 (50.0) \u2013 (72.0) US dollar (5.6) \u2013 \u2013 \u2013 (127.3) (132.9) Euro (8.0) \u2013 (124.2) (62.6) (25.9) (220.7) Canadian dollar (4.0) \u2013 \u2013 \u2013 \u2013 (4.0) Other (2.1) (23.5) \u2013 \u2013 \u2013 (25.6) Total borrowings (41.7) (23.5) (124.2) (112.6) (153.2) (455.2) At 31 March 2024 Bank overdrafts \u00a3m Bank facility \u00a3m Term loan \u00a3m Multicurrency revolving credit facility \u00a3m Private placement loan notes \u00a3m Total \u00a3m Sterling (94.1) \u2013 \u2013 (155.0) \u2013 (249.1) US dollar (26.4) \u2013 \u2013 \u2013 (130.5) (156.9) Euro (28.5) \u2013 (128.2) \u2013 (26.6) (183.3) Canadian dollar (8.3) \u2013 \u2013 \u2013 \u2013 (8.3) Other (5.4) \u2013 \u2013 \u2013 \u2013 (5.4) Total borrowings (162.7) \u2013 (128.2) (155.0) (157.1) (603.0) Market risk \u2013 interest rate risk The Group\u2019s policy dictates regular monitoring of interest rate exposure with a view to taking suitable actions should exposure reach certain levels. As at 31 March 2025 (and 31 March 2024), the Group had US$165 million and \u20ac31 million of private placement loan notes at fixed interest rates. All other borrowings were at variable rates. At 31 March 2025, 34% (2023/24: 26%) of the Group\u2019s gross borrowings excluding lease liabilities (total borrowings plus bank overdrafts) were at fixed rates, with surplus cash deposited at variable rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-534": {
"value": "Credit risk The Group is exposed to credit risk on financial assets such as cash deposits, derivative instruments and trade and other receivables. The amounts in the balance sheet represent the maximum credit risk exposure at the balance sheet date. There were no significant concentrations of credit risk at the balance sheet date, as exposure is spread over a large number of counterparties, customers and geographic locations. The Group has reviewed its credit risk again carefully this year due to the current global economic and geopolitical uncertainties and the Group does not believe it has materially altered during the year. For cash deposits and derivative instruments, the Group identifies counterparties of suitable creditworthiness based on ratings assigned by international credit-rating agencies and has procedures to ensure that only these parties are used, that exposure limits are set based on the external credit ratings and that these limits are not exceeded. The impairment losses on these are immaterial. The table below sets out the credit exposure to counterparties by rating for cash and cash equivalents and derivatives. The maximum exposure with a single bank for deposits was \u00a322.7 million (2023/24: \u00a312.6 million) and the largest mark to market exposure for derivative financial instruments to a single bank was \u00a30.2 million (2023/24: \u00a30.6 million). The Group also occasionally uses money market funds to invest surplus cash thereby diversifying credit risk and at 31 March 2025 its exposure to these funds was \u00a3nil (2023/24: \u00a3nil). Aaa \u00a3m Aa \u00a3m A \u00a3m Baa \u00a3m Ba1 and below/ unrated \u00a3m Total \u00a3m Bank balances and deposits \u2013 98.1 46.0 0.8 2.8 147.7 Third party financial derivatives \u2013 1.0 0.9 \u2013 \u2013 1.9 At 31 March 2025 \u2013 99.1 46.9 0.8 2.8 149.6 Aaa \u00a3m Aa \u00a3m A \u00a3m Baa \u00a3m Ba1 and below/ unrated \u00a3m Total \u00a3m Bank balances and deposits \u2013 211.1 44.6 2.1 0.9 258.7 Third party financial derivatives \u2013 1.0 1.6 \u2013 \u2013 2.6 At 31 March 2024 \u2013 212.1 46.2 2.1 0.9 261.3 For trade and other receivables, all operating companies have credit policies and monitor their credit exposure on an ongoing basis. Each operating company performs credit evaluations on all customers seeking credit over a certain amount. For countries with no local operating company presence, export credit limits are set and monitored on a country basis, monthly, by the Treasury Committee. The impairment losses on contract assets, amounts owed by joint venture and other receivables are immaterial. The impairment allowance for trade receivables is measured at an amount equal to lifetime expected credit losses. Trade receivables have been grouped based on shared credit risk characteristics and the number of days from date of invoice. The expected loss rates are based on the payment profile of sales over a 36-month period from 1 April 2021 and the corresponding historical credit losses experienced within this period calculated as the trade receivables from this period that have not been paid by the year end. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. On that basis, the impairment allowance for trade receivables was determined as follows: 2025 2024 Expected loss rate % Gross carrying amount \u00a3m Loss allowance \u00a3m Expected loss rate % Gross carrying amount \u00a3m Loss allowance \u00a3m 0 - 30 days from date of invoice 0.7% 348.6 2.3 1.0% 339.4 3.5 31 - 60 days from date of invoice 0.6% 162.0 1.0 1.2% 174.0 2.1 61 - 90 days from date of invoice 1.4% 50.8 0.7 1.8% 51.1 0.9 91 - 120 days from date of invoice 3.3% 18.4 0.6 3.0% 16.6 0.5 Over 120 days from date of invoice 19.1% 36.1 6.9 9.6% 42.9 4.1 Total 615.9 11.5 624.0 11.1 The ageing of net trade receivables at the reporting date was: 2025 \u00a3m 2024 \u00a3m Not past due 469.2 487.2 Past due 1 - 30 days 73.3 71.8 Past due 31 - 60 days 26.5 18.6 Past due 61 - 120 days 14.3 10.1 Past due over 120 days 21.1 25.2 Total 604.4 612.9 The movement in the impairment allowance for trade receivables was as follows: 2025 \u00a3m 2024 \u00a3m At 1 April (11.1) (12.6) Acquisitions \u2013 (0.8) Trade receivables written off 3.5 5.6 Increase in impairment allowance recognised in profit or loss (4.2) (3.4) Translation differences 0.3 0.1 At 31 March (11.5) (11.1) Trade receivables are written off when there is no reasonable expectation of recovery, for example when a customer enters liquidation or the Group agrees with the customer to write off an outstanding invoice. The Group continues to limit its exposure through tight credit policies, proactive monitoring and collections. Historically, the Group has generally experienced very low levels of trade receivables not being recovered, including those significantly past due, and this was also the case during 2024/25. However, with the continued global economic and geopolitical uncertainties, the Group remains cautious about its exposure and so has reviewed carefully, and maintained at a higher level, its expected loss rates for those markets and industries that are most affected. At 31 March 2025, the largest trade receivable balance was \u00a315.5 million (2023/24: \u00a313.5 million), of which \u00a311.0 million has been received since the year end. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-556": {
"value": "The impairment allowance for trade receivables is measured at an amount equal to lifetime expected credit losses. Trade receivables have been grouped based on shared credit risk characteristics and the number of days from date of invoice. The expected loss rates are based on the payment profile of sales over a 36-month period from 1 April 2021 and the corresponding historical credit losses experienced within this period calculated as the trade receivables from this period that have not been paid by the year end. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. On that basis, the impairment allowance for trade receivables was determined as follows: 2025 2024 Expected loss rate % Gross carrying amount \u00a3m Loss allowance \u00a3m Expected loss rate % Gross carrying amount \u00a3m Loss allowance \u00a3m 0 - 30 days from date of invoice 0.7% 348.6 2.3 1.0% 339.4 3.5 31 - 60 days from date of invoice 0.6% 162.0 1.0 1.2% 174.0 2.1 61 - 90 days from date of invoice 1.4% 50.8 0.7 1.8% 51.1 0.9 91 - 120 days from date of invoice 3.3% 18.4 0.6 3.0% 16.6 0.5 Over 120 days from date of invoice 19.1% 36.1 6.9 9.6% 42.9 4.1 Total 615.9 11.5 624.0 11.1 The ageing of net trade receivables at the reporting date was: 2025 \u00a3m 2024 \u00a3m Not past due 469.2 487.2 Past due 1 - 30 days 73.3 71.8 Past due 31 - 60 days 26.5 18.6 Past due 61 - 120 days 14.3 10.1 Past due over 120 days 21.1 25.2 Total 604.4 612.9 The movement in the impairment allowance for trade receivables was as follows: 2025 \u00a3m 2024 \u00a3m At 1 April (11.1) (12.6) Acquisitions \u2013 (0.8) Trade receivables written off 3.5 5.6 Increase in impairment allowance recognised in profit or loss (4.2) (3.4) Translation differences 0.3 0.1 At 31 March (11.5) (11.1) Trade receivables are written off when there is no reasonable expectation of recovery, for example when a customer enters liquidation or the Group agrees with the customer to write off an outstanding invoice. The Group continues to limit its exposure through tight credit policies, proactive monitoring and collections. Historically, the Group has generally experienced very low levels of trade receivables not being recovered, including those significantly past due, and this was also the case during 2024/25. However, with the continued global economic and geopolitical uncertainties, the Group remains cautious about its exposure and so has reviewed carefully, and maintained at a higher level, its expected loss rates for those markets and industries that are most affected. At 31 March 2025, the largest trade receivable balance was \u00a315.5 million (2023/24: \u00a313.5 million), of which \u00a311.0 million has been received since the year end. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-605": {
"value": "The impairment allowance for trade receivables is measured at an amount equal to lifetime expected credit losses. Trade receivables have been grouped based on shared credit risk characteristics and the number of days from date of invoice. The expected loss rates are based on the payment profile of sales over a 36-month period from 1 April 2021 and the corresponding historical credit losses experienced within this period calculated as the trade receivables from this period that have not been paid by the year end. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-569": {
"value": "The contractual maturities of financial liabilities, including contractual future interest payments were: Carrying amounts \u00a3m Contractual cash flows \u00a3m Within 1 year \u00a3m 1-2 years \u00a3m 2-3 years \u00a3m 3-4 years \u00a3m After 4 years \u00a3m Derivative financial liabilities Inflows for forward foreign exchange contracts N/A 161.7 161.7 \u2013 \u2013 \u2013 \u2013 Outflows for forward foreign exchange contracts N/A (163.2) (163.2) \u2013 \u2013 \u2013 \u2013 Forward foreign exchange contracts (1.8) (1.5) (1.5) \u2013 \u2013 \u2013 \u2013 Non-derivative financial liabilities Multicurrency revolving credit facility (112.6) (134.7) (4.8) (4.8) (4.8) (4.8) (115.5) Unsecured bank facility (23.5) (24.0) (24.0) \u2013 \u2013 \u2013 \u2013 Term loan (124.2) (141.8) (4.5) (4.5) (4.5) (128.3) \u2013 Private placement loan notes (153.2) (171.9) (4.8) (81.0) (2.5) (2.5) (81.1) Lease liabilities (56.7) (67.2) (17.9) (14.8) (9.0) (6.2) (19.3) Bank overdrafts (41.7) (41.7) (41.7) \u2013 \u2013 \u2013 \u2013 Trade payables, other payables and accruals (504.1) (504.1) (500.6) (3.5) \u2013 \u2013 \u2013 At 31 March 2025 (1,017.8) (1,086.9) (599.8) (108.6) (20.8) (141.8) (215.9) Carrying amounts \u00a3m Contractual cash flows \u00a3m Within 1 year \u00a3m 1-2 years \u00a3m 2-3 years \u00a3m 3-4 years \u00a3m After 4 years \u00a3m Derivative financial liabilities Inflows for forward foreign exchange contracts N/A 150.5 150.5 \u2013 \u2013 \u2013 \u2013 Outflows for forward foreign exchange contracts N/A (151.7) (151.7) \u2013 \u2013 \u2013 \u2013 Forward foreign exchange contracts (1.1) (1.2) (1.2) \u2013 \u2013 \u2013 \u2013 Non-derivative financial liabilities Multicurrency revolving credit facility (155.0) (163.5) (77.8) (74.3) (11.4) \u2013 \u2013 Term loan (128.2) (142.0) (6.6) (6.6) (128.8) \u2013 \u2013 Private placement loan notes (157.1) (182.4) (4.9) (4.9) (83.6) (2.6) (86.4) Lease liabilities (73.9) (89.6) (19.0) (15.8) (12.8) (7.4) (34.6) Bank overdrafts (162.7) (162.7) (162.7) \u2013 \u2013 \u2013 \u2013 Trade payables, other payables and accruals (519.1) (519.1) (507.7) (3.0) (8.4) \u2013 \u2013 At 31 March 2024 (1,197.1) (1,260.5) (779.9) (104.6) (245.0) (10.0) (121.0) ",
"dimensions": {
"concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-557": {
"value": "The contractual maturities of financial liabilities, including contractual future interest payments were: Carrying amounts \u00a3m Contractual cash flows \u00a3m Within 1 year \u00a3m 1-2 years \u00a3m 2-3 years \u00a3m 3-4 years \u00a3m After 4 years \u00a3m Derivative financial liabilities Inflows for forward foreign exchange contracts N/A 161.7 161.7 \u2013 \u2013 \u2013 \u2013 Outflows for forward foreign exchange contracts N/A (163.2) (163.2) \u2013 \u2013 \u2013 \u2013 Forward foreign exchange contracts (1.8) (1.5) (1.5) \u2013 \u2013 \u2013 \u2013 Non-derivative financial liabilities Multicurrency revolving credit facility (112.6) (134.7) (4.8) (4.8) (4.8) (4.8) (115.5) Unsecured bank facility (23.5) (24.0) (24.0) \u2013 \u2013 \u2013 \u2013 Term loan (124.2) (141.8) (4.5) (4.5) (4.5) (128.3) \u2013 Private placement loan notes (153.2) (171.9) (4.8) (81.0) (2.5) (2.5) (81.1) Lease liabilities (56.7) (67.2) (17.9) (14.8) (9.0) (6.2) (19.3) Bank overdrafts (41.7) (41.7) (41.7) \u2013 \u2013 \u2013 \u2013 Trade payables, other payables and accruals (504.1) (504.1) (500.6) (3.5) \u2013 \u2013 \u2013 At 31 March 2025 (1,017.8) (1,086.9) (599.8) (108.6) (20.8) (141.8) (215.9) Carrying amounts \u00a3m Contractual cash flows \u00a3m Within 1 year \u00a3m 1-2 years \u00a3m 2-3 years \u00a3m 3-4 years \u00a3m After 4 years \u00a3m Derivative financial liabilities Inflows for forward foreign exchange contracts N/A 150.5 150.5 \u2013 \u2013 \u2013 \u2013 Outflows for forward foreign exchange contracts N/A (151.7) (151.7) \u2013 \u2013 \u2013 \u2013 Forward foreign exchange contracts (1.1) (1.2) (1.2) \u2013 \u2013 \u2013 \u2013 Non-derivative financial liabilities Multicurrency revolving credit facility (155.0) (163.5) (77.8) (74.3) (11.4) \u2013 \u2013 Term loan (128.2) (142.0) (6.6) (6.6) (128.8) \u2013 \u2013 Private placement loan notes (157.1) (182.4) (4.9) (4.9) (83.6) (2.6) (86.4) Lease liabilities (73.9) (89.6) (19.0) (15.8) (12.8) (7.4) (34.6) Bank overdrafts (162.7) (162.7) (162.7) \u2013 \u2013 \u2013 \u2013 Trade payables, other payables and accruals (519.1) (519.1) (507.7) (3.0) (8.4) \u2013 \u2013 At 31 March 2024 (1,197.1) (1,260.5) (779.9) (104.6) (245.0) (10.0) (121.0) ",
"dimensions": {
"concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-535": {
"value": "Liquidity risk The Group\u2019s key priority is to ensure that it can meet its liabilities as they fall due. The Group ensures this by having sufficient committed debt facilities in place to meet its anticipated funding requirements. The Group\u2019s forecast funding requirements and its committed debt facilities are reported to and monitored by the Treasury Committee monthly. During the year, the Group\u2019s request to take up the remaining one-year term extension to the multicurrency revolving credit facility was approved by the lenders and therefore, as at 31 March 2025, the Group had the following committed debt finance in place: \u2013 Private placement loan notes of \u20ac18 million with a maturity of October 2026, US$80 million with a maturity of December 2026, \u20ac13 million with a maturity of October 2029, US$35 million with a maturity of March 2030 and US$50 million with a maturity of October 2031. \u2013 A \u00a3400 million multicurrency revolving credit facility, with an accordion of up to a further \u00a3100 million, with a maturity of October 2029. Amounts borrowed under this facility are borrowed for fixed amounts of time after which they can be repaid or rolled up to a maximum of the facility maturity. \u2013 A \u20ac150 million term loan previously repayable by April 2026. During the year the loan was extended on similar terms and is now repayable by October 2028. As at 31 March 2025, the Group had \u00a3287.4 million (2023/24: \u00a3245.0 million) of available undrawn committed debt facilities in respect of which all conditions precedent had been met. The Group also uses bank overdrafts, uncommitted short-term money market loans, cash and short- term investments. The main purpose of these financial instruments is to manage the Group\u2019s day-to-day funding and liquidity requirements. The contractual maturities of financial liabilities, including contractual future interest payments were: Carrying amounts \u00a3m Contractual cash flows \u00a3m Within 1 year \u00a3m 1-2 years \u00a3m 2-3 years \u00a3m 3-4 years \u00a3m After 4 years \u00a3m Derivative financial liabilities Inflows for forward foreign exchange contracts N/A 161.7 161.7 \u2013 \u2013 \u2013 \u2013 Outflows for forward foreign exchange contracts N/A (163.2) (163.2) \u2013 \u2013 \u2013 \u2013 Forward foreign exchange contracts (1.8) (1.5) (1.5) \u2013 \u2013 \u2013 \u2013 Non-derivative financial liabilities Multicurrency revolving credit facility (112.6) (134.7) (4.8) (4.8) (4.8) (4.8) (115.5) Unsecured bank facility (23.5) (24.0) (24.0) \u2013 \u2013 \u2013 \u2013 Term loan (124.2) (141.8) (4.5) (4.5) (4.5) (128.3) \u2013 Private placement loan notes (153.2) (171.9) (4.8) (81.0) (2.5) (2.5) (81.1) Lease liabilities (56.7) (67.2) (17.9) (14.8) (9.0) (6.2) (19.3) Bank overdrafts (41.7) (41.7) (41.7) \u2013 \u2013 \u2013 \u2013 Trade payables, other payables and accruals (504.1) (504.1) (500.6) (3.5) \u2013 \u2013 \u2013 At 31 March 2025 (1,017.8) (1,086.9) (599.8) (108.6) (20.8) (141.8) (215.9) Carrying amounts \u00a3m Contractual cash flows \u00a3m Within 1 year \u00a3m 1-2 years \u00a3m 2-3 years \u00a3m 3-4 years \u00a3m After 4 years \u00a3m Derivative financial liabilities Inflows for forward foreign exchange contracts N/A 150.5 150.5 \u2013 \u2013 \u2013 \u2013 Outflows for forward foreign exchange contracts N/A (151.7) (151.7) \u2013 \u2013 \u2013 \u2013 Forward foreign exchange contracts (1.1) (1.2) (1.2) \u2013 \u2013 \u2013 \u2013 Non-derivative financial liabilities Multicurrency revolving credit facility (155.0) (163.5) (77.8) (74.3) (11.4) \u2013 \u2013 Term loan (128.2) (142.0) (6.6) (6.6) (128.8) \u2013 \u2013 Private placement loan notes (157.1) (182.4) (4.9) (4.9) (83.6) (2.6) (86.4) Lease liabilities (73.9) (89.6) (19.0) (15.8) (12.8) (7.4) (34.6) Bank overdrafts (162.7) (162.7) (162.7) \u2013 \u2013 \u2013 \u2013 Trade payables, other payables and accruals (519.1) (519.1) (507.7) (3.0) (8.4) \u2013 \u2013 At 31 March 2024 (1,197.1) (1,260.5) (779.9) (104.6) (245.0) (10.0) (121.0) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-558": {
"value": "Market risk \u2013 foreign currency transaction risk The Group is exposed to foreign currency transaction risk as it has operating companies with payables and receivables in currencies other than their functional currency. The Group also has foreign currency translation risk resulting from investment in foreign subsidiaries and foreign currency debt which is mainly in US dollars and euros. Hedging of currency exposures during periods when operating companies cannot easily change their selling prices is implemented in order to shelter the forecast gross profit during those periods. In this way the impacts of currency fluctuations can be smoothed until selling prices can be changed in the light of movements in exchange rates. The hedges are enacted through forward foreign exchange contracts entered into by Group Treasury in appropriate currencies based on trading projections provided by the operating companies with fixed terms mainly of between three and seven months and occasionally out to 11 months for some more certain US dollar trading projections. The Group\u2019s largest exposures relate to euros and US dollars. In addition, specific cash flows relating to material transactions in currencies other than the functional currency of the local business are hedged when the commitment is made. As of 31 March 2025, net transactions of \u00a377 million and \u00a340 million were hedged for EUR/GBP and USD/GBP respectively. The Group classifies forward foreign exchange contracts as hedging instruments against forecast cash receipts and payments for sales and purchases and designates the forward element of these contracts as cash flow hedges for accounting purposes on a 1:1 basis which means the fair value movement in the hedged item is equal and opposite to the fair value movement in the hedging instrument. The forecast cash flows are expected to occur evenly throughout the forecast period from the year end, which is between three and 11 months, and will affect the income statement in the period in which they occur or the inventories are sold. The average forward prices of the outstanding forward foreign exchange contracts are \u20ac1.16:\u00a31 and US$1.27:\u00a31 (2023/24: \u20ac1.17:\u00a31 and US$1.26:\u00a31). Foreign currency transaction exposures, and the hedges in place to mitigate them, are monitored monthly by the Treasury Committee. The Group does not believe its foreign currency transaction risk has altered materially during the year. Ineffectiveness may arise if actual foreign currency transactions are lower than the trading projections. There may also be hedge ineffectiveness from the effect of the counterparty and Group\u2019s own credit risk on the fair value of forward contracts, which is not reflected in the fair value of the hedged item attributable to changes in foreign exchange rates, or basis risk or from the timing of transaction. No other sources of ineffectiveness emerged from these hedging relationships. The Group has designated the US$165 million private placement loan notes (2023/24: US$165 million), with a carrying amount of \u00a3127.3 million (2023/24: \u00a3130.5 million), as hedges of US$165 million (2023/24: US$165 million) of net investments in its US dollar functional currency subsidiaries. The Group has designated the \u20ac181 million of private placement loan notes and term loan (2023/24: \u20ac181 million), with a carrying amount of \u00a3150.1 million (2023/24: \u00a3154.8 million), as hedges of \u20ac181 million (2023/24: \u20ac181 million) of net investments in its euro functional currency subsidiaries. These hedges are expected to remain highly effective as the change in the value of the net assets of the subsidiaries hedged is always exactly offset by the related change in the fair value of the private placement loan notes and term loan. No other foreign currency translation exposures are explicitly hedged although local currency debt is used where economically and fiscally efficient in the financing of subsidiaries and this provides a degree of natural hedging. Guidelines are in place to manage the currency mix of the Group\u2019s net debt. The Group does not believe its foreign currency translation risk has altered materially during the year. The balance in the cumulative translation reserve relating to the US$165 million and \u20ac181 million net investment hedges is a gain of \u00a313.7 million (2023/24: \u00a37.1 million) with a further loss of \u00a336.7 million (2023/24: \u00a336.7 million) relating to previous net investment hedging relationships. During the year to 31 March 2025 a gain of \u00a36.6 million was recognised in OCI. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDetailedInformationAboutHedgingInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-536": {
"value": "Market risk \u2013 foreign currency transaction risk The Group is exposed to foreign currency transaction risk as it has operating companies with payables and receivables in currencies other than their functional currency. The Group also has foreign currency translation risk resulting from investment in foreign subsidiaries and foreign currency debt which is mainly in US dollars and euros. Hedging of currency exposures during periods when operating companies cannot easily change their selling prices is implemented in order to shelter the forecast gross profit during those periods. In this way the impacts of currency fluctuations can be smoothed until selling prices can be changed in the light of movements in exchange rates. The hedges are enacted through forward foreign exchange contracts entered into by Group Treasury in appropriate currencies based on trading projections provided by the operating companies with fixed terms mainly of between three and seven months and occasionally out to 11 months for some more certain US dollar trading projections. The Group\u2019s largest exposures relate to euros and US dollars. In addition, specific cash flows relating to material transactions in currencies other than the functional currency of the local business are hedged when the commitment is made. As of 31 March 2025, net transactions of \u00a377 million and \u00a340 million were hedged for EUR/GBP and USD/GBP respectively. The Group classifies forward foreign exchange contracts as hedging instruments against forecast cash receipts and payments for sales and purchases and designates the forward element of these contracts as cash flow hedges for accounting purposes on a 1:1 basis which means the fair value movement in the hedged item is equal and opposite to the fair value movement in the hedging instrument. The forecast cash flows are expected to occur evenly throughout the forecast period from the year end, which is between three and 11 months, and will affect the income statement in the period in which they occur or the inventories are sold. The average forward prices of the outstanding forward foreign exchange contracts are \u20ac1.16:\u00a31 and US$1.27:\u00a31 (2023/24: \u20ac1.17:\u00a31 and US$1.26:\u00a31). Foreign currency transaction exposures, and the hedges in place to mitigate them, are monitored monthly by the Treasury Committee. The Group does not believe its foreign currency transaction risk has altered materially during the year. Ineffectiveness may arise if actual foreign currency transactions are lower than the trading projections. There may also be hedge ineffectiveness from the effect of the counterparty and Group\u2019s own credit risk on the fair value of forward contracts, which is not reflected in the fair value of the hedged item attributable to changes in foreign exchange rates, or basis risk or from the timing of transaction. No other sources of ineffectiveness emerged from these hedging relationships. The Group has designated the US$165 million private placement loan notes (2023/24: US$165 million), with a carrying amount of \u00a3127.3 million (2023/24: \u00a3130.5 million), as hedges of US$165 million (2023/24: US$165 million) of net investments in its US dollar functional currency subsidiaries. The Group has designated the \u20ac181 million of private placement loan notes and term loan (2023/24: \u20ac181 million), with a carrying amount of \u00a3150.1 million (2023/24: \u00a3154.8 million), as hedges of \u20ac181 million (2023/24: \u20ac181 million) of net investments in its euro functional currency subsidiaries. These hedges are expected to remain highly effective as the change in the value of the net assets of the subsidiaries hedged is always exactly offset by the related change in the fair value of the private placement loan notes and term loan. No other foreign currency translation exposures are explicitly hedged although local currency debt is used where economically and fiscally efficient in the financing of subsidiaries and this provides a degree of natural hedging. Guidelines are in place to manage the currency mix of the Group\u2019s net debt. The Group does not believe its foreign currency translation risk has altered materially during the year. The balance in the cumulative translation reserve relating to the US$165 million and \u20ac181 million net investment hedges is a gain of \u00a313.7 million (2023/24: \u00a37.1 million) with a further loss of \u00a336.7 million (2023/24: \u00a336.7 million) relating to previous net investment hedging relationships. During the year to 31 March 2025 a gain of \u00a36.6 million was recognised in OCI. Sensitivity analysis of exposure to interest rates and foreign exchange rates The sensitivity analysis is based on the following: \u2013 Change of one percentage point in market interest rates affecting all variable rate elements of financial instruments. \u2013 Change of 5% in euro and US dollar exchange rates affecting the fair value of derivative financial instruments designated as hedging instruments and other financial assets and liabilities. The transactional foreign exchange effect in equity due to net investment hedges included below would be offset in full by the translation of the US and European subsidiaries. 2025 2024 Impact on income statement gain/(loss) \u00a3m Impact on equity gain/ (loss) \u00a3m Impact on income statement gain/(loss) \u00a3m Impact on equity gain/ (loss) \u00a3m One percentage point increase in interest rates (1.6) \u2013 (1.9) \u2013 5% weakening of the euro 1.5 5.5 1.1 5.4 5% weakening of the US dollar (1.9) 12.1 (2.1) 10.0 A corresponding decrease in interest rates or strengthening of exchange rates would result in an equal and opposite effect to the amounts above. Borrowings are analysed by currency as: At 31 March 2025 Bank overdrafts \u00a3m Bank facility \u00a3m Term loan \u00a3m Multicurrency revolving credit facility \u00a3m Private placement loan notes \u00a3m Total \u00a3m Sterling (22.0) \u2013 \u2013 (50.0) \u2013 (72.0) US dollar (5.6) \u2013 \u2013 \u2013 (127.3) (132.9) Euro (8.0) \u2013 (124.2) (62.6) (25.9) (220.7) Canadian dollar (4.0) \u2013 \u2013 \u2013 \u2013 (4.0) Other (2.1) (23.5) \u2013 \u2013 \u2013 (25.6) Total borrowings (41.7) (23.5) (124.2) (112.6) (153.2) (455.2) At 31 March 2024 Bank overdrafts \u00a3m Bank facility \u00a3m Term loan \u00a3m Multicurrency revolving credit facility \u00a3m Private placement loan notes \u00a3m Total \u00a3m Sterling (94.1) \u2013 \u2013 (155.0) \u2013 (249.1) US dollar (26.4) \u2013 \u2013 \u2013 (130.5) (156.9) Euro (28.5) \u2013 (128.2) \u2013 (26.6) (183.3) Canadian dollar (8.3) \u2013 \u2013 \u2013 \u2013 (8.3) Other (5.4) \u2013 \u2013 \u2013 \u2013 (5.4) Total borrowings (162.7) \u2013 (128.2) (155.0) (157.1) (603.0) Market risk \u2013 interest rate risk The Group\u2019s policy dictates regular monitoring of interest rate exposure with a view to taking suitable actions should exposure reach certain levels. As at 31 March 2025 (and 31 March 2024), the Group had US$165 million and \u20ac31 million of private placement loan notes at fixed interest rates. All other borrowings were at variable rates. At 31 March 2025, 34% (2023/24: 26%) of the Group\u2019s gross borrowings excluding lease liabilities (total borrowings plus bank overdrafts) were at fixed rates, with surplus cash deposited at variable rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-559": {
"value": "Sensitivity analysis of exposure to interest rates and foreign exchange rates The sensitivity analysis is based on the following: \u2013 Change of one percentage point in market interest rates affecting all variable rate elements of financial instruments. \u2013 Change of 5% in euro and US dollar exchange rates affecting the fair value of derivative financial instruments designated as hedging instruments and other financial assets and liabilities. The transactional foreign exchange effect in equity due to net investment hedges included below would be offset in full by the translation of the US and European subsidiaries. 2025 2024 Impact on income statement gain/(loss) \u00a3m Impact on equity gain/ (loss) \u00a3m Impact on income statement gain/(loss) \u00a3m Impact on equity gain/ (loss) \u00a3m One percentage point increase in interest rates (1.6) \u2013 (1.9) \u2013 5% weakening of the euro 1.5 5.5 1.1 5.4 5% weakening of the US dollar (1.9) 12.1 (2.1) 10.0 A corresponding decrease in interest rates or strengthening of exchange rates would result in an equal and opposite effect to the amounts above. ",
"dimensions": {
"concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-537": {
"value": "Capital management The Board\u2019s policy is to maintain a strong capital base always, with an appropriate debt to equity mix, to ensure investor, creditor and market confidence and to support the future development of the business. The Board monitors ROCE (Note 3) and the level of dividends to ordinary shareholders. The Group seeks to raise debt from a variety of sources and with a variety of maturities. See Note 22 for further details. The Group\u2019s debt covenants are net debt to adjusted EBITDA to be less than 3.25 times and EBITA to interest to be greater than 3 times, which are measured on a rolling 12-month basis at half year and year end. At the year end the Group comfortably met these covenants with net debt to adjusted EBITDA of 1.1x (2023/24 restated: 1.2x) and EBITA to interest of 10.9x (2023/24 restated: 10.3x). There were no significant changes in the Group\u2019s approach to capital management during the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-538": {
"value": "24 Provisions and contingent liabilities Provisions are recognised when the Group has a present obligation as a result of a past event and a reasonable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless the transfer of economic benefits is remote. Reorganisation provision \u00a3m Penalties and interest on uncertain income tax provision \u00a3m Dilapidation provision \u00a3m Total \u00a3m At 1 April 2024 3.6 3.0 2.6 9.2 Acquisitions (Note 29) \u2013 \u2013 0.1 0.1 Additions 9.6 0.1 0.5 10.2 Utilised (8.3) \u2013 \u2013 (8.3) Released (1.1) (1.0) (0.8) (2.9) Translation differences \u2013 (0.2) \u2013 (0.2) At 31 March 2025 3.8 1.9 2.4 8.1 Analysed in the balance sheet as: 2025 \u00a3m 2024 \u00a3m Current 5.0 5.0 Non-current 3.1 4.2 8.1 9.2 Provisions for uncertain tax positions are recognised in current tax liabilities, with relevant penalties and interest recognised in provisions, see Note 11. The reorganisation provision is expected to be fully utilised by March 2027 and the dilapidation provision is expected to be fully utilised by March 2028. At 31 March 2025, there were no material contingent liabilities (2023/24: none). 25 Capital commitments As at 31 March 2025, the Group is contractually committed to, but has not provided for, future capital expenditure of \u00a312.9 million (2023/24: \u00a38.0 million) for property, plant and equipment and \u00a34.5 million (2023/24: \u00a34.6 million) for intangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-510": {
"value": "24 Provisions and contingent liabilities Provisions are recognised when the Group has a present obligation as a result of a past event and a reasonable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless the transfer of economic benefits is remote. Reorganisation provision \u00a3m Penalties and interest on uncertain income tax provision \u00a3m Dilapidation provision \u00a3m Total \u00a3m At 1 April 2024 3.6 3.0 2.6 9.2 Acquisitions (Note 29) \u2013 \u2013 0.1 0.1 Additions 9.6 0.1 0.5 10.2 Utilised (8.3) \u2013 \u2013 (8.3) Released (1.1) (1.0) (0.8) (2.9) Translation differences \u2013 (0.2) \u2013 (0.2) At 31 March 2025 3.8 1.9 2.4 8.1 Analysed in the balance sheet as: 2025 \u00a3m 2024 \u00a3m Current 5.0 5.0 Non-current 3.1 4.2 8.1 9.2 Provisions for uncertain tax positions are recognised in current tax liabilities, with relevant penalties and interest recognised in provisions, see Note 11. The reorganisation provision is expected to be fully utilised by March 2027 and the dilapidation provision is expected to be fully utilised by March 2028. At 31 March 2025, there were no material contingent liabilities (2023/24: none). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-482": {
"value": "24 Provisions and contingent liabilities Provisions are recognised when the Group has a present obligation as a result of a past event and a reasonable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless the transfer of economic benefits is remote. Reorganisation provision \u00a3m Penalties and interest on uncertain income tax provision \u00a3m Dilapidation provision \u00a3m Total \u00a3m At 1 April 2024 3.6 3.0 2.6 9.2 Acquisitions (Note 29) \u2013 \u2013 0.1 0.1 Additions 9.6 0.1 0.5 10.2 Utilised (8.3) \u2013 \u2013 (8.3) Released (1.1) (1.0) (0.8) (2.9) Translation differences \u2013 (0.2) \u2013 (0.2) At 31 March 2025 3.8 1.9 2.4 8.1 Analysed in the balance sheet as: 2025 \u00a3m 2024 \u00a3m Current 5.0 5.0 Non-current 3.1 4.2 8.1 9.2 Provisions for uncertain tax positions are recognised in current tax liabilities, with relevant penalties and interest recognised in provisions, see Note 11. The reorganisation provision is expected to be fully utilised by March 2027 and the dilapidation provision is expected to be fully utilised by March 2028. At 31 March 2025, there were no material contingent liabilities (2023/24: none). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-560": {
"value": "Provisions are recognised when the Group has a present obligation as a result of a past event and a reasonable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless the transfer of economic benefits is remote. At 31 March 2025, there were no material contingent liabilities (2023/24: none).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-606": {
"value": "Provisions are recognised when the Group has a present obligation as a result of a past event and a reasonable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless the transfer of economic benefits is remote. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-595": {
"value": "Provisions are recognised when the Group has a present obligation as a result of a past event and a reasonable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless the transfer of economic benefits is remote. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-483": {
"value": "25 Capital commitments
As at 31 March 2025, the Group is contractually committed to, but has not provided for, future capital
expenditure of \u00a312.9 million (2023/24: \u00a38.0 million) for property, plant and equipment and \u00a34.5 million
(2023/24: \u00a34.6 million) for intangible assets.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-484": {
"value": "26 Share capital and share premium
Number of shares
Share
capital
\u00a3m
Share
premium
\u00a3m
Total
\u00a3m
Issued and fully paid ordinary shares of 10p each:
At 1 April 2023 472,784,409 47.3 236.0 283.3
Issues to settle employee share awards 1,227,903 0.1 3.5 3.6
At 31 March 2024 474,012,312 47.4 239.5 286.9
Issues to settle employee share awards 37,156 \u2013 0.2 0.2
At 31 March 2025 474,049,468 47.4 239.7 287.1
The EBT buys shares on the open market and holds them in trust for employees participating in
the Group\u2019s share-based payment schemes. At 31 March 2025, the EBT held 5,538,418 shares
(2023/24: 343,147 shares) which had not yet vested unconditionally with employees.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-511": {
"value": "26 Share capital and share premium Number of shares Share capital \u00a3m Share premium \u00a3m Total \u00a3m Issued and fully paid ordinary shares of 10p each: At 1 April 2023 472,784,409 47.3 236.0 283.3 Issues to settle employee share awards 1,227,903 0.1 3.5 3.6 At 31 March 2024 474,012,312 47.4 239.5 286.9 Issues to settle employee share awards 37,156 \u2013 0.2 0.2 At 31 March 2025 474,049,468 47.4 239.7 287.1 The EBT buys shares on the open market and holds them in trust for employees participating in the Group\u2019s share-based payment schemes. At 31 March 2025, the EBT held 5,538,418 shares (2023/24: 343,147 shares) which had not yet vested unconditionally with employees. 27 Other reserves Hedging reserve \u00a3m Cumulative translation reserve \u00a3m Total \u00a3m At 1 April 2023 (as reported) (0.5) 109.3 108.8 Effect of prior period restatement (Note 32) \u2013 0.3 0.3 At 1 April 2023 (restated1 ) (0.5) 109.6 109.1 Foreign exchange translation differences (restated1) \u2013 (3.7) (3.7) Fair value gain on net investment hedges (Note 23) \u2013 3.4 3.4 Cash flow hedging gains taken to equity 1.3 \u2013 1.3 Cash flow hedging gains transferred to cost of sales (1.4) \u2013 (1.4) Total comprehensive expense (restated1 ) (0.1) (0.3) (0.4) Cash flow hedging gains transferred to inventories (1.6) \u2013 (1.6) Tax on cash flow hedging transferred to inventories 0.4 \u2013 0.4 Cash flow hedging losses transferred to acquisition purchase price 1.8 \u2013 1.8 Tax on cash flow hedging transferred to acquisition purchase price (0.4) \u2013 (0.4) At 31 March 2024 (restated1 ) (0.4) 109.3 108.9 Foreign exchange translation differences \u2013 (84.2) (84.2) Fair value gain on net investment hedges (Note 23) \u2013 6.6 6.6 Cash flow hedging gains taken to equity (5.6) \u2013 (5.6) Cash flow hedging gains transferred to cost of sales 7.0 \u2013 7.0 Tax on other comprehensive income (Note 11) (0.2) \u2013 (0.2) Total comprehensive income/(expense) 1.2 (77.6) (76.4) Cash flow hedging gains transferred to inventories (0.6) \u2013 (0.6) Tax on cash flow hedging transferred to inventories 0.1 \u2013 0.1 At 31 March 2025 0.3 31.7 32.0 1. Please refer to Note 32 for further details of the restatement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-539": {
"value": "The EBT buys shares on the open market and holds them in trust for employees participating in the Group\u2019s share-based payment schemes. At 31 March 2025, the EBT held 5,538,418 shares (2023/24: 343,147 shares) which had not yet vested unconditionally with employees. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-512": {
"value": "28 Related parties
The Group\u2019s joint venture (Note 17) is a related party and during the year, the Group made
sales of \u00a34.4 million (2023/24: \u00a34.0 million) to the joint venture, and a balance of \u00a31.3 million
(2023/24: \u00a31.5 million) was outstanding at the year end.
The Group\u2019s pension schemes are related parties and the Group\u2019s transactions with them are disclosed
in Note 10. Transactions and balances between the Company and its subsidiaries have been eliminated
on consolidation.
The key management personnel of the Group are the Directors and the Senior Management Team/
Executive Committee, whose compensation was:
2025
\u00a3m
2024
\u00a3m
Short-term employee benefits 9.5 6.1
Post-employment benefits 0.1 0.1
Termination benefits 0.4 0.6
Share-based payments 1.4 1.1
11.4 7.9
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-576": {
"value": "28 Related parties The Group\u2019s joint venture (Note 17) is a related party and during the year, the Group made sales of \u00a34.4 million (2023/24: \u00a34.0 million) to the joint venture, and a balance of \u00a31.3 million (2023/24: \u00a31.5 million) was outstanding at the year end. The Group\u2019s pension schemes are related parties and the Group\u2019s transactions with them are disclosed in Note 10. Transactions and balances between the Company and its subsidiaries have been eliminated on consolidation. The key management personnel of the Group are the Directors and the Senior Management Team/ Executive Committee, whose compensation was: 2025 \u00a3m 2024 \u00a3m Short-term employee benefits 9.5 6.1 Post-employment benefits 0.1 0.1 Termination benefits 0.4 0.6 Share-based payments 1.4 1.1 11.4 7.9 Name and registered address of undertaking Country of incorporation Class of share held Risoul Dominicana S.R.L* Autopista Duarte KM 17, Calle Los Almejos, Palma Enana No 13, Nave 1, Villa Linda, Palmarejito, Santo Domingo Oeste, Dominican Republic Dominican Republic Ordinary Elfa Distrelec O\u00dc* Hobujaama 4, Tallinn 10151, Estonia Estonia Ordinary Elfa Distrelec Oy* Bertel Jungin Aukio 5, FI-02600, Finland Finland Ordinary RS Components SAS*\ue062 Rue Norman King, 60000, Beauvais, France France Ordinary RS Integrated Supply France* Rue Norman King BF 453, F-60031 Beauvais Cedex, France France Ordinary Distrelec Deutschland GmbH* Schellackstrasse 1, 28217 Bremen Germany Ordinary RS Components GmbH*\ue062 Mainzer Landstra\u00dfe 180, 60327, Frankfurt, Germany Germany Ordinary RS Integrated Supply Deutschland GmbH* Bleibtreustr. 21, 10623, Berlin, Germany Germany Ordinary RS Integrated Supply Hungary Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g* 1062, 1-3. Tower A, 6th floor, Budapest, Hungary Hungary Ordinary RS Components & Controls (India) Limited*\u2020\ue062 222 Okhla Industrial Estate, New Delhi, India India Ordinary RS Components S.r.l.*\ue062 Sesto san Giovanni, Viale Thomas Alva Edison, 110, 20099, MI, Italy Italy Ordinary RS Integrated Supply Italy S.r.l.* Sesto san Giovanni, Viale Thomas Alva Edison, 110, 20099, MI, Italy Italy Ordinary RS Components KK* West Tower 12F, Yokohama Business Park, 134 Godocho, Hodogaya, Yokohama, Kanagawa, 240-0005, Japan Japan Ordinary 30 Related undertakings A full list of related undertakings (comprising subsidiaries and a joint venture) is set out below. All subsidiaries are wholly owned except where indicated below and operate within their countries of incorporation. Those companies marked with an asterisk (*) are indirectly held by the Company. Name and registered address of undertaking Country of incorporation Class of share held Distributor of product and service solutions RS Components Pty Limited* 25, Pavesi Street, Smithfield, Sydney NSW 2164, Australia Australia Ordinary Trident Australia Pty Limited* 25, Pavesi Street, Smithfield, Sydney NSW 2164, Australia Australia Ordinary Distrelec Gesellschaft m.b.H.* Jagdgasse 25, 1100, Wien, Austria Austria Ordinary RS Components Handelsgesellschaft m.b.H* Albrechtser Stra\u00dfe 11, 3950, Gm\u00fcnd, Austria Austria Share of equity RS Integrated Supply Belgium* Louizalaan 65/11, 1050 Elsene, Belgium Belgium Ordinary RS Americas (Canada), Inc.* 1155 Lola Street, Unit 6, Ottawa, ON, K1K 4C1, Canada Canada Common RS Integrated Supply Canada Corp.* 600-1741 Lower Waters Street, Halifax, NS, B3J 0J2, Canada Canada Common RS Group Limitada (DBA - RS Limitada)* Av. Eduardo Frei Montalva, 6001-71 Conchali, Santiago, Chile Chile Ordinary RS Components Limited*\ue062 4/F, VC House, 4-6 On Lan Street, Central, Hong Kong China Ordinary RS Components (Shanghai) Company Limited* East Part, 2 Floor, No.27 building, No.30, Fu Te East Third Road China (Shanghai) Pilot Free Trade Zone China Ordinary Elfa Distrelec A/S* Hasleg\u00e5rdsvej 8-12, 8210 Aarhus V, Denmark Denmark Ordinary RS Components A/S* Nattergalevej 6, 2400, K\u00f8benhavn NV, Denmark Denmark Ordinary \u2020 Note 17 provides details about the Company\u2019s interest in the joint venture. Name and registered address of undertaking Country of incorporation Class of share held RS Components Corporation* Philippines Common and preference 21st Floor Multinational Bancorporation Centre, 6805 Ayala Avenue, Makati City, Philippines Elfa Distrelec Sp. z.o.o* Ul. Domaniewska 48, 02-672, Warszawa, Poland Poland Ordinary RS Components sp. z.o.o.* Ul. Domaniewska 48, 02-672, Warszawa, Poland Poland Ordinary RS Integrated Supply Poland Sp. z.o.o.* Ul. Domaniewska 48, 02-672, Warszawa, Poland Poland Ordinary Radionics Limited*\ue062 Glenview Industrial Estate, Herberton Road, Rialto, Dublin 12, Ireland Republic of Ireland Ordinary RS Integrated Supply Ireland Limited* Glenview Industrial Estate, Herberton Road, Rialto, Dublin 12, Ireland Republic of Ireland Ordinary Synovos Ireland Limited* 70 Sir John Rogerson\u2019s Quay, Dublin 2, Ireland Republic of Ireland Ordinary RS Components Pte Ltd*\ue062 133 Cecil Street, #14-01, Keck Seng Tower, Singapore Singapore Ordinary RS Integrated Supply Singapore Pte. Ltd.* 10 Ubi Crescent, #06-18 Ubi Techpark, 408564, Singapore Singapore Ordinary Synovos Singapore Pte. Ltd.* 1 Marina Boulevard, #28-00, One Marina Boulevard, 018989, Singapore Singapore Ordinary RS Integrated Supply Slovakia s.r.o.* Landererova 12, Bratislava - mestsk\u00e1 \u010das\u0165 Star\u00e9 Mesto, 81109, Slovakia Slovakia Ordinary Amidata S.A.U.* Avenida de Bruselas 6, Alcobendas, 28108, Madrid, Spain Spain Ordinary Risoul Iberica SA* 08402 - Granollers, calle Girona, numero 85, Barcelona, Spain Spain Ordinary Elfa Distrelec AB* Kronborgsgr\u00e4nd 1, 164 46 Kista, Sweden Sweden Ordinary Name and registered address of undertaking Country of incorporation Class of share held Elfa Distrelec SIA* Kri\u0161j\u0101\u0146a Valdem\u0101ra iela 62, R\u012bga LV 1013, Latvia Latvia Ordinary Elfa Distrelec, UAB* Ukmerg\u0117s g. 219, LT-07152 Vilnius, Lithuania Lithuania Ordinary RS Components Sdn. Bhd.*\ue062 Suite 9D, Level 9, Menara Ansar, 65 Jalan Trus, Johor Bahru, 80000, Johor, Malaysia Malaysia Ordinary Allied Electronics & Automation S. de R.L. de C.V.* Avenida Circunvalaci\u00f3n Agustin Yalez N\u00b0 2613 Int. 1A 105, Colonia Arcos Vallarta Sur, Guadalajara Jalisco, 44500, Mexico Mexico Ordinary Risoul y Cia, S.A. de C.V.* Avenida Sendero Divisorio 400, Residencia Casa Bella, San Nicolas de los Garza, Nuevo Leon, 66428, Mexico Mexico Ordinary RS Custom Order Solutions, S.A. de C.V.* Avenida Sendero Divisorio 400, Residencia Casa Bella, San Nicolas de los Garza, Nuevo Leon, 66428, Mexico Mexico Ordinary Storeroom Solutions Mexico, S. de R.L. de C.V.* Florencia 57 P, 3 Juarez Distritio Federal, 06600, Mexico Mexico Ordinary Distrelec B.V.* De Tweeling 28, 5215 MC\u2018s Hertogenbosch, Netherlands Netherlands Ordinary Liscombe B.V.* Jarmuiden 56 a, 1046 AE, Amsterdam, Netherlands Netherlands Ordinary RS Components B.V.*\ue062 Bingerweg 19, 2031 AZ Haarlem, Netherlands Netherlands Ordinary RS Integrated Supply Netherlands B.V.* Bingerweg 19, 2031 AZ Haarlem, Netherlands Netherlands Ordinary RS Components Limited*\ue062 KPMG, 18 Viaduct Harbour Avenue, Auckland, 1010, New Zealand New Zealand Ordinary Elfa Distrelec AS* Apotekergata 10B, 0180 Oslo, Norway Norway Ordinary RS Components AS*\ue062 Kristian Augusts Gate 13, 0164 Oslo, Norway Norway Ordinary Name and registered address of undertaking Country of incorporation Class of share held New DEAM, LLC* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common RS Americas, Inc* 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States United States of America Common RS Integrated Supply Puerto Rico LLC* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common RS Integrated Supply US Inc.* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common Holding, Financing and Management Companies RS Components Business Services (Foshan) Limited* 22nd Floor, Glory International Financial Center, No.25, Ronghe Road, Guicheng, Nanhai District, Foshan, Guangdong, 528200, China China Ordinary Electrocomponents France SARL* Rue Norman King, 60000, Beauvais, France France Ordinary Bodenfeld Immobilien GmbH* Mainzer Landstra\u00dfe 180, 60327, Frankfurt, Germany Germany Ordinary Electrocomponents Jersey Finance Unlimited* 44 Esplanade, St Helier, JE4 9WG, Jersey Jersey Common Synovos Netherlands C.V.* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States Netherlands Partnership Electrocomponents Holdings (Thailand) Limited* (49.00%) GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Name and registered address of undertaking Country of incorporation Class of share held RS Components AB*\ue062 Kronborgsgr\u00e4nd 1, 164 46 Kista, Sweden Sweden Ordinary RS Integrated Supply Sweden AB* Drottninggatan 96, 113 60, Stockholm, Sweden Sweden Ordinary Distrelec Schweiz AG* Grabenstrasse 6, 8606 N\u00e4nikon, Switzerland Switzerland Ordinary Domnick (Thailand) Co., Ltd.* (86.74%) No. 99/1-3, Naradhiwas Rajanagarindra Road, Chong Nonsi, Yan Nawa, Bangkok,10120, Thailand Thailand Ordinary RS Components Co., Ltd* GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Distrelec Ltd* 7th floor, 2 St Peter\u2019s Square, Manchester, M2 3AA, UK UK Ordinary IESA A & D Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary John Liscombe Limited* UK Ordinary and Fifth Floor, Two Pancras Square, London N1C 4AG, UK Needlers Limited* Ordinary and Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK OKdo Technology Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Components Limited\ue062 Birchington Road, Weldon, Corby, Northamptonshire, NN17 9RS, UK UK Ordinary RS Integrated Supply UK Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary MRO Distribution, Inc.* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common Name and registered address of undertaking Country of incorporation Class of share held Electrocomponents (US), Inc.* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Electrocomponents US LLC* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Synovos International, Inc.* United States of America Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States Common Not currently trading RS Components (Proprietary) Limited* 20 Indianapolis Street, Kyalami Business Park, Kyalami Midrand, Gauteng, 1684, South Africa South Africa Ordinary Risoul (Trinidad and Tobago) Limited* Nunez & Co, Level 2, Invaders Bay Tower, Invaders Bay, Off Audrey Jeffers Highway, Port of Spain, Trinidad and Tobago Trinidad and Tobago Ordinary Electro Lighting Group Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary IESA Limited Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Components Limited (UK), RS Componentes Limited (HK), RS Components B.V. (Netherlands) and RS Components GmbH (Germany) operate branch offices in South Africa, the Philippines, China (Shanghai) and China (Taiwan), Belgium and Switzerland. Name and registered address of undertaking Country of incorporation Class of share held Electrocomponents Newco (Thailand) Limited* (86.73%) GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Electrocomponents (Thailand) Limited* (73.99%) GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Electrocomponents Overseas Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary Electrocomponents US Finance Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary IESA A & D Holdings Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary IESA Holdings Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary Needlers Holdings Limited* UK Ordinary and Fifth Floor, Two Pancras Square, London N1C 4AG, UK RS Components Holdings Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Group International Holdings Limited Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Group Pension Trustees Limited\ue062 Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary Electrocomponents, Inc* United States of America Common and 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Electrocomponents North America, Inc.* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Electrocomponents North America LLC* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-540": {
"value": "The key management personnel of the Group are the Directors and the Senior Management Team/ Executive Committee, whose compensation was: 2025 \u00a3m 2024 \u00a3m Short-term employee benefits 9.5 6.1 Post-employment benefits 0.1 0.1 Termination benefits 0.4 0.6 Share-based payments 1.4 1.1 11.4 7.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-541": {
"value": "29 Acquisitions
On 2 April 2024 the Group acquired 100% of the issued share capital of Trident Australia Pty Ltd, a
specialist MRO distribution and rental, calibration and mechanical services partner for the energy and
natural resources industry in Australia. Trident adds to the Group\u2019s Australian presence by increasing
the Group\u2019s access to the energy and natural resources sector with associated customer and product
synergies and provides distribution infrastructure and service capacity in Western Australia. The goodwill
is attributable to the revenue synergies which are expected to arise from combining Trident\u2019s established
presence in Western Australia and its highly specialised services for customers in the energy sector with
the Group\u2019s global customer base and range of complementary products.
The fair value of the net assets acquired, consideration and goodwill arising, plus transaction costs and
contribution to the Group\u2019s results since acquisition were:
\u00a3m
Intangible assets - customer relationships 0.5
Property, plant and equipment 1.8
Right-of-use assets 2.4
Inventories (gross \u00a32.0 million less provisions of \u00a31.3 million) 0.7
Current trade and other receivables 1.8
Current trade and other payables (1.1)
Current lease liabilities (0.3)
Non-current lease liabilities (2.0)
Non-current other provisions (0.1)
Current income tax liabilities (0.1)
Deferred tax liabilities (0.8)
Net assets acquired 2.8
Goodwill 5.9
Consideration paid \u2013 cash 8.2
Contingent consideration payable \u2013 accrued 0.5
Total consideration 8.7
Acquisition-related costs charged to administrative expenses:
In 2024/25 0.2
In 2023/24 0.2
Revenue since acquisition 8.5
Profit after tax since acquisition 0.2
Trade and other receivables:
Gross contractual amounts receivable 1.8
Estimate of amounts not expected to be collected \u2013
The goodwill will not be deductible for tax purposes. The contingent consideration was due 12 months
after the completion date and was based on revenue in the period January to December 2024 with a
range of \u00a3nil to \u00a30.9 million. The conditions for payment were partially met and on 10 March 2025 the
contingent consideration payable was settled for \u00a30.2 million.
Acquisition-related costs charged to administration expenses of \u00a30.2 million included retention bonuses
of \u00a30.5 million and the release of \u00a30.3 million of accrued contingent consideration payable. See Note 3.
If the acquisition had occurred on 1 April 2024, the Group\u2019s revenue and profit for the year ended
31 March 2025 would have been unchanged.
",
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"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-485": {
"value": "27 Other reserves
Hedging
reserve
\u00a3m
Cumulative
translation
reserve
\u00a3m
Total
\u00a3m
At 1 April 2023 (as reported) (0.5) 109.3 108.8
Effect of prior period restatement (Note 32) \u2013 0.3 0.3
At 1 April 2023 (restated
1
) (0.5) 109.6 109.1
Foreign exchange translation differences (restated
1
) \u2013 (3.7) (3.7)
Fair value gain on net investment hedges (Note 23) \u2013 3.4 3.4
Cash flow hedging gains taken to equity 1.3 \u2013 1.3
Cash flow hedging gains transferred to cost of sales (1.4) \u2013 (1.4)
Total comprehensive expense (restated
1
) (0.1) (0.3) (0.4)
Cash flow hedging gains transferred to inventories (1.6) \u2013 (1.6)
Tax on cash flow hedging transferred to inventories 0.4 \u2013 0.4
Cash flow hedging losses transferred to acquisition purchase price 1.8 \u2013 1.8
Tax on cash flow hedging transferred to acquisition purchase price (0.4) \u2013 (0.4)
At 31 March 2024 (restated
1
) (0.4) 109.3 108.9
Foreign exchange translation differences \u2013 (84.2) (84.2)
Fair value gain on net investment hedges (Note 23) \u2013 6.6 6.6
Cash flow hedging gains taken to equity (5.6) \u2013 (5.6)
Cash flow hedging gains transferred to cost of sales 7.0 \u2013 7.0
Tax on other comprehensive income (Note 11) (0.2) \u2013 (0.2)
Total comprehensive income/(expense) 1.2 (77.6) (76.4)
Cash flow hedging gains transferred to inventories (0.6) \u2013 (0.6)
Tax on cash flow hedging transferred to inventories 0.1 \u2013 0.1
At 31 March 2025 0.3 31.7 32.0
1. Please refer to Note 32 for further details of the restatement.
",
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"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-561": {
"value": "30 Related undertakings A full list of related undertakings (comprising subsidiaries and a joint venture) is set out below. All subsidiaries are wholly owned except where indicated below and operate within their countries of incorporation. Those companies marked with an asterisk (*) are indirectly held by the Company. Name and registered address of undertaking Country of incorporation Class of share held Distributor of product and service solutions RS Components Pty Limited* 25, Pavesi Street, Smithfield, Sydney NSW 2164, Australia Australia Ordinary Trident Australia Pty Limited* 25, Pavesi Street, Smithfield, Sydney NSW 2164, Australia Australia Ordinary Distrelec Gesellschaft m.b.H.* Jagdgasse 25, 1100, Wien, Austria Austria Ordinary RS Components Handelsgesellschaft m.b.H* Albrechtser Stra\u00dfe 11, 3950, Gm\u00fcnd, Austria Austria Share of equity RS Integrated Supply Belgium* Louizalaan 65/11, 1050 Elsene, Belgium Belgium Ordinary RS Americas (Canada), Inc.* 1155 Lola Street, Unit 6, Ottawa, ON, K1K 4C1, Canada Canada Common RS Integrated Supply Canada Corp.* 600-1741 Lower Waters Street, Halifax, NS, B3J 0J2, Canada Canada Common RS Group Limitada (DBA - RS Limitada)* Av. Eduardo Frei Montalva, 6001-71 Conchali, Santiago, Chile Chile Ordinary RS Components Limited*\ue062 4/F, VC House, 4-6 On Lan Street, Central, Hong Kong China Ordinary RS Components (Shanghai) Company Limited* East Part, 2 Floor, No.27 building, No.30, Fu Te East Third Road China (Shanghai) Pilot Free Trade Zone China Ordinary Elfa Distrelec A/S* Hasleg\u00e5rdsvej 8-12, 8210 Aarhus V, Denmark Denmark Ordinary RS Components A/S* Nattergalevej 6, 2400, K\u00f8benhavn NV, Denmark Denmark Ordinary \u2020 Note 17 provides details about the Company\u2019s interest in the joint venture. Name and registered address of undertaking Country of incorporation Class of share held Risoul Dominicana S.R.L* Autopista Duarte KM 17, Calle Los Almejos, Palma Enana No 13, Nave 1, Villa Linda, Palmarejito, Santo Domingo Oeste, Dominican Republic Dominican Republic Ordinary Elfa Distrelec O\u00dc* Hobujaama 4, Tallinn 10151, Estonia Estonia Ordinary Elfa Distrelec Oy* Bertel Jungin Aukio 5, FI-02600, Finland Finland Ordinary RS Components SAS*\ue062 Rue Norman King, 60000, Beauvais, France France Ordinary RS Integrated Supply France* Rue Norman King BF 453, F-60031 Beauvais Cedex, France France Ordinary Distrelec Deutschland GmbH* Schellackstrasse 1, 28217 Bremen Germany Ordinary RS Components GmbH*\ue062 Mainzer Landstra\u00dfe 180, 60327, Frankfurt, Germany Germany Ordinary RS Integrated Supply Deutschland GmbH* Bleibtreustr. 21, 10623, Berlin, Germany Germany Ordinary RS Integrated Supply Hungary Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g* 1062, 1-3. Tower A, 6th floor, Budapest, Hungary Hungary Ordinary RS Components & Controls (India) Limited*\u2020\ue062 222 Okhla Industrial Estate, New Delhi, India India Ordinary RS Components S.r.l.*\ue062 Sesto san Giovanni, Viale Thomas Alva Edison, 110, 20099, MI, Italy Italy Ordinary RS Integrated Supply Italy S.r.l.* Sesto san Giovanni, Viale Thomas Alva Edison, 110, 20099, MI, Italy Italy Ordinary RS Components KK* West Tower 12F, Yokohama Business Park, 134 Godocho, Hodogaya, Yokohama, Kanagawa, 240-0005, Japan Japan Ordinary Name and registered address of undertaking Country of incorporation Class of share held Elfa Distrelec SIA* Kri\u0161j\u0101\u0146a Valdem\u0101ra iela 62, R\u012bga LV 1013, Latvia Latvia Ordinary Elfa Distrelec, UAB* Ukmerg\u0117s g. 219, LT-07152 Vilnius, Lithuania Lithuania Ordinary RS Components Sdn. Bhd.*\ue062 Suite 9D, Level 9, Menara Ansar, 65 Jalan Trus, Johor Bahru, 80000, Johor, Malaysia Malaysia Ordinary Allied Electronics & Automation S. de R.L. de C.V.* Avenida Circunvalaci\u00f3n Agustin Yalez N\u00b0 2613 Int. 1A 105, Colonia Arcos Vallarta Sur, Guadalajara Jalisco, 44500, Mexico Mexico Ordinary Risoul y Cia, S.A. de C.V.* Avenida Sendero Divisorio 400, Residencia Casa Bella, San Nicolas de los Garza, Nuevo Leon, 66428, Mexico Mexico Ordinary RS Custom Order Solutions, S.A. de C.V.* Avenida Sendero Divisorio 400, Residencia Casa Bella, San Nicolas de los Garza, Nuevo Leon, 66428, Mexico Mexico Ordinary Storeroom Solutions Mexico, S. de R.L. de C.V.* Florencia 57 P, 3 Juarez Distritio Federal, 06600, Mexico Mexico Ordinary Distrelec B.V.* De Tweeling 28, 5215 MC\u2018s Hertogenbosch, Netherlands Netherlands Ordinary Liscombe B.V.* Jarmuiden 56 a, 1046 AE, Amsterdam, Netherlands Netherlands Ordinary RS Components B.V.*\ue062 Bingerweg 19, 2031 AZ Haarlem, Netherlands Netherlands Ordinary RS Integrated Supply Netherlands B.V.* Bingerweg 19, 2031 AZ Haarlem, Netherlands Netherlands Ordinary RS Components Limited*\ue062 KPMG, 18 Viaduct Harbour Avenue, Auckland, 1010, New Zealand New Zealand Ordinary Elfa Distrelec AS* Apotekergata 10B, 0180 Oslo, Norway Norway Ordinary RS Components AS*\ue062 Kristian Augusts Gate 13, 0164 Oslo, Norway Norway Ordinary Name and registered address of undertaking Country of incorporation Class of share held RS Components Corporation* Philippines Common and preference 21st Floor Multinational Bancorporation Centre, 6805 Ayala Avenue, Makati City, Philippines Elfa Distrelec Sp. z.o.o* Ul. Domaniewska 48, 02-672, Warszawa, Poland Poland Ordinary RS Components sp. z.o.o.* Ul. Domaniewska 48, 02-672, Warszawa, Poland Poland Ordinary RS Integrated Supply Poland Sp. z.o.o.* Ul. Domaniewska 48, 02-672, Warszawa, Poland Poland Ordinary Radionics Limited*\ue062 Glenview Industrial Estate, Herberton Road, Rialto, Dublin 12, Ireland Republic of Ireland Ordinary RS Integrated Supply Ireland Limited* Glenview Industrial Estate, Herberton Road, Rialto, Dublin 12, Ireland Republic of Ireland Ordinary Synovos Ireland Limited* 70 Sir John Rogerson\u2019s Quay, Dublin 2, Ireland Republic of Ireland Ordinary RS Components Pte Ltd*\ue062 133 Cecil Street, #14-01, Keck Seng Tower, Singapore Singapore Ordinary RS Integrated Supply Singapore Pte. Ltd.* 10 Ubi Crescent, #06-18 Ubi Techpark, 408564, Singapore Singapore Ordinary Synovos Singapore Pte. Ltd.* 1 Marina Boulevard, #28-00, One Marina Boulevard, 018989, Singapore Singapore Ordinary RS Integrated Supply Slovakia s.r.o.* Landererova 12, Bratislava - mestsk\u00e1 \u010das\u0165 Star\u00e9 Mesto, 81109, Slovakia Slovakia Ordinary Amidata S.A.U.* Avenida de Bruselas 6, Alcobendas, 28108, Madrid, Spain Spain Ordinary Risoul Iberica SA* 08402 - Granollers, calle Girona, numero 85, Barcelona, Spain Spain Ordinary Elfa Distrelec AB* Kronborgsgr\u00e4nd 1, 164 46 Kista, Sweden Sweden Ordinary Name and registered address of undertaking Country of incorporation Class of share held RS Components AB*\ue062 Kronborgsgr\u00e4nd 1, 164 46 Kista, Sweden Sweden Ordinary RS Integrated Supply Sweden AB* Drottninggatan 96, 113 60, Stockholm, Sweden Sweden Ordinary Distrelec Schweiz AG* Grabenstrasse 6, 8606 N\u00e4nikon, Switzerland Switzerland Ordinary Domnick (Thailand) Co., Ltd.* (86.74%) No. 99/1-3, Naradhiwas Rajanagarindra Road, Chong Nonsi, Yan Nawa, Bangkok,10120, Thailand Thailand Ordinary RS Components Co., Ltd* GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Distrelec Ltd* 7th floor, 2 St Peter\u2019s Square, Manchester, M2 3AA, UK UK Ordinary IESA A & D Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary John Liscombe Limited* UK Ordinary and Fifth Floor, Two Pancras Square, London N1C 4AG, UK Needlers Limited* Ordinary and Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK OKdo Technology Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Components Limited\ue062 Birchington Road, Weldon, Corby, Northamptonshire, NN17 9RS, UK UK Ordinary RS Integrated Supply UK Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary MRO Distribution, Inc.* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common Name and registered address of undertaking Country of incorporation Class of share held New DEAM, LLC* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common RS Americas, Inc* 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States United States of America Common RS Integrated Supply Puerto Rico LLC* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common RS Integrated Supply US Inc.* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common Holding, Financing and Management Companies RS Components Business Services (Foshan) Limited* 22nd Floor, Glory International Financial Center, No.25, Ronghe Road, Guicheng, Nanhai District, Foshan, Guangdong, 528200, China China Ordinary Electrocomponents France SARL* Rue Norman King, 60000, Beauvais, France France Ordinary Bodenfeld Immobilien GmbH* Mainzer Landstra\u00dfe 180, 60327, Frankfurt, Germany Germany Ordinary Electrocomponents Jersey Finance Unlimited* 44 Esplanade, St Helier, JE4 9WG, Jersey Jersey Common Synovos Netherlands C.V.* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States Netherlands Partnership Electrocomponents Holdings (Thailand) Limited* (49.00%) GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Name and registered address of undertaking Country of incorporation Class of share held Electrocomponents Newco (Thailand) Limited* (86.73%) GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Electrocomponents (Thailand) Limited* (73.99%) GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Electrocomponents Overseas Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary Electrocomponents US Finance Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary IESA A & D Holdings Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary IESA Holdings Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary Needlers Holdings Limited* UK Ordinary and Fifth Floor, Two Pancras Square, London N1C 4AG, UK RS Components Holdings Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Group International Holdings Limited Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Group Pension Trustees Limited\ue062 Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary Electrocomponents, Inc* United States of America Common and 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Electrocomponents North America, Inc.* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Electrocomponents North America LLC* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Name and registered address of undertaking Country of incorporation Class of share held Electrocomponents (US), Inc.* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Electrocomponents US LLC* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Synovos International, Inc.* United States of America Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States Common Not currently trading RS Components (Proprietary) Limited* 20 Indianapolis Street, Kyalami Business Park, Kyalami Midrand, Gauteng, 1684, South Africa South Africa Ordinary Risoul (Trinidad and Tobago) Limited* Nunez & Co, Level 2, Invaders Bay Tower, Invaders Bay, Off Audrey Jeffers Highway, Port of Spain, Trinidad and Tobago Trinidad and Tobago Ordinary Electro Lighting Group Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary IESA Limited Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Components Limited (UK), RS Componentes Limited (HK), RS Components B.V. (Netherlands) and RS Components GmbH (Germany) operate branch offices in South Africa, the Philippines, China (Shanghai) and China (Taiwan), Belgium and Switzerland. ",
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"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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"fact-542": {
"value": "30 Related undertakings A full list of related undertakings (comprising subsidiaries and a joint venture) is set out below. All subsidiaries are wholly owned except where indicated below and operate within their countries of incorporation. Those companies marked with an asterisk (*) are indirectly held by the Company. Name and registered address of undertaking Country of incorporation Class of share held Distributor of product and service solutions RS Components Pty Limited* 25, Pavesi Street, Smithfield, Sydney NSW 2164, Australia Australia Ordinary Trident Australia Pty Limited* 25, Pavesi Street, Smithfield, Sydney NSW 2164, Australia Australia Ordinary Distrelec Gesellschaft m.b.H.* Jagdgasse 25, 1100, Wien, Austria Austria Ordinary RS Components Handelsgesellschaft m.b.H* Albrechtser Stra\u00dfe 11, 3950, Gm\u00fcnd, Austria Austria Share of equity RS Integrated Supply Belgium* Louizalaan 65/11, 1050 Elsene, Belgium Belgium Ordinary RS Americas (Canada), Inc.* 1155 Lola Street, Unit 6, Ottawa, ON, K1K 4C1, Canada Canada Common RS Integrated Supply Canada Corp.* 600-1741 Lower Waters Street, Halifax, NS, B3J 0J2, Canada Canada Common RS Group Limitada (DBA - RS Limitada)* Av. Eduardo Frei Montalva, 6001-71 Conchali, Santiago, Chile Chile Ordinary RS Components Limited*\ue062 4/F, VC House, 4-6 On Lan Street, Central, Hong Kong China Ordinary RS Components (Shanghai) Company Limited* East Part, 2 Floor, No.27 building, No.30, Fu Te East Third Road China (Shanghai) Pilot Free Trade Zone China Ordinary Elfa Distrelec A/S* Hasleg\u00e5rdsvej 8-12, 8210 Aarhus V, Denmark Denmark Ordinary RS Components A/S* Nattergalevej 6, 2400, K\u00f8benhavn NV, Denmark Denmark Ordinary \u2020 Note 17 provides details about the Company\u2019s interest in the joint venture. Name and registered address of undertaking Country of incorporation Class of share held Risoul Dominicana S.R.L* Autopista Duarte KM 17, Calle Los Almejos, Palma Enana No 13, Nave 1, Villa Linda, Palmarejito, Santo Domingo Oeste, Dominican Republic Dominican Republic Ordinary Elfa Distrelec O\u00dc* Hobujaama 4, Tallinn 10151, Estonia Estonia Ordinary Elfa Distrelec Oy* Bertel Jungin Aukio 5, FI-02600, Finland Finland Ordinary RS Components SAS*\ue062 Rue Norman King, 60000, Beauvais, France France Ordinary RS Integrated Supply France* Rue Norman King BF 453, F-60031 Beauvais Cedex, France France Ordinary Distrelec Deutschland GmbH* Schellackstrasse 1, 28217 Bremen Germany Ordinary RS Components GmbH*\ue062 Mainzer Landstra\u00dfe 180, 60327, Frankfurt, Germany Germany Ordinary RS Integrated Supply Deutschland GmbH* Bleibtreustr. 21, 10623, Berlin, Germany Germany Ordinary RS Integrated Supply Hungary Korl\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g* 1062, 1-3. Tower A, 6th floor, Budapest, Hungary Hungary Ordinary RS Components & Controls (India) Limited*\u2020\ue062 222 Okhla Industrial Estate, New Delhi, India India Ordinary RS Components S.r.l.*\ue062 Sesto san Giovanni, Viale Thomas Alva Edison, 110, 20099, MI, Italy Italy Ordinary RS Integrated Supply Italy S.r.l.* Sesto san Giovanni, Viale Thomas Alva Edison, 110, 20099, MI, Italy Italy Ordinary RS Components KK* West Tower 12F, Yokohama Business Park, 134 Godocho, Hodogaya, Yokohama, Kanagawa, 240-0005, Japan Japan Ordinary Name and registered address of undertaking Country of incorporation Class of share held Elfa Distrelec SIA* Kri\u0161j\u0101\u0146a Valdem\u0101ra iela 62, R\u012bga LV 1013, Latvia Latvia Ordinary Elfa Distrelec, UAB* Ukmerg\u0117s g. 219, LT-07152 Vilnius, Lithuania Lithuania Ordinary RS Components Sdn. Bhd.*\ue062 Suite 9D, Level 9, Menara Ansar, 65 Jalan Trus, Johor Bahru, 80000, Johor, Malaysia Malaysia Ordinary Allied Electronics & Automation S. de R.L. de C.V.* Avenida Circunvalaci\u00f3n Agustin Yalez N\u00b0 2613 Int. 1A 105, Colonia Arcos Vallarta Sur, Guadalajara Jalisco, 44500, Mexico Mexico Ordinary Risoul y Cia, S.A. de C.V.* Avenida Sendero Divisorio 400, Residencia Casa Bella, San Nicolas de los Garza, Nuevo Leon, 66428, Mexico Mexico Ordinary RS Custom Order Solutions, S.A. de C.V.* Avenida Sendero Divisorio 400, Residencia Casa Bella, San Nicolas de los Garza, Nuevo Leon, 66428, Mexico Mexico Ordinary Storeroom Solutions Mexico, S. de R.L. de C.V.* Florencia 57 P, 3 Juarez Distritio Federal, 06600, Mexico Mexico Ordinary Distrelec B.V.* De Tweeling 28, 5215 MC\u2018s Hertogenbosch, Netherlands Netherlands Ordinary Liscombe B.V.* Jarmuiden 56 a, 1046 AE, Amsterdam, Netherlands Netherlands Ordinary RS Components B.V.*\ue062 Bingerweg 19, 2031 AZ Haarlem, Netherlands Netherlands Ordinary RS Integrated Supply Netherlands B.V.* Bingerweg 19, 2031 AZ Haarlem, Netherlands Netherlands Ordinary RS Components Limited*\ue062 KPMG, 18 Viaduct Harbour Avenue, Auckland, 1010, New Zealand New Zealand Ordinary Elfa Distrelec AS* Apotekergata 10B, 0180 Oslo, Norway Norway Ordinary RS Components AS*\ue062 Kristian Augusts Gate 13, 0164 Oslo, Norway Norway Ordinary Name and registered address of undertaking Country of incorporation Class of share held RS Components Corporation* Philippines Common and preference 21st Floor Multinational Bancorporation Centre, 6805 Ayala Avenue, Makati City, Philippines Elfa Distrelec Sp. z.o.o* Ul. Domaniewska 48, 02-672, Warszawa, Poland Poland Ordinary RS Components sp. z.o.o.* Ul. Domaniewska 48, 02-672, Warszawa, Poland Poland Ordinary RS Integrated Supply Poland Sp. z.o.o.* Ul. Domaniewska 48, 02-672, Warszawa, Poland Poland Ordinary Radionics Limited*\ue062 Glenview Industrial Estate, Herberton Road, Rialto, Dublin 12, Ireland Republic of Ireland Ordinary RS Integrated Supply Ireland Limited* Glenview Industrial Estate, Herberton Road, Rialto, Dublin 12, Ireland Republic of Ireland Ordinary Synovos Ireland Limited* 70 Sir John Rogerson\u2019s Quay, Dublin 2, Ireland Republic of Ireland Ordinary RS Components Pte Ltd*\ue062 133 Cecil Street, #14-01, Keck Seng Tower, Singapore Singapore Ordinary RS Integrated Supply Singapore Pte. Ltd.* 10 Ubi Crescent, #06-18 Ubi Techpark, 408564, Singapore Singapore Ordinary Synovos Singapore Pte. Ltd.* 1 Marina Boulevard, #28-00, One Marina Boulevard, 018989, Singapore Singapore Ordinary RS Integrated Supply Slovakia s.r.o.* Landererova 12, Bratislava - mestsk\u00e1 \u010das\u0165 Star\u00e9 Mesto, 81109, Slovakia Slovakia Ordinary Amidata S.A.U.* Avenida de Bruselas 6, Alcobendas, 28108, Madrid, Spain Spain Ordinary Risoul Iberica SA* 08402 - Granollers, calle Girona, numero 85, Barcelona, Spain Spain Ordinary Elfa Distrelec AB* Kronborgsgr\u00e4nd 1, 164 46 Kista, Sweden Sweden Ordinary Name and registered address of undertaking Country of incorporation Class of share held New DEAM, LLC* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common RS Americas, Inc* 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States United States of America Common RS Integrated Supply Puerto Rico LLC* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common RS Integrated Supply US Inc.* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common Holding, Financing and Management Companies RS Components Business Services (Foshan) Limited* 22nd Floor, Glory International Financial Center, No.25, Ronghe Road, Guicheng, Nanhai District, Foshan, Guangdong, 528200, China China Ordinary Electrocomponents France SARL* Rue Norman King, 60000, Beauvais, France France Ordinary Bodenfeld Immobilien GmbH* Mainzer Landstra\u00dfe 180, 60327, Frankfurt, Germany Germany Ordinary Electrocomponents Jersey Finance Unlimited* 44 Esplanade, St Helier, JE4 9WG, Jersey Jersey Common Synovos Netherlands C.V.* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States Netherlands Partnership Electrocomponents Holdings (Thailand) Limited* (49.00%) GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Name and registered address of undertaking Country of incorporation Class of share held RS Components AB*\ue062 Kronborgsgr\u00e4nd 1, 164 46 Kista, Sweden Sweden Ordinary RS Integrated Supply Sweden AB* Drottninggatan 96, 113 60, Stockholm, Sweden Sweden Ordinary Distrelec Schweiz AG* Grabenstrasse 6, 8606 N\u00e4nikon, Switzerland Switzerland Ordinary Domnick (Thailand) Co., Ltd.* (86.74%) No. 99/1-3, Naradhiwas Rajanagarindra Road, Chong Nonsi, Yan Nawa, Bangkok,10120, Thailand Thailand Ordinary RS Components Co., Ltd* GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Distrelec Ltd* 7th floor, 2 St Peter\u2019s Square, Manchester, M2 3AA, UK UK Ordinary IESA A & D Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary John Liscombe Limited* UK Ordinary and Fifth Floor, Two Pancras Square, London N1C 4AG, UK Needlers Limited* Ordinary and Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK OKdo Technology Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Components Limited\ue062 Birchington Road, Weldon, Corby, Northamptonshire, NN17 9RS, UK UK Ordinary RS Integrated Supply UK Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary MRO Distribution, Inc.* Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States United States of America Common Name and registered address of undertaking Country of incorporation Class of share held Electrocomponents Newco (Thailand) Limited* (86.73%) GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Electrocomponents (Thailand) Limited* (73.99%) GMM Grammy Place, Room No. 1901-1904, Floor 19, No. 50, Sukhumvit 21 (Asoke), Klongtoey Nua, Wattana, Bangkok, 10110, Thailand Thailand Ordinary Electrocomponents Overseas Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary Electrocomponents US Finance Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary IESA A & D Holdings Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary IESA Holdings Limited* IESA Works Daten Park, Birchwood, Warrington, Cheshire, WA3 6UT, UK UK Ordinary Needlers Holdings Limited* UK Ordinary and Fifth Floor, Two Pancras Square, London N1C 4AG, UK RS Components Holdings Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Group International Holdings Limited Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Group Pension Trustees Limited\ue062 Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary Electrocomponents, Inc* United States of America Common and 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Electrocomponents North America, Inc.* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Electrocomponents North America LLC* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Name and registered address of undertaking Country of incorporation Class of share held Electrocomponents (US), Inc.* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Electrocomponents US LLC* United States 7151 Jack Newell Blvd S., Fort Worth, TX 76118, United States Common Synovos International, Inc.* United States of America Two Radnor Corporate Center, Suite 400, Radnor, PA 19087, United States Common Not currently trading RS Components (Proprietary) Limited* 20 Indianapolis Street, Kyalami Business Park, Kyalami Midrand, Gauteng, 1684, South Africa South Africa Ordinary Risoul (Trinidad and Tobago) Limited* Nunez & Co, Level 2, Invaders Bay Tower, Invaders Bay, Off Audrey Jeffers Highway, Port of Spain, Trinidad and Tobago Trinidad and Tobago Ordinary Electro Lighting Group Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary IESA Limited Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Limited* Fifth Floor, Two Pancras Square, London N1C 4AG, UK UK Ordinary RS Components Limited (UK), RS Componentes Limited (HK), RS Components B.V. (Netherlands) and RS Components GmbH (Germany) operate branch offices in South Africa, the Philippines, China (Shanghai) and China (Taiwan), Belgium and Switzerland. ",
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"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
}
},
"fact-486": {
"value": "31 Post balance sheet events
There were no material post balance sheet events.
",
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"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300KVXDURRKVW7R37",
"period": "2024-04-01T00:00:00/2025-04-01T00:00:00"
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},
"fact-487": {
"value": "The table below details the impact of the prior year adjustment on the affected line items in the opening balance sheet (year ended 31 March 2023) and the comparative period (year ended 31 March 2024): Inventory \u00a3m Tax \u00a3m Net impact \u00a3m Year ended 31 March 2023 Inventory (13.2) \u2013 (13.2) Deferred tax asset/(liability) \u2013 3.2 3.2 Net assets (13.2) 3.2 (10.0) Total equity (13.2) 3.2 (10.0) Cumulative impact as at 1 April 2023 Inventory \u00a3m Tax \u00a3m Net impact \u00a3m Year ended 31 March 2024 Cost of sales (5.6) \u2013 (5.6) Tax credit/(charge) \u2013 1.3 1.3 Profit for the year (5.6) 1.3 (4.3) Other comprehensive income 0.2 0.1 0.3 Inventory (13.2) (5.4) \u2013 (18.6) Deferred tax asset/(liability) 3.2 \u2013 1.4 4.6 Net assets (10.0) (5.4) 1.4 (14.0) Total equity (10.0) (5.4) 1.4 (14.0) The following tables summarise the Group\u2019s primary financial statements for the periods indicated, giving effect to the restatement described above. 32 Prior Period Adjustments The Group identified a prior period adjustment, impacting the opening position at 1 April 2023 and the year ended 31 March 2024. The impact of the prior period adjustment on the primary statements is presented in the tables below. Inventory and related tax balances During the year ended 31 March 2025, the Group identified errors in relation to the calculation of the inventory obsolescence provision. As explained in Note 18, in order to determine the value of the inventory provision, inventory is allocated into different categories based on the number of years required to sell the amounts held, based on the current \u201crun rate\u201d of sales. Depending on the number of years\u2019 sales required, different provisioning percentages are applied to each category in order to estimate the recoverable value. During the year, the Group identified that certain inventory lines had been allocated to the incorrect category and as a result, an incorrect provisioning percentage had been applied in determining the inventory provision in previous periods. In addition, it was identified that the Group provisioning policy was not being consistently applied across the Group. As a result, comparative financial information has been restated to correct for the incorrect classification of amounts between categories, and the failure of certain components to comply with the Group\u2019s internal provisioning policies. The aggregate impact of the two errors is an overstatement of the Group inventory in the opening balance sheet and comparative period. The restatement decreases the Group\u2019s inventory balance by \u00a313.2 million at 1 April 2023 and by a further \u00a35.4 million for the year 2023/24. As a consequence of the above change there is an impact on taxation. There is an additional credit to the deferred tax balance of \u00a33.2 million as at 1 April 2023 and a further \u00a31.3 million credit recognised in 2023/24. The net impact on opening reserves as at 1 April 2023 was \u00a310.0 million including \u00a30.3 million impact on the translation reserve. In the year 2023/24, the impact on profit after tax was \u00a34.3 million and on total comprehensive income was \u00a30.3 million. Group Statement of Comprehensive Income restated Year ended 31 March 2024 Reported \u00a3m Inventory \u00a3m Tax \u00a3m Restated \u00a3m Profit for the year 183.7 (5.6) 1.3 179.4 Other comprehensive income/(expense) Items that will not be reclassified subsequently to the income statement Remeasurement of retirement benefit obligations 0.8 \u2013 \u2013 0.8 Related income tax (0.1) \u2013 \u2013 (0.1) 0.7 \u2013 \u2013 0.7 Items that may be reclassified subsequently to the income statement Foreign exchange translation differences of joint venture (0.2) \u2013 \u2013 (0.2) Foreign exchange translation differences (3.9) 0.2 0.1 (3.6) Fair value gain on net investment hedges 3.4 \u2013 \u2013 3.4 Movement in cash flow hedges (0.1) \u2013 \u2013 (0.1) (0.8) 0.2 0.1 (0.5) Other comprehensive income/(expense) for the year (0.1) 0.2 0.1 0.2 Total comprehensive income/(expense) for the year 183.6 (5.4) 1.4 179.6 Total comprehensive income is attributable to: Owners of the Company 183.7 (5.4) 1.4 179.7 Non-controlling interests (0.1) \u2013 \u2013 (0.1) 183.6 (5.4) 1.4 179.6 Group Income Statement restated Year ended 31 March 2024 Reported \u00a3m Inventory \u00a3m Tax \u00a3m Restated \u00a3m Revenue 2,942.4 \u2013 \u2013 2,942.4 Cost of sales (1,678.5) (5.6) \u2013 (1,684.1) Gross profit 1,263.9 (5.6) \u2013 1,258.3 Operating costs (983.8) \u2013 \u2013 (983.8) Operating profit 280.1 (5.6) \u2013 274.5 Finance income 4.8 \u2013 \u2013 4.8 Finance costs (36.7) \u2013 \u2013 (36.7) Share of profit of joint venture 0.6 \u2013 \u2013 0.6 Profit before tax 248.8 (5.6) \u2013 243.2 Income tax expense (65.1) \u2013 1.3 (63.8) Profit for the year attributable to owners of the Company 183.7 (5.6) 1.3 179.4 As at 31 March 2023 Reported \u00a3m Inventory \u00a3m Tax \u00a3m Restated \u00a3m Non-current liabilities Other payables (9.3) \u2013 \u2013 (9.3) Retirement benefit obligations (37.2) \u2013 \u2013 (37.2) Borrowings (184.6) \u2013 \u2013 (184.6) Lease liabilities (34.3) \u2013 \u2013 (34.3) Provisions (4.7) \u2013 \u2013 (4.7) Deferred tax liabilities (90.1) \u2013 3.2 (86.9) Total non-current liabilities (360.2) \u2013 3.2 (357.0) Total liabilities (1,199.1) \u2013 3.2 (1,195.9) Net assets 1,344.9 (13.2) 3.2 1,334.9 Equity Share capital and share premium 283.3 \u2013 \u2013 283.3 Own shares held by Employee Benefit Trust (EBT) (2.2) \u2013 \u2013 (2.2) Other reserves 108.8 0.4 (0.1) 109.1 Retained earnings 954.3 (13.6) 3.3 944.0 Equity attributable to owners of the Company 1,344.2 (13.2) 3.2 1,334.2 Non-controlling interests 0.7 \u2013 \u2013 0.7 Total equity 1,344.9 (13.2) 3.2 1,334.9 Group Balance Sheet restated As at 31 March 2023 Reported \u00a3m Inventory \u00a3m Tax \u00a3m Restated \u00a3m Non-current assets Intangible assets 704.8 \u2013 \u2013 704.8 Property, plant and equipment 186.3 \u2013 \u2013 186.3 Right-of-use assets 46.9 \u2013 \u2013 46.9 Investment in joint venture 1.5 \u2013 \u2013 1.5 Other receivables 6.5 \u2013 \u2013 6.5 Retirement benefit net assets 0.8 \u2013 \u2013 0.8 Deferred tax assets 6.9 \u2013 \u2013 6.9 Total non-current assets 953.7 \u2013 \u2013 953.7 Current assets Inventories 616.3 (13.2) \u2013 603.1 Trade and other receivables 692.0 \u2013 \u2013 692.0 Cash and cash equivalents \u2013 cash and short-term deposits 260.3 \u2013 \u2013 260.3 Derivative assets 1.8 \u2013 \u2013 1.8 Current income tax receivables 19.9 \u2013 \u2013 19.9 Total current assets 1,590.3 (13.2) \u2013 1,577.1 Total assets 2,544.0 (13.2) \u2013 2,530.8 Current liabilities Trade and other payables (658.9) \u2013 \u2013 (658.9) Cash and cash equivalents \u2013 bank overdrafts (139.8) \u2013 \u2013 (139.8) Lease liabilities (14.6) \u2013 \u2013 (14.6) Derivative liabilities (1.7) \u2013 \u2013 (1.7) Provisions (1.8) \u2013 \u2013 (1.8) Current income tax liabilities (22.1) \u2013 \u2013 (22.1) Total current liabilities (838.9) \u2013 \u2013 (838.9) As at 31 March 2024 Reported \u00a3m Inventory \u00a3m Tax \u00a3m Restated \u00a3m Non-current liabilities Other payables (17.3) \u2013 \u2013 (17.3) Retirement benefit obligations (27.2) \u2013 \u2013 (27.2) Borrowings (440.3) \u2013 \u2013 (440.3) Lease liabilities (57.9) \u2013 \u2013 (57.9) Provisions (4.2) \u2013 \u2013 (4.2) Deferred tax liabilities (103.3) \u2013 4.6 (98.7) Total non-current liabilities (650.2) \u2013 4.6 (645.6) Total liabilities (1,465.5) \u2013 4.6 (1,460.9) Net assets 1,432.9 (18.6) 4.6 1,418.9 Equity Share capital and share premium 286.9 \u2013 \u2013 286.9 Own shares held by Employee Benefit Trust (EBT) (1.8) \u2013 \u2013 (1.8) Other reserves 108.3 0.6 \u2013 108.9 Retained earnings 1,038.9 (19.2) 4.6 1,024.3 Equity attributable to owners of the Company 1,432.3 (18.6) 4.6 1,418.3 Non-controlling interests 0.6 \u2013 \u2013 0.6 Total equity 1,432.9 (18.6) 4.6 1,418.9 Group Balance Sheet restated As at 31 March 2024 Reported \u00a3m Inventory \u00a3m Tax \u00a3m Restated \u00a3m Non-current assets Intangible assets 982.6 \u2013 \u2013 982.6 Property, plant and equipment 180.9 \u2013 \u2013 180.9 Right-of-use assets 72.8 \u2013 \u2013 72.8 Investment in joint venture 1.3 \u2013 \u2013 1.3 Other receivables 8.4 \u2013 \u2013 8.4 Retirement benefit net assets 1.5 \u2013 \u2013 1.5 Deferred tax assets 9.5 \u2013 \u2013 9.5 Total non-current assets 1,257.0 \u2013 \u2013 1,257.0 Current assets Inventories 656.0 (18.6) \u2013 637.4 Trade and other receivables 701.4 \u2013 \u2013 701.4 Cash and cash equivalents \u2013 cash and short-term deposits 258.7 \u2013 \u2013 258.7 Derivative assets 2.6 \u2013 \u2013 2.6 Current income tax receivables 22.7 \u2013 \u2013 22.7 Total current assets 1,641.4 (18.6) \u2013 1,622.8 Total assets 2,898.4 (18.6) \u2013 2,879.8 Current liabilities Trade and other payables (602.7) \u2013 \u2013 (602.7) Cash and cash equivalents \u2013 bank overdrafts (162.7) \u2013 \u2013 (162.7) Borrowings \u2013 \u2013 \u2013 \u2013 Lease liabilities (16.0) \u2013 \u2013 (16.0) Derivative liabilities (1.1) \u2013 \u2013 (1.1) Provisions (5.0) \u2013 \u2013 (5.0) Current income tax liabilities (27.8) \u2013 \u2013 (27.8) Total current liabilities (815.3) \u2013 \u2013 (815.3) Group Cash Flow Statement Year ended 31 March 2024 Reported \u00a3m Inventory \u00a3m Tax \u00a3m Restated \u00a3m Cash flows from operating activities Profit before tax 248.8 (5.6) \u2013 243.2 Depreciation and amortisation 83.7 \u2013 \u2013 83.7 Impairment of intangible assets 4.6 \u2013 \u2013 4.6 Impairment of property, plant and equipment \u2013 \u2013 \u2013 \u2013 Impairment of right-of-use assets 0.4 \u2013 \u2013 0.4 Loss on disposal of non-current assets 1.6 \u2013 \u2013 1.6 Equity-settled share-based payments 7.8 \u2013 \u2013 7.8 Net finance costs 31.9 \u2013 \u2013 31.9 Share of profit of and dividends received from joint venture \u2013 \u2013 \u2013 \u2013 Decrease in inventories 4.9 5.6 \u2013 10.5 Decrease in trade and other receivables 8.1 \u2013 \u2013 8.1 Decrease in trade and other payables (82.2) \u2013 \u2013 (82.2) Increase in provisions 1.1 \u2013 \u2013 1.1 Defined benefit retirement contributions in excess of charge (9.8) \u2013 \u2013 (9.8) Cash generated from operations 300.9 \u2013 \u2013 300.9 Interest received 4.8 \u2013 \u2013 4.8 Interest paid (35.8) \u2013 \u2013 (35.8) Income tax paid (73.3) \u2013 \u2013 (73.3) Net cash from operating activities 196.6 \u2013 \u2013 196.6 Year ended 31 March 2024 Reported \u00a3m Inventory \u00a3m Tax \u00a3m Restated \u00a3m Cash flows from investing activities Acquisition of businesses (313.1) \u2013 \u2013 (313.1) Cash and cash equivalents acquired with businesses 9.0 \u2013 \u2013 9.0 Total cash impact on acquisition of businesses (304.1) \u2013 \u2013 (304.1) Purchase of intangible assets (35.7) \u2013 \u2013 (35.7) Purchase of property, plant and equipment (15.9) \u2013 \u2013 (15.9) Proceeds on sale of property, plant and equipment \u2013 \u2013 \u2013 \u2013 Net cash used in investing activities (355.7) \u2013 \u2013 (355.7) Cash flows from financing activities Proceeds from the issue of share capital 3.6 \u2013 \u2013 3.6 Purchase of own shares by EBT (1.5) \u2013 \u2013 (1.5) Net increase in revolving facility and short-term loans 130.2 \u2013 \u2013 130.2 Other loans drawn down 131.7 \u2013 \u2013 131.7 Other loans repaid (2.5) \u2013 \u2013 (2.5) Principal elements of lease payments (18.5) \u2013 \u2013 (18.5) Dividends paid (104.1) \u2013 \u2013 (104.1) Net cash generated from financing activities 138.9 \u2013 \u2013 138.9 Net increase/(decrease) in cash and cash equivalents (20.2) \u2013 \u2013 (20.2) Cash and cash equivalents at the beginning of the year 120.5 \u2013 \u2013 120.5 Effect of exchange rate changes (4.3) \u2013 \u2013 (4.3) Cash and cash equivalents at the end of the year 96.0 \u2013 \u2013 96.0 Earnings per share The impact of the restatement on earnings per share is set out below. Year ended 31 March 2024 Reported \u00a3m Inventory \u00a3m Tax \u00a3m Restated \u00a3m Basic earnings per share 38.8p (1.2)p 0.3p 37.9p Diluted earnings per share 38.7p (1.2)p 0.3p 37.8p",
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