| Significant estimates and assumptions: | |
Goodwill | Note 10 \u2013 intangible assets. |
| The carrying value of goodwill is tested annually for impairment. For each cash-generating unit (\u2018CGU\u2019) the recoverable | |
| amount is determined as the value-in-use. | |
| For value-in-use models, the sensitivity of the assumptions applied in the model, including the estimated risk-adjusted future | |
| pre-tax cash flows, which are derived from Board-approved budgets, and the pre-tax discount rate applied, which represents | |
| the Group\u2019s pre-tax weighted average cost of capital (\u2018WACC\u2019), carries most of the estimation uncertainty. | |
| Refer to Note 10 for the sensitivity analysis of key assumptions on the value-in-use calculations and impairment outcomes. | |
| Biological | Note 15 \u2013 growth rate assumptions used in the fair value model. |
| assets | Pigs |
| The key estimate in determining the fair value of pigs is market prices. | |
| Quoted (unadjusted) prices in an active market are no longer available for sucklers and weaners. The Group\u2019s valuation | |
| model for sucklers and weaners is, therefore, a function of the UK Standard Pig Price (\u2018SPP\u2019) for finished pigs since historic | |
| data suggests that prices for sucklers, weaners and finished pigs were strongly correlated. The derived prices for sucklers | |
| and weaners are then adjusted to reflect the growth of the pigs through a straight-line interpolation based on age, to provide | |
| a value for the pigs at a particular stage of growth. As suckler and weaner prices are no longer observable in the market, | |
| management concludes these prices fall within Level 3 of the fair value hierarchy. Refer to Note 22 for key assumptions | |
| about unobservable inputs, their relationship to fair value and sensitivity analysis. | |
| The Group\u2019s valuation model for finished pigs utilises quoted (unadjusted) prices in an active market. The prices are then | |
| adjusted to reflect the growth of the animals through straight-line interpolation between prices to provide a value for the | |
| finished pigs at a particular stage of growth. As the estimated weaner price used in the straight-line interpolation for finished | |
| pigs is no longer observable in the market, management concludes these prices fall within Level 3 of the fair value hierarchy. | |
| Poultry | |
| Estimates in determining the fair value of poultry relate to growth and mortality rates of chickens. | |
| The valuation for broiler birds uses recent transaction prices at various stages of development. The prices are then adjusted to | |
| reflect the growth of the birds through interpolation between the transaction prices. Interpolation is used as an approximate | |
| growth rate. | |
| Estimates relating to biological assets are not expected to have a material impact on the next 12 months. |
| Significant judgements: | |
Goodwill | Note 10 \u2013 intangible assets. |
| The level at which goodwill is tested for impairment involves judgement. Management assess the nature of the individual | |
| businesses as well as the internal information presented to the Board to determine the level at which goodwill is monitored | |
| for the purpose of goodwill impairment testing. Changes to this assessment could impact the value-in-use calculation, | |
| affecting the conclusion of whether assets\u2019 carrying amounts are recoverable. | |
| Share-based | Note 25 \u2013 measurement of share-based payments. |
| payments | The selection of valuation models requires the use of management\u2019s judgement. The fair value of share-based payments is |
| estimated at the grant date using a Black\u2013Scholes option pricing model, a Chaffe option pricing model, or a stochastic option | |
| pricing model. | |
Pensions | Note 26 \u2013 pension scheme actuarial assumptions. |
| The Group has the right to recover any remaining surplus on the winding up of the pension scheme. The expected method | |
| of recovery of any recognised pensions surplus is through reduction in future contributions or recovery of any remaining | |
| surplus through a refund. | |
| Management have applied judgement on the scheme rules to conclude the Group has the right to a refund. The rules state that | |
| any surplus remaining in the hands of the Trustees may, at the discretion of the Trustees, be used to increase the pensions | |
| payable or contingently payable to Members and/or their Dependents. Any surplus remaining in the hands of the Trustees after | |
| making such provision (if any) shall be paid to the Employers. Management have formed the judgement, based on paragraph | |
| BC10 of IFRIC 14, that the right to the surplus is not affected by future acts that could change the amount of surplus that could | |
| ultimately be recovered. The Trustees ability to use discretion and choose to grant benefit improvements (thus reducing | |
| the surplus) has, therefore, not been anticipated and does not remove the Company\u2019s unconditional right to the surplus. | |
| Alternative | Note 31 \u2013 alternative performance measures. |
| performance | Management applies judgement to identify the significant non-cash items to exclude when calculating adjusted performance |
| measures | measures. The Board believes alternative measures are useful as they exclude volatile, one-off and non-cash items. |
| Significant estimates and assumptions: | |
Goodwill | Note 10 \u2013 intangible assets. |
| The carrying value of goodwill is tested annually for impairment. For each cash-generating unit (\u2018CGU\u2019) the recoverable | |
| amount is determined as the value-in-use. | |
| For value-in-use models, the sensitivity of the assumptions applied in the model, including the estimated risk-adjusted future | |
| pre-tax cash flows, which are derived from Board-approved budgets, and the pre-tax discount rate applied, which represents | |
| the Group\u2019s pre-tax weighted average cost of capital (\u2018WACC\u2019), carries most of the estimation uncertainty. | |
| Refer to Note 10 for the sensitivity analysis of key assumptions on the value-in-use calculations and impairment outcomes. | |
| Biological | Note 15 \u2013 growth rate assumptions used in the fair value model. |
| assets | Pigs |
| The key estimate in determining the fair value of pigs is market prices. | |
| Quoted (unadjusted) prices in an active market are no longer available for sucklers and weaners. The Group\u2019s valuation | |
| model for sucklers and weaners is, therefore, a function of the UK Standard Pig Price (\u2018SPP\u2019) for finished pigs since historic | |
| data suggests that prices for sucklers, weaners and finished pigs were strongly correlated. The derived prices for sucklers | |
| and weaners are then adjusted to reflect the growth of the pigs through a straight-line interpolation based on age, to provide | |
| a value for the pigs at a particular stage of growth. As suckler and weaner prices are no longer observable in the market, | |
| management concludes these prices fall within Level 3 of the fair value hierarchy. Refer to Note 22 for key assumptions | |
| about unobservable inputs, their relationship to fair value and sensitivity analysis. | |
| The Group\u2019s valuation model for finished pigs utilises quoted (unadjusted) prices in an active market. The prices are then | |
| adjusted to reflect the growth of the animals through straight-line interpolation between prices to provide a value for the | |
| finished pigs at a particular stage of growth. As the estimated weaner price used in the straight-line interpolation for finished | |
| pigs is no longer observable in the market, management concludes these prices fall within Level 3 of the fair value hierarchy. | |
| Poultry | |
| Estimates in determining the fair value of poultry relate to growth and mortality rates of chickens. | |
| The valuation for broiler birds uses recent transaction prices at various stages of development. The prices are then adjusted to | |
| reflect the growth of the birds through interpolation between the transaction prices. Interpolation is used as an approximate | |
| growth rate. | |
| Estimates relating to biological assets are not expected to have a material impact on the next 12 months. |
| Significant judgements: | |
Goodwill | Note 10 \u2013 intangible assets. |
| The level at which goodwill is tested for impairment involves judgement. Management assess the nature of the individual | |
| businesses as well as the internal information presented to the Board to determine the level at which goodwill is monitored | |
| for the purpose of goodwill impairment testing. Changes to this assessment could impact the value-in-use calculation, | |
| affecting the conclusion of whether assets\u2019 carrying amounts are recoverable. | |
| Share-based | Note 25 \u2013 measurement of share-based payments. |
| payments | The selection of valuation models requires the use of management\u2019s judgement. The fair value of share-based payments is |
| estimated at the grant date using a Black\u2013Scholes option pricing model, a Chaffe option pricing model, or a stochastic option | |
| pricing model. | |
Pensions | Note 26 \u2013 pension scheme actuarial assumptions. |
| The Group has the right to recover any remaining surplus on the winding up of the pension scheme. The expected method | |
| of recovery of any recognised pensions surplus is through reduction in future contributions or recovery of any remaining | |
| surplus through a refund. | |
| Management have applied judgement on the scheme rules to conclude the Group has the right to a refund. The rules state that | |
| any surplus remaining in the hands of the Trustees may, at the discretion of the Trustees, be used to increase the pensions | |
| payable or contingently payable to Members and/or their Dependents. Any surplus remaining in the hands of the Trustees after | |
| making such provision (if any) shall be paid to the Employers. Management have formed the judgement, based on paragraph | |
| BC10 of IFRIC 14, that the right to the surplus is not affected by future acts that could change the amount of surplus that could | |
| ultimately be recovered. The Trustees ability to use discretion and choose to grant benefit improvements (thus reducing | |
| the surplus) has, therefore, not been anticipated and does not remove the Company\u2019s unconditional right to the surplus. | |
| Alternative | Note 31 \u2013 alternative performance measures. |
| performance | Management applies judgement to identify the significant non-cash items to exclude when calculating adjusted performance |
| measures | measures. The Board believes alternative measures are useful as they exclude volatile, one-off and non-cash items. |
2026 | 2025 | |||||
\u00a3\u2019m | Food | Other | Total | Food | Other | Total |
Revenue | 2,934.9 | 47.6 | 2,982.5 | 2,686.6 | 36.7 | 2,723.3 |
Adjusted operating profit/(loss) | 236.2 | 0.8 | 237.0 | 210.3 | (3.4) | 206.9 |
Finance costs | (15.9) | (1.1) | (17.0) | (8.0) | (1.2) | (9.2) |
Share of net profit of joint venture | \u2013 | \u2013 | \u2013 | 0.2 | \u2013 | 0.2 |
Adjusted profit/(loss) before tax | 220.3 | (0.3) | 220.0 | 202.5 | (4.6) | 197.9 |
Assets | 1,694.3 | 43.0 | 1,737.3 | 1,503.0 | 28.2 | 1,531.2 |
Liabilities | (602.7) | (45.7) | (648.4) | (510.7) | (32.6) | (543.3) |
Net assets/(liabilities) | 1,091.6 | (2.7) | 1,088.9 | 992.3 | (4.4) | 987.9 |
Depreciation | 97.6 | 1.8 | 99.4 | 84.0 | 2.3 | 86.3 |
| Property, plant and equipment and right-of-use asset | ||||||
additions | 195.4 | 8.0 | 203.4 | 150.0 | 2.7 | 152.7 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
UK | 2,910.2 | 2,651.2 |
Continental Europe | 23.4 | 26.2 |
Rest of World | 48.9 | 45.9 |
2,982.5 | 2,723.3 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
UK | 2,910.2 | 2,651.2 |
Continental Europe | 23.4 | 26.2 |
Rest of World | 48.9 | 45.9 |
2,982.5 | 2,723.3 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Cost of sales excluding net IAS 41 valuation movement on biological assets | 2,509.0 | 2,303.4 |
Net IAS 41 valuation movement on biological assets* | 2.2 | 11.1 |
Cost of sales | 2,511.2 | 2,314.5 |
Gross profit | 471.3 | 408.8 |
Selling and distribution costs | 125.0 | 112 .8 |
Administrative expenses excluding impairment and amortisation of intangible assets | 111. 5 | 100.2 |
Impairment of intangible assets | \u2013 | 1.6 |
Amortisation of intangible assets | 2.0 | 3.6 |
Administrative expenses | 113. 5 | 105.4 |
Total operating costs | 2,749.7 | 2,532.7 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Depreciation of property, plant and equipment | 77.4 | 68.1 |
Depreciation of right-of-use assets | 22.0 | 18.2 |
Amortisation of intangible assets | 2.0 | 3.6 |
Impairment of intangible assets | \u2013 | 1.6 |
Release of government grants | (0.4) | (0.4) |
Short-term, low-value lease payments | 4.3 | 1.7 |
Net foreign currency differences | 0.5 | 1.0 |
Cost of inventories recognised as an expense | 1,406.6 | 1,325.1 |
Increase in provision for inventories | 7.6 | 3.5 |
Increase in provision for impairment of receivables | 0.2 | \u2013 |
| Auditor\u2019s remuneration | ||
| Fees payable to the Company\u2019s auditors in respect of the audit | ||
Audit of these Financial Statements | 1.0 | 1.0 |
Local statutory audit of the Company | 0.1 | 0.1 |
Total audit remuneration | 1.1 | 1.1 |
Other services | 0.1 | 0.1 |
Total non-audit related remuneration | 0.1 | 0.1 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Cost of sales excluding net IAS 41 valuation movement on biological assets | 2,509.0 | 2,303.4 |
Net IAS 41 valuation movement on biological assets* | 2.2 | 11.1 |
Cost of sales | 2,511.2 | 2,314.5 |
Gross profit | 471.3 | 408.8 |
Selling and distribution costs | 125.0 | 112 .8 |
Administrative expenses excluding impairment and amortisation of intangible assets | 111. 5 | 100.2 |
Impairment of intangible assets | \u2013 | 1.6 |
Amortisation of intangible assets | 2.0 | 3.6 |
Administrative expenses | 113. 5 | 105.4 |
Total operating costs | 2,749.7 | 2,532.7 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Depreciation of property, plant and equipment | 77.4 | 68.1 |
Depreciation of right-of-use assets | 22.0 | 18.2 |
Amortisation of intangible assets | 2.0 | 3.6 |
Impairment of intangible assets | \u2013 | 1.6 |
Release of government grants | (0.4) | (0.4) |
Short-term, low-value lease payments | 4.3 | 1.7 |
Net foreign currency differences | 0.5 | 1.0 |
Cost of inventories recognised as an expense | 1,406.6 | 1,325.1 |
Increase in provision for inventories | 7.6 | 3.5 |
Increase in provision for impairment of receivables | 0.2 | \u2013 |
| Auditor\u2019s remuneration | ||
| Fees payable to the Company\u2019s auditors in respect of the audit | ||
Audit of these Financial Statements | 1.0 | 1.0 |
Local statutory audit of the Company | 0.1 | 0.1 |
Total audit remuneration | 1.1 | 1.1 |
Other services | 0.1 | 0.1 |
Total non-audit related remuneration | 0.1 | 0.1 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Cost of sales excluding net IAS 41 valuation movement on biological assets | 2,509.0 | 2,303.4 |
Net IAS 41 valuation movement on biological assets* | 2.2 | 11.1 |
Cost of sales | 2,511.2 | 2,314.5 |
Gross profit | 471.3 | 408.8 |
Selling and distribution costs | 125.0 | 112 .8 |
Administrative expenses excluding impairment and amortisation of intangible assets | 111. 5 | 100.2 |
Impairment of intangible assets | \u2013 | 1.6 |
Amortisation of intangible assets | 2.0 | 3.6 |
Administrative expenses | 113. 5 | 105.4 |
Total operating costs | 2,749.7 | 2,532.7 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Cost of sales excluding net IAS 41 valuation movement on biological assets | 2,509.0 | 2,303.4 |
Net IAS 41 valuation movement on biological assets* | 2.2 | 11.1 |
Cost of sales | 2,511.2 | 2,314.5 |
Gross profit | 471.3 | 408.8 |
Selling and distribution costs | 125.0 | 112 .8 |
Administrative expenses excluding impairment and amortisation of intangible assets | 111. 5 | 100.2 |
Impairment of intangible assets | \u2013 | 1.6 |
Amortisation of intangible assets | 2.0 | 3.6 |
Administrative expenses | 113. 5 | 105.4 |
Total operating costs | 2,749.7 | 2,532.7 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Staff costs: | ||
Wages and salaries | 484.6 | 433.2 |
Social security costs | 60.1 | 44.7 |
Other pension costs | 13.7 | 11.1 |
558.4 | 489.0 |
| 2026 | 2025 | |
| Number | Number | |
Production | 11, 575 | 10,800 |
Selling and distribution | 594 | 624 |
Administration | 864 | 844 |
13 , 0 3 3 | 12,268 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Directors\u2019 remuneration | 8.8 | 8.2 |
Aggregate gains made by Directors on exercise of share options | 6.8 | 5.7 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Finance costs: | ||
Bank interest paid and similar charges | 7. 4 | 3.2 |
Total interest expense for financial liabilities not at fair value through profit or loss | 7. 4 | 3.2 |
Lease interest | 9.6 | 6.0 |
Total finance costs | 17.0 | 9.2 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Finance costs: | ||
Bank interest paid and similar charges | 7. 4 | 3.2 |
Total interest expense for financial liabilities not at fair value through profit or loss | 7. 4 | 3.2 |
Lease interest | 9.6 | 6.0 |
Total finance costs | 17.0 | 9.2 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Finance costs: | ||
Bank interest paid and similar charges | 7. 4 | 3.2 |
Total interest expense for financial liabilities not at fair value through profit or loss | 7. 4 | 3.2 |
Lease interest | 9.6 | 6.0 |
Total finance costs | 17.0 | 9.2 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Finance costs: | ||
Bank interest paid and similar charges | 7. 4 | 3.2 |
Total interest expense for financial liabilities not at fair value through profit or loss | 7. 4 | 3.2 |
Lease interest | 9.6 | 6.0 |
Total finance costs | 17.0 | 9.2 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Current income tax: | ||
UK corporation tax on profit for the year | 48.5 | 41.7 |
Adjustments in respect of prior years | (1.9) | 0.6 |
Total current tax | 46.6 | 42.3 |
| Deferred tax: | ||
Origination and reversal of temporary differences | 8.8 | 6.2 |
Adjustments in respect of prior years | 2.1 | (1.2) |
Total deferred tax | 10.9 | 5.0 |
Tax on profit | 57.5 | 47.3 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Recognised in Group Statement of Comprehensive Income | ||
Deferred tax on revaluation of cash flow hedges | (0.2) | 0.1 |
Deferred tax on actuarial losses on defined benefit pension scheme | 0.1 | 0.1 |
Corporation tax credit on defined benefit pension scheme | (0.1) | (0.1) |
(0.2) | 0.1 | |
| Recognised in Group Statement of Changes in Equity | ||
Deferred tax charge/(credit) on share-based payments | 1.3 | (2.7) |
Corporation tax credit on share options exercised | (2.8) | (1.0) |
(1.5) | (3.7) | |
Total tax credit recognised directly in equity | (1.7) | (3.6) |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Profit before tax | 215.8 | 181.6 |
Profit multiplied by standard rate of corporation tax in the UK of 25 per cent (2025: 25 per cent) | 54.0 | 45.4 |
| Effect of: | ||
Expenses which are not deductible for tax purposes | 3.3 | 2.5 |
Adjustments in respect of prior years | 0.2 | (0.6) |
Total tax charge for the year | 57.5 | 47.3 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Deferred tax liability in the balance sheet | ||
Accelerated capital allowances | 57.3 | 41.1 |
Business combinations | 3.4 | 3.5 |
Losses | (0.5) | (0.5) |
Biological assets | (3.7) | (3.2) |
Right-of-use asset | 34.3 | 26.9 |
Right-of-use liability | (36.3) | (28.5) |
Other temporary differences | (0.7) | \u2013 |
Share-based payments | (7.9) | (8.4) |
Deferred tax on defined benefit pension scheme | \u2013 | (0.1) |
Intangible assets | 1.1 | 1.2 |
Deferred tax liability | 47.0 | 32.0 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Deferred tax liability in the balance sheet | ||
At 29 March 2025 | 32.0 | 28.4 |
Recognised in income statement | 8.8 | 6.2 |
Prior year adjustments recognised in income statement | 2.1 | (1.2) |
Acquired on acquisitions in the year | 2.9 | 1.1 |
Recognised in statement of comprehensive income | (0.1) | 0.2 |
Recognised in statement of changes in equity | 1.3 | (2.7) |
At 28 March 2026 | 47.0 | 32.0 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Deferred tax liability in the income statement | ||
Accelerated capital allowances | 13.8 | 10.5 |
Business combinations | (0.1) | (0.1) |
Losses | 0.1 | 0.1 |
Biological assets | (0.5) | (2.8) |
Right-of-use asset | 7.1 | 8.0 |
Right-of-use liability | (7.6) | (8.6) |
Other temporary differences | (0.5) | (0.3) |
Share-based payments | (0.9) | (0.5) |
Intangible assets | (0.5) | (1.3) |
Deferred tax liability | 10.9 | 5.0 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Current income tax: | ||
UK corporation tax on profit for the year | 48.5 | 41.7 |
Adjustments in respect of prior years | (1.9) | 0.6 |
Total current tax | 46.6 | 42.3 |
| Deferred tax: | ||
Origination and reversal of temporary differences | 8.8 | 6.2 |
Adjustments in respect of prior years | 2.1 | (1.2) |
Total deferred tax | 10.9 | 5.0 |
Tax on profit | 57.5 | 47.3 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Recognised in Group Statement of Comprehensive Income | ||
Deferred tax on revaluation of cash flow hedges | (0.2) | 0.1 |
Deferred tax on actuarial losses on defined benefit pension scheme | 0.1 | 0.1 |
Corporation tax credit on defined benefit pension scheme | (0.1) | (0.1) |
(0.2) | 0.1 | |
| Recognised in Group Statement of Changes in Equity | ||
Deferred tax charge/(credit) on share-based payments | 1.3 | (2.7) |
Corporation tax credit on share options exercised | (2.8) | (1.0) |
(1.5) | (3.7) | |
Total tax credit recognised directly in equity | (1.7) | (3.6) |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Profit before tax | 215.8 | 181.6 |
Profit multiplied by standard rate of corporation tax in the UK of 25 per cent (2025: 25 per cent) | 54.0 | 45.4 |
| Effect of: | ||
Expenses which are not deductible for tax purposes | 3.3 | 2.5 |
Adjustments in respect of prior years | 0.2 | (0.6) |
Total tax charge for the year | 57.5 | 47.3 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Deferred tax liability in the balance sheet | ||
Accelerated capital allowances | 57.3 | 41.1 |
Business combinations | 3.4 | 3.5 |
Losses | (0.5) | (0.5) |
Biological assets | (3.7) | (3.2) |
Right-of-use asset | 34.3 | 26.9 |
Right-of-use liability | (36.3) | (28.5) |
Other temporary differences | (0.7) | \u2013 |
Share-based payments | (7.9) | (8.4) |
Deferred tax on defined benefit pension scheme | \u2013 | (0.1) |
Intangible assets | 1.1 | 1.2 |
Deferred tax liability | 47.0 | 32.0 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Deferred tax liability in the balance sheet | ||
At 29 March 2025 | 32.0 | 28.4 |
Recognised in income statement | 8.8 | 6.2 |
Prior year adjustments recognised in income statement | 2.1 | (1.2) |
Acquired on acquisitions in the year | 2.9 | 1.1 |
Recognised in statement of comprehensive income | (0.1) | 0.2 |
Recognised in statement of changes in equity | 1.3 | (2.7) |
At 28 March 2026 | 47.0 | 32.0 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Deferred tax liability in the income statement | ||
Accelerated capital allowances | 13.8 | 10.5 |
Business combinations | (0.1) | (0.1) |
Losses | 0.1 | 0.1 |
Biological assets | (0.5) | (2.8) |
Right-of-use asset | 7.1 | 8.0 |
Right-of-use liability | (7.6) | (8.6) |
Other temporary differences | (0.5) | (0.3) |
Share-based payments | (0.9) | (0.5) |
Intangible assets | (0.5) | (1.3) |
Deferred tax liability | 10.9 | 5.0 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Deferred tax liability in the balance sheet | ||
Accelerated capital allowances | 57.3 | 41.1 |
Business combinations | 3.4 | 3.5 |
Losses | (0.5) | (0.5) |
Biological assets | (3.7) | (3.2) |
Right-of-use asset | 34.3 | 26.9 |
Right-of-use liability | (36.3) | (28.5) |
Other temporary differences | (0.7) | \u2013 |
Share-based payments | (7.9) | (8.4) |
Deferred tax on defined benefit pension scheme | \u2013 | (0.1) |
Intangible assets | 1.1 | 1.2 |
Deferred tax liability | 47.0 | 32.0 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Deferred tax liability in the balance sheet | ||
At 29 March 2025 | 32.0 | 28.4 |
Recognised in income statement | 8.8 | 6.2 |
Prior year adjustments recognised in income statement | 2.1 | (1.2) |
Acquired on acquisitions in the year | 2.9 | 1.1 |
Recognised in statement of comprehensive income | (0.1) | 0.2 |
Recognised in statement of changes in equity | 1.3 | (2.7) |
At 28 March 2026 | 47.0 | 32.0 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Deferred tax liability in the income statement | ||
Accelerated capital allowances | 13.8 | 10.5 |
Business combinations | (0.1) | (0.1) |
Losses | 0.1 | 0.1 |
Biological assets | (0.5) | (2.8) |
Right-of-use asset | 7.1 | 8.0 |
Right-of-use liability | (7.6) | (8.6) |
Other temporary differences | (0.5) | (0.3) |
Share-based payments | (0.9) | (0.5) |
Intangible assets | (0.5) | (1.3) |
Deferred tax liability | 10.9 | 5.0 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Declared and paid during the year: | ||
Final dividend for 2025 \u2013 76.0p per share (2024: 67 .3p) | 40.6 | 36.1 |
Interim dividend for 2026 \u2013 27 .0p per share (2025: 25. 0p) | 14.5 | 13.4 |
Dividends paid | 55.1 | 49.5 |
| Proposed for approval of Shareholders at the Annual General Meeting on 27 July 2026: | ||
Final dividend for 2026 \u2013 85.5p per share (2025: 7 6.0p) | 46.4 | 41.2 |
| 2026 | 2025 | |
| Thousands | Thousands | |
Basic weighted average number of shares | 53,502 | 53,581 |
Dilutive potential ordinary shares \u2014 share options | 1,051 | 954 |
54,553 | 54,535 |
| Customer | ||||
| Goodwill | Trademark | relationships | Total | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
| Cost | ||||
At 30 March 2024 | 218.7 | 5.7 | 38.5 | 262.9 |
Acquired on acquisitions | 2.6 | \u2013 | \u2013 | 2.6 |
At 29 March 2025 | 221.3 | 5.7 | 38.5 | 265.5 |
Acquired on acquisitions | 9.0 | \u2013 | 1.9 | 10.9 |
At 28 March 2026 | 230.3 | 5.7 | 40.4 | 276.4 |
| Amortisation and impairment | ||||
At 30 March 2024 | 15.1 | 3.4 | 30.9 | 49.4 |
Amortisation | \u2013 | 1.2 | 2.4 | 3.6 |
Impairment | \u2013 | 0 . 8 | 0 . 8 | 1 . 6 |
At 29 March 2025 | 15.1 | 5.4 | 34.1 | 54.6 |
Amortisation | \u2013 | 0 . 2 | 1 . 8 | 2 . 0 |
At 28 March 2026 | 15.1 | 5.6 | 35.9 | 56.6 |
| Net book value | ||||
At 30 March 2024 | 203.6 | 2.3 | 7.6 | 213.5 |
At 29 March 2025 | 206.2 | 0.3 | 4.4 | 210.9 |
At 28 March 2026 | 215.2 | 0.1 | 4.5 | 219.8 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Fresh Pork | 21.7 | 21.7 |
Livestock* | 26.0 | 26.0 |
Cooked Meats | 90.2 | 90.2 |
Continental Fine Foods | 39.1 | 39.1 |
Premium Cooked Poultry | 9.2 | 9.2 |
Fresh Chicken | 13.7 | 13.7 |
Gourmet | 15.3 | 6.3 |
215.2 | 206.2 |
| Budgeted gross margin | Other operating costs | Pre-tax discount rate | ||
| Cash generating units | (percentage change in value) | (percentage change in value) | From | To |
Fresh Pork and Livestock | (15%) | 21% | 12% | 30% |
Cooked Meats | (8%) | 10% | 12% | 24% |
Continental Fine Foods | (10%) | 14% | 12% | 22% |
Premium Cooked Poultry | (8%) | 9% | 12% | 21% |
Fresh Chicken | (20%) | 40% | 12% | 38% |
Gourmet | (12%) | 15% | 12% | 30% |
| Customer | ||||
| Goodwill | Trademark | relationships | Total | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
| Cost | ||||
At 30 March 2024 | 218.7 | 5.7 | 38.5 | 262.9 |
Acquired on acquisitions | 2.6 | \u2013 | \u2013 | 2.6 |
At 29 March 2025 | 221.3 | 5.7 | 38.5 | 265.5 |
Acquired on acquisitions | 9.0 | \u2013 | 1.9 | 10.9 |
At 28 March 2026 | 230.3 | 5.7 | 40.4 | 276.4 |
| Amortisation and impairment | ||||
At 30 March 2024 | 15.1 | 3.4 | 30.9 | 49.4 |
Amortisation | \u2013 | 1.2 | 2.4 | 3.6 |
Impairment | \u2013 | 0 . 8 | 0 . 8 | 1 . 6 |
At 29 March 2025 | 15.1 | 5.4 | 34.1 | 54.6 |
Amortisation | \u2013 | 0 . 2 | 1 . 8 | 2 . 0 |
At 28 March 2026 | 15.1 | 5.6 | 35.9 | 56.6 |
| Net book value | ||||
At 30 March 2024 | 203.6 | 2.3 | 7.6 | 213.5 |
At 29 March 2025 | 206.2 | 0.3 | 4.4 | 210.9 |
At 28 March 2026 | 215.2 | 0.1 | 4.5 | 219.8 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Fresh Pork | 21.7 | 21.7 |
Livestock* | 26.0 | 26.0 |
Cooked Meats | 90.2 | 90.2 |
Continental Fine Foods | 39.1 | 39.1 |
Premium Cooked Poultry | 9.2 | 9.2 |
Fresh Chicken | 13.7 | 13.7 |
Gourmet | 15.3 | 6.3 |
215.2 | 206.2 |
| Budgeted gross margin | Other operating costs | Pre-tax discount rate | ||
| Cash generating units | (percentage change in value) | (percentage change in value) | From | To |
Fresh Pork and Livestock | (15%) | 21% | 12% | 30% |
Cooked Meats | (8%) | 10% | 12% | 24% |
Continental Fine Foods | (10%) | 14% | 12% | 22% |
Premium Cooked Poultry | (8%) | 9% | 12% | 21% |
Fresh Chicken | (20%) | 40% | 12% | 38% |
Gourmet | (12%) | 15% | 12% | 30% |
| Customer | ||||
| Goodwill | Trademark | relationships | Total | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
| Cost | ||||
At 30 March 2024 | 218.7 | 5.7 | 38.5 | 262.9 |
Acquired on acquisitions | 2.6 | \u2013 | \u2013 | 2.6 |
At 29 March 2025 | 221.3 | 5.7 | 38.5 | 265.5 |
Acquired on acquisitions | 9.0 | \u2013 | 1.9 | 10.9 |
At 28 March 2026 | 230.3 | 5.7 | 40.4 | 276.4 |
| Amortisation and impairment | ||||
At 30 March 2024 | 15.1 | 3.4 | 30.9 | 49.4 |
Amortisation | \u2013 | 1.2 | 2.4 | 3.6 |
Impairment | \u2013 | 0 . 8 | 0 . 8 | 1 . 6 |
At 29 March 2025 | 15.1 | 5.4 | 34.1 | 54.6 |
Amortisation | \u2013 | 0 . 2 | 1 . 8 | 2 . 0 |
At 28 March 2026 | 15.1 | 5.6 | 35.9 | 56.6 |
| Net book value | ||||
At 30 March 2024 | 203.6 | 2.3 | 7.6 | 213.5 |
At 29 March 2025 | 206.2 | 0.3 | 4.4 | 210.9 |
At 28 March 2026 | 215.2 | 0.1 | 4.5 | 219.8 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Fresh Pork | 21.7 | 21.7 |
Livestock* | 26.0 | 26.0 |
Cooked Meats | 90.2 | 90.2 |
Continental Fine Foods | 39.1 | 39.1 |
Premium Cooked Poultry | 9.2 | 9.2 |
Fresh Chicken | 13.7 | 13.7 |
Gourmet | 15.3 | 6.3 |
215.2 | 206.2 |
| Budgeted gross margin | Other operating costs | Pre-tax discount rate | ||
| Cash generating units | (percentage change in value) | (percentage change in value) | From | To |
Fresh Pork and Livestock | (15%) | 21% | 12% | 30% |
Cooked Meats | (8%) | 10% | 12% | 24% |
Continental Fine Foods | (10%) | 14% | 12% | 22% |
Premium Cooked Poultry | (8%) | 9% | 12% | 21% |
Fresh Chicken | (20%) | 40% | 12% | 38% |
Gourmet | (12%) | 15% | 12% | 30% |
| Plant, | Assets in the | |||
| Freehold land | equipment | course of | ||
| and buildings | and vehicles | construction | Total | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
| Cost | ||||
At 30 March 2024 | 308.4 | 531.6 | 46.5 | 886.5 |
Additions | 15.1 | 26.6 | 95.7 | 137.4 |
Acquired on acquisition | 17.1 | 3.0 | \u2013 | 20.1 |
Transfers between categories | 10.7 | 41.0 | (51.7) | \u2013 |
Disposals | (3.5) | (24.4) | \u2013 | (27.9) |
At 29 March 2025 | 347.8 | 577.8 | 90.5 | 1,016.1 |
Additions | 33.6 | 37.2 | 92.4 | 163.2 |
Acquired on acquisition | 6.9 | 12.0 | \u2013 | 18.9 |
Transfers between categories | 49.6 | 83.1 | (132.7) | \u2013 |
Disposals | (0.8) | (15.0) | \u2013 | (15.8) |
At 28 March 2026 | 437.1 | 695.1 | 50.2 | 1,182.4 |
| Depreciation | ||||
At 30 March 2024 | 60.9 | 306.7 | \u2013 | 367.6 |
Charge for the year | 11.6 | 56.5 | \u2013 | 68.1 |
Relating to disposals | (3.2) | (21.8) | \u2013 | (25.0) |
At 29 March 2025 | 69.3 | 341.4 | \u2013 | 410.7 |
Charge for the year | 15.5 | 61.9 | \u2013 | 77.4 |
Relating to disposals | (0.3) | (13.3) | \u2013 | (13.6) |
At 28 March 2026 | 84.5 | 390.0 | \u2013 | 474.5 |
| Net book amounts | ||||
At 30 March 2024 | 247.5 | 224.9 | 46.5 | 518.9 |
At 29 March 2025 | 278.5 | 236.4 | 90.5 | 605.4 |
At 28 March 2026 | 352.6 | 305.1 | 50.2 | 707.9 |
| Plant, | |||
| Land and | equipment | ||
| buildings | and vehicles | Total | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
| Cost | |||
At 30 March 2024 | 124.0 | 13.7 | 137.7 |
Acquired on acquisition | 4.4 | \u2013 | 4.4 |
Additions | 10.2 | 5.1 | 15.3 |
Modifications | 30.1 | \u2013 | 30.1 |
Disposals | (4.0) | (3.0) | (7.0) |
At 29 March 2025 | 164.7 | 15.8 | 180.5 |
Acquired on acquisition | \u2013 | 0 . 8 | 0 . 8 |
Additions | 34.5 | 5.7 | 40.2 |
Modifications | 24.5 | \u2013 | 24.5 |
Disposals | (8.0) | (1.8) | (9.8) |
At 28 March 2026 | 215.7 | 20.5 | 236.2 |
| Depreciation | |||
At 30 March 2024 | 39.9 | 5.4 | 45.3 |
Charge for the year | 14.5 | 3.7 | 18.2 |
Relating to disposals | (3.7) | (3.0) | (6.7) |
At 29 March 2025 | 50.7 | 6.1 | 56.8 |
Charge for the year | 17.3 | 4.7 | 22.0 |
Relating to disposals | (6.1) | (1.1) | (7.2) |
At 28 March 2026 | 61.9 | 9.7 | 71.6 |
| Net book amounts | |||
At 30 March 2024 | 84.1 | 8.3 | 92.4 |
At 29 March 2025 | 114. 0 | 9.7 | 123 .7 |
At 28 March 2026 | 153.8 | 10.8 | 164.6 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Lease liabilities: | ||
Current | 19.3 | 16.4 |
Non-current | 156.5 | 116 .3 |
175.8 | 132.7 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Depreciation charge on right-of-use assets: | ||
Land and buildings | 17.3 | 14.5 |
Plant, equipment and vehicles | 4.7 | 3.7 |
22.0 | 18.2 | |
Interest expense (included in finance costs) | 9.6 | 6.0 |
| Plant, | |||
| Land and | equipment | ||
| buildings | and vehicles | Total | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
| Cost | |||
At 30 March 2024 | 124.0 | 13.7 | 137.7 |
Acquired on acquisition | 4.4 | \u2013 | 4.4 |
Additions | 10.2 | 5.1 | 15.3 |
Modifications | 30.1 | \u2013 | 30.1 |
Disposals | (4.0) | (3.0) | (7.0) |
At 29 March 2025 | 164.7 | 15.8 | 180.5 |
Acquired on acquisition | \u2013 | 0 . 8 | 0 . 8 |
Additions | 34.5 | 5.7 | 40.2 |
Modifications | 24.5 | \u2013 | 24.5 |
Disposals | (8.0) | (1.8) | (9.8) |
At 28 March 2026 | 215.7 | 20.5 | 236.2 |
| Depreciation | |||
At 30 March 2024 | 39.9 | 5.4 | 45.3 |
Charge for the year | 14.5 | 3.7 | 18.2 |
Relating to disposals | (3.7) | (3.0) | (6.7) |
At 29 March 2025 | 50.7 | 6.1 | 56.8 |
Charge for the year | 17.3 | 4.7 | 22.0 |
Relating to disposals | (6.1) | (1.1) | (7.2) |
At 28 March 2026 | 61.9 | 9.7 | 71.6 |
| Net book amounts | |||
At 30 March 2024 | 84.1 | 8.3 | 92.4 |
At 29 March 2025 | 114. 0 | 9.7 | 123 .7 |
At 28 March 2026 | 153.8 | 10.8 | 164.6 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Lease liabilities: | ||
Current | 19.3 | 16.4 |
Non-current | 156.5 | 116 .3 |
175.8 | 132.7 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Depreciation charge on right-of-use assets: | ||
Land and buildings | 17.3 | 14.5 |
Plant, equipment and vehicles | 4.7 | 3.7 |
22.0 | 18.2 | |
Interest expense (included in finance costs) | 9.6 | 6.0 |
| Fair value | |
| \u00a3\u2019m | |
| Net assets acquired: | |
Customer relationships | 1.9 |
Property, plant and equipment | 18.9 |
Right-of-use assets | 0.8\ue00c |
Inventories | 5.0\ue00c |
Trade and other receivables | 9.6 |
Bank and cash balances | 3.9\ue00c |
Bank loans | (1.5) |
Trade and other payables | (5.6) |
Lease liabilities | (0.8) |
Corporation tax | (0.5) |
Deferred tax liability | (2.9) |
| 28.8\ue00c | |
Goodwill arising on acquisition | 9.0\ue00c |
Total consideration | 37.8 |
| Satisfied by: | |
Initial cash consideration | 34.1 |
Deferred contingent consideration | 3.7\ue00c |
| 37.8 | |
| Net cash outflow on acquisition: | |
Cash consideration paid | 34.1 |
Cash and cash equivalents acquired | (3.9) |
| 30.2 |
| Fair value | |
| \u00a3\u2019m | |
| Net assets acquired: | |
Property, plant and equipment | 18.6\ue00c |
Right-of-use assets | 4.4 |
Biological assets | 6.6\ue00c |
Inventories | 0.3 |
Trade and other receivables | 1.9 |
Bank and cash balances | (5.3) |
Trade and other payables | (8.5) |
Income tax payable | (0.3) |
Lease liabilities | (4.4) |
Deferred tax liability | (0.7) |
| 12.6 | |
Goodwill arising on acquisition | 1.9 |
Total consideration | 14.5\ue00c |
| Satisfied by: | |
Initial cash consideration | 14.2\ue00c |
Deferred consideration | 0.3 |
| 14.5\ue00c | |
| Net cash outflow arising on acquisition: | |
Cash consideration paid | 14.2\ue00c |
Cash and cash equivalents acquired | 5.3\ue00c |
| 19.5\ue00c |
| Fair value | |
| \u00a3\u2019m | |
| Net assets acquired: | |
Property, plant and equipment | 1.5\ue00c |
Biological assets | 1.3\ue00c |
Inventories | 0.1 |
Trade and other receivables | 0.9 |
Bank and cash balances | 0.2\ue00c |
Trade and other payables | (0.4) |
Deferred tax liability | (0.3) |
| 3.3\ue00c | |
Goodwill arising on acquisition | 0.7\ue00c |
Total consideration | 4.0\ue00c |
| Satisfied by: | |
Initial cash consideration | 3.8\ue00c |
Deferred consideration | 0.2 |
| 4.0\ue00c | |
| Net cash outflow arising on acquisition: | |
Cash consideration paid | 3.8\ue00c |
Cash and cash equivalents acquired | (0.2) |
| 3.6 |
| Fair value | |
| \u00a3\u2019m | |
| Net assets acquired: | |
Customer relationships | 1.9 |
Property, plant and equipment | 18.9 |
Right-of-use assets | 0.8\ue00c |
Inventories | 5.0\ue00c |
Trade and other receivables | 9.6 |
Bank and cash balances | 3.9\ue00c |
Bank loans | (1.5) |
Trade and other payables | (5.6) |
Lease liabilities | (0.8) |
Corporation tax | (0.5) |
Deferred tax liability | (2.9) |
| 28.8\ue00c | |
Goodwill arising on acquisition | 9.0\ue00c |
Total consideration | 37.8 |
| Satisfied by: | |
Initial cash consideration | 34.1 |
Deferred contingent consideration | 3.7\ue00c |
| 37.8 | |
| Net cash outflow on acquisition: | |
Cash consideration paid | 34.1 |
Cash and cash equivalents acquired | (3.9) |
| 30.2 |
| Fair value | |
| \u00a3\u2019m | |
| Net assets acquired: | |
Property, plant and equipment | 18.6\ue00c |
Right-of-use assets | 4.4 |
Biological assets | 6.6\ue00c |
Inventories | 0.3 |
Trade and other receivables | 1.9 |
Bank and cash balances | (5.3) |
Trade and other payables | (8.5) |
Income tax payable | (0.3) |
Lease liabilities | (4.4) |
Deferred tax liability | (0.7) |
| 12.6 | |
Goodwill arising on acquisition | 1.9 |
Total consideration | 14.5\ue00c |
| Satisfied by: | |
Initial cash consideration | 14.2\ue00c |
Deferred consideration | 0.3 |
| 14.5\ue00c | |
| Net cash outflow arising on acquisition: | |
Cash consideration paid | 14.2\ue00c |
Cash and cash equivalents acquired | 5.3\ue00c |
| 19.5\ue00c |
| Fair value | |
| \u00a3\u2019m | |
| Net assets acquired: | |
Property, plant and equipment | 1.5\ue00c |
Biological assets | 1.3\ue00c |
Inventories | 0.1 |
Trade and other receivables | 0.9 |
Bank and cash balances | 0.2\ue00c |
Trade and other payables | (0.4) |
Deferred tax liability | (0.3) |
| 3.3\ue00c | |
Goodwill arising on acquisition | 0.7\ue00c |
Total consideration | 4.0\ue00c |
| Satisfied by: | |
Initial cash consideration | 3.8\ue00c |
Deferred consideration | 0.2 |
| 4.0\ue00c | |
| Net cash outflow arising on acquisition: | |
Cash consideration paid | 3.8\ue00c |
Cash and cash equivalents acquired | (0.2) |
| 3.6 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Share of net assets | \u2013 | \u2013 |
Total interests in joint venture | \u2013 | \u2013 |
| \u00a3\u2019m | |
Investment as at 30 March 2024 | 0.8 |
Revenue | 1.9 |
Interest expense | \u2013 |
Income tax expense | \u2013 |
Profit for the period | 0.4 |
Group share of profit | 0.2 |
Cash distributions received from joint venture | (0.2) |
Distribution of assets other than cash upon dissolution | (0.8) |
Investment as at 29 March 2025 | \u2013 |
| Fair value | |
| \u00a3\u2019m | |
| Net assets acquired: | |
Customer relationships | 1.9 |
Property, plant and equipment | 18.9 |
Right-of-use assets | 0.8\ue00c |
Inventories | 5.0\ue00c |
Trade and other receivables | 9.6 |
Bank and cash balances | 3.9\ue00c |
Bank loans | (1.5) |
Trade and other payables | (5.6) |
Lease liabilities | (0.8) |
Corporation tax | (0.5) |
Deferred tax liability | (2.9) |
| 28.8\ue00c | |
Goodwill arising on acquisition | 9.0\ue00c |
Total consideration | 37.8 |
| Satisfied by: | |
Initial cash consideration | 34.1 |
Deferred contingent consideration | 3.7\ue00c |
| 37.8 | |
| Net cash outflow on acquisition: | |
Cash consideration paid | 34.1 |
Cash and cash equivalents acquired | (3.9) |
| 30.2 |
| Fair value | |
| \u00a3\u2019m | |
| Net assets acquired: | |
Property, plant and equipment | 18.6\ue00c |
Right-of-use assets | 4.4 |
Biological assets | 6.6\ue00c |
Inventories | 0.3 |
Trade and other receivables | 1.9 |
Bank and cash balances | (5.3) |
Trade and other payables | (8.5) |
Income tax payable | (0.3) |
Lease liabilities | (4.4) |
Deferred tax liability | (0.7) |
| 12.6 | |
Goodwill arising on acquisition | 1.9 |
Total consideration | 14.5\ue00c |
| Satisfied by: | |
Initial cash consideration | 14.2\ue00c |
Deferred consideration | 0.3 |
| 14.5\ue00c | |
| Net cash outflow arising on acquisition: | |
Cash consideration paid | 14.2\ue00c |
Cash and cash equivalents acquired | 5.3\ue00c |
| 19.5\ue00c |
| Fair value | |
| \u00a3\u2019m | |
| Net assets acquired: | |
Property, plant and equipment | 1.5\ue00c |
Biological assets | 1.3\ue00c |
Inventories | 0.1 |
Trade and other receivables | 0.9 |
Bank and cash balances | 0.2\ue00c |
Trade and other payables | (0.4) |
Deferred tax liability | (0.3) |
| 3.3\ue00c | |
Goodwill arising on acquisition | 0.7\ue00c |
Total consideration | 4.0\ue00c |
| Satisfied by: | |
Initial cash consideration | 3.8\ue00c |
Deferred consideration | 0.2 |
| 4.0\ue00c | |
| Net cash outflow arising on acquisition: | |
Cash consideration paid | 3.8\ue00c |
Cash and cash equivalents acquired | (0.2) |
| 3.6 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Share of net assets | \u2013 | \u2013 |
Total interests in joint venture | \u2013 | \u2013 |
| \u00a3\u2019m | |
Investment as at 30 March 2024 | 0.8 |
Revenue | 1.9 |
Interest expense | \u2013 |
Income tax expense | \u2013 |
Profit for the period | 0.4 |
Group share of profit | 0.2 |
Cash distributions received from joint venture | (0.2) |
Distribution of assets other than cash upon dissolution | (0.8) |
Investment as at 29 March 2025 | \u2013 |
| Pigs | Chickens | Total | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
At 30 March 2024 | 79.1 | 11.0 | 9 0.1 |
Increase due to purchases | 23.2 | 18.9 | 42.1 |
Increase due to acquisition | 7.9 | \u2013 | 7. 9 |
Increase due to dissolution of joint venture | 0.5 | \u2013 | 0.5 |
Decrease attributable to harvest | (327.6) | (212.0) | (539.6) |
Decreases attributable to sales | (6.8) | (0.7) | (7.5) |
Changes in fair value less estimated costs to sell | 308.2 | 194.4 | 502.6 |
At 29 March 2025 | 84.5 | 11.6 | 96.1 |
Increase due to purchases | 22.1 | 19.0 | 41.1 |
Decrease attributable to harvest | (364.2) | (244.0) | (608.2) |
Decreases attributable to sales | (16.1) | (8.7) | (24.8) |
Changes in fair value less estimated costs to sell | 354.4 | 234.9 | 589.3 |
At 28 March 2026 | 80.7 | 12.8 | 93.5 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Non-current biological assets: | ||
Pigs | 7.0 | 3.8 |
Chickens | 0.3 | 0.5 |
7. 3 | 4.3 | |
| Current biological assets: | ||
Pigs | 73.7 | 80.7 |
Chickens | 12.5 | 11.1 |
86.2 | 91.8 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Net IAS 41 valuation movement on biological assets* | ||
Changes in fair value of biological assets | 589.3 | 502.6 |
Biological assets transferred to cost of sales | (591.5) | (513.7) |
(2.2) | (11.1) |
| 2026 | 2025 | |
| Quantities at year end: | Number | Number |
Breeding pigs (Bearer biological assets) | 82,717 | 80,785 |
AI Boars | 391 | 281 |
Boars | 1,536 | 1,486 |
Pigs (Consumable biological assets) | 892,021 | 912,565 |
Breeder chickens (Bearer biological assets) | 500,941 | 472,216 |
Broiler chickens (Consumable biological assets) | 5,487,449 | 5,325,657 |
Number of pigs produced in the year | 1,983,759 | 1,797,836 |
Number of chickens produced in the year | 78,274,015 | 73,582,499 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Raw materials and work in progress | 74 .7 | 76.8 |
Finished goods and goods for resale | 47.2 | 33.6 |
Packaging and consumables | 20.6 | 16.5 |
142.5 | 126.9 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Financial assets: | ||
Trade receivables | 350.0 | 317.1 |
Other receivables | 15.5 | 23.0 |
365.5 | 340.1 | |
| Non-financial assets: | ||
Prepayments | 19.1 | 14.9 |
384.6 | 355.0 |
Of which: | Past due in the following periods | ||||
| Trade | Less than | Between 30 | More than | ||
| receivables | Not due | 30 days | and 60 days | 60 days | |
| \u2018\u00a3\u2019m | \u2018\u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
2026 | 350.0 | 303.3 | 41.8 | 4.4 | 0.5 |
2025 | 317.1 | 270.6 | 43.5 | 2.4 | 0.6 |
| \u00a3\u2019m | |
| Bad debt provision: | |
At 30 March 2024 | 2.7 |
Provided in the year | 0.6 |
Released | (0.6) |
Utilised | (0.1) |
At 29 March 2025 | 2.6 |
Provided in the year | 0.6 |
Released | (0.4) |
Utilised | (0.6) |
At 28 March 2026 | 2.2 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Financial assets: | ||
Trade receivables | 350.0 | 317.1 |
Other receivables | 15.5 | 23.0 |
365.5 | 340.1 | |
| Non-financial assets: | ||
Prepayments | 19.1 | 14.9 |
384.6 | 355.0 |
Of which: | Past due in the following periods | ||||
| Trade | Less than | Between 30 | More than | ||
| receivables | Not due | 30 days | and 60 days | 60 days | |
| \u2018\u00a3\u2019m | \u2018\u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
2026 | 350.0 | 303.3 | 41.8 | 4.4 | 0.5 |
2025 | 317.1 | 270.6 | 43.5 | 2.4 | 0.6 |
| \u00a3\u2019m | |
| Bad debt provision: | |
At 30 March 2024 | 2.7 |
Provided in the year | 0.6 |
Released | (0.6) |
Utilised | (0.1) |
At 29 March 2025 | 2.6 |
Provided in the year | 0.6 |
Released | (0.4) |
Utilised | (0.6) |
At 28 March 2026 | 2.2 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Financial assets: | ||
Trade receivables | 350.0 | 317.1 |
Other receivables | 15.5 | 23.0 |
365.5 | 340.1 | |
| Non-financial assets: | ||
Prepayments | 19.1 | 14.9 |
384.6 | 355.0 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Current: | ||
Forward currency contracts | \u2013 | 0.3 |
| 2026 | 2025 | |
| Current: | \u00a3\u2019m | \u00a3\u2019m |
Forward currency contracts | 0.4 | \u2013 |
Deferred consideration (Note 13) | 0.1 | 0.3 |
0.5 | 0.3 | |
| Non-current: | ||
Deferred contingent consideration (Note 13) | 3.7 | \u2013 |
Amounts outstanding under revolving credit facility | 79.0 | 46.0 |
Unamortised issue costs | (1.5) | (0.4) |
81.2 | 45.6 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Movement on hedging instruments: | ||
(Losses)/gains arising in the year | (0.4) | 0.3 |
Reclassification adjustment for (losses)/gains included in the income statement | (0.3) | 0.1 |
(0.7) | 0.4 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
In one year or less | \u2013 | \u2013 |
Between one year and two years | \u2013 | 46.0 |
Between two and five years | 79.0 | \u2013 |
79.0 | 46.0 | |
Unamortised issue costs | (1.5) | (0.4) |
77.5 | 45.6 |
| Level 1 | Level 2 | Level 3 | Total | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
| At 28 March 2026 | ||||
Breeding pigs (Bearer biological assets) | \u2013 | 13.0 | \u2013 | 13.0 |
Boars | \u2013 | 0 . 2 | \u2013 | 0 . 2 |
AI Boars | \u2013 | 1 . 3 | \u2013 | 1 . 3 |
Finished pigs (Consumable biological assets) | \u2013 | \u2013 | 47.4 | 47.4 |
Sucklers and weaners (Consumable biological assets) | \u2013 | \u2013 | 18.8 | 18.8 |
Breeder chickens (Bearer biological assets) | \u2013 | 3.1 | \u2013 | 3.1 |
Eggs | \u2013 | 1 . 3 | \u2013 | 1 . 3 |
Broiler chickens (Consumable biological assets) | \u2013 | 8.4 | \u2013 | 8.4 |
Total biological assets | \u2013 | 27.3 | 66.2 | 93.5 |
| Level 1 | Level 2 | Level 3 | \u2018Total | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
| At 29 March 2025 | ||||
Breeding pigs (Bearer biological assets) | \u2013 | 6.5 | \u2013 | 6.5 |
Boars | \u2013 | 0 . 2 | \u2013 | 0 . 2 |
AI Boars | \u2013 | 1 . 3 | \u2013 | 1 . 3 |
Finished pigs (Consumable biological assets) | \u2013 | \u2013 | 56.1 | 56.1 |
Sucklers and weaners (Consumable biological assets) | \u2013 | \u2013 | 20.4 | 20.4 |
Breeder chickens (Bearer biological assets) | \u2013 | 2.8 | \u2013 | 2.8 |
Eggs | \u2013 | 0 . 7 | \u2013 | 0 . 7 |
Broiler chickens (Consumable biological assets) | \u2013 | 8.1 | \u2013 | 8.1 |
Total biological assets | \u2013 | 19.6 | 76.5 | 96.1 |
| \u00a3\u2019m | |
At 29 March 2025 | 76.5 |
Increase due to purchases | 15.4 |
Decrease attributable to harvest | (358.8) |
Decreases attributable to sales | (9.1) |
Changes in fair value less estimated costs to sell | 342.2 |
At 28 March 2026 | 66.2 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Net total losses for the period recognised in profit or loss under \u2018Change in fair value of biological assets\u2019 | (8.6) | (3.6) |
| Net change in unrealised (losses)/gains for the period recognised in profit or loss attributable to sucklers, weaners | (6.6) | 2.0 |
| and finishers held at the end of the reporting period |
Fair value | Range of inputs | |||||
| 2026 | 2025 | Unobservable | 2026 | 2025 | Relationship of unobservable | |
| Description | \u00a3\u2019m | \u00a3\u2019m | inputs | \u00a3 | \u00a3 | inputs to fair value |
Weaners and sucklers | 18.8 | 20.4 | Suckler price | 44.83 \u2013 51.15 | 49.98 \u2013 51.98 | The higher the market price, |
Weaner price | 52.78 \u2013 60.23 | 58.84 \u2013 61.20 | the higher the fair value. | |||
Finished pigs | 47.4 | 56.1 | Finisher price | 159.87 \u2013 208.96 | 169.85 \u2013 203.58 |
| Increase/decrease in basis | Effect on profit before tax | ||
| points | \u00a3\u2019m | ||
2026 | 2025 | ||
Weaners, sucklers and finishers | +1,000 | 2.9 | 3.2 |
-1,000 | (2.9) | (3.2) |
| Weighted average | At floating | Fixed interest | ||||
| effective interest rate | Total | interest rates | 1 year or less | 1\u20132 years | 2\u20133 years | |
| % | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
| Financial liabilities: | ||||||
Revolving credit facility | 4.9% | (79.0) | (79.0) | \u2013 | \u2013 | \u2013 |
| Financial assets: | ||||||
Cash at bank | 0.0% | 12.5 | 12.5 | \u2013 | \u2013 | \u2013 |
(66.5) | (66.5) | \u2013 | \u2013 | \u2013 |
| Weighted average | At floating | Fixed interest | ||||||
| effective interest rate | Total | interest rates | 1 year or less | 1\u20132 years | 2\u20133 years | |||
| % | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |||
| Financial liabilities: | ||||||||
Revolving credit facility | 5.9% | (46.0) | (46.0) | \u2013 | \u2013 | \u2013 | ||
| Financial assets: | ||||||||
Cash at bank | 0.0% | 5.9 | 5.9 | \u2013 | \u2013 | \u2013 | ||
(40.1) | (40.1) | \u2013 | \u2013 | \u2013 |
2026 | 2025 | |||
| Book Value | Fair Value | Book Value | Fair Value | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
Forward currency contracts (liability)/asset (Note 18 and Note 20) | (0.4) | (0.4) | 0.3 | 0.3 |
Contingent consideration (Note 13 and Note 20) | (3.7) | (3.7) | \u2013 | \u2013 |
| Exchange | Fair Value | |||
Currency | Amount | Maturities | rates | \u00a3\u2019m |
Euros | \u20ac51.4m | 30 March 2026 \u2013 16 December 2026 | 1.13 \u2013 1.16 | 0.2 |
US Dollar | $15.0m | 2 April 2026 \u2013 23 Jun 2026 | 1.32 \u2013 1.35 | 0.2 |
| Increase/ | Effect on profit | |
| decrease in | before tax | |
| basis points | \u00a3\u2019m | |
2026 | +10 0 | ( 1 . 3 ) |
Sterling | -10 0 | 1. 3 |
2025 | +1 0 0 | ( 0 . 3 ) |
Sterling | -10 0 | 0 .3 |
| Less than | |||||
1 year | 1-2 years | 2-5 years | Over 5 years | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Revolving credit facility 1 | 3.5 | 3.5 | 83.5 | \u2013 | 90.5 |
Deferred and contingent consideration | 0.1 | 3.7 | \u2013 | \u2013 | 3.8\ue00c |
Trade and other payables | 340.2 | 0.2 | \u2013 | \u2013 | 340.4\ue00c |
F o r w a r d c u r r e n c y c o n t r a c t s | 0 . 4 | \u2013 | \u2013 | \u2013 | 0 . 4 |
Lease liabilities | 28.3 | 27.0 | 66.3 | 104.9 | 226.5\ue00c |
372.5 | 34.4 | 149.8 | 104.9 | 661.6 |
| Less than | |||||
1 year | 1-2 years | 2-5 years | Over 5 years | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Revolving credit facility | \u2013 | 46.0 | \u2013 | \u2013 | 46.0 |
Deferred and contingent consideration | 0.3 | \u2013 | \u2013 | \u2013 | 0.3 |
Trade and other payables | 328.1 | 0.5 | \u2013 | \u2013 | 328.6 |
Lease liabilities | 22.5 | 20.9 | 51.9 | 71.4 | 166.7 |
350.9 | 67.4 | 51.9 | 71.4 | 541.6 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Current: | ||
Forward currency contracts | \u2013 | 0.3 |
| 2026 | 2025 | |
| Current: | \u00a3\u2019m | \u00a3\u2019m |
Trade payables | 194.6 | 191.4 |
Tax and social security | 18.2 | 15.9 |
Other creditors | 24.4 | 24.1 |
Commercial accruals* | 24.0 | 21.0 |
Other accruals | 78.7 | 75.3 |
Deferred income \u2014 Government grants | 0.3 | 0.4 |
340.2 | 328.1 | |
| Non-current: | ||
Deferred income \u2014 Government grants | 0.2 | 0.5 |
| Volume | |||
| rebates and | Advertising | ||
| similar | and marketing | ||
| allowances | contributions | Total | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
At 30 March 2024 | 15.9 | 2.6 | 18.5 |
Charged to Income Statement | 22.8 | 10.7 | 33.5 |
Paid | (22.5) | (8.5) | (31.0) |
At 29 March 2025 | 16.2 | 4.8 | 21.0 |
Charged to Income Statement | 25.7 | 10.3 | 36.0 |
Paid | (23.3) | (9.7) | (33.0) |
At 28 March 2026 | 18.6 | 5.4 | 24.0 |
| 2026 | 2025 | |
| Current: | \u00a3\u2019m | \u00a3\u2019m |
Trade payables | 194.6 | 191.4 |
Tax and social security | 18.2 | 15.9 |
Other creditors | 24.4 | 24.1 |
Commercial accruals* | 24.0 | 21.0 |
Other accruals | 78.7 | 75.3 |
Deferred income \u2014 Government grants | 0.3 | 0.4 |
340.2 | 328.1 | |
| Non-current: | ||
Deferred income \u2014 Government grants | 0.2 | 0.5 |
| Volume | |||
| rebates and | Advertising | ||
| similar | and marketing | ||
| allowances | contributions | Total | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
At 30 March 2024 | 15.9 | 2.6 | 18.5 |
Charged to Income Statement | 22.8 | 10.7 | 33.5 |
Paid | (22.5) | (8.5) | (31.0) |
At 29 March 2025 | 16.2 | 4.8 | 21.0 |
Charged to Income Statement | 25.7 | 10.3 | 36.0 |
Paid | (23.3) | (9.7) | (33.0) |
At 28 March 2026 | 18.6 | 5.4 | 24.0 |
| 2026 | 2025 | |
| Current: | \u00a3\u2019m | \u00a3\u2019m |
Trade payables | 194.6 | 191.4 |
Tax and social security | 18.2 | 15.9 |
Other creditors | 24.4 | 24.1 |
Commercial accruals* | 24.0 | 21.0 |
Other accruals | 78.7 | 75.3 |
Deferred income \u2014 Government grants | 0.3 | 0.4 |
340.2 | 328.1 | |
| Non-current: | ||
Deferred income \u2014 Government grants | 0.2 | 0.5 |
| Volume | |||
| rebates and | Advertising | ||
| similar | and marketing | ||
| allowances | contributions | Total | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
At 30 March 2024 | 15.9 | 2.6 | 18.5 |
Charged to Income Statement | 22.8 | 10.7 | 33.5 |
Paid | (22.5) | (8.5) | (31.0) |
At 29 March 2025 | 16.2 | 4.8 | 21.0 |
Charged to Income Statement | 25.7 | 10.3 | 36.0 |
Paid | (23.3) | (9.7) | (33.0) |
At 28 March 2026 | 18.6 | 5.4 | 24.0 |
| 2026 | 2025 | |
| Current: | \u00a3\u2019m | \u00a3\u2019m |
Trade payables | 194.6 | 191.4 |
Tax and social security | 18.2 | 15.9 |
Other creditors | 24.4 | 24.1 |
Commercial accruals* | 24.0 | 21.0 |
Other accruals | 78.7 | 75.3 |
Deferred income \u2014 Government grants | 0.3 | 0.4 |
340.2 | 328.1 | |
| Non-current: | ||
Deferred income \u2014 Government grants | 0.2 | 0.5 |
| 2026 | 2025 | |
| Current: | \u00a3\u2019m | \u00a3\u2019m |
Trade payables | 194.6 | 191.4 |
Tax and social security | 18.2 | 15.9 |
Other creditors | 24.4 | 24.1 |
Commercial accruals* | 24.0 | 21.0 |
Other accruals | 78.7 | 75.3 |
Deferred income \u2014 Government grants | 0.3 | 0.4 |
340.2 | 328.1 | |
| Non-current: | ||
Deferred income \u2014 Government grants | 0.2 | 0.5 |
| 2026 | 2025 | |
| Current: | \u00a3\u2019m | \u00a3\u2019m |
Trade payables | 194.6 | 191.4 |
Tax and social security | 18.2 | 15.9 |
Other creditors | 24.4 | 24.1 |
Commercial accruals* | 24.0 | 21.0 |
Other accruals | 78.7 | 75.3 |
Deferred income \u2014 Government grants | 0.3 | 0.4 |
340.2 | 328.1 | |
| Non-current: | ||
Deferred income \u2014 Government grants | 0.2 | 0.5 |
| Volume | |||
| rebates and | Advertising | ||
| similar | and marketing | ||
| allowances | contributions | Total | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
At 30 March 2024 | 15.9 | 2.6 | 18.5 |
Charged to Income Statement | 22.8 | 10.7 | 33.5 |
Paid | (22.5) | (8.5) | (31.0) |
At 29 March 2025 | 16.2 | 4.8 | 21.0 |
Charged to Income Statement | 25.7 | 10.3 | 36.0 |
Paid | (23.3) | (9.7) | (33.0) |
At 28 March 2026 | 18.6 | 5.4 | 24.0 |
| 2026 | 2025 | |
| Current: | \u00a3\u2019m | \u00a3\u2019m |
Forward currency contracts | 0.4 | \u2013 |
Deferred consideration (Note 13) | 0.1 | 0.3 |
0.5 | 0.3 | |
| Non-current: | ||
Deferred contingent consideration (Note 13) | 3.7 | \u2013 |
Amounts outstanding under revolving credit facility | 79.0 | 46.0 |
Unamortised issue costs | (1.5) | (0.4) |
81.2 | 45.6 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
| Movement on hedging instruments: | ||
(Losses)/gains arising in the year | (0.4) | 0.3 |
Reclassification adjustment for (losses)/gains included in the income statement | (0.3) | 0.1 |
(0.7) | 0.4 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
In one year or less | \u2013 | \u2013 |
Between one year and two years | \u2013 | 46.0 |
Between two and five years | 79.0 | \u2013 |
79.0 | 46.0 | |
Unamortised issue costs | (1.5) | (0.4) |
77.5 | 45.6 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
In one year or less | \u2013 | \u2013 |
Between one year and two years | \u2013 | 46.0 |
Between two and five years | 79.0 | \u2013 |
79.0 | 46.0 | |
Unamortised issue costs | (1.5) | (0.4) |
77.5 | 45.6 |
| Lease | Total | ||
| provisions | Other | provisions | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
At 29 March 2025 | 3.4 | 0.7 | 4.1 |
Created | 0.2 | \u2013 | 0.2 |
Utilised | (0.2) | \u2013 | (0.2) |
Released | \u2013 | ( 0 . 7 ) | ( 0 . 7 ) |
At 28 March 2026 | 3.4 | \u2013 | 3.4 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Current liabilities | 1.2 | 2.4 |
Non-current liabilities | 2.2 | 1.7 |
3.4 | 4.1 |
| Lease | Total | ||
| provisions | Other | provisions | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
At 29 March 2025 | 3.4 | 0.7 | 4.1 |
Created | 0.2 | \u2013 | 0.2 |
Utilised | (0.2) | \u2013 | (0.2) |
Released | \u2013 | ( 0 . 7 ) | ( 0 . 7 ) |
At 28 March 2026 | 3.4 | \u2013 | 3.4 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Current liabilities | 1.2 | 2.4 |
Non-current liabilities | 2.2 | 1.7 |
3.4 | 4.1 |
| Level 1 | Level 2 | Level 3 | Total | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
| At 28 March 2026 | ||||
Breeding pigs (Bearer biological assets) | \u2013 | 13.0 | \u2013 | 13.0 |
Boars | \u2013 | 0 . 2 | \u2013 | 0 . 2 |
AI Boars | \u2013 | 1 . 3 | \u2013 | 1 . 3 |
Finished pigs (Consumable biological assets) | \u2013 | \u2013 | 47.4 | 47.4 |
Sucklers and weaners (Consumable biological assets) | \u2013 | \u2013 | 18.8 | 18.8 |
Breeder chickens (Bearer biological assets) | \u2013 | 3.1 | \u2013 | 3.1 |
Eggs | \u2013 | 1 . 3 | \u2013 | 1 . 3 |
Broiler chickens (Consumable biological assets) | \u2013 | 8.4 | \u2013 | 8.4 |
Total biological assets | \u2013 | 27.3 | 66.2 | 93.5 |
| Level 1 | Level 2 | Level 3 | \u2018Total | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
| At 29 March 2025 | ||||
Breeding pigs (Bearer biological assets) | \u2013 | 6.5 | \u2013 | 6.5 |
Boars | \u2013 | 0 . 2 | \u2013 | 0 . 2 |
AI Boars | \u2013 | 1 . 3 | \u2013 | 1 . 3 |
Finished pigs (Consumable biological assets) | \u2013 | \u2013 | 56.1 | 56.1 |
Sucklers and weaners (Consumable biological assets) | \u2013 | \u2013 | 20.4 | 20.4 |
Breeder chickens (Bearer biological assets) | \u2013 | 2.8 | \u2013 | 2.8 |
Eggs | \u2013 | 0 . 7 | \u2013 | 0 . 7 |
Broiler chickens (Consumable biological assets) | \u2013 | 8.1 | \u2013 | 8.1 |
Total biological assets | \u2013 | 19.6 | 76.5 | 96.1 |
| \u00a3\u2019m | |
At 29 March 2025 | 76.5 |
Increase due to purchases | 15.4 |
Decrease attributable to harvest | (358.8) |
Decreases attributable to sales | (9.1) |
Changes in fair value less estimated costs to sell | 342.2 |
At 28 March 2026 | 66.2 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Net total losses for the period recognised in profit or loss under \u2018Change in fair value of biological assets\u2019 | (8.6) | (3.6) |
| Net change in unrealised (losses)/gains for the period recognised in profit or loss attributable to sucklers, weaners | (6.6) | 2.0 |
| and finishers held at the end of the reporting period |
Fair value | Range of inputs | |||||
| 2026 | 2025 | Unobservable | 2026 | 2025 | Relationship of unobservable | |
| Description | \u00a3\u2019m | \u00a3\u2019m | inputs | \u00a3 | \u00a3 | inputs to fair value |
Weaners and sucklers | 18.8 | 20.4 | Suckler price | 44.83 \u2013 51.15 | 49.98 \u2013 51.98 | The higher the market price, |
Weaner price | 52.78 \u2013 60.23 | 58.84 \u2013 61.20 | the higher the fair value. | |||
Finished pigs | 47.4 | 56.1 | Finisher price | 159.87 \u2013 208.96 | 169.85 \u2013 203.58 |
| Increase/decrease in basis | Effect on profit before tax | ||
| points | \u00a3\u2019m | ||
2026 | 2025 | ||
Weaners, sucklers and finishers | +1,000 | 2.9 | 3.2 |
-1,000 | (2.9) | (3.2) |
| Weighted average | At floating | Fixed interest | ||||
| effective interest rate | Total | interest rates | 1 year or less | 1\u20132 years | 2\u20133 years | |
| % | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
| Financial liabilities: | ||||||
Revolving credit facility | 4.9% | (79.0) | (79.0) | \u2013 | \u2013 | \u2013 |
| Financial assets: | ||||||
Cash at bank | 0.0% | 12.5 | 12.5 | \u2013 | \u2013 | \u2013 |
(66.5) | (66.5) | \u2013 | \u2013 | \u2013 |
| Weighted average | At floating | Fixed interest | ||||||
| effective interest rate | Total | interest rates | 1 year or less | 1\u20132 years | 2\u20133 years | |||
| % | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |||
| Financial liabilities: | ||||||||
Revolving credit facility | 5.9% | (46.0) | (46.0) | \u2013 | \u2013 | \u2013 | ||
| Financial assets: | ||||||||
Cash at bank | 0.0% | 5.9 | 5.9 | \u2013 | \u2013 | \u2013 | ||
(40.1) | (40.1) | \u2013 | \u2013 | \u2013 |
2026 | 2025 | |||
| Book Value | Fair Value | Book Value | Fair Value | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
Forward currency contracts (liability)/asset (Note 18 and Note 20) | (0.4) | (0.4) | 0.3 | 0.3 |
Contingent consideration (Note 13 and Note 20) | (3.7) | (3.7) | \u2013 | \u2013 |
| Exchange | Fair Value | |||
Currency | Amount | Maturities | rates | \u00a3\u2019m |
Euros | \u20ac51.4m | 30 March 2026 \u2013 16 December 2026 | 1.13 \u2013 1.16 | 0.2 |
US Dollar | $15.0m | 2 April 2026 \u2013 23 Jun 2026 | 1.32 \u2013 1.35 | 0.2 |
| Increase/ | Effect on profit | |
| decrease in | before tax | |
| basis points | \u00a3\u2019m | |
2026 | +10 0 | ( 1 . 3 ) |
Sterling | -10 0 | 1. 3 |
2025 | +1 0 0 | ( 0 . 3 ) |
Sterling | -10 0 | 0 .3 |
| Less than | |||||
1 year | 1-2 years | 2-5 years | Over 5 years | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Revolving credit facility 1 | 3.5 | 3.5 | 83.5 | \u2013 | 90.5 |
Deferred and contingent consideration | 0.1 | 3.7 | \u2013 | \u2013 | 3.8\ue00c |
Trade and other payables | 340.2 | 0.2 | \u2013 | \u2013 | 340.4\ue00c |
F o r w a r d c u r r e n c y c o n t r a c t s | 0 . 4 | \u2013 | \u2013 | \u2013 | 0 . 4 |
Lease liabilities | 28.3 | 27.0 | 66.3 | 104.9 | 226.5\ue00c |
372.5 | 34.4 | 149.8 | 104.9 | 661.6 |
| Less than | |||||
1 year | 1-2 years | 2-5 years | Over 5 years | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Revolving credit facility | \u2013 | 46.0 | \u2013 | \u2013 | 46.0 |
Deferred and contingent consideration | 0.3 | \u2013 | \u2013 | \u2013 | 0.3 |
Trade and other payables | 328.1 | 0.5 | \u2013 | \u2013 | 328.6 |
Lease liabilities | 22.5 | 20.9 | 51.9 | 71.4 | 166.7 |
350.9 | 67.4 | 51.9 | 71.4 | 541.6 |
2026 | 2025 | |||
| Book Value | Fair Value | Book Value | Fair Value | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
Forward currency contracts (liability)/asset (Note 18 and Note 20) | (0.4) | (0.4) | 0.3 | 0.3 |
Contingent consideration (Note 13 and Note 20) | (3.7) | (3.7) | \u2013 | \u2013 |
| Exchange | Fair Value | |||
Currency | Amount | Maturities | rates | \u00a3\u2019m |
Euros | \u20ac51.4m | 30 March 2026 \u2013 16 December 2026 | 1.13 \u2013 1.16 | 0.2 |
US Dollar | $15.0m | 2 April 2026 \u2013 23 Jun 2026 | 1.32 \u2013 1.35 | 0.2 |
2026 | 2025 | |||
| Book Value | Fair Value | Book Value | Fair Value | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
Forward currency contracts (liability)/asset (Note 18 and Note 20) | (0.4) | (0.4) | 0.3 | 0.3 |
Contingent consideration (Note 13 and Note 20) | (3.7) | (3.7) | \u2013 | \u2013 |
| Exchange | Fair Value | |||
Currency | Amount | Maturities | rates | \u00a3\u2019m |
Euros | \u20ac51.4m | 30 March 2026 \u2013 16 December 2026 | 1.13 \u2013 1.16 | 0.2 |
US Dollar | $15.0m | 2 April 2026 \u2013 23 Jun 2026 | 1.32 \u2013 1.35 | 0.2 |
| Increase/ | Effect on profit | |
| decrease in | before tax | |
| basis points | \u00a3\u2019m | |
2026 | +10 0 | ( 1 . 3 ) |
Sterling | -10 0 | 1. 3 |
2025 | +1 0 0 | ( 0 . 3 ) |
Sterling | -10 0 | 0 .3 |
| Less than | |||||
1 year | 1-2 years | 2-5 years | Over 5 years | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Revolving credit facility 1 | 3.5 | 3.5 | 83.5 | \u2013 | 90.5 |
Deferred and contingent consideration | 0.1 | 3.7 | \u2013 | \u2013 | 3.8\ue00c |
Trade and other payables | 340.2 | 0.2 | \u2013 | \u2013 | 340.4\ue00c |
F o r w a r d c u r r e n c y c o n t r a c t s | 0 . 4 | \u2013 | \u2013 | \u2013 | 0 . 4 |
Lease liabilities | 28.3 | 27.0 | 66.3 | 104.9 | 226.5\ue00c |
372.5 | 34.4 | 149.8 | 104.9 | 661.6 |
| Less than | |||||
1 year | 1-2 years | 2-5 years | Over 5 years | Total | |
\u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | |
Revolving credit facility | \u2013 | 46.0 | \u2013 | \u2013 | 46.0 |
Deferred and contingent consideration | 0.3 | \u2013 | \u2013 | \u2013 | 0.3 |
Trade and other payables | 328.1 | 0.5 | \u2013 | \u2013 | 328.6 |
Lease liabilities | 22.5 | 20.9 | 51.9 | 71.4 | 166.7 |
350.9 | 67.4 | 51.9 | 71.4 | 541.6 |
| 2026 | 2025 | 2026 | 2025 | |
| Number | Number | \u00a3\u2019m | \u00a3\u2019m | |
At beginning of year | 54,193,372 | 54,007,610 | 5.4 | 5.4 |
On exercise of share options | 102,451 | 185,762 | \u2013 | \u2013 |
At end of year | 54,295,823 | 54,193,372 | 5.4 | 5.4 |
Number | Exercise price | Exercise period | |
Savings related | 118 | 2,534p | March 2023 \u2013 October 2025 |
Savings related | 10,109 | 2,800p | March 2024 \u2013 October 2026 |
Savings related | 21,848 | 2,899p | March 2025 \u2013 October 2027 |
LTIP | 5,873 | Nil | Until July 2034 |
Number of shares | Nominal value of share | Total reserve | ||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| Number | Number | \u00a3 | \u00a3 | \u00a3\u2019m | \u00a3\u2019m | |
At beginning of year | 775,565 | 400,250 | 77,556 | 40,025 | 35.4 | 15.6 |
Shares acquired by Employee Benefit Trust | 412,723 | 524,250 | 41,272 | 52,425 | 22.1 | 25.3 |
Transferred to beneficiaries of the share award schemes | (391,298) | (148,935) | (39,129) | (14,894) | (16.8) | (5.5) |
At end of year | 796,990 | 775,565 | 79,699 | 77,556 | 40.7 | 35.4 |
| 2026 | 2025 | 2026 | 2025 | |
| Number | Number | \u00a3\u2019m | \u00a3\u2019m | |
At beginning of year | 54,193,372 | 54,007,610 | 5.4 | 5.4 |
On exercise of share options | 102,451 | 185,762 | \u2013 | \u2013 |
At end of year | 54,295,823 | 54,193,372 | 5.4 | 5.4 |
Number | Exercise price | Exercise period | |
Savings related | 118 | 2,534p | March 2023 \u2013 October 2025 |
Savings related | 10,109 | 2,800p | March 2024 \u2013 October 2026 |
Savings related | 21,848 | 2,899p | March 2025 \u2013 October 2027 |
LTIP | 5,873 | Nil | Until July 2034 |
Number of shares | Nominal value of share | Total reserve | ||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| Number | Number | \u00a3 | \u00a3 | \u00a3\u2019m | \u00a3\u2019m | |
At beginning of year | 775,565 | 400,250 | 77,556 | 40,025 | 35.4 | 15.6 |
Shares acquired by Employee Benefit Trust | 412,723 | 524,250 | 41,272 | 52,425 | 22.1 | 25.3 |
Transferred to beneficiaries of the share award schemes | (391,298) | (148,935) | (39,129) | (14,894) | (16.8) | (5.5) |
At end of year | 796,990 | 775,565 | 79,699 | 77,556 | 40.7 | 35.4 |
| 2026 | 2026 | 2025 | 2025 | |
| Number | WAEP (\u00a3) | Number | WAEP (\u00a3) | |
Outstanding at beginning of year | 818,654 | \u2013 | 758,538 | \u2013 |
Granted during the year (i) | 232,127 | \u2013 | 248,272 | \u2013 |
Lapsed during the year | (53,784) | \u2013 | (35,052) | \u2013 |
Exercised during the year (ii) | (218,869) | \u2013 | (153,104) | \u2013 |
Outstanding at end of year (iii) | 778,128 | \u2013 | 818,654 | \u2013 |
Exercisable at end of year | 16,224 | \u2013 | 18,494 | \u2013 |
| 2026 | 2026 | 2025 | 2025 | |
| Number | WAEP (\u00a3) | Number | WAEP (\u00a3) | |
Outstanding at beginning of year | 951,431 | 31.78\ue003 | 893,923 | 28.08 |
Granted during the year (i) | 370,151 | 41.10 | 311,367 | 39.78 |
Lapsed during the year | (104,489) | 35.68\ue003 | (86,409) | 29.93 |
Exercised during the year (ii) | (267,664) | 26.29\ue003 | (167,450) | 27.82 |
Outstanding at end of year (iii) | 949,429 | 36.54 | 951,431 | 31.78 |
Exercisable at end of year | 74, 433 | 25.74 | 92,957 | 28.67 |
Measures | 2026 | LTIP | 2026 | SAYE | 2025 | LTIP | 2025 | SAYE |
Dividend yield | 0.00% | 2.05% | 0.00% | 1.90% | ||||
Expected share price volatility | 17.03% | \u2013 19.01% | 18.57% | \u2013 20.28% | 19.02% \u2013 20.90% | 20.20% \u2013 23.78% | ||
Risk-free interest rate | 3.85% | \u2013 4.14% | 3.77% | \u2013 4.02% | 3.64% \u2013 | 3.97% | 4.21% \u2013 | 4.35% |
Expected life of option | 3 years | 3.44-5.44 years | 3 years | 3.44-5.44 years | ||||
Exercise prices | \u00a3nil | \u00a341.10 | \u00a3nil | \u00a339.78 |
| 2026 | 2026 | 2025 | 2025 | |
| Number | WAEP (\u00a3) | Number | WAEP (\u00a3) | |
Outstanding at beginning of year | 818,654 | \u2013 | 758,538 | \u2013 |
Granted during the year (i) | 232,127 | \u2013 | 248,272 | \u2013 |
Lapsed during the year | (53,784) | \u2013 | (35,052) | \u2013 |
Exercised during the year (ii) | (218,869) | \u2013 | (153,104) | \u2013 |
Outstanding at end of year (iii) | 778,128 | \u2013 | 818,654 | \u2013 |
Exercisable at end of year | 16,224 | \u2013 | 18,494 | \u2013 |
| 2026 | 2026 | 2025 | 2025 | |
| Number | WAEP (\u00a3) | Number | WAEP (\u00a3) | |
Outstanding at beginning of year | 951,431 | 31.78\ue003 | 893,923 | 28.08 |
Granted during the year (i) | 370,151 | 41.10 | 311,367 | 39.78 |
Lapsed during the year | (104,489) | 35.68\ue003 | (86,409) | 29.93 |
Exercised during the year (ii) | (267,664) | 26.29\ue003 | (167,450) | 27.82 |
Outstanding at end of year (iii) | 949,429 | 36.54 | 951,431 | 31.78 |
Exercisable at end of year | 74, 433 | 25.74 | 92,957 | 28.67 |
| 2026 | 2025 | |
| a) Change in benefit obligation | \u00a3\u2019m | \u00a3\u2019m |
Benefit obligation at the beginning of the year | (17.8) | (20.8) |
Interest cost | (1.0) | (1.0) |
| Remeasurement (gains)/losses: | ||
Actuarial gains arising from changes in financial assumptions | 1.2 | 3.1 |
Other experience items | \u2013 | \u2013 |
Benefits paid from plan | 0.7 | 0.9 |
Benefit obligation at the end of the year | (16.9) | (17.8) |
| 2026 | 2025 | |
| b) Change in plan assets | \u00a3\u2019m | \u00a3\u2019m |
Fair value of plan assets at the beginning of the year | 17.8 | 21.0 |
Interest income | 1.0 | 1.0 |
Return on plan assets | (1.3) | (3.3) |
Employer contributions | \u2013 | \u2013 |
Benefits paid from the plan | (0.7) | (0.9) |
Fair value of plan assets at end of year | 16.8 | 17.8 |
| 2026 | 2025 | |
| c) Amounts recognised in the balance sheet | \u00a3\u2019m | \u00a3\u2019m |
Present value of funded obligations | (16.9) | (17.8) |
Fair value of plan assets | 16.8 | 17.8 |
Net liability recorded in the balance sheet | (0.1) | \u2013 |
| 2026 | 2025 | |
| d) Components of pension cost | \u00a3\u2019m | \u00a3\u2019m |
| Amounts recognised in the income statement: | ||
Interest cost | (1.0) | (1.0) |
Expected return on plan assets | 1.0 | 1.0 |
Total pension cost recognised in the income statement | \u2013 | \u2013 |
| Actual return on assets | ||
Actual return on plan assets | (0.3) | (2.3) |
| Amounts recognised in the Group statement of comprehensive income | ||
Actuarial losses immediately recognised | (0.1) | (0.2) |
e) Principal actuarial assumptions | 2026 | 2025 |
Discount rate | 6.25% | 5.75% |
Rate of price inflation | 3.30% | 3.05% |
| Revaluation of deferred pensions: | ||
Benefits accrued prior to 1 January 1998 | 5.00% | 5.00% |
Benefits accrued after 1 January 1998 | 3.30% | 3.05% |
| Rate of compensation increase: | ||
Benefits accrued prior to 1 January 1997 | 3.00% | 3.00% |
Benefits accrued after 1 January 1997 | 3.30% | 3.05% |
Future expected lifetime of pensioner at age 65: | 2026 | 2025 |
| Current pensioners: | ||
Male | 20.9 | 20.9 |
Female | 23.9 | 23.8 |
| Future pensioners: | ||
Male | 22.2 | 22.2 |
Female | 25.2 | 25.2 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Deferred pensioners | 10.4 | 10.7 |
Pensions in payment | 6.5 | 7.1 |
16.9 | 17.8 |
| 2026 | 2025 | |
| Fair value of | Fair value of | |
| plan assets | plan assets | |
| f) Plan assets | \u00a3\u2019m | \u00a3\u2019m |
Annuities | 1.3 | 1.4 |
Cash | 0.2 | 0.3 |
Buy-in policy | 15.3 | 16.1 |
Total | 16.8 | 17.8 |
| 2026 | 2025 | |
| a) Change in benefit obligation | \u00a3\u2019m | \u00a3\u2019m |
Benefit obligation at the beginning of the year | (17.8) | (20.8) |
Interest cost | (1.0) | (1.0) |
| Remeasurement (gains)/losses: | ||
Actuarial gains arising from changes in financial assumptions | 1.2 | 3.1 |
Other experience items | \u2013 | \u2013 |
Benefits paid from plan | 0.7 | 0.9 |
Benefit obligation at the end of the year | (16.9) | (17.8) |
| 2026 | 2025 | |
| b) Change in plan assets | \u00a3\u2019m | \u00a3\u2019m |
Fair value of plan assets at the beginning of the year | 17.8 | 21.0 |
Interest income | 1.0 | 1.0 |
Return on plan assets | (1.3) | (3.3) |
Employer contributions | \u2013 | \u2013 |
Benefits paid from the plan | (0.7) | (0.9) |
Fair value of plan assets at end of year | 16.8 | 17.8 |
| 2026 | 2025 | |
| c) Amounts recognised in the balance sheet | \u00a3\u2019m | \u00a3\u2019m |
Present value of funded obligations | (16.9) | (17.8) |
Fair value of plan assets | 16.8 | 17.8 |
Net liability recorded in the balance sheet | (0.1) | \u2013 |
| 2026 | 2025 | |
| d) Components of pension cost | \u00a3\u2019m | \u00a3\u2019m |
| Amounts recognised in the income statement: | ||
Interest cost | (1.0) | (1.0) |
Expected return on plan assets | 1.0 | 1.0 |
Total pension cost recognised in the income statement | \u2013 | \u2013 |
| Actual return on assets | ||
Actual return on plan assets | (0.3) | (2.3) |
| Amounts recognised in the Group statement of comprehensive income | ||
Actuarial losses immediately recognised | (0.1) | (0.2) |
e) Principal actuarial assumptions | 2026 | 2025 |
Discount rate | 6.25% | 5.75% |
Rate of price inflation | 3.30% | 3.05% |
| Revaluation of deferred pensions: | ||
Benefits accrued prior to 1 January 1998 | 5.00% | 5.00% |
Benefits accrued after 1 January 1998 | 3.30% | 3.05% |
| Rate of compensation increase: | ||
Benefits accrued prior to 1 January 1997 | 3.00% | 3.00% |
Benefits accrued after 1 January 1997 | 3.30% | 3.05% |
Future expected lifetime of pensioner at age 65: | 2026 | 2025 |
| Current pensioners: | ||
Male | 20.9 | 20.9 |
Female | 23.9 | 23.8 |
| Future pensioners: | ||
Male | 22.2 | 22.2 |
Female | 25.2 | 25.2 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Deferred pensioners | 10.4 | 10.7 |
Pensions in payment | 6.5 | 7.1 |
16.9 | 17.8 |
| 2026 | 2025 | |
| Fair value of | Fair value of | |
| plan assets | plan assets | |
| f) Plan assets | \u00a3\u2019m | \u00a3\u2019m |
Annuities | 1.3 | 1.4 |
Cash | 0.2 | 0.3 |
Buy-in policy | 15.3 | 16.1 |
Total | 16.8 | 17.8 |
| Other | |||||
| At 29 March | Acquired on | non-cash | At 28 March | ||
| 2025 | acquisition | Cashflow | changes | 2026 | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
Cash and cash equivalents | 5.9 | 3.9 | 2.7 | \u2013 | 12.5 |
Bank loans | \u2013 | (1.5) | 1.5 | \u2013 | \u2013 |
Revolving credit facility | (45.6) | \u2013 | (33.0) | 1.1 | (77.5) |
Lease liabilities | (132.7) | (0.8) | 26.5 | (68.8) | (175.8) |
Net debt | (172.4) | 1.6 | (2.3) | (67.7) | (240.8) |
| Other | |||||
| At 30 March | Acquired on | non-cash | At 29 March | ||
| 2024 | acquisition | Cashflow | changes | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
Cash and cash equivalents | 27.0 | (5.1) | (16.0) | \u2013 | 5.9 |
Revolving credit facility | (27.1) | \u2013 | (18.0) | (0.5) | (45.6) |
Lease liabilities | (99.3) | (4.4) | 22.2 | (51.2) | (132.7) |
Net debt | (99.4) | (9.5) | (11.8) | (51.7) | (172.4) |
| Other | |||||
| At 29 March | Acquired on | non-cash | At 28 March | ||
| 2025 | acquisition | Cashflow | changes | 2026 | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
Cash and cash equivalents | 5.9 | 3.9 | 2.7 | \u2013 | 12.5 |
Bank loans | \u2013 | (1.5) | 1.5 | \u2013 | \u2013 |
Revolving credit facility | (45.6) | \u2013 | (33.0) | 1.1 | (77.5) |
Lease liabilities | (132.7) | (0.8) | 26.5 | (68.8) | (175.8) |
Net debt | (172.4) | 1.6 | (2.3) | (67.7) | (240.8) |
| Other | |||||
| At 30 March | Acquired on | non-cash | At 29 March | ||
| 2024 | acquisition | Cashflow | changes | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | \u00a3\u2019m | |
Cash and cash equivalents | 27.0 | (5.1) | (16.0) | \u2013 | 5.9 |
Revolving credit facility | (27.1) | \u2013 | (18.0) | (0.5) | (45.6) |
Lease liabilities | (99.3) | (4.4) | 22.2 | (51.2) | (132.7) |
Net debt | (99.4) | (9.5) | (11.8) | (51.7) | (172.4) |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Not later than one year | 0.2 | 0.1 |
After one year but not more than five years | 0.2 | \u2013 |
After five years | \u2013 | \u2013 |
0.4 | 0.1 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Not later than one year | 0.2 | 0.1 |
After one year but not more than five years | 0.2 | \u2013 |
After five years | \u2013 | \u2013 |
0.4 | 0.1 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Short-term employee benefits | 11. 0 | 9.7 |
Share-based payments | 4.6 | 3.2 |
15.6 | 12.9 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Short-term employee benefits | 11. 0 | 9.7 |
Share-based payments | 4.6 | 3.2 |
15.6 | 12.9 |
| 2026 | 2025 | |
| \u00a3\u2019m | \u00a3\u2019m | |
Short-term employee benefits | 11. 0 | 9.7 |
Share-based payments | 4.6 | 3.2 |
15.6 | 12.9 |
| 2026 | 2025 | |||
| \u00a3\u2019m | \u00a3\u2019m | Change | ||
Revenue | 2,982.5 | 2,723.3 | +9.5% | |
James T. Blakeman (Services) Limited and James T Blakeman & Co Limited | (58.8) | \u2013 | ||
J.S.R. Genetics Limited and JSR Pyramid Limited | (15.6) | \u2013 | ||
Like-for-like revenue | 2,908.1 | 2,723.3 | +6.8% |
| 2026 | 2025 | ||
| \u00a3\u2019m | \u00a3\u2019m | Change | |
Gross profit | 471.3 | 408.8 | +15.3% |
Net IAS41 valuation movement | 2.2 | 11.1 | |
Adjusted gross profit | 473.5 | 419.9 | +12.8% |
| 2026 | 2025 | ||
| \u00a3\u2019m | \u00a3\u2019m | Change | |
Group operating profit | 232.8 | 190.6 | +22.1% |
Net IAS41 valuation movement | 2.2 | 11.1 | |
Amortisation of intangible assets | 2.0 | 3.6 | |
Impairment of intangible assets | \u2013 | 1.6 | |
Adjusted Group operating profit | 237.0 | 206.9 | +14.5% |
Depreciation of property, plant and equipment | 77.4 | 68.1 | |
Depreciation of right-of-use assets | 22.0 | 18.2 | |
Adjusted EBITDA | 336.4 | 293.2 | +14.7% |
| 2026 | 2025 | ||
| \u00a3\u2019m | \u00a3\u2019m | Change | |
Profit before tax | 215.8 | 181.6 | +18.8% |
Net IAS41 valuation movement | 2.2 | 11.1 | |
Amortisation of intangible assets | 2.0 | 3.6 | |
Impairment of intangible assets | \u2013 | 1.6 | |
Adjusted profit before tax | 220.0 | 197.9 | +11.2% |
| 2026 | 2026 | 2025 | 2025 | |||
| 2026 | Basic | Diluted | 2025 | Basic | Diluted | |
| \u00a3\u2019m | pence | pence | \u00a3\u2019m | pence | pence | |
On profit for the year | 158.3 | 295.9\ue003 | 290.2\ue003 | 134.3 | 250.5 | 246.1 |
Amortisation of intangible assets | 2.0\ue003 | 3.8\ue003 | 3.8 | 3.6 | 6.8 | 6.7 |
Tax on amortisation of intangible assets | (0.5) | (1.0) | (1.0) | (0.9) | (1.7) | (1.7) |
Net IAS 41 valuation movement | 2.2 | 4.0 | 4.0\ue003 | 11.1 | 20.8 | 20.4 |
Tax on net IAS 41 valuation movement | (0.5) | (1.0) | (1.0) | (2.8) | (5.2) | (5.1) |
Impairment of intangible assets | \u2013 | \u2013 | \u2013 | 1.6 | 3.0 | 3.0 |
Tax on impairment of intangible assets | \u2013 | \u2013 | \u2013 | (0.4) | (0.8) | (0.8) |
On adjusted profit for the year | 161.5 | 301.7 | 296.0 | 146.5 | 273.4 | 268.6 |
| 2026 | 2025 | ||
| \u00a3\u2019m | \u00a3\u2019m | Change | |
Net cash from operating activities | 275.0 | 216.3 | 27.1% |
Net interest paid | (6.6) | (2.7) | |
Free cash flow | 268.4 | 213.6 | +25.7% |
| 2026 | 2025 | ||
| \u00a3\u2019m | \u00a3\u2019m | Change | |
Free cash flow | 268.4 | 213.6 | 25.7% |
Non-growth capital expenditure | (45.0) | (31.4) | |
Net IAS 41 valuation movement | (2.2) | (11.1) | |
Lease capital paid | (16.9) | (16.2) | |
Lease interest paid | (9.6) | (6.0) | |
194.7 | 148.9 | ||
Adjusted profit for the year | 161.5 | 146.5 | |
Free cash conversion | 120.6% | 101.6% | +1,892 bps |
| 2026 | 2025 | ||
| \u00a3\u2019m | \u00a3\u2019m | Change | |
Average opening and closing net assets | 1,038.4 | 949.7 | |
Average opening and closing net debt | 206.6 | 135.9 | |
Average opening and closing pension surplus/(liability) | \u2013 | (0.1) | |
Average opening and closing deferred tax | 39.5 | 30.2 | |
1,284.5 | 1,115.7 | ||
Adjusted Group operating profit | 237.0 | 206.9 | |
Return on capital employed | 18.5% | 18.5% | -9\ue00cbps |