{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "sercogroupplc": "http://sercogroupplc.com/xbrl/2025", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://sercogroupplc.com/xbrl/2025/549300PT2CIHYN5GWJ21-2025-12-31.xsd" ] }, "facts": { "fact-1": { "value": "We bring together the right people, the right technology and the right partners to create innovative solutions that deliver positive impact and address some of the most urgent and complex challenges facing governments.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "4876800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-7": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-8": { "value": "4876800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-9": { "value": "4787300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-10": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-11": { "value": "4787300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-12": { "value": "4364000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-13": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-14": { "value": "4364000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-15": { "value": "4268700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-16": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-17": { "value": "4268700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-18": { "value": "512800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-19": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-20": { "value": "512800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-21": { "value": "518600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-22": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-23": { "value": "518600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-24": { "value": "270000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-25": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-26": { "value": "270000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-27": { "value": "267900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-28": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-29": { "value": "267900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-30": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:ExceptionalItemGoodwillImpairment", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-31": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:ExceptionalItemGoodwillImpairment", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-32": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:ExceptionalItemGoodwillImpairment", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-33": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:ExceptionalItemGoodwillImpairment", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-34": { "value": "-114500000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:ExceptionalItemGoodwillImpairment", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-35": { "value": "-114500000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:ExceptionalItemGoodwillImpairment", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-36": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-37": { "value": "4700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-38": { "value": "4700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-39": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-40": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-41": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-42": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-43": { "value": "30000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-44": { "value": "30000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-45": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-46": { "value": "28900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-47": { "value": "28900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-48": { "value": "28800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-49": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-50": { "value": "28800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-51": { "value": "22800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-52": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-53": { "value": "22800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-54": { "value": "271600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-55": { "value": "-25300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-56": { "value": "246300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-57": { "value": "273500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-58": { "value": "-143400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-59": { "value": "130100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-60": { "value": "6800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-61": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-62": { "value": "6800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-63": { "value": "7700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-64": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-65": { "value": "7700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-66": { "value": "51600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-67": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-68": { "value": "51600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-69": { "value": "40800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-70": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-71": { "value": "40800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-72": { "value": "-44800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-73": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-74": { "value": "-44800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-75": { "value": "-33100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-76": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-77": { "value": "-33100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-78": { "value": "226800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-79": { "value": "-25300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-80": { "value": "201500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-81": { "value": "240400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-82": { "value": "-143400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-83": { "value": "97000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-84": { "value": "51600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-85": { "value": "4300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-86": { "value": "55900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-87": { "value": "60400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-88": { "value": "-7900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-89": { "value": "52500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-90": { "value": "175200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-91": { "value": "-29600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-92": { "value": "145600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-93": { "value": "180000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-94": { "value": "-135500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-95": { "value": "44500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-96": { "value": "175200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-97": { "value": "-29600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-98": { "value": "145600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-99": { "value": "179700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-100": { "value": "-135500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-101": { "value": "44200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-102": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-103": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-104": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-105": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP" } }, "fact-106": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:NonUnderlyingItemsMember", "unit": "iso4217:GBP" } }, "fact-107": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-108": { "value": "0.1731", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-109": { "value": "0.1438", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-110": { "value": "0.1697", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-111": { "value": "0.0417", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-112": { "value": "0.1693", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-113": { "value": "0.1407", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-114": { "value": "0.1667", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "sercogroupplc:ConsolidatedIncomeStatementAxis": "sercogroupplc:UnderlyingMember", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-115": { "value": "0.041", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-116": { "value": "145600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-117": { "value": "44500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-118": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossBeforeTax", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-119": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossBeforeTax", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-120": { "value": "-2100000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:RemeasurementsOfPostEmploymentBenefitObligations", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-121": { "value": "-38700000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:RemeasurementsOfPostEmploymentBenefitObligations", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-122": { "value": "-5200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-123": { "value": "-7700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-124": { "value": "-21100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-125": { "value": "-18600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-126": { "value": "-500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-127": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-128": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-129": { "value": "-400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-130": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-131": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-132": { "value": "-17100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-133": { "value": "-49200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-134": { "value": "128500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-135": { "value": "-4700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-136": { "value": "128500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-137": { "value": "-5000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-138": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-139": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-140": { "value": "22100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-141": { "value": "463100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-142": { "value": "659100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-143": { "value": "-110300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-144": { "value": "1034000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-145": { "value": "-300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-146": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-147": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-148": { "value": "44900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-149": { "value": "-49900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-150": { "value": "-5000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-151": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-152": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-153": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-154": { "value": "38400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-155": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-156": { "value": "38400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-157": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-158": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-159": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-160": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-161": { "value": "-22800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-162": { "value": "-22800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-163": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-164": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-165": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-166": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-167": { "value": "141300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-168": { "value": "141300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-169": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-170": { "value": "-1600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CancellationOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-171": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CancellationOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-172": { "value": "-141300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CancellationOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-173": { "value": "142900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CancellationOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-174": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CancellationOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-175": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CancellationOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-176": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesTransferredToAwardHoldersOnExerciseOfShareAwards", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-177": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesTransferredToAwardHoldersOnExerciseOfShareAwards", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-178": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesTransferredToAwardHoldersOnExerciseOfShareAwards", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-179": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesTransferredToAwardHoldersOnExerciseOfShareAwards", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-180": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesTransferredToAwardHoldersOnExerciseOfShareAwards", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-181": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesTransferredToAwardHoldersOnExerciseOfShareAwards", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-182": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-183": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-184": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-185": { "value": "15200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-186": { "value": "15200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-187": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-188": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-189": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-190": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-191": { "value": "-700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-192": { "value": "-700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-193": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-194": { "value": "20500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-195": { "value": "463100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-196": { "value": "524300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-197": { "value": "-165400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-198": { "value": "842500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-199": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-200": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-201": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-202": { "value": "146300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-203": { "value": "-17800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-204": { "value": "128500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-205": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-206": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-207": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-208": { "value": "43300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-209": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-210": { "value": "43300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-211": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-212": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-213": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-214": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-215": { "value": "-5000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-216": { "value": "-5000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-217": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-218": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesCommittedToBePurchasedAndHeldInOwnShareReserve", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-219": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesCommittedToBePurchasedAndHeldInOwnShareReserve", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-220": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesCommittedToBePurchasedAndHeldInOwnShareReserve", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-221": { "value": "21300000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesCommittedToBePurchasedAndHeldInOwnShareReserve", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-222": { "value": "21300000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesCommittedToBePurchasedAndHeldInOwnShareReserve", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-223": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-224": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-225": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-226": { "value": "50300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-227": { "value": "50300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-228": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-229": { "value": "-400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CancellationOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-230": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CancellationOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-231": { "value": "-50300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CancellationOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-232": { "value": "50700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CancellationOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-233": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CancellationOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-234": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CancellationOfTreasuryShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-235": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesTransferredToAwardHoldersOnExerciseOfShareAwards", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-236": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesTransferredToAwardHoldersOnExerciseOfShareAwards", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-237": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesTransferredToAwardHoldersOnExerciseOfShareAwards", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-238": { "value": "-3900000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesTransferredToAwardHoldersOnExerciseOfShareAwards", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-239": { "value": "-3900000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesTransferredToAwardHoldersOnExerciseOfShareAwards", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-240": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:SharesTransferredToAwardHoldersOnExerciseOfShareAwards", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-241": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-242": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-243": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-244": { "value": "13600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-245": { "value": "13600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-246": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-247": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-248": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-249": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-250": { "value": "-5000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-251": { "value": "-5000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-252": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-253": { "value": "20100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-254": { "value": "463100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-255": { "value": "577000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-256": { "value": "-186600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-257": { "value": "873600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-258": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-259": { "value": "929300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-260": { "value": "826200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-261": { "value": "162200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-262": { "value": "101400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-263": { "value": "56200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipmentIncludingRightofuseAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-264": { "value": "56800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipmentIncludingRightofuseAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-265": { "value": "482800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-266": { "value": "514900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-267": { "value": "34100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-268": { "value": "25100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-269": { "value": "4500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentContractAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-270": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentContractAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-271": { "value": "21700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-272": { "value": "26300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-273": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-274": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-275": { "value": "208200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-276": { "value": "229800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-277": { "value": "9600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-278": { "value": "15200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-279": { "value": "1909200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-280": { "value": "1795700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-281": { "value": "20000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-282": { "value": "24100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-283": { "value": "313000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentContractAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-284": { "value": "300000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentContractAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-285": { "value": "330100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-286": { "value": "331500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-287": { "value": "23900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-288": { "value": "25200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-289": { "value": "199300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-290": { "value": "183000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-291": { "value": "500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-292": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-293": { "value": "886800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-294": { "value": "864600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-295": { "value": "2796000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-296": { "value": "2660300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-297": { "value": "87100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentContractLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-298": { "value": "37500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentContractLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-299": { "value": "562600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-300": { "value": "595000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-301": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-302": { "value": "6600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-303": { "value": "22100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-304": { "value": "35900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-305": { "value": "113000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-306": { "value": "108900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-307": { "value": "167100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-308": { "value": "168300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-309": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-310": { "value": "38800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-311": { "value": "952200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-312": { "value": "991000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-313": { "value": "84600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentContractLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-314": { "value": "60700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentContractLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-315": { "value": "17700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-316": { "value": "21500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-317": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-318": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-319": { "value": "41100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-320": { "value": "52100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-321": { "value": "75800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-322": { "value": "81400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-323": { "value": "337300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-324": { "value": "361700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-325": { "value": "404900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-326": { "value": "237600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-327": { "value": "8100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-328": { "value": "11200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-329": { "value": "970200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-330": { "value": "826800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-331": { "value": "1922400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-332": { "value": "1817800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-333": { "value": "873600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-334": { "value": "842500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-335": { "value": "20100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-336": { "value": "20500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-337": { "value": "463100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-338": { "value": "463100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-339": { "value": "577000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-340": { "value": "524300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-341": { "value": "-186600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-342": { "value": "-165400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-343": { "value": "873600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-344": { "value": "842500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-345": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-346": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-347": { "value": "873600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-348": { "value": "842500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-2": { "value": "The financial statements were approved by the Board of Directors on 4 March 2026 and signed on its behalf by: Anthony Kirby Nigel Crossley Group Chief Executive Group Chief Financial Officer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "446700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-350": { "value": "419400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-351": { "value": "5700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-352": { "value": "5300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-353": { "value": "22900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-354": { "value": "30800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-355": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-356": { "value": "10000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-357": { "value": "11700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-358": { "value": "9100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-359": { "value": "21500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-360": { "value": "25300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-361": { "value": "4400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-362": { "value": "1300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-363": { "value": "-2900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-364": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-365": { "value": "247800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-366": { "value": "20800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-367": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-368": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-369": { "value": "-250900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-370": { "value": "-7400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-371": { "value": "46000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-372": { "value": "33800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-373": { "value": "2200000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:CapitalisedFinanceCostsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-374": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:CapitalisedFinanceCostsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-375": { "value": "193200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-376": { "value": "118200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-377": { "value": "37200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-378": { "value": "52800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-379": { "value": "158900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-380": { "value": "137400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-381": { "value": "8900000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:CashMovementsOnFinanceRelatedDerivativesClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-382": { "value": "13100000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:CashMovementsOnFinanceRelatedDerivativesClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-383": { "value": "43300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-384": { "value": "38400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-385": { "value": "26300000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:PurchaseOfOwnSharesByTheEmployeeShareOwnershipTrustClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-386": { "value": "22800000.0", "decimals": -5, "dimensions": { "concept": "sercogroupplc:PurchaseOfOwnSharesByTheEmployeeShareOwnershipTrustClassifiedAsFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-387": { "value": "50300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-388": { "value": "141300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-389": { "value": "3900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfOptions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-390": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfOptions", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-391": { "value": "-176000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-392": { "value": "-322300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-393": { "value": "19800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-394": { "value": "89700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-395": { "value": "183000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-396": { "value": "94400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-397": { "value": "-3500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-398": { "value": "-1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-399": { "value": "199300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-400": { "value": "183000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-404": { "value": "
1. General information
Serco Group plc (the Company) is a company incorporated in the United Kingdom under the Companies Act 2006.
The address of the registered office is Serco House, 16 Bartley Wood Business Park, Bartley Way, Hook, Hampshire, RG27
9UY.
These Consolidated Financial Statements comprise the Company, its subsidiaries and its interest in joint ventures and
associates (together referred to as the Group) and are presented in pounds Sterling because this is the currency of
the primary economic environment in which Serco operates. All amounts have been rounded to the nearest one
hundred thousand pounds and foreign operations are included in accordance with the policies set out in note 2.
The nature of the Group\u2019s operations are set out in the Strategic Report on pages 1 to 134 and the principal activities
are set out in note 4.
A full list of subsidiaries and related undertakings is included in note 52 of the Company financial statements on pages
228 to 230.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Serco Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "Serco Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "Serco House, 16 Bartley Wood Business Park, Bartley Way, Hook, Hampshire, RG27 9UY", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "These Consolidated Financial Statements comprise the Company, its subsidiaries and its interest in joint ventures and associates (together referred to as the Group) and are presented in pounds Sterling because this is the currency of the primary economic environment in which Serco operates. All amounts have been rounded to the nearest one hundred thousand pounds and foreign operations are included in accordance with the policies set out in note 2. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "2. Material accounting policies Basis of preparation The Consolidated Financial Statements on pages 150 to 221 have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared on the historical cost basis, except for the following which are measured at fair value: \u2022 certain financial assets and liabilities (including derivative instruments); \u2022 plan assets of retirement benefit obligations; \u2022 share-based payments. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. The following principal accounting policies adopted have been applied consistently in the current and preceding financial year. Basis of consolidation The Consolidated Financial Statements incorporate the financial statements of the Company and entities controlled by the Company up to 31 December each year. Control is achieved when the Company: (i) has power over the investee; (ii) is exposed, or has rights to variable returns from its involvement with the investee; and (iii) has the ability to use its power to affect the returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring accounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interest represents the portion of profits or losses and net assets in subsidiaries that are not held by the Group and are presented within equity in the Consolidated Balance Sheet, separate from equity of shareholders of Serco Group plc. Going concern In assessing the basis of preparation of the financial statements for the year ended 31 December 2025, the Directors have considered the principles of the Financial Reporting Council\u2019s 2025 \u2018Guidance on the Going Concern Basis of Accounting and Related Reporting (including Solvency and Liquidity Risks)\u2019; particularly in assessing the applicability of the going concern basis, review period and disclosures. The period of assessment for the purposes of considering going concern is to 31 March 2027. At 31 December 2025, the Group\u2019s principal debt facilities comprised a \u00a3350m revolving credit facility maturing in November 2027 (of which \u00a3nil was drawn), and \u00a3408.6m of US private placement notes (USPP notes), giving \u00a3758.6m of committed credit facilities and available funds of \u00a3549.3m, being the undrawn RCF plus cash of \u00a3199.3m. The principal financial covenant ratios are consistent across the USPP notes and revolving credit facility, and are outlined on page 235. As at 31 December 2025, the Group\u2019s primary restricting covenant, its leverage ratio, is below the covenant of 3.5x and is below the Group\u2019s target range of 1x\u20132x at 0.72x. The Group has net current liabilities of \u00a365.4m, the cash flows of which have been considered within the going concern assessment. The Directors have undertaken a rigorous assessment of going concern and liquidity, taking into account financial forecasts, as well as the potential impact of key uncertainties and sensitivities on the Group\u2019s future performance. In making this assessment the Directors have considered the Group\u2019s existing debt levels, the committed funding and liquidity positions under its debt covenants, its ability to generate cash from trading activities and its working capital requirements. The Directors have also identified a series of mitigating actions that could be used to preserve cash in the business should the need arise. The basis of the assessment continues to be the Board-approved budget updated to take account of known changes. The budget is prepared annually for the next two-year period and is based on a bottom-up approach to all of the Group\u2019s existing contracts, potential new contracts and administrative functions. The Directors believe that appropriate sensitivities in assessing the Group\u2019s ability to continue as a going concern are to model reductions in the Group\u2019s win rates for bids and extensions, and reductions in profit margins. Due to the diversity in the Group\u2019s operations, the Directors believe that a reverse stress test of these sensitivities to assess the headroom available under the Group\u2019s debt covenants and available liquidity provides meaningful analysis of the Group\u2019s ability to continue as a going concern. Based on the headroom available, the Directors are then able to assess whether the reductions required to breach the Group\u2019s financial covenants, or exhaust available liquidity, are plausible. This shows that after the date of approval of the financial statements, the Group can afford to be unsuccessful on 60% of its budgeted bids and extensions, combined with a profit margin 200 basis points below the Group\u2019s forecast, and still retain sufficient liquidity to meet all liabilities as they fall due and remain compliant with the Group\u2019s financial covenants. In respect of win rates, rebids and extensions have a more significant impact on the Group\u2019s revenue than new business wins during the assessment period. The Group has won 82% of its rebids and available contract extensions by value over the last two years, therefore a reduction of 60% or more to the budgeted bids (including new business and rebids) and extensions rates is not considered plausible. Consequently, the Directors are confident that the Group and Company will have sufficient funds to continue to meet their liabilities as they fall due for the period to 31 March 2027 and therefore have prepared the financial statements on a going concern basis. Adoption of new and revised standards No new or amended accounting standards had a material impact on the Group for the 31 December 2025 reporting period. The following standards were considered. The Effects of Changes in Foreign Exchange Rates for Lack of Exchangeability (amendment to IAS 21) In August 2023, the IASB issued The Effects of Changes in Foreign Exchange Rates for Lack of Exchangeability (amendment to IAS 21). This amendment enhances guidance for determining exchange rates when a currency is not exchangeable or subject to long-term controls. The Group has no exposure to exchange rates which have a lack of exchangeability. New standards, amendments and interpretations not yet adopted The following published new accounting standards, amendments to accounting standards and interpretations that are not mandatory for 31 December 2025 reporting periods, have not been early adopted by the Group. These are effective for annual reporting periods beginning on or after the date indicated:
Effective dates
1
Annual Improvements to IFRS Accounting Standards (Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and\ue062IAS 7)
2
1 January 2026
Classification and Measurement of Financial Instrument (Amendments to IFRS 9 and IFRS 7)
2
1 January 2026
Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)
2
1 January 2026
Presentation and Disclosure in Financial Statements (New standard IFRS 18)
3
1 January 2027
Subsidiaries without Public Accountability: Disclosures (New standard IFRS 19)
2
1 January 2027
1. The effective date is based on the standards, amendments or interpretation issued by the IASB and may still be subject to adoption by the UK Endorsement Board. 2. The standards, amendments or interpretations are not expected to have a material impact on the Group in the current or future reporting periods. 3. IFRS 18 introduces new requirements for the presentation and disclosure of information in financial statements. This standard will influence how information is reported, particularly in the income statement, and may also affect the level of detail disclosed in the notes to the financial statements. IFRS 18 will not alter the recognition or measurement of items in the financial statements and thus will not impact the Group\u2019s overall results, it may change what the Group reports as its 'Operating Profit\u2019. Changes in accounting policies There have been no changes to the Group\u2019s accounting policies during the year ended 31 December 2025. Fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date, regardless of whether that price is directly observable or is estimated using another valuation technique (see note 28). There are certain transactions in these Financial Statements which are similar to fair value but are determined by the treatment set out in their respective standards. These are share-based payment transactions that are within the scope of IFRS 2 Share-Based Payment, leasing transactions that are within the scope of IFRS 16 Leases, the calculation of net realisable value under IAS 2 Inventories and value in use under IAS 36 Impairment of Assets. Revenue The Group recognises revenue based on the principles set out in IFRS 15 Revenue from Contracts with Customers. Revenue is recognised in any period based on the delivery of performance obligations and an assessment of when control is transferred to the customer. For all contracts, the Group determines whether each arrangement meets the definition of a contract under IFRS 15 and creates enforceable rights and obligations. Contracts are combined if they are entered into at or near the same time and one or more of the following criteria are met: \u2022 They are negotiated as a package with a single commercial objective. \u2022 Consideration receivable in one contract depends on the other contract. \u2022 Goods or services are a single performance obligation. For contracts with multiple components, Management applies judgement to consider whether those promised goods and services are: \u2022 a deliverable (a good or a service) that is distinct; or \u2022 a series of distinct deliverables that are substantially the same and that have the same pattern of transfer to the customer (transferred over time using the same measure of progress). At contract inception, the transaction price is the total amount of consideration to which the Group expects to be entitled to exchange for transferring goods or services to a customer. Once the total transaction price is determined, the Group allocates this to the identified performance obligations in proportion to their relative standalone selling prices and recognises revenue when (or as) those performance obligations are satisfied. Where there is only one performance obligation, no allocation is necessary as the full transaction price is allocated to the single performance obligation.
Where there is more than one performance obligation, the Group looks at each performance obligation separately to
see if there is an observable price available; however, due to the bespoke nature of the services provided by the Group,
there is normally no observable standalone selling price and the expected cost-plus margin approach is used. All bid
models for new contracts are built up and negotiated with the customers on a cost-plus margin basis and therefore this
approach most accurately reflects the commercial reality and the value of the benefits transferred to the customer.
The Group enters into contracts which contain extension periods where either the customer or both parties can
choose to extend the contract or there is an automatic renewal and/or termination clause that could impact the actual
duration of the contract. Judgement is applied to assess the impact that these clauses have when determining the
appropriate contract term. The term of the contract impacts both the period over which revenue from performance
obligations may be recognised and the period over which contract fulfilment assets and capitalised bid and phase-in
costs are expensed.
Further details on revenue recognition for specific contract types are shown below.
Revenue recognition: Repeat service-based contracts
The majority of the Group\u2019s contracts are repeat service-based contracts where value is transferred to the customer
over time as the core services are delivered. Therefore, in most cases revenue will be recognised on the output basis,
based on direct measurements of the value to the customer of the services transferred to date relative to the
remaining services under the contract. This is a faithful depiction of the transfer of services since the service delivered
to the customer is unchanged. Where the output method is used, the Group often uses a method of time elapsed
which requires minimal estimation. Certain repeat service-based contracts use output methods based upon user
numbers; service activity levels; or fees collected. Where any price reductions within output-based contracts are
contractual, but the level of service is not decreasing, revenue will be deferred from initial years to subsequent years
in order for revenue to be recognised on a consistent basis.
There are certain contracts where a separate performance obligation has been identified for services where the pattern
of delivery differs to the core services and which are capable of being distinct, such as asset construction or asset
maintenance. In these instances, where the transfer of control is most closely aligned to our efforts in delivering the
service, the input method is used to measure progress and revenue is recognised in direct proportion to costs incurred.
In limited circumstances, other methods are used to measure progress under the input method, including resources
consumed, time elapsed or labour hours expended. This is a faithful depiction of the transfer of services because costs
(or other inputs) most accurately reflect the incremental benefits received by the customer from efforts to date.
Where deemed appropriate, the Group will utilise the practical expedient within IFRS 15, allowing revenue to be
recognised at the amount which the Group has the right to invoice, where that amount corresponds directly with the
value to the customer of the Group\u2019s performance completed to date.
Under IFRS 15, unless upfront fees received from customers including transition payments can be clearly attributable
to a distinct service the customer is obtaining, such payments do not constitute a separate performance obligation
and instead are deferred and spread over the life of the core services.
In general, the timing of satisfaction of performance obligations is consistent with when payment becomes due, other
than in instances where up front win fees or transition payments are received, where in most instances these are deferred.
Any changes to the enforceable rights and obligations with customers and/or an update to the transaction price will
not be recognised as revenue until there is evidence of customer agreement in line with the Group\u2019s policies.
Revenue recognition: Variable revenue
The Group has a number of contracts where at least an element of the revenue generated is variable in nature.
Variability in revenue recognised can arise from a number of factors, including usage-related volumes, graduated
performance against contractual performance indicators, indexation-linked pricing, profit sharing elements and
customer decisions related to the provision of goods or services. Any variable amounts will only be recognised where
it is highly probable that a significant reversal will not occur.
Revenue recognition: Long-term project-based contracts
The Group has a limited number of project-based long-term contracts. Revenue associated with these contracts is
recognised at the point in time when control over the deliverable is passed to the customer.
Revenue recognition: Contract modifications
When a modification to an existing contract is approved, the Group first assesses whether it adds distinct goods or
services to the existing contract that are priced commensurate with the standalone selling prices for those goods or
services. If this is the case, then the modification is accounted for prospectively as a separate contract. If the pricing is
not commensurate with the standalone selling prices for the goods or services and the new goods or services are not
distinct from those in the original contract, then this is considered to form part of the original contract. Pricing is
updated for the entirety of the revised contract and any historic adjustments recorded as a result are recognised as a
cumulative adjustment to revenue in the period of the modification. If the pricing is not commensurate with the
standalone selling prices for the goods or services and the new goods or services are distinct from those in the
original contract, then this is considered to represent the termination of the original contract and the creation of a
new contract which is accounted for prospectively from the date of modification.
Revenue recognition: Other
Sales of goods are recognised when goods are delivered and title has passed.
The Group has a limited number of pass-through arrangements in respect of goods or services procured by the
Group on behalf of customers where it assesses whether it is acting as a principal or as an agent. The Group is acting
as principal if it is in control of a good or a service prior to transferring to the customer and gross revenue and costs
are recognised. More commonly, the Group is acting as agent where it is arranging for those goods or services to be
provided to the customer without obtaining control, for example, where the Group is engaged to manage operations
for a customer but procures goods or services on behalf of the customer in order to deliver the operation. When
acting as an agent, only the fee or commission is recognised as revenue and the costs represent only the direct costs
of facilitating the transaction.
The Group has no material exposure to returns or refunds.
Revenue recognition: Contract assets and liabilities
Contract assets are recognised for goods and services for which control has transferred to the customer before the
Group has the right to bill and are reported under accrued income and other unbilled receivables in note 20.
Contract assets are reclassified as receivables when the right to payment becomes unconditional and the Group has
billed the customer.
Contract liabilities are recognised when the Group has received advance payment for goods and services that the
Group has not transferred to the customer and are reported under deferred income in note 22.
Where the initial set-up, transition or transformation phase of a long-term contract is not considered to be a distinct
performance obligation and upfront consideration is received, the Group recognises contract liabilities reported
under deferred income in note 22. In this case eligible costs (see contract costs policy below) associated with
delivering these services are reported under capitalised mobilisation and phase-in costs in note 20.
Government grants
The majority of the Group\u2019s customers are governments. Any income that arises from a contractual agreement for the
delivery of goods or services, or a specific modification to such a contract, is treated as revenue. Income from
governments is only considered to be a government grant if it is not related to the supply of goods or services under
a contractual arrangement.
Government grants are recognised where there is reasonable assurance that the grant will be received. Grants that
compensate the Group for expenses incurred are recognised in the income statement as a reduction to the
corresponding expenses on a systematic basis in the periods in which the expenses are recognised. There were no
material government grants received during the current or prior year.
Contract costs
Bid costs are capitalised only when they relate directly to a contract and are incremental to securing the contract. Bid
costs are amortised over the duration of the contract to which they relate in equal annual instalments. Any costs which
would have been incurred whether or not the contract is actually won are not considered to be capitalised bid costs.
Contract costs are charged to the income statement as incurred, including the necessary accrual for costs which have
not yet been invoiced, unless the expense relates to a specific timeframe covering future periods.
Contract costs can only be capitalised when the expenditure meets all of the following three criteria and are not within
the scope of another accounting standard, such as inventories, intangible assets, or property, plant and equipment:
\u2022 The costs relate directly to a contract. These include direct labour, being the salaries and wages of employees
providing the promised services to the customer; direct materials such as supplies used in providing the promised
services to a customer; and other costs that are incurred only because an entity entered into the contract, such as
payments to subcontractors.
\u2022 The costs generate or enhance the resources used in satisfying performance obligations in the future. For initial
contract costs capitalised, such costs only fall into one of the following two categories: the mobilisation of contract
staff, being the costs of moving existing contract staff to other Group locations; or directly incremental costs
incurred in meeting contractual obligations incurred prior to contract delivery, which are required to ensure a
proper handover from the previous contractor. Redundancy costs are never capitalised.
\u2022 The costs are expected to be recovered, i.e. the contract is expected to be profitable after amortising the
capitalised costs.
Operating profit
Operating profit is not a measure defined by IFRS and the Group considers this to include the profits and losses from
operations prior to corporation tax, investment revenue and finance costs.
Exceptional items
IAS 1 Presentation of Financial Statements sets out disclosure requirements regarding fair representation of
information and the composition, labelling, prominence and consistency of additional line items and subtotals in
financial statements. IAS 1 paragraph 97 requires separate disclosure of the nature and amount of material items of
income or expense. The Group uses the term \u2018exceptional items\u2019 to categorise those items which require disclosure
under IAS 1 paragraph 97, but this is not a term defined by IFRS. These items are separately disclosed and explained
within note 8 to the Financial Statements. A level of judgement is involved in determining what items are classified as
exceptional items. Management considers exceptional items to be outside of normal practice of the business (i.e. the
financial impact is unusual or rare in occurrence), and are material to the results of the Group by virtue of their size or
nature, and are suitable for separate presentation and detailed explanation. There is a level of judgement required in
determining which items are exceptional on a consistent basis and require separate disclosure. Further details can be
seen in note 8.
Foreign currencies
Transactions in currencies other than Sterling are recorded at the rate of exchange on the date of the transaction
using a monthly average. If exchange rates fluctuate significantly during a period, the use of average rates is reviewed
to ensure they are still appropriate.
At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Gains and losses arising on retranslation are included in the net profit or loss for the period, except for exchange differences arising on non-monetary assets and liabilities where the changes in fair value are recognised directly in equity through the Consolidated Statement of Comprehensive Income (SOCI). On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognised directly within equity in the Group\u2019s hedging and translation reserve. On disposal of an operation, such translation differences are recognised as income or expenses in the period in which the operation is disposed of. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Dividends Dividend distributions are recognised as a liability in the year in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when they are paid; final dividends when authorised in general meetings by shareholders. Dividend income is recognised on receipt. Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured as the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition related costs are recognised in profit or loss as incurred. Where acquisition and transition costs for successful acquisitions are material, they are disclosed as exceptional costs within note 8. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition date fair value. Subsequent changes in fair values are adjusted against the cost of acquisition where they qualify as measurement period adjustments (which is subject to a maximum of one year). All other subsequent changes in the fair value of contingent consideration classified as an asset or liability are accounted for in accordance with the relevant accounting standards. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are recognised at their fair value at the acquisition date, except where a different treatment is mandated by another standard. Investments in joint ventures and associates A joint venture is an arrangement whereby the owning parties have joint control and rights over the net assets of the arrangement. The Group\u2019s investments in joint ventures are incorporated using the equity method of accounting. Under the equity method, an investment in an associate or a joint venture is initially recognised in the Consolidated Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. Any excess of the cost of acquisition over the Group\u2019s share of net fair value of the identifiable assets, liabilities and contingent liabilities of the joint venture recognised at the date of acquisition is recognised as goodwill. Goodwill is included within the carrying value amount of the investment and is assessed for impairment as part of that investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profit or loss. Determining whether joint control exists requires a level of judgement based upon specific facts and circumstances which exist at the year end. Details of the unconsolidated joint ventures are provided in note 5. An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control. The results and assets and liabilities of associates are also incorporated in these financial statements using the equity method of accounting.
Goodwill
Goodwill is measured as the excess of the fair value of purchase consideration over the fair value of the net assets
acquired and is recognised as an intangible asset when control is achieved. Negative goodwill is recognised
immediately in the income statement. Fair value measurements are based on provisional estimates and may be
subject to amendment within one year of the acquisition, resulting in an adjustment to goodwill.
Goodwill itself does not generate independent cash flows and therefore, in order to perform required tests for
impairment, it is allocated at inception to the specific cash generating unit (CGU) or groups of CGUs (GCGU) which
are expected to benefit from the acquisition.
On the disposal of a business which includes all or part of a GCGU, any attributable goodwill is included in the
determination of the profit or loss on disposal.
The fair values associated with material business combinations are valued by external advisers and any amount of
consideration which is contingent in nature is evaluated at the end of each reporting period, based on internal forecasts.
Other intangible assets
Material intangible assets are grouped into classes of similar nature and use and separately disclosed. Other
intangible assets are amortised from the date of completion.
Customer relationships can arise on the acquisition of subsidiaries and represent the incremental value expected to
be gained as a result of existing contracts in the purchased business using our best estimate of forecast cash flows
discounted to present value. These assets are amortised over the average length of the related contracts which
typically ranges between five and fifteen years.
Software and IT represent computer systems and processes used by the Group in order to generate future economic
value through normal business operations. The underlying assets are amortised over the period from which the
Group expects to benefit, which is typically between three to eight years.
Development expenditure is capitalised as an intangible asset only if the conditions below are met, with all research
costs and other development expenditure being expensed when incurred. The period of expected benefit, and
therefore period of amortisation, is typically between three and eight years. The capitalisation criteria are as follows:
\u2022 an asset is created that can be separately identified and which the Group intends to use or sell;
\u2022 the finalisation of the asset is technically feasible and the Group has adequate resources to complete its
development for use or sale;
\u2022 it is probable that the asset created will generate future economic benefits; and
\u2022 the development cost of the asset can be measured reliably.
Property, plant and equipment
Assets held for use in the rendering of services, or for administrative purposes, are stated in the balance sheet at cost,
net of accumulated depreciation and any provision for impairment. Assets are grouped into classes of a similar nature
and use and separately disclosed except where this is not material.
Depreciation is provided on a straight-line basis at rates designed to reduce the assets to their residual value over
their estimated useful lives.
The principal annual rates used are:
Freehold buildings
2.5%
Leasehold improvements
The higher of 10% or the rate produced by the lease term
Machinery
15% \u2013 20%
Vehicles
10% \u2013 50%
Furniture
10%
Office equipment
20% \u2013 33%
Right of use assets
Equally over the lease term from inception or equally over the remainder of the lease
term from the date of a reassessment of the lease end date
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement. Given that there is limited history of material gains or losses on disposal of fixed assets, the level of judgement involved in determining the depreciation rates is not considered to be significant. For acquisitions property, plant and equipment are measured at fair value and the right of use assets are measured as the present value of the remaining lease payments as if the acquired lease was a new lease at the acquisition date. Asset impairment The Group reviews the carrying amounts of its tangible and intangible assets (including goodwill) at each reporting period, together with any other assets under the scope of IAS 36 Impairment of Assets, in order to assess whether there is any indication that those assets have suffered an impairment loss. As the impairment of assets has been identified as both a key source of estimation uncertainty and a critical accounting judgement, further details around the specific judgements and estimates can be seen in note 3. If any indication of impairment exists, the recoverable amount of the asset is estimated in order to determine if there is any impairment loss. Goodwill is assessed for impairment annually, irrespective of whether there are any indicators of impairment. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash generating unit (CGU) to which the asset belongs. Recoverable amount is defined as the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value with reference to pre-tax discount rates that reflect the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Fair value less cost to sell is the amount that a market participant would pay for the asset or CGU, less the costs of sale. The fair value less cost to sell is determined using the discounted cash flows method, where there is no readily available market price for the asset, or where there are no recent market transactions for the fair value to be determined through a comparison between the asset or CGU being tested for impairment, and a recent market transaction. If the recoverable amount is estimated to be less than the carrying amount of the asset, the carrying amount is impaired to its recoverable amount. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the groups of cash generating unit (GCGU) and then to reduce the carrying amount of the other assets in the GCGU on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for indications that the loss which led to the impairment has decreased or no longer exists. Where an impairment loss is subsequently reversed, the carrying amount is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, had no impairment loss been recognised in prior years. Impairment losses and reversals are recognised immediately within expenses in the income statement unless it is considered to be an exceptional item when the Group\u2019s criteria are met. Retirement benefit costs Payments to defined contribution pension schemes are charged as an expense as they fall due. For defined benefit pension schemes, the cost of providing benefits is determined using the projected unit credit actuarial cost method, with actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses are recognised in full in the period in which they occur. They are recognised outside the income statement and are presented in the Statement of Comprehensive Income. Both current and past service costs are the amounts recognised in the income statement, reflecting the expense associated with the individuals. Current service cost represents the increase in the present value of the scheme liabilities expected to arise from employee service in the current period. Past service cost is recognised immediately. Gains and losses on curtailments or settlements are recognised in the income statement in the period in which the curtailment or settlement occurs.
The retirement benefit obligation recognised in the balance sheet represents the present value of the defined benefit
obligation as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the
present value of available refunds (which is only recognised to the extent that the Group has an unconditional right to
receive it) and reductions in future contributions to the scheme. To the extent that an economic benefit is available as
a reduction in future contributions and there is a minimum funding requirement required of the Group, the economic
benefit available as a reduction in contributions is calculated as the present value of the estimated future service cost
in each year, less the estimated minimum funding contributions required in respect of the future accrual and benefits
in that year.
Calculation of the amounts recognised in the Consolidated Financial Statements in respect of defined benefit pension
schemes requires a high level of judgement, as further explained in note 3.
End of contract provisions
Where the Group has a legal or constructive obligation to compensate employees at the end of a contract term and
these employees cannot be relocated within the Group, a provision is recognised to reflect the expected outflow of
economic benefits at the end of the contract. The obligation is reassessed at each reporting date. The amount
calculated assumes the tenure of the employee base, expected turnover, and salary.
Derivative financial instruments and hedging activities
The Group may enter into a variety of derivative financial instruments to manage the exposure to interest rate, foreign
exchange risk and price risk, including currency swaps, foreign exchange forward contracts, interest rate swaps and
commodity future contracts. Further details of derivative financial instruments are given in note 28.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently
remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in profit or loss
immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of
the recognition in profit or loss depends on the nature of the hedge relationship. The Group designates certain
derivatives as either hedges of the fair value of recognised assets or liabilities (fair value hedges), hedges of highly
probable forecast transactions or hedges of firm commitments (cash flow hedges).
At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument
and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge
transactions. Both at the inception of the hedge and on a periodic basis, the Group assesses whether the hedging
instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of
the hedged item.
A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is
more than 12 months and it is not expected to be realised or settled within 12 months. Derivatives, which mature
within 12 months, are presented as current assets or current liabilities.
Details of the fair values of the derivative instruments used for hedging purposes and movements in the hedging and
translation reserve in equity are detailed in the Statement of Comprehensive Income and described in note 28.
Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges
are deferred in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or
loss, in the same line of the income statement as the recognised hedged item.
Hedge accounting is discontinued when the Group de-designates the hedging relationship, the hedging instrument
expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. Any cumulative gain or loss
deferred in equity at that time remains in equity and is recognised when the forecast transaction is ultimately
recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss
that was deferred in equity is recognised immediately in profit or loss.
Tax
The tax expense represents the sum of current tax expense and deferred tax expense.
Current tax expense is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement because it excludes items of income or expense that are taxable or deductible in other years and it
further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax
rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is provided, using the liability method, on temporary differences at the balance sheet date between the
tax bases of assets and liabilities and their carrying amounts for accounting purposes.
Deferred tax assets are generally recognised for all deductible temporary differences, carry forward of unused tax
credits and unused tax losses, to the extent that it is probable that taxable profits will be available against which these
items can be utilised.
Deferred tax is not recognised for:
\u2022 temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business
combination and that affects neither accounting nor taxable profit or loss;
\u2022 temporary differences related to investments in subsidiaries, associates, and joint arrangements to the extent that
the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will
not reverse in the foreseeable future; and
\u2022 taxable temporary differences arising on the initial recognition of goodwill.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is
no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be utilised.
Deferred tax is measured at the tax rates that are expected to apply in the period when the liability is settled or the
asset is realised, based upon tax rates and legislation that have been enacted or substantively enacted at the balance
sheet date. Deferred tax is charged or credited in the income statement, except where it relates to items charged or
credited directly to equity, in which case the deferred tax is recognised in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets
against current tax liabilities, and when they relate to income taxes levied by the same tax authority where the Group
intends to settle its current tax assets and liabilities on a net basis.
For acquisitions, deferred tax assets and liabilities are measured based on the provisional fair values at the
acquisition date.
Share-based payment
Where the fair value of share options or shares under award requires the use of a valuation model, fair value is
measured by use of Black-Scholes or Monte Carlo Simulation models depending on the type of scheme, as set out in
note 33. For performance-based awards with non-market-based performance conditions or non-performance-related
awards which accrue dividend equivalents through the vesting period, the fair value is equal to the share price on the
date of grant as no adjustment to the market price is required. The expected life used in the models has been
adjusted, based on Management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and
behavioural considerations. Where relevant, the value of the option or award has also been adjusted to take account
of market conditions applicable to the option or award. Awards are equity settled with straight-line vesting.
Inventories
Inventories are stated at the lower of cost and net realisable value, and comprise service spares, supplies and
consumables used in the rendering of services to our customers. Cost comprises direct materials and, where applicable,
direct labour costs that have been incurred in bringing the inventories to their present location and condition.
Trade receivables Trade receivables are recognised initially at cost (being the same as fair value) and subsequently at amortised cost less any credit notes, provision for impairment and expected credit losses, to ensure that amounts recognised represent the recoverable amount. Determining whether a trade receivable is impaired requires judgement to be applied based on the information available at each reporting date. A provision for impairment arises where there is evidence that the Group will not be able to collect amounts due for reasons other than customer default, which is achieved by creating an allowance for doubtful debts recognised in the income statement within expenses. When a trade receivable is expected to be uncollectible for reasons other than credit-related losses, it is provided for within the allowance. Subsequent recoveries of amounts previously provided for or written off are credited against expenses. The majority of contracts entered into by the Group are with government organisations and therefore historic levels of default are relatively low and as a result, the risks associated with this judgement are not considered to be significant. An expected credit loss is recorded where there is evidence that a counterparty is at risk of default due to their credit worthiness. If the loss was material, the amount would be presented separately in the Consolidated Income Statement, however, the Group\u2019s customer base is predominantly government or government-backed and as a result, the Group\u2019s expected credit loss at a given point in time across the entirety of the customer base is typically immaterial. For acquisitions, the best estimate at acquisition date of trade and other receivables are the gross contractual amounts as there are no cash flows that are not expected to be collected. Cash and cash equivalents Cash and cash equivalents comprise cash in hand and balances with banks and similar institutions which are readily convertible to known amounts of cash, subject to insignificant changes in value and have a maturity of three months or less from the date of acquisition. This definition is also used for the Consolidated Cash Flow Statement. Leases The Group uses leases in the delivery of a number of contracts and in other centralised functions. Most notably, the Group uses accommodation leases in the delivery of the Asylum Accommodation and Support Services contract, vehicle leases in the Prisoner Escort and Custody Services contract and to deliver its UK vehicle fleet and support offices, amongst others. Where leases are utilised in the delivery of contracts, the Group aims to limit the duration of any non-cancellable periods of leases to be no longer than the duration of the underlying contract. For non-contract related leases, the Group has set policies on lease duration and purpose to ensure their appropriate use. On entering into a lease, a lease liability is recorded equal to the value of future lease payments discounted at the appropriate incremental borrowing rate and, simultaneously, a right of use asset is created representing the right conferred to control the manner of use of the leased asset. The Group typically uses an appropriate incremental borrowing rate, based on the lease location and duration, as it typically does not have access to the interest rate implicit in the lease. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly to the income statement and corresponding assets are depreciated on a straight-line basis over the lease term. The lease term is measured as the non-cancellable period of a lease, together with periods covered by an option to extend the lease if it is reasonably certain that the option will be exercised, and periods covered by an option to terminate the lease if it is reasonably certain that the option will not be exercised. The lease term is reassessed if an event occurs which causes either the non-cancellable period to change, or another event occurs which changes the assessment of the likelihood of exercising an option included in the lease. All changes to leases are accounted for on a prospective basis from the point at which the change is triggered. Where, on inception, the term of a lease is 12 months or less, or the value of the leased asset is less than \u00a35,000, or both, rentals payable under the lease are charged to the income statement on a straight-line basis over the term of the relevant lease. For acquisitions, leases are measured as the present value of the remaining lease payments as if the acquired lease was a new lease at the acquisition date. Loans Loans are stated at amortised cost using the effective interest rate method. Accrued interest is recorded separately from the associated borrowings within current liabilities. Loans are described as non-recourse loans and classified as such only if no Group company other than the relevant borrower has an obligation, under a guarantee or other arrangement, to repay the debt. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised as an expense in the period in which they are incurred. Provisions Provisions are recognised when the Group has an obligation to make a cash outflow as a result of a past event. Provisions are measured at the best estimate of the expenditure required to settle the obligation at the balance sheet date when settlement is considered to be likely. Onerous contract provisions (OCPs) arise when the unavoidable costs of meeting contractual obligations exceed the remuneration expected to be received. Unavoidable costs include total contract costs together with a rational allocation of shared costs that can be directly linked to fulfilling contractual obligations, which have been systematically allocated to OCPs on the basis of key cost drivers except when this is impracticable, where contract revenue is used as a proxy to activity. The provision is calculated as the lower of the termination costs payable for an early exit and the best estimate of net cost to fulfil the Group\u2019s unavoidable contract obligations. Where a customer has an option to extend a contract and it is likely that such an extension will be made, the expected net cost arising during the extension period is included within the calculation. However, where a profit can be reasonably expected in the extension period, no credit is taken on the basis that such profits are uncertain given the potential for the customer to either not extend or offer an extension under lower pricing terms. Further details of the judgements can be seen in note 3. Contingent liabilities on business combinations Any present obligation that exists when a business is acquired is recognised as a liability within provisions measured at its fair value, even if the outflow of economic benefits is not probable. After initial recognition and until the liability is settled, cancelled, or expires, the liability continues to be measured at the amount initially recognised in the business combination unless the liability becomes probable. Once probable it is then measured at the higher of the amount initially recognised or the amount that would be recognised based on the accounting policy for provisions above. Net investments in foreign operations Exchange differences arising on monetary items that form part of the Group\u2019s net investment in foreign operations are initially recognised in equity and accumulated in the hedging and translation reserve and reclassified from equity to profit or loss on disposal of the net investment. When monetary items no longer form part of a hedging relationship, the exchange differences that arose during the time that the hedge was in place remain in the hedging translation reserve until such time as the net investment is disposed of. Share repurchase arrangements Any shares repurchased (excluding shares repurchased by employee share ownership trusts) are recognised when legal ownership is transferred to the Group. These are measured at cost and are included in the treasury share reserve until used or cancelled. Any shares that the Group is contractually committed to purchase after the balance sheet date are recognised at the expected cost and included in the treasury share reserve. When treasury shares are cancelled the cost is transferred from the treasury share reserve into retained earnings. Shares purchased by employee share ownership trusts are recognised when legal ownership is transferred to the trust. These are measured at cost and are included in the own share reserve until transferred to the share-based payment reserve on exercise of share awards.
Segmental information
Segmental information is based on internal reports about components of the Group that are regularly reviewed by
the Group\u2019s Chief Operating Decision Maker (CODM) in order to allocate resources to the segments and to assess
their performance. The CODM is considered to be the Board of Directors as a body.
Segmental revenue is analysed on an external basis. Inter-segment revenue is not presented as it is not significant in
the context of revenue as a whole. Net finance costs are not presented for each operating segment as they are
reviewed on a consolidated basis by the CODM.
Specific corporate expenses are allocated to the corresponding segments. Segment assets comprise goodwill, other
intangible assets, property, plant and equipment including right of use assets, inventories, trade and other
receivables (excluding corporation tax recoverable) and any retirement benefit assets. Segment liabilities comprise
trade and other payables, lease liabilities, provisions and retirement benefit obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "
Basis of preparation
The Consolidated Financial Statements on pages 150 to 221 have been prepared in accordance with UK-adopted
International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to
companies reporting under those standards.
The financial statements have been prepared on the historical cost basis, except for the following which are measured
at fair value:
\u2022 certain financial assets and liabilities (including derivative instruments);
\u2022 plan assets of retirement benefit obligations;
\u2022 share-based payments.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
The following principal accounting policies adopted have been applied consistently in the current and preceding
financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "The Consolidated Financial Statements on pages 150 to 221 have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "
Basis of consolidation
The Consolidated Financial Statements incorporate the financial statements of the Company and entities controlled
by the Company up to 31 December each year. Control is achieved when the Company:
(i) has power over the investee;
(ii) is exposed, or has rights to variable returns from its involvement with the investee; and
(iii) has the ability to use its power to affect the returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control listed above.
The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement
from the effective date of acquisition or up to the effective date of disposal as appropriate. Where necessary,
adjustments are made to the financial statements of subsidiaries to bring accounting policies into line with those used
by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Non-controlling interest represents the portion of profits or losses and net assets in subsidiaries that are not held by
the Group and are presented within equity in the Consolidated Balance Sheet, separate from equity of shareholders
of Serco Group plc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring accounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interest represents the portion of profits or losses and net assets in subsidiaries that are not held by the Group and are presented within equity in the Consolidated Balance Sheet, separate from equity of shareholders of Serco Group plc. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "Non-controlling interest represents the portion of profits or losses and net assets in subsidiaries that are not held by the Group and are presented within equity in the Consolidated Balance Sheet, separate from equity of shareholders of Serco Group plc. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "
Going concern
In assessing the basis of preparation of the financial statements for the year ended 31 December 2025, the Directors
have considered the principles of the Financial Reporting Council\u2019s 2025 \u2018Guidance on the Going Concern Basis of
Accounting and Related Reporting (including Solvency and Liquidity Risks)\u2019; particularly in assessing the applicability
of the going concern basis, review period and disclosures. The period of assessment for the purposes of considering
going concern is to 31 March 2027.
At 31 December 2025, the Group\u2019s principal debt facilities comprised a \u00a3350m revolving credit facility maturing in
November 2027 (of which \u00a3nil was drawn), and \u00a3408.6m of US private placement notes (USPP notes), giving \u00a3758.6m of
committed credit facilities and available funds of \u00a3549.3m, being the undrawn RCF plus cash of \u00a3199.3m. The principal
financial covenant ratios are consistent across the USPP notes and revolving credit facility, and are outlined on page 235.
As at 31 December 2025, the Group\u2019s primary restricting covenant, its leverage ratio, is below the covenant of 3.5x
and is below the Group\u2019s target range of 1x\u20132x at 0.72x. The Group has net current liabilities of \u00a365.4m, the cash
flows of which have been considered within the going concern assessment.
The Directors have undertaken a rigorous assessment of going concern and liquidity, taking into account financial
forecasts, as well as the potential impact of key uncertainties and sensitivities on the Group\u2019s future performance. In
making this assessment the Directors have considered the Group\u2019s existing debt levels, the committed funding and
liquidity positions under its debt covenants, its ability to generate cash from trading activities and its working capital
requirements. The Directors have also identified a series of mitigating actions that could be used to preserve cash in
the business should the need arise.
The basis of the assessment continues to be the Board-approved budget updated to take account of known changes.
The budget is prepared annually for the next two-year period and is based on a bottom-up approach to all of the
Group\u2019s existing contracts, potential new contracts and administrative functions.
The Directors believe that appropriate sensitivities in assessing the Group\u2019s ability to continue as a going concern are
to model reductions in the Group\u2019s win rates for bids and extensions, and reductions in profit margins. Due to the
diversity in the Group\u2019s operations, the Directors believe that a reverse stress test of these sensitivities to assess the
headroom available under the Group\u2019s debt covenants and available liquidity provides meaningful analysis of the
Group\u2019s ability to continue as a going concern. Based on the headroom available, the Directors are then able to assess
whether the reductions required to breach the Group\u2019s financial covenants, or exhaust available liquidity, are plausible.
This shows that after the date of approval of the financial statements, the Group can afford to be unsuccessful on 60%
of its budgeted bids and extensions, combined with a profit margin 200 basis points below the Group\u2019s forecast, and
still retain sufficient liquidity to meet all liabilities as they fall due and remain compliant with the Group\u2019s financial
covenants.
In respect of win rates, rebids and extensions have a more significant impact on the Group\u2019s revenue than new
business wins during the assessment period. The Group has won 82% of its rebids and available contract extensions
by value over the last two years, therefore a reduction of 60% or more to the budgeted bids (including new business
and rebids) and extensions rates is not considered plausible.
Consequently, the Directors are confident that the Group and Company will have sufficient funds to continue to meet
their liabilities as they fall due for the period to 31 March 2027 and therefore have prepared the financial statements
on a going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "
Adoption of new and revised standards
No new or amended accounting standards had a material impact on the Group for the 31 December 2025 reporting
period. The following standards were considered.
The Effects of Changes in Foreign Exchange Rates for Lack of Exchangeability (amendment to IAS 21)
In August 2023, the IASB issued The Effects of Changes in Foreign Exchange Rates for Lack of Exchangeability
(amendment to IAS 21). This amendment enhances guidance for determining exchange rates when a currency is
not exchangeable or subject to long-term controls. The Group has no exposure to exchange rates which have a lack
of exchangeability.
New standards, amendments and interpretations not yet adopted
The following published new accounting standards, amendments to accounting standards and interpretations that
are not mandatory for 31 December 2025 reporting periods, have not been early adopted by the Group. These are
effective for annual reporting periods beginning on or after the date indicated:
Effective dates
1
Annual Improvements to IFRS Accounting Standards (Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and\ue062IAS 7)
2
1 January 2026
Classification and Measurement of Financial Instrument (Amendments to IFRS 9 and IFRS 7)
2
1 January 2026
Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)
2
1 January 2026
Presentation and Disclosure in Financial Statements (New standard IFRS 18)
3
1 January 2027
Subsidiaries without Public Accountability: Disclosures (New standard IFRS 19)
2
1 January 2027
1. The effective date is based on the standards, amendments or interpretation issued by the IASB and may still be subject to adoption by the UK Endorsement Board.
2. The standards, amendments or interpretations are not expected to have a material impact on the Group in the current or future reporting periods.
3. IFRS 18 introduces new requirements for the presentation and disclosure of information in financial statements. This standard will influence how information is
reported, particularly in the income statement, and may also affect the level of detail disclosed in the notes to the financial statements. IFRS 18 will not alter the
recognition or measurement of items in the financial statements and thus will not impact the Group\u2019s overall results, it may change what the Group reports as its
'Operating Profit\u2019.
Changes in accounting policies
There have been no changes to the Group\u2019s accounting policies during the year ended 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "Adoption of new and revised standards No new or amended accounting standards had a material impact on the Group for the 31 December 2025 reporting period. The following standards were considered. The Effects of Changes in Foreign Exchange Rates for Lack of Exchangeability (amendment to IAS 21) In August 2023, the IASB issued The Effects of Changes in Foreign Exchange Rates for Lack of Exchangeability (amendment to IAS 21). This amendment enhances guidance for determining exchange rates when a currency is not exchangeable or subject to long-term controls. The Group has no exposure to exchange rates which have a lack of exchangeability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "New standards, amendments and interpretations not yet adopted The following published new accounting standards, amendments to accounting standards and interpretations that are not mandatory for 31 December 2025 reporting periods, have not been early adopted by the Group. These are effective for annual reporting periods beginning on or after the date indicated:
Effective dates
1
Annual Improvements to IFRS Accounting Standards (Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and\ue062IAS 7)
2
1 January 2026
Classification and Measurement of Financial Instrument (Amendments to IFRS 9 and IFRS 7)
2
1 January 2026
Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)
2
1 January 2026
Presentation and Disclosure in Financial Statements (New standard IFRS 18)
3
1 January 2027
Subsidiaries without Public Accountability: Disclosures (New standard IFRS 19)
2
1 January 2027
1. The effective date is based on the standards, amendments or interpretation issued by the IASB and may still be subject to adoption by the UK Endorsement Board. 2. The standards, amendments or interpretations are not expected to have a material impact on the Group in the current or future reporting periods. 3. IFRS 18 introduces new requirements for the presentation and disclosure of information in financial statements. This standard will influence how information is reported, particularly in the income statement, and may also affect the level of detail disclosed in the notes to the financial statements. IFRS 18 will not alter the recognition or measurement of items in the financial statements and thus will not impact the Group\u2019s overall results, it may change what the Group reports as its 'Operating Profit\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "
Fair value
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between willing market participants at the measurement date, regardless of whether that price is directly observable
or is estimated using another valuation technique (see note 28). There are certain transactions in these Financial
Statements which are similar to fair value but are determined by the treatment set out in their respective standards.
These are share-based payment transactions that are within the scope of IFRS 2 Share-Based Payment, leasing
transactions that are within the scope of IFRS 16 Leases, the calculation of net realisable value under IAS 2 Inventories
and value in use under IAS 36 Impairment of Assets.
Derivative financial instruments and hedging activities The Group may enter into a variety of derivative financial instruments to manage the exposure to interest rate, foreign exchange risk and price risk, including currency swaps, foreign exchange forward contracts, interest rate swaps and commodity future contracts. Further details of derivative financial instruments are given in note 28. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The Group designates certain derivatives as either hedges of the fair value of recognised assets or liabilities (fair value hedges), hedges of highly probable forecast transactions or hedges of firm commitments (cash flow hedges). At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Both at the inception of the hedge and on a periodic basis, the Group assesses whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Derivatives, which mature within 12 months, are presented as current assets or current liabilities. Details of the fair values of the derivative instruments used for hedging purposes and movements in the hedging and translation reserve in equity are detailed in the Statement of Comprehensive Income and described in note 28. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are deferred in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line of the income statement as the recognised hedged item. Hedge accounting is discontinued when the Group de-designates the hedging relationship, the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. Any cumulative gain or loss deferred in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was deferred in equity is recognised immediately in profit or loss. Loans Loans are stated at amortised cost using the effective interest rate method. Accrued interest is recorded separately from the associated borrowings within current liabilities. Loans are described as non-recourse loans and classified as such only if no Group company other than the relevant borrower has an obligation, under a guarantee or other arrangement, to repay the debt. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised as an expense in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "Fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date, regardless of whether that price is directly observable or is estimated using another valuation technique (see note 28). There are certain transactions in these Financial Statements which are similar to fair value but are determined by the treatment set out in their respective standards. These are share-based payment transactions that are within the scope of IFRS 2 Share-Based Payment, leasing transactions that are within the scope of IFRS 16 Leases, the calculation of net realisable value under IAS 2 Inventories and value in use under IAS 36 Impairment of Assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "
Revenue
The Group recognises revenue based on the principles set out in IFRS 15 Revenue from Contracts with Customers.
Revenue is recognised in any period based on the delivery of performance obligations and an assessment of when
control is transferred to the customer.
For all contracts, the Group determines whether each arrangement meets the definition of a contract under IFRS 15
and creates enforceable rights and obligations.
Contracts are combined if they are entered into at or near the same time and one or more of the following criteria are met:
\u2022 They are negotiated as a package with a single commercial objective.
\u2022 Consideration receivable in one contract depends on the other contract.
\u2022 Goods or services are a single performance obligation.
For contracts with multiple components, Management applies judgement to consider whether those promised goods
and services are:
\u2022 a deliverable (a good or a service) that is distinct; or
\u2022 a series of distinct deliverables that are substantially the same and that have the same pattern of transfer to the
customer (transferred over time using the same measure of progress).
At contract inception, the transaction price is the total amount of consideration to which the Group expects to be
entitled to exchange for transferring goods or services to a customer.
Once the total transaction price is determined, the Group allocates this to the identified performance obligations in
proportion to their relative standalone selling prices and recognises revenue when (or as) those performance
obligations are satisfied. Where there is only one performance obligation, no allocation is necessary as the full
transaction price is allocated to the single performance obligation.
Where there is more than one performance obligation, the Group looks at each performance obligation separately to see if there is an observable price available; however, due to the bespoke nature of the services provided by the Group, there is normally no observable standalone selling price and the expected cost-plus margin approach is used. All bid models for new contracts are built up and negotiated with the customers on a cost-plus margin basis and therefore this approach most accurately reflects the commercial reality and the value of the benefits transferred to the customer. The Group enters into contracts which contain extension periods where either the customer or both parties can choose to extend the contract or there is an automatic renewal and/or termination clause that could impact the actual duration of the contract. Judgement is applied to assess the impact that these clauses have when determining the appropriate contract term. The term of the contract impacts both the period over which revenue from performance obligations may be recognised and the period over which contract fulfilment assets and capitalised bid and phase-in costs are expensed. Further details on revenue recognition for specific contract types are shown below. Revenue recognition: Repeat service-based contracts The majority of the Group\u2019s contracts are repeat service-based contracts where value is transferred to the customer over time as the core services are delivered. Therefore, in most cases revenue will be recognised on the output basis, based on direct measurements of the value to the customer of the services transferred to date relative to the remaining services under the contract. This is a faithful depiction of the transfer of services since the service delivered to the customer is unchanged. Where the output method is used, the Group often uses a method of time elapsed which requires minimal estimation. Certain repeat service-based contracts use output methods based upon user numbers; service activity levels; or fees collected. Where any price reductions within output-based contracts are contractual, but the level of service is not decreasing, revenue will be deferred from initial years to subsequent years in order for revenue to be recognised on a consistent basis. There are certain contracts where a separate performance obligation has been identified for services where the pattern of delivery differs to the core services and which are capable of being distinct, such as asset construction or asset maintenance. In these instances, where the transfer of control is most closely aligned to our efforts in delivering the service, the input method is used to measure progress and revenue is recognised in direct proportion to costs incurred. In limited circumstances, other methods are used to measure progress under the input method, including resources consumed, time elapsed or labour hours expended. This is a faithful depiction of the transfer of services because costs (or other inputs) most accurately reflect the incremental benefits received by the customer from efforts to date. Where deemed appropriate, the Group will utilise the practical expedient within IFRS 15, allowing revenue to be recognised at the amount which the Group has the right to invoice, where that amount corresponds directly with the value to the customer of the Group\u2019s performance completed to date. Under IFRS 15, unless upfront fees received from customers including transition payments can be clearly attributable to a distinct service the customer is obtaining, such payments do not constitute a separate performance obligation and instead are deferred and spread over the life of the core services. In general, the timing of satisfaction of performance obligations is consistent with when payment becomes due, other than in instances where up front win fees or transition payments are received, where in most instances these are deferred. Any changes to the enforceable rights and obligations with customers and/or an update to the transaction price will not be recognised as revenue until there is evidence of customer agreement in line with the Group\u2019s policies. Revenue recognition: Variable revenue The Group has a number of contracts where at least an element of the revenue generated is variable in nature. Variability in revenue recognised can arise from a number of factors, including usage-related volumes, graduated performance against contractual performance indicators, indexation-linked pricing, profit sharing elements and customer decisions related to the provision of goods or services. Any variable amounts will only be recognised where it is highly probable that a significant reversal will not occur. Revenue recognition: Long-term project-based contracts The Group has a limited number of project-based long-term contracts. Revenue associated with these contracts is recognised at the point in time when control over the deliverable is passed to the customer. Revenue recognition: Contract modifications When a modification to an existing contract is approved, the Group first assesses whether it adds distinct goods or services to the existing contract that are priced commensurate with the standalone selling prices for those goods or services. If this is the case, then the modification is accounted for prospectively as a separate contract. If the pricing is not commensurate with the standalone selling prices for the goods or services and the new goods or services are not distinct from those in the original contract, then this is considered to form part of the original contract. Pricing is updated for the entirety of the revised contract and any historic adjustments recorded as a result are recognised as a cumulative adjustment to revenue in the period of the modification. If the pricing is not commensurate with the standalone selling prices for the goods or services and the new goods or services are distinct from those in the original contract, then this is considered to represent the termination of the original contract and the creation of a new contract which is accounted for prospectively from the date of modification. Revenue recognition: Other Sales of goods are recognised when goods are delivered and title has passed. The Group has a limited number of pass-through arrangements in respect of goods or services procured by the Group on behalf of customers where it assesses whether it is acting as a principal or as an agent. The Group is acting as principal if it is in control of a good or a service prior to transferring to the customer and gross revenue and costs are recognised. More commonly, the Group is acting as agent where it is arranging for those goods or services to be provided to the customer without obtaining control, for example, where the Group is engaged to manage operations for a customer but procures goods or services on behalf of the customer in order to deliver the operation. When acting as an agent, only the fee or commission is recognised as revenue and the costs represent only the direct costs of facilitating the transaction. The Group has no material exposure to returns or refunds. Revenue recognition: Contract assets and liabilities Contract assets are recognised for goods and services for which control has transferred to the customer before the Group has the right to bill and are reported under accrued income and other unbilled receivables in note 20. Contract assets are reclassified as receivables when the right to payment becomes unconditional and the Group has billed the customer. Contract liabilities are recognised when the Group has received advance payment for goods and services that the Group has not transferred to the customer and are reported under deferred income in note 22. Where the initial set-up, transition or transformation phase of a long-term contract is not considered to be a distinct performance obligation and upfront consideration is received, the Group recognises contract liabilities reported under deferred income in note 22. In this case eligible costs (see contract costs policy below) associated with delivering these services are reported under capitalised mobilisation and phase-in costs in note 20. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "Government grants The majority of the Group\u2019s customers are governments. Any income that arises from a contractual agreement for the delivery of goods or services, or a specific modification to such a contract, is treated as revenue. Income from governments is only considered to be a government grant if it is not related to the supply of goods or services under a contractual arrangement. Government grants are recognised where there is reasonable assurance that the grant will be received. Grants that compensate the Group for expenses incurred are recognised in the income statement as a reduction to the corresponding expenses on a systematic basis in the periods in which the expenses are recognised. There were no material government grants received during the current or prior year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "Contract costs Bid costs are capitalised only when they relate directly to a contract and are incremental to securing the contract. Bid costs are amortised over the duration of the contract to which they relate in equal annual instalments. Any costs which would have been incurred whether or not the contract is actually won are not considered to be capitalised bid costs. Contract costs are charged to the income statement as incurred, including the necessary accrual for costs which have not yet been invoiced, unless the expense relates to a specific timeframe covering future periods. Contract costs can only be capitalised when the expenditure meets all of the following three criteria and are not within the scope of another accounting standard, such as inventories, intangible assets, or property, plant and equipment: \u2022 The costs relate directly to a contract. These include direct labour, being the salaries and wages of employees providing the promised services to the customer; direct materials such as supplies used in providing the promised services to a customer; and other costs that are incurred only because an entity entered into the contract, such as payments to subcontractors. \u2022 The costs generate or enhance the resources used in satisfying performance obligations in the future. For initial contract costs capitalised, such costs only fall into one of the following two categories: the mobilisation of contract staff, being the costs of moving existing contract staff to other Group locations; or directly incremental costs incurred in meeting contractual obligations incurred prior to contract delivery, which are required to ensure a proper handover from the previous contractor. Redundancy costs are never capitalised. \u2022 The costs are expected to be recovered, i.e. the contract is expected to be profitable after amortising the capitalised costs. ", "dimensions": { "concept": "sercogroupplc:DescriptionOfAccountingPolicyForContractCosts", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "Operating profit Operating profit is not a measure defined by IFRS and the Group considers this to include the profits and losses from operations prior to corporation tax, investment revenue and finance costs. ", "dimensions": { "concept": "sercogroupplc:DescriptionOfAccountingPolicyForOperatingProfit", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "Exceptional items IAS 1 Presentation of Financial Statements sets out disclosure requirements regarding fair representation of information and the composition, labelling, prominence and consistency of additional line items and subtotals in financial statements. IAS 1 paragraph 97 requires separate disclosure of the nature and amount of material items of income or expense. The Group uses the term \u2018exceptional items\u2019 to categorise those items which require disclosure under IAS 1 paragraph 97, but this is not a term defined by IFRS. These items are separately disclosed and explained within note 8 to the Financial Statements. A level of judgement is involved in determining what items are classified as exceptional items. Management considers exceptional items to be outside of normal practice of the business (i.e. the financial impact is unusual or rare in occurrence), and are material to the results of the Group by virtue of their size or nature, and are suitable for separate presentation and detailed explanation. There is a level of judgement required in determining which items are exceptional on a consistent basis and require separate disclosure. Further details can be seen in note 8. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "Foreign currencies Transactions in currencies other than Sterling are recorded at the rate of exchange on the date of the transaction using a monthly average. If exchange rates fluctuate significantly during a period, the use of average rates is reviewed to ensure they are still appropriate.
At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the balance sheet date. Gains and losses arising on retranslation are included in
the net profit or loss for the period, except for exchange differences arising on non-monetary assets and liabilities
where the changes in fair value are recognised directly in equity through the Consolidated Statement of
Comprehensive Income (SOCI).
On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at exchange rates
prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the
period. Exchange differences arising, if any, are recognised directly within equity in the Group\u2019s hedging and
translation reserve. On disposal of an operation, such translation differences are recognised as income or expenses in
the period in which the operation is disposed of.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of
the foreign entity and translated at the closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "
Dividends
Dividend distributions are recognised as a liability in the year in which the dividends are approved by the Company\u2019s
shareholders. Interim dividends are recognised when they are paid; final dividends when authorised in general
meetings by shareholders. Dividend income is recognised on receipt.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "
Business combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for
each acquisition is measured as the aggregate of the fair values at the date of exchange of assets given, liabilities
incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition
related costs are recognised in profit or loss as incurred. Where acquisition and transition costs for successful
acquisitions are material, they are disclosed as exceptional costs within note 8.
Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent
consideration arrangement, measured at its acquisition date fair value. Subsequent changes in fair values are
adjusted against the cost of acquisition where they qualify as measurement period adjustments (which is subject to a
maximum of one year). All other subsequent changes in the fair value of contingent consideration classified as an
asset or liability are accounted for in accordance with the relevant accounting standards.
The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under
IFRS 3 Business Combinations are recognised at their fair value at the acquisition date, except where a different treatment is
mandated by another standard.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "
Investments in joint ventures and associates
A joint venture is an arrangement whereby the owning parties have joint control and rights over the net assets of the
arrangement. The Group\u2019s investments in joint ventures are incorporated using the equity method of accounting.
Under the equity method, an investment in an associate or a joint venture is initially recognised in the Consolidated
Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other
comprehensive income of the associate or joint venture. Any excess of the cost of acquisition over the Group\u2019s share
of net fair value of the identifiable assets, liabilities and contingent liabilities of the joint venture recognised at the
date of acquisition is recognised as goodwill. Goodwill is included within the carrying value amount of the investment
and is assessed for impairment as part of that investment. Any excess of the Group\u2019s share of the net fair value of the
identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised
immediately in profit or loss.
Determining whether joint control exists requires a level of judgement based upon specific facts and circumstances
which exist at the year end. Details of the unconsolidated joint ventures are provided in note 5.
An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest
in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the
investee but is not control or joint control. The results and assets and liabilities of associates are also incorporated in
these financial statements using the equity method of accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "value": "Investments in joint ventures and associates A joint venture is an arrangement whereby the owning parties have joint control and rights over the net assets of the arrangement. The Group\u2019s investments in joint ventures are incorporated using the equity method of accounting. Under the equity method, an investment in an associate or a joint venture is initially recognised in the Consolidated Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. Any excess of the cost of acquisition over the Group\u2019s share of net fair value of the identifiable assets, liabilities and contingent liabilities of the joint venture recognised at the date of acquisition is recognised as goodwill. Goodwill is included within the carrying value amount of the investment and is assessed for impairment as part of that investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profit or loss. Determining whether joint control exists requires a level of judgement based upon specific facts and circumstances which exist at the year end. Details of the unconsolidated joint ventures are provided in note 5. An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control. The results and assets and liabilities of associates are also incorporated in these financial statements using the equity method of accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "Investments in joint ventures and associates A joint venture is an arrangement whereby the owning parties have joint control and rights over the net assets of the arrangement. The Group\u2019s investments in joint ventures are incorporated using the equity method of accounting. Under the equity method, an investment in an associate or a joint venture is initially recognised in the Consolidated Balance Sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. Any excess of the cost of acquisition over the Group\u2019s share of net fair value of the identifiable assets, liabilities and contingent liabilities of the joint venture recognised at the date of acquisition is recognised as goodwill. Goodwill is included within the carrying value amount of the investment and is assessed for impairment as part of that investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profit or loss. Determining whether joint control exists requires a level of judgement based upon specific facts and circumstances which exist at the year end. Details of the unconsolidated joint ventures are provided in note 5. An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control. The results and assets and liabilities of associates are also incorporated in these financial statements using the equity method of accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "Goodwill Goodwill is measured as the excess of the fair value of purchase consideration over the fair value of the net assets acquired and is recognised as an intangible asset when control is achieved. Negative goodwill is recognised immediately in the income statement. Fair value measurements are based on provisional estimates and may be subject to amendment within one year of the acquisition, resulting in an adjustment to goodwill. Goodwill itself does not generate independent cash flows and therefore, in order to perform required tests for impairment, it is allocated at inception to the specific cash generating unit (CGU) or groups of CGUs (GCGU) which are expected to benefit from the acquisition. On the disposal of a business which includes all or part of a GCGU, any attributable goodwill is included in the determination of the profit or loss on disposal. The fair values associated with material business combinations are valued by external advisers and any amount of consideration which is contingent in nature is evaluated at the end of each reporting period, based on internal forecasts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "Goodwill Goodwill is measured as the excess of the fair value of purchase consideration over the fair value of the net assets acquired and is recognised as an intangible asset when control is achieved. Negative goodwill is recognised immediately in the income statement. Fair value measurements are based on provisional estimates and may be subject to amendment within one year of the acquisition, resulting in an adjustment to goodwill. Goodwill itself does not generate independent cash flows and therefore, in order to perform required tests for impairment, it is allocated at inception to the specific cash generating unit (CGU) or groups of CGUs (GCGU) which are expected to benefit from the acquisition. On the disposal of a business which includes all or part of a GCGU, any attributable goodwill is included in the determination of the profit or loss on disposal. The fair values associated with material business combinations are valued by external advisers and any amount of consideration which is contingent in nature is evaluated at the end of each reporting period, based on internal forecasts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "Goodwill Goodwill is measured as the excess of the fair value of purchase consideration over the fair value of the net assets acquired and is recognised as an intangible asset when control is achieved. Negative goodwill is recognised immediately in the income statement. Fair value measurements are based on provisional estimates and may be subject to amendment within one year of the acquisition, resulting in an adjustment to goodwill. Goodwill itself does not generate independent cash flows and therefore, in order to perform required tests for impairment, it is allocated at inception to the specific cash generating unit (CGU) or groups of CGUs (GCGU) which are expected to benefit from the acquisition. On the disposal of a business which includes all or part of a GCGU, any attributable goodwill is included in the determination of the profit or loss on disposal. The fair values associated with material business combinations are valued by external advisers and any amount of consideration which is contingent in nature is evaluated at the end of each reporting period, based on internal forecasts. Other intangible assets Material intangible assets are grouped into classes of similar nature and use and separately disclosed. Other intangible assets are amortised from the date of completion. Customer relationships can arise on the acquisition of subsidiaries and represent the incremental value expected to be gained as a result of existing contracts in the purchased business using our best estimate of forecast cash flows discounted to present value. These assets are amortised over the average length of the related contracts which typically ranges between five and fifteen years. Software and IT represent computer systems and processes used by the Group in order to generate future economic value through normal business operations. The underlying assets are amortised over the period from which the Group expects to benefit, which is typically between three to eight years. Development expenditure is capitalised as an intangible asset only if the conditions below are met, with all research costs and other development expenditure being expensed when incurred. The period of expected benefit, and therefore period of amortisation, is typically between three and eight years. The capitalisation criteria are as follows: \u2022 an asset is created that can be separately identified and which the Group intends to use or sell; \u2022 the finalisation of the asset is technically feasible and the Group has adequate resources to complete its development for use or sale; \u2022 it is probable that the asset created will generate future economic benefits; and \u2022 the development cost of the asset can be measured reliably. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-528": { "value": "Other intangible assets Material intangible assets are grouped into classes of similar nature and use and separately disclosed. Other intangible assets are amortised from the date of completion. Customer relationships can arise on the acquisition of subsidiaries and represent the incremental value expected to be gained as a result of existing contracts in the purchased business using our best estimate of forecast cash flows discounted to present value. These assets are amortised over the average length of the related contracts which typically ranges between five and fifteen years. Software and IT represent computer systems and processes used by the Group in order to generate future economic value through normal business operations. The underlying assets are amortised over the period from which the Group expects to benefit, which is typically between three to eight years. Development expenditure is capitalised as an intangible asset only if the conditions below are met, with all research costs and other development expenditure being expensed when incurred. The period of expected benefit, and therefore period of amortisation, is typically between three and eight years. The capitalisation criteria are as follows: \u2022 an asset is created that can be separately identified and which the Group intends to use or sell; \u2022 the finalisation of the asset is technically feasible and the Group has adequate resources to complete its development for use or sale; \u2022 it is probable that the asset created will generate future economic benefits; and \u2022 the development cost of the asset can be measured reliably. Property, plant and equipment Assets held for use in the rendering of services, or for administrative purposes, are stated in the balance sheet at cost, net of accumulated depreciation and any provision for impairment. Assets are grouped into classes of a similar nature and use and separately disclosed except where this is not material. Depreciation is provided on a straight-line basis at rates designed to reduce the assets to their residual value over their estimated useful lives.
The principal annual rates used are:
Freehold buildings
2.5%
Leasehold improvements
The higher of 10% or the rate produced by the lease term
Machinery
15% \u2013 20%
Vehicles
10% \u2013 50%
Furniture
10%
Office equipment
20% \u2013 33%
Right of use assets
Equally over the lease term from inception or equally over the remainder of the lease
term from the date of a reassessment of the lease end date
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement. Given that there is limited history of material gains or losses on disposal of fixed assets, the level of judgement involved in determining the depreciation rates is not considered to be significant. For acquisitions property, plant and equipment are measured at fair value and the right of use assets are measured as the present value of the remaining lease payments as if the acquired lease was a new lease at the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "Other intangible assets Material intangible assets are grouped into classes of similar nature and use and separately disclosed. Other intangible assets are amortised from the date of completion. Customer relationships can arise on the acquisition of subsidiaries and represent the incremental value expected to be gained as a result of existing contracts in the purchased business using our best estimate of forecast cash flows discounted to present value. These assets are amortised over the average length of the related contracts which typically ranges between five and fifteen years. Software and IT represent computer systems and processes used by the Group in order to generate future economic value through normal business operations. The underlying assets are amortised over the period from which the Group expects to benefit, which is typically between three to eight years. Development expenditure is capitalised as an intangible asset only if the conditions below are met, with all research costs and other development expenditure being expensed when incurred. The period of expected benefit, and therefore period of amortisation, is typically between three and eight years. The capitalisation criteria are as follows: \u2022 an asset is created that can be separately identified and which the Group intends to use or sell; \u2022 the finalisation of the asset is technically feasible and the Group has adequate resources to complete its development for use or sale; \u2022 it is probable that the asset created will generate future economic benefits; and \u2022 the development cost of the asset can be measured reliably. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "Development expenditure is capitalised as an intangible asset only if the conditions below are met, with all research costs and other development expenditure being expensed when incurred. The period of expected benefit, and therefore period of amortisation, is typically between three and eight years. The capitalisation criteria are as follows: \u2022 an asset is created that can be separately identified and which the Group intends to use or sell; \u2022 the finalisation of the asset is technically feasible and the Group has adequate resources to complete its development for use or sale; \u2022 it is probable that the asset created will generate future economic benefits; and \u2022 the development cost of the asset can be measured reliably. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "Property, plant and equipment Assets held for use in the rendering of services, or for administrative purposes, are stated in the balance sheet at cost, net of accumulated depreciation and any provision for impairment. Assets are grouped into classes of a similar nature and use and separately disclosed except where this is not material. Depreciation is provided on a straight-line basis at rates designed to reduce the assets to their residual value over their estimated useful lives.
The principal annual rates used are:
Freehold buildings
2.5%
Leasehold improvements
The higher of 10% or the rate produced by the lease term
Machinery
15% \u2013 20%
Vehicles
10% \u2013 50%
Furniture
10%
Office equipment
20% \u2013 33%
Right of use assets
Equally over the lease term from inception or equally over the remainder of the lease
term from the date of a reassessment of the lease end date
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales
proceeds and the carrying amount of the asset and is recognised in the income statement. Given that there is limited
history of material gains or losses on disposal of fixed assets, the level of judgement involved in determining the
depreciation rates is not considered to be significant.
For acquisitions property, plant and equipment are measured at fair value and the right of use assets are measured as
the present value of the remaining lease payments as if the acquired lease was a new lease at the acquisition date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-508": { "value": "Depreciation is provided on a straight-line basis at rates designed to reduce the assets to their residual value over their estimated useful lives.
The principal annual rates used are:
Freehold buildings
2.5%
Leasehold improvements
The higher of 10% or the rate produced by the lease term
Machinery
15% \u2013 20%
Vehicles
10% \u2013 50%
Furniture
10%
Office equipment
20% \u2013 33%
Right of use assets
Equally over the lease term from inception or equally over the remainder of the lease
term from the date of a reassessment of the lease end date
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "
Asset impairment
The Group reviews the carrying amounts of its tangible and intangible assets (including goodwill) at each reporting
period, together with any other assets under the scope of IAS 36 Impairment of Assets, in order to assess whether
there is any indication that those assets have suffered an impairment loss. As the impairment of assets has been
identified as both a key source of estimation uncertainty and a critical accounting judgement, further details around
the specific judgements and estimates can be seen in note 3.
If any indication of impairment exists, the recoverable amount of the asset is estimated in order to determine if there
is any impairment loss. Goodwill is assessed for impairment annually, irrespective of whether there are any indicators
of impairment. Where the asset does not generate cash flows that are independent from other assets, the Group
estimates the recoverable amount of the cash generating unit (CGU) to which the asset belongs.
Recoverable amount is defined as the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value with reference to pre-tax discount rates that
reflect the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Fair value
less cost to sell is the amount that a market participant would pay for the asset or CGU, less the costs of sale. The fair
value less cost to sell is determined using the discounted cash flows method, where there is no readily available
market price for the asset, or where there are no recent market transactions for the fair value to be determined
through a comparison between the asset or CGU being tested for impairment, and a recent market transaction.
If the recoverable amount is estimated to be less than the carrying amount of the asset, the carrying amount is
impaired to its recoverable amount. Impairment losses recognised in respect of CGUs are allocated first to reduce the
carrying amount of any goodwill allocated to the groups of cash generating unit (GCGU) and then to reduce the
carrying amount of the other assets in the GCGU on a pro-rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in
prior periods are assessed at each reporting date for indications that the loss which led to the impairment has
decreased or no longer exists.
Where an impairment loss is subsequently reversed, the carrying amount is increased to the revised estimate of its
recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have
been determined, net of depreciation or amortisation, had no impairment loss been recognised in prior years.
Impairment losses and reversals are recognised immediately within expenses in the income statement unless it is
considered to be an exceptional item when the Group\u2019s criteria are met.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "
Retirement benefit costs
Payments to defined contribution pension schemes are charged as an expense as they fall due.
For defined benefit pension schemes, the cost of providing benefits is determined using the projected unit credit
actuarial cost method, with actuarial valuations being carried out at each balance sheet date. Actuarial gains and
losses are recognised in full in the period in which they occur. They are recognised outside the income statement and
are presented in the Statement of Comprehensive Income.
Both current and past service costs are the amounts recognised in the income statement, reflecting the expense
associated with the individuals. Current service cost represents the increase in the present value of the scheme
liabilities expected to arise from employee service in the current period. Past service cost is recognised immediately.
Gains and losses on curtailments or settlements are recognised in the income statement in the period in which the
curtailment or settlement occurs.
The retirement benefit obligation recognised in the balance sheet represents the present value of the defined benefit obligation as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present value of available refunds (which is only recognised to the extent that the Group has an unconditional right to receive it) and reductions in future contributions to the scheme. To the extent that an economic benefit is available as a reduction in future contributions and there is a minimum funding requirement required of the Group, the economic benefit available as a reduction in contributions is calculated as the present value of the estimated future service cost in each year, less the estimated minimum funding contributions required in respect of the future accrual and benefits in that year. Calculation of the amounts recognised in the Consolidated Financial Statements in respect of defined benefit pension schemes requires a high level of judgement, as further explained in note 3. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "End of contract provisions Where the Group has a legal or constructive obligation to compensate employees at the end of a contract term and these employees cannot be relocated within the Group, a provision is recognised to reflect the expected outflow of economic benefits at the end of the contract. The obligation is reassessed at each reporting date. The amount calculated assumes the tenure of the employee base, expected turnover, and salary. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-529": { "value": "Derivative financial instruments and hedging activities The Group may enter into a variety of derivative financial instruments to manage the exposure to interest rate, foreign exchange risk and price risk, including currency swaps, foreign exchange forward contracts, interest rate swaps and commodity future contracts. Further details of derivative financial instruments are given in note 28. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The Group designates certain derivatives as either hedges of the fair value of recognised assets or liabilities (fair value hedges), hedges of highly probable forecast transactions or hedges of firm commitments (cash flow hedges). At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Both at the inception of the hedge and on a periodic basis, the Group assesses whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Derivatives, which mature within 12 months, are presented as current assets or current liabilities. Details of the fair values of the derivative instruments used for hedging purposes and movements in the hedging and translation reserve in equity are detailed in the Statement of Comprehensive Income and described in note 28. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are deferred in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line of the income statement as the recognised hedged item. Hedge accounting is discontinued when the Group de-designates the hedging relationship, the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. Any cumulative gain or loss deferred in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was deferred in equity is recognised immediately in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "value": "Derivative financial instruments and hedging activities The Group may enter into a variety of derivative financial instruments to manage the exposure to interest rate, foreign exchange risk and price risk, including currency swaps, foreign exchange forward contracts, interest rate swaps and commodity future contracts. Further details of derivative financial instruments are given in note 28. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The Group designates certain derivatives as either hedges of the fair value of recognised assets or liabilities (fair value hedges), hedges of highly probable forecast transactions or hedges of firm commitments (cash flow hedges). At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Both at the inception of the hedge and on a periodic basis, the Group assesses whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Derivatives, which mature within 12 months, are presented as current assets or current liabilities. Details of the fair values of the derivative instruments used for hedging purposes and movements in the hedging and translation reserve in equity are detailed in the Statement of Comprehensive Income and described in note 28. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "Derivative financial instruments and hedging activities The Group may enter into a variety of derivative financial instruments to manage the exposure to interest rate, foreign exchange risk and price risk, including currency swaps, foreign exchange forward contracts, interest rate swaps and commodity future contracts. Further details of derivative financial instruments are given in note 28. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. The Group designates certain derivatives as either hedges of the fair value of recognised assets or liabilities (fair value hedges), hedges of highly probable forecast transactions or hedges of firm commitments (cash flow hedges). At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Both at the inception of the hedge and on a periodic basis, the Group assesses whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Derivatives, which mature within 12 months, are presented as current assets or current liabilities. Details of the fair values of the derivative instruments used for hedging purposes and movements in the hedging and translation reserve in equity are detailed in the Statement of Comprehensive Income and described in note 28. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are deferred in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line of the income statement as the recognised hedged item. Hedge accounting is discontinued when the Group de-designates the hedging relationship, the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. Any cumulative gain or loss deferred in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was deferred in equity is recognised immediately in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "Tax The tax expense represents the sum of current tax expense and deferred tax expense. Current tax expense is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided, using the liability method, on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for accounting purposes. Deferred tax assets are generally recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profits will be available against which these items can be utilised. Deferred tax is not recognised for: \u2022 temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u2022 temporary differences related to investments in subsidiaries, associates, and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2022 taxable temporary differences arising on the initial recognition of goodwill. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be utilised. Deferred tax is measured at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised, based upon tax rates and legislation that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except where it relates to items charged or credited directly to equity, in which case the deferred tax is recognised in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, and when they relate to income taxes levied by the same tax authority where the Group intends to settle its current tax assets and liabilities on a net basis. For acquisitions, deferred tax assets and liabilities are measured based on the provisional fair values at the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "Tax The tax expense represents the sum of current tax expense and deferred tax expense. Current tax expense is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided, using the liability method, on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for accounting purposes. Deferred tax assets are generally recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profits will be available against which these items can be utilised. Deferred tax is not recognised for: \u2022 temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u2022 temporary differences related to investments in subsidiaries, associates, and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2022 taxable temporary differences arising on the initial recognition of goodwill. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be utilised. Deferred tax is measured at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised, based upon tax rates and legislation that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except where it relates to items charged or credited directly to equity, in which case the deferred tax is recognised in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, and when they relate to income taxes levied by the same tax authority where the Group intends to settle its current tax assets and liabilities on a net basis. For acquisitions, deferred tax assets and liabilities are measured based on the provisional fair values at the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "Share-based payment Where the fair value of share options or shares under award requires the use of a valuation model, fair value is measured by use of Black-Scholes or Monte Carlo Simulation models depending on the type of scheme, as set out in note 33. For performance-based awards with non-market-based performance conditions or non-performance-related awards which accrue dividend equivalents through the vesting period, the fair value is equal to the share price on the date of grant as no adjustment to the market price is required. The expected life used in the models has been adjusted, based on Management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. Where relevant, the value of the option or award has also been adjusted to take account of market conditions applicable to the option or award. Awards are equity settled with straight-line vesting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value, and comprise service spares, supplies and consumables used in the rendering of services to our customers. Cost comprises direct materials and, where applicable, direct labour costs that have been incurred in bringing the inventories to their present location and condition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "
Trade receivables
Trade receivables are recognised initially at cost (being the same as fair value) and subsequently at amortised cost
less any credit notes, provision for impairment and expected credit losses, to ensure that amounts recognised
represent the recoverable amount.
Determining whether a trade receivable is impaired requires judgement to be applied based on the information
available at each reporting date. A provision for impairment arises where there is evidence that the Group will not be
able to collect amounts due for reasons other than customer default, which is achieved by creating an allowance for
doubtful debts recognised in the income statement within expenses. When a trade receivable is expected to be
uncollectible for reasons other than credit-related losses, it is provided for within the allowance. Subsequent
recoveries of amounts previously provided for or written off are credited against expenses.
The majority of contracts entered into by the Group are with government organisations and therefore historic levels of
default are relatively low and as a result, the risks associated with this judgement are not considered to be significant.
An expected credit loss is recorded where there is evidence that a counterparty is at risk of default due to their credit
worthiness. If the loss was material, the amount would be presented separately in the Consolidated Income Statement,
however, the Group\u2019s customer base is predominantly government or government-backed and as a result, the Group\u2019s
expected credit loss at a given point in time across the entirety of the customer base is typically immaterial.
For acquisitions, the best estimate at acquisition date of trade and other receivables are the gross contractual
amounts as there are no cash flows that are not expected to be collected.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and balances with banks and similar institutions which are readily
convertible to known amounts of cash, subject to insignificant changes in value and have a maturity of three months
or less from the date of acquisition. This definition is also used for the Consolidated Cash Flow Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "
Leases
The Group uses leases in the delivery of a number of contracts and in other centralised functions. Most notably, the
Group uses accommodation leases in the delivery of the Asylum Accommodation and Support Services contract,
vehicle leases in the Prisoner Escort and Custody Services contract and to deliver its UK vehicle fleet and support
offices, amongst others. Where leases are utilised in the delivery of contracts, the Group aims to limit the duration of
any non-cancellable periods of leases to be no longer than the duration of the underlying contract. For non-contract
related leases, the Group has set policies on lease duration and purpose to ensure their appropriate use.
On entering into a lease, a lease liability is recorded equal to the value of future lease payments discounted at the
appropriate incremental borrowing rate and, simultaneously, a right of use asset is created representing the right
conferred to control the manner of use of the leased asset. The Group typically uses an appropriate incremental borrowing
rate, based on the lease location and duration, as it typically does not have access to the interest rate implicit in the lease.
Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a
constant rate of interest on the remaining balance of the liability. Finance charges are charged directly to the income
statement and corresponding assets are depreciated on a straight-line basis over the lease term.
The lease term is measured as the non-cancellable period of a lease, together with periods covered by an option
to extend the lease if it is reasonably certain that the option will be exercised, and periods covered by an option to
terminate the lease if it is reasonably certain that the option will not be exercised. The lease term is reassessed if an
event occurs which causes either the non-cancellable period to change, or another event occurs which changes the
assessment of the likelihood of exercising an option included in the lease.
All changes to leases are accounted for on a prospective basis from the point at which the change is triggered.
Where, on inception, the term of a lease is 12 months or less, or the value of the leased asset is less than \u00a35,000,
or both, rentals payable under the lease are charged to the income statement on a straight-line basis over the term
of the relevant lease.
For acquisitions, leases are measured as the present value of the remaining lease payments as if the acquired lease
was a new lease at the acquisition date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-511": { "value": "
Loans
Loans are stated at amortised cost using the effective interest rate method. Accrued interest is recorded separately
from the associated borrowings within current liabilities.
Loans are described as non-recourse loans and classified as such only if no Group company other than the relevant
borrower has an obligation, under a guarantee or other arrangement, to repay the debt.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-530": { "value": "Loans Loans are stated at amortised cost using the effective interest rate method. Accrued interest is recorded separately from the associated borrowings within current liabilities. Loans are described as non-recourse loans and classified as such only if no Group company other than the relevant borrower has an obligation, under a guarantee or other arrangement, to repay the debt. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "Loans Loans are stated at amortised cost using the effective interest rate method. Accrued interest is recorded separately from the associated borrowings within current liabilities. Loans are described as non-recourse loans and classified as such only if no Group company other than the relevant borrower has an obligation, under a guarantee or other arrangement, to repay the debt. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised as an expense in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are
assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the
cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised as an expense in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "
Provisions
Provisions are recognised when the Group has an obligation to make a cash outflow as a result of a past event.
Provisions are measured at the best estimate of the expenditure required to settle the obligation at the balance sheet
date when settlement is considered to be likely.
Onerous contract provisions (OCPs) arise when the unavoidable costs of meeting contractual obligations exceed the
remuneration expected to be received. Unavoidable costs include total contract costs together with a rational
allocation of shared costs that can be directly linked to fulfilling contractual obligations, which have been systematically
allocated to OCPs on the basis of key cost drivers except when this is impracticable, where contract revenue is used as
a proxy to activity. The provision is calculated as the lower of the termination costs payable for an early exit and the
best estimate of net cost to fulfil the Group\u2019s unavoidable contract obligations. Where a customer has an option to
extend a contract and it is likely that such an extension will be made, the expected net cost arising during the extension
period is included within the calculation. However, where a profit can be reasonably expected in the extension period,
no credit is taken on the basis that such profits are uncertain given the potential for the customer to either not extend
or offer an extension under lower pricing terms. Further details of the judgements can be seen in note 3.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "
Contingent liabilities on business combinations
Any present obligation that exists when a business is acquired is recognised as a liability within provisions measured
at its fair value, even if the outflow of economic benefits is not probable.
After initial recognition and until the liability is settled, cancelled, or expires, the liability continues to be measured at
the amount initially recognised in the business combination unless the liability becomes probable. Once probable it
is then measured at the higher of the amount initially recognised or the amount that would be recognised based on
the accounting policy for provisions above.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "
Net investments in foreign operations
Exchange differences arising on monetary items that form part of the Group\u2019s net investment in foreign operations
are initially recognised in equity and accumulated in the hedging and translation reserve and reclassified from equity
to profit or loss on disposal of the net investment. When monetary items no longer form part of a hedging
relationship, the exchange differences that arose during the time that the hedge was in place remain in the hedging
translation reserve until such time as the net investment is disposed of.
", "dimensions": { "concept": "sercogroupplc:DescriptionOfAccountingPolicyForNetInvestmentsInForeignOperations", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "
Share repurchase arrangements
Any shares repurchased (excluding shares repurchased by employee share ownership trusts) are recognised when
legal ownership is transferred to the Group. These are measured at cost and are included in the treasury share
reserve until used or cancelled.
Any shares that the Group is contractually committed to purchase after the balance sheet date are recognised at the
expected cost and included in the treasury share reserve.
When treasury shares are cancelled the cost is transferred from the treasury share reserve into retained earnings.
Shares purchased by employee share ownership trusts are recognised when legal ownership is transferred to the
trust. These are measured at cost and are included in the own share reserve until transferred to the share-based
payment reserve on exercise of share awards.
", "dimensions": { "concept": "sercogroupplc:DescriptionOfAccountingPolicyForShareRepurchaseArrangements", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "Segmental information Segmental information is based on internal reports about components of the Group that are regularly reviewed by the Group\u2019s Chief Operating Decision Maker (CODM) in order to allocate resources to the segments and to assess their performance. The CODM is considered to be the Board of Directors as a body. Segmental revenue is analysed on an external basis. Inter-segment revenue is not presented as it is not significant in the context of revenue as a whole. Net finance costs are not presented for each operating segment as they are reviewed on a consolidated basis by the CODM. Specific corporate expenses are allocated to the corresponding segments. Segment assets comprise goodwill, other intangible assets, property, plant and equipment including right of use assets, inventories, trade and other receivables (excluding corporation tax recoverable) and any retirement benefit assets. Segment liabilities comprise trade and other payables, lease liabilities, provisions and retirement benefit obligations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
3. Critical accounting judgements and key sources of estimation uncertainty
In the process of applying the Group\u2019s accounting policies, which are described in note 2, Management has made the
following judgements that have the most significant effect on the amounts recognised in the Consolidated Financial
Statements. As described below, many of these areas of judgement also involve a high level of estimation uncertainty.
Key sources of estimation uncertainty
Provisions for onerous contracts
Determining the carrying value of onerous contract provisions requires assumptions and complex judgements to be
made about the future performance of the Group\u2019s contracts. The level of uncertainty in the estimates made, either in
determining whether a provision is required, or in the calculation of a provision booked, is linked to the complexity of
the underlying contract and the form of service delivery. Due to the level of uncertainty and a combination of
variables associated with those estimates, there is a significant risk that there could be a material adjustment to the
carrying amounts of onerous contract provisions within the next financial reporting period. This includes the potential
recognition of onerous contract provisions for contracts which Management has assessed do not require a provision
as at 31 December 2025.
Major sources of uncertainty which could result in a material adjustment within the next financial year are:
\u2022 the ability of the Group to maintain or improve operational performance to ensure costs or performance-related
penalties are in line with expected levels;
\u2022 volume-driven revenue and costs being within the expected ranges;
\u2022 the outcome of open claims made by or against a customer regarding contractual performance or contractual
negotiations taking place where there is expected to be a positive outcome from the Group\u2019s perspective; and
\u2022 the ability of suppliers to deliver their contractual obligations on time and on budget.
In the current year, there has been an overall net charge of new and existing onerous contract provisions (OCPs)
within UOP of \u00a38.3m (2024: \u00a35.7m). Revisions have resulted from triggering events in the current year, either through
changes in contractual positions or changes in circumstances which could not have been reasonably foreseen at the
previous balance sheet date. To mitigate the level of uncertainty in making these estimates, Management regularly
compares actual performance of the contracts against previous forecasts and considers whether there have been any
changes to significant judgements.
The future range of possible outcomes in respect of those assumptions and significant judgements made to
determine the carrying value of onerous contracts could result in either a material increase or decrease in the value of
onerous contract provisions in the next financial year. The extent to which actual results differ from estimates made at
the reporting date depends on the combined outcome and timing of a large number of variables associated with
performance across multiple contracts.
The individual provisions are discounted where the impact is assessed to be significant. When used, discount rates
are calculated based on the estimated risk-free rate of interest for the region in which the provision is located and
matched against the ageing profile of the provision.
The Group undertakes a robust assessment at each reporting date to determine whether any individual customer contracts which the Group has entered into are onerous and require a provision to be recognised in accordance with IAS 37 Provisions, Contingent Liabilities & Contingent Assets. The Group operates a large number of long-term contracts at different phases of their contract life cycle. Within the Group\u2019s portfolio, there are a small number of contracts where the balance of risks and opportunities indicates that they might be onerous if transformation initiatives or contract changes are not successful. The Group has concluded that these contracts do not require an onerous contract provision on an individual basis. Following the individual contract reviews, the Group has also undertaken a top-down assessment which assumes that, while the contracts may not be onerous on an individual basis, as a portfolio there is a risk that at least some of the transformation programmes or customer negotiations required to avoid a contract loss will not be fully successful, and it is more likely than not that one or more of these contracts will be onerous. Therefore, in considering the Group\u2019s overall onerous contract provision, the Group has made a best estimate of the provision required to take into consideration this portfolio risk. As a result, the risk of OCPs and the monitoring of individual contracts for indicators remains a critical estimate for the Group. As at 31 December 2025, the provision recognised in respect of this portfolio of contracts is \u00a38.0m (2024: \u00a36.6m). Onerous contract provisions totalling \u00a317.0m (2024: \u00a313.2m) are estimated for individual contracts, based on the specific characteristics of the contract including possible contract variations, estimates of transaction price such as variable revenues and forecast costs to fulfil those contracts. As noted above, the Group also holds a balance of \u00a38.0m in respect of the portfolio risk associated with operating a large number of long-term contracts, giving a total onerous contract provision of \u00a325.0m (see note 25; 2024: \u00a319.8m). Management has considered the nature of the estimate for onerous contract provisions and concluded that it is reasonably possible that outcomes within the next financial year may be different from Management\u2019s assumptions and could, in aggregate, require a material adjustment to the onerous contract provision. However, due to the estimation uncertainty across numerous contracts each with different characteristics, it is not practical to provide a quantitative analysis of the aggregated judgements that are applied, and Management does not believe that disclosing a potential range of outcomes on a consolidated basis would provide meaningful information to a reader of the financial statements. While the focus of the estimate is to determine whether the Group is required to record an onerous contract provision, Management also inherently assess whether any assets dedicated to the contract are required to be impaired where contracts are forecast to make sustainable losses in the future. In accordance with IAS 37, the Group will impair assets dedicated to the contract before the recognition of an onerous contract provision. Impairment of goodwill A key area of judgement is the impairment testing of goodwill. At each reporting period an assessment is performed in order to determine whether there are any indicators of impairment, which involves considering the performance of the business and any significant changes to the markets in which the Group operates. There continues to be headroom across all groups of cash generating units (GCGUs) even when reasonably possible sensitivities are applied. Determining whether goodwill requires an actual impairment involves an estimation of the expected value in use or fair value less cost of disposal of the asset (or GCGU to which the asset relates), whichever results in a higher value. The Group\u2019s GCGUs are consistent with its reportable operating segments as outlined in note 4. The value in use calculation, the method which returns the higher value for all GCGUs (see note 16), involves an estimation of future cash flows and also the selection of appropriate discount rates and terminal growth rates, all of which involve considerable judgement. The future cash flows are derived from the latest Board-approved five-year plan, with the key assumptions being revenue growth, which is sensitive to known and unknown pipeline opportunities, and is common within the industry, win rates for extensions, rebids and new business, margins on existing and new business, all of which drive short-term growth rates. The Board-approved five-year plan has an element of contingency to take into consideration potential risks within these assumptions. Discount rates and terminal growth rates are calculated with reference to the specific risks associated with the assets, based on advice provided by external experts engaged by the Directors. The calculation of discount rates is performed using a risk-free rate appropriate to the currency of the cash flows related to the GCGU being tested. This rate is then adjusted to factor in local market risks and risks specific to the Group, with cash flow risks considered within the cash flows themselves rather than the discount rate. For the purpose of impairment testing in accordance with IAS 36 Impairment of Assets, the Group estimates pre-tax discount rates based on the post-tax weighted average cost of capital, which is used for internal purposes.
There is heightened judgement in determining the future cash flows of the Asia Pacific GCGU, as the Division has
delivered lower-than-expected win rates for both new business and rebids.
Impairment losses are recognised immediately within expenses in the income statement unless, in Management\u2019s
judgement, the loss is considered to be an exceptional item being outside of the normal operations of the business and
material to the results of the Group by virtue of its size or nature and hence the Group\u2019s criteria for such items are met.
Retirement benefit obligations
Identifying whether the Group has a retirement benefit obligation as a result of contractual arrangements entered
into requires a level of judgement, largely driven by the legal position held between the Group, the customer and the
relevant pension scheme. The Group\u2019s retirement benefit obligations are covered in note 29.
The calculation of retirement benefit obligations is dependent on material key assumptions including discount rates,
mortality rates, inflation rates and future contribution rates.
In accounting for the defined benefit schemes, the Group has applied the principle that the asset recognised for the
Serco Pension and Life Assurance Scheme (SPLAS) and the shared cost section of the Railways Pension Scheme is
equal to the full surplus that will ultimately be available to the Group as a future refund.
No pension assets are directly invested in the Group\u2019s own financial instruments or property.
Pension assets held by insurance companies including the annuity policies in SPLAS are valued at the equal and
opposite of the defined benefit obligations that they insure.
The SPLAS pension scheme invests into private debt funds which do not have an observable market price and are
remeasured to fair value at each reporting date. The valuation methodology relies upon the net asset value provided
by the fund administrator at 30 September adjusted for actual cash flows in the period to 31 December. The Group
has undertaken a risk assessment to assess whether this industry standard valuation methodology remains the
Group\u2019s best estimate at 31 December and has concluded that although there is heightened estimation uncertainty,
this methodology provides the most accurate valuation and estimate for Management.
Critical accounting judgements
Deferred tax
Deferred tax assets are recognised on tax deductible temporary differences to the extent that it is probable that
taxable profit will be available against which they can be utilised. Significant management judgement is required to
determine the amount of the deferred tax asset that should be recognised, based upon the likely timing, geography
and level of future taxable profits. The vast majority of recognised deferred tax assets within the Group arise in the UK
and Australia.
A \u00a3175.7m, UK deferred tax asset is recognised on the Group\u2019s balance sheet at 31 December 2025 (2024: \u00a3177.5m).
This is recognised on the basis of a sustained return to profitability of the UK business which will enable future tax
deductions and previous tax losses within the UK to be utilised within a 14-year period.
An Australian deferred tax asset is recognised on the Group\u2019s balance sheet. Consistent with IFRS requirements, the
recoverability of this asset is assessed based on forecast taxable profits.
Following the loss of the Base Services Transformation Programme (BSTP) bid in 2025, the probability of sufficient
profits to enable tax asset utilisation has been reassessed. While the Australian business has continued to deliver
positive results from the Group\u2019s turnaround programme, including strengthened relationships with key government
stakeholders, improved operational performance and higher customer satisfaction, the full impact of the turnaround
of the Australian business still needs to be delivered.
As such, whilst there has been no further deterioration in the business and our models imply full recoverability of the
tax asset over a nine-year period, Management has exercised caution and has chosen to limit recognition of the
deferred tax asset to the length of the ordinary planning cycle of the Group which is five years.
This has led to a derecognition of \u00a317.3m of the Australian deferred tax asset. As at 31 December 2025, an Australian
deferred tax asset of \u00a327.7m (2024: \u00a350.5m) remains recognised on the Group\u2019s balance sheet. As the turnaround of
the Australian business progresses, Management will continue to reassess this judgement. At 31 December 2025,
there is \u00a317.3m of unrecognised deferred tax asset which could become available to the Group in future.
Further details on deferred taxes are disclosed in note 14.
Acquired intangibles
As part of the MT&S business acquisition, Management engaged an independent valuation specialist to assess all
potential intangible assets and benchmark against similar transactions. Based on this assessment, the only identifiable
intangible asset meeting the recognition criteria was customer relationships, representing long term contracts,
programs and associated backlog within the U.S. Federal Government defence market. The fair value of \u00a389.3m was
based on the Multi-Period Excess Earnings Method, consistent with the approach applied to similar primary
revenue-generating assets in previous acquisitions.
In determining the amortisation period, Management considered the nature of MT&S contracts, historical renewal
patterns, and the Group\u2019s accounting policy which is to amortise customer relationships over the average life of
related contracts (typically between five and fifteen years). Given that MT&S\u2019 material contracts have performance
periods of approximately 10 years, Management determined a 10-year useful life as the most appropriate estimate.
Further details on the acquisition are disclosed in note 6.
Use of Alternative Performance Measures: Underlying Operating Profit
The Group uses Underlying Operating Profit (UOP) as an alternative measure to reported operating profit by making
adjustments for the following:
IAS 1 Presentation of Financial Statements sets out disclosure requirements regarding fair representation of
information and the composition, labelling, prominence and consistency of additional line items and subtotals in
financial statements. IAS 1 paragraph 97 requires separate disclosure of the nature and amount of material items of
income or expense. The Group uses the term \u2018exceptional items\u2019 to categorise those items which require disclosure
under IAS 1 paragraph 97, but this is not a term defined by IFRS. These items are separately disclosed and explained
within note 8 to the Financial Statements. A level of judgement is involved in determining what items are classified as
exceptional items. Management considers exceptional items to be outside of normal practice of the business (i.e. the
financial impact is unusual or rare in occurrence), and are material to the results of the Group by virtue of their size or
nature, and are suitable for separate presentation and detailed explanation. There is a level of judgement required in
determining which items are exceptional on a consistent basis and require separate disclosure. Further details can be
seen in note 8.
Amortisation and impairment of intangibles arising on acquisitions are excluded, because these charges are based
on judgements about the value and economic life of assets that, in the case of items such as customer relationships,
would not be capitalised in normal operating practice.
Profit or losses on disposal of subsidiaries are excluded, because such transactions represent discrete, non-recurring
events outside the ordinary course of the Group\u2019s ongoing operating activities.
The Consolidated Income Statement on page 150 and the segmental analysis in note 4 includes a reconciliation of
reported operating profit to UOP.
Climate risk
Risks arising from climate change may have future adverse effects on the Group\u2019s business activities.
These risks include:
\u2022 major physical risks such as extreme weather events, impacting assets, operations and employee wellbeing;
\u2022 major transitional risks including policy and legal changes such as increasing reporting and contractual
requirements and increasing carbon taxes and levies;
\u2022 technology risks including costs to transition to lower emission options; and
\u2022 reputational risks such as investor and stakeholder concerns on not transitioning quickly enough to Net Zero.
As an outsourcing organisation operating across multiple sectors and geographies, the ways in which climate change
may impact the Group\u2019s and its customers\u2019 assets (where the Group delivers the majority of its services), supply chains
and operations is diverse.
In preparing the Group financial statements, Management has considered the impact of climate-related matters but
has not identified significant risks induced by climate changes that could negatively and materially affect the Group\u2019s
financial statements. In arriving at this conclusion, Management has considered the areas of the Group\u2019s financial
statements where climate-related matters could reasonably impact measurement and disclosure including key
estimates and judgements.
When undertaking the Goodwill impairment review, the Group\u2019s latest approved forecast is used to estimate the value in
use of its GCGUs. Climate assumptions are built into the contract level budgets to the extent that contractual
commitments exist. However, Management\u2019s current assessment shows that there are no such material contractual
obligations. In addition, Group-wide strategic commitments, such as those made as part of the Net Zero targets and
planning, are not material in the short term for inclusion in the Group\u2019s forecast. The forecast is underpinned by a
number of assumptions, and it represents the Group\u2019s best estimate of future business performance. Management
cannot reliably predict how climate changes will impact the forecast particularly in areas such as carbon levies and the
cost of insurance. As such, Management has presented sensitivity analysis to demonstrate the Group\u2019s ability to
withstand changes to the forecast before recording an impairment (see note 16). The forecast used in the goodwill
impairment review is also used in the assessment of deferred tax assets and the Group\u2019s ability to continue as a going
concern.
The Group also continuously reviews the property, plant and equipment under its control to identify opportunities to
reduce its carbon impact. Primarily there has been a transition to electric and hybrid vehicles, both in the company
car fleet as well as vehicles required to operate contracts. For example, electric light commercial vehicles are
beginning to replace the diesel fleet in certain geographies. The transition is currently being undertaken where assets
are identified as nearing the end of their useful economic life (UEL) and therefore there has been no revision to the
UEL related to motor vehicles.
Other areas considered include retirement benefit obligations, namely the valuation of assets, share-based payments
linked to ESG targets and those critical accounting judgements and sources of estimation uncertainty not noted above.
Management continuously assesses the impact of climate-related matters. Assumptions will likely change in the future
in response to the Group\u2019s understanding of risks and opportunities maturing, forthcoming environmental
regulations, climate change impacts, new commitments taken and increasing customer Net Zero requirements. These
changes, if not anticipated and continually assessed, could have an impact on the Group\u2019s future cash flows, financial
performance and financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "Key sources of estimation uncertainty Provisions for onerous contracts Determining the carrying value of onerous contract provisions requires assumptions and complex judgements to be made about the future performance of the Group\u2019s contracts. The level of uncertainty in the estimates made, either in determining whether a provision is required, or in the calculation of a provision booked, is linked to the complexity of the underlying contract and the form of service delivery. Due to the level of uncertainty and a combination of variables associated with those estimates, there is a significant risk that there could be a material adjustment to the carrying amounts of onerous contract provisions within the next financial reporting period. This includes the potential recognition of onerous contract provisions for contracts which Management has assessed do not require a provision as at 31 December 2025. Major sources of uncertainty which could result in a material adjustment within the next financial year are: \u2022 the ability of the Group to maintain or improve operational performance to ensure costs or performance-related penalties are in line with expected levels; \u2022 volume-driven revenue and costs being within the expected ranges; \u2022 the outcome of open claims made by or against a customer regarding contractual performance or contractual negotiations taking place where there is expected to be a positive outcome from the Group\u2019s perspective; and \u2022 the ability of suppliers to deliver their contractual obligations on time and on budget. In the current year, there has been an overall net charge of new and existing onerous contract provisions (OCPs) within UOP of \u00a38.3m (2024: \u00a35.7m). Revisions have resulted from triggering events in the current year, either through changes in contractual positions or changes in circumstances which could not have been reasonably foreseen at the previous balance sheet date. To mitigate the level of uncertainty in making these estimates, Management regularly compares actual performance of the contracts against previous forecasts and considers whether there have been any changes to significant judgements. The future range of possible outcomes in respect of those assumptions and significant judgements made to determine the carrying value of onerous contracts could result in either a material increase or decrease in the value of onerous contract provisions in the next financial year. The extent to which actual results differ from estimates made at the reporting date depends on the combined outcome and timing of a large number of variables associated with performance across multiple contracts. The individual provisions are discounted where the impact is assessed to be significant. When used, discount rates are calculated based on the estimated risk-free rate of interest for the region in which the provision is located and matched against the ageing profile of the provision. The Group undertakes a robust assessment at each reporting date to determine whether any individual customer contracts which the Group has entered into are onerous and require a provision to be recognised in accordance with IAS 37 Provisions, Contingent Liabilities & Contingent Assets. The Group operates a large number of long-term contracts at different phases of their contract life cycle. Within the Group\u2019s portfolio, there are a small number of contracts where the balance of risks and opportunities indicates that they might be onerous if transformation initiatives or contract changes are not successful. The Group has concluded that these contracts do not require an onerous contract provision on an individual basis. Following the individual contract reviews, the Group has also undertaken a top-down assessment which assumes that, while the contracts may not be onerous on an individual basis, as a portfolio there is a risk that at least some of the transformation programmes or customer negotiations required to avoid a contract loss will not be fully successful, and it is more likely than not that one or more of these contracts will be onerous. Therefore, in considering the Group\u2019s overall onerous contract provision, the Group has made a best estimate of the provision required to take into consideration this portfolio risk. As a result, the risk of OCPs and the monitoring of individual contracts for indicators remains a critical estimate for the Group. As at 31 December 2025, the provision recognised in respect of this portfolio of contracts is \u00a38.0m (2024: \u00a36.6m). Onerous contract provisions totalling \u00a317.0m (2024: \u00a313.2m) are estimated for individual contracts, based on the specific characteristics of the contract including possible contract variations, estimates of transaction price such as variable revenues and forecast costs to fulfil those contracts. As noted above, the Group also holds a balance of \u00a38.0m in respect of the portfolio risk associated with operating a large number of long-term contracts, giving a total onerous contract provision of \u00a325.0m (see note 25; 2024: \u00a319.8m). Management has considered the nature of the estimate for onerous contract provisions and concluded that it is reasonably possible that outcomes within the next financial year may be different from Management\u2019s assumptions and could, in aggregate, require a material adjustment to the onerous contract provision. However, due to the estimation uncertainty across numerous contracts each with different characteristics, it is not practical to provide a quantitative analysis of the aggregated judgements that are applied, and Management does not believe that disclosing a potential range of outcomes on a consolidated basis would provide meaningful information to a reader of the financial statements. While the focus of the estimate is to determine whether the Group is required to record an onerous contract provision, Management also inherently assess whether any assets dedicated to the contract are required to be impaired where contracts are forecast to make sustainable losses in the future. In accordance with IAS 37, the Group will impair assets dedicated to the contract before the recognition of an onerous contract provision. Impairment of goodwill A key area of judgement is the impairment testing of goodwill. At each reporting period an assessment is performed in order to determine whether there are any indicators of impairment, which involves considering the performance of the business and any significant changes to the markets in which the Group operates. There continues to be headroom across all groups of cash generating units (GCGUs) even when reasonably possible sensitivities are applied. Determining whether goodwill requires an actual impairment involves an estimation of the expected value in use or fair value less cost of disposal of the asset (or GCGU to which the asset relates), whichever results in a higher value. The Group\u2019s GCGUs are consistent with its reportable operating segments as outlined in note 4. The value in use calculation, the method which returns the higher value for all GCGUs (see note 16), involves an estimation of future cash flows and also the selection of appropriate discount rates and terminal growth rates, all of which involve considerable judgement. The future cash flows are derived from the latest Board-approved five-year plan, with the key assumptions being revenue growth, which is sensitive to known and unknown pipeline opportunities, and is common within the industry, win rates for extensions, rebids and new business, margins on existing and new business, all of which drive short-term growth rates. The Board-approved five-year plan has an element of contingency to take into consideration potential risks within these assumptions. Discount rates and terminal growth rates are calculated with reference to the specific risks associated with the assets, based on advice provided by external experts engaged by the Directors. The calculation of discount rates is performed using a risk-free rate appropriate to the currency of the cash flows related to the GCGU being tested. This rate is then adjusted to factor in local market risks and risks specific to the Group, with cash flow risks considered within the cash flows themselves rather than the discount rate. For the purpose of impairment testing in accordance with IAS 36 Impairment of Assets, the Group estimates pre-tax discount rates based on the post-tax weighted average cost of capital, which is used for internal purposes. There is heightened judgement in determining the future cash flows of the Asia Pacific GCGU, as the Division has delivered lower-than-expected win rates for both new business and rebids. Impairment losses are recognised immediately within expenses in the income statement unless, in Management\u2019s judgement, the loss is considered to be an exceptional item being outside of the normal operations of the business and material to the results of the Group by virtue of its size or nature and hence the Group\u2019s criteria for such items are met. Retirement benefit obligations Identifying whether the Group has a retirement benefit obligation as a result of contractual arrangements entered into requires a level of judgement, largely driven by the legal position held between the Group, the customer and the relevant pension scheme. The Group\u2019s retirement benefit obligations are covered in note 29. The calculation of retirement benefit obligations is dependent on material key assumptions including discount rates, mortality rates, inflation rates and future contribution rates. In accounting for the defined benefit schemes, the Group has applied the principle that the asset recognised for the Serco Pension and Life Assurance Scheme (SPLAS) and the shared cost section of the Railways Pension Scheme is equal to the full surplus that will ultimately be available to the Group as a future refund. No pension assets are directly invested in the Group\u2019s own financial instruments or property. Pension assets held by insurance companies including the annuity policies in SPLAS are valued at the equal and opposite of the defined benefit obligations that they insure. The SPLAS pension scheme invests into private debt funds which do not have an observable market price and are remeasured to fair value at each reporting date. The valuation methodology relies upon the net asset value provided by the fund administrator at 30 September adjusted for actual cash flows in the period to 31 December. The Group has undertaken a risk assessment to assess whether this industry standard valuation methodology remains the Group\u2019s best estimate at 31 December and has concluded that although there is heightened estimation uncertainty, this methodology provides the most accurate valuation and estimate for Management. Critical accounting judgements Deferred tax Deferred tax assets are recognised on tax deductible temporary differences to the extent that it is probable that taxable profit will be available against which they can be utilised. Significant management judgement is required to determine the amount of the deferred tax asset that should be recognised, based upon the likely timing, geography and level of future taxable profits. The vast majority of recognised deferred tax assets within the Group arise in the UK and Australia. A \u00a3175.7m, UK deferred tax asset is recognised on the Group\u2019s balance sheet at 31 December 2025 (2024: \u00a3177.5m). This is recognised on the basis of a sustained return to profitability of the UK business which will enable future tax deductions and previous tax losses within the UK to be utilised within a 14-year period. An Australian deferred tax asset is recognised on the Group\u2019s balance sheet. Consistent with IFRS requirements, the recoverability of this asset is assessed based on forecast taxable profits. Following the loss of the Base Services Transformation Programme (BSTP) bid in 2025, the probability of sufficient profits to enable tax asset utilisation has been reassessed. While the Australian business has continued to deliver positive results from the Group\u2019s turnaround programme, including strengthened relationships with key government stakeholders, improved operational performance and higher customer satisfaction, the full impact of the turnaround of the Australian business still needs to be delivered. As such, whilst there has been no further deterioration in the business and our models imply full recoverability of the tax asset over a nine-year period, Management has exercised caution and has chosen to limit recognition of the deferred tax asset to the length of the ordinary planning cycle of the Group which is five years. This has led to a derecognition of \u00a317.3m of the Australian deferred tax asset. As at 31 December 2025, an Australian deferred tax asset of \u00a327.7m (2024: \u00a350.5m) remains recognised on the Group\u2019s balance sheet. As the turnaround of the Australian business progresses, Management will continue to reassess this judgement. At 31 December 2025, there is \u00a317.3m of unrecognised deferred tax asset which could become available to the Group in future. Further details on deferred taxes are disclosed in note 14. Acquired intangibles As part of the MT&S business acquisition, Management engaged an independent valuation specialist to assess all potential intangible assets and benchmark against similar transactions. Based on this assessment, the only identifiable intangible asset meeting the recognition criteria was customer relationships, representing long term contracts, programs and associated backlog within the U.S. Federal Government defence market. The fair value of \u00a389.3m was based on the Multi-Period Excess Earnings Method, consistent with the approach applied to similar primary revenue-generating assets in previous acquisitions. In determining the amortisation period, Management considered the nature of MT&S contracts, historical renewal patterns, and the Group\u2019s accounting policy which is to amortise customer relationships over the average life of related contracts (typically between five and fifteen years). Given that MT&S\u2019 material contracts have performance periods of approximately 10 years, Management determined a 10-year useful life as the most appropriate estimate. Further details on the acquisition are disclosed in note 6. Use of Alternative Performance Measures: Underlying Operating Profit The Group uses Underlying Operating Profit (UOP) as an alternative measure to reported operating profit by making adjustments for the following: IAS 1 Presentation of Financial Statements sets out disclosure requirements regarding fair representation of information and the composition, labelling, prominence and consistency of additional line items and subtotals in financial statements. IAS 1 paragraph 97 requires separate disclosure of the nature and amount of material items of income or expense. The Group uses the term \u2018exceptional items\u2019 to categorise those items which require disclosure under IAS 1 paragraph 97, but this is not a term defined by IFRS. These items are separately disclosed and explained within note 8 to the Financial Statements. A level of judgement is involved in determining what items are classified as exceptional items. Management considers exceptional items to be outside of normal practice of the business (i.e. the financial impact is unusual or rare in occurrence), and are material to the results of the Group by virtue of their size or nature, and are suitable for separate presentation and detailed explanation. There is a level of judgement required in determining which items are exceptional on a consistent basis and require separate disclosure. Further details can be seen in note 8. Amortisation and impairment of intangibles arising on acquisitions are excluded, because these charges are based on judgements about the value and economic life of assets that, in the case of items such as customer relationships, would not be capitalised in normal operating practice. Profit or losses on disposal of subsidiaries are excluded, because such transactions represent discrete, non-recurring events outside the ordinary course of the Group\u2019s ongoing operating activities. The Consolidated Income Statement on page 150 and the segmental analysis in note 4 includes a reconciliation of reported operating profit to UOP. Climate risk Risks arising from climate change may have future adverse effects on the Group\u2019s business activities. These risks include: \u2022 major physical risks such as extreme weather events, impacting assets, operations and employee wellbeing; \u2022 major transitional risks including policy and legal changes such as increasing reporting and contractual requirements and increasing carbon taxes and levies; \u2022 technology risks including costs to transition to lower emission options; and \u2022 reputational risks such as investor and stakeholder concerns on not transitioning quickly enough to Net Zero. As an outsourcing organisation operating across multiple sectors and geographies, the ways in which climate change may impact the Group\u2019s and its customers\u2019 assets (where the Group delivers the majority of its services), supply chains and operations is diverse. In preparing the Group financial statements, Management has considered the impact of climate-related matters but has not identified significant risks induced by climate changes that could negatively and materially affect the Group\u2019s financial statements. In arriving at this conclusion, Management has considered the areas of the Group\u2019s financial statements where climate-related matters could reasonably impact measurement and disclosure including key estimates and judgements. When undertaking the Goodwill impairment review, the Group\u2019s latest approved forecast is used to estimate the value in use of its GCGUs. Climate assumptions are built into the contract level budgets to the extent that contractual commitments exist. However, Management\u2019s current assessment shows that there are no such material contractual obligations. In addition, Group-wide strategic commitments, such as those made as part of the Net Zero targets and planning, are not material in the short term for inclusion in the Group\u2019s forecast. The forecast is underpinned by a number of assumptions, and it represents the Group\u2019s best estimate of future business performance. Management cannot reliably predict how climate changes will impact the forecast particularly in areas such as carbon levies and the cost of insurance. As such, Management has presented sensitivity analysis to demonstrate the Group\u2019s ability to withstand changes to the forecast before recording an impairment (see note 16). The forecast used in the goodwill impairment review is also used in the assessment of deferred tax assets and the Group\u2019s ability to continue as a going concern. The Group also continuously reviews the property, plant and equipment under its control to identify opportunities to reduce its carbon impact. Primarily there has been a transition to electric and hybrid vehicles, both in the company car fleet as well as vehicles required to operate contracts. For example, electric light commercial vehicles are beginning to replace the diesel fleet in certain geographies. The transition is currently being undertaken where assets are identified as nearing the end of their useful economic life (UEL) and therefore there has been no revision to the UEL related to motor vehicles. Other areas considered include retirement benefit obligations, namely the valuation of assets, share-based payments linked to ESG targets and those critical accounting judgements and sources of estimation uncertainty not noted above. Management continuously assesses the impact of climate-related matters. Assumptions will likely change in the future in response to the Group\u2019s understanding of risks and opportunities maturing, forthcoming environmental regulations, climate change impacts, new commitments taken and increasing customer Net Zero requirements. These changes, if not anticipated and continually assessed, could have an impact on the Group\u2019s future cash flows, financial performance and financial position.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
4. Segmental information
Segmental revenue is analysed on an external basis. Inter-segment revenue is not presented as it is not significant in
the context of revenue as a whole. Net finance costs are not presented for each reportable operating segment as they
are reviewed on a consolidated basis by the Group\u2019s Chief Operating Decision Maker (CODM).
Specific corporate expenses are allocated to the corresponding segments. Segment assets comprise goodwill, other
intangible assets, property, plant and equipment including right of use assets, inventories, trade and other
receivables (excluding corporation tax recoverable) and any retirement benefit asset. Segment liabilities comprise
trade and other payables, lease liabilities, provisions and retirement benefit obligations.
The accounting policies of the reportable operating segments are the same as the Group\u2019s accounting policies
described in note 2.
The Group\u2019s operating segments reflecting the information reported to the Board in 2025 under IFRS 8 Operating
Segments are as set out below:
Reportable operating segments
Sectors
UK & Europe
Services for sectors including Citizen Services, Defence, Health & Other Facilities
Management, Justice & Immigration and Transport delivered to UK Government, UK
devolved authorities and other public sector customers in the UK & Europe
North America
Services for sectors including Citizen Services, Defence and Transport delivered to US
federal and civilian agencies, selected state and municipal governments and the
Canadian Government
Asia Pacific
Services for sectors including Citizen Services, Defence, Health & Other Facilities
Management, Justice & Immigration and Transport in the Asia Pacific region including
Australia, New Zealand and Hong Kong
Middle East
Services for sectors including Citizen Services, Defence, Health & Other Facilities
Management and Transport in the Middle East region
Corporate
Central and head office costs
Each reportable operating segment is focused on a narrow group of customers in a specific geographic region and is run by a local Management team which reports directly to the CODM on a regular basis. As a result of this focus, the sectors in each region have similar economic characteristics and are aggregated at the reportable operating segment level in these financial statements. Information about major customers The Group has three major governmental customers which each represent more than 5% of Group revenues in the current year. The customers\u2019 revenues were \u00a31,698.0m (2024: \u00a31,709.0m) for the UK Government within the UK & Europe segment; \u00a31,269.1m (2024: \u00a31,129.6m) for the US Government within the North America segment; and \u00a3571.4m (2024: \u00a3709.4m) for the Australian Government within the Asia Pacific segment. These customers do not act in a unified way in making purchase decisions, and in general, the Group engages directly with the various departments of these customers in respect of the services it provides. The following is an analysis of the Group\u2019s revenue, results, assets and liabilities by reportable operating segment:
UK&E
North America
Asia Pacific
Middle East
Corporate
Total
Year ended 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
2,582.1
1,463.2
654.6
176.9
\u2014
4,876.8
Result
Underlying operating profit/(loss)
148.9
143.5
24.0
12.6
(57.4)
271.6
Amortisation and impairment of intangibles
(10.2)
(19.8)
\u2014
\u2014
\u2014
(30.0)
arising on acquisition
Profit on disposal of subsidiary
\u2014
\u2014
4.7
\u2014
\u2014
4.7
Operating profit/(loss)
138.7
123.7
28.7
12.6
(57.4)
246.3
Net finance cost
(44.8)
Profit before tax
201.5
Tax charge
(55.9)
Tax on exceptional items
\u2014
Profit for the year
145.6
Supplementary information
Staff costs
1,167.6
618.8
450.6
38.9
35.6
2,311.5
Share of profits in joint ventures and
associates, net of interest and tax
26.7
\u2014
\u2014
2.1
\u2014
28.8
Total depreciation and impairment of plant,
property and equipment and right of use
(154.5)
(22.5)
(7.5)
(1.1)
(0.3)
(185.9)
assets
Amortisation and impairment of intangible
assets
(6.7)
(0.9)
(1.1)
(0.1)
\u2014
(8.8)
UK&E
North America
Asia Pacific
Middle East
Corporate
Total
Year ended 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
2,445.9
1,326.1
799.4
215.9
\u2014
4,787.3
Result
Underlying operating profit/(loss)
147.9
136.1
24.6
16.0
(51.1)
273.5
Amortisation and impairment of intangibles
arising on acquisition (excluding exceptional
items)
(13.4)
(15.5)
\u2014
\u2014
\u2014
(28.9)
Exceptional item \u2014 Goodwill impairment
\u2014
\u2014
(114.5)
\u2014
\u2014
(114.5)
Operating profit/(loss)
134.5
120.6
(89.9)
16.0
(51.1)
130.1
Net finance cost
(33.1)
Profit before tax
97.0
Tax charge
(52.5)
Profit for the year
44.5
Supplementary information
Staff costs
1,061.2
576.7
540.9
57.0
27.5
2,263.3
Share of profits in joint ventures and
associates, net of interest and tax
22.8
\u2014
\u2014
\u2014
\u2014
22.8
Total depreciation and impairment of plant,
property and equipment and right of use
assets
(129.4)
(19.3)
(8.8)
(1.7)
0.7
(158.5)
Amortisation and impairment of intangible
assets
(5.7)
(1.1)
(1.4)
(0.2)
\u2014
(8.4)
UK&E
North America
Asia Pacific
Middle East
Corporate
Total
As at 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segment assets
Interests in joint ventures and associates
28.9
\u2014
\u2014
5.2
\u2014
34.1
Other segment assets
1
1,061.4
1,069.2
93.5
59.5
45.8
2,329.4
Total segment assets
1,090.3
1,069.2
93.5
64.7
45.8
2,363.5
Unallocated assets
2
432.5
Consolidated total assets
2,796.0
Segment liabilities
Segment liabilities
(948.1)
(190.9)
(178.6)
(48.4)
(87.3)
(1,453.3)
Unallocated liabilities
2
(469.1)
Consolidated total liabilities
(1,922.4)
Supplementary information
Additions to non-current assets
3
147.9
254.5
6.1
2.6
0.1
411.2
Segment non-current assets
784.1
854.4
27.3
24.1
10.5
1,700.4
Unallocated non-current assets
208.8
1. The Corporate segment assets and liabilities include balance sheet items which provide benefit to the wider Group, including defined benefit pension schemes.
2. Unallocated assets and liabilities include deferred tax, cash and cash equivalents, derivative financial instruments and loans.
3. Additions to non-current assets reflects additions and amounts arising on acquisition for goodwill, other intangible assets, property plant and equipment and
right of use assets.
UK&E
North America
Asia Pacific
Middle East
Corporate
Total
As at 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segment assets
Interests in joint ventures and associates
4
24.7
\u2014
\u2014
0.4
\u2014
25.1
Other segment assets
1
1,052.2
886.7
136.1
68.6
52.7
2,196.3
Total segment assets
1,076.9
886.7
136.1
69.0
52.7
2,221.4
Unallocated assets
2
438.9
Consolidated total assets
2,660.3
Segment liabilities
Segment liabilities
(921.9)
(169.6)
(213.6)
(61.6)
(79.4)
(1,446.1)
Unallocated liabilities
2
(371.7)
Consolidated total liabilities
(1,817.8)
Supplementary information
Additions to non-current assets
3
280.6
22.5
9.3
11.4
0.2
324.0
Segment non-current assets
5
824.2
686.5
32.4
22.8
\u2014
1,565.9
Unallocated non-current assets
230.2
1. The Corporate segment assets and liabilities include balance sheet items which provide benefit to the wider Group, including defined benefit pension
schemes and corporate intangible assets.
2. Unallocated assets and liabilities include deferred tax, cash and cash equivalents, derivative financial instruments and loans.
3. Additions to non-current assets reflects additions and amounts arising on acquisition for goodwill, other intangible assets, property plant and equipment and
right of use assets.
4. An adjustment has been made to the interest in joint ventures and associates within the UK&E segment as at 31 December 2024. The amount previously
disclosed in this note of \u00a327.7m did not reflect the amount correctly recorded in the Balance Sheet of \u00a324.7m.
5. An adjustment has been made to the segment non-current assets as at 31 December 2024. The amount previously disclosed in this note of \u00a3826.8m on the
UK&E segment and \u00a31,568.5m on the total segment did not reflect the amount correctly recorded to ensure the total was equal to the Balance Sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "
Information about major customers
The Group has three major governmental customers which each represent more than 5% of Group revenues in the
current year. The customers\u2019 revenues were \u00a31,698.0m (2024: \u00a31,709.0m) for the UK Government within the UK &
Europe segment; \u00a31,269.1m (2024: \u00a31,129.6m) for the US Government within the North America segment; and
\u00a3571.4m (2024: \u00a3709.4m) for the Australian Government within the Asia Pacific segment. These customers do not act
in a unified way in making purchase decisions, and in general, the Group engages directly with the various
departments of these customers in respect of the services it provides.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "
5. Joint ventures and associates
5(a) \u2013 Interest in joint ventures and associates
2025 2024
Name of entity
\u00a3m
\u00a3m
Merseyrail Services Holding Company Limited (Merseyrail) - 50% ownership interest
1
13.2
9.7
VIVO Defence Services Limited (VIVO) - 50% ownership interest
2
15.7
14.9
Other joint ventures and associates
3
5.2
0.5
34.1
25.1
1. Merseyrail is incorporated in England and Wales. Merseyrail has a different reporting period to the Group and the share of results included reflects the 52
weeks ending 3rd January 2026 (2024: 52 weeks ending 4 January 2025).
2. VIVO is incorporated in England and Wales. Although the equity ownership is 50%, the share of profits from contracts operated by VIVO is either 25% or 50%.
Therefore the Group portion of material joint ventures will not represent exactly 50% of their income and net assets.
3. See note 52 (List of subsidiaries and related undertakings), which includes all joint ventures and associates.
5(b) \u2013 Movement in year
2025
2024
\u00a3m
\u00a3m
Investments in joint ventures and associates - At 1 January
25.1
32.1
Addition
1
2.4
0.2
Share of profit from continuing operations
Merseyrail
11.5
10.9
Vivo
15.0
11.9
Other joint ventures and associates
2.3
\u2014
Total share of profit from continuing operations
28.8
22.8
Share of other comprehensive income
Merseyrail
0.7
0.7
Total share of other comprehensive income
0.7
0.7
Dividends
Merseyrail
(8.5)
(14.1)
Vivo
(14.2)
(16.7)
Other joint ventures and associates
(0.2)
\u2014
Total dividends
(22.9)
(30.8)
Foreign Exchange
\u2014
0.1
Investments in joint ventures and associates - At 31 December
34.1
25.1
1. On 1 August 2025, Serco Holdings Limited, a subsidiary of Serco Group plc, entered into an agreement to reduce its shareholding in Khadamat Facilities
Management LLC ('Khadamat') from 49% to 45%. The results of Khadamat as a joint operation from 1 January 2025 to 31 July 2025 and the comparable period
were consolidated on a proportional basis. Following the change in ownership, Khadamat is no longer proportionally consolidated and will be subject to the
equity method of accounting. The material impact to the Group\u2019s financial statements as a result of this transaction is to remove revenue from the Group\u2019s results,
which is estimated to be \u00a360m per year. The impact to net profit and net assets is not material to the Group. See note 8 for details of the net assets disposed.
5(c) \u2013 Summarised financial information for material joint ventures and associates
The tables below provide summarised financial information for those joint ventures that are material to the Group.
The information disclosed reflects the amounts presented in the financial statements of the relevant joint ventures
adjusted for the Group\u2019s accounting policies, and not the Group\u2019s share of those amounts.
VIVO
Merseyrail
VIVO
Merseyrail
2025
2025
2024
2024
Summarised balance sheet (100%)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
8.2
40.8
13.0
53.9
Current assets
Cash and cash equivalents
61.3
57.0
46.9
52.4
Other current assets
152.9
40.7
166.0
28.2
Total current assets
214.2
97.7
212.9
80.6
Current liabilities
Current financial liabilities (excluding trade payables
and provisions)
(8.5)
(28.0)
(14.3)
(25.4)
Other current liabilities
(173.1)
(61.2)
(159.5)
(53.6)
Total current liabilities
(181.6)
(89.2)
(173.8)
(79.0)
Non-current financial liabilities (excluding trade payables
and provisions)
(8.4)
(22.6)
(16.3)
(36.0)
Other non-current liabilities
\u2014
(0.2)
(0.1)
(0.2)
Total non-current liabilities
(8.4)
(22.8)
(16.4)
(36.2)
Net assets
32.4
26.5
35.7
19.3
Carrying amount of investment
15.7
13.2
14.9
9.7
VIVO
Merseyrail
VIVO
Merseyrail
2025
2025
2024
2024
Summarised income statement (100%)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
822.8
227.9
917.8
215.0
Operating profit
41.7
31.7
47.0
29.6
Net finance income/(cost)
1.5
(0.7)
0.5
(0.9)
Tax charge
(10.8)
(8.0)
(11.8)
(6.9)
Profit from operations
32.4
23.0
35.7
21.8
Other comprehensive income
0.0
1.4
0.0
1.4
Total comprehensive income
32.4
24.4
35.7
23.2
5(d) \u2013 Summarised Group proportion of joint ventures and associates Whilst the revenues and individual line items are not consolidated in the Group Consolidated Income Statement, summary financial performance measures for the Group\u2019s proportion of the aggregate of all joint ventures and associates are set out below for information purposes.
VIVO
Merseyrail
Others
Total
VIVO
Merseyrail
Others
Total
2025
2025
2025
2025
2024
2024
2024
2024
Summarised income statement (Group proportion)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
370.6
114.0
30.1
514.7
395.1
107.5
1.9
504.5
Operating profit
19.2
15.8
2.5
37.5
15.8
14.8
\u2014
30.6
Net finance income/(cost)
0.8
(0.3)
\u2014
0.5
0.3
(0.4)
\u2014
(0.1)
Tax charge
(5.0)
(4.0)
(0.2)
(9.2)
(4.2)
(3.5)
\u2014
(7.7)
Profit from operations
15.0
11.5
2.3
28.8
11.9
10.9
\u2014
22.8
Other comprehensive income
\u2014
0.7
\u2014
0.7
\u2014
0.7
\u2014
0.7
Total comprehensive income
15.0
12.2
2.3
29.5
11.9
11.6
\u2014
23.5
6. Acquisitions In May, we acquired MT&S from Northrop Grumman, for an enterprise value of \u00a3242m. MT&S generates annual revenues of approximately US$300m, increasing the annual revenue of our North America Division to US$2bn. This strategic acquisition significantly enhances Serco\u2019s defence and space capabilities, adding advanced mission training services and satellite ground network software to our portfolio. It also deepens our engagement with the US Department of War, supporting programmes across the US Army, Space Force, Air Force, Navy and Combatant Commands, with a team of around 900 skilled professionals. The acquisition supports Serco\u2019s growth ambitions within the international space sector, reinforcing our efforts to expand our global footprint in regions such as the UK, Australia, and the Middle East. The operating results, assets and liabilities have been recognised effective 24 May 2025 and contributed \u00a3118.4m of revenue and \u00a39.2m of operating profit including an appropriate allocation of charges for shared support services and fully allocated overheads, to the Group\u2019s result during the year. During the year, \u00a32.5m of contingent consideration was paid as part of the acquisition of Climatize following 2024 targets being met in full. As at 31 December 2025 \u00a32.7m of contingent consideration remains for 2025 targets and \u00a34.4m for 2026 targets which are still expected to be met. The total impact of acquisitions to the Group\u2019s cash flow position in the year was as follows:
2025
\u00a3m
MT&S \u2013 Enterprise value
1
241.6
MT&S \u2013 Provisional working capital and completion account finalisation 3.7
MT&S \u2013 Acquisition date fair value of consideration transferred 245.3
Climatize \u2013 Contingent consideration on acquisition 2.5
Acquisition of business, net of cash acquired 247.8
1. Enterprise value reflects the consideration prior to working capital and fair value adjustments on the acquisition date. In local currency the enterprise value was US$327.0m and the consideration paid was US$332.1m.
The provisional fair value of assets and liabilities acquired during the year are summarised below:
MT&S
\u00a3m
Other intangible assets
1
89.3
Property, plant and equipment 2.2
Right of use assets
2
6.4
Deferred tax asset 0.3
Contract assets, trade and other receivables
3
20.4
Contract liabilities, trade and other payables (6.5)
Provisions (1.2)
Lease obligations
2
(6.4)
Net assets acquired
4
104.5
Goodwill
5
140.8
Acquisition date fair value of consideration transferred 245.3
1. Other intangible assets is the fair value of customer relationships acquired using our best estimate of forecast cash flows discounted to present value. This is
based on the Multi-Period Excess Earnings Method reflecting the contracts/programs in the US defence market and was benchmarked against similar
transactions. Management determined the useful life to be 10 years aligning with the average duration of contracts acquired.
2. The Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right of use assets
were measured at an amount equal to the lease liabilities and adjusted to reflect the favourable/unfavourable terms of the lease relative to market terms.
3. The fair value of acquired contract assets, trade and other receivables was \u00a320.4m. The gross contractual amount was \u00a321.2m, with a loss allowance of \u00a30.8m
recognised on acquisition.
4. The fair value of the net assets acquired are prepared in accordance with IFRS 3.
5. The goodwill for MT&S is attributable to the workforce, expanding capabilities of the Group in the defence sector and the cost synergies expected to arise as a
result of the acquisition. Goodwill has been allocated to the North America GCGU. All \u00a3140.8m of the goodwill balance is expected to be deductible for tax
purposes equally over a 15-year period.
The total costs associated with the MT&S acquisition in the year were \u00a36.4m (2024: \u00a31.2m) and have been recognised
in administrative expenses.
Based on estimates made of the half-year impact of the acquisition of MT&S, had this taken place on 1 January 2025,
Group revenue and underlying operating profit for the year would have increased by approximately \u00a383.7m and
\u00a311.7m respectively, taking total Group revenue to \u00a34,960.5m and total Group underlying operating profit to \u00a3283.3m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-531": { "value": "5. Joint ventures and associates 5(a) \u2013 Interest in joint ventures and associates
2025 2024
Name of entity
\u00a3m
\u00a3m
Merseyrail Services Holding Company Limited (Merseyrail) - 50% ownership interest
1
13.2
9.7
VIVO Defence Services Limited (VIVO) - 50% ownership interest
2
15.7
14.9
Other joint ventures and associates
3
5.2
0.5
34.1
25.1
1. Merseyrail is incorporated in England and Wales. Merseyrail has a different reporting period to the Group and the share of results included reflects the 52 weeks ending 3rd January 2026 (2024: 52 weeks ending 4 January 2025). 2. VIVO is incorporated in England and Wales. Although the equity ownership is 50%, the share of profits from contracts operated by VIVO is either 25% or 50%. Therefore the Group portion of material joint ventures will not represent exactly 50% of their income and net assets. 3. See note 52 (List of subsidiaries and related undertakings), which includes all joint ventures and associates. 5(b) \u2013 Movement in year
2025
2024
\u00a3m
\u00a3m
Investments in joint ventures and associates - At 1 January
25.1
32.1
Addition
1
2.4
0.2
Share of profit from continuing operations
Merseyrail
11.5
10.9
Vivo
15.0
11.9
Other joint ventures and associates
2.3
\u2014
Total share of profit from continuing operations
28.8
22.8
Share of other comprehensive income
Merseyrail
0.7
0.7
Total share of other comprehensive income
0.7
0.7
Dividends
Merseyrail
(8.5)
(14.1)
Vivo
(14.2)
(16.7)
Other joint ventures and associates
(0.2)
\u2014
Total dividends
(22.9)
(30.8)
Foreign Exchange
\u2014
0.1
Investments in joint ventures and associates - At 31 December
34.1
25.1
1. On 1 August 2025, Serco Holdings Limited, a subsidiary of Serco Group plc, entered into an agreement to reduce its shareholding in Khadamat Facilities Management LLC ('Khadamat') from 49% to 45%. The results of Khadamat as a joint operation from 1 January 2025 to 31 July 2025 and the comparable period were consolidated on a proportional basis. Following the change in ownership, Khadamat is no longer proportionally consolidated and will be subject to the equity method of accounting. The material impact to the Group\u2019s financial statements as a result of this transaction is to remove revenue from the Group\u2019s results, which is estimated to be \u00a360m per year. The impact to net profit and net assets is not material to the Group. See note 8 for details of the net assets disposed. 5(c) \u2013 Summarised financial information for material joint ventures and associates The tables below provide summarised financial information for those joint ventures that are material to the Group. The information disclosed reflects the amounts presented in the financial statements of the relevant joint ventures adjusted for the Group\u2019s accounting policies, and not the Group\u2019s share of those amounts.
VIVO
Merseyrail
VIVO
Merseyrail
2025
2025
2024
2024
Summarised balance sheet (100%)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
8.2
40.8
13.0
53.9
Current assets
Cash and cash equivalents
61.3
57.0
46.9
52.4
Other current assets
152.9
40.7
166.0
28.2
Total current assets
214.2
97.7
212.9
80.6
Current liabilities
Current financial liabilities (excluding trade payables
and provisions)
(8.5)
(28.0)
(14.3)
(25.4)
Other current liabilities
(173.1)
(61.2)
(159.5)
(53.6)
Total current liabilities
(181.6)
(89.2)
(173.8)
(79.0)
Non-current financial liabilities (excluding trade payables
and provisions)
(8.4)
(22.6)
(16.3)
(36.0)
Other non-current liabilities
\u2014
(0.2)
(0.1)
(0.2)
Total non-current liabilities
(8.4)
(22.8)
(16.4)
(36.2)
Net assets
32.4
26.5
35.7
19.3
Carrying amount of investment
15.7
13.2
14.9
9.7
VIVO
Merseyrail
VIVO
Merseyrail
2025
2025
2024
2024
Summarised income statement (100%)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
822.8
227.9
917.8
215.0
Operating profit
41.7
31.7
47.0
29.6
Net finance income/(cost)
1.5
(0.7)
0.5
(0.9)
Tax charge
(10.8)
(8.0)
(11.8)
(6.9)
Profit from operations
32.4
23.0
35.7
21.8
Other comprehensive income
0.0
1.4
0.0
1.4
Total comprehensive income
32.4
24.4
35.7
23.2
5(d) \u2013 Summarised Group proportion of joint ventures and associates
Whilst the revenues and individual line items are not consolidated in the Group Consolidated Income Statement,
summary financial performance measures for the Group\u2019s proportion of the aggregate of all joint ventures and
associates are set out below for information purposes.
VIVO
Merseyrail
Others
Total
VIVO
Merseyrail
Others
Total
2025
2025
2025
2025
2024
2024
2024
2024
Summarised income statement (Group proportion)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
370.6
114.0
30.1
514.7
395.1
107.5
1.9
504.5
Operating profit
19.2
15.8
2.5
37.5
15.8
14.8
\u2014
30.6
Net finance income/(cost)
0.8
(0.3)
\u2014
0.5
0.3
(0.4)
\u2014
(0.1)
Tax charge
(5.0)
(4.0)
(0.2)
(9.2)
(4.2)
(3.5)
\u2014
(7.7)
Profit from operations
15.0
11.5
2.3
28.8
11.9
10.9
\u2014
22.8
Other comprehensive income
\u2014
0.7
\u2014
0.7
\u2014
0.7
\u2014
0.7
Total comprehensive income
15.0
12.2
2.3
29.5
11.9
11.6
\u2014
23.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "5. Joint ventures and associates 5(a) \u2013 Interest in joint ventures and associates
2025 2024
Name of entity
\u00a3m
\u00a3m
Merseyrail Services Holding Company Limited (Merseyrail) - 50% ownership interest
1
13.2
9.7
VIVO Defence Services Limited (VIVO) - 50% ownership interest
2
15.7
14.9
Other joint ventures and associates
3
5.2
0.5
34.1
25.1
1. Merseyrail is incorporated in England and Wales. Merseyrail has a different reporting period to the Group and the share of results included reflects the 52 weeks ending 3rd January 2026 (2024: 52 weeks ending 4 January 2025). 2. VIVO is incorporated in England and Wales. Although the equity ownership is 50%, the share of profits from contracts operated by VIVO is either 25% or 50%. Therefore the Group portion of material joint ventures will not represent exactly 50% of their income and net assets. 3. See note 52 (List of subsidiaries and related undertakings), which includes all joint ventures and associates. 5(b) \u2013 Movement in year
2025
2024
\u00a3m
\u00a3m
Investments in joint ventures and associates - At 1 January
25.1
32.1
Addition
1
2.4
0.2
Share of profit from continuing operations
Merseyrail
11.5
10.9
Vivo
15.0
11.9
Other joint ventures and associates
2.3
\u2014
Total share of profit from continuing operations
28.8
22.8
Share of other comprehensive income
Merseyrail
0.7
0.7
Total share of other comprehensive income
0.7
0.7
Dividends
Merseyrail
(8.5)
(14.1)
Vivo
(14.2)
(16.7)
Other joint ventures and associates
(0.2)
\u2014
Total dividends
(22.9)
(30.8)
Foreign Exchange
\u2014
0.1
Investments in joint ventures and associates - At 31 December
34.1
25.1
1. On 1 August 2025, Serco Holdings Limited, a subsidiary of Serco Group plc, entered into an agreement to reduce its shareholding in Khadamat Facilities Management LLC ('Khadamat') from 49% to 45%. The results of Khadamat as a joint operation from 1 January 2025 to 31 July 2025 and the comparable period were consolidated on a proportional basis. Following the change in ownership, Khadamat is no longer proportionally consolidated and will be subject to the equity method of accounting. The material impact to the Group\u2019s financial statements as a result of this transaction is to remove revenue from the Group\u2019s results, which is estimated to be \u00a360m per year. The impact to net profit and net assets is not material to the Group. See note 8 for details of the net assets disposed. 5(c) \u2013 Summarised financial information for material joint ventures and associates The tables below provide summarised financial information for those joint ventures that are material to the Group. The information disclosed reflects the amounts presented in the financial statements of the relevant joint ventures adjusted for the Group\u2019s accounting policies, and not the Group\u2019s share of those amounts.
VIVO
Merseyrail
VIVO
Merseyrail
2025
2025
2024
2024
Summarised balance sheet (100%)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current assets
8.2
40.8
13.0
53.9
Current assets
Cash and cash equivalents
61.3
57.0
46.9
52.4
Other current assets
152.9
40.7
166.0
28.2
Total current assets
214.2
97.7
212.9
80.6
Current liabilities
Current financial liabilities (excluding trade payables
and provisions)
(8.5)
(28.0)
(14.3)
(25.4)
Other current liabilities
(173.1)
(61.2)
(159.5)
(53.6)
Total current liabilities
(181.6)
(89.2)
(173.8)
(79.0)
Non-current financial liabilities (excluding trade payables
and provisions)
(8.4)
(22.6)
(16.3)
(36.0)
Other non-current liabilities
\u2014
(0.2)
(0.1)
(0.2)
Total non-current liabilities
(8.4)
(22.8)
(16.4)
(36.2)
Net assets
32.4
26.5
35.7
19.3
Carrying amount of investment
15.7
13.2
14.9
9.7
VIVO
Merseyrail
VIVO
Merseyrail
2025
2025
2024
2024
Summarised income statement (100%)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
822.8
227.9
917.8
215.0
Operating profit
41.7
31.7
47.0
29.6
Net finance income/(cost)
1.5
(0.7)
0.5
(0.9)
Tax charge
(10.8)
(8.0)
(11.8)
(6.9)
Profit from operations
32.4
23.0
35.7
21.8
Other comprehensive income
0.0
1.4
0.0
1.4
Total comprehensive income
32.4
24.4
35.7
23.2
5(d) \u2013 Summarised Group proportion of joint ventures and associates Whilst the revenues and individual line items are not consolidated in the Group Consolidated Income Statement, summary financial performance measures for the Group\u2019s proportion of the aggregate of all joint ventures and associates are set out below for information purposes.
VIVO
Merseyrail
Others
Total
VIVO
Merseyrail
Others
Total
2025
2025
2025
2025
2024
2024
2024
2024
Summarised income statement (Group proportion)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
370.6
114.0
30.1
514.7
395.1
107.5
1.9
504.5
Operating profit
19.2
15.8
2.5
37.5
15.8
14.8
\u2014
30.6
Net finance income/(cost)
0.8
(0.3)
\u2014
0.5
0.3
(0.4)
\u2014
(0.1)
Tax charge
(5.0)
(4.0)
(0.2)
(9.2)
(4.2)
(3.5)
\u2014
(7.7)
Profit from operations
15.0
11.5
2.3
28.8
11.9
10.9
\u2014
22.8
Other comprehensive income
\u2014
0.7
\u2014
0.7
\u2014
0.7
\u2014
0.7
Total comprehensive income
15.0
12.2
2.3
29.5
11.9
11.6
\u2014
23.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "
6. Acquisitions
In May, we acquired MT&S from Northrop Grumman, for an enterprise value of \u00a3242m. MT&S generates annual revenues
of approximately US$300m, increasing the annual revenue of our North America Division to US$2bn. This strategic
acquisition significantly enhances Serco\u2019s defence and space capabilities, adding advanced mission training services and
satellite ground network software to our portfolio. It also deepens our engagement with the US Department of War,
supporting programmes across the US Army, Space Force, Air Force, Navy and Combatant Commands, with a team of
around 900 skilled professionals. The acquisition supports Serco\u2019s growth ambitions within the international space sector,
reinforcing our efforts to expand our global footprint in regions such as the UK, Australia, and the Middle East.
The operating results, assets and liabilities have been recognised effective 24 May 2025 and contributed \u00a3118.4m of
revenue and \u00a39.2m of operating profit including an appropriate allocation of charges for shared support services and
fully allocated overheads, to the Group\u2019s result during the year.
During the year, \u00a32.5m of contingent consideration was paid as part of the acquisition of Climatize following 2024
targets being met in full. As at 31 December 2025 \u00a32.7m of contingent consideration remains for 2025 targets and
\u00a34.4m for 2026 targets which are still expected to be met.
The total impact of acquisitions to the Group\u2019s cash flow position in the year was as follows:
2025
\u00a3m
MT&S \u2013 Enterprise value
1
241.6
MT&S \u2013 Provisional working capital and completion account finalisation 3.7
MT&S \u2013 Acquisition date fair value of consideration transferred 245.3
Climatize \u2013 Contingent consideration on acquisition 2.5
Acquisition of business, net of cash acquired 247.8
1. Enterprise value reflects the consideration prior to working capital and fair value adjustments on the acquisition date. In local currency the enterprise value was
US$327.0m and the consideration paid was US$332.1m.
The provisional fair value of assets and liabilities acquired during the year are summarised below:
MT&S
\u00a3m
Other intangible assets
1
89.3
Property, plant and equipment 2.2
Right of use assets
2
6.4
Deferred tax asset 0.3
Contract assets, trade and other receivables
3
20.4
Contract liabilities, trade and other payables (6.5)
Provisions (1.2)
Lease obligations
2
(6.4)
Net assets acquired
4
104.5
Goodwill
5
140.8
Acquisition date fair value of consideration transferred 245.3
1. Other intangible assets is the fair value of customer relationships acquired using our best estimate of forecast cash flows discounted to present value. This is based on the Multi-Period Excess Earnings Method reflecting the contracts/programs in the US defence market and was benchmarked against similar transactions. Management determined the useful life to be 10 years aligning with the average duration of contracts acquired. 2. The Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right of use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the favourable/unfavourable terms of the lease relative to market terms. 3. The fair value of acquired contract assets, trade and other receivables was \u00a320.4m. The gross contractual amount was \u00a321.2m, with a loss allowance of \u00a30.8m recognised on acquisition. 4. The fair value of the net assets acquired are prepared in accordance with IFRS 3. 5. The goodwill for MT&S is attributable to the workforce, expanding capabilities of the Group in the defence sector and the cost synergies expected to arise as a result of the acquisition. Goodwill has been allocated to the North America GCGU. All \u00a3140.8m of the goodwill balance is expected to be deductible for tax purposes equally over a 15-year period. The total costs associated with the MT&S acquisition in the year were \u00a36.4m (2024: \u00a31.2m) and have been recognised in administrative expenses. Based on estimates made of the half-year impact of the acquisition of MT&S, had this taken place on 1 January 2025, Group revenue and underlying operating profit for the year would have increased by approximately \u00a383.7m and \u00a311.7m respectively, taking total Group revenue to \u00a34,960.5m and total Group underlying operating profit to \u00a3283.3m.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "
7. Revenue from contracts with customers
Revenue
Information regarding the Group\u2019s major customers and a segmental analysis of revenue is provided in note 4.
An analysis of the Group\u2019s revenue from its key market sectors, together with the timing of revenue recognition across
the Group\u2019s revenue from contracts with customers, is as follows:
UK&E
North America
Asia Pacific
Middle East
Total
Year ended 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Key sectors
Defence
426.9
1,084.4
183.0
31.9
1,726.2
Justice & Immigration
1,400.1
\u2014
189.1
\u2014
1,589.2
Transport
124.3
67.5
20.0
67.2
279.0
Health & Other Facilities Management
229.3
\u2014
149.7
54.6
433.6
Citizen Services
401.5
311.3
112.8
23.2
848.8
2,582.1
1,463.2
654.6
176.9
4,876.8
Timing of revenue recognition
Revenue recognised from performance obligations
satisfied in previous periods
5.6
\u2014
0.3
\u2014
5.9
Revenue recognised at a point in time
19.2
\u2014
0.1
\u2014
19.3
Products and services transferred over time
2,557.3
1,463.2
654.2
176.9
4,851.6
2,582.1
1,463.2
654.6
176.9
4,876.8
UK&E
North America
Asia Pacific
Middle East
Total
Year ended 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Key sectors
Defence
358.2
932.5
181.4
26.3
1,498.4
Justice & Immigration
1,409.2
\u2014
323.1
\u2014
1,732.3
Transport
130.7
85.3
16.6
82.4
315.0
Health & Other Facilities Management
217.1
\u2014
160.2
83.7
461.0
Citizen Services
330.7
308.3
118.1
23.5
780.6
2,445.9
1,326.1
799.4
215.9
4,787.3
Timing of revenue recognition
Revenue recognised from performance obligations
satisfied in previous periods
4.8
\u2014
\u2014
\u2014
4.8
Revenue recognised at a point in time
48.0
\u2014
12.3
\u2014
60.3
Products and services transferred over time
2,393.1
1,326.1
787.1
215.9
4,722.2
2,445.9
1,326.1
799.4
215.9
4,787.3
Transaction price allocated to remaining performance obligations
The following table shows the transaction price allocated to remaining performance obligations. This represents
revenue expected to be recognised in subsequent periods arising on existing contractual arrangements. In assessing
the future transaction price, the judgements of most relevance are the future term over which the transaction price is
calculated and the estimation of variable revenue to be included.
Where a contract with a customer includes within the term of the committed contract provisions for price-rebasing or
a provision for market testing, revenue beyond these is included to the extent that there are no indicators which
suggest that the contract will not continue past this point, and it is highly probable that a significant reduction will not
occur. Where there is a requirement for the Group, or a customer, to enter into a new contract, rather than continuing
an existing contract, such an extension is not included for the purposes of calculating future transaction price.
Additionally, the Group has a small subset of contracts that contain a termination for convenience clause, for
example, due to national security considerations, which are assumed by the Group not to be without cause. These
contracts are considered to run for the full intended term for the purpose of calculating the transaction price
allocated to remaining performance obligations, other than instances where the Group believes that termination will
occur before the original contract end date. Under the terms of certain contracts which the Group has with its
customers, the Group\u2019s compensation for providing those services is based on volumes or other drivers of variable
activity, such as additional activities awarded under existing contracts. These volumes are not guaranteed, but
Management is able to prepare a sufficiently reliable estimate of the minimum level of variable revenue that is likely
to be earned based on historic volumes and the nature of the contracts in operation, such as the provision of asylum
seeker accommodation. As a result, variable revenue is included only to the level at which Management remains
confident that a significant reduction will not occur.
As part of the considerations around variable revenue, Management considers the impact that factors such as
contractual performance, anticipated demand and pricing (including indexation) may have on future revenue
recognised. Management also considers whether there are possible impacts from climate change and other
environmental related risks, with certain sectors considered to be more at risk than others; however, no significant
adjustments were identified in relation to the future revenue forecasts of existing contracts.
UK&E
North America
1
Asia Pacific
Middle East
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within 1 year (2026)
2,392.1
815.0
456.1
90.7
3,753.9
Between 2-5 years (2027-2030)
5,363.6
345.9
687.4
205.7
6,602.6
5 years and beyond (2031+)
3,197.3
28.1
890.8
4.3
4,120.5
10,953.0
1,189.0
2,034.3
300.7
14,477.0
1. Due to the nature of the contracting environment in the North America Division, the transaction price allocated to remaining performance obligations is
primarily within one year and as a result the future years are inherently lower than other segments.
11. Investment revenue
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Interest receivable on loans and deposits
5.7
5.3
Net interest receivable on retirement benefit obligations (note 29)
0.8
1.9
Movement in discount on other debtors
0.3
0.5
6.8
7.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "7. Revenue from contracts with customers Revenue Information regarding the Group\u2019s major customers and a segmental analysis of revenue is provided in note 4. An analysis of the Group\u2019s revenue from its key market sectors, together with the timing of revenue recognition across the Group\u2019s revenue from contracts with customers, is as follows:
UK&E
North America
Asia Pacific
Middle East
Total
Year ended 31 December 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Key sectors
Defence
426.9
1,084.4
183.0
31.9
1,726.2
Justice & Immigration
1,400.1
\u2014
189.1
\u2014
1,589.2
Transport
124.3
67.5
20.0
67.2
279.0
Health & Other Facilities Management
229.3
\u2014
149.7
54.6
433.6
Citizen Services
401.5
311.3
112.8
23.2
848.8
2,582.1
1,463.2
654.6
176.9
4,876.8
Timing of revenue recognition
Revenue recognised from performance obligations
satisfied in previous periods
5.6
\u2014
0.3
\u2014
5.9
Revenue recognised at a point in time
19.2
\u2014
0.1
\u2014
19.3
Products and services transferred over time
2,557.3
1,463.2
654.2
176.9
4,851.6
2,582.1
1,463.2
654.6
176.9
4,876.8
UK&E
North America
Asia Pacific
Middle East
Total
Year ended 31 December 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Key sectors
Defence
358.2
932.5
181.4
26.3
1,498.4
Justice & Immigration
1,409.2
\u2014
323.1
\u2014
1,732.3
Transport
130.7
85.3
16.6
82.4
315.0
Health & Other Facilities Management
217.1
\u2014
160.2
83.7
461.0
Citizen Services
330.7
308.3
118.1
23.5
780.6
2,445.9
1,326.1
799.4
215.9
4,787.3
Timing of revenue recognition
Revenue recognised from performance obligations
satisfied in previous periods
4.8
\u2014
\u2014
\u2014
4.8
Revenue recognised at a point in time
48.0
\u2014
12.3
\u2014
60.3
Products and services transferred over time
2,393.1
1,326.1
787.1
215.9
4,722.2
2,445.9
1,326.1
799.4
215.9
4,787.3
Transaction price allocated to remaining performance obligations The following table shows the transaction price allocated to remaining performance obligations. This represents revenue expected to be recognised in subsequent periods arising on existing contractual arrangements. In assessing the future transaction price, the judgements of most relevance are the future term over which the transaction price is calculated and the estimation of variable revenue to be included. Where a contract with a customer includes within the term of the committed contract provisions for price-rebasing or a provision for market testing, revenue beyond these is included to the extent that there are no indicators which suggest that the contract will not continue past this point, and it is highly probable that a significant reduction will not occur. Where there is a requirement for the Group, or a customer, to enter into a new contract, rather than continuing an existing contract, such an extension is not included for the purposes of calculating future transaction price. Additionally, the Group has a small subset of contracts that contain a termination for convenience clause, for example, due to national security considerations, which are assumed by the Group not to be without cause. These contracts are considered to run for the full intended term for the purpose of calculating the transaction price allocated to remaining performance obligations, other than instances where the Group believes that termination will occur before the original contract end date. Under the terms of certain contracts which the Group has with its customers, the Group\u2019s compensation for providing those services is based on volumes or other drivers of variable activity, such as additional activities awarded under existing contracts. These volumes are not guaranteed, but Management is able to prepare a sufficiently reliable estimate of the minimum level of variable revenue that is likely to be earned based on historic volumes and the nature of the contracts in operation, such as the provision of asylum seeker accommodation. As a result, variable revenue is included only to the level at which Management remains confident that a significant reduction will not occur. As part of the considerations around variable revenue, Management considers the impact that factors such as contractual performance, anticipated demand and pricing (including indexation) may have on future revenue recognised. Management also considers whether there are possible impacts from climate change and other environmental related risks, with certain sectors considered to be more at risk than others; however, no significant adjustments were identified in relation to the future revenue forecasts of existing contracts.
UK&E
North America
1
Asia Pacific
Middle East
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within 1 year (2026)
2,392.1
815.0
456.1
90.7
3,753.9
Between 2-5 years (2027-2030)
5,363.6
345.9
687.4
205.7
6,602.6
5 years and beyond (2031+)
3,197.3
28.1
890.8
4.3
4,120.5
10,953.0
1,189.0
2,034.3
300.7
14,477.0
1. Due to the nature of the contracting environment in the North America Division, the transaction price allocated to remaining performance obligations is primarily within one year and as a result the future years are inherently lower than other segments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "
8. Non-underlying items
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Exceptional item \u2014 Goodwill impairment
\u2014
(114.5)
Amortisation of customer relationship intangibles
(28.9)
(26.9)
Impairment of customer relationship intangibles
(1.1)
(2.0)
Amortisation and impairment of intangible assets arising on acquisition
(30.0)
(28.9)
Profit on disposal of subsidiary
4.7
\u2014
Total non-underlying items before tax
(25.3)
(143.4)
Non-underlying tax (charge)/credit
1
(4.3)
7.9
Total non-underlying items net of tax
(29.6)
(135.5)
1. The non-underlying tax charge includes \u00a317.3m relating to the derecognition of part of the deferred tax asset in Australia, for more details see page 171.
During the year the Group disposed of Serco Group (HK) Limited and reduced its shareholding in Khadamat Facilities
Management LLC (Khadamat) from 49% to 45%, resulting in Khadamat no longer being proportionally consolidated.
The total impact of disposals to the Group\u2019s cash flow position in the year was as follows:
Hong Kong Khadamat Total
Year ended 31 December 2025 \u00a3m \u00a3m \u00a3m
Consideration
9.4 2.4 11.8
Less: cash disposed
(6.4) (5.9) (12.3)
Less: non-cash consideration
1
\u2014 (2.4) (2.4)
Proceeds from disposal of subsidiary, net of cash disposed and disposal costs
3.0 (5.9) (2.9)
1. The non-cash consideration for Khadamat reflects that no cash was transferred for either the disposal or the addition to investment in joint ventures and
associates shown in Note 5.
Below is a reconciliation of the net assets disposed to profit on disposal of subsidiaries
Hong Kong
Khadamat
Total
Year ended 31 December 2025
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
(0.8)
(0.1)
(0.9)
Right of use assets
(0.2)
\u2014
(0.2)
Inventories
\u2014
(0.3)
(0.3)
Contract assets, trade and other receivables
(5.0)
(5.9)
(10.9)
Cash and cash equivalents
(6.4)
(5.9)
(12.3)
Contract liabilities, trade and other payables
6.8
8.8
15.6
Provisions
3.7
0.5
4.2
Corporation tax liabilities
\u2014
0.5
0.5
Net assets disposed
(1.9)
(2.4)
(4.3)
Consideration
9.4
2.4
11.8
Foreign exchange loss from translation reserve
(0.5)
\u2014
(0.5)
Cost of disposal
(2.3)
\u2014
(2.3)
Profit on disposal of subsidiary
4.7
\u2014
4.7
", "dimensions": { "concept": "sercogroupplc:DisclosureOfNonUnderlyingItems", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "
9. Operating profit
Operating profit is stated after charging/(crediting):
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Research and development costs
0.1
0.1
Profit on disposal of property, plant and equipment
(0.6)
(0.3)
(Profit)/loss on early termination of leases
(0.6)
0.1
Loss on disposal of intangible assets
\u2014
0.7
Depreciation and impairment of property, plant and equipment (note 18)
18.5
16.8
Depreciation and impairment of right of use assets (note 18)
167.4
141.7
Impairment of goodwill (note 17)
\u2014
114.5
Amortisation and impairment of intangible assets \u2013 arising on acquisition (note 17)
30.0
28.9
Amortisation and impairment of intangible assets
8.8
8.3
Staff costs (note 10)
2,325.1
2,278.5
Allowance for doubtful debts (credited)/charged to income statement
(1.3)
1.0
Net foreign exchange charge
0.3
0.7
Movement on non-designated hedges and reclassified cash flow hedges
0.9
0.4
Lease payments recognised through operating profit
1
2.8
3.0
Operating lease income from sub-leases
(0.5)
(2.0)
1. The lease payments recognised in operating profit are those which have not been recorded in accordance with the permissible exemptions in IFRS 16 Leases
for short-term or low-value leases.
Amounts payable by the Company and its subsidiary undertakings in respect of audit and non-audit services to the Company\u2019s Auditor are shown below.
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s annual accounts
2.9
5.4
Fees payable to the Company\u2019s Auditor and their associates for other services to the Group:
\u2013 Audit of the Company\u2019s subsidiaries pursuant to legislation
3.7
1.6
Total audit fees
6.6
7.0
\u2013 Audit-related assurance services
0.4
0.6
\u2013 Other non-audit services
\u2014
\u2014
Total non-audit fees
0.4
0.6
Fees payable to the Company\u2019s Auditor for non-audit services to the Company are not required to be disclosed separately because the Consolidated Financial Statements are required to disclose such fees on a consolidated basis. Details of the Company\u2019s policy on the use of auditors for non-audit services and how the Auditor\u2019s independence and objectivity were safeguarded, are set out in the Audit Committee Report on page 101. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "9. Operating profit Operating profit is stated after charging/(crediting):
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Research and development costs
0.1
0.1
Profit on disposal of property, plant and equipment
(0.6)
(0.3)
(Profit)/loss on early termination of leases
(0.6)
0.1
Loss on disposal of intangible assets
\u2014
0.7
Depreciation and impairment of property, plant and equipment (note 18)
18.5
16.8
Depreciation and impairment of right of use assets (note 18)
167.4
141.7
Impairment of goodwill (note 17)
\u2014
114.5
Amortisation and impairment of intangible assets \u2013 arising on acquisition (note 17)
30.0
28.9
Amortisation and impairment of intangible assets
8.8
8.3
Staff costs (note 10)
2,325.1
2,278.5
Allowance for doubtful debts (credited)/charged to income statement
(1.3)
1.0
Net foreign exchange charge
0.3
0.7
Movement on non-designated hedges and reclassified cash flow hedges
0.9
0.4
Lease payments recognised through operating profit
1
2.8
3.0
Operating lease income from sub-leases
(0.5)
(2.0)
1. The lease payments recognised in operating profit are those which have not been recorded in accordance with the permissible exemptions in IFRS 16 Leases for short-term or low-value leases. Amounts payable by the Company and its subsidiary undertakings in respect of audit and non-audit services to the Company\u2019s Auditor are shown below.
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s annual accounts
2.9
5.4
Fees payable to the Company\u2019s Auditor and their associates for other services to the Group:
\u2013 Audit of the Company\u2019s subsidiaries pursuant to legislation
3.7
1.6
Total audit fees
6.6
7.0
\u2013 Audit-related assurance services
0.4
0.6
\u2013 Other non-audit services
\u2014
\u2014
Total non-audit fees
0.4
0.6
Fees payable to the Company\u2019s Auditor for non-audit services to the Company are not required to be disclosed separately because the Consolidated Financial Statements are required to disclose such fees on a consolidated basis. Details of the Company\u2019s policy on the use of auditors for non-audit services and how the Auditor\u2019s independence and objectivity were safeguarded, are set out in the Audit Committee Report on page 101. No services were provided pursuant to contingent fee arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-512": { "value": "
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Research and development costs
0.1
0.1
Profit on disposal of property, plant and equipment
(0.6)
(0.3)
(Profit)/loss on early termination of leases
(0.6)
0.1
Loss on disposal of intangible assets
\u2014
0.7
Depreciation and impairment of property, plant and equipment (note 18)
18.5
16.8
Depreciation and impairment of right of use assets (note 18)
167.4
141.7
Impairment of goodwill (note 17)
\u2014
114.5
Amortisation and impairment of intangible assets \u2013 arising on acquisition (note 17)
30.0
28.9
Amortisation and impairment of intangible assets
8.8
8.3
Staff costs (note 10)
2,325.1
2,278.5
Allowance for doubtful debts (credited)/charged to income statement
(1.3)
1.0
Net foreign exchange charge
0.3
0.7
Movement on non-designated hedges and reclassified cash flow hedges
0.9
0.4
Lease payments recognised through operating profit
1
2.8
3.0
Operating lease income from sub-leases
(0.5)
(2.0)
1. The lease payments recognised in operating profit are those which have not been recorded in accordance with the permissible exemptions in IFRS 16 Leases for short-term or low-value leases.
Leasehold
Land & Buildings Land & Buildings Improvements Other Assets Other Assets
Owned Leased Owned
Owned
1
Leased
1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2025
7.3
891.1
36.5
137.1
87.0
1,159.0
Arising on acquisition
\u2014
6.4
1.8
0.4
\u2014
8.6
Eliminated on disposal
\u2014
(1.0)
\u2014
(2.7)
\u2014
(3.7)
Impairment
\u2014
\u2014
\u2014
(0.1)
\u2014
(0.1)
Additions
1.8
116.8
3.3
16.4
23.0
161.3
Reclassifications between categories
\u2014
\u2014
0.5
(0.5)
\u2014
\u2014
Disposals
(1.5)
(72.7)
(3.8)
(13.3)
(19.3)
(110.6)
Exchange differences
0.3
(1.9)
(1.3)
(2.1)
(0.3)
(5.3)
At 31 December 2025
7.9
938.7
37.0
135.2
90.4
1,209.2
Accumulated depreciation
and impairment
At 1 January 2025
3.0
414.8
24.1
97.0
48.4
587.3
Eliminated on disposal
\u2014
(0.8)
\u2014
(1.8)
\u2014
(2.6)
Charge for the year - impairment
\u2014
2.1
\u2014
\u2014
\u2014
2.1
Charge for the year - depreciation
0.4
147.4
4.2
13.9
17.9
183.8
Reclassifications between categories
\u2014
\u2014
0.4
(0.4)
\u2014
\u2014
Disposals
(1.0)
(65.8)
(3.8)
(9.6)
(16.5)
(96.7)
Exchange differences
0.1
(0.8)
(1.1)
(1.5)
(0.4)
(3.7)
At 31 December 2025
2.5
496.9
23.8
97.6
49.4
670.2
Net book value
2
At 31 December 2025
5.4
441.8
13.2
37.6
41.0
539.0
1. Other assets include machinery, vehicles, furniture and equipment. 2. The net book value is shown on the balance sheet as \u00a356.2m of owned assets in property, plant and equipment and \u00a3482.8m of leased assets in right of use assets. The additions for leased land and buildings include \u00a30.8m (2024: \u00a32.0m) for dismantling provisions.
Leasehold
Land & Buildings Land & Buildings Improvements Other Assets Other Assets
Owned Leased Owned
Owned
1
Leased
1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
1 January 2024
4.1
737.1
35.9
132.1
87.1
996.3
Arising on acquisition
3.8
1.5
\u2014
1.9
0.2
7.4
Additions
0.1
207.7
5.0
20.2
27.6
260.6
Reclassifications between categories
(0.5)
\u2014
0.5
\u2014
\u2014
\u2014
Disposals
(0.1)
(52.6)
(4.6)
(15.0)
(27.6)
(99.9)
Exchange differences
(0.1)
(2.6)
(0.3)
(2.1)
(0.3)
(5.4)
At 31 December 2024
7.3
891.1
36.5
137.1
87.0
1,159.0
Accumulated depreciation
and impairment
1 January 2024
2.9
333.8
25.0
99.9
49.5
511.1
Charge for the year - impairment
\u2014
0.2
\u2014
(0.4)
\u2014
(0.2)
Charge for the year - depreciation
0.3
123.9
3.7
13.2
17.6
158.7
Disposals
(0.2)
(41.7)
(4.4)
(14.2)
(18.6)
(79.1)
Exchange differences
\u2014
(1.4)
(0.2)
(1.5)
(0.1)
(3.2)
At 31 December 2024
3.0
414.8
24.1
97.0
48.4
587.3
Net book value
2
At 31 December 2024
4.3
476.3
12.4
40.1
38.6
571.7
1. Other assets include machinery, vehicles, furniture and equipment. 2. The net book value is shown on the balance sheet as \u00a356.8m of owned assets in property, plant and equipment and \u00a3514.9m of leased assets in right of use assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-532": { "value": "
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Research and development costs
0.1
0.1
Profit on disposal of property, plant and equipment
(0.6)
(0.3)
(Profit)/loss on early termination of leases
(0.6)
0.1
Loss on disposal of intangible assets
\u2014
0.7
Depreciation and impairment of property, plant and equipment (note 18)
18.5
16.8
Depreciation and impairment of right of use assets (note 18)
167.4
141.7
Impairment of goodwill (note 17)
\u2014
114.5
Amortisation and impairment of intangible assets \u2013 arising on acquisition (note 17)
30.0
28.9
Amortisation and impairment of intangible assets
8.8
8.3
Staff costs (note 10)
2,325.1
2,278.5
Allowance for doubtful debts (credited)/charged to income statement
(1.3)
1.0
Net foreign exchange charge
0.3
0.7
Movement on non-designated hedges and reclassified cash flow hedges
0.9
0.4
Lease payments recognised through operating profit
1
2.8
3.0
Operating lease income from sub-leases
(0.5)
(2.0)
1. The lease payments recognised in operating profit are those which have not been recorded in accordance with the permissible exemptions in IFRS 16 Leases for short-term or low-value leases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-540": { "value": "
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Research and development costs
0.1
0.1
Profit on disposal of property, plant and equipment
(0.6)
(0.3)
(Profit)/loss on early termination of leases
(0.6)
0.1
Loss on disposal of intangible assets
\u2014
0.7
Depreciation and impairment of property, plant and equipment (note 18)
18.5
16.8
Depreciation and impairment of right of use assets (note 18)
167.4
141.7
Impairment of goodwill (note 17)
\u2014
114.5
Amortisation and impairment of intangible assets \u2013 arising on acquisition (note 17)
30.0
28.9
Amortisation and impairment of intangible assets
8.8
8.3
Staff costs (note 10)
2,325.1
2,278.5
Allowance for doubtful debts (credited)/charged to income statement
(1.3)
1.0
Net foreign exchange charge
0.3
0.7
Movement on non-designated hedges and reclassified cash flow hedges
0.9
0.4
Lease payments recognised through operating profit
1
2.8
3.0
Operating lease income from sub-leases
(0.5)
(2.0)
1. The lease payments recognised in operating profit are those which have not been recorded in accordance with the permissible exemptions in IFRS 16 Leases for short-term or low-value leases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-513": { "value": "
Amounts payable by the Company and its subsidiary undertakings in respect of audit and non-audit services to the
Company\u2019s Auditor are shown below.
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s annual accounts
2.9
5.4
Fees payable to the Company\u2019s Auditor and their associates for other services to the Group:
\u2013 Audit of the Company\u2019s subsidiaries pursuant to legislation
3.7
1.6
Total audit fees
6.6
7.0
\u2013 Audit-related assurance services
0.4
0.6
\u2013 Other non-audit services
\u2014
\u2014
Total non-audit fees
0.4
0.6
Fees payable to the Company\u2019s Auditor for non-audit services to the Company are not required to be disclosed
separately because the Consolidated Financial Statements are required to disclose such fees on a consolidated basis.
Details of the Company\u2019s policy on the use of auditors for non-audit services and how the Auditor\u2019s independence
and objectivity were safeguarded, are set out in the Audit Committee Report on page 101. No services were
provided pursuant to contingent fee arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "
10. Staff costs
The average number of persons employed by the Group (including Executive Directors) was:
2025
2024
Year ended 31 December
Number
Number
UK & Europe
26,293
24,702
North America
9,395
8,681
Asia Pacific
10,650
12,825
Middle East
1,204
1,453
Unallocated
1
121
128
47,663
47,789
1. Unallocated includes Group overhead functions.
The average number of persons employed includes all individuals employed under contracts of service by the Group.
This comprises permanent, part-time, and casual employees and those with fixed term contracts. It excludes self-
employed contractors and other casual workers.
Aggregate remuneration of all employees based on the average number of employees reported above was:
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Wages and salaries
2,008.9
1,987.2
Social security costs
198.1
170.5
Other pension costs (note 29)
104.5
105.6
2,311.5
2,263.3
Share-based payment expense (note 33)
13.6
15.2
2,325.1
2,278.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-533": { "value": "11. Investment revenue
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Interest receivable on loans and deposits
5.7
5.3
Net interest receivable on retirement benefit obligations (note 29)
0.8
1.9
Movement in discount on other debtors
0.3
0.5
6.8
7.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "
12. Finance costs
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Interest payable on lease liabilities
22.9
19.9
Interest payable on loans
23.9
14.7
Facility fees and other charges
2.7
2.7
49.5
37.3
Movement in discount on contingent consideration
0.8
0.9
Movement in discount on other creditors
0.4
0.5
Foreign exchange on financing activities
1
0.9
2.1
51.6
40.8
1. Foreign exchange on financing activities includes realised losses of \u00a38.9m (2024: \u00a313.1m) on derivatives which are shown in the cash flow statement under
financing activities and \u00a38.0m (2024: \u00a311.0) of unrealised gains on derivatives and loans. The derivatives have been entered into in order to offset foreign
exchange exposure arising from the intra-group financing arrangements within the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-534": { "value": "12. Finance costs
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Interest payable on lease liabilities
22.9
19.9
Interest payable on loans
23.9
14.7
Facility fees and other charges
2.7
2.7
49.5
37.3
Movement in discount on contingent consideration
0.8
0.9
Movement in discount on other creditors
0.4
0.5
Foreign exchange on financing activities
1
0.9
2.1
51.6
40.8
1. Foreign exchange on financing activities includes realised losses of \u00a38.9m (2024: \u00a313.1m) on derivatives which are shown in the cash flow statement under financing activities and \u00a38.0m (2024: \u00a311.0) of unrealised gains on derivatives and loans. The derivatives have been entered into in order to offset foreign exchange exposure arising from the intra-group financing arrangements within the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "12. Finance costs
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Interest payable on lease liabilities
22.9
19.9
Interest payable on loans
23.9
14.7
Facility fees and other charges
2.7
2.7
49.5
37.3
Movement in discount on contingent consideration
0.8
0.9
Movement in discount on other creditors
0.4
0.5
Foreign exchange on financing activities
1
0.9
2.1
51.6
40.8
1. Foreign exchange on financing activities includes realised losses of \u00a38.9m (2024: \u00a313.1m) on derivatives which are shown in the cash flow statement under financing activities and \u00a38.0m (2024: \u00a311.0) of unrealised gains on derivatives and loans. The derivatives have been entered into in order to offset foreign exchange exposure arising from the intra-group financing arrangements within the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "12. Finance costs
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Interest payable on lease liabilities
22.9
19.9
Interest payable on loans
23.9
14.7
Facility fees and other charges
2.7
2.7
49.5
37.3
Movement in discount on contingent consideration
0.8
0.9
Movement in discount on other creditors
0.4
0.5
Foreign exchange on financing activities
1
0.9
2.1
51.6
40.8
1. Foreign exchange on financing activities includes realised losses of \u00a38.9m (2024: \u00a313.1m) on derivatives which are shown in the cash flow statement under financing activities and \u00a38.0m (2024: \u00a311.0) of unrealised gains on derivatives and loans. The derivatives have been entered into in order to offset foreign exchange exposure arising from the intra-group financing arrangements within the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "
13. Tax
13 (a) Income tax recognised in the income statement
Non-underlying Non-underlying
Underlying
items
Reported
Underlying
items
Reported
2025
2025
2025
2024
2024
2024
Year ended 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Current income tax
Current income tax charge/(credit)
45.1
(7.1)
38.0
53.3
(4.0)
49.3
Adjustments in respect of prior years
(4.0)
\u2014
(4.0)
0.4
\u2014
0.4
Pillar Two taxes
1
Current year charge
0.3
\u2014
0.3
\u2014
\u2014
\u2014
Adjustments in respect of prior years
0.2
\u2014
0.2
\u2014
\u2014
\u2014
Deferred tax
Current year charge/(credit)
10.7
16.3
27.0
5.3
(3.9)
1.4
Adjustments in respect of prior years
(0.7)
(4.9)
(5.6)
1.4
\u2014
1.4
51.6
4.3
55.9
60.4
(7.9)
52.5
1. Pillar Two taxes refer to charges arising under the Organisation for Economic Co-operation and Development framework for a global minimum tax.
The tax expense for the year can be reconciled to the profit in the Consolidated Income Statement as follows:
Non-underlying Non-underlying
Underlying
items
Reported
Underlying
items
Reported
2025
2025
2025
2024
2024
2024
Year ended 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit before tax
226.8
(25.3)
201.5
240.4
(143.4)
97.0
Tax calculated at a rate of 25.0%
56.7
(6.3)
50.4
60.1
(35.8)
24.3
(2024: 25.0%)
Non-deductible expenses and non-
1
2.3
(2.5)
(0.2)
2.1
28.6
30.7
taxable income
Unprovided deferred tax
2.0
15.7
17.7
0.6
\u2014
0.6
Overseas rate differences
1.0
2.3
3.3
(0.6)
(0.7)
(1.3)
Adjustments in respect of prior years
(4.7)
(4.9)
(9.6)
1.4
\u2014
1.4
Adjustments in respect of equity
(7.2)
\u2014
(7.2)
(5.7)
\u2014
(5.7)
accounted investments
Withholding tax
1.0
\u2014
1.0
2.5
\u2014
2.5
Pillar Two taxes
0.5
\u2014
0.5
\u2014
\u2014
\u2014
Tax charge/(credit)
51.6
4.3
55.9
60.4
(7.9)
52.5
1. Relates to costs that are not allowable for tax deduction and to income that is not subject to taxation under local tax law. This disclosure has been amended in
respect of 2024. Due to the value of each component and their similar nature, the lines for \u2018Expenses not deductible for tax purposes\u2019 and \u2018Other non-taxable
income\u2019 are now combined. There is no change to the tax charge for 2024.
The corporate income tax expense for the year is based on the UK statutory rate of corporation tax for the period of
25.0% (2024: 25.0%). Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
The Group tax charge includes movements in contingencies for tax authority audits and tax exposures in the
jurisdictions in which we operate. Management is required to make an estimate of tax liabilities that may arise as a
consequence of accounting and tax treatments, including the pricing of intercompany services. Where Management
concludes that a tax position is uncertain, a liability is held for estimated probable taxes based on information
currently available. Fluctuations may arise as liabilities build up over an extended period before resolution at a single
point in time. Each potential liability and contingency is revisited on an annual basis and adjusted to reflect any
changes in positions taken by the Company, local tax audits, the expiry of statutes of limitations, and any changes in
the broader tax environment.
13 (b) Income tax recognised in the SOCI
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Current tax
Taken to retirement benefit obligations reserve
1.6
2.4
Deferred tax
Relating to cash flow hedges
(0.2)
0.1
Taken to retirement benefit obligations reserve
3.6
5.3
5.0
7.8
13 (c) Tax on items taken directly to equity
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
Current tax
Recorded in share-based payment reserve
1.2
1.1
Deferred tax
Recorded in share-based payment reserve
3.8
(0.4)
5.0
0.7
14. Deferred tax
Deferred income taxes are calculated in full on temporary differences under the liability method using local
substantively enacted tax rates.
The movement in net deferred tax (assets)/liabilities during the year was as follows:
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
At 1 January \u2013 asset
(177.7)
(184.8)
Income statement charge
21.4
2.8
Items recognised in equity and in other comprehensive income
(7.2)
(5.0)
Arising on acquisition
(0.3)
4.7
Exchange differences
(3.3)
4.6
At 31 December \u2013 asset
(167.1)
(177.7)
The movement in deferred tax (assets)/liabilities during the year was as follows:
Temporary Temporary Temporary Share-based
differences differences differences payment and Retirement Onerous Derivative Other
on assets/ on right of on lease employee benefit contract financial Tax temporary
intangibles use assets liabilities benefits schemes provisions instruments losses
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2025
51.8
15.1
(16.7)
(38.5)
1.6
(0.7)
(0.2)
(155.5)
(34.6)
(177.7)
(Credited)/charged
to income statement
(note 13a)
(5.0)
(1.6)
1.6
9.9
(0.1)
(0.4)
\u2014
4.8
12.2
21.4
Arising on
acquisition of a
subsidiary
\u2014
1.6
(1.6)
\u2014
\u2014
\u2014
\u2014
\u2014
(0.3)
(0.3)
Items recognised in
equity and in other
comprehensive
income (notes 13b
and 13c)
\u2014
\u2014
\u2014
(3.8)
(3.6)
\u2014
0.2
\u2014
\u2014
(7.2)
Exchange
differences
(4.2)
(0.5)
0.6
0.5
0.1
0.2
0.1
0.1
(0.2)
(3.3)
31 December
2025
42.6
14.6
(16.1)
(31.9)
(2.0)
(0.9)
0.1
(150.6)
(22.9)
(167.1)
Other temporary differences is comprised primarily of provisions and accruals of \u00a322.7m which, under certain tax
laws, are only allowable or taxed when expended. Other timing differences amount to \u00a30.2m.
The movement in deferred tax (assets)/liabilities during the previous year was as follows:
Temporary Temporary Temporary Share-based
differences differences differences payment and Retirement Onerous Derivative Other
on assets/ on right of on lease employee benefit contract financial Tax temporary
intangibles use assets liabilities benefits schemes provisions instruments losses
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2024
29.0
15.4
(17.6)
(36.8)
7.1
(1.0)
(0.1)
(157.5)
(23.3)
(184.8)
IFRS 16
Restatement
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 1 January
(Restated)
29.0
15.4
(17.6)
(36.8)
7.1
(1.0)
(0.1)
(157.5)
(23.3)
(184.8)
(Credited)/charged
to income statement
(note 13a)
(0.6)
(0.1)
0.7
(3.4)
(0.2)
0.3
\u2014
2.0
4.1
2.8
Transfer in
temporary
difference
17.7
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(17.7)
\u2014
Arising on
acquisition of a
subsidiary
4.7
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4.7
Items recognised in
equity and in other
comprehensive
income (notes 13b
and 13c)
\u2014
\u2014
\u2014
0.4
(5.3)
\u2014
(0.1)
\u2014
\u2014
(5.0)
Exchange
differences
1.0
(0.2)
0.2
1.3
\u2014
\u2014
\u2014
\u2014
2.3
4.6
31 December
2024
51.8
15.1
(16.7)
(38.5)
1.6
(0.7)
(0.2)
(155.5)
(34.6)
(177.7)
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The
following analysis shows the deferred tax balances (after offset) for financial reporting purposes:
2025
2024
\u00a3
\u00a3
Deferred tax liabilities
41.1
52.1
Deferred tax assets
(208.2)
(229.8)
(167.1)
(177.7)
As at the balance sheet date, the UK has a potential deferred tax asset of \u00a3235.0m (2024: \u00a3235.6m) available for
offset against future profits. A UK deferred tax asset has currently been recognised of \u00a3175.7m (2024: \u00a3177.5m).
Recognition has been based on the ongoing strength of the underlying UK business, indicating a sustained
profitability which will enable accumulated tax losses within the UK to be utilised.
No deferred tax asset has been recognised in respect of the remaining UK asset (net \u00a359.3m) as there are more
restrictions on their use either due to their nature, such as capital losses, or the period and entity in which they arose;
in particular, revenue losses arising prior to April 2017 are more restricted in their use. The deferred tax balance at
31 December 2025 has been calculated reflecting the UK statutory rate of 25%.
During the turnaround phase of the Australian business, Management has chosen to limit deferred tax asset recognition
to the ordinary planning cycle of the Group, which is five years. This limitation has resulted in the derecognition of
\u00a317.3m. An Australian deferred tax asset of \u00a327.7m (2024: \u00a350.5m) remains recognised on the Group\u2019s balance sheet.
As the turnaround of the Australian business progresses, Management will continue to reassess this judgement.
Outside of the UK, there is a total \u00a327.8m (2024: \u00a318.6m) of deferred tax assets which have not been recognised.
\u00a38.4m (2024: \u00a317.9m) of this relates to revenue losses where current forecasts do not support recognition.
Losses of \u00a38.3m (2024: \u00a32.2m) expire within 5 years, losses of \u00a3nil (2024: \u00a342.0m) expire within 6-10 years, losses of \u00a3nil (2024: \u00a34.3m) expire within 20 years and losses of \u00a3855.8m (2024: \u00a3885.2m) may be carried forward indefinitely. The decrease in losses expiring in 6-10 years is a result of the elimination of unrecognised losses on merger of Group entities. As of July 2023 the UK has enacted legislation implementing the Organisation for Economic Co-operation and Development framework for a global minimum tax rate (Pillar Two). In accordance with the framework, the Group has applied a temporary mandatory relief from deferred tax accounting for the impact of top-up tax and accounts for it as a current tax when it is incurred.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-515": { "value": "14. Deferred tax Deferred income taxes are calculated in full on temporary differences under the liability method using local substantively enacted tax rates. The movement in net deferred tax (assets)/liabilities during the year was as follows:
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
At 1 January \u2013 asset
(177.7)
(184.8)
Income statement charge
21.4
2.8
Items recognised in equity and in other comprehensive income
(7.2)
(5.0)
Arising on acquisition
(0.3)
4.7
Exchange differences
(3.3)
4.6
At 31 December \u2013 asset
(167.1)
(177.7)
The movement in deferred tax (assets)/liabilities during the year was as follows:
Temporary Temporary Temporary Share-based
differences differences differences payment and Retirement Onerous Derivative Other
on assets/ on right of on lease employee benefit contract financial Tax temporary
intangibles use assets liabilities benefits schemes provisions instruments losses
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2025
51.8
15.1
(16.7)
(38.5)
1.6
(0.7)
(0.2)
(155.5)
(34.6)
(177.7)
(Credited)/charged
to income statement
(note 13a)
(5.0)
(1.6)
1.6
9.9
(0.1)
(0.4)
\u2014
4.8
12.2
21.4
Arising on
acquisition of a
subsidiary
\u2014
1.6
(1.6)
\u2014
\u2014
\u2014
\u2014
\u2014
(0.3)
(0.3)
Items recognised in
equity and in other
comprehensive
income (notes 13b
and 13c)
\u2014
\u2014
\u2014
(3.8)
(3.6)
\u2014
0.2
\u2014
\u2014
(7.2)
Exchange
differences
(4.2)
(0.5)
0.6
0.5
0.1
0.2
0.1
0.1
(0.2)
(3.3)
31 December
2025
42.6
14.6
(16.1)
(31.9)
(2.0)
(0.9)
0.1
(150.6)
(22.9)
(167.1)
Other temporary differences is comprised primarily of provisions and accruals of \u00a322.7m which, under certain tax laws, are only allowable or taxed when expended. Other timing differences amount to \u00a30.2m. The movement in deferred tax (assets)/liabilities during the previous year was as follows:
Temporary Temporary Temporary Share-based
differences differences differences payment and Retirement Onerous Derivative Other
on assets/ on right of on lease employee benefit contract financial Tax temporary
intangibles use assets liabilities benefits schemes provisions instruments losses
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2024
29.0
15.4
(17.6)
(36.8)
7.1
(1.0)
(0.1)
(157.5)
(23.3)
(184.8)
IFRS 16
Restatement
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 1 January
(Restated)
29.0
15.4
(17.6)
(36.8)
7.1
(1.0)
(0.1)
(157.5)
(23.3)
(184.8)
(Credited)/charged
to income statement
(note 13a)
(0.6)
(0.1)
0.7
(3.4)
(0.2)
0.3
\u2014
2.0
4.1
2.8
Transfer in
temporary
difference
17.7
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(17.7)
\u2014
Arising on
acquisition of a
subsidiary
4.7
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4.7
Items recognised in
equity and in other
comprehensive
income (notes 13b
and 13c)
\u2014
\u2014
\u2014
0.4
(5.3)
\u2014
(0.1)
\u2014
\u2014
(5.0)
Exchange
differences
1.0
(0.2)
0.2
1.3
\u2014
\u2014
\u2014
\u2014
2.3
4.6
31 December
2024
51.8
15.1
(16.7)
(38.5)
1.6
(0.7)
(0.2)
(155.5)
(34.6)
(177.7)
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The following analysis shows the deferred tax balances (after offset) for financial reporting purposes:
2025
2024
\u00a3
\u00a3
Deferred tax liabilities
41.1
52.1
Deferred tax assets
(208.2)
(229.8)
(167.1)
(177.7)
As at the balance sheet date, the UK has a potential deferred tax asset of \u00a3235.0m (2024: \u00a3235.6m) available for offset against future profits. A UK deferred tax asset has currently been recognised of \u00a3175.7m (2024: \u00a3177.5m). Recognition has been based on the ongoing strength of the underlying UK business, indicating a sustained profitability which will enable accumulated tax losses within the UK to be utilised. No deferred tax asset has been recognised in respect of the remaining UK asset (net \u00a359.3m) as there are more restrictions on their use either due to their nature, such as capital losses, or the period and entity in which they arose; in particular, revenue losses arising prior to April 2017 are more restricted in their use. The deferred tax balance at 31 December 2025 has been calculated reflecting the UK statutory rate of 25%. During the turnaround phase of the Australian business, Management has chosen to limit deferred tax asset recognition to the ordinary planning cycle of the Group, which is five years. This limitation has resulted in the derecognition of \u00a317.3m. An Australian deferred tax asset of \u00a327.7m (2024: \u00a350.5m) remains recognised on the Group\u2019s balance sheet. As the turnaround of the Australian business progresses, Management will continue to reassess this judgement. Outside of the UK, there is a total \u00a327.8m (2024: \u00a318.6m) of deferred tax assets which have not been recognised. \u00a38.4m (2024: \u00a317.9m) of this relates to revenue losses where current forecasts do not support recognition. Losses of \u00a38.3m (2024: \u00a32.2m) expire within 5 years, losses of \u00a3nil (2024: \u00a342.0m) expire within 6-10 years, losses of \u00a3nil (2024: \u00a34.3m) expire within 20 years and losses of \u00a3855.8m (2024: \u00a3885.2m) may be carried forward indefinitely. The decrease in losses expiring in 6-10 years is a result of the elimination of unrecognised losses on merger of Group entities. As of July 2023 the UK has enacted legislation implementing the Organisation for Economic Co-operation and Development framework for a global minimum tax rate (Pillar Two). In accordance with the framework, the Group has applied a temporary mandatory relief from deferred tax accounting for the impact of top-up tax and accounts for it as a current tax when it is incurred.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "14. Deferred tax Deferred income taxes are calculated in full on temporary differences under the liability method using local substantively enacted tax rates. The movement in net deferred tax (assets)/liabilities during the year was as follows:
2025
2024
Year ended 31 December
\u00a3m
\u00a3m
At 1 January \u2013 asset
(177.7)
(184.8)
Income statement charge
21.4
2.8
Items recognised in equity and in other comprehensive income
(7.2)
(5.0)
Arising on acquisition
(0.3)
4.7
Exchange differences
(3.3)
4.6
At 31 December \u2013 asset
(167.1)
(177.7)
The movement in deferred tax (assets)/liabilities during the year was as follows:
Temporary Temporary Temporary Share-based
differences differences differences payment and Retirement Onerous Derivative Other
on assets/ on right of on lease employee benefit contract financial Tax temporary
intangibles use assets liabilities benefits schemes provisions instruments losses
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2025
51.8
15.1
(16.7)
(38.5)
1.6
(0.7)
(0.2)
(155.5)
(34.6)
(177.7)
(Credited)/charged
to income statement
(note 13a)
(5.0)
(1.6)
1.6
9.9
(0.1)
(0.4)
\u2014
4.8
12.2
21.4
Arising on
acquisition of a
subsidiary
\u2014
1.6
(1.6)
\u2014
\u2014
\u2014
\u2014
\u2014
(0.3)
(0.3)
Items recognised in
equity and in other
comprehensive
income (notes 13b
and 13c)
\u2014
\u2014
\u2014
(3.8)
(3.6)
\u2014
0.2
\u2014
\u2014
(7.2)
Exchange
differences
(4.2)
(0.5)
0.6
0.5
0.1
0.2
0.1
0.1
(0.2)
(3.3)
31 December
2025
42.6
14.6
(16.1)
(31.9)
(2.0)
(0.9)
0.1
(150.6)
(22.9)
(167.1)
Other temporary differences is comprised primarily of provisions and accruals of \u00a322.7m which, under certain tax laws, are only allowable or taxed when expended. Other timing differences amount to \u00a30.2m. The movement in deferred tax (assets)/liabilities during the previous year was as follows:
Temporary Temporary Temporary Share-based
differences differences differences payment and Retirement Onerous Derivative Other
on assets/ on right of on lease employee benefit contract financial Tax temporary
intangibles use assets liabilities benefits schemes provisions instruments losses
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1 January 2024
29.0
15.4
(17.6)
(36.8)
7.1
(1.0)
(0.1)
(157.5)
(23.3)
(184.8)
IFRS 16
Restatement
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 1 January
(Restated)
29.0
15.4
(17.6)
(36.8)
7.1
(1.0)
(0.1)
(157.5)
(23.3)
(184.8)
(Credited)/charged
to income statement
(note 13a)
(0.6)
(0.1)
0.7
(3.4)
(0.2)
0.3
\u2014
2.0
4.1
2.8
Transfer in
temporary
difference
17.7
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(17.7)
\u2014
Arising on
acquisition of a
subsidiary
4.7
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4.7
Items recognised in
equity and in other
comprehensive
income (notes 13b
and 13c)
\u2014
\u2014
\u2014
0.4
(5.3)
\u2014
(0.1)
\u2014
\u2014
(5.0)
Exchange
differences
1.0
(0.2)
0.2
1.3
\u2014
\u2014
\u2014
\u2014
2.3
4.6
31 December
2024
51.8
15.1
(16.7)
(38.5)
1.6
(0.7)
(0.2)
(155.5)
(34.6)
(177.7)
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The following analysis shows the deferred tax balances (after offset) for financial reporting purposes:
2025
2024
\u00a3
\u00a3
Deferred tax liabilities
41.1
52.1
Deferred tax assets
(208.2)
(229.8)
(167.1)
(177.7)
As at the balance sheet date, the UK has a potential deferred tax asset of \u00a3235.0m (2024: \u00a3235.6m) available for offset against future profits. A UK deferred tax asset has currently been recognised of \u00a3175.7m (2024: \u00a3177.5m). Recognition has been based on the ongoing strength of the underlying UK business, indicating a sustained profitability which will enable accumulated tax losses within the UK to be utilised. No deferred tax asset has been recognised in respect of the remaining UK asset (net \u00a359.3m) as there are more restrictions on their use either due to their nature, such as capital losses, or the period and entity in which they arose; in particular, revenue losses arising prior to April 2017 are more restricted in their use. The deferred tax balance at 31 December 2025 has been calculated reflecting the UK statutory rate of 25%. During the turnaround phase of the Australian business, Management has chosen to limit deferred tax asset recognition to the ordinary planning cycle of the Group, which is five years. This limitation has resulted in the derecognition of \u00a317.3m. An Australian deferred tax asset of \u00a327.7m (2024: \u00a350.5m) remains recognised on the Group\u2019s balance sheet. As the turnaround of the Australian business progresses, Management will continue to reassess this judgement. Outside of the UK, there is a total \u00a327.8m (2024: \u00a318.6m) of deferred tax assets which have not been recognised. \u00a38.4m (2024: \u00a317.9m) of this relates to revenue losses where current forecasts do not support recognition.
Losses of \u00a38.3m (2024: \u00a32.2m) expire within 5 years, losses of \u00a3nil (2024: \u00a342.0m) expire within 6-10 years, losses of \u00a3nil
(2024: \u00a34.3m) expire within 20 years and losses of \u00a3855.8m (2024: \u00a3885.2m) may be carried forward indefinitely. The
decrease in losses expiring in 6-10 years is a result of the elimination of unrecognised losses on merger of Group entities.
As of July 2023 the UK has enacted legislation implementing the Organisation for Economic Co-operation and
Development framework for a global minimum tax rate (Pillar Two). In accordance with the framework, the Group has
applied a temporary mandatory relief from deferred tax accounting for the impact of top-up tax and accounts for it as
a current tax when it is incurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-535": { "value": "As of July 2023 the UK has enacted legislation implementing the Organisation for Economic Co-operation and Development framework for a global minimum tax rate (Pillar Two). In accordance with the framework, the Group has applied a temporary mandatory relief from deferred tax accounting for the impact of top-up tax and accounts for it as a current tax when it is incurred.", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "
15. Earnings per share
Basic earnings per share is calculated by dividing the profit after tax attributable to owners of the Group by the
weighted average number of shares in issue, after deducting treasury shares and the Group\u2019s own shares held by
employee share ownership trusts, and adding back vested share options not exercised.
In calculating the diluted earnings per share, unvested share options outstanding have been taken into account
where the impact of these is dilutive.
The calculation of the basic and diluted EPS is based on the following data:
2025
2024
Number of shares
millions
millions
Weighted average number of ordinary shares for the purpose of basic EPS
1,012.2
1,058.9
Effect of dilutive potential ordinary shares: Shares under award
22.5
19.2
Weighted average number of ordinary shares for the purpose of diluted EPS
1,034.7
1,078.1
Earnings per share
Per share Per share
Earnings
amount
Earnings
amount
2025
2025
2024
2024
Basic EPS
\u00a3m
pence
\u00a3m
pence
Earnings for the purpose of basic EPS
145.6
14.38
44.2
4.17
Effect of dilutive potential ordinary shares
\u2014
(0.31)
\u2014
(0.07)
Diluted EPS
145.6
14.07
44.2
4.10
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "
16. Goodwill
Accumulated
impairment
Cost
losses
Carrying amount
\u00a3m
\u00a3m
\u00a3m
1 January 2024
1,246.8
(340.1)
906.7
Arising on acquisitions
30.9
\u2014
30.9
Impairment
\u2014
(114.5)
(114.5)
Exchange differences
3.1
\u2014
3.1
At 31 December 2024
1,280.8
(454.6)
826.2
Acquisitions
140.8
\u2014
140.8
Exchange differences
(53.6)
15.9
(37.7)
At 31 December 2025
1,368.0
(438.7)
929.3
Movements in the balance since the prior year end can be seen as follows:
Goodwill Goodwill Headroom on Headroom on
balance Exchange balance impairment impairment
1 January differences 31 December analysis analysis
2025
Acquisitions
2025 2025 2025 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK & Europe
227.0
\u2014
1.8
228.8
1,704.3
1,234.8
North America
568.5
140.8
(38.1)
671.2
1,294.6
889.2
Asia Pacific
10.3
\u2014
\u2014
10.3
31.0
\u2014
Middle East
20.4
\u2014
(1.4)
19.0
218.7
327.0
826.2
140.8
(37.7)
929.3
3,248.6
2,451.0
Included above is the headroom on the groups of cash generating units (GCGUs) existing at the year end, which
reflects where future discounted cash flows are greater than the underlying assets and includes all relevant cash flows.
In all GCGUs there is sufficient headroom available (2024: all GCGUs except Asia Pacific had sufficient headroom).
The key quantifiable assumptions applied in the impairment assessment are set out below:
Terminal Terminal
Discount Discount growth growth
rate rate rates rates
% % % %
2025
2024
2025
2024
UK & Europe
9.8
10.1
2.0
2.1
North America
11.0
11.1
2.4
2.3
Asia Pacific
12.3
12.1
2.1
2.2
Middle East
11.1
11.4
2.6
2.5
Discount rate
Pre-tax discount rates derived from the Group\u2019s post-tax weighted average cost of capital have been used in
discounting the projected cash flows. These rates are reviewed annually with external advisers and are adjusted for
risks specific to the market in which the GCGU operates and risks specific to the Group; cash flow risks are considered
within cash flows and not the discount rate.
Terminal growth rates
The value in use calculation includes a terminal value based on the projections for the fifth year of the five-year plan,
with a growth rate assumption applied which extrapolates the business into perpetuity. The terminal growth rates are
based on long-term inflation rates of the geographic market in which the GCGUs operate and therefore do not
exceed the average long-term growth rates forecast for the individual markets. These are provided by external
advisers and have not materially changed as compared with 2024.
Short-term growth rates
The annual impairment test is performed immediately prior to the year end, based initially on the Board-approved
five-year plan. Short-term revenue growth rates used in each GCGU\u2019s five-year plan are based on internal data
regarding our current contracted position, the pipeline of opportunities and forecast growth for the relevant market.
Short-term profitability is based on our historic experiences and requires a level of judgement. Where businesses have
been poor performers, performance improvement has only been assumed where the Directors have assessed that an
achievable plan is in place and all forecasts include cash flows relating to contracts where onerous contract provisions
have been made.
As explained in note 3, the Directors consider certain sectors in which the Group operates to be more exposed to
environmental risks than others. For example, changes in consumer attitudes to aviation or the use of private vehicles
may have an impact on the Group\u2019s transport contracts. Currently, no adjustment to existing contracts is required,
although Management will continue to monitor the potential impact of environmental risks.
Sensitivity analysis
Reflecting the assumptions made in the estimation of future cash flows and the selection of appropriate discount rates
and terminal growth rates, a number of plausible scenarios have been considered as part of the overall impairment
assessment below.
Sensitivity Impact
1% increase in discount rates combined with a 1% decrease in terminal growth rates No impairment
No growth to cash flows outside the two-year budget period
No impairment
10% reduction in cash flows in the terminal year
1
No impairment
1. Cash flows in the terminal year would need to reduce by 101% in the Middle East (\u00a328.4m), 86% in North America (\u00a3172.0m), 85% in UK & Europe (\u00a3194.2m),
and 35% in Asia Pacific (\u00a35.1m) before an impairment would need to be recognised.
Key assumptions and sensitivities applied to testing goodwill allocated to the Asia Pacific GCGU
Whilst 2025 has seen a decline in Revenue in the Asia Pacific Division as a result of the successful transition out from
providing onshore immigration services in Australia, and the sale of the Hong Kong operations in September 2025,
the GCGU has experienced relatively unchanged levels of underlying operating profit. The 2025 five-year plan
submitted by Divisional Management has seen improvement through a focus on operational excellence, a core
priority of the business, including improvements across its contract portfolio. This has led to a reduced, but targeted
pipeline portfolio focusing on bids on key new business and retaining key contracts.
Due to the history of underperformance of the Division in recent years, and the impairment booked in 2024, the
Directors have risk adjusted the cash flows in the five-year plan submitted by Divisional Management used in the
value-in-use assessment under IAS 36, which effectively assumes a continuation of historic performance to the Asia
Pacific business. These adjustments remove the benefit of any further turnaround activity being undertaken in the
Division and therefore value the business based on growth in the terminal year of 2.1%, the long-term inflation rate
for the region.
The following risk adjustments have been made to the baseline forecast submitted by the Asia Pacific Division to
reflect the Directors\u2019 assessment of certain key assumptions:
\u2022 New business win rates are at the five-year average of 7% by value, broadly in line with the average win rate in
2025, however this is lower than the average win rates assumed within the five-year plan submitted by the Division
of 23%.
\u2022 Rebid and extension win rates by value align with the five-year average when excluding the loss of the immigration
contract of 93% (2024: 94%) which is broadly in line with the levels experienced by the Division in 2025.
Noting the performance of the Division above, whilst the Directors have assessed the assumptions used are realistic, it is
possible that a reduction in headroom would occur if any of the above key assumptions were adversely changed.
Factors which could lead to an impairment are:
\u2022 significant and prolonged underperformance relative to the forecast; and.
\u2022 deteriorations in the economies in which the Group operates.
To support their assertions, the Directors have performed sensitivity analysis based on a scenario of a reduction on
the fifth year cash flows. For AsPac, with a headroom of \u00a331.0m, for the recoverable amount to fall below the carrying
value it would require a 35% reduction of fifth year cash flows.
However, having performed a review of the market and identified areas where the business could be more efficient
following the operational excellence programme, the Directors believe that sufficient opportunities exist to deliver
the five-year plan and that win rates on new business can be improved. Whilst tangible cost savings are expected in
the short term, it may take a longer period for an improvement in pipeline and win rates to be observed. The
Directors will continue to monitor the win rates on new business within the Division, given the GCGU still represents
the lowest headroom of \u00a331.0m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "16. Goodwill
Accumulated
impairment
Cost
losses
Carrying amount
\u00a3m
\u00a3m
\u00a3m
1 January 2024
1,246.8
(340.1)
906.7
Arising on acquisitions
30.9
\u2014
30.9
Impairment
\u2014
(114.5)
(114.5)
Exchange differences
3.1
\u2014
3.1
At 31 December 2024
1,280.8
(454.6)
826.2
Acquisitions
140.8
\u2014
140.8
Exchange differences
(53.6)
15.9
(37.7)
At 31 December 2025
1,368.0
(438.7)
929.3
Movements in the balance since the prior year end can be seen as follows:
Goodwill Goodwill Headroom on Headroom on
balance Exchange balance impairment impairment
1 January differences 31 December analysis analysis
2025
Acquisitions
2025 2025 2025 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
UK & Europe
227.0
\u2014
1.8
228.8
1,704.3
1,234.8
North America
568.5
140.8
(38.1)
671.2
1,294.6
889.2
Asia Pacific
10.3
\u2014
\u2014
10.3
31.0
\u2014
Middle East
20.4
\u2014
(1.4)
19.0
218.7
327.0
826.2
140.8
(37.7)
929.3
3,248.6
2,451.0
Included above is the headroom on the groups of cash generating units (GCGUs) existing at the year end, which reflects where future discounted cash flows are greater than the underlying assets and includes all relevant cash flows. In all GCGUs there is sufficient headroom available (2024: all GCGUs except Asia Pacific had sufficient headroom). The key quantifiable assumptions applied in the impairment assessment are set out below:
Terminal Terminal
Discount Discount growth growth
rate rate rates rates
% % % %
2025
2024
2025
2024
UK & Europe
9.8
10.1
2.0
2.1
North America
11.0
11.1
2.4
2.3
Asia Pacific
12.3
12.1
2.1
2.2
Middle East
11.1
11.4
2.6
2.5
Discount rate Pre-tax discount rates derived from the Group\u2019s post-tax weighted average cost of capital have been used in discounting the projected cash flows. These rates are reviewed annually with external advisers and are adjusted for risks specific to the market in which the GCGU operates and risks specific to the Group; cash flow risks are considered within cash flows and not the discount rate. Terminal growth rates The value in use calculation includes a terminal value based on the projections for the fifth year of the five-year plan, with a growth rate assumption applied which extrapolates the business into perpetuity. The terminal growth rates are based on long-term inflation rates of the geographic market in which the GCGUs operate and therefore do not exceed the average long-term growth rates forecast for the individual markets. These are provided by external advisers and have not materially changed as compared with 2024. Short-term growth rates The annual impairment test is performed immediately prior to the year end, based initially on the Board-approved five-year plan. Short-term revenue growth rates used in each GCGU\u2019s five-year plan are based on internal data regarding our current contracted position, the pipeline of opportunities and forecast growth for the relevant market. Short-term profitability is based on our historic experiences and requires a level of judgement. Where businesses have been poor performers, performance improvement has only been assumed where the Directors have assessed that an achievable plan is in place and all forecasts include cash flows relating to contracts where onerous contract provisions have been made. As explained in note 3, the Directors consider certain sectors in which the Group operates to be more exposed to environmental risks than others. For example, changes in consumer attitudes to aviation or the use of private vehicles may have an impact on the Group\u2019s transport contracts. Currently, no adjustment to existing contracts is required, although Management will continue to monitor the potential impact of environmental risks. Sensitivity analysis Reflecting the assumptions made in the estimation of future cash flows and the selection of appropriate discount rates and terminal growth rates, a number of plausible scenarios have been considered as part of the overall impairment assessment below.
Sensitivity Impact
1% increase in discount rates combined with a 1% decrease in terminal growth rates No impairment
No growth to cash flows outside the two-year budget period
No impairment
10% reduction in cash flows in the terminal year
1
No impairment
1. Cash flows in the terminal year would need to reduce by 101% in the Middle East (\u00a328.4m), 86% in North America (\u00a3172.0m), 85% in UK & Europe (\u00a3194.2m), and 35% in Asia Pacific (\u00a35.1m) before an impairment would need to be recognised. Key assumptions and sensitivities applied to testing goodwill allocated to the Asia Pacific GCGU Whilst 2025 has seen a decline in Revenue in the Asia Pacific Division as a result of the successful transition out from providing onshore immigration services in Australia, and the sale of the Hong Kong operations in September 2025, the GCGU has experienced relatively unchanged levels of underlying operating profit. The 2025 five-year plan submitted by Divisional Management has seen improvement through a focus on operational excellence, a core priority of the business, including improvements across its contract portfolio. This has led to a reduced, but targeted pipeline portfolio focusing on bids on key new business and retaining key contracts. Due to the history of underperformance of the Division in recent years, and the impairment booked in 2024, the Directors have risk adjusted the cash flows in the five-year plan submitted by Divisional Management used in the value-in-use assessment under IAS 36, which effectively assumes a continuation of historic performance to the Asia Pacific business. These adjustments remove the benefit of any further turnaround activity being undertaken in the Division and therefore value the business based on growth in the terminal year of 2.1%, the long-term inflation rate for the region. The following risk adjustments have been made to the baseline forecast submitted by the Asia Pacific Division to reflect the Directors\u2019 assessment of certain key assumptions: \u2022 New business win rates are at the five-year average of 7% by value, broadly in line with the average win rate in 2025, however this is lower than the average win rates assumed within the five-year plan submitted by the Division of 23%. \u2022 Rebid and extension win rates by value align with the five-year average when excluding the loss of the immigration contract of 93% (2024: 94%) which is broadly in line with the levels experienced by the Division in 2025. Noting the performance of the Division above, whilst the Directors have assessed the assumptions used are realistic, it is possible that a reduction in headroom would occur if any of the above key assumptions were adversely changed. Factors which could lead to an impairment are: \u2022 significant and prolonged underperformance relative to the forecast; and. \u2022 deteriorations in the economies in which the Group operates. To support their assertions, the Directors have performed sensitivity analysis based on a scenario of a reduction on the fifth year cash flows. For AsPac, with a headroom of \u00a331.0m, for the recoverable amount to fall below the carrying value it would require a 35% reduction of fifth year cash flows. However, having performed a review of the market and identified areas where the business could be more efficient following the operational excellence programme, the Directors believe that sufficient opportunities exist to deliver the five-year plan and that win rates on new business can be improved. Whilst tangible cost savings are expected in the short term, it may take a longer period for an improvement in pipeline and win rates to be observed. The Directors will continue to monitor the win rates on new business within the Division, given the GCGU still represents the lowest headroom of \u00a331.0m.
17. Other intangible assets
Acquisition
related
Other
Internally
generated
Customer development
relationships
Software and IT
expenditure
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2025
218.1
136.1
48.1
402.3
Arising on acquisition
89.3
\u2014
\u2014
89.3
Additions - internal development
\u2014
2.1
1.1
3.2
Additions - external
\u2014
8.5
\u2014
8.5
Reclassifications from/to other intangible asset categories
\u2014
(0.6)
0.6
\u2014
Disposals
\u2014
(46.0)
(0.6)
(46.6)
Exchange differences
(7.8)
(1.5)
(0.2)
(9.5)
At 31 December 2025
299.6
98.6
49.0
447.2
Accumulated amortisation and impairment
At 1 January 2025
143.5
114.4
43.0
300.9
Impairment charge
1.1
\u2014
\u2014
1.1
Amortisation charge - internal development
\u2014
1.4
2.0
3.4
Amortisation charge - external
28.9
5.4
\u2014
34.3
Disposals
\u2014
(46.0)
(0.6)
(46.6)
Exchange differences
(6.0)
(1.8)
(0.3)
(8.1)
At 31 December 2025
167.5
73.4
44.1
285.0
Net book value
At 31 December 2025
132.1
25.2
4.9
162.2
Acquisition
related
Other
Internally
generated
Customer development
relationships
Software
expenditure
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
202.8
132.8
57.6
393.2
Arising on acquisition
15.4
0.1
\u2014
15.5
Additions - internal development
\u2014
1.8
1.9
3.7
Additions - external
\u2014
5.4
\u2014
5.4
Disposals
(0.4)
(2.3)
(11.4)
(14.1)
Exchange differences
0.3
(1.7)
\u2014
(1.4)
At 31 December 2024
218.1
136.1
48.1
402.3
Accumulated amortisation and impairment
At 1 January 2024
114.2
110.2
53.2
277.6
Impairment charge
2.0
\u2014
\u2014
2.0
Amortisation charge - internal development
\u2014
2.6
1.2
3.8
Amortisation charge - external
26.9
4.5
\u2014
31.4
Disposals
(0.4)
(1.6)
(11.4)
(13.4)
Exchange differences
0.8
(1.3)
\u2014
(0.5)
At 31 December 2024
143.5
114.4
43.0
300.9
Net book value
At 31 December 2024
74.6
21.7
5.1
101.4
The net book value of internally generated intangible assets as at 31 December 2025 was \u00a34.9m (2024: \u00a35.1m) in
development expenditure and \u00a38.3m (2024: \u00a32.1m) in software and IT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "17. Other intangible assets
Acquisition
related
Other
Internally
generated
Customer development
relationships
Software and IT
expenditure
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2025
218.1
136.1
48.1
402.3
Arising on acquisition
89.3
\u2014
\u2014
89.3
Additions - internal development
\u2014
2.1
1.1
3.2
Additions - external
\u2014
8.5
\u2014
8.5
Reclassifications from/to other intangible asset categories
\u2014
(0.6)
0.6
\u2014
Disposals
\u2014
(46.0)
(0.6)
(46.6)
Exchange differences
(7.8)
(1.5)
(0.2)
(9.5)
At 31 December 2025
299.6
98.6
49.0
447.2
Accumulated amortisation and impairment
At 1 January 2025
143.5
114.4
43.0
300.9
Impairment charge
1.1
\u2014
\u2014
1.1
Amortisation charge - internal development
\u2014
1.4
2.0
3.4
Amortisation charge - external
28.9
5.4
\u2014
34.3
Disposals
\u2014
(46.0)
(0.6)
(46.6)
Exchange differences
(6.0)
(1.8)
(0.3)
(8.1)
At 31 December 2025
167.5
73.4
44.1
285.0
Net book value
At 31 December 2025
132.1
25.2
4.9
162.2
Acquisition
related
Other
Internally
generated
Customer development
relationships
Software
expenditure
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2024
202.8
132.8
57.6
393.2
Arising on acquisition
15.4
0.1
\u2014
15.5
Additions - internal development
\u2014
1.8
1.9
3.7
Additions - external
\u2014
5.4
\u2014
5.4
Disposals
(0.4)
(2.3)
(11.4)
(14.1)
Exchange differences
0.3
(1.7)
\u2014
(1.4)
At 31 December 2024
218.1
136.1
48.1
402.3
Accumulated amortisation and impairment
At 1 January 2024
114.2
110.2
53.2
277.6
Impairment charge
2.0
\u2014
\u2014
2.0
Amortisation charge - internal development
\u2014
2.6
1.2
3.8
Amortisation charge - external
26.9
4.5
\u2014
31.4
Disposals
(0.4)
(1.6)
(11.4)
(13.4)
Exchange differences
0.8
(1.3)
\u2014
(0.5)
At 31 December 2024
143.5
114.4
43.0
300.9
Net book value
At 31 December 2024
74.6
21.7
5.1
101.4
The net book value of internally generated intangible assets as at 31 December 2025 was \u00a34.9m (2024: \u00a35.1m) in development expenditure and \u00a38.3m (2024: \u00a32.1m) in software and IT.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "
18. Property, plant and equipment, and right of use assets
Leasehold
Land & Buildings Land & Buildings Improvements Other Assets Other Assets
Owned Leased Owned
Owned
1
Leased
1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2025
7.3
891.1
36.5
137.1
87.0
1,159.0
Arising on acquisition
\u2014
6.4
1.8
0.4
\u2014
8.6
Eliminated on disposal
\u2014
(1.0)
\u2014
(2.7)
\u2014
(3.7)
Impairment
\u2014
\u2014
\u2014
(0.1)
\u2014
(0.1)
Additions
1.8
116.8
3.3
16.4
23.0
161.3
Reclassifications between categories
\u2014
\u2014
0.5
(0.5)
\u2014
\u2014
Disposals
(1.5)
(72.7)
(3.8)
(13.3)
(19.3)
(110.6)
Exchange differences
0.3
(1.9)
(1.3)
(2.1)
(0.3)
(5.3)
At 31 December 2025
7.9
938.7
37.0
135.2
90.4
1,209.2
Accumulated depreciation
and impairment
At 1 January 2025
3.0
414.8
24.1
97.0
48.4
587.3
Eliminated on disposal
\u2014
(0.8)
\u2014
(1.8)
\u2014
(2.6)
Charge for the year - impairment
\u2014
2.1
\u2014
\u2014
\u2014
2.1
Charge for the year - depreciation
0.4
147.4
4.2
13.9
17.9
183.8
Reclassifications between categories
\u2014
\u2014
0.4
(0.4)
\u2014
\u2014
Disposals
(1.0)
(65.8)
(3.8)
(9.6)
(16.5)
(96.7)
Exchange differences
0.1
(0.8)
(1.1)
(1.5)
(0.4)
(3.7)
At 31 December 2025
2.5
496.9
23.8
97.6
49.4
670.2
Net book value
2
At 31 December 2025
5.4
441.8
13.2
37.6
41.0
539.0
1. Other assets include machinery, vehicles, furniture and equipment.
2. The net book value is shown on the balance sheet as \u00a356.2m of owned assets in property, plant and equipment and \u00a3482.8m of leased assets in right of use assets.
The additions for leased land and buildings include \u00a30.8m (2024: \u00a32.0m) for dismantling provisions.
Leasehold
Land & Buildings Land & Buildings Improvements Other Assets Other Assets
Owned Leased Owned
Owned
1
Leased
1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
1 January 2024
4.1
737.1
35.9
132.1
87.1
996.3
Arising on acquisition
3.8
1.5
\u2014
1.9
0.2
7.4
Additions
0.1
207.7
5.0
20.2
27.6
260.6
Reclassifications between categories
(0.5)
\u2014
0.5
\u2014
\u2014
\u2014
Disposals
(0.1)
(52.6)
(4.6)
(15.0)
(27.6)
(99.9)
Exchange differences
(0.1)
(2.6)
(0.3)
(2.1)
(0.3)
(5.4)
At 31 December 2024
7.3
891.1
36.5
137.1
87.0
1,159.0
Accumulated depreciation
and impairment
1 January 2024
2.9
333.8
25.0
99.9
49.5
511.1
Charge for the year - impairment
\u2014
0.2
\u2014
(0.4)
\u2014
(0.2)
Charge for the year - depreciation
0.3
123.9
3.7
13.2
17.6
158.7
Disposals
(0.2)
(41.7)
(4.4)
(14.2)
(18.6)
(79.1)
Exchange differences
\u2014
(1.4)
(0.2)
(1.5)
(0.1)
(3.2)
At 31 December 2024
3.0
414.8
24.1
97.0
48.4
587.3
Net book value
2
At 31 December 2024
4.3
476.3
12.4
40.1
38.6
571.7
1. Other assets include machinery, vehicles, furniture and equipment.
2. The net book value is shown on the balance sheet as \u00a356.8m of owned assets in property, plant and equipment and \u00a3514.9m of leased assets in right of use assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "18. Property, plant and equipment, and right of use assets
Leasehold
Land & Buildings Land & Buildings Improvements Other Assets Other Assets
Owned Leased Owned
Owned
1
Leased
1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2025
7.3
891.1
36.5
137.1
87.0
1,159.0
Arising on acquisition
\u2014
6.4
1.8
0.4
\u2014
8.6
Eliminated on disposal
\u2014
(1.0)
\u2014
(2.7)
\u2014
(3.7)
Impairment
\u2014
\u2014
\u2014
(0.1)
\u2014
(0.1)
Additions
1.8
116.8
3.3
16.4
23.0
161.3
Reclassifications between categories
\u2014
\u2014
0.5
(0.5)
\u2014
\u2014
Disposals
(1.5)
(72.7)
(3.8)
(13.3)
(19.3)
(110.6)
Exchange differences
0.3
(1.9)
(1.3)
(2.1)
(0.3)
(5.3)
At 31 December 2025
7.9
938.7
37.0
135.2
90.4
1,209.2
Accumulated depreciation
and impairment
At 1 January 2025
3.0
414.8
24.1
97.0
48.4
587.3
Eliminated on disposal
\u2014
(0.8)
\u2014
(1.8)
\u2014
(2.6)
Charge for the year - impairment
\u2014
2.1
\u2014
\u2014
\u2014
2.1
Charge for the year - depreciation
0.4
147.4
4.2
13.9
17.9
183.8
Reclassifications between categories
\u2014
\u2014
0.4
(0.4)
\u2014
\u2014
Disposals
(1.0)
(65.8)
(3.8)
(9.6)
(16.5)
(96.7)
Exchange differences
0.1
(0.8)
(1.1)
(1.5)
(0.4)
(3.7)
At 31 December 2025
2.5
496.9
23.8
97.6
49.4
670.2
Net book value
2
At 31 December 2025
5.4
441.8
13.2
37.6
41.0
539.0
1. Other assets include machinery, vehicles, furniture and equipment. 2. The net book value is shown on the balance sheet as \u00a356.2m of owned assets in property, plant and equipment and \u00a3482.8m of leased assets in right of use assets. The additions for leased land and buildings include \u00a30.8m (2024: \u00a32.0m) for dismantling provisions.
Leasehold
Land & Buildings Land & Buildings Improvements Other Assets Other Assets
Owned Leased Owned
Owned
1
Leased
1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
1 January 2024
4.1
737.1
35.9
132.1
87.1
996.3
Arising on acquisition
3.8
1.5
\u2014
1.9
0.2
7.4
Additions
0.1
207.7
5.0
20.2
27.6
260.6
Reclassifications between categories
(0.5)
\u2014
0.5
\u2014
\u2014
\u2014
Disposals
(0.1)
(52.6)
(4.6)
(15.0)
(27.6)
(99.9)
Exchange differences
(0.1)
(2.6)
(0.3)
(2.1)
(0.3)
(5.4)
At 31 December 2024
7.3
891.1
36.5
137.1
87.0
1,159.0
Accumulated depreciation
and impairment
1 January 2024
2.9
333.8
25.0
99.9
49.5
511.1
Charge for the year - impairment
\u2014
0.2
\u2014
(0.4)
\u2014
(0.2)
Charge for the year - depreciation
0.3
123.9
3.7
13.2
17.6
158.7
Disposals
(0.2)
(41.7)
(4.4)
(14.2)
(18.6)
(79.1)
Exchange differences
\u2014
(1.4)
(0.2)
(1.5)
(0.1)
(3.2)
At 31 December 2024
3.0
414.8
24.1
97.0
48.4
587.3
Net book value
2
At 31 December 2024
4.3
476.3
12.4
40.1
38.6
571.7
1. Other assets include machinery, vehicles, furniture and equipment. 2. The net book value is shown on the balance sheet as \u00a356.8m of owned assets in property, plant and equipment and \u00a3514.9m of leased assets in right of use assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-536": { "value": "18. Property, plant and equipment, and right of use assets
Leasehold
Land & Buildings Land & Buildings Improvements Other Assets Other Assets
Owned Leased Owned
Owned
1
Leased
1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2025
7.3
891.1
36.5
137.1
87.0
1,159.0
Arising on acquisition
\u2014
6.4
1.8
0.4
\u2014
8.6
Eliminated on disposal
\u2014
(1.0)
\u2014
(2.7)
\u2014
(3.7)
Impairment
\u2014
\u2014
\u2014
(0.1)
\u2014
(0.1)
Additions
1.8
116.8
3.3
16.4
23.0
161.3
Reclassifications between categories
\u2014
\u2014
0.5
(0.5)
\u2014
\u2014
Disposals
(1.5)
(72.7)
(3.8)
(13.3)
(19.3)
(110.6)
Exchange differences
0.3
(1.9)
(1.3)
(2.1)
(0.3)
(5.3)
At 31 December 2025
7.9
938.7
37.0
135.2
90.4
1,209.2
Accumulated depreciation
and impairment
At 1 January 2025
3.0
414.8
24.1
97.0
48.4
587.3
Eliminated on disposal
\u2014
(0.8)
\u2014
(1.8)
\u2014
(2.6)
Charge for the year - impairment
\u2014
2.1
\u2014
\u2014
\u2014
2.1
Charge for the year - depreciation
0.4
147.4
4.2
13.9
17.9
183.8
Reclassifications between categories
\u2014
\u2014
0.4
(0.4)
\u2014
\u2014
Disposals
(1.0)
(65.8)
(3.8)
(9.6)
(16.5)
(96.7)
Exchange differences
0.1
(0.8)
(1.1)
(1.5)
(0.4)
(3.7)
At 31 December 2025
2.5
496.9
23.8
97.6
49.4
670.2
Net book value
2
At 31 December 2025
5.4
441.8
13.2
37.6
41.0
539.0
1. Other assets include machinery, vehicles, furniture and equipment. 2. The net book value is shown on the balance sheet as \u00a356.2m of owned assets in property, plant and equipment and \u00a3482.8m of leased assets in right of use assets. The additions for leased land and buildings include \u00a30.8m (2024: \u00a32.0m) for dismantling provisions.
Leasehold
Land & Buildings Land & Buildings Improvements Other Assets Other Assets
Owned Leased Owned
Owned
1
Leased
1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
1 January 2024
4.1
737.1
35.9
132.1
87.1
996.3
Arising on acquisition
3.8
1.5
\u2014
1.9
0.2
7.4
Additions
0.1
207.7
5.0
20.2
27.6
260.6
Reclassifications between categories
(0.5)
\u2014
0.5
\u2014
\u2014
\u2014
Disposals
(0.1)
(52.6)
(4.6)
(15.0)
(27.6)
(99.9)
Exchange differences
(0.1)
(2.6)
(0.3)
(2.1)
(0.3)
(5.4)
At 31 December 2024
7.3
891.1
36.5
137.1
87.0
1,159.0
Accumulated depreciation
and impairment
1 January 2024
2.9
333.8
25.0
99.9
49.5
511.1
Charge for the year - impairment
\u2014
0.2
\u2014
(0.4)
\u2014
(0.2)
Charge for the year - depreciation
0.3
123.9
3.7
13.2
17.6
158.7
Disposals
(0.2)
(41.7)
(4.4)
(14.2)
(18.6)
(79.1)
Exchange differences
\u2014
(1.4)
(0.2)
(1.5)
(0.1)
(3.2)
At 31 December 2024
3.0
414.8
24.1
97.0
48.4
587.3
Net book value
2
At 31 December 2024
4.3
476.3
12.4
40.1
38.6
571.7
1. Other assets include machinery, vehicles, furniture and equipment. 2. The net book value is shown on the balance sheet as \u00a356.8m of owned assets in property, plant and equipment and \u00a3514.9m of leased assets in right of use assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "
19. Inventories
2025
2024
\u00a3m
\u00a3m
Service spares, supplies, consumables and work in progress
20.0
24.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "
20. Contract assets, trade and other receivables
2025
2024
Contract assets: Non-current
\u00a3m
\u00a3m
Capitalised mobilisation and phase-in costs
4.5
\u2014
2025
2024
Contract assets: Current
\u00a3m
\u00a3m
Accrued income and other unbilled receivables
300.7
289.0
Capitalised bid costs
1.5
1.8
Capitalised mobilisation and phase-in costs
9.6
7.7
Other contract assets
1.2
1.5
313.0
300.0
The Group\u2019s Consolidated Balance Sheet includes capitalised bid and phase-in costs that are realised as part of the
normal operating cycle of the Group. These assets represent upfront investments in contracts which are recoverable
and expected to provide benefits over the life of those contracts. Bid costs are capitalised only when they relate
directly to a contract and are incremental to securing the contract. Any costs which would have been incurred
whether or not the contract is actually won are not considered to be capitalised bid costs.
Contract costs can only be capitalised when the expenditure meets all three criteria identified in note 2. Movements
in the period were as follows:
2025
2024
Capitalised other contract assets, bid and phase-in costs
\u00a3m
\u00a3m
At 1 January
11.0
9.0
Additions
7.7
4.2
Amortisation
(2.3)
(2.0)
Reclassification
0.4
\u2014
Exchange differences
\u2014
(0.2)
At 31 December
16.8
11.0
Total trade and other receivables held by the Group at 31 December 2025 amount to \u00a3351.8m (2024: \u00a3357.8m).
2025
2024
Trade and other receivables: Non-current
\u00a3m
\u00a3m
Prepayments
2.3
5.0
Long-term employee compensation plan receivable
1
14.8
14.9
Other receivables
4.6
6.4
21.7
26.3
1. Long-term employee compensation plan receivable reflects the assets held in trust to cover the long-term employee compensation plan financial liabilities
shown in note 22. In 2024, long-term employee compensation plan amounts were presented within other receivables; the comparative information has
therefore been re-presented to align with the current year presentation.
Other non-current receivables include advances and other non-trade receivables.
2025
2024
Trade and other receivables: Current
\u00a3m
\u00a3m
Trade receivables
209.9
228.2
Prepayments
75.2
55.0
Amounts owed by joint ventures and associates
1.1
\u2014
Other receivables
41.5
48.3
Insurance receivables
2.4
\u2014
330.1
331.5
Other receivables primarily comprises pass-through costs including amounts recoverable for items such as utilities
subsidies. Pass-through costs represent advanced deposits to suppliers for costs incurred on behalf of customers which are
expected to be reimbursed in the normal course of business operation. Included in the current other receivables balance is
a further \u00a38.9m (2024: \u00a318.0m) due from agencies of the UK Government. During the year insurance receivables has been
recognised representing the reimbursement of claims for amounts recoverable from insurance providers.
The management of trade receivables is the responsibility of the reportable operating segments, although they
report to the Group on a monthly basis on debtor days, debtor ageing and significant outstanding debts. The
average credit period taken by customers is 16 days (2024: 17 days) and no interest was charged on overdue
amounts in the current or prior reporting period.
2025
2024
Ageing of trade receivables
\u00a3m
\u00a3m
Not due
166.7
183.4
Overdue by less than 30 days
20.9
29.2
Overdue by between 30 and 60 days
9.9
8.4
Overdue by more than 60 days
15.9
12.0
Allowance for doubtful debts
(3.5)
(4.8)
209.9
228.2
Of the total overdue trade receivable balance, 56% (2024: 57%) relates to the Group\u2019s four major governmental
customers (being the governments of the UK, US, Australia and the United Arab Emirates).
Each customer has an external credit score which determines the level of credit provided. However, the majority of
the Group\u2019s customers have a sovereign credit rating as a result of being government organisations. Of the trade
receivables balance at the end of the year, \u00a351.0m (2024: \u00a344.7m) is due from agencies of the UK Government, the
Group\u2019s largest customer; \u00a337.2m (2024: \u00a327.8m) from the US Government; \u00a316.3m (2024: \u00a342.9m) from the
Australian Government; \u00a313.5m (2024: \u00a318.1m) from the Government of the United Arab Emirates; and \u00a311.2m
(2024: \u00a38.1m) from the Government of Saudi Arabia. There are no other customers who represent more than 5% of
the total balance of trade receivables. The maximum potential exposure to credit risk in relation to trade receivables
at the reporting date is equal to their carrying value. The Group does not hold any collateral as security.
An Expected Credit Loss (ECL) is recognised against contract assets, trade and other receivables only when the ECL
is considered to be material and there is evidence that the credit worthiness of a counterparty may render balances
irrecoverable. The Group does not have any material impairments associated with ECLs due to the sovereign credit
rating of most customers and the amount of ECL recognised at 31 December 2025 was \u00a3nil (2024: \u00a3nil).
Specific impairments to trade receivables are based on estimated irrecoverable amounts and provisions on
outstanding balances greater than 90 days old unless there is firm evidence that the balance is recoverable or is not
covered by a credit note provision in unbilled receivables. The total amount of these impairments for the Group as at
31 December 2025 was \u00a33.5m (2024: \u00a34.8m).
2025
2024
Movements on the Group allowance for doubtful debts
\u00a3m
\u00a3m
At 1 January
4.8
2.8
Arising on acquisition
\u2014
1.5
Net (releases)/charges to income statement
(1.3)
1.0
Utilised
\u2014
(0.1)
Exchange differences
\u2014
(0.4)
At 31 December
3.5
4.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-537": { "value": "20. Contract assets, trade and other receivables
2025
2024
Contract assets: Non-current
\u00a3m
\u00a3m
Capitalised mobilisation and phase-in costs
4.5
\u2014
2025
2024
Contract assets: Current
\u00a3m
\u00a3m
Accrued income and other unbilled receivables
300.7
289.0
Capitalised bid costs
1.5
1.8
Capitalised mobilisation and phase-in costs
9.6
7.7
Other contract assets
1.2
1.5
313.0
300.0
The Group\u2019s Consolidated Balance Sheet includes capitalised bid and phase-in costs that are realised as part of the normal operating cycle of the Group. These assets represent upfront investments in contracts which are recoverable and expected to provide benefits over the life of those contracts. Bid costs are capitalised only when they relate directly to a contract and are incremental to securing the contract. Any costs which would have been incurred whether or not the contract is actually won are not considered to be capitalised bid costs. Contract costs can only be capitalised when the expenditure meets all three criteria identified in note 2. Movements in the period were as follows:
2025
2024
Capitalised other contract assets, bid and phase-in costs
\u00a3m
\u00a3m
At 1 January
11.0
9.0
Additions
7.7
4.2
Amortisation
(2.3)
(2.0)
Reclassification
0.4
\u2014
Exchange differences
\u2014
(0.2)
At 31 December
16.8
11.0
Total trade and other receivables held by the Group at 31 December 2025 amount to \u00a3351.8m (2024: \u00a3357.8m).
2025
2024
Trade and other receivables: Non-current
\u00a3m
\u00a3m
Prepayments
2.3
5.0
Long-term employee compensation plan receivable
1
14.8
14.9
Other receivables
4.6
6.4
21.7
26.3
1. Long-term employee compensation plan receivable reflects the assets held in trust to cover the long-term employee compensation plan financial liabilities shown in note 22. In 2024, long-term employee compensation plan amounts were presented within other receivables; the comparative information has therefore been re-presented to align with the current year presentation. Other non-current receivables include advances and other non-trade receivables.
2025
2024
Trade and other receivables: Current
\u00a3m
\u00a3m
Trade receivables
209.9
228.2
Prepayments
75.2
55.0
Amounts owed by joint ventures and associates
1.1
\u2014
Other receivables
41.5
48.3
Insurance receivables
2.4
\u2014
330.1
331.5
Other receivables primarily comprises pass-through costs including amounts recoverable for items such as utilities subsidies. Pass-through costs represent advanced deposits to suppliers for costs incurred on behalf of customers which are expected to be reimbursed in the normal course of business operation. Included in the current other receivables balance is a further \u00a38.9m (2024: \u00a318.0m) due from agencies of the UK Government. During the year insurance receivables has been recognised representing the reimbursement of claims for amounts recoverable from insurance providers. The management of trade receivables is the responsibility of the reportable operating segments, although they report to the Group on a monthly basis on debtor days, debtor ageing and significant outstanding debts. The average credit period taken by customers is 16 days (2024: 17 days) and no interest was charged on overdue amounts in the current or prior reporting period.
2025
2024
Ageing of trade receivables
\u00a3m
\u00a3m
Not due
166.7
183.4
Overdue by less than 30 days
20.9
29.2
Overdue by between 30 and 60 days
9.9
8.4
Overdue by more than 60 days
15.9
12.0
Allowance for doubtful debts
(3.5)
(4.8)
209.9
228.2
Of the total overdue trade receivable balance, 56% (2024: 57%) relates to the Group\u2019s four major governmental customers (being the governments of the UK, US, Australia and the United Arab Emirates). Each customer has an external credit score which determines the level of credit provided. However, the majority of the Group\u2019s customers have a sovereign credit rating as a result of being government organisations. Of the trade receivables balance at the end of the year, \u00a351.0m (2024: \u00a344.7m) is due from agencies of the UK Government, the Group\u2019s largest customer; \u00a337.2m (2024: \u00a327.8m) from the US Government; \u00a316.3m (2024: \u00a342.9m) from the Australian Government; \u00a313.5m (2024: \u00a318.1m) from the Government of the United Arab Emirates; and \u00a311.2m (2024: \u00a38.1m) from the Government of Saudi Arabia. There are no other customers who represent more than 5% of the total balance of trade receivables. The maximum potential exposure to credit risk in relation to trade receivables at the reporting date is equal to their carrying value. The Group does not hold any collateral as security. An Expected Credit Loss (ECL) is recognised against contract assets, trade and other receivables only when the ECL is considered to be material and there is evidence that the credit worthiness of a counterparty may render balances irrecoverable. The Group does not have any material impairments associated with ECLs due to the sovereign credit rating of most customers and the amount of ECL recognised at 31 December 2025 was \u00a3nil (2024: \u00a3nil). Specific impairments to trade receivables are based on estimated irrecoverable amounts and provisions on outstanding balances greater than 90 days old unless there is firm evidence that the balance is recoverable or is not covered by a credit note provision in unbilled receivables. The total amount of these impairments for the Group as at 31 December 2025 was \u00a33.5m (2024: \u00a34.8m).
2025
2024
Movements on the Group allowance for doubtful debts
\u00a3m
\u00a3m
At 1 January
4.8
2.8
Arising on acquisition
\u2014
1.5
Net (releases)/charges to income statement
(1.3)
1.0
Utilised
\u2014
(0.1)
Exchange differences
\u2014
(0.4)
At 31 December
3.5
4.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "
2025
2024
Contract assets: Non-current
\u00a3m
\u00a3m
Capitalised mobilisation and phase-in costs
4.5
\u2014
2025
2024
Trade and other receivables: Non-current
\u00a3m
\u00a3m
Prepayments
2.3
5.0
Long-term employee compensation plan receivable
1
14.8
14.9
Other receivables
4.6
6.4
21.7
26.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "
2025
2024
Contract assets: Current
\u00a3m
\u00a3m
Accrued income and other unbilled receivables
300.7
289.0
Capitalised bid costs
1.5
1.8
Capitalised mobilisation and phase-in costs
9.6
7.7
Other contract assets
1.2
1.5
313.0
300.0
2025
2024
Trade and other receivables: Current
\u00a3m
\u00a3m
Trade receivables
209.9
228.2
Prepayments
75.2
55.0
Amounts owed by joint ventures and associates
1.1
\u2014
Other receivables
41.5
48.3
Insurance receivables
2.4
\u2014
330.1
331.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-516": { "value": "
2025
2024
Trade and other receivables: Non-current
\u00a3m
\u00a3m
Prepayments
2.3
5.0
Long-term employee compensation plan receivable
1
14.8
14.9
Other receivables
4.6
6.4
21.7
26.3
1. Long-term employee compensation plan receivable reflects the assets held in trust to cover the long-term employee compensation plan financial liabilities shown in note 22. In 2024, long-term employee compensation plan amounts were presented within other receivables; the comparative information has therefore been re-presented to align with the current year presentation. Other non-current receivables include advances and other non-trade receivables.
2025
2024
Trade and other receivables: Current
\u00a3m
\u00a3m
Trade receivables
209.9
228.2
Prepayments
75.2
55.0
Amounts owed by joint ventures and associates
1.1
\u2014
Other receivables
41.5
48.3
Insurance receivables
2.4
\u2014
330.1
331.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "
21. Cash and cash equivalents
Sterling
Other currencies
Total
Sterling
Other currencies
Total
2025
2025
2025
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total cash and cash equivalents
120.6
78.7
199.3
102.5
80.5
183.0
Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise
cash at bank and other short-term highly liquid investments (money market funds) with a maturity of three months or
less from the date of acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "21. Cash and cash equivalents
Sterling
Other currencies
Total
Sterling
Other currencies
Total
2025
2025
2025
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total cash and cash equivalents
120.6
78.7
199.3
102.5
80.5
183.0
Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise cash at bank and other short-term highly liquid investments (money market funds) with a maturity of three months or less from the date of acquisition.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-541": { "value": "22. Contract liabilities, trade and other payables
2025
2024
Contract liabilities: Current
\u00a3m
\u00a3m
Deferred income
87.1
37.5
2025
2024
Contract liabilities: Non-current
\u00a3m
\u00a3m
Deferred income
84.6
60.7
The allocation of deferred income between current and non-current is presented on the basis that the current portion will unwind in the following 12 months through revenue. There were no material items in the current portion of deferred income in 2024 which did not unwind during the year. The increase in the year reflects the mobilisation of new contracts where invoicing occurs during the mobilisation period but revenue is recognised over the life of the contract. Total trade and other payables held by the Group at 31 December 2025 amount to \u00a3580.3m (2024: \u00a3616.5m).
2025
2024
Trade and other payables: Current
\u00a3m
\u00a3m
Trade payables
97.8
92.3
Contingent consideration payable
2.7
3.2
Amounts owed to joint ventures
0.2
0.2
Long-term employee compensation plan payable
1
3.9
6.7
Other payables
1
153.9
154.6
Accruals
304.1
338.0
562.6
595.0
1. In 2024, long-term employee compensation plan amounts were presented within other payables; the comparative information has therefore been re- presented to align with the current year presentation. The long-term employee compensation plan payable represents the financial liability arising from certain employees\u2019 deferred short-term benefits, which have been transferred by the Group into a non-qualified defined contribution plan. These contributions are invested in an irrevocable trust and are not in scope of IAS 19 as there is no obligation to pay any additional amounts into the trust. The receivable for the trust asset is shown in note 20. Other payables include sales and other direct taxes, payroll taxes, salaries and other non-trade payables. The average credit period taken for trade purchases is 20 days (2024: 19 days).
2025
2024
Trade and other payables: Non-current
\u00a3m
\u00a3m
Contingent consideration payable
4.4
6.2
Long-term employee compensation plan payable
1
9.6
8.8
Other payables
1
3.7
6.5
17.7
21.5
1. In 2024, long-term employee compensation plan amounts were presented within other payables; the comparative information has therefore been re- presented to align with the current year presentation.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "22. Contract liabilities, trade and other payables
2025
2024
Contract liabilities: Current
\u00a3m
\u00a3m
Deferred income
87.1
37.5
2025
2024
Contract liabilities: Non-current
\u00a3m
\u00a3m
Deferred income
84.6
60.7
The allocation of deferred income between current and non-current is presented on the basis that the current portion will unwind in the following 12 months through revenue. There were no material items in the current portion of deferred income in 2024 which did not unwind during the year. The increase in the year reflects the mobilisation of new contracts where invoicing occurs during the mobilisation period but revenue is recognised over the life of the contract. Total trade and other payables held by the Group at 31 December 2025 amount to \u00a3580.3m (2024: \u00a3616.5m).
2025
2024
Trade and other payables: Current
\u00a3m
\u00a3m
Trade payables
97.8
92.3
Contingent consideration payable
2.7
3.2
Amounts owed to joint ventures
0.2
0.2
Long-term employee compensation plan payable
1
3.9
6.7
Other payables
1
153.9
154.6
Accruals
304.1
338.0
562.6
595.0
1. In 2024, long-term employee compensation plan amounts were presented within other payables; the comparative information has therefore been re- presented to align with the current year presentation. The long-term employee compensation plan payable represents the financial liability arising from certain employees\u2019 deferred short-term benefits, which have been transferred by the Group into a non-qualified defined contribution plan. These contributions are invested in an irrevocable trust and are not in scope of IAS 19 as there is no obligation to pay any additional amounts into the trust. The receivable for the trust asset is shown in note 20. Other payables include sales and other direct taxes, payroll taxes, salaries and other non-trade payables. The average credit period taken for trade purchases is 20 days (2024: 19 days).
2025
2024
Trade and other payables: Non-current
\u00a3m
\u00a3m
Contingent consideration payable
4.4
6.2
Long-term employee compensation plan payable
1
9.6
8.8
Other payables
1
3.7
6.5
17.7
21.5
1. In 2024, long-term employee compensation plan amounts were presented within other payables; the comparative information has therefore been re- presented to align with the current year presentation.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "
2025
2024
Contract liabilities: Current
\u00a3m
\u00a3m
Deferred income
87.1
37.5
2025
2024
Trade and other payables: Current
\u00a3m
\u00a3m
Trade payables
97.8
92.3
Contingent consideration payable
2.7
3.2
Amounts owed to joint ventures
0.2
0.2
Long-term employee compensation plan payable
1
3.9
6.7
Other payables
1
153.9
154.6
Accruals
304.1
338.0
562.6
595.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-517": { "value": "
2025
2024
Contract liabilities: Current
\u00a3m
\u00a3m
Deferred income
87.1
37.5
2025
2024
Contract liabilities: Non-current
\u00a3m
\u00a3m
Deferred income
84.6
60.7
The allocation of deferred income between current and non-current is presented on the basis that the current portion will unwind in the following 12 months through revenue. There were no material items in the current portion of deferred income in 2024 which did not unwind during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-538": { "value": "
2025
2024
Contract liabilities: Current
\u00a3m
\u00a3m
Deferred income
87.1
37.5
2025
2024
Contract liabilities: Non-current
\u00a3m
\u00a3m
Deferred income
84.6
60.7
The allocation of deferred income between current and non-current is presented on the basis that the current portion will unwind in the following 12 months through revenue. There were no material items in the current portion of deferred income in 2024 which did not unwind during the year. The increase in the year reflects the mobilisation of new contracts where invoicing occurs during the mobilisation period but revenue is recognised over the life of the contract. Total trade and other payables held by the Group at 31 December 2025 amount to \u00a3580.3m (2024: \u00a3616.5m).
2025
2024
Trade and other payables: Current
\u00a3m
\u00a3m
Trade payables
97.8
92.3
Contingent consideration payable
2.7
3.2
Amounts owed to joint ventures
0.2
0.2
Long-term employee compensation plan payable
1
3.9
6.7
Other payables
1
153.9
154.6
Accruals
304.1
338.0
562.6
595.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "
2025
2024
Contract liabilities: Non-current
\u00a3m
\u00a3m
Deferred income
84.6
60.7
2025
2024
Trade and other payables: Non-current
\u00a3m
\u00a3m
Contingent consideration payable
4.4
6.2
Long-term employee compensation plan payable
1
9.6
8.8
Other payables
1
3.7
6.5
17.7
21.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "
23. Leases
Management estimates that the fair value of the Group\u2019s lease obligations approximates their carrying amount.
The Group uses leases in the delivery of its contractual obligations and the services required to support the delivery
of those contracts, including administrative functions. There are no material future cash outflows relating to leases in
place as at 31 December 2025 that are not reflected in the minimum lease payments disclosed below and the Group
does not have any leases to which it is contracted but which are not yet reflected in the minimum lease payments.
Additionally, the Group does not have any material leases where payments are variable. Included in amounts payable
under leases below are only those amounts which reflect. Management\u2019s view of the reasonably certain lease term in
line with current operational requirements which are linked to the underlying contract with the customer. There are
no material lease payments which would remain once an underlying contract ends as these contracts could either be
novated to the new provider or terminated.
The total cash outflow for leases, excluding short-term leases and low-value leases, in the year was \u00a3181.8m (2024:
\u00a3157.3m). This is presented in the Consolidated Cash Flow Statement as \u00a3158.9m (2024: \u00a3137.4m) relating to the capital
element of the lease liability payments, with the remaining balance of \u00a322.9m (2024: \u00a319.9m) presented within interest paid.
Minimum lease Minimum lease
payments payments
2025
2024
Amounts payable under leases
\u00a3m
\u00a3m
Within one year
173.5
177.8
Between one and five years
300.1
306.8
After five years
52.8
75.3
Total undiscounted lease payments
526.4
559.9
Less: future finance charges
(22.0)
(29.9)
Present value of lease obligations
504.4
530.0
Less: amount due for settlement within one year (shown under current liabilities)
(167.1)
(168.3)
Amount due for settlement after one year
337.3
361.7
The following amounts are included in the Group\u2019s Consolidated Financial Statements in respect of its leases:
2025
2024
Note
\u00a3m
\u00a3m
Additions to right of use assets
18
139.8
235.3
Depreciation charge on right of use assets
18
(165.3)
(141.5)
Net impairment on right of use assets
18
(2.1)
(0.2)
Net disposal of right of use assets
18
(9.7)
(19.9)
Net exchange differences on right of use assets
18
(1.0)
(1.4)
Carrying amount of right of use assets
18
482.8
514.9
Current lease liabilities
23
167.1
168.3
Non-current lease liabilities
23
337.3
361.7
Capital element of lease repayments
(158.9)
(137.4)
Interest expense on lease liabilities
12
(22.9)
(19.9)
Profit/(loss) on early termination of leases
9
0.6
(0.1)
Expenses relating to short term or low value leases
9
(2.8)
(3.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-539": { "value": "
24. Loans
Total
Total
2025
2024
\u00a3m
\u00a3m
Loans are repayable as follows:
On demand or within one year
\u2014
38.8
Between one and two years
58.9
\u2014
Between two and five years
82.5
122.2
After five years
263.5
115.4
404.9
276.4
Less: amount due for settlement within one year (shown in current liabilities)
\u2014
(38.8)
Amount due for settlement after one year
404.9
237.6
Fair value of loans
Carrying amount
Fair value
Carrying amount
Fair value
2025
2025
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans
404.9
411.4
276.4
263.2
The fair values are based on cash flows discounted using a market rate appropriate to the loan. All loans are held at
amortised cost.
Loans subject to covenant
The principal financial covenant ratios are consistent across the US private placement loan notes and revolving credit
facility, with a maximum Consolidated Total Net Borrowings (CTNB) to covenant EBITDA of 3.5 times and minimum
covenant EBITDA to covenant net finance costs of 3.0 times, tested semi-annually. A reconciliation of the basis of
calculation is set out in the additional information section on page 235. As set out in the going concern section in
note 2, there are no indicators that the Group will have difficulty complying with the covenants for at least the next
12 months.
Analysis of Net Debt The analysis below provides a reconciliation between the opening and closing positions in the balance sheet for liabilities arising from financing activities together with movements in derivatives relating to the items included in Net Debt. There were no changes in fair value noted in either the current or prior year.
At 1 January Exchange Non-cash At 31\ue062December
2025
Cash flow
1
Acquisitions
2
differences
movements
3
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans payable
(276.3)
(156.0)
\u2014
26.5
0.9
(404.9)
Lease obligations
(530.0)
158.9
(6.4)
1.6
(128.5)
(504.4)
Liabilities arising from financing activities
(806.3)
2.9
(6.4)
28.1
(127.6)
(909.3)
Cash and cash equivalents
183.0
19.8
\u2014
(3.5)
\u2014
199.3
Derivatives relating to net debt
(6.5)
\u2014
\u2014
6.4
\u2014
(0.1)
Net debt
(629.8)
22.7
(6.4)
31.0
(127.6)
(710.1)
1. In April 2025, we issued US$250m (\u00a3193.2m) of US private placement loan notes to support the funding of the MT&S acquisition. The notes were split into three series of US$100m, US$75m and US$75m with maturities of six, eight and ten years respectively. The weighted average interest rate on the new loan notes was fixed at 6.23%. The blended rate on US private placement loan notes in issue at the end of 2025 was 5.64% (December 2024: 4.88%). 2. Acquisitions represent the net cash/(debt) acquired on acquisition. 3. Non-cash movements on loans payable relate to movement in capitalised finance costs in the year. For lease obligations non-cash movements relate to the net impact of entering into new leases and exiting certain leases before the end of the lease term without payment of a cash termination cost.
At 1 January Exchange Non-cash At 31 December
2024
Cash flow
Acquisitions
1
differences
movements
2
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans payable
(206.2)
(65.4)
\u2014
(4.8)
0.1
(276.3)
Lease obligations
(453.7)
137.4
(1.5)
1.5
(213.7)
(530.0)
Liabilities arising from financing activities
(659.9)
72.0
(1.5)
(3.3)
(213.6)
(806.3)
Cash and cash equivalents
94.4
89.7
\u2014
(1.1)
\u2014 183.0
Derivatives relating to net debt
3.1
\u2014
\u2014
(9.6)
\u2014
(6.5)
Net debt
(562.4)
161.7
(1.5)
(14.0)
(213.6)
(629.8)
1. Acquisitions represent the net cash/(debt) acquired on acquisition. 2. Non-cash movements relate to the net impact of entering into new leases and exiting certain leases before the end of the lease term without payment of a cash termination cost. 28. Financial risk management 28 (a) Fair value of financial instruments (i) Fair value hierarchy The vast majority of financial instruments are held at amortised cost. The classification of the fair value measurement falls into three levels, based on the degree to which the fair value is observable. The levels are as follows: Level 1: Inputs derived from unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Inputs that are observable for the asset or liability, either directly or indirectly, other than quoted prices included within Level 1. Level 3: Inputs are unobservable inputs for the asset or liability. Based on the above, the derivative financial instruments held by the Group, the comparison fair values for loans and the long-term employee compensation plan as at 31 December 2025 are all considered to fall into Level 2. The contingent consideration and contingent liabilities on previous acquisitions are considered to fall into Level 3. Market prices are sourced from Bloomberg and third-party valuations. The valuation models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. There have been no transfers between levels in the year. The Group held the following financial assets which fall within the scope of IFRS 9 Financial Instruments at 31 December 2025:
Carrying Comparison Carrying Comparison
amount fair value amount fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
2025
2024
2024
Financial assets \u2013 non-current
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
0.3
0.3
\u2014
\u2014
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
0.3
0.3
\u2014
\u2014
Financial assets at fair value (Level 2)
Long-term employee compensation plan
1
14.8
14.8
14.9
14.9
Financial assets \u2013 current
Cash and bank balances
2
199.3
199.3
183.0
183.0
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
0.3
0.3
0.8
0.8
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
0.2
0.2
\u2014
\u2014
Financial assets at amortised cost
Trade receivables (note 20)
2
209.9
209.9
228.2
228.2
Amounts owed by joint ventures and associates
1.1
1.1
\u2014
\u2014
1. In 2024, long-term employee compensation plan amounts were presented within other receivables; the comparative information has therefore been re- presented to align with the current year presentation. 2. Management estimate that the carrying amounts of cash and trade receivables approximate to their fair value due to the short-term maturity of these instruments. The Group held the following financial liabilities which fall within the scope of IFRS 9 Financial Instruments at 31 December 2025:
Carrying Comparison Carrying Comparison
amount fair value amount fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
2025
2024
2024
Financial liabilities \u2013 current
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
(0.2)
(0.2)
(6.4)
(6.4)
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
(0.1)
(0.1)
(0.2)
(0.2)
Financial liabilities at fair value (Level 2)
Long-term employee compensation plan
1
(3.9)
(3.9)
(6.7)
(6.7)
Financial liabilities at fair value (Level 3)
Contingent consideration
(2.7)
(2.7)
(3.2)
(3.2)
Contingent liabilities on acquisition (note 25)
(25.8)
(25.8)
(24.9)
(24.9)
Financial liabilities at amortised cost
Trade payables (note 22)
2
(97.8)
(97.8)
(92.3)
(92.3)
Amounts owed to joint ventures
(0.2)
(0.2)
(0.2)
(0.2)
Loans (note 24)
\u2014
\u2014
(38.8)
(38.0)
Financial liabilities \u2013 non-current
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
(0.6)
(0.6)
(0.3)
(0.3)
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
(0.1)
(0.1)
(0.3)
(0.3)
Financial liabilities at fair value (Level 2)
Long-term employee compensation plan
(9.6)
(9.6)
(8.8)
(8.8)
Financial liabilities at fair value (Level 3)
Contingent consideration
(4.4)
(4.4)
(6.2)
(6.2)
Financial liabilities at amortised cost
Loans (note 24)
(404.9)
(411.4)
(237.6)
(225.2)
1. In 2024, long-term employee compensation plan amounts were presented within other payables; the comparative information has therefore been re- presented to align with the current year presentation. 2. Management estimate that the carrying amounts of trade payables approximate to their fair value due to the short-term maturity of these instruments.
The following tables show the development of financial assets and liabilities categorised as Level 3:
Transfer
At between At
1\ue062January current and Unwind of Cash Exchange 31 December
2025
Acquisitions
non-current discount Settlement differences 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities \u2013 current
Contingent consideration
(3.2)
\u2014
(2.0)
(0.2)
2.5
0.2
(2.7)
Contingent liabilities on acquisition
(24.9)
\u2014
\u2014
\u2014
0.4
(1.3)
(25.8)
Financial liabilities \u2013 non-current
Contingent consideration
(6.2)
\u2014
2.0
(0.6)
\u2014
0.4
(4.4)
Transfer
between At
At 1 January current and Unwind of Cash Exchange 31 December
2024
Acquisitions
non-current discount Settlement differences 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities \u2013 current
Contingent consideration
\u2014
(2.4)
\u2014
(0.8)
\u2014
\u2014
(3.2)
Contingent liabilities on acquisition
\u2014
(26.7)
\u2014
\u2014
1.0
0.8
(24.9)
Financial liabilities \u2013 non-current
Contingent consideration
\u2014
(6.2)
\u2014
(0.1)
\u2014
0.1
(6.2)
The fair values of loans and lease obligations are based on cash flows discounted using a rate based on the
borrowing rate associated with the liability.
The fair value of derivatives is calculated using a discounted cash flow approach applying discount factors derived
from observable market data to actual and estimated future cash flows. Credit risk is considered in the calculation of
these fair values.
The fair value of the contingent consideration is estimated by calculating the present value of the future expected
cash flows.
(ii) Fair value of derivative financial instruments
The fair value of derivative financial instruments results in a net asset of \u00a30.1m (2024: net liability of \u00a36.4m)
comprising non-current assets \u00a30.6m (2024: nil), current assets of \u00a30.5m (2024: \u00a30.8m), current liabilities of \u00a30.3m
(2024: \u00a36.6m) and non-current liabilities of \u00a30.7m (2024: \u00a30.6m).
Movement in
Movement in
fair value of
fair value of
derivatives
derivatives not
designated in
designated
hedge
in hedge
accounting
accounting 31 December
1 January 2025
relationships
relationships 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign exchange contracts
(6.4)
0.9
5.6
0.1
Movement in
Movement in
fair value of
fair value of
derivatives
derivatives not
designated in
designated
hedge
in hedge
accounting
accounting 31 December
1 January 2024
relationships
relationships 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign exchange contracts
3.0
(0.4)
(9.0)
(6.4)
The fair value of financial liabilities recognised at fair value through profit and loss is \u00a30.2m (2024: \u00a36.8m) and relates to derivatives that are not designated in hedge accounting relationships. The fair value of the derivatives and their credit risk adjusted fair value are not materially different and are approximately equal to the amount contractually payable at maturity due to the short tenure of the instruments. 28 (b) Financial risk The Board is ultimately responsible for ensuring that financial and non-financial risks are monitored and managed within acceptable and known parameters. The Board delegates authority to the Executive team to manage financial risks. The Group\u2019s Treasury function acts as a service centre and operates within clearly defined guidelines and policies that are approved by the Board. The guidelines and policies define the financial risks to be managed, specify the objectives in managing these risks, delegate responsibilities to those managing the risks and establish a control framework to regulate treasury activities to minimise operational risk. 28 (c) Liquidity risk (i) Credit facilities The Group maintains committed credit facilities to ensure that it has sufficient liquidity to maintain its ongoing operations. As at 31 December, the Group\u2019s committed bank credit facilities and corresponding borrowings were as follows:
Utilised Total
for bonding facility
Currency
Amount
Drawn
facility available
2025
2025
2025
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Syndicated revolving credit facility
Sterling
350.0
\u2014
\u2014
350.0
Utilised Total
for bonding facility
Currency
Amount
Drawn
facility available
2024
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Syndicated revolving credit facility
Sterling
350.0
\u2014
\u2014
350.0
The Group has available a revolving credit facility with a maximum capacity of \u00a3350.0m and a five-year term ending November 2027. In addition, the facility provides an accordion facility of \u00a3100m which is uncommitted. At 31 December 2025, the Group had \u00a3408.6m (2024: \u00a3279.2m) of US private placement loan notes which will be repaid as bullet repayments between October 2027 and April 2035. (ii) Maturity of financial liabilities The Group\u2019s financial liabilities will be settled on both a net and a gross basis over the remaining period between the balance sheet date and the contractual maturity date. The amounts disclosed below are the contractual undiscounted cash flows based on the earliest date on which the Group can be required to pay.
On demand or Between one Between two After
within one year and two years and five years
five years
Total
At 31 December 2025
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
22
97.8
\u2014
\u2014
\u2014
97.8
Obligations under leases
1
23
173.5
129.1
171.0
52.8
526.4
Loans
2
24
\u2014
59.4
83.2
266.0
408.6
Future loan interest
23.0
22.7
56.0
38.8
140.5
Derivatives settled on gross basis:
Outflow
447.9
15.7
25.3
1.7
490.6
Inflow
(448.1)
(15.8)
(25.2)
(1.6)
(490.7)
294.1
211.1
310.3
357.7
1,173.2
1. The present value of lease obligations is \u00a3504.4m after deducting \u00a322.0m of future finance costs. 2. Loans are stated gross of capitalised finance costs.
On demand or Between one Between two After
within one year and two years and five years
five years
Total
At 31 December 2024
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
22
92.3
\u2014
\u2014
\u2014
92.3
Obligations under leases
1
23
177.8
129.4
177.4
75.3
559.9
Loans
2
24
39.9
\u2014
123.7
115.6
279.2
Future loan interest
13.4
12.3
28.8
19.3
73.8
Derivatives settled on gross basis:
Outflow
971.5
9.5
26.7
0.9
1,008.6
Inflow
(965.8)
(9.4)
(26.2)
(0.8)
(1,002.2)
329.1
141.8
330.4
210.3
1,011.6
1. The present value of lease obligations is \u00a3530.0m after deducting \u00a329.9m of future finance costs. 2. Loans are stated gross of capitalised finance costs. Gross cash flows in the table above relating to forward foreign exchange contracts total \u00a3448.1m (inflow) and \u00a3447.9m (outflow) on demand or within one year (2024: \u00a3965.8m (inflow) and \u00a3971.5m (outflow) on demand or within one year). 28 (d) Foreign exchange risk (i) Transactional It is the Group\u2019s policy to hedge material transactional exposures using forward foreign exchange contracts to fix the functional currency value of non-functional currency cash flows. At 31 December 2025, there were no material unhedged non-functional currency monetary assets or liabilities, firm commitments or highly probable forecast transactions. (ii) Translational Where possible, the Group will raise external funding to match the currency profile of its foreign operations, in order to mitigate translation exposure. If matched funding is not possible, currency derivatives are used to protect against movements in foreign exchange but are not designated in hedge accounting relationships. These are settled gross and are shown in 28 (c) (ii) maturity of financial liabilities. (iii) Hedge accounting For the purposes of hedge accounting, hedges are classified as either fair value hedges, cash flow hedges or hedges of net investments in foreign operations. Details of the Group\u2019s accounting policies in relation to derivatives qualifying for hedge accounting under IFRS 9 Financial Instruments can be seen in note 2. The Group holds a number of forward foreign exchange contracts designated as cash flow hedges. These derivatives are hedging highly probable forecast foreign currency trade payments in the UK business. The net notional amounts are summarised by currency below:
2025
2024
\u00a3m
\u00a3m
Sterling
(12.7)
9.4
US Dollar
12.7
(16.4)
Indian Rupee
\u2014
7.0
All derivatives designated as cash flow hedges are highly effective and as at 31 December 2025, a \u00a30.9m net fair value gain (2024: \u00a30.4m net fair value loss) has been deferred in the hedging reserve. During the year to 31 December 2025, \u00a30.9m of net fair value gain (2024: \u00a30.4m loss) was transferred to the hedging reserve and \u00a30.1m fair value loss (2024: \u00a30.1m loss) was reclassified to the Consolidated Income Statement. (iv) Currency sensitivity The Group\u2019s currency exposures in respect of monetary items at 31 December 2025 that result in net currency gains and losses in the income statement and equity arise principally from movement in US Dollar and Indian Rupee exchange rates. The impact of a 10% movement is summarised below:
Pre-tax profits Equity gain/ Pre-tax profits Equity gain/
gain/(loss) (loss) gain/(loss) (loss)
2025
2025
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
US Dollar
(0.4)
1.3
(0.9)
(1.7)
Euro
(0.3)
\u2014
(0.1)
\u2014
Indian Rupee
\u2014
\u2014
\u2014
0.7
(0.7)
1.3
(1.0)
(1.0)
28 (e) Interest rate risk The Group\u2019s policy is to minimise the impact of interest rate volatility on earnings to provide an appropriate level of certainty to cost of funds. Exposure to interest rate risk arises principally on changes to US Dollar and Sterling interest rates. (i) Interest rate management An analysis of financial assets and liabilities exposed to interest rate risk is set out below:
Weighted Weighted
average average
Floating rate
Fixed rate
interest rate
Floating rate
Fixed rate
interest rate
2025
2025
2025
2024
2024
2024
Financial assets
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
Cash and cash equivalents
199.3
\u2014
3.4
183.0
\u2014
4.1
Weighted Weighted
average average
Floating rate
Fixed rate
interest rate
Floating rate
Fixed rate
interest rate
2025
2025
2025
2024
2024
2024
Financial liabilities
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
US Dollar loans
\u2014
408.6
5.4
\u2014
279.2
4.9
Exposure to interest rate fluctuations is mitigated through the issuance of fixed rate debt. The rates on the US Dollar loans are fixed for the term of each loan. The loans will be repaid as bullet repayments between October 2027 and April 2035. Excluded from the above analysis is \u00a3504.4m (2024: \u00a3530.0m) of amounts payable under leases, which are subject to fixed rates of interest. (ii) Interest rate sensitivity The effect of a 100 basis point increase in Sterling Overnight Index Average (SONIA) rates on the net financial liability position (excluding leases) at the balance sheet date, with all other variables held constant, would have resulted in a \u00a32.0m increase in pre-tax profit for the year to 31 December 2025 (2024: increase of \u00a31.8m). 28 (f) Credit risk The Group\u2019s principal financial assets are cash and cash equivalents, contract assets, and trade and other receivables. Credit risk is the risk that a counterparty could default on its contractual obligations. In this regard, the Group\u2019s principal exposure is to cash and cash equivalents, derivative transactions and trade receivables. The Group\u2019s contract asset and trade receivables credit risk is relatively low given that a high proportion of our customer base are government bodies with strong sovereign, or sovereign-like, credit ratings. However, where the assessed creditworthiness of a customer, government or non-government, falls below that considered acceptable, appropriate measures are taken to mitigate against the risk of contractual default using instruments such as credit guarantees. The Group has not recorded any impairments related to contract assets or trade and other receivables due to credit risk during the year ended 31 December 2025 (2024: none). The Group\u2019s Treasury function primarily transacts with counterparties that comply with Board policy. Where exceptions are approved due to local requirements, the Group\u2019s exposures are monitored and kept to an immaterial level. The credit risk is measured by way of a counterparty credit rating from any two recognised rating agencies. Pre- approved limits are set based on a rating matrix and exposures monitored accordingly. The Group also employs the use of set-off rights in some agreements. The Group\u2019s policy is to provide guarantees for joint ventures and associates only to the relevant proportion of support provided by the partners. At 31 December 2025, the Group has issued guarantees in respect of certain joint ventures and associates as per note 27. 28 (g) Capital risk Management\u2019s objective is to maintain a capital structure that supports the Group\u2019s strategic objectives. The Group\u2019s target leverage is 1x\u20132x net debt to EBITDA which enables execution of the Board\u2019s capital allocation priorities and includes but is not limited to supporting organic growth, reshaping the portfolio through mergers, acquisitions and disposals, optimising shareholder returns and maintaining an implied investment grade credit rating. This strategy is unchanged from the prior year. Management reviews and approves, at least annually, a Treasury policy document which covers, inter alia, funding and liquidity risk, capital structure and risk management. This policy details targets for committed funding headroom, diversification of committed funding and debt maturity profile. The Group plans to maintain sufficient funds and distributable reserves to allow payments of projected dividends to shareholders. The following table summarises the capital of the Group:
2025
2024
\u00a3m
\u00a3m
Cash and cash equivalents
(199.3)
(183.0)
Loans
404.9
276.4
Obligations under leases
504.4
530.0
Equity
873.6
842.5
Capital
1,583.6
1,465.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-518": { "value": "24. Loans
Total
Total
2025
2024
\u00a3m
\u00a3m
Loans are repayable as follows:
On demand or within one year
\u2014
38.8
Between one and two years
58.9
\u2014
Between two and five years
82.5
122.2
After five years
263.5
115.4
404.9
276.4
Less: amount due for settlement within one year (shown in current liabilities)
\u2014
(38.8)
Amount due for settlement after one year
404.9
237.6
Fair value of loans
Carrying amount
Fair value
Carrying amount
Fair value
2025
2025
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans
404.9
411.4
276.4
263.2
The fair values are based on cash flows discounted using a market rate appropriate to the loan. All loans are held at amortised cost. Loans subject to covenant The principal financial covenant ratios are consistent across the US private placement loan notes and revolving credit facility, with a maximum Consolidated Total Net Borrowings (CTNB) to covenant EBITDA of 3.5 times and minimum covenant EBITDA to covenant net finance costs of 3.0 times, tested semi-annually. A reconciliation of the basis of calculation is set out in the additional information section on page 235. As set out in the going concern section in note 2, there are no indicators that the Group will have difficulty complying with the covenants for at least the next 12 months. Analysis of Net Debt The analysis below provides a reconciliation between the opening and closing positions in the balance sheet for liabilities arising from financing activities together with movements in derivatives relating to the items included in Net Debt. There were no changes in fair value noted in either the current or prior year.
At 1 January Exchange Non-cash At 31\ue062December
2025
Cash flow
1
Acquisitions
2
differences
movements
3
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans payable
(276.3)
(156.0)
\u2014
26.5
0.9
(404.9)
Lease obligations
(530.0)
158.9
(6.4)
1.6
(128.5)
(504.4)
Liabilities arising from financing activities
(806.3)
2.9
(6.4)
28.1
(127.6)
(909.3)
Cash and cash equivalents
183.0
19.8
\u2014
(3.5)
\u2014
199.3
Derivatives relating to net debt
(6.5)
\u2014
\u2014
6.4
\u2014
(0.1)
Net debt
(629.8)
22.7
(6.4)
31.0
(127.6)
(710.1)
1. In April 2025, we issued US$250m (\u00a3193.2m) of US private placement loan notes to support the funding of the MT&S acquisition. The notes were split into three series of US$100m, US$75m and US$75m with maturities of six, eight and ten years respectively. The weighted average interest rate on the new loan notes was fixed at 6.23%. The blended rate on US private placement loan notes in issue at the end of 2025 was 5.64% (December 2024: 4.88%). 2. Acquisitions represent the net cash/(debt) acquired on acquisition. 3. Non-cash movements on loans payable relate to movement in capitalised finance costs in the year. For lease obligations non-cash movements relate to the net impact of entering into new leases and exiting certain leases before the end of the lease term without payment of a cash termination cost.
At 1 January Exchange Non-cash At 31 December
2024
Cash flow
Acquisitions
1
differences
movements
2
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans payable
(206.2)
(65.4)
\u2014
(4.8)
0.1
(276.3)
Lease obligations
(453.7)
137.4
(1.5)
1.5
(213.7)
(530.0)
Liabilities arising from financing activities
(659.9)
72.0
(1.5)
(3.3)
(213.6)
(806.3)
Cash and cash equivalents
94.4
89.7
\u2014
(1.1)
\u2014 183.0
Derivatives relating to net debt
3.1
\u2014
\u2014
(9.6)
\u2014
(6.5)
Net debt
(562.4)
161.7
(1.5)
(14.0)
(213.6)
(629.8)
1. Acquisitions represent the net cash/(debt) acquired on acquisition. 2. Non-cash movements relate to the net impact of entering into new leases and exiting certain leases before the end of the lease term without payment of a cash termination cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "24. Loans
Total
Total
2025
2024
\u00a3m
\u00a3m
Loans are repayable as follows:
On demand or within one year
\u2014
38.8
Between one and two years
58.9
\u2014
Between two and five years
82.5
122.2
After five years
263.5
115.4
404.9
276.4
Less: amount due for settlement within one year (shown in current liabilities)
\u2014
(38.8)
Amount due for settlement after one year
404.9
237.6
Fair value of loans
Carrying amount
Fair value
Carrying amount
Fair value
2025
2025
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans
404.9
411.4
276.4
263.2
The fair values are based on cash flows discounted using a market rate appropriate to the loan. All loans are held at amortised cost. Loans subject to covenant The principal financial covenant ratios are consistent across the US private placement loan notes and revolving credit facility, with a maximum Consolidated Total Net Borrowings (CTNB) to covenant EBITDA of 3.5 times and minimum covenant EBITDA to covenant net finance costs of 3.0 times, tested semi-annually. A reconciliation of the basis of calculation is set out in the additional information section on page 235. As set out in the going concern section in note 2, there are no indicators that the Group will have difficulty complying with the covenants for at least the next 12 months. Analysis of Net Debt The analysis below provides a reconciliation between the opening and closing positions in the balance sheet for liabilities arising from financing activities together with movements in derivatives relating to the items included in Net Debt. There were no changes in fair value noted in either the current or prior year.
At 1 January Exchange Non-cash At 31\ue062December
2025
Cash flow
1
Acquisitions
2
differences
movements
3
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans payable
(276.3)
(156.0)
\u2014
26.5
0.9
(404.9)
Lease obligations
(530.0)
158.9
(6.4)
1.6
(128.5)
(504.4)
Liabilities arising from financing activities
(806.3)
2.9
(6.4)
28.1
(127.6)
(909.3)
Cash and cash equivalents
183.0
19.8
\u2014
(3.5)
\u2014
199.3
Derivatives relating to net debt
(6.5)
\u2014
\u2014
6.4
\u2014
(0.1)
Net debt
(629.8)
22.7
(6.4)
31.0
(127.6)
(710.1)
1. In April 2025, we issued US$250m (\u00a3193.2m) of US private placement loan notes to support the funding of the MT&S acquisition. The notes were split into three series of US$100m, US$75m and US$75m with maturities of six, eight and ten years respectively. The weighted average interest rate on the new loan notes was fixed at 6.23%. The blended rate on US private placement loan notes in issue at the end of 2025 was 5.64% (December 2024: 4.88%). 2. Acquisitions represent the net cash/(debt) acquired on acquisition. 3. Non-cash movements on loans payable relate to movement in capitalised finance costs in the year. For lease obligations non-cash movements relate to the net impact of entering into new leases and exiting certain leases before the end of the lease term without payment of a cash termination cost.
At 1 January Exchange Non-cash At 31 December
2024
Cash flow
Acquisitions
1
differences
movements
2
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans payable
(206.2)
(65.4)
\u2014
(4.8)
0.1
(276.3)
Lease obligations
(453.7)
137.4
(1.5)
1.5
(213.7)
(530.0)
Liabilities arising from financing activities
(659.9)
72.0
(1.5)
(3.3)
(213.6)
(806.3)
Cash and cash equivalents
94.4
89.7
\u2014
(1.1)
\u2014 183.0
Derivatives relating to net debt
3.1
\u2014
\u2014
(9.6)
\u2014
(6.5)
Net debt
(562.4)
161.7
(1.5)
(14.0)
(213.6)
(629.8)
1. Acquisitions represent the net cash/(debt) acquired on acquisition.
2. Non-cash movements relate to the net impact of entering into new leases and exiting certain leases before the end of the lease term without payment of a cash
termination cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "
Analysis of Net Debt
The analysis below provides a reconciliation between the opening and closing positions in the balance sheet for
liabilities arising from financing activities together with movements in derivatives relating to the items included in Net
Debt. There were no changes in fair value noted in either the current or prior year.
At 1 January Exchange Non-cash At 31\ue062December
2025
Cash flow
1
Acquisitions
2
differences
movements
3
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans payable
(276.3)
(156.0)
\u2014
26.5
0.9
(404.9)
Lease obligations
(530.0)
158.9
(6.4)
1.6
(128.5)
(504.4)
Liabilities arising from financing activities
(806.3)
2.9
(6.4)
28.1
(127.6)
(909.3)
Cash and cash equivalents
183.0
19.8
\u2014
(3.5)
\u2014
199.3
Derivatives relating to net debt
(6.5)
\u2014
\u2014
6.4
\u2014
(0.1)
Net debt
(629.8)
22.7
(6.4)
31.0
(127.6)
(710.1)
1. In April 2025, we issued US$250m (\u00a3193.2m) of US private placement loan notes to support the funding of the MT&S acquisition. The notes were split into
three series of US$100m, US$75m and US$75m with maturities of six, eight and ten years respectively. The weighted average interest rate on the new loan
notes was fixed at 6.23%. The blended rate on US private placement loan notes in issue at the end of 2025 was 5.64% (December 2024: 4.88%).
2. Acquisitions represent the net cash/(debt) acquired on acquisition.
3. Non-cash movements on loans payable relate to movement in capitalised finance costs in the year. For lease obligations non-cash movements relate to the net
impact of entering into new leases and exiting certain leases before the end of the lease term without payment of a cash termination cost.
At 1 January Exchange Non-cash At 31 December
2024
Cash flow
Acquisitions
1
differences
movements
2
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans payable
(206.2)
(65.4)
\u2014
(4.8)
0.1
(276.3)
Lease obligations
(453.7)
137.4
(1.5)
1.5
(213.7)
(530.0)
Liabilities arising from financing activities
(659.9)
72.0
(1.5)
(3.3)
(213.6)
(806.3)
Cash and cash equivalents
94.4
89.7
\u2014
(1.1)
\u2014 183.0
Derivatives relating to net debt
3.1
\u2014
\u2014
(9.6)
\u2014
(6.5)
Net debt
(562.4)
161.7
(1.5)
(14.0)
(213.6)
(629.8)
1. Acquisitions represent the net cash/(debt) acquired on acquisition. 2. Non-cash movements relate to the net impact of entering into new leases and exiting certain leases before the end of the lease term without payment of a cash termination cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "
25. Provisions
Employee
related
Property
Contract
Claims
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2025
79.8
19.8
19.8
25.5
45.4
190.3
Arising on acquisition
\u2014
\u2014
0.2
\u2014
1.0
1.2
Eliminated on disposal
(4.2)
\u2014
\u2014
\u2014
\u2014
(4.2)
Charge capitalised in right of use assets
\u2014
0.8
\u2014
\u2014
\u2014
0.8
Transferred to working capital
\u2014
\u2014
\u2014
\u2014
(1.6)
(1.6)
Charge gross insurance provisions
\u2014
\u2014
\u2014
2.4
\u2014
2.4
with a separate reimbursement asset
Charged to income statement
14.5
2.5
9.1
9.0
13.1
48.2
Released to income statement
(0.7)
(0.8)
(0.8)
(4.3)
(5.9)
(12.5)
Utilised during the year
(19.2)
(1.3)
(3.3)
(5.0)
(7.6)
(36.4)
Exchange differences
(1.1)
0.6
\u2014
\u2014
1.1
0.6
At 31 December 2025
69.1
21.6
25.0
27.6
45.5
188.8
Analysed as:
Current
46.5
8.3
12.2
5.9
40.1
113.0
Non-current
22.6
13.3
12.8
21.7
5.4
75.8
69.1
21.6
25.0
27.6
45.5
188.8
Employee-related provisions include amounts for long-term service awards and terminal gratuity liabilities which have
been accrued and are based on contractual entitlement, together with an estimate of the probabilities that
employees will stay until rewards fall due and receive all relevant amounts. The provisions will be utilised over various
periods driven by attrition and demobilisation of contracts, the timing of which is uncertain. There are also amounts
included in relation to restructuring.
The majority of property provisions relate to leased properties and are associated with the requirement to return
properties to either their original condition, or to enact specific improvement activities in advance of exiting the lease.
Dilapidations associated with leased properties are held as a provision until such time as they fall due, with the
longest running lease ending in October 2035.
A contract provision is recorded when a contract is deemed to be unprofitable and therefore is considered onerous.
The present value of the estimated future cash outflow required to settle the contract obligations as they fall due over
the respective contracts has been used in determining the provision.
Claims provisions relate to claims made against the Group. These claims are varied in nature, although they typically
come from either the Group\u2019s service users, claimants for vehicle-related incidents, or the Group\u2019s employees. While
there is some level of judgement on the amount to be recorded, in almost all instances the variance to the actual
claim paid out will not individually be material; however, the timing of when the claims are reported and settled is less
certain as a process needs to be followed prior to the amounts being paid. During the year there is a charge to
present insurance provisions gross with a separate reimbursement asset recognised for amounts recoverable from
insurance providers.
Included within other provisions:
\u2022 \u00a319.7m relates to legal and other costs that the Group expects to incur over an extended period, in respect of past
events for which a provision has been recorded, none of which are individually material.
\u2022 \u00a325.8m relates to a provision in respect of a contingent liability recognised on the acquisition of EHC in 2024. The
Directors have assessed that a present obligation exists in respect of the treatment of certain historic transactions
and have measured the fair value of these as required by IFRS 3 Business Combinations notwithstanding that the
outflow of economic benefits is not probable. This provision will be reassessed at each reporting date as the risk
associated with the contingent liability in due course expires.
Individual provisions are only discounted where the impact is assessed to be significant. Currently, the effect of
discounting is not material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "25. Provisions
Employee
related
Property
Contract
Claims
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2025
79.8
19.8
19.8
25.5
45.4
190.3
Arising on acquisition
\u2014
\u2014
0.2
\u2014
1.0
1.2
Eliminated on disposal
(4.2)
\u2014
\u2014
\u2014
\u2014
(4.2)
Charge capitalised in right of use assets
\u2014
0.8
\u2014
\u2014
\u2014
0.8
Transferred to working capital
\u2014
\u2014
\u2014
\u2014
(1.6)
(1.6)
Charge gross insurance provisions
\u2014
\u2014
\u2014
2.4
\u2014
2.4
with a separate reimbursement asset
Charged to income statement
14.5
2.5
9.1
9.0
13.1
48.2
Released to income statement
(0.7)
(0.8)
(0.8)
(4.3)
(5.9)
(12.5)
Utilised during the year
(19.2)
(1.3)
(3.3)
(5.0)
(7.6)
(36.4)
Exchange differences
(1.1)
0.6
\u2014
\u2014
1.1
0.6
At 31 December 2025
69.1
21.6
25.0
27.6
45.5
188.8
Analysed as:
Current
46.5
8.3
12.2
5.9
40.1
113.0
Non-current
22.6
13.3
12.8
21.7
5.4
75.8
69.1
21.6
25.0
27.6
45.5
188.8
Employee-related provisions include amounts for long-term service awards and terminal gratuity liabilities which have been accrued and are based on contractual entitlement, together with an estimate of the probabilities that employees will stay until rewards fall due and receive all relevant amounts. The provisions will be utilised over various periods driven by attrition and demobilisation of contracts, the timing of which is uncertain. There are also amounts included in relation to restructuring. The majority of property provisions relate to leased properties and are associated with the requirement to return properties to either their original condition, or to enact specific improvement activities in advance of exiting the lease. Dilapidations associated with leased properties are held as a provision until such time as they fall due, with the longest running lease ending in October 2035. A contract provision is recorded when a contract is deemed to be unprofitable and therefore is considered onerous. The present value of the estimated future cash outflow required to settle the contract obligations as they fall due over the respective contracts has been used in determining the provision. Claims provisions relate to claims made against the Group. These claims are varied in nature, although they typically come from either the Group\u2019s service users, claimants for vehicle-related incidents, or the Group\u2019s employees. While there is some level of judgement on the amount to be recorded, in almost all instances the variance to the actual claim paid out will not individually be material; however, the timing of when the claims are reported and settled is less certain as a process needs to be followed prior to the amounts being paid. During the year there is a charge to present insurance provisions gross with a separate reimbursement asset recognised for amounts recoverable from insurance providers. Included within other provisions: \u2022 \u00a319.7m relates to legal and other costs that the Group expects to incur over an extended period, in respect of past events for which a provision has been recorded, none of which are individually material. \u2022 \u00a325.8m relates to a provision in respect of a contingent liability recognised on the acquisition of EHC in 2024. The Directors have assessed that a present obligation exists in respect of the treatment of certain historic transactions and have measured the fair value of these as required by IFRS 3 Business Combinations notwithstanding that the outflow of economic benefits is not probable. This provision will be reassessed at each reporting date as the risk associated with the contingent liability in due course expires. Individual provisions are only discounted where the impact is assessed to be significant. Currently, the effect of discounting is not material. 27. Contingent liabilities The Group and its subsidiaries have provided certain guarantees and indemnities in respect of performance and other bonds, issued by its banks on its behalf in the ordinary course of business. The total commitment outstanding as at 31 December 2025 was \u00a3217.0m (2024: \u00a3278.4m). The Group has guaranteed overdrafts, finance leases and bonding facilities of its joint ventures and associates up to a maximum value of \u00a35.7m (2024: \u00a35.7m). The actual commitment outstanding at 31 December 2025 was \u00a35.7m (2024: \u00a35.7m). In the normal course of business, the Group may be requested by customers or relevant authorities to provide information in relation to operational incidents arising under certain contracts. In this context, the Group is currently engaged in a small number of such matters, which are at an early stage of engagement and are limited to the provision of information. Based on previous similar incidents, enquiries can be ongoing for several years. No claims have been asserted against the Group in respect of these matters and no findings or determinations have been made. Based on the information currently available, the Group does not expect these matters to have a material impact. Accordingly, no provision has been recognised as management does not consider that a present obligation exists at the reporting date. The Group is also aware of other claims and potential claims which involve or may involve legal proceedings against the Group although the timing of settlement of these claims remains uncertain. The Directors are of the opinion, having regard to legal advice received and the Group\u2019s insurance arrangements, that it is unlikely that these matters will, in aggregate, have a material effect on the Group\u2019s financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "
26. Capital and other commitments
2025
2024
Capital expenditure contracted but not provided
\u00a3m
\u00a3m
Property, plant and equipment
4.5
3.3
Intangible assets
\u2014
0.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-519": { "value": "26. Capital and other commitments
2025
2024
Capital expenditure contracted but not provided
\u00a3m
\u00a3m
Property, plant and equipment
4.5
3.3
Intangible assets
\u2014
0.9
27. Contingent liabilities The Group and its subsidiaries have provided certain guarantees and indemnities in respect of performance and other bonds, issued by its banks on its behalf in the ordinary course of business. The total commitment outstanding as at 31 December 2025 was \u00a3217.0m (2024: \u00a3278.4m). The Group has guaranteed overdrafts, finance leases and bonding facilities of its joint ventures and associates up to a maximum value of \u00a35.7m (2024: \u00a35.7m). The actual commitment outstanding at 31 December 2025 was \u00a35.7m (2024: \u00a35.7m). In the normal course of business, the Group may be requested by customers or relevant authorities to provide information in relation to operational incidents arising under certain contracts. In this context, the Group is currently engaged in a small number of such matters, which are at an early stage of engagement and are limited to the provision of information. Based on previous similar incidents, enquiries can be ongoing for several years. No claims have been asserted against the Group in respect of these matters and no findings or determinations have been made. Based on the information currently available, the Group does not expect these matters to have a material impact. Accordingly, no provision has been recognised as management does not consider that a present obligation exists at the reporting date. The Group is also aware of other claims and potential claims which involve or may involve legal proceedings against the Group although the timing of settlement of these claims remains uncertain. The Directors are of the opinion, having regard to legal advice received and the Group\u2019s insurance arrangements, that it is unlikely that these matters will, in aggregate, have a material effect on the Group\u2019s financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "
27. Contingent liabilities
The Group and its subsidiaries have provided certain guarantees and indemnities in respect of performance and
other bonds, issued by its banks on its behalf in the ordinary course of business. The total commitment outstanding as
at 31 December 2025 was \u00a3217.0m (2024: \u00a3278.4m).
The Group has guaranteed overdrafts, finance leases and bonding facilities of its joint ventures and associates up to
a maximum value of \u00a35.7m (2024: \u00a35.7m). The actual commitment outstanding at 31 December 2025 was \u00a35.7m
(2024: \u00a35.7m).
In the normal course of business, the Group may be requested by customers or relevant authorities to provide
information in relation to operational incidents arising under certain contracts. In this context, the Group is currently
engaged in a small number of such matters, which are at an early stage of engagement and are limited to the
provision of information. Based on previous similar incidents, enquiries can be ongoing for several years. No claims
have been asserted against the Group in respect of these matters and no findings or determinations have been
made. Based on the information currently available, the Group does not expect these matters to have a material
impact. Accordingly, no provision has been recognised as management does not consider that a present obligation
exists at the reporting date.
The Group is also aware of other claims and potential claims which involve or may involve legal proceedings against
the Group although the timing of settlement of these claims remains uncertain. The Directors are of the opinion,
having regard to legal advice received and the Group\u2019s insurance arrangements, that it is unlikely that these matters
will, in aggregate, have a material effect on the Group\u2019s financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "
28. Financial risk management
28 (a) Fair value of financial instruments
(i) Fair value hierarchy
The vast majority of financial instruments are held at amortised cost. The classification of the fair value measurement
falls into three levels, based on the degree to which the fair value is observable. The levels are as follows:
Level 1: Inputs derived from unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2: Inputs that are observable for the asset or liability, either directly or indirectly, other than quoted prices
included within Level 1.
Level 3: Inputs are unobservable inputs for the asset or liability.
Based on the above, the derivative financial instruments held by the Group, the comparison fair values for loans and
the long-term employee compensation plan as at 31 December 2025 are all considered to fall into Level 2. The
contingent consideration and contingent liabilities on previous acquisitions are considered to fall into Level 3. Market
prices are sourced from Bloomberg and third-party valuations. The valuation models incorporate various inputs
including foreign exchange spot and forward rates and interest rate curves.
There have been no transfers between levels in the year.
The Group held the following financial assets which fall within the scope of IFRS 9 Financial Instruments at
31 December 2025:
Carrying Comparison Carrying Comparison
amount fair value amount fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
2025
2024
2024
Financial assets \u2013 non-current
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
0.3
0.3
\u2014
\u2014
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
0.3
0.3
\u2014
\u2014
Financial assets at fair value (Level 2)
Long-term employee compensation plan
1
14.8
14.8
14.9
14.9
Financial assets \u2013 current
Cash and bank balances
2
199.3
199.3
183.0
183.0
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
0.3
0.3
0.8
0.8
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
0.2
0.2
\u2014
\u2014
Financial assets at amortised cost
Trade receivables (note 20)
2
209.9
209.9
228.2
228.2
Amounts owed by joint ventures and associates
1.1
1.1
\u2014
\u2014
1. In 2024, long-term employee compensation plan amounts were presented within other receivables; the comparative information has therefore been re-
presented to align with the current year presentation.
2. Management estimate that the carrying amounts of cash and trade receivables approximate to their fair value due to the short-term maturity of these
instruments.
The Group held the following financial liabilities which fall within the scope of IFRS 9 Financial Instruments at
31 December 2025:
Carrying Comparison Carrying Comparison
amount fair value amount fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
2025
2024
2024
Financial liabilities \u2013 current
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
(0.2)
(0.2)
(6.4)
(6.4)
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
(0.1)
(0.1)
(0.2)
(0.2)
Financial liabilities at fair value (Level 2)
Long-term employee compensation plan
1
(3.9)
(3.9)
(6.7)
(6.7)
Financial liabilities at fair value (Level 3)
Contingent consideration
(2.7)
(2.7)
(3.2)
(3.2)
Contingent liabilities on acquisition (note 25)
(25.8)
(25.8)
(24.9)
(24.9)
Financial liabilities at amortised cost
Trade payables (note 22)
2
(97.8)
(97.8)
(92.3)
(92.3)
Amounts owed to joint ventures
(0.2)
(0.2)
(0.2)
(0.2)
Loans (note 24)
\u2014
\u2014
(38.8)
(38.0)
Financial liabilities \u2013 non-current
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
(0.6)
(0.6)
(0.3)
(0.3)
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
(0.1)
(0.1)
(0.3)
(0.3)
Financial liabilities at fair value (Level 2)
Long-term employee compensation plan
(9.6)
(9.6)
(8.8)
(8.8)
Financial liabilities at fair value (Level 3)
Contingent consideration
(4.4)
(4.4)
(6.2)
(6.2)
Financial liabilities at amortised cost
Loans (note 24)
(404.9)
(411.4)
(237.6)
(225.2)
1. In 2024, long-term employee compensation plan amounts were presented within other payables; the comparative information has therefore been re-
presented to align with the current year presentation.
2. Management estimate that the carrying amounts of trade payables approximate to their fair value due to the short-term maturity of these instruments.
The following tables show the development of financial assets and liabilities categorised as Level 3:
Transfer
At between At
1\ue062January current and Unwind of Cash Exchange 31 December
2025
Acquisitions
non-current discount Settlement differences 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities \u2013 current
Contingent consideration
(3.2)
\u2014
(2.0)
(0.2)
2.5
0.2
(2.7)
Contingent liabilities on acquisition
(24.9)
\u2014
\u2014
\u2014
0.4
(1.3)
(25.8)
Financial liabilities \u2013 non-current
Contingent consideration
(6.2)
\u2014
2.0
(0.6)
\u2014
0.4
(4.4)
Transfer
between At
At 1 January current and Unwind of Cash Exchange 31 December
2024
Acquisitions
non-current discount Settlement differences 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities \u2013 current
Contingent consideration
\u2014
(2.4)
\u2014
(0.8)
\u2014
\u2014
(3.2)
Contingent liabilities on acquisition
\u2014
(26.7)
\u2014
\u2014
1.0
0.8
(24.9)
Financial liabilities \u2013 non-current
Contingent consideration
\u2014
(6.2)
\u2014
(0.1)
\u2014
0.1
(6.2)
The fair values of loans and lease obligations are based on cash flows discounted using a rate based on the borrowing rate associated with the liability. The fair value of derivatives is calculated using a discounted cash flow approach applying discount factors derived from observable market data to actual and estimated future cash flows. Credit risk is considered in the calculation of these fair values. The fair value of the contingent consideration is estimated by calculating the present value of the future expected cash flows. (ii) Fair value of derivative financial instruments The fair value of derivative financial instruments results in a net asset of \u00a30.1m (2024: net liability of \u00a36.4m) comprising non-current assets \u00a30.6m (2024: nil), current assets of \u00a30.5m (2024: \u00a30.8m), current liabilities of \u00a30.3m (2024: \u00a36.6m) and non-current liabilities of \u00a30.7m (2024: \u00a30.6m).
Movement in
Movement in
fair value of
fair value of
derivatives
derivatives not
designated in
designated
hedge
in hedge
accounting
accounting 31 December
1 January 2025
relationships
relationships 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign exchange contracts
(6.4)
0.9
5.6
0.1
Movement in
Movement in
fair value of
fair value of
derivatives
derivatives not
designated in
designated
hedge
in hedge
accounting
accounting 31 December
1 January 2024
relationships
relationships 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign exchange contracts
3.0
(0.4)
(9.0)
(6.4)
The fair value of financial liabilities recognised at fair value through profit and loss is \u00a30.2m (2024: \u00a36.8m) and relates
to derivatives that are not designated in hedge accounting relationships. The fair value of the derivatives and their
credit risk adjusted fair value are not materially different and are approximately equal to the amount contractually
payable at maturity due to the short tenure of the instruments.
28 (b) Financial risk
The Board is ultimately responsible for ensuring that financial and non-financial risks are monitored and managed
within acceptable and known parameters. The Board delegates authority to the Executive team to manage financial
risks. The Group\u2019s Treasury function acts as a service centre and operates within clearly defined guidelines and
policies that are approved by the Board. The guidelines and policies define the financial risks to be managed, specify
the objectives in managing these risks, delegate responsibilities to those managing the risks and establish a control
framework to regulate treasury activities to minimise operational risk.
28 (c) Liquidity risk
(i) Credit facilities
The Group maintains committed credit facilities to ensure that it has sufficient liquidity to maintain its ongoing operations.
As at 31 December, the Group\u2019s committed bank credit facilities and corresponding borrowings were as follows:
Utilised Total
for bonding facility
Currency
Amount
Drawn
facility available
2025
2025
2025
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Syndicated revolving credit facility
Sterling
350.0
\u2014
\u2014
350.0
Utilised Total
for bonding facility
Currency
Amount
Drawn
facility available
2024
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Syndicated revolving credit facility
Sterling
350.0
\u2014
\u2014
350.0
The Group has available a revolving credit facility with a maximum capacity of \u00a3350.0m and a five-year term ending
November 2027. In addition, the facility provides an accordion facility of \u00a3100m which is uncommitted.
At 31 December 2025, the Group had \u00a3408.6m (2024: \u00a3279.2m) of US private placement loan notes which will be
repaid as bullet repayments between October 2027 and April 2035.
(ii) Maturity of financial liabilities
The Group\u2019s financial liabilities will be settled on both a net and a gross basis over the remaining period between the
balance sheet date and the contractual maturity date. The amounts disclosed below are the contractual undiscounted
cash flows based on the earliest date on which the Group can be required to pay.
On demand or Between one Between two After
within one year and two years and five years
five years
Total
At 31 December 2025
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
22
97.8
\u2014
\u2014
\u2014
97.8
Obligations under leases
1
23
173.5
129.1
171.0
52.8
526.4
Loans
2
24
\u2014
59.4
83.2
266.0
408.6
Future loan interest
23.0
22.7
56.0
38.8
140.5
Derivatives settled on gross basis:
Outflow
447.9
15.7
25.3
1.7
490.6
Inflow
(448.1)
(15.8)
(25.2)
(1.6)
(490.7)
294.1
211.1
310.3
357.7
1,173.2
1. The present value of lease obligations is \u00a3504.4m after deducting \u00a322.0m of future finance costs.
2. Loans are stated gross of capitalised finance costs.
On demand or Between one Between two After
within one year and two years and five years
five years
Total
At 31 December 2024
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
22
92.3
\u2014
\u2014
\u2014
92.3
Obligations under leases
1
23
177.8
129.4
177.4
75.3
559.9
Loans
2
24
39.9
\u2014
123.7
115.6
279.2
Future loan interest
13.4
12.3
28.8
19.3
73.8
Derivatives settled on gross basis:
Outflow
971.5
9.5
26.7
0.9
1,008.6
Inflow
(965.8)
(9.4)
(26.2)
(0.8)
(1,002.2)
329.1
141.8
330.4
210.3
1,011.6
1. The present value of lease obligations is \u00a3530.0m after deducting \u00a329.9m of future finance costs. 2. Loans are stated gross of capitalised finance costs. Gross cash flows in the table above relating to forward foreign exchange contracts total \u00a3448.1m (inflow) and \u00a3447.9m (outflow) on demand or within one year (2024: \u00a3965.8m (inflow) and \u00a3971.5m (outflow) on demand or within one year). 28 (d) Foreign exchange risk (i) Transactional It is the Group\u2019s policy to hedge material transactional exposures using forward foreign exchange contracts to fix the functional currency value of non-functional currency cash flows. At 31 December 2025, there were no material unhedged non-functional currency monetary assets or liabilities, firm commitments or highly probable forecast transactions. (ii) Translational Where possible, the Group will raise external funding to match the currency profile of its foreign operations, in order to mitigate translation exposure. If matched funding is not possible, currency derivatives are used to protect against movements in foreign exchange but are not designated in hedge accounting relationships. These are settled gross and are shown in 28 (c) (ii) maturity of financial liabilities. (iii) Hedge accounting For the purposes of hedge accounting, hedges are classified as either fair value hedges, cash flow hedges or hedges of net investments in foreign operations. Details of the Group\u2019s accounting policies in relation to derivatives qualifying for hedge accounting under IFRS 9 Financial Instruments can be seen in note 2. The Group holds a number of forward foreign exchange contracts designated as cash flow hedges. These derivatives are hedging highly probable forecast foreign currency trade payments in the UK business. The net notional amounts are summarised by currency below:
2025
2024
\u00a3m
\u00a3m
Sterling
(12.7)
9.4
US Dollar
12.7
(16.4)
Indian Rupee
\u2014
7.0
All derivatives designated as cash flow hedges are highly effective and as at 31 December 2025, a \u00a30.9m net fair value gain (2024: \u00a30.4m net fair value loss) has been deferred in the hedging reserve. During the year to 31 December 2025, \u00a30.9m of net fair value gain (2024: \u00a30.4m loss) was transferred to the hedging reserve and \u00a30.1m fair value loss (2024: \u00a30.1m loss) was reclassified to the Consolidated Income Statement. (iv) Currency sensitivity The Group\u2019s currency exposures in respect of monetary items at 31 December 2025 that result in net currency gains and losses in the income statement and equity arise principally from movement in US Dollar and Indian Rupee exchange rates. The impact of a 10% movement is summarised below:
Pre-tax profits Equity gain/ Pre-tax profits Equity gain/
gain/(loss) (loss) gain/(loss) (loss)
2025
2025
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
US Dollar
(0.4)
1.3
(0.9)
(1.7)
Euro
(0.3)
\u2014
(0.1)
\u2014
Indian Rupee
\u2014
\u2014
\u2014
0.7
(0.7)
1.3
(1.0)
(1.0)
28 (e) Interest rate risk The Group\u2019s policy is to minimise the impact of interest rate volatility on earnings to provide an appropriate level of certainty to cost of funds. Exposure to interest rate risk arises principally on changes to US Dollar and Sterling interest rates. (i) Interest rate management An analysis of financial assets and liabilities exposed to interest rate risk is set out below:
Weighted Weighted
average average
Floating rate
Fixed rate
interest rate
Floating rate
Fixed rate
interest rate
2025
2025
2025
2024
2024
2024
Financial assets
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
Cash and cash equivalents
199.3
\u2014
3.4
183.0
\u2014
4.1
Weighted Weighted
average average
Floating rate
Fixed rate
interest rate
Floating rate
Fixed rate
interest rate
2025
2025
2025
2024
2024
2024
Financial liabilities
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
US Dollar loans
\u2014
408.6
5.4
\u2014
279.2
4.9
Exposure to interest rate fluctuations is mitigated through the issuance of fixed rate debt. The rates on the US Dollar loans are fixed for the term of each loan. The loans will be repaid as bullet repayments between October 2027 and April 2035. Excluded from the above analysis is \u00a3504.4m (2024: \u00a3530.0m) of amounts payable under leases, which are subject to fixed rates of interest. (ii) Interest rate sensitivity The effect of a 100 basis point increase in Sterling Overnight Index Average (SONIA) rates on the net financial liability position (excluding leases) at the balance sheet date, with all other variables held constant, would have resulted in a \u00a32.0m increase in pre-tax profit for the year to 31 December 2025 (2024: increase of \u00a31.8m). 28 (f) Credit risk The Group\u2019s principal financial assets are cash and cash equivalents, contract assets, and trade and other receivables. Credit risk is the risk that a counterparty could default on its contractual obligations. In this regard, the Group\u2019s principal exposure is to cash and cash equivalents, derivative transactions and trade receivables. The Group\u2019s contract asset and trade receivables credit risk is relatively low given that a high proportion of our customer base are government bodies with strong sovereign, or sovereign-like, credit ratings. However, where the assessed creditworthiness of a customer, government or non-government, falls below that considered acceptable, appropriate measures are taken to mitigate against the risk of contractual default using instruments such as credit guarantees. The Group has not recorded any impairments related to contract assets or trade and other receivables due to credit risk during the year ended 31 December 2025 (2024: none). The Group\u2019s Treasury function primarily transacts with counterparties that comply with Board policy. Where exceptions are approved due to local requirements, the Group\u2019s exposures are monitored and kept to an immaterial level. The credit risk is measured by way of a counterparty credit rating from any two recognised rating agencies. Pre- approved limits are set based on a rating matrix and exposures monitored accordingly. The Group also employs the use of set-off rights in some agreements. The Group\u2019s policy is to provide guarantees for joint ventures and associates only to the relevant proportion of support provided by the partners. At 31 December 2025, the Group has issued guarantees in respect of certain joint ventures and associates as per note 27. 28 (g) Capital risk Management\u2019s objective is to maintain a capital structure that supports the Group\u2019s strategic objectives. The Group\u2019s target leverage is 1x\u20132x net debt to EBITDA which enables execution of the Board\u2019s capital allocation priorities and includes but is not limited to supporting organic growth, reshaping the portfolio through mergers, acquisitions and disposals, optimising shareholder returns and maintaining an implied investment grade credit rating. This strategy is unchanged from the prior year. Management reviews and approves, at least annually, a Treasury policy document which covers, inter alia, funding and liquidity risk, capital structure and risk management. This policy details targets for committed funding headroom, diversification of committed funding and debt maturity profile. The Group plans to maintain sufficient funds and distributable reserves to allow payments of projected dividends to shareholders. The following table summarises the capital of the Group:
2025
2024
\u00a3m
\u00a3m
Cash and cash equivalents
(199.3)
(183.0)
Loans
404.9
276.4
Obligations under leases
504.4
530.0
Equity
873.6
842.5
Capital
1,583.6
1,465.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-520": { "value": "28. Financial risk management 28 (a) Fair value of financial instruments (i) Fair value hierarchy The vast majority of financial instruments are held at amortised cost. The classification of the fair value measurement falls into three levels, based on the degree to which the fair value is observable. The levels are as follows: Level 1: Inputs derived from unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Inputs that are observable for the asset or liability, either directly or indirectly, other than quoted prices included within Level 1. Level 3: Inputs are unobservable inputs for the asset or liability. Based on the above, the derivative financial instruments held by the Group, the comparison fair values for loans and the long-term employee compensation plan as at 31 December 2025 are all considered to fall into Level 2. The contingent consideration and contingent liabilities on previous acquisitions are considered to fall into Level 3. Market prices are sourced from Bloomberg and third-party valuations. The valuation models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. There have been no transfers between levels in the year. The Group held the following financial assets which fall within the scope of IFRS 9 Financial Instruments at 31 December 2025:
Carrying Comparison Carrying Comparison
amount fair value amount fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
2025
2024
2024
Financial assets \u2013 non-current
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
0.3
0.3
\u2014
\u2014
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
0.3
0.3
\u2014
\u2014
Financial assets at fair value (Level 2)
Long-term employee compensation plan
1
14.8
14.8
14.9
14.9
Financial assets \u2013 current
Cash and bank balances
2
199.3
199.3
183.0
183.0
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
0.3
0.3
0.8
0.8
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
0.2
0.2
\u2014
\u2014
Financial assets at amortised cost
Trade receivables (note 20)
2
209.9
209.9
228.2
228.2
Amounts owed by joint ventures and associates
1.1
1.1
\u2014
\u2014
1. In 2024, long-term employee compensation plan amounts were presented within other receivables; the comparative information has therefore been re- presented to align with the current year presentation. 2. Management estimate that the carrying amounts of cash and trade receivables approximate to their fair value due to the short-term maturity of these instruments. The Group held the following financial liabilities which fall within the scope of IFRS 9 Financial Instruments at 31 December 2025:
Carrying Comparison Carrying Comparison
amount fair value amount fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
2025
2024
2024
Financial liabilities \u2013 current
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
(0.2)
(0.2)
(6.4)
(6.4)
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
(0.1)
(0.1)
(0.2)
(0.2)
Financial liabilities at fair value (Level 2)
Long-term employee compensation plan
1
(3.9)
(3.9)
(6.7)
(6.7)
Financial liabilities at fair value (Level 3)
Contingent consideration
(2.7)
(2.7)
(3.2)
(3.2)
Contingent liabilities on acquisition (note 25)
(25.8)
(25.8)
(24.9)
(24.9)
Financial liabilities at amortised cost
Trade payables (note 22)
2
(97.8)
(97.8)
(92.3)
(92.3)
Amounts owed to joint ventures
(0.2)
(0.2)
(0.2)
(0.2)
Loans (note 24)
\u2014
\u2014
(38.8)
(38.0)
Financial liabilities \u2013 non-current
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
(0.6)
(0.6)
(0.3)
(0.3)
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
(0.1)
(0.1)
(0.3)
(0.3)
Financial liabilities at fair value (Level 2)
Long-term employee compensation plan
(9.6)
(9.6)
(8.8)
(8.8)
Financial liabilities at fair value (Level 3)
Contingent consideration
(4.4)
(4.4)
(6.2)
(6.2)
Financial liabilities at amortised cost
Loans (note 24)
(404.9)
(411.4)
(237.6)
(225.2)
1. In 2024, long-term employee compensation plan amounts were presented within other payables; the comparative information has therefore been re- presented to align with the current year presentation. 2. Management estimate that the carrying amounts of trade payables approximate to their fair value due to the short-term maturity of these instruments. The following tables show the development of financial assets and liabilities categorised as Level 3:
Transfer
At between At
1\ue062January current and Unwind of Cash Exchange 31 December
2025
Acquisitions
non-current discount Settlement differences 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities \u2013 current
Contingent consideration
(3.2)
\u2014
(2.0)
(0.2)
2.5
0.2
(2.7)
Contingent liabilities on acquisition
(24.9)
\u2014
\u2014
\u2014
0.4
(1.3)
(25.8)
Financial liabilities \u2013 non-current
Contingent consideration
(6.2)
\u2014
2.0
(0.6)
\u2014
0.4
(4.4)
Transfer
between At
At 1 January current and Unwind of Cash Exchange 31 December
2024
Acquisitions
non-current discount Settlement differences 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities \u2013 current
Contingent consideration
\u2014
(2.4)
\u2014
(0.8)
\u2014
\u2014
(3.2)
Contingent liabilities on acquisition
\u2014
(26.7)
\u2014
\u2014
1.0
0.8
(24.9)
Financial liabilities \u2013 non-current
Contingent consideration
\u2014
(6.2)
\u2014
(0.1)
\u2014
0.1
(6.2)
The fair values of loans and lease obligations are based on cash flows discounted using a rate based on the borrowing rate associated with the liability. The fair value of derivatives is calculated using a discounted cash flow approach applying discount factors derived from observable market data to actual and estimated future cash flows. Credit risk is considered in the calculation of these fair values. The fair value of the contingent consideration is estimated by calculating the present value of the future expected cash flows. (ii) Fair value of derivative financial instruments The fair value of derivative financial instruments results in a net asset of \u00a30.1m (2024: net liability of \u00a36.4m) comprising non-current assets \u00a30.6m (2024: nil), current assets of \u00a30.5m (2024: \u00a30.8m), current liabilities of \u00a30.3m (2024: \u00a36.6m) and non-current liabilities of \u00a30.7m (2024: \u00a30.6m).
Movement in
Movement in
fair value of
fair value of
derivatives
derivatives not
designated in
designated
hedge
in hedge
accounting
accounting 31 December
1 January 2025
relationships
relationships 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign exchange contracts
(6.4)
0.9
5.6
0.1
Movement in
Movement in
fair value of
fair value of
derivatives
derivatives not
designated in
designated
hedge
in hedge
accounting
accounting 31 December
1 January 2024
relationships
relationships 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign exchange contracts
3.0
(0.4)
(9.0)
(6.4)
The fair value of financial liabilities recognised at fair value through profit and loss is \u00a30.2m (2024: \u00a36.8m) and relates to derivatives that are not designated in hedge accounting relationships. The fair value of the derivatives and their credit risk adjusted fair value are not materially different and are approximately equal to the amount contractually payable at maturity due to the short tenure of the instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "28. Financial risk management 28 (a) Fair value of financial instruments (i) Fair value hierarchy The vast majority of financial instruments are held at amortised cost. The classification of the fair value measurement falls into three levels, based on the degree to which the fair value is observable. The levels are as follows: Level 1: Inputs derived from unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Inputs that are observable for the asset or liability, either directly or indirectly, other than quoted prices included within Level 1. Level 3: Inputs are unobservable inputs for the asset or liability. Based on the above, the derivative financial instruments held by the Group, the comparison fair values for loans and the long-term employee compensation plan as at 31 December 2025 are all considered to fall into Level 2. The contingent consideration and contingent liabilities on previous acquisitions are considered to fall into Level 3. Market prices are sourced from Bloomberg and third-party valuations. The valuation models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. There have been no transfers between levels in the year. The Group held the following financial assets which fall within the scope of IFRS 9 Financial Instruments at 31 December 2025:
Carrying Comparison Carrying Comparison
amount fair value amount fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
2025
2024
2024
Financial assets \u2013 non-current
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
0.3
0.3
\u2014
\u2014
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
0.3
0.3
\u2014
\u2014
Financial assets at fair value (Level 2)
Long-term employee compensation plan
1
14.8
14.8
14.9
14.9
Financial assets \u2013 current
Cash and bank balances
2
199.3
199.3
183.0
183.0
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
0.3
0.3
0.8
0.8
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
0.2
0.2
\u2014
\u2014
Financial assets at amortised cost
Trade receivables (note 20)
2
209.9
209.9
228.2
228.2
Amounts owed by joint ventures and associates
1.1
1.1
\u2014
\u2014
1. In 2024, long-term employee compensation plan amounts were presented within other receivables; the comparative information has therefore been re- presented to align with the current year presentation. 2. Management estimate that the carrying amounts of cash and trade receivables approximate to their fair value due to the short-term maturity of these instruments. The Group held the following financial liabilities which fall within the scope of IFRS 9 Financial Instruments at 31 December 2025:
Carrying Comparison Carrying Comparison
amount fair value amount fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
2025
2024
2024
Financial liabilities \u2013 current
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
(0.2)
(0.2)
(6.4)
(6.4)
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
(0.1)
(0.1)
(0.2)
(0.2)
Financial liabilities at fair value (Level 2)
Long-term employee compensation plan
1
(3.9)
(3.9)
(6.7)
(6.7)
Financial liabilities at fair value (Level 3)
Contingent consideration
(2.7)
(2.7)
(3.2)
(3.2)
Contingent liabilities on acquisition (note 25)
(25.8)
(25.8)
(24.9)
(24.9)
Financial liabilities at amortised cost
Trade payables (note 22)
2
(97.8)
(97.8)
(92.3)
(92.3)
Amounts owed to joint ventures
(0.2)
(0.2)
(0.2)
(0.2)
Loans (note 24)
\u2014
\u2014
(38.8)
(38.0)
Financial liabilities \u2013 non-current
Derivatives designated as FVTPL (Level 2)
Forward foreign exchange contracts
(0.6)
(0.6)
(0.3)
(0.3)
Derivative instruments in designated hedge accounting relationships
(Level 2)
Forward foreign exchange contracts
(0.1)
(0.1)
(0.3)
(0.3)
Financial liabilities at fair value (Level 2)
Long-term employee compensation plan
(9.6)
(9.6)
(8.8)
(8.8)
Financial liabilities at fair value (Level 3)
Contingent consideration
(4.4)
(4.4)
(6.2)
(6.2)
Financial liabilities at amortised cost
Loans (note 24)
(404.9)
(411.4)
(237.6)
(225.2)
1. In 2024, long-term employee compensation plan amounts were presented within other payables; the comparative information has therefore been re- presented to align with the current year presentation. 2. Management estimate that the carrying amounts of trade payables approximate to their fair value due to the short-term maturity of these instruments. The following tables show the development of financial assets and liabilities categorised as Level 3:
Transfer
At between At
1\ue062January current and Unwind of Cash Exchange 31 December
2025
Acquisitions
non-current discount Settlement differences 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities \u2013 current
Contingent consideration
(3.2)
\u2014
(2.0)
(0.2)
2.5
0.2
(2.7)
Contingent liabilities on acquisition
(24.9)
\u2014
\u2014
\u2014
0.4
(1.3)
(25.8)
Financial liabilities \u2013 non-current
Contingent consideration
(6.2)
\u2014
2.0
(0.6)
\u2014
0.4
(4.4)
Transfer
between At
At 1 January current and Unwind of Cash Exchange 31 December
2024
Acquisitions
non-current discount Settlement differences 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities \u2013 current
Contingent consideration
\u2014
(2.4)
\u2014
(0.8)
\u2014
\u2014
(3.2)
Contingent liabilities on acquisition
\u2014
(26.7)
\u2014
\u2014
1.0
0.8
(24.9)
Financial liabilities \u2013 non-current
Contingent consideration
\u2014
(6.2)
\u2014
(0.1)
\u2014
0.1
(6.2)
The fair values of loans and lease obligations are based on cash flows discounted using a rate based on the borrowing rate associated with the liability. The fair value of derivatives is calculated using a discounted cash flow approach applying discount factors derived from observable market data to actual and estimated future cash flows. Credit risk is considered in the calculation of these fair values. The fair value of the contingent consideration is estimated by calculating the present value of the future expected cash flows. (ii) Fair value of derivative financial instruments The fair value of derivative financial instruments results in a net asset of \u00a30.1m (2024: net liability of \u00a36.4m) comprising non-current assets \u00a30.6m (2024: nil), current assets of \u00a30.5m (2024: \u00a30.8m), current liabilities of \u00a30.3m (2024: \u00a36.6m) and non-current liabilities of \u00a30.7m (2024: \u00a30.6m).
Movement in
Movement in
fair value of
fair value of
derivatives
derivatives not
designated in
designated
hedge
in hedge
accounting
accounting 31 December
1 January 2025
relationships
relationships 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign exchange contracts
(6.4)
0.9
5.6
0.1
Movement in
Movement in
fair value of
fair value of
derivatives
derivatives not
designated in
designated
hedge
in hedge
accounting
accounting 31 December
1 January 2024
relationships
relationships 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Forward foreign exchange contracts
3.0
(0.4)
(9.0)
(6.4)
The fair value of financial liabilities recognised at fair value through profit and loss is \u00a30.2m (2024: \u00a36.8m) and relates to derivatives that are not designated in hedge accounting relationships. The fair value of the derivatives and their credit risk adjusted fair value are not materially different and are approximately equal to the amount contractually payable at maturity due to the short tenure of the instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "28 (c) Liquidity risk (i) Credit facilities The Group maintains committed credit facilities to ensure that it has sufficient liquidity to maintain its ongoing operations. As at 31 December, the Group\u2019s committed bank credit facilities and corresponding borrowings were as follows:
Utilised Total
for bonding facility
Currency
Amount
Drawn
facility available
2025
2025
2025
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Syndicated revolving credit facility
Sterling
350.0
\u2014
\u2014
350.0
Utilised Total
for bonding facility
Currency
Amount
Drawn
facility available
2024
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Syndicated revolving credit facility
Sterling
350.0
\u2014
\u2014
350.0
The Group has available a revolving credit facility with a maximum capacity of \u00a3350.0m and a five-year term ending November 2027. In addition, the facility provides an accordion facility of \u00a3100m which is uncommitted. At 31 December 2025, the Group had \u00a3408.6m (2024: \u00a3279.2m) of US private placement loan notes which will be repaid as bullet repayments between October 2027 and April 2035. (ii) Maturity of financial liabilities The Group\u2019s financial liabilities will be settled on both a net and a gross basis over the remaining period between the balance sheet date and the contractual maturity date. The amounts disclosed below are the contractual undiscounted cash flows based on the earliest date on which the Group can be required to pay.
On demand or Between one Between two After
within one year and two years and five years
five years
Total
At 31 December 2025
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
22
97.8
\u2014
\u2014
\u2014
97.8
Obligations under leases
1
23
173.5
129.1
171.0
52.8
526.4
Loans
2
24
\u2014
59.4
83.2
266.0
408.6
Future loan interest
23.0
22.7
56.0
38.8
140.5
Derivatives settled on gross basis:
Outflow
447.9
15.7
25.3
1.7
490.6
Inflow
(448.1)
(15.8)
(25.2)
(1.6)
(490.7)
294.1
211.1
310.3
357.7
1,173.2
1. The present value of lease obligations is \u00a3504.4m after deducting \u00a322.0m of future finance costs. 2. Loans are stated gross of capitalised finance costs.
On demand or Between one Between two After
within one year and two years and five years
five years
Total
At 31 December 2024
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
22
92.3
\u2014
\u2014
\u2014
92.3
Obligations under leases
1
23
177.8
129.4
177.4
75.3
559.9
Loans
2
24
39.9
\u2014
123.7
115.6
279.2
Future loan interest
13.4
12.3
28.8
19.3
73.8
Derivatives settled on gross basis:
Outflow
971.5
9.5
26.7
0.9
1,008.6
Inflow
(965.8)
(9.4)
(26.2)
(0.8)
(1,002.2)
329.1
141.8
330.4
210.3
1,011.6
1. The present value of lease obligations is \u00a3530.0m after deducting \u00a329.9m of future finance costs.
2. Loans are stated gross of capitalised finance costs.
Gross cash flows in the table above relating to forward foreign exchange contracts total \u00a3448.1m (inflow) and
\u00a3447.9m (outflow) on demand or within one year (2024: \u00a3965.8m (inflow) and \u00a3971.5m (outflow) on demand or
within one year).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-521": { "value": "(i) Credit facilities The Group maintains committed credit facilities to ensure that it has sufficient liquidity to maintain its ongoing operations. As at 31 December, the Group\u2019s committed bank credit facilities and corresponding borrowings were as follows:
Utilised Total
for bonding facility
Currency
Amount
Drawn
facility available
2025
2025
2025
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Syndicated revolving credit facility
Sterling
350.0
\u2014
\u2014
350.0
Utilised Total
for bonding facility
Currency
Amount
Drawn
facility available
2024
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Syndicated revolving credit facility
Sterling
350.0
\u2014
\u2014
350.0
The Group has available a revolving credit facility with a maximum capacity of \u00a3350.0m and a five-year term ending November 2027. In addition, the facility provides an accordion facility of \u00a3100m which is uncommitted. At 31 December 2025, the Group had \u00a3408.6m (2024: \u00a3279.2m) of US private placement loan notes which will be repaid as bullet repayments between October 2027 and April 2035. ", "dimensions": { "concept": "ifrs-full:DescriptionOfManagingLiquidityRisk", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-542": { "value": "(ii) Maturity of financial liabilities The Group\u2019s financial liabilities will be settled on both a net and a gross basis over the remaining period between the balance sheet date and the contractual maturity date. The amounts disclosed below are the contractual undiscounted cash flows based on the earliest date on which the Group can be required to pay.
On demand or Between one Between two After
within one year and two years and five years
five years
Total
At 31 December 2025
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
22
97.8
\u2014
\u2014
\u2014
97.8
Obligations under leases
1
23
173.5
129.1
171.0
52.8
526.4
Loans
2
24
\u2014
59.4
83.2
266.0
408.6
Future loan interest
23.0
22.7
56.0
38.8
140.5
Derivatives settled on gross basis:
Outflow
447.9
15.7
25.3
1.7
490.6
Inflow
(448.1)
(15.8)
(25.2)
(1.6)
(490.7)
294.1
211.1
310.3
357.7
1,173.2
1. The present value of lease obligations is \u00a3504.4m after deducting \u00a322.0m of future finance costs. 2. Loans are stated gross of capitalised finance costs.
On demand or Between one Between two After
within one year and two years and five years
five years
Total
At 31 December 2024
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
22
92.3
\u2014
\u2014
\u2014
92.3
Obligations under leases
1
23
177.8
129.4
177.4
75.3
559.9
Loans
2
24
39.9
\u2014
123.7
115.6
279.2
Future loan interest
13.4
12.3
28.8
19.3
73.8
Derivatives settled on gross basis:
Outflow
971.5
9.5
26.7
0.9
1,008.6
Inflow
(965.8)
(9.4)
(26.2)
(0.8)
(1,002.2)
329.1
141.8
330.4
210.3
1,011.6
1. The present value of lease obligations is \u00a3530.0m after deducting \u00a329.9m of future finance costs. 2. Loans are stated gross of capitalised finance costs. Gross cash flows in the table above relating to forward foreign exchange contracts total \u00a3448.1m (inflow) and \u00a3447.9m (outflow) on demand or within one year (2024: \u00a3965.8m (inflow) and \u00a3971.5m (outflow) on demand or within one year). ", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-522": { "value": "(ii) Maturity of financial liabilities The Group\u2019s financial liabilities will be settled on both a net and a gross basis over the remaining period between the balance sheet date and the contractual maturity date. The amounts disclosed below are the contractual undiscounted cash flows based on the earliest date on which the Group can be required to pay.
On demand or Between one Between two After
within one year and two years and five years
five years
Total
At 31 December 2025
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
22
97.8
\u2014
\u2014
\u2014
97.8
Obligations under leases
1
23
173.5
129.1
171.0
52.8
526.4
Loans
2
24
\u2014
59.4
83.2
266.0
408.6
Future loan interest
23.0
22.7
56.0
38.8
140.5
Derivatives settled on gross basis:
Outflow
447.9
15.7
25.3
1.7
490.6
Inflow
(448.1)
(15.8)
(25.2)
(1.6)
(490.7)
294.1
211.1
310.3
357.7
1,173.2
1. The present value of lease obligations is \u00a3504.4m after deducting \u00a322.0m of future finance costs. 2. Loans are stated gross of capitalised finance costs.
On demand or Between one Between two After
within one year and two years and five years
five years
Total
At 31 December 2024
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade payables
22
92.3
\u2014
\u2014
\u2014
92.3
Obligations under leases
1
23
177.8
129.4
177.4
75.3
559.9
Loans
2
24
39.9
\u2014
123.7
115.6
279.2
Future loan interest
13.4
12.3
28.8
19.3
73.8
Derivatives settled on gross basis:
Outflow
971.5
9.5
26.7
0.9
1,008.6
Inflow
(965.8)
(9.4)
(26.2)
(0.8)
(1,002.2)
329.1
141.8
330.4
210.3
1,011.6
1. The present value of lease obligations is \u00a3530.0m after deducting \u00a329.9m of future finance costs. 2. Loans are stated gross of capitalised finance costs. Gross cash flows in the table above relating to forward foreign exchange contracts total \u00a3448.1m (inflow) and \u00a3447.9m (outflow) on demand or within one year (2024: \u00a3965.8m (inflow) and \u00a3971.5m (outflow) on demand or within one year). ", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "
28 (d) Foreign exchange risk
(i) Transactional
It is the Group\u2019s policy to hedge material transactional exposures using forward foreign exchange contracts to fix the
functional currency value of non-functional currency cash flows. At 31 December 2025, there were no material unhedged
non-functional currency monetary assets or liabilities, firm commitments or highly probable forecast transactions.
(ii) Translational
Where possible, the Group will raise external funding to match the currency profile of its foreign operations, in order
to mitigate translation exposure. If matched funding is not possible, currency derivatives are used to protect against
movements in foreign exchange but are not designated in hedge accounting relationships. These are settled gross
and are shown in 28 (c) (ii) maturity of financial liabilities.
(iii) Hedge accounting
For the purposes of hedge accounting, hedges are classified as either fair value hedges, cash flow hedges or hedges
of net investments in foreign operations. Details of the Group\u2019s accounting policies in relation to derivatives qualifying
for hedge accounting under IFRS 9 Financial Instruments can be seen in note 2.
The Group holds a number of forward foreign exchange contracts designated as cash flow hedges. These derivatives
are hedging highly probable forecast foreign currency trade payments in the UK business. The net notional amounts
are summarised by currency below:
2025
2024
\u00a3m
\u00a3m
Sterling
(12.7)
9.4
US Dollar
12.7
(16.4)
Indian Rupee
\u2014
7.0
All derivatives designated as cash flow hedges are highly effective and as at 31 December 2025, a \u00a30.9m net fair
value gain (2024: \u00a30.4m net fair value loss) has been deferred in the hedging reserve. During the year to
31 December 2025, \u00a30.9m of net fair value gain (2024: \u00a30.4m loss) was transferred to the hedging reserve and
\u00a30.1m fair value loss (2024: \u00a30.1m loss) was reclassified to the Consolidated Income Statement.
(iv) Currency sensitivity
The Group\u2019s currency exposures in respect of monetary items at 31 December 2025 that result in net currency gains
and losses in the income statement and equity arise principally from movement in US Dollar and Indian Rupee
exchange rates. The impact of a 10% movement is summarised below:
Pre-tax profits Equity gain/ Pre-tax profits Equity gain/
gain/(loss) (loss) gain/(loss) (loss)
2025
2025
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
US Dollar
(0.4)
1.3
(0.9)
(1.7)
Euro
(0.3)
\u2014
(0.1)
\u2014
Indian Rupee
\u2014
\u2014
\u2014
0.7
(0.7)
1.3
(1.0)
(1.0)
28 (e) Interest rate risk
The Group\u2019s policy is to minimise the impact of interest rate volatility on earnings to provide an appropriate level of
certainty to cost of funds. Exposure to interest rate risk arises principally on changes to US Dollar and Sterling interest rates.
(i) Interest rate management
An analysis of financial assets and liabilities exposed to interest rate risk is set out below:
Weighted Weighted
average average
Floating rate
Fixed rate
interest rate
Floating rate
Fixed rate
interest rate
2025
2025
2025
2024
2024
2024
Financial assets
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
Cash and cash equivalents
199.3
\u2014
3.4
183.0
\u2014
4.1
Weighted Weighted
average average
Floating rate
Fixed rate
interest rate
Floating rate
Fixed rate
interest rate
2025
2025
2025
2024
2024
2024
Financial liabilities
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
US Dollar loans
\u2014
408.6
5.4
\u2014
279.2
4.9
Exposure to interest rate fluctuations is mitigated through the issuance of fixed rate debt. The rates on the US Dollar
loans are fixed for the term of each loan. The loans will be repaid as bullet repayments between October 2027 and
April 2035. Excluded from the above analysis is \u00a3504.4m (2024: \u00a3530.0m) of amounts payable under leases, which
are subject to fixed rates of interest.
(ii) Interest rate sensitivity
The effect of a 100 basis point increase in Sterling Overnight Index Average (SONIA) rates on the net financial liability
position (excluding leases) at the balance sheet date, with all other variables held constant, would have resulted in a
\u00a32.0m increase in pre-tax profit for the year to 31 December 2025 (2024: increase of \u00a31.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-523": { "value": "(iv) Currency sensitivity The Group\u2019s currency exposures in respect of monetary items at 31 December 2025 that result in net currency gains and losses in the income statement and equity arise principally from movement in US Dollar and Indian Rupee exchange rates. The impact of a 10% movement is summarised below:
Pre-tax profits Equity gain/ Pre-tax profits Equity gain/
gain/(loss) (loss) gain/(loss) (loss)
2025
2025
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
US Dollar
(0.4)
1.3
(0.9)
(1.7)
Euro
(0.3)
\u2014
(0.1)
\u2014
Indian Rupee
\u2014
\u2014
\u2014
0.7
(0.7)
1.3
(1.0)
(1.0)
(ii) Interest rate sensitivity The effect of a 100 basis point increase in Sterling Overnight Index Average (SONIA) rates on the net financial liability position (excluding leases) at the balance sheet date, with all other variables held constant, would have resulted in a \u00a32.0m increase in pre-tax profit for the year to 31 December 2025 (2024: increase of \u00a31.8m). ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "
28 (f) Credit risk
The Group\u2019s principal financial assets are cash and cash equivalents, contract assets, and trade and other receivables.
Credit risk is the risk that a counterparty could default on its contractual obligations. In this regard, the Group\u2019s
principal exposure is to cash and cash equivalents, derivative transactions and trade receivables.
The Group\u2019s contract asset and trade receivables credit risk is relatively low given that a high proportion of our customer
base are government bodies with strong sovereign, or sovereign-like, credit ratings. However, where the assessed
creditworthiness of a customer, government or non-government, falls below that considered acceptable, appropriate
measures are taken to mitigate against the risk of contractual default using instruments such as credit guarantees.
The Group has not recorded any impairments related to contract assets or trade and other receivables due to credit
risk during the year ended 31 December 2025 (2024: none).
The Group\u2019s Treasury function primarily transacts with counterparties that comply with Board policy. Where
exceptions are approved due to local requirements, the Group\u2019s exposures are monitored and kept to an immaterial
level. The credit risk is measured by way of a counterparty credit rating from any two recognised rating agencies. Pre-
approved limits are set based on a rating matrix and exposures monitored accordingly. The Group also employs the
use of set-off rights in some agreements.
The Group\u2019s policy is to provide guarantees for joint ventures and associates only to the relevant proportion of
support provided by the partners. At 31 December 2025, the Group has issued guarantees in respect of certain joint
ventures and associates as per note 27.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "
28 (g) Capital risk
Management\u2019s objective is to maintain a capital structure that supports the Group\u2019s strategic objectives. The Group\u2019s
target leverage is 1x\u20132x net debt to EBITDA which enables execution of the Board\u2019s capital allocation priorities and
includes but is not limited to supporting organic growth, reshaping the portfolio through mergers, acquisitions and
disposals, optimising shareholder returns and maintaining an implied investment grade credit rating. This strategy is
unchanged from the prior year.
Management reviews and approves, at least annually, a Treasury policy document which covers, inter alia, funding
and liquidity risk, capital structure and risk management. This policy details targets for committed funding headroom,
diversification of committed funding and debt maturity profile.
The Group plans to maintain sufficient funds and distributable reserves to allow payments of projected dividends
to shareholders.
The following table summarises the capital of the Group:
2025
2024
\u00a3m
\u00a3m
Cash and cash equivalents
(199.3)
(183.0)
Loans
404.9
276.4
Obligations under leases
504.4
530.0
Equity
873.6
842.5
Capital
1,583.6
1,465.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "
29. Retirement benefit schemes
29 (a) Defined benefit schemes
(i) Characteristics and risks
The Group contributes to defined benefit schemes for qualifying employees of its subsidiaries. They consist of eight
pre-funded defined benefit schemes and one unfunded defined benefit scheme as follows.
\u2022 The two UK funded schemes are Serco Pension and Life Assurance Scheme (SPLAS) and a non-contract specific
section of the Railways Pension Scheme (RPS). The funding policy for the UK pre-funded schemes is to contribute
amounts which will achieve 100% funding on a projected salary basis based on regular actuarial valuations.
\u2022 There are three non-UK schemes based in Switzerland and are available for the employees of ORS Service AG
(ORS) which are part of a collective foundation. The contributions are shared equally between the employer and
the employees.
\u2022 The Group has obligations in three funded public sector schemes in Australia and there is an unfunded scheme in
Germany where the liabilities arising are recognised in full.
The Group made contributions under Admitted Body status for one section of the Local Government Pension Scheme
until the relevant customer contract ended in March 2025 and the Admitted Body status was transferred to the new
contracting entity.
Joint venture scheme
Under contractual arrangements, the Group\u2019s joint venture Merseyrail Services Holding Company Limited (Merseyrail)
sponsors a section of the RPS, paying contributions in accordance with a Schedule of Contributions. There is no
residual liability to fund any deficit at the end of the franchise period and there is no pension obligation on the
balance sheet of the Group or Merseyrail. The costs associated with the scheme are included in profit from operations
for Merseyrail shown in note 5 and are reflected in the share of results in joint ventures and associates net of interest
and tax in the income statement. Therefore the disclosures in this note do not include Merseyrail.
Scheme funding
The normal employer contributions (excluding SPLAS deficit recovery payments) expected to be paid during the
financial year for all schemes ending 31 December 2026 are \u00a37.2m.
The assets of funded schemes are held independently of the Group\u2019s assets in separate trustee administered
schemes. The trustees of each pension scheme are required by law to act in the interest of the scheme and of all
relevant stakeholders in the scheme. The trustees of the pension schemes are responsible for the investment policy
with regard to the assets of the scheme. The Group\u2019s schemes are valued by independent actuaries annually using
the projected unit credit actuarial cost method for accounting purposes. This reflects service rendered by employees
to the date of valuation and incorporates actuarial assumptions including discount rates to determine the present
value of benefits, inflation assumptions, projected rates of salary growth and life expectancy of pension plan
members. Discount rates are based on the market yields of high-quality corporate bonds in the country concerned.
Net pension assets and liabilities in the different defined benefit schemes are not offset.
The schemes typically expose the Group to risks that impact the financial performance and position of the Group and
may affect the amount and timing of future cash flows. The key risks are set out below:
\u2022 Investment risk: The schemes hold assets with which to discharge the future liabilities of these schemes. Any
decline in the value of these investments directly impacts on the ability of the schemes to meet its commitments
and could require the Group to fund this shortfall in future years. SPLAS\u2019s investment strategy aims to reduce
volatility risk by better matching assets to liabilities and is based on the actuarial funding basis. 44% of the scheme\u2019s
assets are annuity policies, which result in an insurer funding the future benefit payments to the relevant members
and therefore eliminate the risk of changes in the future value of the benefits to the scheme. The investment
strategy outside of the annuity has a benchmark allocation of 47% Liability Driven Investments (LDIs) and 28%
Private Debt. The remaining 25% is split between short-dated credit and asset backed securities. The main asset
classes that make up the LDI investments are gilts and corporate bonds with inflation and interest swap overlays
and are therefore linked to the key drivers of the scheme\u2019s liabilities. The Group and trustees monitor the allocation
over time, as the actual allocation will vary from above due to market movements, changing collateral requirements
and cash flows for illiquid assets.
\u2022 Interest risk: The present values of the defined benefit schemes\u2019 liabilities are calculated using a discount rate
determined by reference to high-quality corporate bond yields and therefore a decrease in interest rates will
increase the schemes\u2019 liabilities. This will be partially offset by an increase in the fair value of the schemes\u2019
debt investments.
\u2022 Longevity risk: The present values of the defined benefit schemes\u2019 liabilities are calculated by reference to the best
estimate of the mortality of the schemes\u2019 participants, both during and after their employment. An increase in the
life expectancy of the schemes\u2019 participants will increase the schemes\u2019 liabilities.
\u2022 Inflation risk: The present values of the defined benefit schemes\u2019 liabilities are calculated to include the effect of
inflation on future purchasing power based on estimations around inflation rates. Higher inflation will trigger
larger annual benefits for the members and an increase in expected future inflation rates will increase the
schemes\u2019 liabilities.
\u2022 Salary risk: The present values of the defined benefit schemes\u2019 liabilities are calculated by reference to the future
salaries of the schemes\u2019 participants, as such, an increase in the salary of the schemes\u2019 participants will increase the
schemes\u2019 liabilities.
Serco Pension and Life Assurance Scheme (SPLAS) The largest non-contract specific scheme is SPLAS. The most recent full actuarial valuation of this scheme was undertaken as at 5 April 2024 and completed in July 2025. The actuarially assessed deficit for funding purposes at this time was \u00a342m. Pension obligations are valued separately for accounting and funding purposes and there is often a material difference between these valuations. As at 31 December 2025, the estimated actuarial deficit on a funding basis for SPLAS was \u00a333m (2024: \u00a352m) whereas the accounting valuation resulted in an asset of \u00a37.8m (2024: \u00a312.8m). The primary reason a difference arises is that IAS 19 accounting requires the valuation to be performed on the basis of a best estimate whereas the funding valuation used by the trustees uses more prudent assumptions. The schedule of contributions for SPLAS was agreed in July 2025, with 13.8% of pensionable salaries for active employees due to be paid in regular contributions from 1 July 2025. Prior to this 44.3% of pensionable salaries for active employees was paid in regular contributions based on the prior full actuarial valuation. The schedule of contributions also determined that additional shortfall contributions were required and the Group has continued the commitment to make deficit recovery payments of \u00a36.6m per year until to 31 March 2030 with no change since the prior full actuarial valuation. (ii) Events in the year Virgin Media case In June 2025, the UK Government announced its intention to legislate to allow retrospective validation of affected amendments following the legal uncertainties arising from the Court of Appeal\u2019s decision in Virgin Media Limited v NTL Pension Trustees Limited. Draft provisions have been published and, if enacted as proposed, are expected to remove any material impact on the Group\u2019s obligations and therefore no adjustment has been made in the year. The legislation is anticipated to take effect during 2026.
(iii) Values recognised in total comprehensive income in the year
The amounts recognised in the Consolidated Financial Statements for the year are analysed as follows:
2025
2024
Recognised in the income statement
\u00a3m
\u00a3m
Current service cost \u2013 employer
7.5
7.1
Past service cost \u2013 employer
0.5
\u2014
Administrative expenses and taxes
2.2
1.7
Recognised in arriving at operating profit
10.2
8.8
Interest income on scheme assets \u2013 employer
(48.2)
(47.5)
Interest cost on scheme liabilities \u2013 employer
47.4
45.6
Finance income
(0.8)
(1.9)
Total recognised in the income statement
9.4
6.9
2025
2024
Included within the SOCI
\u00a3m
\u00a3m
Actual return on scheme assets
7.1
(60.7)
Less: interest income on scheme assets
(48.2)
(47.4)
Net return on scheme assets
(41.1)
(108.1)
Effect of changes in demographic assumptions
1.0
2.1
Effect of changes in financial assumptions
25.6
63.9
Effect of experience adjustments
12.4
3.4
Total recognised in the SOCI
(2.1)
(38.7)
(iv) Balance sheet values
The assets and liabilities of the schemes at 31 December are:
Present value Present value
Fair value of of scheme Fair value of of scheme
scheme assets
liabilities
Surplus/(deficit)
scheme assets
liabilities
Surplus/(deficit)
2025
2025
2025
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
SPLAS
1
780.5
(772.7)
7.8
822.8
(810.0)
12.8
ORS
91.4
(99.2)
(7.8)
83.2
(93.9)
(10.7)
RPS
57.1
(55.3)
1.8
58.4
(57.4)
1.0
Other schemes in surplus
\u2014
\u2014
\u2014
4.0
(2.6)
1.4
Other schemes in deficit
1.2
(1.5)
(0.3)
1.1
(1.6)
(0.5)
Net retirement benefit asset
2
930.2
(928.7)
1.5
969.5
(965.5)
4.0
1. The SPLAS Trust Deed gives the Group an unconditional right to a refund of surplus assets assuming the gradual settlement of plan liabilities over time until all
members have left the plan. Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as
economic benefits are available to the Group either in the form of future refunds or in the form of possible reductions in future contributions.
2. The net retirement benefit asset (before tax) is split in the balance sheet between schemes in surplus totalling \u00a39.6m (2024: \u00a315.2m) reported in retirement
benefit assets and schemes in deficit totalling \u00a38.1m (2024: \u00a311.2m) reported in retirement benefit obligations.
(v) Pension asset values
The schemes asset values at 31 December are:
2025
2024
Scheme assets at fair value
\u00a3m
\u00a3m
Fair value of scheme assets \u2014 SPLAS
Buy and maintain credit
\u2014
17.8
Short-dated credit
36.5
31.9
Asset backed securities
60.2
38.0
LDIs
188.4
181.7
Private debt
136.9
143.5
Amounts held by insurance companies
347.6
385.8
Cash and other
10.9
24.1
Fair value of scheme assets \u2014 SPLAS
780.5
822.8
Pooled investment funds \u2014 RPS
57.1
58.4
Amounts held by insurance companies \u2014 ORS
91.4
83.2
Fair value of assets \u2014 Other schemes
1.2
5.1
Total fair value of scheme assets
1
930.2
969.5
1. There are no investments in the Group\u2019s own transferable financial instruments held as pension assets. No property pension assets are occupied, or other
pension assets used by the Group.
As required by IAS 19 Employee Benefits, the Group has considered the extent to which the pension plan assets
should be classified in accordance with the fair value hierarchy of IFRS 13 Fair Value Measurement.
\u2022 Buy and maintain credit are valued at fair value which is typically the Net Asset Value provided by the fund
administrator and consist of Level 2 investments in bonds.
\u2022 Short-dated credit and asset-backed securities are value at fair value which is typically the net asset value provided
by the fund administrator and consist of Level 2 investments in pooled investment vehicles.
\u2022 LDIs are valued at fair value which is typically the Net Asset Value provided by the fund administrator and consist of
Level 2 investments in bonds and derivatives.
\u2022 Private debt funds have no observable market price and the valuation is based on the Net Asset Value provided by
the fund administrator at 30 September adjusted for actual cash flows in the period to 31 December. Therefore,
these investments are classified as Level 3.
\u2022 Pooled investment funds \u2013 Railway Pension Scheme are unitised fund investments in the non-contract specific
section of the Railways Pension Scheme and are Level 2 or Level 3 based on the Net Asset Value provided by the
fund administrator.
\u2022 Amounts held by insurance companies are valued at the equal and opposite of the defined benefit obligations that
they insure and are classified as Level 3.
\u2022 Fair value of assets \u2013 Other schemes include investments in equity and bonds classified as Level 1.
(vi) Changes in the fair value of scheme assets and liabilities
The table below shows the movements in fair value of scheme assets and liabilities and shows where they are
reflected in the financial statements.
Present value Present value
Fair value of of scheme Surplus/ Fair value of of scheme Surplus/
scheme assets liabilities (deficit) scheme assets liabilities (deficit)
2025
2025
2025
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
969.5
(965.5)
4.0
1,057.1
(1,032.6)
24.5
Current service cost \u2013 employer
\u2014
(7.5)
(7.5)
\u2014
(7.1)
(7.1)
Past service costs \u2013 employer
\u2014
(0.5)
(0.5)
\u2014
\u2014
\u2014
Administration expenses \u2013 employer
(2.2)
\u2014
(2.2)
(1.7)
\u2014
(1.7)
Plan settlement
(4.0)
4.0
\u2014
\u2014
\u2014
\u2014
Net interest on scheme assets and liabilities
48.2
(47.4)
0.8
47.5
(45.6)
1.9
Total recognised in the income statement
42.0
(51.4)
(9.4)
45.8
(52.7)
(6.9)
Return of plan assets
(41.1)
\u2014
(41.1)
(108.1)
\u2014
(108.1)
Effect of changes in demographic
\u2014
1.0
1.0
\u2014
2.1
2.1
assumptions
Effect of changes in financial assumptions
\u2014
25.6
25.6
\u2014
63.9
63.9
Effect of experience adjustments
\u2014
12.4
12.4
\u2014
3.4
3.4
Total recognised in the SOCI
(41.1)
39.0
(2.1)
(108.1)
69.4
(38.7)
Contributions by employer
9.7
\u2014
9.7
24.2
\u2014
24.2
Total recognised in the cash flow statement
9.7
\u2014
9.7
24.2
\u2014
24.2
Contributions by employees
5.9
(5.9)
\u2014
6.0
(6.0)
\u2014
Change in member share
5.9
(5.9)
\u2014
6.0
(6.0)
\u2014
Benefits paid
(58.6)
58.6
\u2014
(54.4)
54.4
\u2014
Insurance premiums for risk benefits
(2.4)
2.4
\u2014
(2.5)
2.5
\u2014
Transfer in of accrued benefits
\u2014
\u2014
\u2014
5.6
(5.6)
\u2014
Foreign exchange
5.2
(5.9)
(0.7)
(4.2)
5.1
0.9
Other movements
(55.8)
55.1
(0.7)
(55.5)
56.4
0.9
At 31 December
930.2
(928.7)
1.5
969.5
(965.5)
4.0
(vii) Actuarial assumptions: SPLAS
The assumptions set out below are for SPLAS, which reflects 83% of total liabilities and 84% of total assets of the
defined benefit pension scheme in which the Group participates. The significant actuarial assumptions with regards
to the determination of the defined benefit obligation are set out below.
2025
2024
Significant actuarial assumptions
%
%
Discount rate
5.55
5.50
Rate of salary increases
2.70
3.05
RPI Inflation
2.90
3.15
CPI Inflation \u2013 pre-retirement
2.20
2.55
2025
2024
Post-retirement mortality
1
years
years
Current pensioners at 65 \u2013 male
20.9
20.8
Current pensioners at 65 \u2013 female
23.6
23.6
Future pensioners at 65 \u2013 male
22.9
22.8
Future pensioners at 65 \u2013 female
25.7
25.7
1. The mortality assumptions have been updated to reflect the latest available mortality tables CMI_2024 (2024: CMI_2023). Sensitivity analysis for SPLAS is provided below, based on reasonably possible changes of the assumptions occurring at the end of the reporting period, assuming all other assumptions are held constant. The sensitivities have been derived in the same manner as the defined benefit obligation as at 31 December 2025 where the defined benefit obligation is estimated using the Projected Unit Credit method. Under this method each participant\u2019s benefits are attributed to years of service, taking into consideration future salary increases and the scheme\u2019s benefit allocation formula. Thus, the estimated total pension to which each participant is expected to become entitled at retirement is broken down into units, each associated with a year of past or future credited service. The defined benefit obligation as at 31 December 2025 is calculated on the actuarial assumptions agreed as at that date. The sensitivities are calculated by changing each assumption in turn following the methodology above with all other things held constant. The change in the defined benefit obligation from updating the single assumption represents the impact of that assumption on the calculation of the defined benefit obligation.
2025
2024
Increase/(decrease) in defined benefit obligation of SPLAS
\u00a3m
\u00a3m
Discount rate \u2013 1.0% increase
(75.3)
(79.8)
Discount rate \u2013 1.0% decrease
90.3
96.1
Inflation \u2013 1.0% increase
56.0
57.6
Inflation \u2013 1.0% decrease
(57.4)
(53.7)
Rate of salary increase \u2013 1.0% increase
0.9
1.1
Rate of salary increase \u2013 1.0% decrease
(0.8)
(1.0)
Mortality \u2013 one-year age rating
20.9
23.3
Management acknowledges that the method used of presuming that all other assumptions remain constant has inherent limitations given that a combination of changes is more likely, but it highlights the value of each individual risk and is therefore a suitable basis for providing this analysis. The increase or decrease in the defined benefit obligation in the sensitivity table above would be offset by the corresponding movement in the scheme\u2019s assets. A 1% change in the long-term gilt yields consistent with the discount rates would result in an approximate offsetting movement of \u00a360m (2024: \u00a370m) in the scheme\u2019s LDI investment and a 1% change in long-term inflation expectation would result in an approximate offsetting movement of \u00a340m (2024: \u00a350m) in the scheme\u2019s LDI investment. (viii) Actuarial assumptions: Other schemes The other UK-based schemes are valued on a consistent basis to SPLAS. The non-UK-based schemes use a discount rate ranging from 1.30% to 5.56% (2024: 1.00% to 5.40%).
29 (b) Defined contribution schemes
The Group paid employer contributions of \u00a394.3m (2024: \u00a396.8m) into UK defined contribution schemes, foreign
defined contribution schemes and foreign state pension schemes.
Serco participated in certain pre-funded defined benefit pension arrangements relating to contracts, including
participations in public sector schemes, however, contractual protections are in place allowing actuarial and
investment risk to be passed to the end customer via recoveries for contributions paid.
The nature of these arrangements varies from contract to contract but typically allow for the majority of contributions
payable to the schemes in excess of an initial rate agreed at the inception to be recovered from the end customer, as
well as exit payments payable to the schemes at the cessation of the contract, such that the Group\u2019s net exposure to
actuarial and investment risk is immaterial. Cash contributions are recognised as pension costs and no asset or
liability is shown on the balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "29. Retirement benefit schemes 29 (a) Defined benefit schemes (i) Characteristics and risks The Group contributes to defined benefit schemes for qualifying employees of its subsidiaries. They consist of eight pre-funded defined benefit schemes and one unfunded defined benefit scheme as follows. \u2022 The two UK funded schemes are Serco Pension and Life Assurance Scheme (SPLAS) and a non-contract specific section of the Railways Pension Scheme (RPS). The funding policy for the UK pre-funded schemes is to contribute amounts which will achieve 100% funding on a projected salary basis based on regular actuarial valuations. \u2022 There are three non-UK schemes based in Switzerland and are available for the employees of ORS Service AG (ORS) which are part of a collective foundation. The contributions are shared equally between the employer and the employees. \u2022 The Group has obligations in three funded public sector schemes in Australia and there is an unfunded scheme in Germany where the liabilities arising are recognised in full. The Group made contributions under Admitted Body status for one section of the Local Government Pension Scheme until the relevant customer contract ended in March 2025 and the Admitted Body status was transferred to the new contracting entity. Joint venture scheme Under contractual arrangements, the Group\u2019s joint venture Merseyrail Services Holding Company Limited (Merseyrail) sponsors a section of the RPS, paying contributions in accordance with a Schedule of Contributions. There is no residual liability to fund any deficit at the end of the franchise period and there is no pension obligation on the balance sheet of the Group or Merseyrail. The costs associated with the scheme are included in profit from operations for Merseyrail shown in note 5 and are reflected in the share of results in joint ventures and associates net of interest and tax in the income statement. Therefore the disclosures in this note do not include Merseyrail. Scheme funding The normal employer contributions (excluding SPLAS deficit recovery payments) expected to be paid during the financial year for all schemes ending 31 December 2026 are \u00a37.2m. The assets of funded schemes are held independently of the Group\u2019s assets in separate trustee administered schemes. The trustees of each pension scheme are required by law to act in the interest of the scheme and of all relevant stakeholders in the scheme. The trustees of the pension schemes are responsible for the investment policy with regard to the assets of the scheme. The Group\u2019s schemes are valued by independent actuaries annually using the projected unit credit actuarial cost method for accounting purposes. This reflects service rendered by employees to the date of valuation and incorporates actuarial assumptions including discount rates to determine the present value of benefits, inflation assumptions, projected rates of salary growth and life expectancy of pension plan members. Discount rates are based on the market yields of high-quality corporate bonds in the country concerned. Net pension assets and liabilities in the different defined benefit schemes are not offset. The schemes typically expose the Group to risks that impact the financial performance and position of the Group and may affect the amount and timing of future cash flows. The key risks are set out below: \u2022 Investment risk: The schemes hold assets with which to discharge the future liabilities of these schemes. Any decline in the value of these investments directly impacts on the ability of the schemes to meet its commitments and could require the Group to fund this shortfall in future years. SPLAS\u2019s investment strategy aims to reduce volatility risk by better matching assets to liabilities and is based on the actuarial funding basis. 44% of the scheme\u2019s assets are annuity policies, which result in an insurer funding the future benefit payments to the relevant members and therefore eliminate the risk of changes in the future value of the benefits to the scheme. The investment strategy outside of the annuity has a benchmark allocation of 47% Liability Driven Investments (LDIs) and 28% Private Debt. The remaining 25% is split between short-dated credit and asset backed securities. The main asset classes that make up the LDI investments are gilts and corporate bonds with inflation and interest swap overlays and are therefore linked to the key drivers of the scheme\u2019s liabilities. The Group and trustees monitor the allocation over time, as the actual allocation will vary from above due to market movements, changing collateral requirements and cash flows for illiquid assets. \u2022 Interest risk: The present values of the defined benefit schemes\u2019 liabilities are calculated using a discount rate determined by reference to high-quality corporate bond yields and therefore a decrease in interest rates will increase the schemes\u2019 liabilities. This will be partially offset by an increase in the fair value of the schemes\u2019 debt investments. \u2022 Longevity risk: The present values of the defined benefit schemes\u2019 liabilities are calculated by reference to the best estimate of the mortality of the schemes\u2019 participants, both during and after their employment. An increase in the life expectancy of the schemes\u2019 participants will increase the schemes\u2019 liabilities. \u2022 Inflation risk: The present values of the defined benefit schemes\u2019 liabilities are calculated to include the effect of inflation on future purchasing power based on estimations around inflation rates. Higher inflation will trigger larger annual benefits for the members and an increase in expected future inflation rates will increase the schemes\u2019 liabilities. \u2022 Salary risk: The present values of the defined benefit schemes\u2019 liabilities are calculated by reference to the future salaries of the schemes\u2019 participants, as such, an increase in the salary of the schemes\u2019 participants will increase the schemes\u2019 liabilities.
Serco Pension and Life Assurance Scheme (SPLAS)
The largest non-contract specific scheme is SPLAS. The most recent full actuarial valuation of this scheme was
undertaken as at 5 April 2024 and completed in July 2025. The actuarially assessed deficit for funding purposes
at this time was \u00a342m.
Pension obligations are valued separately for accounting and funding purposes and there is often a material
difference between these valuations. As at 31 December 2025, the estimated actuarial deficit on a funding basis
for SPLAS was \u00a333m (2024: \u00a352m) whereas the accounting valuation resulted in an asset of \u00a37.8m (2024: \u00a312.8m).
The primary reason a difference arises is that IAS 19 accounting requires the valuation to be performed on the basis
of a best estimate whereas the funding valuation used by the trustees uses more prudent assumptions.
The schedule of contributions for SPLAS was agreed in July 2025, with 13.8% of pensionable salaries for active
employees due to be paid in regular contributions from 1 July 2025. Prior to this 44.3% of pensionable salaries
for active employees was paid in regular contributions based on the prior full actuarial valuation. The schedule of
contributions also determined that additional shortfall contributions were required and the Group has continued
the commitment to make deficit recovery payments of \u00a36.6m per year until to 31 March 2030 with no change since
the prior full actuarial valuation.
(ii) Events in the year
Virgin Media case
In June 2025, the UK Government announced its intention to legislate to allow retrospective validation of affected
amendments following the legal uncertainties arising from the Court of Appeal\u2019s decision in Virgin Media Limited v
NTL Pension Trustees Limited. Draft provisions have been published and, if enacted as proposed, are expected to
remove any material impact on the Group\u2019s obligations and therefore no adjustment has been made in the year.
The legislation is anticipated to take effect during 2026.
(iii) Values recognised in total comprehensive income in the year The amounts recognised in the Consolidated Financial Statements for the year are analysed as follows:
2025
2024
Recognised in the income statement
\u00a3m
\u00a3m
Current service cost \u2013 employer
7.5
7.1
Past service cost \u2013 employer
0.5
\u2014
Administrative expenses and taxes
2.2
1.7
Recognised in arriving at operating profit
10.2
8.8
Interest income on scheme assets \u2013 employer
(48.2)
(47.5)
Interest cost on scheme liabilities \u2013 employer
47.4
45.6
Finance income
(0.8)
(1.9)
Total recognised in the income statement
9.4
6.9
2025
2024
Included within the SOCI
\u00a3m
\u00a3m
Actual return on scheme assets
7.1
(60.7)
Less: interest income on scheme assets
(48.2)
(47.4)
Net return on scheme assets
(41.1)
(108.1)
Effect of changes in demographic assumptions
1.0
2.1
Effect of changes in financial assumptions
25.6
63.9
Effect of experience adjustments
12.4
3.4
Total recognised in the SOCI
(2.1)
(38.7)
(iv) Balance sheet values The assets and liabilities of the schemes at 31 December are:
Present value Present value
Fair value of of scheme Fair value of of scheme
scheme assets
liabilities
Surplus/(deficit)
scheme assets
liabilities
Surplus/(deficit)
2025
2025
2025
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
SPLAS
1
780.5
(772.7)
7.8
822.8
(810.0)
12.8
ORS
91.4
(99.2)
(7.8)
83.2
(93.9)
(10.7)
RPS
57.1
(55.3)
1.8
58.4
(57.4)
1.0
Other schemes in surplus
\u2014
\u2014
\u2014
4.0
(2.6)
1.4
Other schemes in deficit
1.2
(1.5)
(0.3)
1.1
(1.6)
(0.5)
Net retirement benefit asset
2
930.2
(928.7)
1.5
969.5
(965.5)
4.0
1. The SPLAS Trust Deed gives the Group an unconditional right to a refund of surplus assets assuming the gradual settlement of plan liabilities over time until all members have left the plan. Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Group either in the form of future refunds or in the form of possible reductions in future contributions. 2. The net retirement benefit asset (before tax) is split in the balance sheet between schemes in surplus totalling \u00a39.6m (2024: \u00a315.2m) reported in retirement benefit assets and schemes in deficit totalling \u00a38.1m (2024: \u00a311.2m) reported in retirement benefit obligations. (v) Pension asset values The schemes asset values at 31 December are:
2025
2024
Scheme assets at fair value
\u00a3m
\u00a3m
Fair value of scheme assets \u2014 SPLAS
Buy and maintain credit
\u2014
17.8
Short-dated credit
36.5
31.9
Asset backed securities
60.2
38.0
LDIs
188.4
181.7
Private debt
136.9
143.5
Amounts held by insurance companies
347.6
385.8
Cash and other
10.9
24.1
Fair value of scheme assets \u2014 SPLAS
780.5
822.8
Pooled investment funds \u2014 RPS
57.1
58.4
Amounts held by insurance companies \u2014 ORS
91.4
83.2
Fair value of assets \u2014 Other schemes
1.2
5.1
Total fair value of scheme assets
1
930.2
969.5
1. There are no investments in the Group\u2019s own transferable financial instruments held as pension assets. No property pension assets are occupied, or other pension assets used by the Group. As required by IAS 19 Employee Benefits, the Group has considered the extent to which the pension plan assets should be classified in accordance with the fair value hierarchy of IFRS 13 Fair Value Measurement. \u2022 Buy and maintain credit are valued at fair value which is typically the Net Asset Value provided by the fund administrator and consist of Level 2 investments in bonds. \u2022 Short-dated credit and asset-backed securities are value at fair value which is typically the net asset value provided by the fund administrator and consist of Level 2 investments in pooled investment vehicles. \u2022 LDIs are valued at fair value which is typically the Net Asset Value provided by the fund administrator and consist of Level 2 investments in bonds and derivatives. \u2022 Private debt funds have no observable market price and the valuation is based on the Net Asset Value provided by the fund administrator at 30 September adjusted for actual cash flows in the period to 31 December. Therefore, these investments are classified as Level 3. \u2022 Pooled investment funds \u2013 Railway Pension Scheme are unitised fund investments in the non-contract specific section of the Railways Pension Scheme and are Level 2 or Level 3 based on the Net Asset Value provided by the fund administrator. \u2022 Amounts held by insurance companies are valued at the equal and opposite of the defined benefit obligations that they insure and are classified as Level 3. \u2022 Fair value of assets \u2013 Other schemes include investments in equity and bonds classified as Level 1. (vi) Changes in the fair value of scheme assets and liabilities The table below shows the movements in fair value of scheme assets and liabilities and shows where they are reflected in the financial statements.
Present value Present value
Fair value of of scheme Surplus/ Fair value of of scheme Surplus/
scheme assets liabilities (deficit) scheme assets liabilities (deficit)
2025
2025
2025
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
969.5
(965.5)
4.0
1,057.1
(1,032.6)
24.5
Current service cost \u2013 employer
\u2014
(7.5)
(7.5)
\u2014
(7.1)
(7.1)
Past service costs \u2013 employer
\u2014
(0.5)
(0.5)
\u2014
\u2014
\u2014
Administration expenses \u2013 employer
(2.2)
\u2014
(2.2)
(1.7)
\u2014
(1.7)
Plan settlement
(4.0)
4.0
\u2014
\u2014
\u2014
\u2014
Net interest on scheme assets and liabilities
48.2
(47.4)
0.8
47.5
(45.6)
1.9
Total recognised in the income statement
42.0
(51.4)
(9.4)
45.8
(52.7)
(6.9)
Return of plan assets
(41.1)
\u2014
(41.1)
(108.1)
\u2014
(108.1)
Effect of changes in demographic
\u2014
1.0
1.0
\u2014
2.1
2.1
assumptions
Effect of changes in financial assumptions
\u2014
25.6
25.6
\u2014
63.9
63.9
Effect of experience adjustments
\u2014
12.4
12.4
\u2014
3.4
3.4
Total recognised in the SOCI
(41.1)
39.0
(2.1)
(108.1)
69.4
(38.7)
Contributions by employer
9.7
\u2014
9.7
24.2
\u2014
24.2
Total recognised in the cash flow statement
9.7
\u2014
9.7
24.2
\u2014
24.2
Contributions by employees
5.9
(5.9)
\u2014
6.0
(6.0)
\u2014
Change in member share
5.9
(5.9)
\u2014
6.0
(6.0)
\u2014
Benefits paid
(58.6)
58.6
\u2014
(54.4)
54.4
\u2014
Insurance premiums for risk benefits
(2.4)
2.4
\u2014
(2.5)
2.5
\u2014
Transfer in of accrued benefits
\u2014
\u2014
\u2014
5.6
(5.6)
\u2014
Foreign exchange
5.2
(5.9)
(0.7)
(4.2)
5.1
0.9
Other movements
(55.8)
55.1
(0.7)
(55.5)
56.4
0.9
At 31 December
930.2
(928.7)
1.5
969.5
(965.5)
4.0
(vii) Actuarial assumptions: SPLAS The assumptions set out below are for SPLAS, which reflects 83% of total liabilities and 84% of total assets of the defined benefit pension scheme in which the Group participates. The significant actuarial assumptions with regards to the determination of the defined benefit obligation are set out below.
2025
2024
Significant actuarial assumptions
%
%
Discount rate
5.55
5.50
Rate of salary increases
2.70
3.05
RPI Inflation
2.90
3.15
CPI Inflation \u2013 pre-retirement
2.20
2.55
2025
2024
Post-retirement mortality
1
years
years
Current pensioners at 65 \u2013 male
20.9
20.8
Current pensioners at 65 \u2013 female
23.6
23.6
Future pensioners at 65 \u2013 male
22.9
22.8
Future pensioners at 65 \u2013 female
25.7
25.7
1. The mortality assumptions have been updated to reflect the latest available mortality tables CMI_2024 (2024: CMI_2023). Sensitivity analysis for SPLAS is provided below, based on reasonably possible changes of the assumptions occurring at the end of the reporting period, assuming all other assumptions are held constant. The sensitivities have been derived in the same manner as the defined benefit obligation as at 31 December 2025 where the defined benefit obligation is estimated using the Projected Unit Credit method. Under this method each participant\u2019s benefits are attributed to years of service, taking into consideration future salary increases and the scheme\u2019s benefit allocation formula. Thus, the estimated total pension to which each participant is expected to become entitled at retirement is broken down into units, each associated with a year of past or future credited service. The defined benefit obligation as at 31 December 2025 is calculated on the actuarial assumptions agreed as at that date. The sensitivities are calculated by changing each assumption in turn following the methodology above with all other things held constant. The change in the defined benefit obligation from updating the single assumption represents the impact of that assumption on the calculation of the defined benefit obligation.
2025
2024
Increase/(decrease) in defined benefit obligation of SPLAS
\u00a3m
\u00a3m
Discount rate \u2013 1.0% increase
(75.3)
(79.8)
Discount rate \u2013 1.0% decrease
90.3
96.1
Inflation \u2013 1.0% increase
56.0
57.6
Inflation \u2013 1.0% decrease
(57.4)
(53.7)
Rate of salary increase \u2013 1.0% increase
0.9
1.1
Rate of salary increase \u2013 1.0% decrease
(0.8)
(1.0)
Mortality \u2013 one-year age rating
20.9
23.3
Management acknowledges that the method used of presuming that all other assumptions remain constant has inherent limitations given that a combination of changes is more likely, but it highlights the value of each individual risk and is therefore a suitable basis for providing this analysis. The increase or decrease in the defined benefit obligation in the sensitivity table above would be offset by the corresponding movement in the scheme\u2019s assets. A 1% change in the long-term gilt yields consistent with the discount rates would result in an approximate offsetting movement of \u00a360m (2024: \u00a370m) in the scheme\u2019s LDI investment and a 1% change in long-term inflation expectation would result in an approximate offsetting movement of \u00a340m (2024: \u00a350m) in the scheme\u2019s LDI investment. (viii) Actuarial assumptions: Other schemes The other UK-based schemes are valued on a consistent basis to SPLAS. The non-UK-based schemes use a discount rate ranging from 1.30% to 5.56% (2024: 1.00% to 5.40%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-524": { "value": "(iv) Balance sheet values The assets and liabilities of the schemes at 31 December are:
Present value Present value
Fair value of of scheme Fair value of of scheme
scheme assets
liabilities
Surplus/(deficit)
scheme assets
liabilities
Surplus/(deficit)
2025
2025
2025
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
SPLAS
1
780.5
(772.7)
7.8
822.8
(810.0)
12.8
ORS
91.4
(99.2)
(7.8)
83.2
(93.9)
(10.7)
RPS
57.1
(55.3)
1.8
58.4
(57.4)
1.0
Other schemes in surplus
\u2014
\u2014
\u2014
4.0
(2.6)
1.4
Other schemes in deficit
1.2
(1.5)
(0.3)
1.1
(1.6)
(0.5)
Net retirement benefit asset
2
930.2
(928.7)
1.5
969.5
(965.5)
4.0
1. The SPLAS Trust Deed gives the Group an unconditional right to a refund of surplus assets assuming the gradual settlement of plan liabilities over time until all members have left the plan. Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Group either in the form of future refunds or in the form of possible reductions in future contributions. 2. The net retirement benefit asset (before tax) is split in the balance sheet between schemes in surplus totalling \u00a39.6m (2024: \u00a315.2m) reported in retirement benefit assets and schemes in deficit totalling \u00a38.1m (2024: \u00a311.2m) reported in retirement benefit obligations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-525": { "value": "
Sensitivity analysis for SPLAS is provided below, based on reasonably possible changes of the assumptions occurring
at the end of the reporting period, assuming all other assumptions are held constant. The sensitivities have been
derived in the same manner as the defined benefit obligation as at 31 December 2025 where the defined benefit
obligation is estimated using the Projected Unit Credit method. Under this method each participant\u2019s benefits are
attributed to years of service, taking into consideration future salary increases and the scheme\u2019s benefit allocation
formula. Thus, the estimated total pension to which each participant is expected to become entitled at retirement is
broken down into units, each associated with a year of past or future credited service. The defined benefit obligation
as at 31 December 2025 is calculated on the actuarial assumptions agreed as at that date. The sensitivities are
calculated by changing each assumption in turn following the methodology above with all other things held constant.
The change in the defined benefit obligation from updating the single assumption represents the impact of that
assumption on the calculation of the defined benefit obligation.
2025
2024
Increase/(decrease) in defined benefit obligation of SPLAS
\u00a3m
\u00a3m
Discount rate \u2013 1.0% increase
(75.3)
(79.8)
Discount rate \u2013 1.0% decrease
90.3
96.1
Inflation \u2013 1.0% increase
56.0
57.6
Inflation \u2013 1.0% decrease
(57.4)
(53.7)
Rate of salary increase \u2013 1.0% increase
0.9
1.1
Rate of salary increase \u2013 1.0% decrease
(0.8)
(1.0)
Mortality \u2013 one-year age rating
20.9
23.3
Management acknowledges that the method used of presuming that all other assumptions remain constant has
inherent limitations given that a combination of changes is more likely, but it highlights the value of each individual
risk and is therefore a suitable basis for providing this analysis.
The increase or decrease in the defined benefit obligation in the sensitivity table above would be offset by the
corresponding movement in the scheme\u2019s assets. A 1% change in the long-term gilt yields consistent with the
discount rates would result in an approximate offsetting movement of \u00a360m (2024: \u00a370m) in the scheme\u2019s LDI
investment and a 1% change in long-term inflation expectation would result in an approximate offsetting movement
of \u00a340m (2024: \u00a350m) in the scheme\u2019s LDI investment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "29 (b) Defined contribution schemes The Group paid employer contributions of \u00a394.3m (2024: \u00a396.8m) into UK defined contribution schemes, foreign defined contribution schemes and foreign state pension schemes. Serco participated in certain pre-funded defined benefit pension arrangements relating to contracts, including participations in public sector schemes, however, contractual protections are in place allowing actuarial and investment risk to be passed to the end customer via recoveries for contributions paid. The nature of these arrangements varies from contract to contract but typically allow for the majority of contributions payable to the schemes in excess of an initial rate agreed at the inception to be recovered from the end customer, as well as exit payments payable to the schemes at the cessation of the contract, such that the Group\u2019s net exposure to actuarial and investment risk is immaterial. Cash contributions are recognised as pension costs and no asset or liability is shown on the balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "
30. Share capital
2025
2024
Authorised, issued and fully paid
\u00a3m
\u00a3m
1,002,743,103
(2024: 1,023,855,243) ordinary shares of 2p each
20.1
20.5
2025
2024
Number
Number
Number of shares at 1 January
1,023,855,243
1,103,545,966
Shares cancelled
(21,112,140)
(79,690,723)
Number of shares at 31 December
1,002,743,103
1,023,855,243
The Company has one class of ordinary shares which carry no right to fixed income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "30. Share capital
2025
2024
Authorised, issued and fully paid
\u00a3m
\u00a3m
1,002,743,103
(2024: 1,023,855,243) ordinary shares of 2p each
20.1
20.5
2025
2024
Number
Number
Number of shares at 1 January
1,023,855,243
1,103,545,966
Shares cancelled
(21,112,140)
(79,690,723)
Number of shares at 31 December
1,002,743,103
1,023,855,243
The Company has one class of ordinary shares which carry no right to fixed income. 31. Share premium account
2025
2024
\u00a3m
\u00a3m
At 1 January and 31 December
463.1
463.1
32. Reserves
32 (a) Movements in other reserves
Retirement
benefit Share-based Capital
obligations payment Own shares Treasury Hedging Translation redemption Total other
reserve reserve reserve shares reserve reserve reserve reserves
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
(195.9)
103.9
(15.0)
\u2014
(0.3)
(5.8)
2.8
(110.3)
Total comprehensive
loss for the year
(31.0)
\u2014
\u2014
\u2014
(0.3)
(18.6)
\u2014
(49.9)
Shares purchased and
held in own share
reserve
\u2014
\u2014
(22.8)
\u2014
\u2014
\u2014
\u2014
(22.8)
Shares purchased and
held in Treasury until
cancelled
\u2014
\u2014
\u2014
(141.3)
\u2014
\u2014
\u2014
(141.3)
Cancellation of shares
held in Treasury
\u2014
\u2014
\u2014
141.3
\u2014
\u2014
1.6
142.9
Shares transferred to
award holders on
exercise of share awards
\u2014
(17.0)
17.1
\u2014
\u2014
\u2014
\u2014
0.1
Expense in relation to
share-based payments
\u2014
15.2
\u2014
\u2014
\u2014
\u2014
\u2014
15.2
Tax credit on items taken
directly to equity
\u2014
0.7
\u2014
\u2014
\u2014
\u2014
\u2014
0.7
At 1 January 2025
(226.9)
102.8
(20.7)
\u2014
(0.6)
(24.4)
4.4
(165.4)
Total comprehensive
income/(loss) for the
year
3.1
\u2014
\u2014
\u2014
0.7
(21.6)
\u2014
(17.8)
Shares purchased and
held in own share
reserve
\u2014
\u2014
(5.0)
\u2014
\u2014
\u2014
\u2014
(5.0)
Shares committed to be
purchased and held in
own share reserve
\u2014
\u2014
(21.3)
\u2014
\u2014
\u2014
\u2014
(21.3)
Shares purchased and
held in Treasury until
cancelled
\u2014
\u2014
\u2014
(50.3)
\u2014
\u2014
\u2014
(50.3)
Cancellation of shares
held in Treasury
\u2014
\u2014
\u2014
50.3
\u2014
\u2014
0.4
50.7
Shares transferred to
award holders on
exercise of share awards
\u2014
(15.6)
19.5
\u2014
\u2014
\u2014
\u2014
3.9
Expense in relation to
share-based payments
\u2014
13.6
\u2014
\u2014
\u2014
\u2014
\u2014
13.6
Tax credit on items taken
directly to equity
\u2014
5.0
\u2014
\u2014
\u2014
\u2014
\u2014
5.0
At 31 December 2025
(223.8)
105.8
(27.5)
\u2014
0.1
(46.0)
4.8
(186.6)
32 (b) Retirement benefit obligations reserve
The retirement benefit obligations reserve represents the actuarial gains and losses recognised in respect of annual
actuarial valuations for defined benefit retirement schemes, the fair value adjustments on reimbursable rights and the
related movements in deferred tax balances.
32 (c) Share-based payment reserve
The share-based payment reserve represents credits relating to equity-settled share-based payment transactions and
any gain or loss on the exercise of share award schemes satisfied by own shares.
32 (d) Own shares reserve
The own shares reserve represents the cost of shares in Serco Group plc held by the Serco Group plc Employee
Share Ownership Trust (ESOT) to satisfy awards under the Group\u2019s share plan schemes. At 31 December 2025, the
ESOT held 4,043,139 (2024: 13,418,111) shares equal to 0.4% of the current allotted share capital (2024: 1.3%).
The market value of shares held by the ESOT as at 31 December 2025 was \u00a311.3m (2024: \u00a320.3m). The ESOT is
committed to purchase 8,000,000 shares, which were funded prior to 31 December 2025 and the expected cost of
\u00a321.3m is included in the own share reserve.
32 (e) Treasury shares
The Treasury shares reserve represents amounts paid to repurchase ordinary shares. On 7 August 2025, the Group
announced its intention to repurchase ordinary shares with a value of up to \u00a350m. The buyback programme took place
between 11 August 2025 and 3 December 2025. During this period, the Group repurchased 21,112,140 shares at an
average cost of \u00a32.384 for total cost including fees of \u00a350.3m. All shares purchased in 2025 have been cancelled.
32 (f) Hedging and translation reserve
The hedging and translation reserve represents foreign exchange differences arising on translation of the Group\u2019s
overseas operations and movements relating to cash flow hedges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "32. Reserves 32 (a) Movements in other reserves
Retirement
benefit Share-based Capital
obligations payment Own shares Treasury Hedging Translation redemption Total other
reserve reserve reserve shares reserve reserve reserve reserves
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
(195.9)
103.9
(15.0)
\u2014
(0.3)
(5.8)
2.8
(110.3)
Total comprehensive
loss for the year
(31.0)
\u2014
\u2014
\u2014
(0.3)
(18.6)
\u2014
(49.9)
Shares purchased and
held in own share
reserve
\u2014
\u2014
(22.8)
\u2014
\u2014
\u2014
\u2014
(22.8)
Shares purchased and
held in Treasury until
cancelled
\u2014
\u2014
\u2014
(141.3)
\u2014
\u2014
\u2014
(141.3)
Cancellation of shares
held in Treasury
\u2014
\u2014
\u2014
141.3
\u2014
\u2014
1.6
142.9
Shares transferred to
award holders on
exercise of share awards
\u2014
(17.0)
17.1
\u2014
\u2014
\u2014
\u2014
0.1
Expense in relation to
share-based payments
\u2014
15.2
\u2014
\u2014
\u2014
\u2014
\u2014
15.2
Tax credit on items taken
directly to equity
\u2014
0.7
\u2014
\u2014
\u2014
\u2014
\u2014
0.7
At 1 January 2025
(226.9)
102.8
(20.7)
\u2014
(0.6)
(24.4)
4.4
(165.4)
Total comprehensive
income/(loss) for the
year
3.1
\u2014
\u2014
\u2014
0.7
(21.6)
\u2014
(17.8)
Shares purchased and
held in own share
reserve
\u2014
\u2014
(5.0)
\u2014
\u2014
\u2014
\u2014
(5.0)
Shares committed to be
purchased and held in
own share reserve
\u2014
\u2014
(21.3)
\u2014
\u2014
\u2014
\u2014
(21.3)
Shares purchased and
held in Treasury until
cancelled
\u2014
\u2014
\u2014
(50.3)
\u2014
\u2014
\u2014
(50.3)
Cancellation of shares
held in Treasury
\u2014
\u2014
\u2014
50.3
\u2014
\u2014
0.4
50.7
Shares transferred to
award holders on
exercise of share awards
\u2014
(15.6)
19.5
\u2014
\u2014
\u2014
\u2014
3.9
Expense in relation to
share-based payments
\u2014
13.6
\u2014
\u2014
\u2014
\u2014
\u2014
13.6
Tax credit on items taken
directly to equity
\u2014
5.0
\u2014
\u2014
\u2014
\u2014
\u2014
5.0
At 31 December 2025
(223.8)
105.8
(27.5)
\u2014
0.1
(46.0)
4.8
(186.6)
32 (b) Retirement benefit obligations reserve The retirement benefit obligations reserve represents the actuarial gains and losses recognised in respect of annual actuarial valuations for defined benefit retirement schemes, the fair value adjustments on reimbursable rights and the related movements in deferred tax balances. 32 (c) Share-based payment reserve The share-based payment reserve represents credits relating to equity-settled share-based payment transactions and any gain or loss on the exercise of share award schemes satisfied by own shares. 32 (d) Own shares reserve The own shares reserve represents the cost of shares in Serco Group plc held by the Serco Group plc Employee Share Ownership Trust (ESOT) to satisfy awards under the Group\u2019s share plan schemes. At 31 December 2025, the ESOT held 4,043,139 (2024: 13,418,111) shares equal to 0.4% of the current allotted share capital (2024: 1.3%). The market value of shares held by the ESOT as at 31 December 2025 was \u00a311.3m (2024: \u00a320.3m). The ESOT is committed to purchase 8,000,000 shares, which were funded prior to 31 December 2025 and the expected cost of \u00a321.3m is included in the own share reserve. 32 (e) Treasury shares The Treasury shares reserve represents amounts paid to repurchase ordinary shares. On 7 August 2025, the Group announced its intention to repurchase ordinary shares with a value of up to \u00a350m. The buyback programme took place between 11 August 2025 and 3 December 2025. During this period, the Group repurchased 21,112,140 shares at an average cost of \u00a32.384 for total cost including fees of \u00a350.3m. All shares purchased in 2025 have been cancelled. 32 (f) Hedging and translation reserve The hedging and translation reserve represents foreign exchange differences arising on translation of the Group\u2019s overseas operations and movements relating to cash flow hedges.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-526": { "value": "32 (e) Treasury shares The Treasury shares reserve represents amounts paid to repurchase ordinary shares. On 7 August 2025, the Group announced its intention to repurchase ordinary shares with a value of up to \u00a350m. The buyback programme took place between 11 August 2025 and 3 December 2025. During this period, the Group repurchased 21,112,140 shares at an average cost of \u00a32.384 for total cost including fees of \u00a350.3m. All shares purchased in 2025 have been cancelled. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "
33. Share-based payment expense
The Group recognised the following expenses related to equity-settled share-based payment transactions:
2025
2024
\u00a3m
\u00a3m
Long Term Incentive Plan
10.6
12.3
Deferred Bonus Plan
0.5
0.7
Equity Settled Bonus Plan
0.2
0.2
MyShareSave Plan
2.3
2.0
13.6
15.2
There are no cash settled arrangements and all schemes are issued by Serco Group plc for eligible employees within
the Group and its subsidiaries.
Long Term Incentive Plan (LTIP)
Under the LTIP, eligible employees have been granted conditional share awards. Awards vest after the performance
period of two to three years and are subject to the achievement of certain performance measures, with the exception
of non-performance awards. These non-performance awards are subject only to continued employment on vesting
dates which vary from two to three years after the grant dates.
On the performance-related awards, the performance measures are Earnings per Share (EPS), Total Shareholder
Return (TSR), Return on Invested Capital (ROIC) and measures linked to Strategic Objectives.
Number of Weighted Number of Weighted
shares under average shares under average
award exercise price award exercise price
2025
2025
2024
2024
thousands
\u00a3
thousands
\u00a3
Outstanding at 1 January
27,054
nil
28,341
nil
Granted during the year
11,578
nil
9,290
nil
Dividend equivalent granted during the year
720
nil
555
nil
Exercised during the year
(7,062)
nil
(8,364)
nil
Lapsed during the year
(4,361)
nil
(2,768)
nil
Outstanding at 31 December
27,929
nil
27,054
nil
The awards over shares outstanding at 31 December 2025 were all unvested and had a weighted average contractual
life remaining of 1.3 years (2024: 1.3 years).
In the year, 11,578,394 grants were made, of which 1,519,916 were non-performance related. The remaining
10,058,478 awards were performance-based awards, split between the following performance conditions: EPS (25%
weighting), average ROIC (25%) and relative TSR (20%), together with two growth measures aligned to our medium-
term growth goals (total of 20% weighting split between the book-to-bill ratio and organic revenue growth), and an ESG
scorecard (10%). The rewards, subject to market-based performance conditions (such as the TSR condition for these
awards) were valued using the Monte Carlo Simulation model. For all other awards, the fair value is equal to the share
price on the date of grant; no adjustment to the market price is required as the awards accrue dividend equivalents.
The Monte Carlo Simulation model is considered to be the most appropriate for valuing awards granted under
schemes where there are changes in performance conditions by which the awards are measured, such as for the
TSR-based awards.
The Monte Carlo Simulation model used the following inputs:
2025
Weighted average share price
\u00a31.59
Weighted average exercise price
nil
Expected volatility
21.9%
Average expected life (years)
2.67
Risk-free rate
3.80%
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the previous
three years. The expected life used in the model has been adjusted, based on Management\u2019s best estimate, for the
effects of non-transferability, exercise restrictions and behavioural considerations.
The weighted average fair value of awards granted under this scheme in the year is \u00a31.62 (2024: \u00a31.74).
Performance Share Plan (PSP)
Under the PSP, eligible employees have been granted options or conditional share awards with an exercise price
of two or zero pence. Awards vest after the performance period of two to three years and are subject to the
achievement of certain performance measures, with the exception of non-performance awards. These non-
performance awards are only subject to continued employment on vesting dates which vary from two to three
years after the grant dates.
On the performance-related awards, the performance measures are Earnings per Share (EPS), Total Shareholder
Return (TSR) and Return on Invested Capital (ROIC). If options remain unexercised after a period of 10 years from
the date of grant, then the options expire.
Number of Number of
options or Weighted options or Weighted
shares average shares average
under award exercise price under award exercise price
2025
2025
2024
2024
thousands
\u00a3
thousands
\u00a3
Outstanding at 1 January
2,978
0.02
4,357
0.02
Exercised during the year
(1,229)
0.02
(1,342)
0.02
Lapsed during the year
(115)
0.02
(37)
0.02
Outstanding at 31 December
1,634
0.02
2,978
0.02
Of these awards, 1,634,023 (2024: 2,978,436) were exercisable at the end of the year. The awards outstanding at 31 December 2025 had a weighted average contractual life remaining of 1.6 years (2024: 2.4 years). There were no new awards granted under the Performance Share Plan in the year. Deferred Bonus Plan (DBP) Under the DBP, eligible employees are entitled to participate in a voluntary bonus deferral, using up to 50% of their earned annual bonus to purchase shares in the Group at market price. In connection with this, the Group will make a matching share award, up to a maximum of two times the gross bonus deferred, which will vest provided they remain in employment for that period, the shares are retained for that period, and the performance measures have been met.
Number of Weighted Number of Weighted
shares average shares average
under award exercise price under award exercise price
2025
2025
2024
2024
thousands
\u00a3
thousands
\u00a3
Outstanding at 1 January
1,381
nil
1,875
nil
Granted during the year
194
nil
212
nil
Dividend equivalent granted during the year
4
nil
17
nil
Exercised during the year
(778)
nil
(723)
nil
Outstanding at 31 December
801
nil
1,381
nil
None of these awards were exercisable at the end of the year (2024: none). The awards outstanding at 31 December 2025 had a weighted average contractual life remaining of 1.0 years (2024: 0.9 years). There were 193,998 new awards granted under the DBP in the year, with 100% of the deferred bonus subject to the same EPS performance conditions as the LTIPs. The fair value of these non-market performance awards is equal to the share price on the date of grant. No adjustment to the market price is required as the awards accrue dividend equivalents. The weighted average fair value of awards granted under this scheme in the year is \u00a31.52 (2024: \u00a31.86). Equity Settled Bonus Plan (ESBP) Under the ESBP, eligible employees who are subject to a compulsory bonus deferral are granted share awards equivalent in value to the gross bonus deferred. The awards vest at the end of the deferral period and the awards are not subject to any performance or service conditions.
Number of Weighted Number of Weighted
shares average shares average
under award exercise price under award exercise price
2025
2025
2024
2024
thousands
\u00a3
thousands
\u00a3
Outstanding at 1 January
1,038
nil
1,209
nil
Granted during the year
120
nil
163
nil
Dividend equivalent granted during the year
4
nil
13
nil
Exercised during the year
(499)
nil
(347)
nil
Outstanding at 31 December
663
nil
1,038
nil
None of these awards were exercisable at the end of the year (2024: none). The awards outstanding at 31 December
2025 had a weighted average contractual life remaining of 0.9 years (2024: 0.9 years).
There were 120,036 new awards granted under the Equity Settled Bonus Plan in the year. The fair value of these non-
performance awards is equal to the share price on the date of grant. No adjustment to the market price is required as
the awards accrue dividend equivalents.
The weighted average fair value of awards granted under this scheme in the year is \u00a31.59 (2024: \u00a31.90).
UK and International save as you earn (MyShareSave)
MyShareSave scheme is open to employees in UK, USA, Canada, United Arab Emirates and Australia. Participating
individuals are required to save 36 monthly payments over a maximum of a 48-month period and thus will have the
option to buy shares at a discounted grant price. Participants can withdraw from the scheme at any time including
after the vesting period has ended.
Number of Weighted Number of Weighted
shares average shares average
under award exercise price under award exercise price
2025
2025
2024
2024
thousands
\u00a3
thousands
\u00a3
Outstanding at 1 January
15,637
1.32
10,906
1.25
Granted during the year
\u2014
\u2014
6,349
1.42
Exercised during the year
(3,155)
1.26
(124)
1.26
Lapsed during the year
(1,939)
1.33
(1,494)
1.26
Outstanding at 31 December
10,543
1.34
15,637
1.32
Of these awards 826,232 (2024: 110,800) were exercisable at the end of the year. The awards outstanding at
31 December 2025 had a weighted average contractual life remaining of 1.8 years (2024: 2.5 years).
There were no new awards granted under the MyShareSave plan in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "value": "Long Term Incentive Plan (LTIP) Under the LTIP, eligible employees have been granted conditional share awards. Awards vest after the performance period of two to three years and are subject to the achievement of certain performance measures, with the exception of non-performance awards. These non-performance awards are subject only to continued employment on vesting dates which vary from two to three years after the grant dates. On the performance-related awards, the performance measures are Earnings per Share (EPS), Total Shareholder Return (TSR), Return on Invested Capital (ROIC) and measures linked to Strategic Objectives.
Number of Weighted Number of Weighted
shares under average shares under average
award exercise price award exercise price
2025
2025
2024
2024
thousands
\u00a3
thousands
\u00a3
Outstanding at 1 January
27,054
nil
28,341
nil
Granted during the year
11,578
nil
9,290
nil
Dividend equivalent granted during the year
720
nil
555
nil
Exercised during the year
(7,062)
nil
(8,364)
nil
Lapsed during the year
(4,361)
nil
(2,768)
nil
Outstanding at 31 December
27,929
nil
27,054
nil
The awards over shares outstanding at 31 December 2025 were all unvested and had a weighted average contractual life remaining of 1.3 years (2024: 1.3 years). Performance Share Plan (PSP) Under the PSP, eligible employees have been granted options or conditional share awards with an exercise price of two or zero pence. Awards vest after the performance period of two to three years and are subject to the achievement of certain performance measures, with the exception of non-performance awards. These non- performance awards are only subject to continued employment on vesting dates which vary from two to three years after the grant dates. On the performance-related awards, the performance measures are Earnings per Share (EPS), Total Shareholder Return (TSR) and Return on Invested Capital (ROIC). If options remain unexercised after a period of 10 years from the date of grant, then the options expire.
Number of Number of
options or Weighted options or Weighted
shares average shares average
under award exercise price under award exercise price
2025
2025
2024
2024
thousands
\u00a3
thousands
\u00a3
Outstanding at 1 January
2,978
0.02
4,357
0.02
Exercised during the year
(1,229)
0.02
(1,342)
0.02
Lapsed during the year
(115)
0.02
(37)
0.02
Outstanding at 31 December
1,634
0.02
2,978
0.02
Of these awards, 1,634,023 (2024: 2,978,436) were exercisable at the end of the year. The awards outstanding at
31 December 2025 had a weighted average contractual life remaining of 1.6 years (2024: 2.4 years). There were no
new awards granted under the Performance Share Plan in the year.
Deferred Bonus Plan (DBP)
Under the DBP, eligible employees are entitled to participate in a voluntary bonus deferral, using up to 50% of their
earned annual bonus to purchase shares in the Group at market price. In connection with this, the Group will make a
matching share award, up to a maximum of two times the gross bonus deferred, which will vest provided they remain
in employment for that period, the shares are retained for that period, and the performance measures have been met.
Number of Weighted Number of Weighted
shares average shares average
under award exercise price under award exercise price
2025
2025
2024
2024
thousands
\u00a3
thousands
\u00a3
Outstanding at 1 January
1,381
nil
1,875
nil
Granted during the year
194
nil
212
nil
Dividend equivalent granted during the year
4
nil
17
nil
Exercised during the year
(778)
nil
(723)
nil
Outstanding at 31 December
801
nil
1,381
nil
None of these awards were exercisable at the end of the year (2024: none). The awards outstanding at 31 December
2025 had a weighted average contractual life remaining of 1.0 years (2024: 0.9 years).
Equity Settled Bonus Plan (ESBP)
Under the ESBP, eligible employees who are subject to a compulsory bonus deferral are granted share awards
equivalent in value to the gross bonus deferred. The awards vest at the end of the deferral period and the awards are
not subject to any performance or service conditions.
Number of Weighted Number of Weighted
shares average shares average
under award exercise price under award exercise price
2025
2025
2024
2024
thousands
\u00a3
thousands
\u00a3
Outstanding at 1 January
1,038
nil
1,209
nil
Granted during the year
120
nil
163
nil
Dividend equivalent granted during the year
4
nil
13
nil
Exercised during the year
(499)
nil
(347)
nil
Outstanding at 31 December
663
nil
1,038
nil
UK and International save as you earn (MyShareSave) MyShareSave scheme is open to employees in UK, USA, Canada, United Arab Emirates and Australia. Participating individuals are required to save 36 monthly payments over a maximum of a 48-month period and thus will have the option to buy shares at a discounted grant price. Participants can withdraw from the scheme at any time including after the vesting period has ended.
Number of Weighted Number of Weighted
shares average shares average
under award exercise price under award exercise price
2025
2025
2024
2024
thousands
\u00a3
thousands
\u00a3
Outstanding at 1 January
15,637
1.32
10,906
1.25
Granted during the year
\u2014
\u2014
6,349
1.42
Exercised during the year
(3,155)
1.26
(124)
1.26
Lapsed during the year
(1,939)
1.33
(1,494)
1.26
Outstanding at 31 December
10,543
1.34
15,637
1.32
Of these awards 826,232 (2024: 110,800) were exercisable at the end of the year. The awards outstanding at 31 December 2025 had a weighted average contractual life remaining of 1.8 years (2024: 2.5 years). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "
34. Related party transactions
Transactions between the Group and its subsidiaries, which are related parties, have been eliminated on
consolidation and are not disclosed in this note. Transactions between the Group and its joint venture undertakings
and associates are disclosed below.
Transactions
During the year, Group companies entered into the following transactions with joint ventures and associates:
Current Non-current Current Non-current
Transactions outstanding
outstanding
Transactions
outstanding outstanding
2025
2025
2025
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Sale of goods and services
Joint ventures
11.7
1.1
\u2014
20.2
(0.2)
\u2014
Associates
15.3
\u2014
\u2014
\u2014
\u2014
\u2014
Other
Loan to joint venture
\u2014
\u2014
\u2014
10.0
\u2014
\u2014
Dividends received \u2013 joint ventures
22.9
\u2014
\u2014
30.8
\u2014
\u2014
Receivable from consortium for tax \u2013 joint
8.3
4.3
9.0
9.6
9.4
10.1
ventures
Total
58.2
5.4
9.0
70.6
9.2
10.1
Sales of goods and services to joint ventures relate to services provided including administrative and back office
activities to VIVO, while sales of goods and services to associates relates to contractual services provided on behalf of
Khadamat. Joint venture receivable amounts outstanding have arisen from transactions undertaken during the
general course of trading, are unsecured and will be settled in cash.
Remuneration of key Management personnel The Directors of Serco Group plc had no material transactions with the Group during the year other than service contracts and Directors\u2019 liability insurance. The remuneration of the key Management personnel of the Group is set out below:
2025
2024
\u00a3m
\u00a3m
Short-term employee benefits
11.4
8.3
Post-employment benefits
0.3
0.3
Termination benefits
0.5
0.1
Share-based payment expense
5.2
4.9
17.4
13.6
The key Management personnel comprise the Executive Directors, Non-Executive Directors and members of the Group Executive Committee (2025: 23 individuals, 2024: 18 individuals). Aggregate Directors\u2019 remuneration The total amounts for Directors\u2019 remuneration were as follows:
2025
2024
\u00a3m
\u00a3m
Salaries, fees, bonuses and benefits in kind
4.2
3.5
Amounts receivable under long-term incentive schemes
2.8
2.8
Gains on exercise of share awards
2.3
1.9
9.3
8.2
None of the Directors are members of the Group\u2019s defined benefit or money purchase pension schemes. Further information about the remuneration of individual Directors is provided in the audited part of the Directors\u2019 Remuneration Report on pages 105 to 126.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "34. Related party transactions Transactions between the Group and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its joint venture undertakings and associates are disclosed below. Transactions During the year, Group companies entered into the following transactions with joint ventures and associates:
Current Non-current Current Non-current
Transactions outstanding
outstanding
Transactions
outstanding outstanding
2025
2025
2025
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Sale of goods and services
Joint ventures
11.7
1.1
\u2014
20.2
(0.2)
\u2014
Associates
15.3
\u2014
\u2014
\u2014
\u2014
\u2014
Other
Loan to joint venture
\u2014
\u2014
\u2014
10.0
\u2014
\u2014
Dividends received \u2013 joint ventures
22.9
\u2014
\u2014
30.8
\u2014
\u2014
Receivable from consortium for tax \u2013 joint
8.3
4.3
9.0
9.6
9.4
10.1
ventures
Total
58.2
5.4
9.0
70.6
9.2
10.1
Sales of goods and services to joint ventures relate to services provided including administrative and back office activities to VIVO, while sales of goods and services to associates relates to contractual services provided on behalf of Khadamat. Joint venture receivable amounts outstanding have arisen from transactions undertaken during the general course of trading, are unsecured and will be settled in cash.
Remuneration of key Management personnel
The Directors of Serco Group plc had no material transactions with the Group during the year other than service
contracts and Directors\u2019 liability insurance.
The remuneration of the key Management personnel of the Group is set out below:
2025
2024
\u00a3m
\u00a3m
Short-term employee benefits
11.4
8.3
Post-employment benefits
0.3
0.3
Termination benefits
0.5
0.1
Share-based payment expense
5.2
4.9
17.4
13.6
The key Management personnel comprise the Executive Directors, Non-Executive Directors and members of the
Group Executive Committee (2025: 23 individuals, 2024: 18 individuals).
Aggregate Directors\u2019 remuneration
The total amounts for Directors\u2019 remuneration were as follows:
2025
2024
\u00a3m
\u00a3m
Salaries, fees, bonuses and benefits in kind
4.2
3.5
Amounts receivable under long-term incentive schemes
2.8
2.8
Gains on exercise of share awards
2.3
1.9
9.3
8.2
None of the Directors are members of the Group\u2019s defined benefit or money purchase pension schemes.
Further information about the remuneration of individual Directors is provided in the audited part of the Directors\u2019
Remuneration Report on pages 105 to 126.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-527": { "value": "Remuneration of key Management personnel The Directors of Serco Group plc had no material transactions with the Group during the year other than service contracts and Directors\u2019 liability insurance. The remuneration of the key Management personnel of the Group is set out below:
2025
2024
\u00a3m
\u00a3m
Short-term employee benefits
11.4
8.3
Post-employment benefits
0.3
0.3
Termination benefits
0.5
0.1
Share-based payment expense
5.2
4.9
17.4
13.6
The key Management personnel comprise the Executive Directors, Non-Executive Directors and members of the Group Executive Committee (2025: 23 individuals, 2024: 18 individuals). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "
35. Notes to the Consolidated Cash Flow Statement
2025 2024
Year ended 31 December
Note
\u00a3m \u00a3m
Profit before tax
201.5
97.0
Net finance costs
44.8
33.1
Operating profit for the year
246.3
130.1
Adjustments for:
Share of profits in joint ventures and associates
5
(28.8)
(22.8)
Share-based payment expense
33
13.6
15.2
Impairment of intangible assets
17
1.1
2.0
Amortisation of intangible assets
17
37.7
35.2
Impairment of goodwill
16
\u2014
114.5
Impairment/(reversal of impairment) of property, plant and equipment
18
0.1
(0.4)
Net impairment of right of use assets
18
2.1
0.2
Depreciation of property, plant and equipment
18
18.5
17.2
Deprecation of right of use assets
18
165.3
141.5
Loss on disposal of intangible assets
9
\u2014
0.7
(Profit)/loss on early termination of leases
9
(0.6)
0.1
Profit on disposal of property, plant and equipment
9
(0.6)
(0.3)
Profit on disposal of subsidiaries
8
(4.7)
\u2014
Decrease in provisions
(0.7)
(3.1)
Total non-cash items
203.0
300.0
Operating cash inflow before movements in working capital
449.3
430.1
Decrease/(increase) in inventories
3.7
(0.7)
Increase in receivables
(8.0)
(1.9)
Increase in payables
47.5
32.9
Movements in working capital
43.2
30.3
Cash generated by operations
492.5
460.4
Tax paid
(43.4)
(41.3)
Disposal-related costs paid
8
(2.3)
\u2014
Non-cash R&D (expenditure)/credit
(0.1)
0.3
Net cash inflow from operating activities
446.7
419.4
Below are the reconciliations of working capital items and provisions between the movements in the Consolidated
Balance Sheet on page 153 and the table above.
Contract Contract Contract Contract
Assets, Liabilities, Assets, Liabilities,
Trade and Trade and Trade and Trade and
Other Other Other Other
Inventories Receivables
Payables
Provisions
Inventories
Receivables
Payables
Provisions
2025
2025
2025
2025
2024
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance sheet at 1 January
24.1
657.8
(714.7)
(190.3)
24.1
640.4
(662.2)
(170.3)
Balance sheet at 31 December
20.0
669.3
(752.0)
(188.8)
24.1
657.8
(714.7)
(190.3)
Movement per balance sheet
(4.1)
11.5
(37.3)
1.5
\u2014
17.4
(52.5)
(20.0)
Arising on acquisition
\u2014
(20.4)
6.5
1.2
\u2014
(29.5)
9.0
27.0
Eliminated on disposal of a
subsidiary
0.3
10.9
(15.6)
(4.2)
\u2014
\u2014
\u2014
\u2014
Movement on deferred
consideration on acquisition
\u2014
\u2014
(1.7)
\u2014
\u2014
\u2014
9.5
\u2014
Movement on interest
receivables/payables
\u2014
(0.5)
3.0
\u2014
\u2014
(0.6)
3.0
\u2014
Pension contributions in
(shortfall)/excess of charge in
income statement
\u2014
\u2014
(0.5)
\u2014
\u2014
\u2014
15.4
\u2014
Transfer from provision to
working capital
\u2014
1.6
(0.3)
(1.6)
\u2014
\u2014
\u2014
\u2014
Capitalised in right of use assets
\u2014
\u2014
\u2014
0.8
\u2014
\u2014
\u2014
2.0
Charge claims covered by third
parties
\u2014
(2.4)
\u2014
2.4
\u2014
\u2014
\u2014
\u2014
Exchange differences
0.1
7.3
(1.6)
0.6
0.7
14.6
(17.3)
(5.9)
Movement per notes to the
Consolidated Cash Flow
Statement
(3.7)
8.0
(47.5)
0.7
0.7
1.9
(32.9)
3.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "
36. Post balance sheet events
Dividends
Subsequent to the year end, the Board has recommended the payment of a final dividend in respect of the year
ended 31 December 2025 of 3.05 pence per share. The dividend remains subject to shareholder approval at the
Annual General Meeting and therefore no amounts have been recognised in respect of a dividend in these
Consolidated Financial Statements.
Serco share buyback
The Group has announced its intention to commence a share buyback of up to \u00a375m. Consistent with the Group\u2019s
capital allocation policy, the objective of the programme is to provide additional returns to shareholders as well as
aid the Group in meeting its medium-term leverage targets. The buyback programme is expected to complete by 31
July 2026 with the shares either held in treasury or cancelled.
Employee Share Ownership Trust
Subsequent to the year end, the Group\u2019s Employee Share Ownership Trust completed the purchase of 8m shares at
the cost (including fees) of \u00a323.8m. These shares were committed to be purchased prior to 31 December 2025 and
\u00a321.3m of the cost was funded in advance and included in the own share reserve at year end. These shares will be
held in the own share reserve until they are transferred to award holders on the exercise of share awards.
Middle East conflict
As at the date of signing there has been no material impact on our business due to the recent events in the Middle
East. Management continues to monitor events across the region very closely.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300PT2CIHYN5GWJ21", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }