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"ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-450": { "value": "95000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-451": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:CashNetOfOverdraftsIncludedInDisposalGroupAssetsAndLiabilitiesHeldForSale", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-452": { "value": "-7200000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:CashNetOfOverdraftsIncludedInDisposalGroupAssetsAndLiabilitiesHeldForSale", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-453": { "value": "191400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-454": { "value": "67600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-455": { "value": "16200000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:AdjustedCashGeneratedFromOperationsExcludingBusinessExits", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-456": { "value": "26500000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:AdjustedCashGeneratedFromOperationsExcludingBusinessExits", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-457": { "value": "-122300000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:AdjustedFreeCashFlowsExcludingBusinessExits", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-458": { "value": "-123600000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:AdjustedFreeCashFlowsExcludingBusinessExits", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-460": { "value": "This section sets out the Group\u2019s accounting policies relating to these consolidated financial statements as a whole. Where an accounting policy is specific to one note, the policy is described in the note to which it relates. This section also includes details of new accounting standards, amendments and interpretations including their effective dates and explanation on the expected impact to the financial position and performance of the Group. For ease of reference, this symbol has been used to denote any accounting policies included within the notes to these consolidated financial statements: Denotes accounting policies These financial statements consolidate those of Capita plc (the Company or the Parent Company) and all of its subsidiaries (the Group). Capita plc is a public limited company incorporated in England and Wales whose shares are publicly traded. The principal activities of the Group are given in the strategic report on pages 19 to 25. These consolidated financial statements of Capita plc for the year ended 31 December 2024 were authorised for issue in accordance with a resolution of the directors on 4 March 2025. These consolidated financial statements are presented in British pounds sterling and all values are rounded to the nearest tenth of a million (\u00a3m) except where otherwise indicated. Statement of compliance These consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (UK-IFRS) and the Disclosure and Transparency Rules of the UK's Financial Conduct Authority. Basis of consolidation These consolidated financial statements comprise the financial statements of the Group at 31 December each year. Subsidiaries are consolidated from the date on which control is transferred to the Group until control is transferred out of the Group. Where there is a loss of control of a subsidiary, these consolidated financial statements include the results for that part of the reporting year during which Capita plc had control and the profit or loss on disposal is calculated as the difference between the fair value of the consideration received and the carrying amount of the net assets (including goodwill) disposed of. Losses applicable to the non-controlling interests in subsidiaries are attributed to the non-controlling interests even if that results in the non-controlling interests having a deficit balance. Investments in associates are accounted for using the equity method. Under the equity method, the investment in the entity is stated as a one line item at cost plus the investor\u2019s share of retained post- acquisition profits or losses and other changes in net assets less any impairment. Section 1: Basis of preparation Going concern In determining the appropriate basis of preparation of the financial statements for the year ended 31 December 2024, the Board is required to consider whether the Group and Parent Company can continue in operational existence for the foreseeable future. The Board has concluded that it is appropriate to adopt the going concern basis, having undertaken a rigorous assessment of the financial forecasts, key uncertainties, sensitivities, and mitigations as set out below. Accounting standards require that \u2018the foreseeable future\u2019 for going concern assessment covers a period of at least twelve months from the date of approval of these financial statements, although those standards do not specify how far beyond twelve months a Board should consider. In its going concern assessment, the Board has considered the period from the date of approval of these financial statements to 30 June 2026 (\u2018the going concern period\u2019), which aligns with a period end and covenant test date for the Group. The base case financial forecasts used in the going concern assessment are derived from the 2025-2027 business plan as approved by the Board in February 2025. The going concern assessment considers the Group\u2019s sources and uses of liquidity and covenant compliance throughout the period under review. The value of the Group\u2019s committed revolving credit facility (RCF) wa s \u00a3250.0m at 31 December 2024. Financial position at 31 December 2024 As detailed further in the Chief Financial Officer\u2019s review in the strategic report, at 31 December 2024 the Group had net debt of \u00a3415.2m (2023: \u00a3545.5m), net financial debt (pre-IFRS 16) 1 of \u00a366.5m (2023: \u00a3182.1m), available liquidity 1 of \u00a3397.2m (2023: \u00a3282.3m) and was in compliance with all debt covenants (refer to note 4.1.2 to the consolidated financial statements). Board assessment Base case scenario Under the base case scenario, the Group\u2019s transformation programme and completion of the Portfolio non- core business disposal programme in January 2024 together with the disposal of Capita One in September 2024, has simplified and strengthened the business and facilitates further efficiency savings enabling sustainable growth in revenue, profit and cash flow over the medium term, whilst acknowledging the expected free cash outflow for 2025. When combined with available committed facilities, this allows the Group to manage scheduled debt repayments. The most material sensitivities to the base case are the risk of not delivering the planned revenue growth and further efficiency savings being delayed or not delivered from the Group's previously announced cost reduction programme. The base case projections used for going concern assessment purposes reflect business disposals completed up to the date of approval of these financial statements. The liquidity headroom assessment in the base case projections reflects the Group\u2019s existing committed financing facilities, including the \u00a394.2m of US private placement loan notes issued in March 2025 (refer to note 6.3), debt redemptions, and the intended renewal or extension of the Group\u2019s RCF by 31 December 2025 to meet the requirements of the 2025 US private placement loan notes. The base case financial forecasts demonstrate liquidity headroom and compliance with all debt covenant measures throughout the going concern period to 30 June 2026. 1.Refer to alternative performance measures in section 8.2 to the financial statements.
Severe but plausible downside scenario
In considering severe but plausible downside scenarios, the Board has taken account of the potential
adverse financial impacts resulting from the following risks:
\u2022 revenue growth falling materially short of plan;
\u2022 operating margin expansion not being achieved;
\u2022 targeted cost savings delayed or not delivered;
\u2022 unforeseen operational issues leading to contract losses and cash outflows;
\u2022 sustained interest rates at current levels;
\u2022 non-availability of the Group\u2019s non-recourse trade receivables financing facility; and
\u2022 unexpected financial costs linked to incidents such as data breaches and/or cyber-attacks.
The likelihood of simultaneous crystallisation of the above risks is considered by the directors to be low.
Nevertheless, in the event that simultaneous crystallisation were to occur, the Group would need to take
action to ensure there is sufficient headroom for debt covenant purposes. In its assessment of going
concern, the Board has considered the mitigations, under the direct control of the Group, that could be
implemented including, but not limited to, reductions or delays in capital investment, and substantially
reducing (or removing in full) bonus and incentive payments. The Board has also assumed that the intended
renewal or extension of the Group\u2019s RCF by 31 December 2025 to meet the requirements of the March
2025 private placement loan notes is successful. Taking these considerations into account, the Group\u2019s
financial forecasts, in a severe but plausible downside scenario, demonstrate sufficient liquidity headroom
and compliance with all debt covenant measures throughout the going concern period to 30 June 2026.
Adoption of going concern basis
Reflecting the forecasts, coupled with the Board\u2019s ability to implement appropriate mitigations should the
severe but plausible downside materialise, the Group and Parent Company continues to adopt the going
concern basis in preparing these consolidated financial statements. The Board has concluded that the
Group and Parent Company will be able to continue in operation and meet their liabilities as they fall due
over the period to 30 June 2026.
Foreign currency translation
The functional and presentation currency of Capita plc and its UK subsidiaries is the British pound sterling
(\u00a3). Transactions in foreign currencies are initially recorded at the functional currency exchange rate ruling
at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are
retranslated at the functional currency exchange rate ruling at the balance sheet date. All differences are
taken to the consolidated income statement with the exception of differences on foreign currency
borrowings that provide a hedge against a net investment in a foreign operation. These are taken directly to
equity until the disposal of the net investment, at which time they are recognised in the consolidated income
statement.
Tax charges and credits attributable to exchange differences on those borrowings are also taken directly to
equity. Non-monetary items that are measured at historical cost in a foreign currency are translated using
the exchange rate at the date of initial transaction. Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the date when the fair value was determined.
The functional currencies of overseas operations include the euro, Indian rupee, South African rand, Polish
zloty and the US dollar. At the balance sheet date, the assets and liabilities of the overseas operations are
retranslated into the presentation currency of Capita plc at the exchange rate ruling on the balance sheet
date and their income statements are translated using the weighted average exchange rate for the year.
The exchange differences arising on the retranslation are taken directly to a separate component of equity.
On disposal of a foreign operation, the deferred cumulative foreign currency translation difference
recognised in equity relating to that particular foreign operation is recognised in the consolidated income
statement.
Current versus non-current classification
The Group presents assets and liabilities in the balance sheet based on whether they are current or non-
current.
An asset is current when it is:
\u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle;
\u2022 Held primarily for the purpose of trading;
\u2022 Expected to be realised within twelve months after the balance sheet date; or
\u2022 Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least
twelve months after the balance sheet date.
All other assets are classified as non-current.
A liability is current when:
\u2022 It is expected to be settled in the normal operating cycle;
\u2022 It is held primarily for the purpose of trading;
\u2022 It is due to be settled within twelve months after the balance sheet date; or
\u2022 Does not have the right at the end of the reporting period to defer settlement of the liability for at least
twelve months after the reporting period.
All other liabilities are classified as non-current.
Recoverable amount of non-current assets
At each balance sheet date, the Group assesses whether there is any indication that a non-current asset
may be impaired. Where an indicator of impairment exists, the Group makes a formal estimate of the
asset\u2019s recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the
asset is considered impaired and is written down to its recoverable amount. The recoverable amount is the
higher of an asset\u2019s, or cash-generating unit\u2019s, fair value less costs to sell and its value in use, and is
determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or groups of assets.
Consideration of climate change
The impact of climate change has been considered in the preparation of these consolidated financial
statements across a number of areas, including our evaluation of the critical accounting estimates and
assumptions which are detailed below, consistent with the risks and opportunities set out in the strategic
report on pages 59 to 67. None of these risks had a material effect on the critical accounting estimates and
assumptions or on the consolidated financial statements of the Group.
The following areas were considered during the preparation of these consolidated financial statements:
\u2022 contract judgements made on the Group\u2019s major contracts including contract fulfilment assets;
\u2022 going concern and viability of the Group over the relevant respective period;
\u2022 cash flow forecasts used in the impairment assessments of non-current assets including the Group\u2019s
intangible assets such as customer contracts and goodwill;
\u2022 carrying value and useful economic lives of property, plant and equipment;
\u2022 deferred tax asset recognition; and
\u2022 the valuation of assets held within the Group\u2019s pension schemes.
As current legislation stands, there is currently no material short or medium-term
1
impact expected from
climate change on the Group. The Group will continue to monitor it\u2019s climate strategy and the impact that
policies or changes in legislation may have on the estimates the Group makes, and any subsequent impact
on assets and liabilities recognised and presented in its consolidated financial statements.
1. As defined in the Task Force on Climate-related Financial Disclosures section of the Strategic Report
Significant accounting judgements, estimates and assumptions
The preparation of financial statements in accordance with generally accepted accounting principles
requires the directors to make judgements and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingencies at the date of the financial statements and the reported income
and expense during the presented periods. Although these judgements and assumptions are based on the
directors\u2019 best knowledge of the amount, events or actions, actual results may differ.
As described in note 2.1, given the level of judgement and estimation involved in assessing the future
profitability of contracts, it is reasonably possible that outcomes within the next financial year may be
different from management\u2019s assumptions which could require a material adjustment to the carrying
amounts of contract fulfilment assets and onerous contract provisions.
Judgements
The key areas where significant accounting judgements have been made and which have the most
significant effect on the amounts recognised in the consolidated financial statements, are summarised
below and set out in more detail in the related note(s):
\u2022 Contract accounting (note 2.1):
\u2013 Revenue recognition;
\u2022 Capitalisation of contract fulfilment assets (note 3.1.3); and
\u2022 Adoption of the going concern basis of preparation (section 1).
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the balance
sheet date, which have a significant risk of causing material adjustment to the carrying amounts of assets
and liabilities within the next financial year, are summarised below and set out in more detail in the related
note. The Group based its assumptions and estimates on parameters available when the consolidated
financial statements were prepared.
Existing circumstances and assumptions about future developments, however, may change due to market
changes or circumstances arising that are beyond the control of the Group. Such changes are incorporated
into the assumptions when they occur:
\u2022 Contract accounting (note 2.1):
\u2013 Impairment of contract fulfilment assets;
\u2013 Carrying value of onerous contract provisions;
\u2022 Deferred tax asset recognition (note 2.6);
\u2022 Impairment of goodwill in respect of the Contact Centre group of cash generating units (note 3.4); and
\u2022 Measurement of defined benefit pension obligations (note 5.2).
For ease of reference, the symbols below have been used to denote significant accounting judgements and/
or significant accounting estimates and assumptions where they occur within the notes to these
consolidated financial statements:
Denotes significant accounting judgements
Denotes significant accounting estimates and assumptions
New standards and interpretations adopted
The accounting policies adopted are consistent with those of the previous financial year. In addition, the
Group has adopted the new, and amendments to, standards listed below. These amendments were either
not applicable or not material to the Group or Parent Company.
International Accounting Standards (IAS/IFRS)
Effective date
Classification of liabilities as current or non-current and non-current liabilities with 1 January 2024
Covenants - Amendments to IAS 1
Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 1 January 2024
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 1 January 2024
New standards and interpretations not yet adopted
The International Accounting Standards Board (IASB) has issued the following standards, amendments and
interpretations with an effective date after the date of these consolidated financial statements. These are
effective for annual reporting periods beginning on or after the date indicated:
International Accounting Standards (IAS/IFRS)
Effective date
Lack of Exchangeability - Amendments to IAS 21
1 January 2025
Amendments to the Classification and Measurement of Financial Instruments - IFRS 9 1 January 2026
and IFRS 7
1
Annual Improvements to IFRS Accounting Standards - Volume 11 - Amendments to
IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7
1
1 January 2026
Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and
IFRS 7
1
1 January 2026
Presentation and Disclosure of Financial Statements - IFRS 18
1
1 January 2027
Subsidiaries without Public Accountability: Disclosures - IFRS 19
1
1 January 2027
1. The effective date is based on the standard or amendment issued by the IASB and are still subject to adoption by the UK Endorsement
Board.
The Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be
presented in accordance with these standards from their effective dates.
Accounting policies Revenue The Group operates a diverse range of businesses and accordingly applies a variety of methods for revenue recognition, based on the principles set out in IFRS 15 Revenue from Contracts with Customers. The revenue and profits recognised in any period are based on the delivery of performance obligations and an assessment of when control is transferred to the customer. Revenue is recognised either when the performance obligation in the contract has been performed (\u2018point- in-time\u2019 recognition) or \u2018over-time\u2019 as control of the performance obligation is transferred to the customer. For all contracts, the Group determines if the arrangement with a customer creates enforceable rights and obligations. This assessment results in certain Master Service Agreements (MSA) or Frameworks not meeting the definition of a contract under IFRS 15 and as such the individual call-off agreements, linked to the MSA, are treated as individual contracts. 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 annual renewal, and/or termination clauses 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 non- current contract fulfilment assets are expensed. For contracts with multiple components to be delivered such as transformation, transitions and the delivery of outsourced services, management applies judgement to consider whether those promised goods and services are: (i) distinct \u2013 to be accounted for as separate performance obligations; (ii) not distinct \u2013 to be combined with other promised goods or services until a bundle is identified that is distinct; or, (iii) part of a series of distinct goods and services that are substantially the same and have the same pattern of transfer to the customer. At a contract\u2019s inception the total transaction price is estimated, being the amount to which the Group expects to be entitled and has rights to under the contract. This includes an assessment of any variable consideration where the Group\u2019s performance may result in additional revenues based on the achievement of agreed key performance indicators (KPIs). Such amounts are only included based on the expected value, or the most likely outcome method, and only to the extent that it is highly probable that no revenue reversal will occur. The transaction price does not include estimates of consideration resulting from change orders for additional goods and services unless these are already agreed. After 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 while) those performance obligations are satisfied. The Group infrequently sells standard products with observable standalone prices due to the specialised services required by customers, consequently the Group applies judgement to determine an appropriate standalone selling price. More frequently, the Group sells customers bespoke solutions, and in these cases the Group typically uses the expected cost-plus margin or a contractually stated price approach to estimate the standalone selling price of each performance obligation. The Group may offer price step downs during the life of a contract, but with no change to the underlying scope of services to be delivered. In general, any such variable consideration, price step down or discount is included in the total transaction price to be allocated across all performance obligations unless it relates to only one performance obligation in a contract. For each performance obligation to be recognised over-time, the Group applies a revenue recognition method that faithfully depicts the Group\u2019s performance in transferring control of the goods or services to the customer. This decision requires assessment of the real nature of the goods or services that the Group has promised to transfer to the customer. The Group applies the relevant output or input method consistently to similar performance obligations in other contracts. When using the output method, the Group recognises revenue on the basis of direct measurements of the value to the customer of the goods and services transferred to date relative to the remaining goods and 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, in particular for long-term service contracts where the series guidance is applied, the Group often uses a method of time elapsed which requires minimal estimation. Certain long-term contracts use output methods based upon estimations of: user numbers; service activity levels; or fees collected. When transfer of control is most closely aligned to Group efforts in delivering the service, the input method is used to measure progress and revenue is recognised in direct proportion to costs incurred. 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. If performance obligations in a contract do not meet the over-time criteria, the Group recognises revenue at a point-in-time when the service or good is delivered. Contract modifications The Group\u2019s contracts are often amended for changes in contract specifications and requirements. Contract modifications exist when the amendment either creates new, or changes existing, enforceable rights and obligations. The effect of a contract modification on the transaction price and the Group\u2019s measure of progress for the performance obligation to which it relates, is recognised as an adjustment to revenue in one of the following ways: a) prospectively as an additional performance obligation (this is typically when new distinct goods or services are provided on an existing contact); b) prospectively as a termination of the existing contract and creation of a new contract; c) as part of the original contract using a cumulative catch up (this is typically where the modification changes the services provided to date); or, d) as a combination of (b) and (c). In respect of contracts for which the Group has decided there is a series of distinct goods and services that are substantially the same and have the same pattern of transfer where revenue is recognised over-time, the modification will always be treated under either (a) or (b); (d) may arise when a contract has a part- termination and a modification of the remaining performance obligations.
Judgement is applied in relation to the accounting for such modifications where the final terms or legal
contracts have not been agreed prior to the period end because management needs to determine if a
modification has been approved and if it either creates new, or changes existing, enforceable rights and
obligations of the parties. Depending upon the outcome of such negotiations, the timing and amount of
revenue recognised may be different in the relevant accounting periods. Modification and amendments to
contracts are undertaken through an agreed formal process. For example, if a change in scope has been
approved but the corresponding change in price is still being negotiated, management uses judgement to
estimate the change in total transaction price. Importantly, any variable consideration is only recognised to
the extent that it is highly probable that no revenue reversal will occur. For example, if pricing is subject to
indexation based on an external metric (such as the Consumer Price Index (CPI) or the Retail Price Index
(RPI)) then the revenue related to the indexation will only be recognised once the relevant indexation is
confirmed. Future indexation will not be recognised because it is not highly probable that a significant
reversal of an indexation adjustment will not occur.
Principal versus agent
The Group has arrangements with some of its customers whereby it needs to determine if it acts as a
principal or an agent because more than one party is involved in providing the goods and services to the
customer. The Group is a principal if it controls a promised good or service before transferring that good or
service to the customer. The Group is an agent if its role is to arrange for another entity to provide the
goods or services. Factors considered in making this assessment are most notably: the discretion the
Group has in establishing the price for the specified good or service; whether the Group has inventory risk;
and whether or not the Group is primarily responsible for fulfilling the promise to deliver the service or good.
This assessment of control requires judgement particularly in relation to certain service contracts. An
example is the provision of certain recruitment and learning services where the Group may be assessed to
be agent or principal dependent upon the facts and circumstances of the arrangement and the nature of the
services being delivered.
Where the Group is acting as a principal, revenue is recorded on a gross basis. Where the Group is acting
as an agent, revenue is recorded on a net basis, recognising only the commission or fee earned as
revenue.
Licences
Software licences delivered by the Group can either be right to access (active) or right to use (passive)
licences, which determines the timing of revenue recognition. The assessment of whether a licence is active
or passive involves judgement.
The key determinant of an active licence is whether or not the Group is required to undertake continuing
activities that significantly affect the licensed intellectual property (or the customer has a reasonable
expectation that it will do so) and the customer is, therefore, exposed to positive (or negative) impacts
resulting from those changes. Where the Group is responsible for any maintenance, continuing support,
updates and upgrades, then the sale of the initial software is not distinct. All other licences which have
significant standalone functionality are treated as passive licences.
When software upgrades are sold as part of the software licence agreement (ie software upgrades are
promised to the customer), the Group applies judgement to assess whether the software upgrades are
distinct from the licence (ie a separate performance obligation). If the upgrades are considered fundamental
to the ongoing use of the software by the customer, the upgrades are not considered distinct and not
accounted for as a separate performance obligation.
For each contract that includes a separate licence performance obligation, the Group considers all the facts
and circumstances in determining whether the licence revenue is recognised over-time (active) or at a point-
in-time (passive) from the go-live date of the licence.
Deferred and accrued income
The Group\u2019s customer contracts include a diverse range of payment schedules dependent upon the nature
and type of goods and/or services being provided. This can include performance-based payments or
progress payments as well as regular monthly or quarterly payments for ongoing service delivery. Payments
for transactional goods and services may be at delivery date, in arrears or part payment in advance. The
long-term service contracts tend to have higher cash flows early in the contract to cover transformational
activities.
Where payments received are greater than the revenue recognised up to the balance sheet date, the Group
recognises a deferred income contract liability for this difference. Where payments received are less than
the revenue recognised up to the balance sheet date, the Group recognises an accrued contract income
asset for this difference.
At each balance sheet date the Group assesses whether accrued income may be impaired by applying the
simplified approach permitted by IFRS 9 (as with trade receivables). Where applicable, accrued income is
reduced by appropriate allowances for expected credit losses calculated using this approach.
Financing component
If the timing of payments agreed with the customer provides the Group or the customer with a significant
benefit of financing the transfer of good or services, the amount of consideration is adjusted for the effects
of the time value of money. The Group does not make an adjustment for the time value of money in the
following circumstances:
(i) when the Group expects, at contract inception, that the period between the entity transferring the good
or service and the customer paying for it will be one year or less; or
(ii) when the Group receives consideration upfront as part of a transformation phase, this receipt is for
reasons other than for financing and the overall consideration that the customer pays is no different as a
result of paying this consideration upfront.
There were no contracts with significant financing components in 2024 (2023: none).
Contract types
The Group disaggregates revenue from contracts with customers by contract type, because management
believe this best depicts how the nature, amount, timing, and uncertainty of the Group\u2019s revenue and cash
flows are affected by economic factors. Categories are: long-term contractual \u2013 greater than two years;
short-term contractual \u2013 less than two years; and transactional. The years being measured from the service
commencement date.
Long-term contractual \u2013 greater than two years
The Group provides a range of services under contracts with a duration of more than two years. The nature
of contracts or performance obligations within this revenue type includes:
(i) long-term outsourced service arrangements in the public and private sectors; and
(ii) active software licence arrangements.
The majority of long-term contractual agreements form part of a series of distinct goods and services
because they are substantially the same service; and have the same pattern of transfer, since the series
constitutes services provided in distinct time increments (eg daily, monthly, quarterly or annually), and
therefore treats the series as one performance obligation.
Short-term contractual \u2013 less than two years
The nature of contracts or performance obligations within this revenue type includes:
(i) short-term outsourced service arrangements in the public and private sectors; and
(ii) software maintenance contracts.
The Group has assessed that maintenance and support (ie on-call support, remote support) for software
licences is a performance obligation that can be considered capable of being distinct and separately
identifiable in a contract if the customer has a passive licence. These recurring services are substantially
the same because the nature of the promise is for the Group to \u2018stand ready\u2019 to perform maintenance and
support when required by the customer. Each day of \u2018standing ready\u2019 is distinct from each subsequent day
and is transferred in the same pattern to the customer.
Transactional (point-in-time) contracts
The Group delivers a range of goods or services in all reportable segments that are transactional services
for which revenue is recognised at the point-in-time when control of the goods or services has transferred to
the customer. This may be at the point of physical delivery of goods or services and acceptance by the
customer or when the customer obtains control of an asset or service in a contract with customer-specified
acceptance criteria. The nature of contracts or performance obligations within this revenue type includes:
(i) provision of computing hardware goods;
(ii) passive software licence agreements;
(iii) commission received as agent from the sale of third-party software; and
(iv) fees received in relation to the delivery of professional services.
Master service arrangements (MSA) or Frameworks
MSA or individual call-off agreements are classified as short-term contractual if they include a notice period
with committed volumes, otherwise they are classified as transactional (point-in-time) contracts.
Accounting policies
IAS 1 Presentation of Financial Statements permits an entity to present additional information for specific
items to enable users to better assess the entity\u2019s financial performance.
The Board has adopted a policy to disclose separately those items that it considers are outside the
underlying operating results for the particular year under review and against which the Group\u2019s performance
is assessed internally. In the Board\u2019s judgement, these need to be disclosed separately by virtue of their
nature, size and/or incidence, for users of the consolidated financial statements to obtain an understanding
of the financial information and the underlying performance of the Group. In general, the Board believes that
alternative performance measures (APMs) are useful for investors because they provide further clarity and
transparency of the Group\u2019s financial performance and are closely monitored by management to evaluate
the Group\u2019s operating performance to facilitate financial, strategic and operating decisions. Accordingly,
these items are also excluded from the discussion of divisional performance in the strategic report. This
policy is kept under review by the Board and the Audit and Risk Committee. Refer to Section 8.2 for further
details of the Group\u2019s APMs.
The Board considers APMs to be helpful to the reader, but notes that APMs have certain limitations,
including the exclusion of significant recurring and non-recurring items, and may not be directly comparable
with similarly titled measures presented by other companies.
Those items excluded from the adjusted income statement are: business exits; amortisation and impairment
of acquired intangibles; impairment of goodwill; certain mark-to-market valuation changes that impact net
finance costs/income; the costs associated with the cyber incident in March 2023, and the costs associated
with the cost reduction programme.
Amortisation and impairment of acquired intangible assets: the Group recognised acquired intangible
amortisation of \u00a30.2m (2023: \u00a30.2m). These charges are excluded from the adjusted results of the Group
because they are non-cash items generated from historical acquisition related activity. The charge is
included within administrative expenses.
Impairment of goodwill: the Group carries on its balance sheet significant amounts of goodwill which are
subject to annual impairment testing and when any indicators of impairment are identified. Any impairment
changes are reported separately because they are non-cash items generated from historical acquisition
related activity. The charge is included within administrative expenses.
Net finance costs: net finance costs excluded from adjusted profits relate to movements in the mark-to-
market value of forward foreign exchange contracts to cover anticipated future costs and therefore have no
equivalent offsetting transaction in the accounting records, also refer to note 4.2.2.
Business exits: the trading result of businesses exited, or in the process of being exited, and the gain or
loss on disposals are excluded from the Group's adjusted results. Note 2.8 provides further detail regarding
which income statement line items are impacted by business exits.
Cyber incident: The Group has incurred exceptional costs associated with the March 2023 cyber incident.
These costs comprise specialist professional fees, recovery and remediation costs and investment to
reinforce Capita\u2019s cyber security environment. A charge of \u00a31.0m, net of insurance receipts, has been
recognised in the year ended 31 December 2024 (2023: charge of \u00a325.3m). Cumulatively the net costs
incurred total \u00a326.3m and are included within administrative expenses. Further insurance receipts are
anticipated but did not meet the criteria for recognition at 31 December 2024. Refer to note 6.2 contingent
liabilities.
Cost reduction programme: The Group implemented a multi-year cost reduction programme in November
2023 to deliver savings of \u00a360m by Q1 2024. The programme was extended in March 2024, to deliver
further savings of \u00a3100m by mid-2025. In December 2024, reflecting on the progress made ahead of
schedule with \u00a3140m annualised savings already delivered, and increased confidence in the level of
efficiencies that can be delivered, the cost reduction target increased from \u00a3160m up to \u00a3250m by the end
of 2025.
The Group exercises judgement in assessing whether the actions being taken to deliver these savings are
exceptional as opposed to business as usual, and therefore whether or not the costs to deliver the savings
should be excluded from the Group's adjusted results. The assessment considers the nature of the activity
being undertaken, in particular, whether it was anticipated in the original bid to win a customer contract.
Investment in new technology that supports the delivery of customer contracts are considered business as
usual and are not excluded from the Group\u2019s adjusted results.
A charge of \u00a327.9m (2023: \u00a354.4m) has been recognised in the year ended 31 December 2024 for the
costs to deliver the cost reduction programme. This includes redundancy and other costs of \u00a330.5m (2023:
\u00a323.3m) to deliver a significant reduction in headcount, partly offset by a credit of \u00a32.6m reflecting the
successful exit of a number of properties which had been provided for in the previous year (2023: charge of
\u00a331.1m arising from the rationalisation of the Group\u2019s property estate with impairment of right-of-use assets
and property, plant & equipment, and provisions in respect of onerous property costs). The cumulative cost
recognised since the commencement of the cost reduction programme is \u00a382.3m (2023: \u00a354.4m), which is
included within administrative expenses.
Refer to note 2.9.1 for the cash flow impact of the above.
Accounting policies
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income
statement except to the extent that it relates to items recognised directly in equity or other comprehensive
income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax
rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in
respect of previous years.
Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date
between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary differences:
\u2022 except where the deferred tax liability arises from the initial recognition of goodwill;
\u2022 except where the deferred tax liability arises from the initial recognition of an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and
\u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and
interests in joint ventures, except where the timing of the reversal of the temporary differences can be
controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
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 profit will be available to allow all or part of the
deferred tax asset to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the balance sheet date.
Accounting policies
Basic earnings/(loss) per share are calculated by dividing net profit/(loss) for the period attributable to
ordinary equity holders of the Parent Company by the weighted average number of ordinary shares
outstanding during the year.
Diluted earnings/(loss) per share are calculated by dividing the net profit/(loss) for the period attributable to
ordinary equity holders of the Parent Company by the weighted average number of ordinary shares
outstanding during the year plus the weighted average number of ordinary shares that would be issued on
the conversion of all the dilutive potential ordinary shares into ordinary shares.
Accounting policies
Business exits
Business exits are businesses that have been sold, exited during the period, or are in the process of being
sold or exited in accordance with the Group's strategy. None of these business exits meets the definition of
\u2018discontinued operations\u2019 as stipulated by IFRS 5 Non-current assets held-for-sale and discontinued
operations, which requires comparative financial information to be restated where the relative size of a
disposal or business closure is significant, which is normally understood to mean a reported segment.
However, the trading result of these businesses, non-trading expenses, and any gain/loss on disposal, have
been excluded from adjusted results. To enable a like-for-like comparison of adjusted results, the 2023
comparatives have been re-presented to exclude the businesses classified as business exits during 2024.
Assets held-for-sale
The Group classifies a non-current asset (or disposal group) as held-for-sale if its carrying amount will be
recovered principally through a sale transaction instead of continued use. For this to be the case, the asset
(or disposal group) must be available for immediate sale in its present condition subject only to terms that
are usual and customary for sales of such assets (or disposal groups) and its sale must be highly probable.
For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell
the asset (or disposal group), and an active programme to locate a buyer and complete the plan must have
been initiated. Further, the asset (or disposal group) must be actively marketed for sale at a price that is
reasonable in relation to its current fair value, and the sale should be expected to be completed within one
year from the date of classification.
Based on the above requirements, individual businesses will only reach the criteria to be treated as held-for-
sale where the disposal is seen to be highly probable and expected to complete within the following twelve
months. At 31 December 2024 one business (the Group\u2019s mortgage servicing business) was deemed to
have met this threshold. At 31 December 2023 one business (the Group\u2019s 75% shareholding in Fera
Science Limited (Fera)) was deemed to have met this threshold.
Trading revenue and costs represent the trading performance of the above businesses up to the point of
being disposed or exited, and in the comparative period also those businesses disposed of during 2023
(being: Resourcing, Security Watchdog, PageOne, Software, Enforcement, and Travel).
Trading expenses primarily comprise payroll costs of \u00a329.4m (2023: \u00a3152.4m) and information technology
costs of \u00a315.8m (2023: \u00a339.2m), and in the comparative period, the de-recognition of non-current contract
fulfilment assets of \u00a38.2m on the early termination of a customer contract for a business in Capita Public
Service that was first treated as a business exit in 2023.
Non-trading administrative expenses include: asset impairments of \u00a38.7m (2023: \u00a325.4m); disposal project
costs of \u00a31.1m (2023: \u00a35.6m); other costs including staff and redundancy costs of \u00a3nil (2023: \u00a32.6m); and,
other income of \u00a31.8m (2023: \u00a30.6m). The asset impairments include goodwill within assets held-for-sale of
\u00a3nil (2023: \u00a318.1m); property, plant and equipment of \u00a30.2m (2023: \u00a37.1m) (refer to note 3.2); intangible
assets of \u00a38.5m (2023: \u00a3nil) (refer to note 3.3); and, right-of-use-assets of \u00a3nil (2023: \u00a30.2m) (refer to
note 3.5).
Accounting policies
Cash and short-term deposits in the balance sheet comprise cash at bank and in-hand and short-term deposits with an original maturity of three months or less. In the consolidated cash flow statement, cash and cash
equivalents consist of cash and short-term deposits net of outstanding bank overdrafts and include cash and overdrafts within disposal group assets and liabilities held-for-sale. Cash at bank earns interest at fixed and
floating rates based on prevailing bank deposit rates.
Accounting policies
Trade receivables: Trade receivables are initially recognised at cost (being the same as fair value) and
subsequently at amortised cost less any provision for impairment, to ensure the amounts recognised
represent their recoverable amount.
Impairment: For trade receivables, the Group applies the simplified approach permitted by IFRS 9
Financial Instruments, resulting in trade receivables recognised and carried at original invoice amount less
an allowance for any uncollectible amounts based on expected credit losses. Where the carrying amount of
an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount.
The Group monitors the level of trade receivables on a monthly basis, continually assessing the risk of
default by any counterparty. Each customer has an external credit score which determines the level of credit
provided.
Derecognition: A financial asset (or, where applicable, a part of a financial asset or part of a group of
similar financial assets) is derecognised (ie removed from the Group\u2019s consolidated balance sheet) when (i)
the rights to receive the cash flows from the asset have expired; or, (ii) the Group has transferred its right to
receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full
without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has
transferred substantially all the risk and rewards of the asset; or, (b) the Group has neither transferred nor
retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
Trade receivables that are sold without recourse are derecognised at the point of sale when the risks and
rewards of the receivables have been fully transferred.
Accrued income: Accrued income is recognised when the revenue recognised on a customer contract
exceeds the amount billed to the customer as at the balance sheet date.
Accounting policies
The Group regularly incurs costs to deliver its outsourcing services in a more efficient way (often referred to
as \u2018transformation\u2019 costs). These costs may include process mapping and design, system development,
project management, hardware (generally within the scope of the Group\u2019s accounting policy for property,
plant and equipment), software licence costs (generally within the scope of the Group\u2019s accounting policy
for intangible assets), recruitment costs and training.
Contract fulfilment costs are divided into: (i) costs that give rise to an asset; and (ii) costs that are expensed
as incurred.
When determining the appropriate accounting treatment for such costs, the Group firstly considers any
other applicable standards. If those other standards preclude capitalisation of a particular cost, then an
asset is not recognised under IFRS 15 Revenue from Contracts with Customers.
If other standards are not applicable to contract fulfilment costs, the Group applies the following criteria
which, if met, result in capitalisation of costs that: (i) directly relate to a contract or to a specifically
identifiable anticipated contract; (ii) generate or enhance resources that will be used in satisfying (or in
continuing to satisfy) performance obligations in the future; and (iii) are expected to be recovered.
The Group has determined that, where the relevant specific criteria are met, the costs for (i) process
mapping and design; (ii) system development; and (iii) project management; are likely to qualify to be
capitalised as contract fulfilment assets.
The incremental costs of obtaining a contract with a customer are recognised as a contract fulfilment asset
if the Group expects to recover them. The Group incurs costs such as bid costs, legal fees to draft a
contract and sales commissions when it enters into a new contract.
The Group has determined that the following costs may be capitalised as contract fulfilment assets: (i) legal
fees to draft a contract after the Group has been selected as preferred supplier; and (ii) sales commissions
directly related to winning a specific contract.
Costs incurred prior to selection as preferred supplier are not capitalised but expensed when incurred.
The Group also considers the nature of any software as a service utilised on delivering the Group\u2019s revenue
generating contracts and whether associated costs incurred meet the criteria for capitalisation as contract
fulfilment assets. In particular the Group assesses whether the work conducted includes any configuration
or customisation of the suppliers software and then considers the relevant accounting treatment.
Utilisation: The utilisation charge is included within cost of sales. The Group utilises non-current contract
fulfilment assets over the expected contract period on a systematic basis that mirrors the pattern in which
the Group transfers control of the service to the customer.
Derecognition: A non-current contract fulfilment asset is derecognised either when it is disposed of or
when no further economic benefits are expected to flow from its use or disposal.
Impairment: At each balance sheet date, the Group determines whether or not the non-current contract
fulfilment assets are impaired by comparing the carrying amount of the asset with the remaining amount of
consideration that the Group expects to receive less the costs that relate to providing services under the
relevant contract. In determining the estimated amount of consideration, the Group uses the same
principles as it does to determine the contract transaction price, except that any constraints used to reduce
the transaction price are removed for the impairment test.
Accounting policies
Property, plant and equipment is stated at cost less accumulated depreciation and any impairment in value.
Depreciation: Depreciation is calculated on a straight-line basis over the estimated useful life of the asset,
as follows:
\u2022 Freehold buildings and long leasehold property \u2013 up to 50 years.
\u2022 Leasehold improvements \u2013 period of the lease.
\u2022 Plant and machinery \u2013 3 to 10 years.
Impairment: The carrying values of property, plant and equipment are reviewed for impairment when
events or changes in circumstances indicate that the carrying value may not be recoverable. If any such
indication exists and where the carrying values exceed the estimated recoverable amount, the assets are
written down to their recoverable amount. The recoverable amount of property, plant and equipment is the
greater of net selling price and value-in-use. In assessing value-in-use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset. For an asset that does not generate largely
independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the
asset belongs. Impairment losses are disclosed as administrative expenses in the consolidated income
statement.
Derecognition: An item of property, plant and equipment is derecognised on disposal, or when no future
economic benefits are expected to arise from the continued use of the asset (retired). Any gain or loss
arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and
the carrying value of the asset, is included in the consolidated income statement when the asset is
derecognised.
Accounting policies
Intangible assets acquired separately are capitalised at cost and those identified in a business acquisition
are capitalised at fair value at the date of acquisition. In the case of capitalised software development costs,
research expenditure is written off to the consolidated income statement when it is incurred. Development
expenditure is similarly written off until the Group is satisfied as to the technical, commercial and financial
viability of individual projects. Where this condition is satisfied, the development expenditure is capitalised
and amortised over the period during which the Group is expected to benefit.
The Group considers the nature of any software as a service utilised by the Group and whether associated
costs incurred meet the criteria for capitalisation as intangible assets. In particular the Group assesses
whether the work conducted includes any configuration or customisation of the suppliers software and then
considers the relevant accounting treatment.
Following initial recognition, the carrying amount of an intangible asset is its cost less accumulated
amortisation and impairment losses. The useful lives of intangible assets are assessed to be either finite or
indefinite. There were no indefinite-lived assets in 2024 or 2023.
Amortisation: Amortisation is charged on assets with finite lives. The amortisation method used reflects the
expected pattern of consumption of future economic benefits and generally amortised on a straight-line
basis, the amortisation periods used are as follows:
\u2022 Intangible assets acquired in business combinations \u2013 1.5 to 20 years.
\u2022 Intangible assets purchased or internally capitalised \u2013 3 to 20 years.
Impairment: Intangible assets with finite lives are only tested for impairment, either individually or at the
cash-generating unit level, when there is an indicator of impairment.
Derecognition: Intangible assets are derecognised upon disposal, or when no future economic benefits are
expected to arise from the continued use of the asset (retired). Any gain or loss arising on derecognition of
the asset, calculated as the difference between the net disposal proceeds and the carrying value of the
asset, is included in the consolidated income statement when the asset is derecognised.
The measurement of intangible assets other than goodwill in a business combination: on the
acquisition of a business, the identifiable intangible assets may include licences, customer lists and brands.
The fair value of these assets is determined by discounting estimated future net cash flows generated by
the asset because in most cases no active market for the assets exists and therefore no observable value
exists. The use of different assumptions for the expectations of future cash flows and the discount rate
would change the valuation of the intangible assets.
The assessment of costs capitalised as intangible assets to generate future economic benefits:
judgement is applied in assessing whether costs incurred, both internal and external, will generate future
economic benefits. Judgements and estimates are applied in determining the carrying value of the assets,
including assumptions made in respect of the status of the programme each asset relates to. Given the
level of judgement and estimation involved in assessing future cash flows, it is reasonably possible that
outcomes within the next financial year may be different from management\u2019s assumptions and require an
adjustment to the carrying value of intangible assets, however any adjustment is not expected to be
material.
Accounting policies Following initial recognition, goodwill is stated at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. Goodwill arising on acquisitions prior to 31 December 1997 remains set off directly against reserves and does not get recycled through the consolidated income statement. At the acquisition date, any goodwill acquired is allocated to the cash-generating units (CGU) which are expected to benefit from the combination\u2019s synergies. Impairment is determined by assessing the recoverable amount of the CGU to which the goodwill relates. Where the recoverable amount of the CGU is less than the carrying amount, an impairment loss is recognised. Where goodwill forms part of a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in these circumstances is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained. Acquisitions and disposals of non-controlling interests that do not result in a change of control are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. The adjustments to non-controlling interests are based on a proportionate amount of the net assets of the subsidiary. Any difference between the price paid or received and the amount by which non-controlling interests are adjusted is recognised directly in equity and attributed to the owners of the Parent company.
Accounting policies
At the inception of the lease, the Group recognises a right-of-use asset at cost, which comprises the present
value of minimum future lease payments determined at the inception of the lease. Right-of-use assets are
depreciated using the straight-line method over the shorter of estimated life or the lease term. Amendments
to lease terms resulting in a change in payments or the length of the lease results in an adjustment to the
right-of-use asset and corresponding lease liability. Right-of-use assets are reviewed for impairment when
events or changes in circumstances indicate the carrying value may not be fully recoverable.
Right-of-use assets exclude leases with low values and terms of twelve months or less. These leases are
expensed to the consolidated income statement when incurred.
As detailed in note 2.4, during 2024 a charge of \u00a327.9m (2023: \u00a354.4m) was recognised for the costs to
deliver the cost reduction programme. This includes a property related credit of \u00a32.6m reflecting the
successful exit of a number of properties which had been provided for in the previous year. The 2023
property related charge was \u00a331.1m including impairments of \u00a313.1m. These amounts have been excluded
from adjusted profit.
Other movements include amendments to existing leases.
Accounting policies
Provisions are recognised when the Group has a present legal or constructive obligation arising from past
events, it is probable that cash will be paid to settle it, and the amount can be estimated reliably.
If the effect of the time value of money is material, provisions are discounted using the yield on government
bonds which have a similar timing and currency of cash flows to the provision being discounted. Where
required adjustments are made to the yields to reflect the risks specific to the cash flows being discounted.
The unwinding of the discount is recognised as a financing cost in the consolidated income statement.
The value of the provision is determined based on assumptions and estimates in relation to the amount,
timing and likelihood of actual cash flows, which are dependent on future events. Where no reliable basis of
estimation can be made, no provision is recorded. However, contingent liabilities disclosures are given
when there is a greater than remote probability of outflow of economic benefits. See note 6.2.
On an ongoing basis, management monitor provisions and their accurate estimation when compared to final
outcomes.
Accounting policies
The Group leases various assets, comprising land and buildings, equipment and motor vehicles.
The determination whether an arrangement is, or contains, a lease is based on whether the contract
conveys a right to control the use of an identified asset for a period of time in exchange for consideration.
The following sets out the Group\u2019s lease accounting policy for all leases with the exception of leases with
low value and term of twelve months or less which are expensed to the consolidated income statement.
The Group as a lessee \u2013 Right-of-use assets and lease liabilities
The accounting policy for right-of-use assets is included in note 3.5.
The Group recognises lease liabilities where a lease contract exists and right-of-use assets representing the
right to use the underlying leased assets.
At the commencement of a lease, the Group recognises the lease liability measured at the present value of
the lease payments to be made over the lease term.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the
lease commencement date because the interest rate implicit in the lease is not readily determinable. After
the commencement date, the amount of the lease liability is increased to reflect the accretion of interest and
reduced for the lease payments made. The incremental borrowing rate is the rate of interest that the Group
would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain
an asset of a similar value to the right-of-use asset in a similar economic environment. Incremental
borrowing rates are determined monthly and depend on the term, country, currency and commencement
date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the
risk-free rate based on swap market data; a country-specific risk adjustment; a credit risk adjustment; and
an entity-specific adjustment where the entity risk profile is different to that of the Group.
The lease liability is subsequently remeasured (with a corresponding adjustment to the related right-of-use
asset) when there is a change in future lease payments due to a renegotiation or market rent review, a
change of an index or rate or a reassessment of the lease term.
Lease payments are apportioned between a finance charge and a reduction of the lease liability based on
the constant interest rate applied to the remaining balance of the liability. Interest expense is included within
net finance costs in the consolidated income statement.
Lease payments comprise fixed payments, including in-substance fixed payments such as service charges
and variable lease payments that depend on an index or a rate, initially measured using the minimum index
or rate at inception date. The payments also include any lease incentives and any penalty payments for
terminating the lease, if the lease term reflects the lessee exercising that option.
The lease term determined comprises the non-cancellable period of the lease contract. Periods covered by
an option to extend the lease are included if the Group has reasonable certainty that the option will be
exercised, and periods covered by an option to terminate are included if it is reasonably certain that this will
not be exercised.
The Group has elected to apply the practical expedient in IFRS 16 Leases paragraph 15 not to separate
non-lease components such as service charges from lease rental charges.
The Group as a lessor
When the Group acts as a lessor, it determines at lease commencement whether the lease is a finance
lease or an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers to the lessee
all of the risks and rewards of ownership in relation to the underlying asset. If this is the case, then the lease
is a finance lease. If not, then it is an operating lease.
The Group acts as an intermediate lessor of property assets and equipment. When the Group is an
intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses
whether the sub-lease is a finance or operating lease in the context of the right-of-use asset arising from the
head lease.
In instances where the Group is the intermediate lessor and the sub-lease is classified as a finance lease,
the Group recognises a net investment in sub-leases for amounts recoverable from the sub-lessees while
derecognising the respective portion of the right-of-use asset. The lease liability is retained on the balance
sheet. The net investment in sub-leases is classified as current or non-current finance assets in the
consolidated balance sheet according to whether or not the amounts will be recovered within twelve months
of the balance sheet date. Finance income recognised in respect of net investment in sub-leases is
presented within net finance costs in the consolidated income statement and the capital element of lease
rental received is presented within investing activities in the consolidated cash flow statement.
The Group recognises lease payments received under operating leases as income on a straight-line basis
over the lease term. The Group accounts for finance leases as finance lease receivables, using an
incremental borrowing rate where the interest rate implicit in sub-lease is not easily determinable.
Accounting policies
Financial instruments \u2013 classification of financial instruments
The Group classifies its financial instruments in the following measurement categories:
\u2022 those to be measured subsequently at fair value, either through other comprehensive income (FVOCI) or
through profit or loss (FVPL); and
\u2022 those to be measured at amortised cost.
The classification depends on the Group\u2019s business model for managing the financial assets and the
contractual terms of the cash flows.
Financial instruments \u2013 initial recognition
At initial recognition, the Group measures a financial instrument at its fair value plus, in the case of a
financial instrument not at FVPL, transaction costs that are directly attributable to the acquisition of the
financial instrument. Transaction costs of financial instruments carried at FVPL are expensed in the
consolidated income statement.
Financial instruments with embedded derivatives are considered in their entirety when determining whether
their cash flows are solely payment of principal and interest.
Purchases and sales of financial instruments are recognised on their trade date (ie the date the Group
commits to purchase or sell the instrument). Financial instruments are derecognised when the rights to
receive/pay cash flows from the financial instrument have expired or have been transferred such that the
Group has transferred substantially all risks and rewards of ownership.
Debt instruments
Debt instruments are initially recognised at fair value less directly attributable transaction costs and are
subsequently remeasured depending on the Group\u2019s business model for managing the instrument and the
cash flow characteristics of the debt instrument. There are three measurement categories into which the
Group classifies its debt instruments:
\u2022 Amortised cost: instruments that are held for collection/payment of contractual cash flows are measured
at amortised cost where those cash flows represent solely payments of principal and interest. Interest
income/expense from these financial instruments is included in net finance costs using the effective
interest rate method.
\u2022 FVOCI: instruments that are held for collection/payment of contractual cash flows and for selling the
financial instrument are measured at FVOCI where the instrument\u2019s cash flows represent solely
payments of principal and interest. Movements in the carrying amount are taken through consolidated
Other Comprehensive Income (OCI), except for the recognition of impairment gains or losses, interest
income and foreign exchange gains/losses, which are recognised in the consolidated income statement.
When the financial instrument is derecognised, the cumulative gain/loss previously recognised in OCI is
reclassified to the consolidated income statement and recognised in other gains/(losses).
\u2022 FVPL: instruments that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A
gain/loss on a debt instrument that is measured at FVPL is recognised in the consolidated income
statement and presented within net finance costs.
The Group reclassifies debt instruments when, and only when, its business model for managing those
instruments changes.
Equity instruments
Investments in equity instruments are initially recognised at fair value and are subsequently remeasured at
fair value with the movement recognised through the consolidated income statement, except where an
election has been made for the movement to be recognised through OCI. An election can be made on initial
recognition of equity instruments that are neither held-for-trading or instruments acquired as part of a
business combination. Once an election has been made all movements in fair value, with the exception of
dividends, are presented through OCI and there is no subsequent reclassification of fair value gains/losses
to the consolidated income statement following the derecognition of the investment. Dividends from such
investments continue to be recognised in the consolidated income statement as other income when the
Group\u2019s right to receive payment is established.
Impairment
The Group assesses, on a forward looking basis, the expected credit losses associated with its financial
instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on
whether there has been a significant increase in credit risk.
Derivatives
Derivative financial instruments are initially recognised at fair value and are subsequently remeasured at fair
value at the end of each reporting period with the movement recognised through the consolidated income
statement, except where derivatives qualify for cash flow hedge accounting. The effective proportion of cash
flow hedges is recognised in OCI and presented in the hedging reserve within equity. The cumulative gain/
loss is subsequently reclassified to the consolidated income statement in the same period that the relevant
hedged transaction is realised.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part
of the cost of the respective assets. All other borrowing costs are expensed in the period they occur.
Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds.
Accounting policies
The fair value of the equity instrument granted under these schemes is measured at grant date and is
recognised as an expense over the vesting period, which ends on the date on which the relevant employees
become fully entitled to the award. Fair value is determined using an option pricing model, only taking into
account vesting conditions linked to the price of the shares of the Company (market conditions).
No expense is recognised for awards that do not ultimately vest as a result of not meeting performance or
service conditions. Where all service and performance vesting conditions have been met, the awards are
treated as vesting, irrespective of whether or not the market condition is satisfied, since market conditions
were reflected in the fair value of the equity instruments.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to
which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of
non-market conditions, the number of equity instruments that will ultimately vest or, in the case of an
instrument subject to a market condition, be treated as vesting as described above. The movement in
cumulative expense since the previous balance sheet date is recognised in the consolidated income
statement, with a corresponding adjustment to equity.
Where the terms of an award are modified or a new award is designated as replacing a cancelled or settled
award, the cost based on the original award terms continues to be recognised over the original vesting
period adjusted for the incremental fair value of any modification ie the difference between the fair value of
the original award and the fair value of the modified award, both as measured on the date of the
modification. No reduction is recognised if this difference is negative.
Where an award is cancelled, it is treated as if it had vested on the date of cancellation, and any cost not
yet recognised in the consolidated income statement for the award is expensed immediately. Any
compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from
equity, with any excess over the fair value being treated as an expense in the consolidated income
statement.
The expense recognised for share-based payments (before tax) in respect of employee services received
during the year to 31 December 2024 was \u00a36.0m (2023: \u00a35.5m), all of which arises from equity-settled
share based payment transactions. Details of the schemes are as follows:
Deferred annual bonus plan
This scheme is applicable to executive directors. Under this scheme, awards are made annually consisting
of only deferred shares, which are linked to the payout under the annual bonus scheme (details of which are
contained in the directors\u2019 remuneration report on page 96 to 118).
The value of deferred shares is determined by the pay-out under the annual bonus scheme: half of the
annual bonus is paid in cash and the remainder is deferred into shares under the deferred annual bonus
plan or the Capita executive plan. Directors have the option to defer up to 100% of their annual bonus into
deferred shares or net bonus into a restricted share award. The deferred/restricted shares are held for a
period of three years from the date of award, during which they are not forfeitable, except in the case of
dismissal for gross misconduct.
The weighted average share price of options at the date of exercise in 2024 was \u00a30.12 (2023: \u00a30.33). The
weighted average share price during the year was \u00a30.17 (2023: \u00a30.26).
The total cash value of the deferred shares awarded during the year was \u00a3nil (2023: \u00a30.7m).
Long-term incentive plans (LTIPs)
The structure of the Group\u2019s LTIP schemes was approved at the Company\u2019s Annual General Meeting
(AGM) in 2017. From 2021, no new awards will be granted under the LTIP with the final awards under the
scheme (the 2020 grant) having vested in April 2023.
All of the above awards are subject to a performance underpin assessment of the underlying financial and
operational performance of Capita over the performance period.
Accounting policies
Defined contribution pension schemes
The Group maintains a number of defined contribution pension schemes and for these schemes the Group
has no further payment obligations once the contributions have been paid. The contributions are recognised
as an employee benefit expense in the consolidated income statement when the related service is provided
and as they fall due.
Defined benefit pension schemes
In addition, the Group operates two defined benefit pension schemes and participates in a number of other
defined benefit pension schemes, all of which require contributions to be made to separate trustee-
administered funds. The costs of providing benefits under these schemes are determined separately for
each scheme using the projected unit credit method, which attributes entitlement to benefits to the current
period (to determine current service cost) and to the current and prior periods (to determine the present
value of the defined benefit obligation) and is based on actuarial advice. Past service costs are recognised
immediately in the consolidated income statement.
When a settlement (eliminating all obligations for benefits already accrued) or a curtailment (reducing future
obligations as a result of a material reduction in the scheme membership or a reduction in future
entitlement) occurs, the obligation and related plan assets are remeasured using current actuarial
assumptions and the resultant gain/loss recognised in the consolidated income statement during the period
in which the settlement or curtailment occurs.
Remeasurements of the net defined benefit asset/liability, which comprise actuarial gains and losses, the
return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are
recognised immediately in other comprehensive income and will not be reclassified to the consolidated
income statement. The Group generally determines the net interest expense/income on the net defined
benefit asset/liability for the year by applying the discount rate used to measure the defined benefit
obligation at the beginning of the year to the then net defined benefit asset/liability, taking into account any
changes in the net defined benefit asset/liability during the year as a result of contributions and benefit
payments. However, due consideration is given to events which require the net interest expense/income on
the net defined benefit asset/liability to be remeasured over the course of the year.
Current and past service costs are charged to operating profit while the net interest cost is included within
net finance costs.
The net asset/(liability) in the consolidated balance sheet with respect to the defined benefit pension
schemes comprises the total for each scheme, or group of schemes, of the present value of the defined
benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of assets
out of which the obligations are to be settled directly. The policy to determine fair value of assets is detailed
in the note below. Where applicable the value of a net pension benefit asset is restricted to the present
value of any amount the Group expects to recover by way of refunds or reductions in the future
contributions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "value": "This section sets out the Group\u2019s accounting policies relating to these consolidated financial statements as a whole. Where an accounting policy is specific to one note, the policy is described in the note to which it relates. This section also includes details of new accounting standards, amendments and interpretations including their effective dates and explanation on the expected impact to the financial position and performance of the Group. For ease of reference, this symbol has been used to denote any accounting policies included within the notes to these consolidated financial statements: Denotes accounting policies These financial statements consolidate those of Capita plc (the Company or the Parent Company) and all of its subsidiaries (the Group). Capita plc is a public limited company incorporated in England and Wales whose shares are publicly traded. The principal activities of the Group are given in the strategic report on pages 19 to 25. These consolidated financial statements of Capita plc for the year ended 31 December 2024 were authorised for issue in accordance with a resolution of the directors on 4 March 2025. These consolidated financial statements are presented in British pounds sterling and all values are rounded to the nearest tenth of a million (\u00a3m) except where otherwise indicated. Statement of compliance These consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (UK-IFRS) and the Disclosure and Transparency Rules of the UK's Financial Conduct Authority. Basis of consolidation These consolidated financial statements comprise the financial statements of the Group at 31 December each year. Subsidiaries are consolidated from the date on which control is transferred to the Group until control is transferred out of the Group. Where there is a loss of control of a subsidiary, these consolidated financial statements include the results for that part of the reporting year during which Capita plc had control and the profit or loss on disposal is calculated as the difference between the fair value of the consideration received and the carrying amount of the net assets (including goodwill) disposed of. Losses applicable to the non-controlling interests in subsidiaries are attributed to the non-controlling interests even if that results in the non-controlling interests having a deficit balance. Investments in associates are accounted for using the equity method. Under the equity method, the investment in the entity is stated as a one line item at cost plus the investor\u2019s share of retained post- acquisition profits or losses and other changes in net assets less any impairment. Section 1: Basis of preparation
Going concern
In determining the appropriate basis of preparation of the financial statements for the year ended
31 December 2024, the Board is required to consider whether the Group and Parent Company can continue
in operational existence for the foreseeable future. The Board has concluded that it is appropriate to adopt
the going concern basis, having undertaken a rigorous assessment of the financial forecasts, key
uncertainties, sensitivities, and mitigations as set out below.
Accounting standards require that \u2018the foreseeable future\u2019 for going concern assessment covers a period of
at least twelve months from the date of approval of these financial statements, although those standards do
not specify how far beyond twelve months a Board should consider. In its going concern assessment, the
Board has considered the period from the date of approval of these financial statements to 30 June 2026
(\u2018the going concern period\u2019), which aligns with a period end and covenant test date for the Group.
The base case financial forecasts used in the going concern assessment are derived from the 2025-2027
business plan as approved by the Board in February 2025.
The going concern assessment considers the Group\u2019s sources and uses of liquidity and covenant
compliance throughout the period under review. The value of the Group\u2019s committed revolving credit facility
(RCF) wa
s \u00a3250.0m at 31 December 2024.
Financial position at 31 December 2024
As detailed further in the Chief Financial Officer\u2019s review in the strategic report, at 31 December 2024 the
Group had net debt of \u00a3415.2m (2023: \u00a3545.5m), net financial debt (pre-IFRS 16)
1
of \u00a366.5m (2023:
\u00a3182.1m), available liquidity
1
of \u00a3397.2m (2023: \u00a3282.3m) and was in compliance with all debt covenants
(refer to note 4.1.2 to the consolidated financial statements).
Board assessment
Base case scenario
Under the base case scenario, the Group\u2019s transformation programme and completion of the Portfolio non-
core business disposal programme in January 2024 together with the disposal of Capita One in September
2024, has simplified and strengthened the business and facilitates further efficiency savings enabling
sustainable growth in revenue, profit and cash flow over the medium term, whilst acknowledging the
expected free cash outflow for 2025. When combined with available committed facilities, this allows the
Group to manage scheduled debt repayments. The most material sensitivities to the base case are the risk
of not delivering the planned revenue growth and further efficiency savings being delayed or not delivered
from the Group's previously announced cost reduction programme.
The base case projections used for going concern assessment purposes reflect business disposals
completed up to the date of approval of these financial statements. The liquidity headroom assessment in
the base case projections reflects the Group\u2019s existing committed financing facilities, including the \u00a394.2m
of US private placement loan notes issued in March 2025 (refer to note 6.3), debt redemptions, and the
intended renewal or extension of the Group\u2019s RCF by 31 December 2025 to meet the requirements of the
2025 US private placement loan notes. The base case financial forecasts demonstrate liquidity headroom
and compliance with all debt covenant measures throughout the going concern period to 30 June 2026.
1.Refer to alternative performance measures in section 8.2 to the financial statements.
Severe but plausible downside scenario In considering severe but plausible downside scenarios, the Board has taken account of the potential adverse financial impacts resulting from the following risks: \u2022 revenue growth falling materially short of plan; \u2022 operating margin expansion not being achieved; \u2022 targeted cost savings delayed or not delivered; \u2022 unforeseen operational issues leading to contract losses and cash outflows; \u2022 sustained interest rates at current levels; \u2022 non-availability of the Group\u2019s non-recourse trade receivables financing facility; and \u2022 unexpected financial costs linked to incidents such as data breaches and/or cyber-attacks. The likelihood of simultaneous crystallisation of the above risks is considered by the directors to be low. Nevertheless, in the event that simultaneous crystallisation were to occur, the Group would need to take action to ensure there is sufficient headroom for debt covenant purposes. In its assessment of going concern, the Board has considered the mitigations, under the direct control of the Group, that could be implemented including, but not limited to, reductions or delays in capital investment, and substantially reducing (or removing in full) bonus and incentive payments. The Board has also assumed that the intended renewal or extension of the Group\u2019s RCF by 31 December 2025 to meet the requirements of the March 2025 private placement loan notes is successful. Taking these considerations into account, the Group\u2019s financial forecasts, in a severe but plausible downside scenario, demonstrate sufficient liquidity headroom and compliance with all debt covenant measures throughout the going concern period to 30 June 2026. Adoption of going concern basis Reflecting the forecasts, coupled with the Board\u2019s ability to implement appropriate mitigations should the severe but plausible downside materialise, the Group and Parent Company continues to adopt the going concern basis in preparing these consolidated financial statements. The Board has concluded that the Group and Parent Company will be able to continue in operation and meet their liabilities as they fall due over the period to 30 June 2026. Foreign currency translation The functional and presentation currency of Capita plc and its UK subsidiaries is the British pound sterling (\u00a3). Transactions in foreign currencies are initially recorded at the functional currency exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency exchange rate ruling at the balance sheet date. All differences are taken to the consolidated income statement with the exception of differences on foreign currency borrowings that provide a hedge against a net investment in a foreign operation. These are taken directly to equity until the disposal of the net investment, at which time they are recognised in the consolidated income statement. Tax charges and credits attributable to exchange differences on those borrowings are also taken directly to equity. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The functional currencies of overseas operations include the euro, Indian rupee, South African rand, Polish zloty and the US dollar. At the balance sheet date, the assets and liabilities of the overseas operations are retranslated into the presentation currency of Capita plc at the exchange rate ruling on the balance sheet date and their income statements are translated using the weighted average exchange rate for the year. The exchange differences arising on the retranslation are taken directly to a separate component of equity. On disposal of a foreign operation, the deferred cumulative foreign currency translation difference recognised in equity relating to that particular foreign operation is recognised in the consolidated income statement. Current versus non-current classification The Group presents assets and liabilities in the balance sheet based on whether they are current or non- current. An asset is current when it is: \u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle; \u2022 Held primarily for the purpose of trading; \u2022 Expected to be realised within twelve months after the balance sheet date; or \u2022 Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the balance sheet date. All other assets are classified as non-current. A liability is current when: \u2022 It is expected to be settled in the normal operating cycle; \u2022 It is held primarily for the purpose of trading; \u2022 It is due to be settled within twelve months after the balance sheet date; or \u2022 Does not have the right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current. Recoverable amount of non-current assets At each balance sheet date, the Group assesses whether there is any indication that a non-current asset may be impaired. Where an indicator of impairment exists, the Group makes a formal estimate of the asset\u2019s recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The recoverable amount is the higher of an asset\u2019s, or cash-generating unit\u2019s, fair value less costs to sell and its value in use, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Consideration of climate change The impact of climate change has been considered in the preparation of these consolidated financial statements across a number of areas, including our evaluation of the critical accounting estimates and assumptions which are detailed below, consistent with the risks and opportunities set out in the strategic report on pages 59 to 67. None of these risks had a material effect on the critical accounting estimates and assumptions or on the consolidated financial statements of the Group. The following areas were considered during the preparation of these consolidated financial statements: \u2022 contract judgements made on the Group\u2019s major contracts including contract fulfilment assets; \u2022 going concern and viability of the Group over the relevant respective period; \u2022 cash flow forecasts used in the impairment assessments of non-current assets including the Group\u2019s intangible assets such as customer contracts and goodwill; \u2022 carrying value and useful economic lives of property, plant and equipment; \u2022 deferred tax asset recognition; and \u2022 the valuation of assets held within the Group\u2019s pension schemes. As current legislation stands, there is currently no material short or medium-term1 impact expected from climate change on the Group. The Group will continue to monitor it\u2019s climate strategy and the impact that policies or changes in legislation may have on the estimates the Group makes, and any subsequent impact on assets and liabilities recognised and presented in its consolidated financial statements. 1. As defined in the Task Force on Climate-related Financial Disclosures section of the Strategic Report Significant accounting judgements, estimates and assumptions The preparation of financial statements in accordance with generally accepted accounting principles requires the directors to make judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported income and expense during the presented periods. Although these judgements and assumptions are based on the directors\u2019 best knowledge of the amount, events or actions, actual results may differ. As described in note 2.1, given the level of judgement and estimation involved in assessing the future profitability of contracts, it is reasonably possible that outcomes within the next financial year may be different from management\u2019s assumptions which could require a material adjustment to the carrying amounts of contract fulfilment assets and onerous contract provisions. Judgements The key areas where significant accounting judgements have been made and which have the most significant effect on the amounts recognised in the consolidated financial statements, are summarised below and set out in more detail in the related note(s): \u2022 Contract accounting (note 2.1): \u2013 Revenue recognition; \u2022 Capitalisation of contract fulfilment assets (note 3.1.3); and \u2022 Adoption of the going concern basis of preparation (section 1). Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, which have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are summarised below and set out in more detail in the related note. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are incorporated into the assumptions when they occur: \u2022 Contract accounting (note 2.1): \u2013 Impairment of contract fulfilment assets; \u2013 Carrying value of onerous contract provisions; \u2022 Deferred tax asset recognition (note 2.6); \u2022 Impairment of goodwill in respect of the Contact Centre group of cash generating units (note 3.4); and \u2022 Measurement of defined benefit pension obligations (note 5.2). For ease of reference, the symbols below have been used to denote significant accounting judgements and/ or significant accounting estimates and assumptions where they occur within the notes to these consolidated financial statements: Denotes significant accounting judgements Denotes significant accounting estimates and assumptions New standards and interpretations adopted The accounting policies adopted are consistent with those of the previous financial year. In addition, the Group has adopted the new, and amendments to, standards listed below. These amendments were either not applicable or not material to the Group or Parent Company.
International Accounting Standards (IAS/IFRS)
Effective date
Classification of liabilities as current or non-current and non-current liabilities with 1 January 2024
Covenants - Amendments to IAS 1
Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 1 January 2024
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 1 January 2024
New standards and interpretations not yet adopted The International Accounting Standards Board (IASB) has issued the following standards, amendments and interpretations with an effective date after the date of these consolidated financial statements. These are effective for annual reporting periods beginning on or after the date indicated:
International Accounting Standards (IAS/IFRS)
Effective date
Lack of Exchangeability - Amendments to IAS 21
1 January 2025
Amendments to the Classification and Measurement of Financial Instruments - IFRS 9 1 January 2026
and IFRS 7
1
Annual Improvements to IFRS Accounting Standards - Volume 11 - Amendments to
IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7
1
1 January 2026
Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and
IFRS 7
1
1 January 2026
Presentation and Disclosure of Financial Statements - IFRS 18
1
1 January 2027
Subsidiaries without Public Accountability: Disclosures - IFRS 19
1
1 January 2027
1. The effective date is based on the standard or amendment issued by the IASB and are still subject to adoption by the UK Endorsement Board. The Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be presented in accordance with these standards from their effective dates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-491": { "value": "
These financial statements consolidate those of Capita plc (the Company or the Parent Company) and all of
its subsidiaries (the Group). Capita plc is a public limited company incorporated in England and Wales
whose shares are publicly traded. The principal activities of the Group are given in the strategic report on
pages 19 to 25.
These consolidated financial statements of Capita plc for the year ended 31 December 2024 were
authorised for issue in accordance with a resolution of the directors on 4 March 2025.
These consolidated financial statements are presented in British pounds sterling and all values are rounded
to the nearest tenth of a million (\u00a3m) except where otherwise indicated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "Capita plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "value": "Capita plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "England and Wales ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-518": { "value": "These consolidated financial statements of Capita plc for the year ended 31 December 2024 were authorised for issue in accordance with a resolution of the directors on 4 March 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-519": { "value": "These consolidated financial statements are presented in British pounds sterling and all values are rounded to the nearest tenth of a million (\u00a3m) except where otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-492": { "value": "
Statement of compliance
These consolidated financial statements have been prepared in accordance with UK-adopted International
Accounting Standards (UK-IFRS) and the Disclosure and Transparency Rules of the UK's Financial
Conduct Authority.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-493": { "value": "
Basis of consolidation
These consolidated financial statements comprise the financial statements of the Group at 31 December
each year. Subsidiaries are consolidated from the date on which control is transferred to the Group until
control is transferred out of the Group. Where there is a loss of control of a subsidiary, these consolidated
financial statements include the results for that part of the reporting year during which Capita plc had control
and the profit or loss on disposal is calculated as the difference between the fair value of the consideration
received and the carrying amount of the net assets (including goodwill) disposed of. Losses applicable to
the non-controlling interests in subsidiaries are attributed to the non-controlling interests even if that results
in the non-controlling interests having a deficit balance.
Investments in associates are accounted for using the equity method. Under the equity method, the
investment in the entity is stated as a one line item at cost plus the investor\u2019s share of retained post-
acquisition profits or losses and other changes in net assets less any impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-494": { "value": "Going concern In determining the appropriate basis of preparation of the financial statements for the year ended 31 December 2024, the Board is required to consider whether the Group and Parent Company can continue in operational existence for the foreseeable future. The Board has concluded that it is appropriate to adopt the going concern basis, having undertaken a rigorous assessment of the financial forecasts, key uncertainties, sensitivities, and mitigations as set out below. Accounting standards require that \u2018the foreseeable future\u2019 for going concern assessment covers a period of at least twelve months from the date of approval of these financial statements, although those standards do not specify how far beyond twelve months a Board should consider. In its going concern assessment, the Board has considered the period from the date of approval of these financial statements to 30 June 2026 (\u2018the going concern period\u2019), which aligns with a period end and covenant test date for the Group. The base case financial forecasts used in the going concern assessment are derived from the 2025-2027 business plan as approved by the Board in February 2025. The going concern assessment considers the Group\u2019s sources and uses of liquidity and covenant compliance throughout the period under review. The value of the Group\u2019s committed revolving credit facility (RCF) wa s \u00a3250.0m at 31 December 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-495": { "value": "Foreign currency translation The functional and presentation currency of Capita plc and its UK subsidiaries is the British pound sterling (\u00a3). Transactions in foreign currencies are initially recorded at the functional currency exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency exchange rate ruling at the balance sheet date. All differences are taken to the consolidated income statement with the exception of differences on foreign currency borrowings that provide a hedge against a net investment in a foreign operation. These are taken directly to equity until the disposal of the net investment, at which time they are recognised in the consolidated income statement. Tax charges and credits attributable to exchange differences on those borrowings are also taken directly to equity. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The functional currencies of overseas operations include the euro, Indian rupee, South African rand, Polish zloty and the US dollar. At the balance sheet date, the assets and liabilities of the overseas operations are retranslated into the presentation currency of Capita plc at the exchange rate ruling on the balance sheet date and their income statements are translated using the weighted average exchange rate for the year. The exchange differences arising on the retranslation are taken directly to a separate component of equity. On disposal of a foreign operation, the deferred cumulative foreign currency translation difference recognised in equity relating to that particular foreign operation is recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-567": { "value": "Significant accounting judgements, estimates and assumptions The preparation of financial statements in accordance with generally accepted accounting principles requires the directors to make judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported income and expense during the presented periods. Although these judgements and assumptions are based on the directors\u2019 best knowledge of the amount, events or actions, actual results may differ. As described in note 2.1, given the level of judgement and estimation involved in assessing the future profitability of contracts, it is reasonably possible that outcomes within the next financial year may be different from management\u2019s assumptions which could require a material adjustment to the carrying amounts of contract fulfilment assets and onerous contract provisions. Judgements The key areas where significant accounting judgements have been made and which have the most significant effect on the amounts recognised in the consolidated financial statements, are summarised below and set out in more detail in the related note(s): \u2022 Contract accounting (note 2.1): \u2013 Revenue recognition; \u2022 Capitalisation of contract fulfilment assets (note 3.1.3); and \u2022 Adoption of the going concern basis of preparation (section 1). Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, which have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are summarised below and set out in more detail in the related note. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are incorporated into the assumptions when they occur: \u2022 Contract accounting (note 2.1): \u2013 Impairment of contract fulfilment assets; \u2013 Carrying value of onerous contract provisions; \u2022 Deferred tax asset recognition (note 2.6); \u2022 Impairment of goodwill in respect of the Contact Centre group of cash generating units (note 3.4); and \u2022 Measurement of defined benefit pension obligations (note 5.2). For ease of reference, the symbols below have been used to denote significant accounting judgements and/ or significant accounting estimates and assumptions where they occur within the notes to these consolidated financial statements: Denotes significant accounting judgements Denotes significant accounting estimates and assumptions Significant accounting estimates and assumptions Due to the size and complexity of some of the Group\u2019s contracts, there are significant judgements to be applied, specifically in assessing: (i) the recoverability of non-current contract fulfilment assets; and (ii) the completeness of onerous contract provisions. These judgements are dependent on assessing the contract\u2019s future profitability and give rise to a key source of estimation uncertainty. It is possible that outcomes within the next financial year may be different from management\u2019s assumptions and could require a material adjustment to the carrying amounts of contract fulfilment assets and onerous provisions. Significant accounting judgements Significant judgement is exercised by management regarding when to recognise revenue from variations or scope changes on long-term contracts. There is a risk that revenue may be recognised whilst uncertainties exist over contractual terms and ongoing negotiations with clients. These uncertainties could impact the timing and/or transaction price and therefore the overall amount of revenue to be recognised. Judgement is also required when customers request scope changes to determine if there is a contract modification or a contract termination followed by a new contract. Contract terminations can lead to the immediate recognition of any deferred income being held for recognition in future periods. Refer to note 2.2 for the Group\u2019s accounting policies. Assessing contract profitability In assessing a contract\u2019s future lifetime profitability, management must estimate forecast revenue and costs to both transform and run the service over the remaining contract term. The ability to accurately forecast the outcomes involves estimates in respect of: costs to be incurred; cost savings to be achieved; future performance against any contract-specific key performance indicators (KPIs) that could trigger variable consideration or service credits; outcome of any commercial negotiations; and impact of inflation on the cost base and the indexation of revenue. The level of uncertainty in the estimated future profitability of a contract is directly related to the stage in the life-cycle of the contract and the complexity of the performance obligations. Contracts in the transformation stage are considered to have a higher level of uncertainty because of: \u2022 the ability to accurately estimate the costs to deliver the transformed process; \u2022 the dependency on the customer to agree to the specifics of the transformation: for example, where they are involved in certifying that the new process or, the new technical solution, designed by Capita meets their specific requirements; \u2022 the requirement to deliver the key transformation milestones in accordance with timelines agreed with the customer; and \u2022 the assumptions made to forecast expected savings in the target operating model. Those contracts which are in BAU tend to have a much lower level of uncertainty in estimating future profitability. Recoverability of non-current contract fulfilment assets and completeness of onerous contract provisions Management first assesses whether contract assets are impaired and then further considers whether an onerous contract exists. For half and full year reporting, the Audit and Risk Committee specifically reviews the material judgements and estimates, and the overall approach to this assessment in respect of the Group\u2019s major contracts, including comparison against previous forecasts. The major contracts are rated by management according to their financial risk profile, which is linked to the level of uncertainty over future assumptions. During 2024 the process to determine which major contracts the Audit and Risk Committee review was updated to provide better focus, and at half year, the Audit and Risk Committee review those in the high or medium risk categories, and at full year those material by virtue of their size relative to the Group are also reviewed if not already identified. An assessment of which contracts are major contracts is performed twice a year. Other contracts are reported to the Audit and Risk Committee as deemed appropriate. These contracts are collectively referred to as \u2018major contracts\u2019 in the remainder of this note. In the following paragraphs, the amounts disclosed for the current period are only in respect of those major contracts that the Audit and Risk Committee have reviewed (ie those major contracts which are in the high or medium risk categories or material by virtue of their size relative to the Group). The prior year amounts in relation to major contracts are as previously presented, and as such reflect the major contracts reviewed by the Audit and Risk Committee for that year end. The prior period amounts are therefore not directly comparable to those disclosed for the current year. The major contracts contributed \u00a31.0 billion (2023: \u00a31.1 billion) or 42% (2023: 42%) of Group adjusted revenue. Non-current contract fulfilment assets at 31 December 2024 were \u00a3257.5m (2023: \u00a3257.0m), of which \u00a3119.3m (2023: \u00a3125.1m) relates to major contracts with ongoing transformational activities. The remainder relates to contracts post transformation and includes non-major contracts. As noted above, the major contracts, both pre- and post-transformation, are rated according to their financial risk profile. For those that are in the high and medium rated risk categories the associated non- current contract fulfilment assets were, in aggregate, \u00a367.8m at 31 December 2024 (2023: \u00a352.8m). The recoverability of these assets is dependent on no significant adverse change in the key contract assumptions arising. The balance of deferred income associated with these contracts was \u00a395.9m at 31 December 2024 (2023: \u00a3109.5m) and is forecast to be recognised as performance obligations continue to be delivered over the life of the respective contracts. Onerous contract provisions associated with these contracts were \u00a335.3m at 31 December 2024 (2023: \u00a337.3m). Following these reviews, and reviews of smaller contracts across the business, as outlined in note 3.1.3, non-current contract fulfilment asset impairments of \u00a30.7m (2023: \u00a33.4m) were identified and recognised within adjusted cost of sales, of which \u00a3nil (2023: \u00a3nil) relates to non-current contract fulfilment assets added during the period. Additionally, net onerous contract provisions of \u00a318.0m (2023: \u00a39.4m), were identified and recognised in adjusted cost of sales with a further \u00a34.1m (2023: \u00a3nil) excluded from adjusted cost of sales as part of business exits. Given the quantum of the relevant contract assets and liabilities, and the nature of the estimates noted above, management has concluded it is reasonably possible, that outcomes within the next financial year may be different from management\u2019s current assumptions and could require a material adjustment to the carrying amounts of contract fulfilment assets and onerous contract provisions. However, as noted above, \u00a3119.3m (2023: \u00a3125.1m) of non-current contract fulfilment assets relates to major contracts with ongoing transformational activities; and, \u00a367.8m (2023: \u00a352.8m) of non-current contract fulfilment assets and \u00a335.3m (2023: \u00a337.3m) of onerous contract provisions relate to the highest and medium rated risk category. Due to the level of uncertainty, combination of variables and timing across numerous contracts, it is not practical to provide a quantitative analysis of the aggregated judgements that are applied, and management do not believe that disclosing a potential range of outcomes on a consolidated basis would provide meaningful information to a user of the financial statements. Due to commercial sensitivities, the Group does not specifically disclose the amounts involved in any individual contract. Certain major transformation contracts have key milestones during the next twelve months and an inability to meet these key milestones could lead to reduced profitability and a risk of impairment of the associated contract fulfilment assets. These include contracts with the City of London Police, BBC, Transport for London, Health Assessment Advisory Services and the Civil Service Pension Scheme. Additional information, which does not form part of these consolidated financial statements, on the results and performance of the underlying divisions including the outlook on certain contracts is set out in the divisional performance review in the strategic report. Significant accounting judgements and assumptions Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax assets and unused tax losses can be utilised, except where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. This involves an assessment of when those assets are likely to reverse, and a judgement as to whether or not there will be sufficient taxable profits available to offset the assets when they do reverse. This requires assumptions regarding future profitability and is therefore inherently uncertain. To the extent assumptions regarding future profitability change, there may be an increase or decrease in the amounts recognised in respect of deferred tax assets as well as in the amounts recognised during the year in which the change occurs. Sensitivities and additional information relating to deferred tax assets/liabilities are provided in note 2.6.2.
Significant accounting judgements
Judgement is applied by the Group when determining what costs qualify to be capitalised, in particular when
considering whether these costs are incremental and when considering if costs generate or enhance
resources to be used to satisfy future performance obligations and whether costs are expected to be
recoverable. For example, the Group considers which type of sales commissions are incremental to the cost
of obtaining specific contracts and the point in time when the costs will be capitalised. See note 2.1 for
further information.
Movements in non-current contract fulfilment assets were as follows
1
:
2024 2023
\u00a3m \u00a3m
At 1 January
257.0
263.0
Additions
73.6
79.5
Transfer to disposal group assets held-for-sale
2
(4.7)
(0.9)
Impairment - included in adjusted profit
(0.7)
(3.3)
Impairment - included in business exits
(0.1)
(0.1)
Derecognition - included in adjusted profit
(1.9)
(4.1)
Derecognition - included in business exits
\u2014
(8.2)
Utilisation - included in adjusted profit
(64.4)
(66.4)
Utilisation - included in business exits
(1.2)
(2.4)
Exchange movement
(0.1)
(0.1)
At 31 December
257.5
257.0
1. Refer to note 3.1.1 for current contract fulfilment assets.
2. Transfer to disposal group assets held-for-sale in the year ended 31 December 2024 is in respect of Capita One which was transferred at
30 June 2024 and subsequently sold during the second half of the year. In the year ended 31 December 2023 this includes \u00a30.9m that was
transferred at 30 June 2023 and subsequently sold during the second half of 2023.
As at 31 December 2024, the majority of the balance relates to transformation and set-up costs. This is
consistent with the prior year.
Impairment: In 2024, the Group recognised an impairment of \u00a30.8m (2023: \u00a33.4m) in cost of sales, of
which, \u00a3nil (2023: \u00a3nil) relates to contract fulfilment assets added during the year.
Derecognition: In 2024, \u00a31.9m (2023: \u00a312.3m) was derecognised. In 2023, the derecognition primarily
related to a contract in Capita Public Service following the termination of a customer contract and the Group
having no further use for the assets (\u00a38.2m). Subsequently the Group exited the business this contract was
in and therefore the derecognition of the contract fulfilment assets was included within business exits.
The assessment of costs capitalised as intangible assets to generate future economic benefits: judgement is applied in assessing whether costs incurred, both internal and external, will generate future economic benefits. Judgements and estimates are applied in determining the carrying value of the assets, including assumptions made in respect of the status of the programme each asset relates to. Given the level of judgement and estimation involved in assessing future cash flows, it is reasonably possible that outcomes within the next financial year may be different from management\u2019s assumptions and require an adjustment to the carrying value of intangible assets, however any adjustment is not expected to be material. Significant accounting estimates and assumptions Impairment of Contact Centre goodwill: the Group determines whether goodwill is impaired on an annual basis, or more frequently if required, and this requires an estimation of the recoverable amount of the CGU to which the intangible assets are allocated utilising an estimation of future cash flows and choosing a suitable discount rate.
Denotes significant accounting estimates and assumptions
As detailed in note 2.1, in respect of onerous customer contract provisions, due to the level of uncertainty,
combination of variables and timing across numerous contracts, it is not practical to provide a quantitative
analysis of the aggregated estimates and assumptions that are applied, and management do not believe
that disclosing a potential range of outcomes on a consolidated basis would provide meaningful information
to a user of the financial statements. Due to commercial sensitivities, the Group does not specifically
disclose the amounts involved in any individual contract.
Significant accounting estimates and assumptions
Measurement of defined benefit obligations \u2013 the accounting cost of these benefits and the present value of
pension liabilities involve judgements about uncertain events including such factors as the life expectancy of
members, the salary progression of current employees, price inflation and the discount rate used to
calculate the net present value of the future pension payments. The Group uses estimates for all of these
factors in determining the pension costs and liabilities incorporated in the consolidated financial statements.
The assumptions reflect historical experience and judgement regarding future expectations.
The Group continued to set Retail Price Inflation (RPI) in accordance with the market break-even
expectations less an inflation risk premium (IRP). Market trends for the IRP have slightly increased recently
and consequently a slightly higher rate of 0.30% pa has been adopted this year (2023: 0.25% pa). For
Consumer Price Inflation (CPI), the Group reduced the assumed difference between RPI and CPI to an
average of 0.55% per annum (2023: 0.60% per annum).
The Group continues to use the Black-Scholes pricing model to derive the pension increase assumption in
the context of the floors and caps. Given the recent volatility experienced by inflationary indices in the UK,
the volatility parameter has increased this year to 2% pa in line with market expectations (2023: 1.5% pa).
The longer-term implications of the Covid-19 pandemic on future life expectancy remain uncertain. In April
2024, the Continuous Mortality Investigation (CMI) published a new model (CMI 2023) that includes
population experience up to 2023. This latest version of the model could be heavily impacted by Covid-19
with the core version of the model placing a 15% weighting on both 2022 and 2023 experienced data and a
0% weighting on both 2020 and 2021 experienced data. The core version of the model reflects that,
following negative excess mortality in the second half of the year, 2023 population mortality was
comparable to that seen during 2015-2018, reflecting a slight improvement from that seen in 2022.
The Group is aware of the 2023 high court case (and subsequent appeal in 2024) that considered the
validity of deeds where no Section 37 certificate (confirming that the minimum level of benefits had not been
breached) was attached to the deed. The HPS Trustee Board continues to receive legal advice regarding
this matter and, subject to any Government intervention that may arise, are assessing any potential impact
as part of its multi-year project of reviewing and simplifying the scheme documentation and member data.
The Group considers this approach reasonable and appropriate. At this stage it is not possible to quantify
any potential impact on the liabilities of HPS and the defined benefit obligation has been calculated on the
basis of the pension benefits currently being administered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-520": { "value": "New standards and interpretations adopted The accounting policies adopted are consistent with those of the previous financial year. In addition, the Group has adopted the new, and amendments to, standards listed below. These amendments were either not applicable or not material to the Group or Parent Company.
International Accounting Standards (IAS/IFRS)
Effective date
Classification of liabilities as current or non-current and non-current liabilities with 1 January 2024
Covenants - Amendments to IAS 1
Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 1 January 2024
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 1 January 2024
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-496": { "value": "New standards and interpretations adopted The accounting policies adopted are consistent with those of the previous financial year. In addition, the Group has adopted the new, and amendments to, standards listed below. These amendments were either not applicable or not material to the Group or Parent Company.
International Accounting Standards (IAS/IFRS)
Effective date
Classification of liabilities as current or non-current and non-current liabilities with 1 January 2024
Covenants - Amendments to IAS 1
Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 1 January 2024
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 1 January 2024
New standards and interpretations not yet adopted The International Accounting Standards Board (IASB) has issued the following standards, amendments and interpretations with an effective date after the date of these consolidated financial statements. These are effective for annual reporting periods beginning on or after the date indicated:
International Accounting Standards (IAS/IFRS)
Effective date
Lack of Exchangeability - Amendments to IAS 21
1 January 2025
Amendments to the Classification and Measurement of Financial Instruments - IFRS 9 1 January 2026
and IFRS 7
1
Annual Improvements to IFRS Accounting Standards - Volume 11 - Amendments to
IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7
1
1 January 2026
Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and
IFRS 7
1
1 January 2026
Presentation and Disclosure of Financial Statements - IFRS 18
1
1 January 2027
Subsidiaries without Public Accountability: Disclosures - IFRS 19
1
1 January 2027
1. The effective date is based on the standard or amendment issued by the IASB and are still subject to adoption by the UK Endorsement Board. The Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be presented in accordance with these standards from their effective dates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-521": { "value": "New standards and interpretations not yet adopted The International Accounting Standards Board (IASB) has issued the following standards, amendments and interpretations with an effective date after the date of these consolidated financial statements. These are effective for annual reporting periods beginning on or after the date indicated:
International Accounting Standards (IAS/IFRS)
Effective date
Lack of Exchangeability - Amendments to IAS 21
1 January 2025
Amendments to the Classification and Measurement of Financial Instruments - IFRS 9 1 January 2026
and IFRS 7
1
Annual Improvements to IFRS Accounting Standards - Volume 11 - Amendments to
IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7
1
1 January 2026
Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and
IFRS 7
1
1 January 2026
Presentation and Disclosure of Financial Statements - IFRS 18
1
1 January 2027
Subsidiaries without Public Accountability: Disclosures - IFRS 19
1
1 January 2027
1. The effective date is based on the standard or amendment issued by the IASB and are still subject to adoption by the UK Endorsement Board. The Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be presented in accordance with these standards from their effective dates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-497": { "value": "
2.1 Contract accounting
At 31 December 2024, the Group had the following results and balance sheet items related to long-term
contracts:
2024 2023
Notes \u00a3m \u00a3m
Long-term contractual revenue
2.2
1,871.7
 2,104.0
Contract fulfilment assets (non-current)
3.1.3
257.5
257.0
Accrued income
3.1.1
132.7
138.3
Deferred income
465.9
537.5
Onerous contract provisions
46.2
43.3
Background
The Group operates diverse businesses. The majority of the Group\u2019s revenue is from contracts greater than
two years in duration (long-term contractual), representing 77% of Group revenue in 2024 (2023: 75%).
These long-term contracts can be complex in nature given the breadth of solutions the Group offers and the
transformational activities involved. Typically, Capita takes a customer\u2019s process and transforms it into a
more efficient and effective solution which is then operated for the customer. The outcome is a high quality
solution that addresses a customer\u2019s needs and is delivered consistently over the life of the contract.
The Group recognises revenue on long-term contracts as the value is delivered to the customer, which is
generally evenly over the contract term, regardless of any restructuring and transformation activity required
to deliver the services to the customer. Capita will often incur greater costs during contract transformation
phases with costs diminishing over time as the target operating model is implemented and efficiencies
realised. This results in lower profits or losses in the early years of contracts and potentially higher profits in
later years as the transformation activities are successfully completed and the target operating model fully
implemented (the business as usual (BAU) phase). The inflection point is when the contract becomes
profitable.
Non-current contract fulfilment assets are recognised for those costs qualifying for capitalisation. The
utilisation of these assets is recognised over the contract term. The timing of cash receipts from customers
typically matches when the costs are incurred to transform, restructure and run the service. This results in
income being deferred and released when the Group delivers against its obligations to provide services and
solutions to its customers.
An example, showing the revenue, cost, profit and cash flow of a typical long-term contract lifecycle is as
follows:
Significant accounting estimates and assumptions
Due to the size and complexity of some of the Group\u2019s contracts, there are significant judgements to be
applied, specifically in assessing: (i) the recoverability of non-current contract fulfilment assets; and (ii) the
completeness of onerous contract provisions. These judgements are dependent on assessing the contract\u2019s
future profitability and give rise to a key source of estimation uncertainty. It is possible that outcomes within
the next financial year may be different from management\u2019s assumptions and could require a material
adjustment to the carrying amounts of contract fulfilment assets and onerous provisions.
Significant accounting judgements
Significant judgement is exercised by management regarding when to recognise revenue from variations or
scope changes on long-term contracts. There is a risk that revenue may be recognised whilst uncertainties
exist over contractual terms and ongoing negotiations with clients. These uncertainties could impact the
timing and/or transaction price and therefore the overall amount of revenue to be recognised. Judgement is
also required when customers request scope changes to determine if there is a contract modification or a
contract termination followed by a new contract. Contract terminations can lead to the immediate
recognition of any deferred income being held for recognition in future periods. Refer to note 2.2 for the
Group\u2019s accounting policies.
Assessing contract profitability
In assessing a contract\u2019s future lifetime profitability, management must estimate forecast revenue and costs
to both transform and run the service over the remaining contract term. The ability to accurately forecast the
outcomes involves estimates in respect of: costs to be incurred; cost savings to be achieved; future
performance against any contract-specific key performance indicators (KPIs) that could trigger variable
consideration or service credits; outcome of any commercial negotiations; and impact of inflation on the cost
base and the indexation of revenue.
The level of uncertainty in the estimated future profitability of a contract is directly related to the stage in the
life-cycle of the contract and the complexity of the performance obligations. Contracts in the transformation
stage are considered to have a higher level of uncertainty because of:
\u2022 the ability to accurately estimate the costs to deliver the transformed process;
\u2022 the dependency on the customer to agree to the specifics of the transformation: for example, where they
are involved in certifying that the new process or, the new technical solution, designed by Capita meets
their specific requirements;
\u2022 the requirement to deliver the key transformation milestones in accordance with timelines agreed with the
customer; and
\u2022 the assumptions made to forecast expected savings in the target operating model.
Those contracts which are in BAU tend to have a much lower level of uncertainty in estimating future
profitability.
Recoverability of non-current contract fulfilment assets and completeness of onerous contract provisions
Management first assesses whether contract assets are impaired and then further considers whether an
onerous contract exists. For half and full year reporting, the Audit and Risk Committee specifically reviews
the material judgements and estimates, and the overall approach to this assessment in respect of the
Group\u2019s major contracts, including comparison against previous forecasts.
The major contracts are rated by management according to their financial risk profile, which is linked to the
level of uncertainty over future assumptions. During 2024 the process to determine which major contracts
the Audit and Risk Committee review was updated to provide better focus, and at half year, the Audit and
Risk Committee review those in the high or medium risk categories, and at full year those material by virtue
of their size relative to the Group are also reviewed if not already identified.
An assessment of which contracts are major contracts is performed twice a year. Other contracts are
reported to the Audit and Risk Committee as deemed appropriate. These contracts are collectively referred
to as \u2018major contracts\u2019 in the remainder of this note.
In the following paragraphs, the amounts disclosed for the current period are only in respect of those major
contracts that the Audit and Risk Committee have reviewed (ie those major contracts which are in the high
or medium risk categories or material by virtue of their size relative to the Group). The prior year amounts in
relation to major contracts are as previously presented, and as such reflect the major contracts reviewed by
the Audit and Risk Committee for that year end. The prior period amounts are therefore not directly
comparable to those disclosed for the current year.
The major contracts contributed \u00a31.0 billion (2023: \u00a31.1 billion) or 42% (2023: 42%) of Group adjusted
revenue. Non-current contract fulfilment assets at 31 December 2024 were \u00a3257.5m (2023: \u00a3257.0m), of
which \u00a3119.3m (2023: \u00a3125.1m) relates to major contracts with ongoing transformational activities. The
remainder relates to contracts post transformation and includes non-major contracts.
As noted above, the major contracts, both pre- and post-transformation, are rated according to their
financial risk profile. For those that are in the high and medium rated risk categories the associated non-
current contract fulfilment assets were, in aggregate, \u00a367.8m at 31 December 2024 (2023: \u00a352.8m). The
recoverability of these assets is dependent on no significant adverse change in the key contract
assumptions arising. The balance of deferred income associated with these contracts was \u00a395.9m at
31 December 2024 (2023: \u00a3109.5m) and is forecast to be recognised as performance obligations continue
to be delivered over the life of the respective contracts. Onerous contract provisions associated with these
contracts were \u00a335.3m at 31 December 2024 (2023: \u00a337.3m).
Following these reviews, and reviews of smaller contracts across the business, as outlined in note 3.1.3,
non-current contract fulfilment asset impairments of \u00a30.7m (2023: \u00a33.4m) were identified and recognised
within adjusted cost of sales, of which \u00a3nil (2023: \u00a3nil) relates to non-current contract fulfilment assets
added during the period. Additionally, net onerous contract provisions of \u00a318.0m (2023: \u00a39.4m), were
identified and recognised in adjusted cost of sales with a further \u00a34.1m (2023: \u00a3nil) excluded from adjusted
cost of sales as part of business exits.
Given the quantum of the relevant contract assets and liabilities, and the nature of the estimates noted
above, management has concluded it is reasonably possible, that outcomes within the next financial year
may be different from management\u2019s current assumptions and could require a material adjustment to the
carrying amounts of contract fulfilment assets and onerous contract provisions. However, as noted above,
\u00a3119.3m (2023: \u00a3125.1m) of non-current contract fulfilment assets relates to major contracts with ongoing
transformational activities; and, \u00a367.8m (2023: \u00a352.8m) of non-current contract fulfilment assets and
\u00a335.3m (2023: \u00a337.3m) of onerous contract provisions relate to the highest and medium rated risk category.
Due to the level of uncertainty, combination of variables and timing across numerous contracts, it is not
practical to provide a quantitative analysis of the aggregated judgements that are applied, and management
do not believe that disclosing a potential range of outcomes on a consolidated basis would provide
meaningful information to a user of the financial statements. Due to commercial sensitivities, the Group
does not specifically disclose the amounts involved in any individual contract.
Certain major transformation contracts have key milestones during the next twelve months and an inability
to meet these key milestones could lead to reduced profitability and a risk of impairment of the associated
contract fulfilment assets. These include contracts with the City of London Police, BBC, Transport for
London, Health Assessment Advisory Services and the Civil Service Pension Scheme.
Additional information, which does not form part of these consolidated financial statements, on the results
and performance of the underlying divisions including the outlook on certain contracts is set out in the
divisional performance review in the strategic report.
2.2 Revenue including segmental revenue
Accounting policies
Revenue
The Group operates a diverse range of businesses and accordingly applies a variety of methods for
revenue recognition, based on the principles set out in IFRS 15 Revenue from Contracts with Customers.
The revenue and profits recognised in any period are based on the delivery of performance obligations and
an assessment of when control is transferred to the customer.
Revenue is recognised either when the performance obligation in the contract has been performed (\u2018point-
in-time\u2019 recognition) or \u2018over-time\u2019 as control of the performance obligation is transferred to the customer.
For all contracts, the Group determines if the arrangement with a customer creates enforceable rights and
obligations. This assessment results in certain Master Service Agreements (MSA) or Frameworks not
meeting the definition of a contract under IFRS 15 and as such the individual call-off agreements, linked to
the MSA, are treated as individual contracts.
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 annual renewal, and/or termination clauses 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 non-
current contract fulfilment assets are expensed.
For contracts with multiple components to be delivered such as transformation, transitions and the delivery
of outsourced services, management applies judgement to consider whether those promised goods and
services are:
(i) distinct \u2013 to be accounted for as separate performance obligations;
(ii) not distinct \u2013 to be combined with other promised goods or services until a bundle is identified that is
distinct; or,
(iii) part of a series of distinct goods and services that are substantially the same and have the same
pattern of transfer to the customer.
At a contract\u2019s inception the total transaction price is estimated, being the amount to which the Group
expects to be entitled and has rights to under the contract. This includes an assessment of any variable
consideration where the Group\u2019s performance may result in additional revenues based on the achievement
of agreed key performance indicators (KPIs). Such amounts are only included based on the expected value,
or the most likely outcome method, and only to the extent that it is highly probable that no revenue reversal
will occur.
The transaction price does not include estimates of consideration resulting from change orders for
additional goods and services unless these are already agreed.
After 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 while)
those performance obligations are satisfied.
The Group infrequently sells standard products with observable standalone prices due to the specialised
services required by customers, consequently the Group applies judgement to determine an appropriate
standalone selling price. More frequently, the Group sells customers bespoke solutions, and in these cases
the Group typically uses the expected cost-plus margin or a contractually stated price approach to estimate
the standalone selling price of each performance obligation.
The Group may offer price step downs during the life of a contract, but with no change to the underlying
scope of services to be delivered. In general, any such variable consideration, price step down or discount
is included in the total transaction price to be allocated across all performance obligations unless it relates
to only one performance obligation in a contract.
For each performance obligation to be recognised over-time, the Group applies a revenue recognition
method that faithfully depicts the Group\u2019s performance in transferring control of the goods or services to the
customer. This decision requires assessment of the real nature of the goods or services that the Group has
promised to transfer to the customer. The Group applies the relevant output or input method consistently to
similar performance obligations in other contracts.
When using the output method, the Group recognises revenue on the basis of direct measurements of the
value to the customer of the goods and services transferred to date relative to the remaining goods and
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, in particular for long-term service
contracts where the series guidance is applied, the Group often uses a method of time elapsed which
requires minimal estimation. Certain long-term contracts use output methods based upon estimations of:
user numbers; service activity levels; or fees collected.
When transfer of control is most closely aligned to Group efforts in delivering the service, the input method
is used to measure progress and revenue is recognised in direct proportion to costs incurred. 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.
If performance obligations in a contract do not meet the over-time criteria, the Group recognises revenue at
a point-in-time when the service or good is delivered.
Contract modifications
The Group\u2019s contracts are often amended for changes in contract specifications and requirements. Contract
modifications exist when the amendment either creates new, or changes existing, enforceable rights and
obligations. The effect of a contract modification on the transaction price and the Group\u2019s measure of
progress for the performance obligation to which it relates, is recognised as an adjustment to revenue in
one of the following ways:
a) prospectively as an additional performance obligation (this is typically when new distinct goods or
services are provided on an existing contact);
b) prospectively as a termination of the existing contract and creation of a new contract;
c) as part of the original contract using a cumulative catch up (this is typically where the modification
changes the services provided to date); or,
d) as a combination of (b) and (c).
In respect of contracts for which the Group has decided there is a series of distinct goods and services that
are substantially the same and have the same pattern of transfer where revenue is recognised over-time,
the modification will always be treated under either (a) or (b); (d) may arise when a contract has a part-
termination and a modification of the remaining performance obligations.
Judgement is applied in relation to the accounting for such modifications where the final terms or legal contracts have not been agreed prior to the period end because management needs to determine if a modification has been approved and if it either creates new, or changes existing, enforceable rights and obligations of the parties. Depending upon the outcome of such negotiations, the timing and amount of revenue recognised may be different in the relevant accounting periods. Modification and amendments to contracts are undertaken through an agreed formal process. For example, if a change in scope has been approved but the corresponding change in price is still being negotiated, management uses judgement to estimate the change in total transaction price. Importantly, any variable consideration is only recognised to the extent that it is highly probable that no revenue reversal will occur. For example, if pricing is subject to indexation based on an external metric (such as the Consumer Price Index (CPI) or the Retail Price Index (RPI)) then the revenue related to the indexation will only be recognised once the relevant indexation is confirmed. Future indexation will not be recognised because it is not highly probable that a significant reversal of an indexation adjustment will not occur. Principal versus agent The Group has arrangements with some of its customers whereby it needs to determine if it acts as a principal or an agent because more than one party is involved in providing the goods and services to the customer. The Group is a principal if it controls a promised good or service before transferring that good or service to the customer. The Group is an agent if its role is to arrange for another entity to provide the goods or services. Factors considered in making this assessment are most notably: the discretion the Group has in establishing the price for the specified good or service; whether the Group has inventory risk; and whether or not the Group is primarily responsible for fulfilling the promise to deliver the service or good. This assessment of control requires judgement particularly in relation to certain service contracts. An example is the provision of certain recruitment and learning services where the Group may be assessed to be agent or principal dependent upon the facts and circumstances of the arrangement and the nature of the services being delivered. Where the Group is acting as a principal, revenue is recorded on a gross basis. Where the Group is acting as an agent, revenue is recorded on a net basis, recognising only the commission or fee earned as revenue. Licences Software licences delivered by the Group can either be right to access (active) or right to use (passive) licences, which determines the timing of revenue recognition. The assessment of whether a licence is active or passive involves judgement. The key determinant of an active licence is whether or not the Group is required to undertake continuing activities that significantly affect the licensed intellectual property (or the customer has a reasonable expectation that it will do so) and the customer is, therefore, exposed to positive (or negative) impacts resulting from those changes. Where the Group is responsible for any maintenance, continuing support, updates and upgrades, then the sale of the initial software is not distinct. All other licences which have significant standalone functionality are treated as passive licences. When software upgrades are sold as part of the software licence agreement (ie software upgrades are promised to the customer), the Group applies judgement to assess whether the software upgrades are distinct from the licence (ie a separate performance obligation). If the upgrades are considered fundamental to the ongoing use of the software by the customer, the upgrades are not considered distinct and not accounted for as a separate performance obligation. For each contract that includes a separate licence performance obligation, the Group considers all the facts and circumstances in determining whether the licence revenue is recognised over-time (active) or at a point- in-time (passive) from the go-live date of the licence. Deferred and accrued income The Group\u2019s customer contracts include a diverse range of payment schedules dependent upon the nature and type of goods and/or services being provided. This can include performance-based payments or progress payments as well as regular monthly or quarterly payments for ongoing service delivery. Payments for transactional goods and services may be at delivery date, in arrears or part payment in advance. The long-term service contracts tend to have higher cash flows early in the contract to cover transformational activities. Where payments received are greater than the revenue recognised up to the balance sheet date, the Group recognises a deferred income contract liability for this difference. Where payments received are less than the revenue recognised up to the balance sheet date, the Group recognises an accrued contract income asset for this difference. At each balance sheet date the Group assesses whether accrued income may be impaired by applying the simplified approach permitted by IFRS 9 (as with trade receivables). Where applicable, accrued income is reduced by appropriate allowances for expected credit losses calculated using this approach. Financing component If the timing of payments agreed with the customer provides the Group or the customer with a significant benefit of financing the transfer of good or services, the amount of consideration is adjusted for the effects of the time value of money. The Group does not make an adjustment for the time value of money in the following circumstances: (i) when the Group expects, at contract inception, that the period between the entity transferring the good or service and the customer paying for it will be one year or less; or (ii) when the Group receives consideration upfront as part of a transformation phase, this receipt is for reasons other than for financing and the overall consideration that the customer pays is no different as a result of paying this consideration upfront. There were no contracts with significant financing components in 2024 (2023: none). Contract types The Group disaggregates revenue from contracts with customers by contract type, because management believe this best depicts how the nature, amount, timing, and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors. Categories are: long-term contractual \u2013 greater than two years; short-term contractual \u2013 less than two years; and transactional. The years being measured from the service commencement date. Long-term contractual \u2013 greater than two years The Group provides a range of services under contracts with a duration of more than two years. The nature of contracts or performance obligations within this revenue type includes: (i) long-term outsourced service arrangements in the public and private sectors; and (ii) active software licence arrangements. The majority of long-term contractual agreements form part of a series of distinct goods and services because they are substantially the same service; and have the same pattern of transfer, since the series constitutes services provided in distinct time increments (eg daily, monthly, quarterly or annually), and therefore treats the series as one performance obligation. Short-term contractual \u2013 less than two years The nature of contracts or performance obligations within this revenue type includes: (i) short-term outsourced service arrangements in the public and private sectors; and (ii) software maintenance contracts. The Group has assessed that maintenance and support (ie on-call support, remote support) for software licences is a performance obligation that can be considered capable of being distinct and separately identifiable in a contract if the customer has a passive licence. These recurring services are substantially the same because the nature of the promise is for the Group to \u2018stand ready\u2019 to perform maintenance and support when required by the customer. Each day of \u2018standing ready\u2019 is distinct from each subsequent day and is transferred in the same pattern to the customer. Transactional (point-in-time) contracts The Group delivers a range of goods or services in all reportable segments that are transactional services for which revenue is recognised at the point-in-time when control of the goods or services has transferred to the customer. This may be at the point of physical delivery of goods or services and acceptance by the customer or when the customer obtains control of an asset or service in a contract with customer-specified acceptance criteria. The nature of contracts or performance obligations within this revenue type includes: (i) provision of computing hardware goods; (ii) passive software licence agreements; (iii) commission received as agent from the sale of third-party software; and (iv) fees received in relation to the delivery of professional services. Master service arrangements (MSA) or Frameworks MSA or individual call-off agreements are classified as short-term contractual if they include a notice period with committed volumes, otherwise they are classified as transactional (point-in-time) contracts. 2.2.1 Segmental revenue The Group\u2019s operations are managed separately according to the nature of the services provided, with each segment representing a strategic business offering a different package of client services across the markets the Group serves. Capita plc is a reconciling item and not an operating segment. A description of the service provision for each segment can be found in the strategic report on pages 19 to 25. Inter-segmental pricing is based on set criteria and is either charged on an arm's length basis or at cost. The tables opposite present revenue for the Group\u2019s operating segments as reported to the Chief Operating Decision Maker (\u2018CODM\u2019). The Group comprises two trading divisions \u2013 Capita Public Service and Capita Experience \u2013 and in prior periods the CODM viewed these as two operating segments because the CODM reviewed operating results to assess their performance and make decisions about allocation of resources at this level. Capita Public Service goes to market through three subdivisions \u2013 Local Public Service; Defence, Learning, Fire and Security; and Central Government \u2013 however, the CODM views these subdivisions as one operating segment. Capita Experience also comprises three subdivisions \u2013 Contact Centre; Pension Solutions; and Regulated Services. Following the completion of the exit of the non-core businesses in the Portfolio division, and the review of the Group\u2019s strategy conducted in 2024, the CODM now reviews the operating results for each of these three subdivisions in this division separately, and therefore each subdivision is now an operating segment. Comparative information has also been re-presented to reflect the change in operating segments and to reflect businesses exited during 2024. Adjusted revenue, excluding results from businesses exited in both years (adjusting items), was \u00a32,369.1m (2023: \u00a32,575.8m), a decline of 8.0% (2023: increase 1.1%).
Capita Capita Experience
Public Contact Pension Regulated Total Adjusting Total
Year ended Service Centre Solutions Services adjusted items reported
31 December 2024
Notes
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
Long-term contractual
1,148.4
408.4
127.9
148.7
1,833.4
38.3
1,871.7
Short-term contractual
162.0
220.3
51.1
\u2014
433.4
9.5
442.9
Transactional (point-in-
time)
76.8
22.2
\u2014
3.3
102.3
4.7
107.0
Total segment revenue
1,387.2
650.9
179.0
152.0
2,369.1
52.5
2,421.6
Trading revenue
1,409.9
676.7
179.8
153.8
2,420.2
51.8
2,472.0
Inter-segment revenue
(22.7)
(25.8)
(0.8)
(1.8)
(51.1)
0.7
(50.4)
Total adjusted segment
revenue
1,387.2
650.9
179.0
152.0
2,369.1
\u2014
2,369.1
Business exits \u2013 trading
2.8
\u2014
\u2014
\u2014
\u2014
\u2014
52.5
52.5
Total segment revenue
1,387.2
650.9
179.0
152.0
2,369.1
52.5
2,421.6
Year ended
31 December 2023
Continuing operations
Long-term contractual
1,148.0
550.2
120.5
203.3
2,022.0
82.0
2,104.0
Short-term contractual
195.9
231.2
49.8
1.6
478.5
24.9
503.4
Transactional (point-in-
time)
56.0
16.2
\u2014
3.1
75.3
131.9
207.2
Total segment revenue
1,399.9
797.6
170.3
208.0
2,575.8
238.8
2,814.6
Trading revenue
1,422.2
830.8
170.7
209.4
2,633.1
267.1
2,900.2
Inter-segment revenue
(22.3)
(33.2)
(0.4)
(1.4)
(57.3)
(28.3)
(85.6)
Total adjusted segment
revenue
1,399.9
797.6
170.3
208.0
2,575.8
\u2014
2,575.8
Business exits \u2013 trading
2.8
\u2014
\u2014
\u2014
\u2014
\u2014
238.8
238.8
Total segment revenue
1,399.9
797.6
170.3
208.0
2,575.8
238.8
2,814.6
Geographical location
The Group generates revenue largely in the UK and Europe. The table below presents revenue by
geographical location.
2024
2023
United Rest of United Rest of
Kingdom Europe Other Total Kingdom Europe Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
2,150.3
271.3
\u2014
2,421.6
2,526.0
282.5
6.1
2,814.6
2.2.2 Order book
The tables below show the order book for each division, categorised into long-term contractual (contracts
with length greater than two years) and short-term contractual (contracts with length less than two years).
The length of the contract is calculated from the service commencement date. The figures represent the
aggregate amount of currently contracted transaction price allocated to the performance obligations that are
unsatisfied or partially unsatisfied. Revenue expected to be recognised upon satisfaction of these
performance obligations is as follows:
Capita Capita Experience
Public Contact Pension Regulated
Order book Service Centre Solutions Services Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Long-term contractual
2,843.1
426.1
431.2
226.1
3,926.5
Short-term contractual
80.3
218.5
10.1
5.3
314.2
Total
2,923.4
644.6
441.3
231.4
4,240.7
Capita Capita Experience
Capita Public Contact Pension Regulated
Order book Portfolio Service Centre Solutions Services Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Long-term contractual
\u2014
3,381.1
1,236.3
444.3
430.6
5,492.3
Short-term contractual
37.2
164.9
163.3
17.5
7.4
 390.3
Total
37.2
3,546.0
1,399.6
461.8
438.0
5,882.6
The table below shows the expected timing of revenue to be recognised from long-term contractual orders
at 31 December 2024:
Capita Capita Experience
Public Contact Pension Regulated
Time bands of expected revenue recognition from long- Service Centre Solutions Services Total
term contractual orders \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
< 1 year
807.6
182.9
84.3
95.0
1,169.8
1\u20135 years
1,545.3
225.0
168.2
120.1
2,058.6
> 5 years
490.2
18.2
178.7
11.0
698.1
Total
2,843.1
426.1
431.2
226.1
3,926.5
The Contact Centre order book reduction reflects two European telecommunications contracts that were
extended in the period with the contracts being recognised as framework contracts. This resulted in
\u00a3388.1m being derecognised from the order book.
Prior year comparative information is not presented for the expected timing of revenue recognition because
it is a forward looking disclosure and therefore management does not believe that such disclosure provides
meaningful information to a user of the consolidated financial statements.
The order book represents the consideration that the Group will be entitled to receive from customers when
the Group satisfies its remaining performance obligations under the contracts. However, the total revenue
that will be earned by the Group will also include non-contracted volumetric revenue, future indexation
linked to an external metric, new wins, scope changes, and anticipated contract extensions. These
elements have been excluded from the above tables because they are not contracted. Additionally, revenue
from contract extensions is excluded from the order book unless they are pre-priced extensions whereby
the Group has a legally binding obligation to deliver the performance obligations during the extension
period. The total revenue related to pre-priced extensions for major contracts included in the tables above
amounted to \u00a3309.0m (2023: \u00a3513.8m
1
). The amounts presented do not include orders for which neither
party has performed, and each party has the unilateral right to terminate a wholly unperformed contract
without compensating the other party.
Of the \u00a33.9 billion (2023: \u00a35.5 billion) revenue to be earned on long-term contracts, \u00a33.1 billion (2023: \u00a33.4
billion
1
) relates to major contracts. This amount excludes revenue that will be derived from frameworks,
non-contracted volumetric revenue, non-contracted scope changes and future unforeseen volume changes
from these major contracts, which together are anticipated to contribute an additional \u00a30.8-\u00a31.0 billion
(2023: \u00a30.5-\u00a30.7 billion
1
) of revenue to the Group over the life of these contracts.
The Group performs various services for a number of UK Government ministerial departments and
considers these individual ministerial departments to be separate customers due to the limited economic
integration between each ministerial department. Revenues of \u00a3325.8m from one customer in Capita Public
Service represented more than 10% of the Group\u2019s total revenues (2023: \u00a3317.6m from one customer from
the Capita Public Service division represented more than 10% of the Group\u2019s total revenues).
1. The prior year amounts in relation to major contracts are as previously presented, and as such reflect the major contracts reviewed by the
Audit and Risk Committee for that year end (refer to note 2.1). Consequently, the prior year amounts are not directly comparable to those
disclosed for the current period.
2.2.3 Deferred income
The Group\u2019s deferred income balances solely relate to revenue from contracts with customers. Revenue
recognised in the reporting period that was included in the deferred income balance at the beginning of the
period was \u00a3492.2m (2023: \u00a3599.0m).
Movements in the deferred income balances were driven by transactions entered into by the Group in the
normal course of business during the current and prior year, other than accelerated revenue recognised of
\u00a39.2m (2023: \u00a39.9m), which primarily related to an early termination of contracts in the Regulated Services
business in Capita Experience.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-522": { "value": "2.1 Contract accounting At 31 December 2024, the Group had the following results and balance sheet items related to long-term contracts:
2024 2023
Notes \u00a3m \u00a3m
Long-term contractual revenue
2.2
1,871.7
 2,104.0
Contract fulfilment assets (non-current)
3.1.3
257.5
257.0
Accrued income
3.1.1
132.7
138.3
Deferred income
465.9
537.5
Onerous contract provisions
46.2
43.3
Background The Group operates diverse businesses. The majority of the Group\u2019s revenue is from contracts greater than two years in duration (long-term contractual), representing 77% of Group revenue in 2024 (2023: 75%). These long-term contracts can be complex in nature given the breadth of solutions the Group offers and the transformational activities involved. Typically, Capita takes a customer\u2019s process and transforms it into a more efficient and effective solution which is then operated for the customer. The outcome is a high quality solution that addresses a customer\u2019s needs and is delivered consistently over the life of the contract. The Group recognises revenue on long-term contracts as the value is delivered to the customer, which is generally evenly over the contract term, regardless of any restructuring and transformation activity required to deliver the services to the customer. Capita will often incur greater costs during contract transformation phases with costs diminishing over time as the target operating model is implemented and efficiencies realised. This results in lower profits or losses in the early years of contracts and potentially higher profits in later years as the transformation activities are successfully completed and the target operating model fully implemented (the business as usual (BAU) phase). The inflection point is when the contract becomes profitable. Non-current contract fulfilment assets are recognised for those costs qualifying for capitalisation. The utilisation of these assets is recognised over the contract term. The timing of cash receipts from customers typically matches when the costs are incurred to transform, restructure and run the service. This results in income being deferred and released when the Group delivers against its obligations to provide services and solutions to its customers. An example, showing the revenue, cost, profit and cash flow of a typical long-term contract lifecycle is as follows: Significant accounting estimates and assumptions Due to the size and complexity of some of the Group\u2019s contracts, there are significant judgements to be applied, specifically in assessing: (i) the recoverability of non-current contract fulfilment assets; and (ii) the completeness of onerous contract provisions. These judgements are dependent on assessing the contract\u2019s future profitability and give rise to a key source of estimation uncertainty. It is possible that outcomes within the next financial year may be different from management\u2019s assumptions and could require a material adjustment to the carrying amounts of contract fulfilment assets and onerous provisions. Significant accounting judgements Significant judgement is exercised by management regarding when to recognise revenue from variations or scope changes on long-term contracts. There is a risk that revenue may be recognised whilst uncertainties exist over contractual terms and ongoing negotiations with clients. These uncertainties could impact the timing and/or transaction price and therefore the overall amount of revenue to be recognised. Judgement is also required when customers request scope changes to determine if there is a contract modification or a contract termination followed by a new contract. Contract terminations can lead to the immediate recognition of any deferred income being held for recognition in future periods. Refer to note 2.2 for the Group\u2019s accounting policies. Assessing contract profitability In assessing a contract\u2019s future lifetime profitability, management must estimate forecast revenue and costs to both transform and run the service over the remaining contract term. The ability to accurately forecast the outcomes involves estimates in respect of: costs to be incurred; cost savings to be achieved; future performance against any contract-specific key performance indicators (KPIs) that could trigger variable consideration or service credits; outcome of any commercial negotiations; and impact of inflation on the cost base and the indexation of revenue. The level of uncertainty in the estimated future profitability of a contract is directly related to the stage in the life-cycle of the contract and the complexity of the performance obligations. Contracts in the transformation stage are considered to have a higher level of uncertainty because of: \u2022 the ability to accurately estimate the costs to deliver the transformed process; \u2022 the dependency on the customer to agree to the specifics of the transformation: for example, where they are involved in certifying that the new process or, the new technical solution, designed by Capita meets their specific requirements; \u2022 the requirement to deliver the key transformation milestones in accordance with timelines agreed with the customer; and \u2022 the assumptions made to forecast expected savings in the target operating model. Those contracts which are in BAU tend to have a much lower level of uncertainty in estimating future profitability. Recoverability of non-current contract fulfilment assets and completeness of onerous contract provisions Management first assesses whether contract assets are impaired and then further considers whether an onerous contract exists. For half and full year reporting, the Audit and Risk Committee specifically reviews the material judgements and estimates, and the overall approach to this assessment in respect of the Group\u2019s major contracts, including comparison against previous forecasts. The major contracts are rated by management according to their financial risk profile, which is linked to the level of uncertainty over future assumptions. During 2024 the process to determine which major contracts the Audit and Risk Committee review was updated to provide better focus, and at half year, the Audit and Risk Committee review those in the high or medium risk categories, and at full year those material by virtue of their size relative to the Group are also reviewed if not already identified. An assessment of which contracts are major contracts is performed twice a year. Other contracts are reported to the Audit and Risk Committee as deemed appropriate. These contracts are collectively referred to as \u2018major contracts\u2019 in the remainder of this note. In the following paragraphs, the amounts disclosed for the current period are only in respect of those major contracts that the Audit and Risk Committee have reviewed (ie those major contracts which are in the high or medium risk categories or material by virtue of their size relative to the Group). The prior year amounts in relation to major contracts are as previously presented, and as such reflect the major contracts reviewed by the Audit and Risk Committee for that year end. The prior period amounts are therefore not directly comparable to those disclosed for the current year. The major contracts contributed \u00a31.0 billion (2023: \u00a31.1 billion) or 42% (2023: 42%) of Group adjusted revenue. Non-current contract fulfilment assets at 31 December 2024 were \u00a3257.5m (2023: \u00a3257.0m), of which \u00a3119.3m (2023: \u00a3125.1m) relates to major contracts with ongoing transformational activities. The remainder relates to contracts post transformation and includes non-major contracts. As noted above, the major contracts, both pre- and post-transformation, are rated according to their financial risk profile. For those that are in the high and medium rated risk categories the associated non- current contract fulfilment assets were, in aggregate, \u00a367.8m at 31 December 2024 (2023: \u00a352.8m). The recoverability of these assets is dependent on no significant adverse change in the key contract assumptions arising. The balance of deferred income associated with these contracts was \u00a395.9m at 31 December 2024 (2023: \u00a3109.5m) and is forecast to be recognised as performance obligations continue to be delivered over the life of the respective contracts. Onerous contract provisions associated with these contracts were \u00a335.3m at 31 December 2024 (2023: \u00a337.3m). Following these reviews, and reviews of smaller contracts across the business, as outlined in note 3.1.3, non-current contract fulfilment asset impairments of \u00a30.7m (2023: \u00a33.4m) were identified and recognised within adjusted cost of sales, of which \u00a3nil (2023: \u00a3nil) relates to non-current contract fulfilment assets added during the period. Additionally, net onerous contract provisions of \u00a318.0m (2023: \u00a39.4m), were identified and recognised in adjusted cost of sales with a further \u00a34.1m (2023: \u00a3nil) excluded from adjusted cost of sales as part of business exits. Given the quantum of the relevant contract assets and liabilities, and the nature of the estimates noted above, management has concluded it is reasonably possible, that outcomes within the next financial year may be different from management\u2019s current assumptions and could require a material adjustment to the carrying amounts of contract fulfilment assets and onerous contract provisions. However, as noted above, \u00a3119.3m (2023: \u00a3125.1m) of non-current contract fulfilment assets relates to major contracts with ongoing transformational activities; and, \u00a367.8m (2023: \u00a352.8m) of non-current contract fulfilment assets and \u00a335.3m (2023: \u00a337.3m) of onerous contract provisions relate to the highest and medium rated risk category. Due to the level of uncertainty, combination of variables and timing across numerous contracts, it is not practical to provide a quantitative analysis of the aggregated judgements that are applied, and management do not believe that disclosing a potential range of outcomes on a consolidated basis would provide meaningful information to a user of the financial statements. Due to commercial sensitivities, the Group does not specifically disclose the amounts involved in any individual contract. Certain major transformation contracts have key milestones during the next twelve months and an inability to meet these key milestones could lead to reduced profitability and a risk of impairment of the associated contract fulfilment assets. These include contracts with the City of London Police, BBC, Transport for London, Health Assessment Advisory Services and the Civil Service Pension Scheme. Additional information, which does not form part of these consolidated financial statements, on the results and performance of the underlying divisions including the outlook on certain contracts is set out in the divisional performance review in the strategic report. 2.2 Revenue including segmental revenue Accounting policies Revenue The Group operates a diverse range of businesses and accordingly applies a variety of methods for revenue recognition, based on the principles set out in IFRS 15 Revenue from Contracts with Customers. The revenue and profits recognised in any period are based on the delivery of performance obligations and an assessment of when control is transferred to the customer. Revenue is recognised either when the performance obligation in the contract has been performed (\u2018point- in-time\u2019 recognition) or \u2018over-time\u2019 as control of the performance obligation is transferred to the customer. For all contracts, the Group determines if the arrangement with a customer creates enforceable rights and obligations. This assessment results in certain Master Service Agreements (MSA) or Frameworks not meeting the definition of a contract under IFRS 15 and as such the individual call-off agreements, linked to the MSA, are treated as individual contracts. 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 annual renewal, and/or termination clauses 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 non- current contract fulfilment assets are expensed. For contracts with multiple components to be delivered such as transformation, transitions and the delivery of outsourced services, management applies judgement to consider whether those promised goods and services are: (i) distinct \u2013 to be accounted for as separate performance obligations; (ii) not distinct \u2013 to be combined with other promised goods or services until a bundle is identified that is distinct; or, (iii) part of a series of distinct goods and services that are substantially the same and have the same pattern of transfer to the customer. At a contract\u2019s inception the total transaction price is estimated, being the amount to which the Group expects to be entitled and has rights to under the contract. This includes an assessment of any variable consideration where the Group\u2019s performance may result in additional revenues based on the achievement of agreed key performance indicators (KPIs). Such amounts are only included based on the expected value, or the most likely outcome method, and only to the extent that it is highly probable that no revenue reversal will occur. The transaction price does not include estimates of consideration resulting from change orders for additional goods and services unless these are already agreed. After 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 while) those performance obligations are satisfied. The Group infrequently sells standard products with observable standalone prices due to the specialised services required by customers, consequently the Group applies judgement to determine an appropriate standalone selling price. More frequently, the Group sells customers bespoke solutions, and in these cases the Group typically uses the expected cost-plus margin or a contractually stated price approach to estimate the standalone selling price of each performance obligation. The Group may offer price step downs during the life of a contract, but with no change to the underlying scope of services to be delivered. In general, any such variable consideration, price step down or discount is included in the total transaction price to be allocated across all performance obligations unless it relates to only one performance obligation in a contract. For each performance obligation to be recognised over-time, the Group applies a revenue recognition method that faithfully depicts the Group\u2019s performance in transferring control of the goods or services to the customer. This decision requires assessment of the real nature of the goods or services that the Group has promised to transfer to the customer. The Group applies the relevant output or input method consistently to similar performance obligations in other contracts. When using the output method, the Group recognises revenue on the basis of direct measurements of the value to the customer of the goods and services transferred to date relative to the remaining goods and 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, in particular for long-term service contracts where the series guidance is applied, the Group often uses a method of time elapsed which requires minimal estimation. Certain long-term contracts use output methods based upon estimations of: user numbers; service activity levels; or fees collected. When transfer of control is most closely aligned to Group efforts in delivering the service, the input method is used to measure progress and revenue is recognised in direct proportion to costs incurred. 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. If performance obligations in a contract do not meet the over-time criteria, the Group recognises revenue at a point-in-time when the service or good is delivered. Contract modifications The Group\u2019s contracts are often amended for changes in contract specifications and requirements. Contract modifications exist when the amendment either creates new, or changes existing, enforceable rights and obligations. The effect of a contract modification on the transaction price and the Group\u2019s measure of progress for the performance obligation to which it relates, is recognised as an adjustment to revenue in one of the following ways: a) prospectively as an additional performance obligation (this is typically when new distinct goods or services are provided on an existing contact); b) prospectively as a termination of the existing contract and creation of a new contract; c) as part of the original contract using a cumulative catch up (this is typically where the modification changes the services provided to date); or, d) as a combination of (b) and (c). In respect of contracts for which the Group has decided there is a series of distinct goods and services that are substantially the same and have the same pattern of transfer where revenue is recognised over-time, the modification will always be treated under either (a) or (b); (d) may arise when a contract has a part- termination and a modification of the remaining performance obligations. Judgement is applied in relation to the accounting for such modifications where the final terms or legal contracts have not been agreed prior to the period end because management needs to determine if a modification has been approved and if it either creates new, or changes existing, enforceable rights and obligations of the parties. Depending upon the outcome of such negotiations, the timing and amount of revenue recognised may be different in the relevant accounting periods. Modification and amendments to contracts are undertaken through an agreed formal process. For example, if a change in scope has been approved but the corresponding change in price is still being negotiated, management uses judgement to estimate the change in total transaction price. Importantly, any variable consideration is only recognised to the extent that it is highly probable that no revenue reversal will occur. For example, if pricing is subject to indexation based on an external metric (such as the Consumer Price Index (CPI) or the Retail Price Index (RPI)) then the revenue related to the indexation will only be recognised once the relevant indexation is confirmed. Future indexation will not be recognised because it is not highly probable that a significant reversal of an indexation adjustment will not occur. Principal versus agent The Group has arrangements with some of its customers whereby it needs to determine if it acts as a principal or an agent because more than one party is involved in providing the goods and services to the customer. The Group is a principal if it controls a promised good or service before transferring that good or service to the customer. The Group is an agent if its role is to arrange for another entity to provide the goods or services. Factors considered in making this assessment are most notably: the discretion the Group has in establishing the price for the specified good or service; whether the Group has inventory risk; and whether or not the Group is primarily responsible for fulfilling the promise to deliver the service or good. This assessment of control requires judgement particularly in relation to certain service contracts. An example is the provision of certain recruitment and learning services where the Group may be assessed to be agent or principal dependent upon the facts and circumstances of the arrangement and the nature of the services being delivered. Where the Group is acting as a principal, revenue is recorded on a gross basis. Where the Group is acting as an agent, revenue is recorded on a net basis, recognising only the commission or fee earned as revenue. Licences Software licences delivered by the Group can either be right to access (active) or right to use (passive) licences, which determines the timing of revenue recognition. The assessment of whether a licence is active or passive involves judgement. The key determinant of an active licence is whether or not the Group is required to undertake continuing activities that significantly affect the licensed intellectual property (or the customer has a reasonable expectation that it will do so) and the customer is, therefore, exposed to positive (or negative) impacts resulting from those changes. Where the Group is responsible for any maintenance, continuing support, updates and upgrades, then the sale of the initial software is not distinct. All other licences which have significant standalone functionality are treated as passive licences. When software upgrades are sold as part of the software licence agreement (ie software upgrades are promised to the customer), the Group applies judgement to assess whether the software upgrades are distinct from the licence (ie a separate performance obligation). If the upgrades are considered fundamental to the ongoing use of the software by the customer, the upgrades are not considered distinct and not accounted for as a separate performance obligation. For each contract that includes a separate licence performance obligation, the Group considers all the facts and circumstances in determining whether the licence revenue is recognised over-time (active) or at a point- in-time (passive) from the go-live date of the licence. Deferred and accrued income The Group\u2019s customer contracts include a diverse range of payment schedules dependent upon the nature and type of goods and/or services being provided. This can include performance-based payments or progress payments as well as regular monthly or quarterly payments for ongoing service delivery. Payments for transactional goods and services may be at delivery date, in arrears or part payment in advance. The long-term service contracts tend to have higher cash flows early in the contract to cover transformational activities. Where payments received are greater than the revenue recognised up to the balance sheet date, the Group recognises a deferred income contract liability for this difference. Where payments received are less than the revenue recognised up to the balance sheet date, the Group recognises an accrued contract income asset for this difference. At each balance sheet date the Group assesses whether accrued income may be impaired by applying the simplified approach permitted by IFRS 9 (as with trade receivables). Where applicable, accrued income is reduced by appropriate allowances for expected credit losses calculated using this approach. Financing component If the timing of payments agreed with the customer provides the Group or the customer with a significant benefit of financing the transfer of good or services, the amount of consideration is adjusted for the effects of the time value of money. The Group does not make an adjustment for the time value of money in the following circumstances: (i) when the Group expects, at contract inception, that the period between the entity transferring the good or service and the customer paying for it will be one year or less; or (ii) when the Group receives consideration upfront as part of a transformation phase, this receipt is for reasons other than for financing and the overall consideration that the customer pays is no different as a result of paying this consideration upfront. There were no contracts with significant financing components in 2024 (2023: none). Contract types The Group disaggregates revenue from contracts with customers by contract type, because management believe this best depicts how the nature, amount, timing, and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors. Categories are: long-term contractual \u2013 greater than two years; short-term contractual \u2013 less than two years; and transactional. The years being measured from the service commencement date. Long-term contractual \u2013 greater than two years The Group provides a range of services under contracts with a duration of more than two years. The nature of contracts or performance obligations within this revenue type includes: (i) long-term outsourced service arrangements in the public and private sectors; and (ii) active software licence arrangements. The majority of long-term contractual agreements form part of a series of distinct goods and services because they are substantially the same service; and have the same pattern of transfer, since the series constitutes services provided in distinct time increments (eg daily, monthly, quarterly or annually), and therefore treats the series as one performance obligation. Short-term contractual \u2013 less than two years The nature of contracts or performance obligations within this revenue type includes: (i) short-term outsourced service arrangements in the public and private sectors; and (ii) software maintenance contracts. The Group has assessed that maintenance and support (ie on-call support, remote support) for software licences is a performance obligation that can be considered capable of being distinct and separately identifiable in a contract if the customer has a passive licence. These recurring services are substantially the same because the nature of the promise is for the Group to \u2018stand ready\u2019 to perform maintenance and support when required by the customer. Each day of \u2018standing ready\u2019 is distinct from each subsequent day and is transferred in the same pattern to the customer. Transactional (point-in-time) contracts The Group delivers a range of goods or services in all reportable segments that are transactional services for which revenue is recognised at the point-in-time when control of the goods or services has transferred to the customer. This may be at the point of physical delivery of goods or services and acceptance by the customer or when the customer obtains control of an asset or service in a contract with customer-specified acceptance criteria. The nature of contracts or performance obligations within this revenue type includes: (i) provision of computing hardware goods; (ii) passive software licence agreements; (iii) commission received as agent from the sale of third-party software; and (iv) fees received in relation to the delivery of professional services. Master service arrangements (MSA) or Frameworks MSA or individual call-off agreements are classified as short-term contractual if they include a notice period with committed volumes, otherwise they are classified as transactional (point-in-time) contracts. 2.2.1 Segmental revenue The Group\u2019s operations are managed separately according to the nature of the services provided, with each segment representing a strategic business offering a different package of client services across the markets the Group serves. Capita plc is a reconciling item and not an operating segment. A description of the service provision for each segment can be found in the strategic report on pages 19 to 25. Inter-segmental pricing is based on set criteria and is either charged on an arm's length basis or at cost. The tables opposite present revenue for the Group\u2019s operating segments as reported to the Chief Operating Decision Maker (\u2018CODM\u2019). The Group comprises two trading divisions \u2013 Capita Public Service and Capita Experience \u2013 and in prior periods the CODM viewed these as two operating segments because the CODM reviewed operating results to assess their performance and make decisions about allocation of resources at this level. Capita Public Service goes to market through three subdivisions \u2013 Local Public Service; Defence, Learning, Fire and Security; and Central Government \u2013 however, the CODM views these subdivisions as one operating segment. Capita Experience also comprises three subdivisions \u2013 Contact Centre; Pension Solutions; and Regulated Services. Following the completion of the exit of the non-core businesses in the Portfolio division, and the review of the Group\u2019s strategy conducted in 2024, the CODM now reviews the operating results for each of these three subdivisions in this division separately, and therefore each subdivision is now an operating segment. Comparative information has also been re-presented to reflect the change in operating segments and to reflect businesses exited during 2024. Adjusted revenue, excluding results from businesses exited in both years (adjusting items), was \u00a32,369.1m (2023: \u00a32,575.8m), a decline of 8.0% (2023: increase 1.1%).
Capita Capita Experience
Public Contact Pension Regulated Total Adjusting Total
Year ended Service Centre Solutions Services adjusted items reported
31 December 2024
Notes
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
Long-term contractual
1,148.4
408.4
127.9
148.7
1,833.4
38.3
1,871.7
Short-term contractual
162.0
220.3
51.1
\u2014
433.4
9.5
442.9
Transactional (point-in-
time)
76.8
22.2
\u2014
3.3
102.3
4.7
107.0
Total segment revenue
1,387.2
650.9
179.0
152.0
2,369.1
52.5
2,421.6
Trading revenue
1,409.9
676.7
179.8
153.8
2,420.2
51.8
2,472.0
Inter-segment revenue
(22.7)
(25.8)
(0.8)
(1.8)
(51.1)
0.7
(50.4)
Total adjusted segment
revenue
1,387.2
650.9
179.0
152.0
2,369.1
\u2014
2,369.1
Business exits \u2013 trading
2.8
\u2014
\u2014
\u2014
\u2014
\u2014
52.5
52.5
Total segment revenue
1,387.2
650.9
179.0
152.0
2,369.1
52.5
2,421.6
Year ended
31 December 2023
Continuing operations
Long-term contractual
1,148.0
550.2
120.5
203.3
2,022.0
82.0
2,104.0
Short-term contractual
195.9
231.2
49.8
1.6
478.5
24.9
503.4
Transactional (point-in-
time)
56.0
16.2
\u2014
3.1
75.3
131.9
207.2
Total segment revenue
1,399.9
797.6
170.3
208.0
2,575.8
238.8
2,814.6
Trading revenue
1,422.2
830.8
170.7
209.4
2,633.1
267.1
2,900.2
Inter-segment revenue
(22.3)
(33.2)
(0.4)
(1.4)
(57.3)
(28.3)
(85.6)
Total adjusted segment
revenue
1,399.9
797.6
170.3
208.0
2,575.8
\u2014
2,575.8
Business exits \u2013 trading
2.8
\u2014
\u2014
\u2014
\u2014
\u2014
238.8
238.8
Total segment revenue
1,399.9
797.6
170.3
208.0
2,575.8
238.8
2,814.6
Geographical location The Group generates revenue largely in the UK and Europe. The table below presents revenue by geographical location.
2024
2023
United Rest of United Rest of
Kingdom Europe Other Total Kingdom Europe Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
2,150.3
271.3
\u2014
2,421.6
2,526.0
282.5
6.1
2,814.6
2.2.2 Order book The tables below show the order book for each division, categorised into long-term contractual (contracts with length greater than two years) and short-term contractual (contracts with length less than two years). The length of the contract is calculated from the service commencement date. The figures represent the aggregate amount of currently contracted transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied. Revenue expected to be recognised upon satisfaction of these performance obligations is as follows:
Capita Capita Experience
Public Contact Pension Regulated
Order book Service Centre Solutions Services Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Long-term contractual
2,843.1
426.1
431.2
226.1
3,926.5
Short-term contractual
80.3
218.5
10.1
5.3
314.2
Total
2,923.4
644.6
441.3
231.4
4,240.7
Capita Capita Experience
Capita Public Contact Pension Regulated
Order book Portfolio Service Centre Solutions Services Total
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Long-term contractual
\u2014
3,381.1
1,236.3
444.3
430.6
5,492.3
Short-term contractual
37.2
164.9
163.3
17.5
7.4
 390.3
Total
37.2
3,546.0
1,399.6
461.8
438.0
5,882.6
The table below shows the expected timing of revenue to be recognised from long-term contractual orders at 31 December 2024:
Capita Capita Experience
Public Contact Pension Regulated
Time bands of expected revenue recognition from long- Service Centre Solutions Services Total
term contractual orders \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
< 1 year
807.6
182.9
84.3
95.0
1,169.8
1\u20135 years
1,545.3
225.0
168.2
120.1
2,058.6
> 5 years
490.2
18.2
178.7
11.0
698.1
Total
2,843.1
426.1
431.2
226.1
3,926.5
The Contact Centre order book reduction reflects two European telecommunications contracts that were extended in the period with the contracts being recognised as framework contracts. This resulted in \u00a3388.1m being derecognised from the order book. Prior year comparative information is not presented for the expected timing of revenue recognition because it is a forward looking disclosure and therefore management does not believe that such disclosure provides meaningful information to a user of the consolidated financial statements. The order book represents the consideration that the Group will be entitled to receive from customers when the Group satisfies its remaining performance obligations under the contracts. However, the total revenue that will be earned by the Group will also include non-contracted volumetric revenue, future indexation linked to an external metric, new wins, scope changes, and anticipated contract extensions. These elements have been excluded from the above tables because they are not contracted. Additionally, revenue from contract extensions is excluded from the order book unless they are pre-priced extensions whereby the Group has a legally binding obligation to deliver the performance obligations during the extension period. The total revenue related to pre-priced extensions for major contracts included in the tables above amounted to \u00a3309.0m (2023: \u00a3513.8m 1 ). The amounts presented do not include orders for which neither party has performed, and each party has the unilateral right to terminate a wholly unperformed contract without compensating the other party. Of the \u00a33.9 billion (2023: \u00a35.5 billion) revenue to be earned on long-term contracts, \u00a33.1 billion (2023: \u00a33.4 billion 1) relates to major contracts. This amount excludes revenue that will be derived from frameworks, non-contracted volumetric revenue, non-contracted scope changes and future unforeseen volume changes from these major contracts, which together are anticipated to contribute an additional \u00a30.8-\u00a31.0 billion (2023: \u00a30.5-\u00a30.7 billion 1 ) of revenue to the Group over the life of these contracts. The Group performs various services for a number of UK Government ministerial departments and considers these individual ministerial departments to be separate customers due to the limited economic integration between each ministerial department. Revenues of \u00a3325.8m from one customer in Capita Public Service represented more than 10% of the Group\u2019s total revenues (2023: \u00a3317.6m from one customer from the Capita Public Service division represented more than 10% of the Group\u2019s total revenues). 1. The prior year amounts in relation to major contracts are as previously presented, and as such reflect the major contracts reviewed by the Audit and Risk Committee for that year end (refer to note 2.1). Consequently, the prior year amounts are not directly comparable to those disclosed for the current period. 2.2.3 Deferred income The Group\u2019s deferred income balances solely relate to revenue from contracts with customers. Revenue recognised in the reporting period that was included in the deferred income balance at the beginning of the period was \u00a3492.2m (2023: \u00a3599.0m). Movements in the deferred income balances were driven by transactions entered into by the Group in the normal course of business during the current and prior year, other than accelerated revenue recognised of \u00a39.2m (2023: \u00a39.9m), which primarily related to an early termination of contracts in the Regulated Services business in Capita Experience.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "value": "Accounting policies Revenue The Group operates a diverse range of businesses and accordingly applies a variety of methods for revenue recognition, based on the principles set out in IFRS 15 Revenue from Contracts with Customers. The revenue and profits recognised in any period are based on the delivery of performance obligations and an assessment of when control is transferred to the customer. Revenue is recognised either when the performance obligation in the contract has been performed (\u2018point- in-time\u2019 recognition) or \u2018over-time\u2019 as control of the performance obligation is transferred to the customer. For all contracts, the Group determines if the arrangement with a customer creates enforceable rights and obligations. This assessment results in certain Master Service Agreements (MSA) or Frameworks not meeting the definition of a contract under IFRS 15 and as such the individual call-off agreements, linked to the MSA, are treated as individual contracts. 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 annual renewal, and/or termination clauses 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 non- current contract fulfilment assets are expensed. For contracts with multiple components to be delivered such as transformation, transitions and the delivery of outsourced services, management applies judgement to consider whether those promised goods and services are: (i) distinct \u2013 to be accounted for as separate performance obligations; (ii) not distinct \u2013 to be combined with other promised goods or services until a bundle is identified that is distinct; or, (iii) part of a series of distinct goods and services that are substantially the same and have the same pattern of transfer to the customer. At a contract\u2019s inception the total transaction price is estimated, being the amount to which the Group expects to be entitled and has rights to under the contract. This includes an assessment of any variable consideration where the Group\u2019s performance may result in additional revenues based on the achievement of agreed key performance indicators (KPIs). Such amounts are only included based on the expected value, or the most likely outcome method, and only to the extent that it is highly probable that no revenue reversal will occur. The transaction price does not include estimates of consideration resulting from change orders for additional goods and services unless these are already agreed. After 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 while) those performance obligations are satisfied. The Group infrequently sells standard products with observable standalone prices due to the specialised services required by customers, consequently the Group applies judgement to determine an appropriate standalone selling price. More frequently, the Group sells customers bespoke solutions, and in these cases the Group typically uses the expected cost-plus margin or a contractually stated price approach to estimate the standalone selling price of each performance obligation. The Group may offer price step downs during the life of a contract, but with no change to the underlying scope of services to be delivered. In general, any such variable consideration, price step down or discount is included in the total transaction price to be allocated across all performance obligations unless it relates to only one performance obligation in a contract. For each performance obligation to be recognised over-time, the Group applies a revenue recognition method that faithfully depicts the Group\u2019s performance in transferring control of the goods or services to the customer. This decision requires assessment of the real nature of the goods or services that the Group has promised to transfer to the customer. The Group applies the relevant output or input method consistently to similar performance obligations in other contracts. When using the output method, the Group recognises revenue on the basis of direct measurements of the value to the customer of the goods and services transferred to date relative to the remaining goods and 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, in particular for long-term service contracts where the series guidance is applied, the Group often uses a method of time elapsed which requires minimal estimation. Certain long-term contracts use output methods based upon estimations of: user numbers; service activity levels; or fees collected. When transfer of control is most closely aligned to Group efforts in delivering the service, the input method is used to measure progress and revenue is recognised in direct proportion to costs incurred. 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. If performance obligations in a contract do not meet the over-time criteria, the Group recognises revenue at a point-in-time when the service or good is delivered. Contract modifications The Group\u2019s contracts are often amended for changes in contract specifications and requirements. Contract modifications exist when the amendment either creates new, or changes existing, enforceable rights and obligations. The effect of a contract modification on the transaction price and the Group\u2019s measure of progress for the performance obligation to which it relates, is recognised as an adjustment to revenue in one of the following ways: a) prospectively as an additional performance obligation (this is typically when new distinct goods or services are provided on an existing contact); b) prospectively as a termination of the existing contract and creation of a new contract; c) as part of the original contract using a cumulative catch up (this is typically where the modification changes the services provided to date); or, d) as a combination of (b) and (c). In respect of contracts for which the Group has decided there is a series of distinct goods and services that are substantially the same and have the same pattern of transfer where revenue is recognised over-time, the modification will always be treated under either (a) or (b); (d) may arise when a contract has a part- termination and a modification of the remaining performance obligations. Judgement is applied in relation to the accounting for such modifications where the final terms or legal contracts have not been agreed prior to the period end because management needs to determine if a modification has been approved and if it either creates new, or changes existing, enforceable rights and obligations of the parties. Depending upon the outcome of such negotiations, the timing and amount of revenue recognised may be different in the relevant accounting periods. Modification and amendments to contracts are undertaken through an agreed formal process. For example, if a change in scope has been approved but the corresponding change in price is still being negotiated, management uses judgement to estimate the change in total transaction price. Importantly, any variable consideration is only recognised to the extent that it is highly probable that no revenue reversal will occur. For example, if pricing is subject to indexation based on an external metric (such as the Consumer Price Index (CPI) or the Retail Price Index (RPI)) then the revenue related to the indexation will only be recognised once the relevant indexation is confirmed. Future indexation will not be recognised because it is not highly probable that a significant reversal of an indexation adjustment will not occur. Principal versus agent The Group has arrangements with some of its customers whereby it needs to determine if it acts as a principal or an agent because more than one party is involved in providing the goods and services to the customer. The Group is a principal if it controls a promised good or service before transferring that good or service to the customer. The Group is an agent if its role is to arrange for another entity to provide the goods or services. Factors considered in making this assessment are most notably: the discretion the Group has in establishing the price for the specified good or service; whether the Group has inventory risk; and whether or not the Group is primarily responsible for fulfilling the promise to deliver the service or good. This assessment of control requires judgement particularly in relation to certain service contracts. An example is the provision of certain recruitment and learning services where the Group may be assessed to be agent or principal dependent upon the facts and circumstances of the arrangement and the nature of the services being delivered. Where the Group is acting as a principal, revenue is recorded on a gross basis. Where the Group is acting as an agent, revenue is recorded on a net basis, recognising only the commission or fee earned as revenue. Licences Software licences delivered by the Group can either be right to access (active) or right to use (passive) licences, which determines the timing of revenue recognition. The assessment of whether a licence is active or passive involves judgement. The key determinant of an active licence is whether or not the Group is required to undertake continuing activities that significantly affect the licensed intellectual property (or the customer has a reasonable expectation that it will do so) and the customer is, therefore, exposed to positive (or negative) impacts resulting from those changes. Where the Group is responsible for any maintenance, continuing support, updates and upgrades, then the sale of the initial software is not distinct. All other licences which have significant standalone functionality are treated as passive licences. When software upgrades are sold as part of the software licence agreement (ie software upgrades are promised to the customer), the Group applies judgement to assess whether the software upgrades are distinct from the licence (ie a separate performance obligation). If the upgrades are considered fundamental to the ongoing use of the software by the customer, the upgrades are not considered distinct and not accounted for as a separate performance obligation. For each contract that includes a separate licence performance obligation, the Group considers all the facts and circumstances in determining whether the licence revenue is recognised over-time (active) or at a point- in-time (passive) from the go-live date of the licence. Deferred and accrued income The Group\u2019s customer contracts include a diverse range of payment schedules dependent upon the nature and type of goods and/or services being provided. This can include performance-based payments or progress payments as well as regular monthly or quarterly payments for ongoing service delivery. Payments for transactional goods and services may be at delivery date, in arrears or part payment in advance. The long-term service contracts tend to have higher cash flows early in the contract to cover transformational activities. Where payments received are greater than the revenue recognised up to the balance sheet date, the Group recognises a deferred income contract liability for this difference. Where payments received are less than the revenue recognised up to the balance sheet date, the Group recognises an accrued contract income asset for this difference. At each balance sheet date the Group assesses whether accrued income may be impaired by applying the simplified approach permitted by IFRS 9 (as with trade receivables). Where applicable, accrued income is reduced by appropriate allowances for expected credit losses calculated using this approach. Financing component If the timing of payments agreed with the customer provides the Group or the customer with a significant benefit of financing the transfer of good or services, the amount of consideration is adjusted for the effects of the time value of money. The Group does not make an adjustment for the time value of money in the following circumstances: (i) when the Group expects, at contract inception, that the period between the entity transferring the good or service and the customer paying for it will be one year or less; or (ii) when the Group receives consideration upfront as part of a transformation phase, this receipt is for reasons other than for financing and the overall consideration that the customer pays is no different as a result of paying this consideration upfront. There were no contracts with significant financing components in 2024 (2023: none). Contract types The Group disaggregates revenue from contracts with customers by contract type, because management believe this best depicts how the nature, amount, timing, and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors. Categories are: long-term contractual \u2013 greater than two years; short-term contractual \u2013 less than two years; and transactional. The years being measured from the service commencement date. Long-term contractual \u2013 greater than two years The Group provides a range of services under contracts with a duration of more than two years. The nature of contracts or performance obligations within this revenue type includes: (i) long-term outsourced service arrangements in the public and private sectors; and (ii) active software licence arrangements. The majority of long-term contractual agreements form part of a series of distinct goods and services because they are substantially the same service; and have the same pattern of transfer, since the series constitutes services provided in distinct time increments (eg daily, monthly, quarterly or annually), and therefore treats the series as one performance obligation. Short-term contractual \u2013 less than two years The nature of contracts or performance obligations within this revenue type includes: (i) short-term outsourced service arrangements in the public and private sectors; and (ii) software maintenance contracts. The Group has assessed that maintenance and support (ie on-call support, remote support) for software licences is a performance obligation that can be considered capable of being distinct and separately identifiable in a contract if the customer has a passive licence. These recurring services are substantially the same because the nature of the promise is for the Group to \u2018stand ready\u2019 to perform maintenance and support when required by the customer. Each day of \u2018standing ready\u2019 is distinct from each subsequent day and is transferred in the same pattern to the customer. Transactional (point-in-time) contracts The Group delivers a range of goods or services in all reportable segments that are transactional services for which revenue is recognised at the point-in-time when control of the goods or services has transferred to the customer. This may be at the point of physical delivery of goods or services and acceptance by the customer or when the customer obtains control of an asset or service in a contract with customer-specified acceptance criteria. The nature of contracts or performance obligations within this revenue type includes: (i) provision of computing hardware goods; (ii) passive software licence agreements; (iii) commission received as agent from the sale of third-party software; and (iv) fees received in relation to the delivery of professional services. Master service arrangements (MSA) or Frameworks MSA or individual call-off agreements are classified as short-term contractual if they include a notice period with committed volumes, otherwise they are classified as transactional (point-in-time) contracts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-541": { "value": "2.2.3 Deferred income The Group\u2019s deferred income balances solely relate to revenue from contracts with customers. Revenue recognised in the reporting period that was included in the deferred income balance at the beginning of the period was \u00a3492.2m (2023: \u00a3599.0m). Movements in the deferred income balances were driven by transactions entered into by the Group in the normal course of business during the current and prior year, other than accelerated revenue recognised of \u00a39.2m (2023: \u00a39.9m), which primarily related to an early termination of contracts in the Regulated Services business in Capita Experience.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-498": { "value": "
2.3 Operating profit
2.3.1 Items charged/(credited) to reported operating profit
2024 2023
Notes \u00a3m \u00a3m
Depreciation of property, plant and equipment
3.2
24.2
31.2
Depreciation of right-of-use assets
3.5
42.3
48.3
Impairment of property, plant and equipment
3.2
1.8
10.8
Impairment of right-of-use assets
3.5
0.2
15.7
Amortisation of intangible assets
3.3
23.4
29.3
Impairment of intangible assets
3.3
9.1
0.9
Impairment of goodwill
3.4
75.1
42.2
Impairment of disposal group assets held-for-sale
2.8
\u2014
18.1
Loss on sale of property, plant and equipment and intangibles
2.9.1
1.7
0.7
Income from foreign exchange differences
0.1
5.1
Contract fulfilment asset utilisation, impairment and derecognition
3.1.3
68.3
84.5
Contract termination gains
\u2014
6.0
The net of: accelerated deferred income unwind, and contract
fulfilment asset utilisation
9.0
9.8
Onerous contract provisions (net of additions, releases and
unwinding of discount and changes in the discount rate)
22.1
9.4
Contract termination gains: customer contracts usually contain provisions to compensate the Group for
exit costs and future profits in the event of early termination. During 2024 there were no contract termination
gains recognised and recorded as income during the year (2023: \u00a36.0m in the Regulated Services business
in Capita Experience).
The net of: accelerated deferred income unwind and contract fulfilment asset utilisation: during 2024
the Group recognised a gain of \u00a39.0m related to the net of accelerated deferred income unwinds and non-
current contract fulfilment asset utilisation on contract exits. This primarily related to closed book Life &
Pensions contracts within the Regulated Services business in Capita Experience, where the early exit of
two contracts were agreed (2023: \u00a39.8m gain primarily related to the Regulated Services business in Capita
Experience where a contract was terminated earlier than planned).
Onerous contract provisions: during 2024 the Group recognised a net loss of \u00a322.1m related primarily to
onerous contract provisions (refer to note 3.6) in the Regulated Services business in Capita Experience
(2023: \u00a39.4m net loss related to contracts in the Regulated Services business in Capita Experience).
2.3.2 Fees payable to auditors
The amounts included in the table below relate to fees payable to KPMG LLP and its associates:
2024 2023
\u00a3m \u00a3m
Audit and audit-related services
The audit of the Parent Company and the Group\u2019s consolidated financial
statements
4.6
4.5
The audit of the financial statements of the Group\u2019s subsidiary companies
0.7
0.9
Total audit and audit-related services
5.3
5.4
Non-audit services
Other assurance services
1.0
0.2
Audit-related assurance services
0.3
0.3
Total non-audit services
1.3
0.5
Total audit and non-audit services
6.6
5.9
The non-audit fees in respect of 2024 related to the review of interim results, ISAE 3402 assurance
reporting on controls operated by a subsidiary, ISAE 3000 assurance reporting over non-financial metrics
reported within the Annual Report and Accounts, and services as reporting accountant for the disposal of
Capita One Limited.
In respect of 2023, the non-audit fees related to the review of interim results, ISAE 3402 assurance
reporting on controls operated by a subsidiary, and ISAE 3000 assurance reporting over non-financial
metrics reported within the Annual Report and Accounts.
2.4 Adjusted operating profit and adjusted profit before tax Accounting policies IAS 1 Presentation of Financial Statements permits an entity to present additional information for specific items to enable users to better assess the entity\u2019s financial performance. The Board has adopted a policy to disclose separately those items that it considers are outside the underlying operating results for the particular year under review and against which the Group\u2019s performance is assessed internally. In the Board\u2019s judgement, these need to be disclosed separately by virtue of their nature, size and/or incidence, for users of the consolidated financial statements to obtain an understanding of the financial information and the underlying performance of the Group. In general, the Board believes that alternative performance measures (APMs) are useful for investors because they provide further clarity and transparency of the Group\u2019s financial performance and are closely monitored by management to evaluate the Group\u2019s operating performance to facilitate financial, strategic and operating decisions. Accordingly, these items are also excluded from the discussion of divisional performance in the strategic report. This policy is kept under review by the Board and the Audit and Risk Committee. Refer to Section 8.2 for further details of the Group\u2019s APMs. The Board considers APMs to be helpful to the reader, but notes that APMs have certain limitations, including the exclusion of significant recurring and non-recurring items, and may not be directly comparable with similarly titled measures presented by other companies. Those items excluded from the adjusted income statement are: business exits; amortisation and impairment of acquired intangibles; impairment of goodwill; certain mark-to-market valuation changes that impact net finance costs/income; the costs associated with the cyber incident in March 2023, and the costs associated with the cost reduction programme. The items below are excluded from the adjusted results:
Operating profit/(loss)
Profit/(loss) before tax
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Reported
(9.9)
(52.0)
116.6
(106.6)
Amortisation and impairment of acquired intangibles
3.3
0.2
0.2
0.2
0.2
Impairment of goodwill
3.4
75.1
42.2
75.1
42.2
Net finance costs
4.3
\u2014
\u2014
0.1
2.2
Business exits
2.8
1.6
20.8
(170.9)
23.2
Cyber incident
1.0
 25.3 1.0 25.3
Cost reduction programme
27.9
 54.4 27.9 54.4
Adjusted
95.9
90.9
50.0
40.9
1. Adjusted operating profit increased by 5.5% (2023: increased 36.5%) and adjusted profit before tax increased by 22.2% (2023: increased 13.5%). Adjusted operating profit of \u00a395.9m (2023: profit \u00a390.9m) was generated on adjusted revenue of \u00a32,369.1m (2023: \u00a32,575.8m) resulting in an adjusted operating margin of 4.0% (2023: 3.5%). 2. The tax charge on adjusted profit before tax is \u00a310.3m (2023: \u00a347.4m charge) resulting in adjusted profit after tax of \u00a339.7m (2023: \u00a36.5m loss). 3. The adjusted operating profit and adjusted profit before tax for 2023 has been re-presented for the impact of business exits during 2024 and the change in adjusting items. This has resulted in adjusted operating profit decreasing from \u00a3106.5m to \u00a390.9m and adjusted profit before tax decreasing from \u00a356.5m to \u00a340.9m. Amortisation and impairment of acquired intangible assets: the Group recognised acquired intangible amortisation of \u00a30.2m (2023: \u00a30.2m). These charges are excluded from the adjusted results of the Group because they are non-cash items generated from historical acquisition related activity. The charge is included within administrative expenses. Impairment of goodwill: the Group carries on its balance sheet significant amounts of goodwill which are subject to annual impairment testing and when any indicators of impairment are identified. Any impairment changes are reported separately because they are non-cash items generated from historical acquisition related activity. The charge is included within administrative expenses. Net finance costs: net finance costs excluded from adjusted profits relate to movements in the mark-to- market value of forward foreign exchange contracts to cover anticipated future costs and therefore have no equivalent offsetting transaction in the accounting records, also refer to note 4.2.2. Business exits: the trading result of businesses exited, or in the process of being exited, and the gain or loss on disposals are excluded from the Group's adjusted results. Note 2.8 provides further detail regarding which income statement line items are impacted by business exits. Cyber incident: The Group has incurred exceptional costs associated with the March 2023 cyber incident. These costs comprise specialist professional fees, recovery and remediation costs and investment to reinforce Capita\u2019s cyber security environment. A charge of \u00a31.0m, net of insurance receipts, has been recognised in the year ended 31 December 2024 (2023: charge of \u00a325.3m). Cumulatively the net costs incurred total \u00a326.3m and are included within administrative expenses. Further insurance receipts are anticipated but did not meet the criteria for recognition at 31 December 2024. Refer to note 6.2 contingent liabilities. Cost reduction programme: The Group implemented a multi-year cost reduction programme in November 2023 to deliver savings of \u00a360m by Q1 2024. The programme was extended in March 2024, to deliver further savings of \u00a3100m by mid-2025. In December 2024, reflecting on the progress made ahead of schedule with \u00a3140m annualised savings already delivered, and increased confidence in the level of efficiencies that can be delivered, the cost reduction target increased from \u00a3160m up to \u00a3250m by the end of 2025. The Group exercises judgement in assessing whether the actions being taken to deliver these savings are exceptional as opposed to business as usual, and therefore whether or not the costs to deliver the savings should be excluded from the Group's adjusted results. The assessment considers the nature of the activity being undertaken, in particular, whether it was anticipated in the original bid to win a customer contract. Investment in new technology that supports the delivery of customer contracts are considered business as usual and are not excluded from the Group\u2019s adjusted results. A charge of \u00a327.9m (2023: \u00a354.4m) has been recognised in the year ended 31 December 2024 for the costs to deliver the cost reduction programme. This includes redundancy and other costs of \u00a330.5m (2023: \u00a323.3m) to deliver a significant reduction in headcount, partly offset by a credit of \u00a32.6m reflecting the successful exit of a number of properties which had been provided for in the previous year (2023: charge of \u00a331.1m arising from the rationalisation of the Group\u2019s property estate with impairment of right-of-use assets and property, plant & equipment, and provisions in respect of onerous property costs). The cumulative cost recognised since the commencement of the cost reduction programme is \u00a382.3m (2023: \u00a354.4m), which is included within administrative expenses. Refer to note 2.9.1 for the cash flow impact of the above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-561": { "value": "2.3 Operating profit 2.3.1 Items charged/(credited) to reported operating profit
2024 2023
Notes \u00a3m \u00a3m
Depreciation of property, plant and equipment
3.2
24.2
31.2
Depreciation of right-of-use assets
3.5
42.3
48.3
Impairment of property, plant and equipment
3.2
1.8
10.8
Impairment of right-of-use assets
3.5
0.2
15.7
Amortisation of intangible assets
3.3
23.4
29.3
Impairment of intangible assets
3.3
9.1
0.9
Impairment of goodwill
3.4
75.1
42.2
Impairment of disposal group assets held-for-sale
2.8
\u2014
18.1
Loss on sale of property, plant and equipment and intangibles
2.9.1
1.7
0.7
Income from foreign exchange differences
0.1
5.1
Contract fulfilment asset utilisation, impairment and derecognition
3.1.3
68.3
84.5
Contract termination gains
\u2014
6.0
The net of: accelerated deferred income unwind, and contract
fulfilment asset utilisation
9.0
9.8
Onerous contract provisions (net of additions, releases and
unwinding of discount and changes in the discount rate)
22.1
9.4
Contract termination gains: customer contracts usually contain provisions to compensate the Group for exit costs and future profits in the event of early termination. During 2024 there were no contract termination gains recognised and recorded as income during the year (2023: \u00a36.0m in the Regulated Services business in Capita Experience). The net of: accelerated deferred income unwind and contract fulfilment asset utilisation: during 2024 the Group recognised a gain of \u00a39.0m related to the net of accelerated deferred income unwinds and non- current contract fulfilment asset utilisation on contract exits. This primarily related to closed book Life & Pensions contracts within the Regulated Services business in Capita Experience, where the early exit of two contracts were agreed (2023: \u00a39.8m gain primarily related to the Regulated Services business in Capita Experience where a contract was terminated earlier than planned). Onerous contract provisions: during 2024 the Group recognised a net loss of \u00a322.1m related primarily to onerous contract provisions (refer to note 3.6) in the Regulated Services business in Capita Experience (2023: \u00a39.4m net loss related to contracts in the Regulated Services business in Capita Experience). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-556": { "value": "2.3 Operating profit 2.3.1 Items charged/(credited) to reported operating profit
2024 2023
Notes \u00a3m \u00a3m
Depreciation of property, plant and equipment
3.2
24.2
31.2
Depreciation of right-of-use assets
3.5
42.3
48.3
Impairment of property, plant and equipment
3.2
1.8
10.8
Impairment of right-of-use assets
3.5
0.2
15.7
Amortisation of intangible assets
3.3
23.4
29.3
Impairment of intangible assets
3.3
9.1
0.9
Impairment of goodwill
3.4
75.1
42.2
Impairment of disposal group assets held-for-sale
2.8
\u2014
18.1
Loss on sale of property, plant and equipment and intangibles
2.9.1
1.7
0.7
Income from foreign exchange differences
0.1
5.1
Contract fulfilment asset utilisation, impairment and derecognition
3.1.3
68.3
84.5
Contract termination gains
\u2014
6.0
The net of: accelerated deferred income unwind, and contract
fulfilment asset utilisation
9.0
9.8
Onerous contract provisions (net of additions, releases and
unwinding of discount and changes in the discount rate)
22.1
9.4
Contract termination gains: customer contracts usually contain provisions to compensate the Group for exit costs and future profits in the event of early termination. During 2024 there were no contract termination gains recognised and recorded as income during the year (2023: \u00a36.0m in the Regulated Services business in Capita Experience). The net of: accelerated deferred income unwind and contract fulfilment asset utilisation: during 2024 the Group recognised a gain of \u00a39.0m related to the net of accelerated deferred income unwinds and non- current contract fulfilment asset utilisation on contract exits. This primarily related to closed book Life & Pensions contracts within the Regulated Services business in Capita Experience, where the early exit of two contracts were agreed (2023: \u00a39.8m gain primarily related to the Regulated Services business in Capita Experience where a contract was terminated earlier than planned). Onerous contract provisions: during 2024 the Group recognised a net loss of \u00a322.1m related primarily to onerous contract provisions (refer to note 3.6) in the Regulated Services business in Capita Experience (2023: \u00a39.4m net loss related to contracts in the Regulated Services business in Capita Experience). 2.3.2 Fees payable to auditors The amounts included in the table below relate to fees payable to KPMG LLP and its associates:
2024 2023
\u00a3m \u00a3m
Audit and audit-related services
The audit of the Parent Company and the Group\u2019s consolidated financial
statements
4.6
4.5
The audit of the financial statements of the Group\u2019s subsidiary companies
0.7
0.9
Total audit and audit-related services
5.3
5.4
Non-audit services
Other assurance services
1.0
0.2
Audit-related assurance services
0.3
0.3
Total non-audit services
1.3
0.5
Total audit and non-audit services
6.6
5.9
The non-audit fees in respect of 2024 related to the review of interim results, ISAE 3402 assurance reporting on controls operated by a subsidiary, ISAE 3000 assurance reporting over non-financial metrics reported within the Annual Report and Accounts, and services as reporting accountant for the disposal of Capita One Limited. In respect of 2023, the non-audit fees related to the review of interim results, ISAE 3402 assurance reporting on controls operated by a subsidiary, and ISAE 3000 assurance reporting over non-financial metrics reported within the Annual Report and Accounts. 2.4 Adjusted operating profit and adjusted profit before tax Accounting policies IAS 1 Presentation of Financial Statements permits an entity to present additional information for specific items to enable users to better assess the entity\u2019s financial performance. The Board has adopted a policy to disclose separately those items that it considers are outside the underlying operating results for the particular year under review and against which the Group\u2019s performance is assessed internally. In the Board\u2019s judgement, these need to be disclosed separately by virtue of their nature, size and/or incidence, for users of the consolidated financial statements to obtain an understanding of the financial information and the underlying performance of the Group. In general, the Board believes that alternative performance measures (APMs) are useful for investors because they provide further clarity and transparency of the Group\u2019s financial performance and are closely monitored by management to evaluate the Group\u2019s operating performance to facilitate financial, strategic and operating decisions. Accordingly, these items are also excluded from the discussion of divisional performance in the strategic report. This policy is kept under review by the Board and the Audit and Risk Committee. Refer to Section 8.2 for further details of the Group\u2019s APMs. The Board considers APMs to be helpful to the reader, but notes that APMs have certain limitations, including the exclusion of significant recurring and non-recurring items, and may not be directly comparable with similarly titled measures presented by other companies. Those items excluded from the adjusted income statement are: business exits; amortisation and impairment of acquired intangibles; impairment of goodwill; certain mark-to-market valuation changes that impact net finance costs/income; the costs associated with the cyber incident in March 2023, and the costs associated with the cost reduction programme. The items below are excluded from the adjusted results:
Operating profit/(loss)
Profit/(loss) before tax
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Reported
(9.9)
(52.0)
116.6
(106.6)
Amortisation and impairment of acquired intangibles
3.3
0.2
0.2
0.2
0.2
Impairment of goodwill
3.4
75.1
42.2
75.1
42.2
Net finance costs
4.3
\u2014
\u2014
0.1
2.2
Business exits
2.8
1.6
20.8
(170.9)
23.2
Cyber incident
1.0
 25.3 1.0 25.3
Cost reduction programme
27.9
 54.4 27.9 54.4
Adjusted
95.9
90.9
50.0
40.9
1. Adjusted operating profit increased by 5.5% (2023: increased 36.5%) and adjusted profit before tax increased by 22.2% (2023: increased 13.5%). Adjusted operating profit of \u00a395.9m (2023: profit \u00a390.9m) was generated on adjusted revenue of \u00a32,369.1m (2023: \u00a32,575.8m) resulting in an adjusted operating margin of 4.0% (2023: 3.5%). 2. The tax charge on adjusted profit before tax is \u00a310.3m (2023: \u00a347.4m charge) resulting in adjusted profit after tax of \u00a339.7m (2023: \u00a36.5m loss). 3. The adjusted operating profit and adjusted profit before tax for 2023 has been re-presented for the impact of business exits during 2024 and the change in adjusting items. This has resulted in adjusted operating profit decreasing from \u00a3106.5m to \u00a390.9m and adjusted profit before tax decreasing from \u00a356.5m to \u00a340.9m. Amortisation and impairment of acquired intangible assets: the Group recognised acquired intangible amortisation of \u00a30.2m (2023: \u00a30.2m). These charges are excluded from the adjusted results of the Group because they are non-cash items generated from historical acquisition related activity. The charge is included within administrative expenses. Impairment of goodwill: the Group carries on its balance sheet significant amounts of goodwill which are subject to annual impairment testing and when any indicators of impairment are identified. Any impairment changes are reported separately because they are non-cash items generated from historical acquisition related activity. The charge is included within administrative expenses. Net finance costs: net finance costs excluded from adjusted profits relate to movements in the mark-to- market value of forward foreign exchange contracts to cover anticipated future costs and therefore have no equivalent offsetting transaction in the accounting records, also refer to note 4.2.2. Business exits: the trading result of businesses exited, or in the process of being exited, and the gain or loss on disposals are excluded from the Group's adjusted results. Note 2.8 provides further detail regarding which income statement line items are impacted by business exits. Cyber incident: The Group has incurred exceptional costs associated with the March 2023 cyber incident. These costs comprise specialist professional fees, recovery and remediation costs and investment to reinforce Capita\u2019s cyber security environment. A charge of \u00a31.0m, net of insurance receipts, has been recognised in the year ended 31 December 2024 (2023: charge of \u00a325.3m). Cumulatively the net costs incurred total \u00a326.3m and are included within administrative expenses. Further insurance receipts are anticipated but did not meet the criteria for recognition at 31 December 2024. Refer to note 6.2 contingent liabilities. Cost reduction programme: The Group implemented a multi-year cost reduction programme in November 2023 to deliver savings of \u00a360m by Q1 2024. The programme was extended in March 2024, to deliver further savings of \u00a3100m by mid-2025. In December 2024, reflecting on the progress made ahead of schedule with \u00a3140m annualised savings already delivered, and increased confidence in the level of efficiencies that can be delivered, the cost reduction target increased from \u00a3160m up to \u00a3250m by the end of 2025. The Group exercises judgement in assessing whether the actions being taken to deliver these savings are exceptional as opposed to business as usual, and therefore whether or not the costs to deliver the savings should be excluded from the Group's adjusted results. The assessment considers the nature of the activity being undertaken, in particular, whether it was anticipated in the original bid to win a customer contract. Investment in new technology that supports the delivery of customer contracts are considered business as usual and are not excluded from the Group\u2019s adjusted results. A charge of \u00a327.9m (2023: \u00a354.4m) has been recognised in the year ended 31 December 2024 for the costs to deliver the cost reduction programme. This includes redundancy and other costs of \u00a330.5m (2023: \u00a323.3m) to deliver a significant reduction in headcount, partly offset by a credit of \u00a32.6m reflecting the successful exit of a number of properties which had been provided for in the previous year (2023: charge of \u00a331.1m arising from the rationalisation of the Group\u2019s property estate with impairment of right-of-use assets and property, plant & equipment, and provisions in respect of onerous property costs). The cumulative cost recognised since the commencement of the cost reduction programme is \u00a382.3m (2023: \u00a354.4m), which is included within administrative expenses. Refer to note 2.9.1 for the cash flow impact of the above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-523": { "value": "2.3 Operating profit 2.3.1 Items charged/(credited) to reported operating profit
2024 2023
Notes \u00a3m \u00a3m
Depreciation of property, plant and equipment
3.2
24.2
31.2
Depreciation of right-of-use assets
3.5
42.3
48.3
Impairment of property, plant and equipment
3.2
1.8
10.8
Impairment of right-of-use assets
3.5
0.2
15.7
Amortisation of intangible assets
3.3
23.4
29.3
Impairment of intangible assets
3.3
9.1
0.9
Impairment of goodwill
3.4
75.1
42.2
Impairment of disposal group assets held-for-sale
2.8
\u2014
18.1
Loss on sale of property, plant and equipment and intangibles
2.9.1
1.7
0.7
Income from foreign exchange differences
0.1
5.1
Contract fulfilment asset utilisation, impairment and derecognition
3.1.3
68.3
84.5
Contract termination gains
\u2014
6.0
The net of: accelerated deferred income unwind, and contract
fulfilment asset utilisation
9.0
9.8
Onerous contract provisions (net of additions, releases and
unwinding of discount and changes in the discount rate)
22.1
9.4
Contract termination gains: customer contracts usually contain provisions to compensate the Group for exit costs and future profits in the event of early termination. During 2024 there were no contract termination gains recognised and recorded as income during the year (2023: \u00a36.0m in the Regulated Services business in Capita Experience). The net of: accelerated deferred income unwind and contract fulfilment asset utilisation: during 2024 the Group recognised a gain of \u00a39.0m related to the net of accelerated deferred income unwinds and non- current contract fulfilment asset utilisation on contract exits. This primarily related to closed book Life & Pensions contracts within the Regulated Services business in Capita Experience, where the early exit of two contracts were agreed (2023: \u00a39.8m gain primarily related to the Regulated Services business in Capita Experience where a contract was terminated earlier than planned). Onerous contract provisions: during 2024 the Group recognised a net loss of \u00a322.1m related primarily to onerous contract provisions (refer to note 3.6) in the Regulated Services business in Capita Experience (2023: \u00a39.4m net loss related to contracts in the Regulated Services business in Capita Experience). 2.3.2 Fees payable to auditors The amounts included in the table below relate to fees payable to KPMG LLP and its associates:
2024 2023
\u00a3m \u00a3m
Audit and audit-related services
The audit of the Parent Company and the Group\u2019s consolidated financial
statements
4.6
4.5
The audit of the financial statements of the Group\u2019s subsidiary companies
0.7
0.9
Total audit and audit-related services
5.3
5.4
Non-audit services
Other assurance services
1.0
0.2
Audit-related assurance services
0.3
0.3
Total non-audit services
1.3
0.5
Total audit and non-audit services
6.6
5.9
The non-audit fees in respect of 2024 related to the review of interim results, ISAE 3402 assurance reporting on controls operated by a subsidiary, ISAE 3000 assurance reporting over non-financial metrics reported within the Annual Report and Accounts, and services as reporting accountant for the disposal of Capita One Limited. In respect of 2023, the non-audit fees related to the review of interim results, ISAE 3402 assurance reporting on controls operated by a subsidiary, and ISAE 3000 assurance reporting over non-financial metrics reported within the Annual Report and Accounts. 2.4 Adjusted operating profit and adjusted profit before tax Accounting policies IAS 1 Presentation of Financial Statements permits an entity to present additional information for specific items to enable users to better assess the entity\u2019s financial performance. The Board has adopted a policy to disclose separately those items that it considers are outside the underlying operating results for the particular year under review and against which the Group\u2019s performance is assessed internally. In the Board\u2019s judgement, these need to be disclosed separately by virtue of their nature, size and/or incidence, for users of the consolidated financial statements to obtain an understanding of the financial information and the underlying performance of the Group. In general, the Board believes that alternative performance measures (APMs) are useful for investors because they provide further clarity and transparency of the Group\u2019s financial performance and are closely monitored by management to evaluate the Group\u2019s operating performance to facilitate financial, strategic and operating decisions. Accordingly, these items are also excluded from the discussion of divisional performance in the strategic report. This policy is kept under review by the Board and the Audit and Risk Committee. Refer to Section 8.2 for further details of the Group\u2019s APMs. The Board considers APMs to be helpful to the reader, but notes that APMs have certain limitations, including the exclusion of significant recurring and non-recurring items, and may not be directly comparable with similarly titled measures presented by other companies. Those items excluded from the adjusted income statement are: business exits; amortisation and impairment of acquired intangibles; impairment of goodwill; certain mark-to-market valuation changes that impact net finance costs/income; the costs associated with the cyber incident in March 2023, and the costs associated with the cost reduction programme. The items below are excluded from the adjusted results:
Operating profit/(loss)
Profit/(loss) before tax
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Reported
(9.9)
(52.0)
116.6
(106.6)
Amortisation and impairment of acquired intangibles
3.3
0.2
0.2
0.2
0.2
Impairment of goodwill
3.4
75.1
42.2
75.1
42.2
Net finance costs
4.3
\u2014
\u2014
0.1
2.2
Business exits
2.8
1.6
20.8
(170.9)
23.2
Cyber incident
1.0
 25.3 1.0 25.3
Cost reduction programme
27.9
 54.4 27.9 54.4
Adjusted
95.9
90.9
50.0
40.9
1. Adjusted operating profit increased by 5.5% (2023: increased 36.5%) and adjusted profit before tax increased by 22.2% (2023: increased 13.5%). Adjusted operating profit of \u00a395.9m (2023: profit \u00a390.9m) was generated on adjusted revenue of \u00a32,369.1m (2023: \u00a32,575.8m) resulting in an adjusted operating margin of 4.0% (2023: 3.5%). 2. The tax charge on adjusted profit before tax is \u00a310.3m (2023: \u00a347.4m charge) resulting in adjusted profit after tax of \u00a339.7m (2023: \u00a36.5m loss). 3. The adjusted operating profit and adjusted profit before tax for 2023 has been re-presented for the impact of business exits during 2024 and the change in adjusting items. This has resulted in adjusted operating profit decreasing from \u00a3106.5m to \u00a390.9m and adjusted profit before tax decreasing from \u00a356.5m to \u00a340.9m. Amortisation and impairment of acquired intangible assets: the Group recognised acquired intangible amortisation of \u00a30.2m (2023: \u00a30.2m). These charges are excluded from the adjusted results of the Group because they are non-cash items generated from historical acquisition related activity. The charge is included within administrative expenses. Impairment of goodwill: the Group carries on its balance sheet significant amounts of goodwill which are subject to annual impairment testing and when any indicators of impairment are identified. Any impairment changes are reported separately because they are non-cash items generated from historical acquisition related activity. The charge is included within administrative expenses. Net finance costs: net finance costs excluded from adjusted profits relate to movements in the mark-to- market value of forward foreign exchange contracts to cover anticipated future costs and therefore have no equivalent offsetting transaction in the accounting records, also refer to note 4.2.2. Business exits: the trading result of businesses exited, or in the process of being exited, and the gain or loss on disposals are excluded from the Group's adjusted results. Note 2.8 provides further detail regarding which income statement line items are impacted by business exits. Cyber incident: The Group has incurred exceptional costs associated with the March 2023 cyber incident. These costs comprise specialist professional fees, recovery and remediation costs and investment to reinforce Capita\u2019s cyber security environment. A charge of \u00a31.0m, net of insurance receipts, has been recognised in the year ended 31 December 2024 (2023: charge of \u00a325.3m). Cumulatively the net costs incurred total \u00a326.3m and are included within administrative expenses. Further insurance receipts are anticipated but did not meet the criteria for recognition at 31 December 2024. Refer to note 6.2 contingent liabilities. Cost reduction programme: The Group implemented a multi-year cost reduction programme in November 2023 to deliver savings of \u00a360m by Q1 2024. The programme was extended in March 2024, to deliver further savings of \u00a3100m by mid-2025. In December 2024, reflecting on the progress made ahead of schedule with \u00a3140m annualised savings already delivered, and increased confidence in the level of efficiencies that can be delivered, the cost reduction target increased from \u00a3160m up to \u00a3250m by the end of 2025. The Group exercises judgement in assessing whether the actions being taken to deliver these savings are exceptional as opposed to business as usual, and therefore whether or not the costs to deliver the savings should be excluded from the Group's adjusted results. The assessment considers the nature of the activity being undertaken, in particular, whether it was anticipated in the original bid to win a customer contract. Investment in new technology that supports the delivery of customer contracts are considered business as usual and are not excluded from the Group\u2019s adjusted results. A charge of \u00a327.9m (2023: \u00a354.4m) has been recognised in the year ended 31 December 2024 for the costs to deliver the cost reduction programme. This includes redundancy and other costs of \u00a330.5m (2023: \u00a323.3m) to deliver a significant reduction in headcount, partly offset by a credit of \u00a32.6m reflecting the successful exit of a number of properties which had been provided for in the previous year (2023: charge of \u00a331.1m arising from the rationalisation of the Group\u2019s property estate with impairment of right-of-use assets and property, plant & equipment, and provisions in respect of onerous property costs). The cumulative cost recognised since the commencement of the cost reduction programme is \u00a382.3m (2023: \u00a354.4m), which is included within administrative expenses. Refer to note 2.9.1 for the cash flow impact of the above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-542": { "value": "2.3.2 Fees payable to auditors The amounts included in the table below relate to fees payable to KPMG LLP and its associates:
2024 2023
\u00a3m \u00a3m
Audit and audit-related services
The audit of the Parent Company and the Group\u2019s consolidated financial
statements
4.6
4.5
The audit of the financial statements of the Group\u2019s subsidiary companies
0.7
0.9
Total audit and audit-related services
5.3
5.4
Non-audit services
Other assurance services
1.0
0.2
Audit-related assurance services
0.3
0.3
Total non-audit services
1.3
0.5
Total audit and non-audit services
6.6
5.9
The non-audit fees in respect of 2024 related to the review of interim results, ISAE 3402 assurance reporting on controls operated by a subsidiary, ISAE 3000 assurance reporting over non-financial metrics reported within the Annual Report and Accounts, and services as reporting accountant for the disposal of Capita One Limited. In respect of 2023, the non-audit fees related to the review of interim results, ISAE 3402 assurance reporting on controls operated by a subsidiary, and ISAE 3000 assurance reporting over non-financial metrics reported within the Annual Report and Accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-463": { "value": "Net finance costs: net finance costs excluded from adjusted profits relate to movements in the mark-to- market value of forward foreign exchange contracts to cover anticipated future costs and therefore have no equivalent offsetting transaction in the accounting records, also refer to note 4.2.2. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-478": { "value": "Net finance costs: net finance costs excluded from adjusted profits relate to movements in the mark-to- market value of forward foreign exchange contracts to cover anticipated future costs and therefore have no equivalent offsetting transaction in the accounting records, also refer to note 4.2.2. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-486": { "value": "Net finance costs: net finance costs excluded from adjusted profits relate to movements in the mark-to- market value of forward foreign exchange contracts to cover anticipated future costs and therefore have no equivalent offsetting transaction in the accounting records, also refer to note 4.2.2. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-565": { "value": "2.5 Segmental information The Group\u2019s operations are managed separately according to the nature of the services provided, with each segment representing a strategic business offering a different package of client outcomes across the markets the Group serves. Capita plc is a reconciling item and not an operating segment. A description of the services provided by each segment can be found in the strategic report on pages 19 to 25. The tables below present profit for the Group\u2019s operating segments as reported to the Chief Operating Decision Maker as detailed in note 2.2.1. For segmental reporting, the costs of the central functions have been allocated to the segments using appropriate drivers such as adjusted revenue, adjusted profit or headcount. Comparative information has been re-presented to reflect the change in operating segments and to reflect businesses exited during 2024. Information on segmental revenue can be found in note 2.2.
Year ended 31 December 2024
Year ended 31 December 2023
Capita Capita Experience Capita Capita Experience
Notes
Public
Contact
Pension Regulated Capita Total Adjusting Total Public Contact Pension Regulated Capita Total Adjusting Total
Year ended Service Centre Solutions Services plc adjusted items reported Service Centre Solutions Services plc adjusted items reported
31 December 2024 \u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Adjusted operating profit/(loss) 2.4
89.1
(5.9)
28.1
12.6
(28.0)
95.9
\u2014
95.9
69.6
(4.0)
25.9
33.1
(33.7)
90.9
\u2014
90.9
Cost reduction programme 2.4
(11.3)
(5.3)
(0.8)
(0.5)
(10.0)
\u2014
(27.9)
(27.9)
(7.0)
(35.9)
(0.5)
(0.9)
(10.1)
\u2014
(54.4)
(54.4)
Business exits \u2013 trading 2.8
6.4
6.4
12.2
12.2
Total trading result
77.8
(11.2)
27.3
12.1
(38.0)
95.9
(21.5)
74.4
62.6
(39.9)
25.4
32.2
(43.8)
90.9
(42.2)
48.7
Non-trading items:
Business exits \u2013 non-trading 2.8
\u2014
(8.0)
(8.0)
\u2014
(33.0)
(33.0)
Other adjusting items 2.4
\u2014
(76.3)
(76.3)
\u2014
(67.7)
(67.7)
Operating profit/(loss)
95.9
(105.8)
(9.9)
90.9
(142.9)
(52.0)
Interest income
4.3
10.0
8.7
Interest expense
4.3
(56.3)
(60.9)
Share of results in associates and losses on financial assets
2.8
(11.8)
\u2014
Gain/(loss) on business disposal
2.8
184.6
(2.4)
Profit/(loss) before tax
116.6
(106.6)
Supplementary Information
Depreciation and amortisation
3.2
35.8
39.3
6.0
5.2
1.7
88.0
1.9
89.9
40.3
45.5
5.3
6.7
3.6
101.4
7.4
108.8
3.3
Impairment of property, plant and equipment, intangible, right-of-use assets and goodwill
3.5
0.7
0.9
\u2014
0.6
\u2014
2.2
84.0
86.2
1.5
2.5
\u2014
0.1
0.1
4.2
65.4
69.6
Non-current contract fulfilment assets utilisation, impairment and derecognition 3.1.3
57.2
5.1
3.9
0.8
\u2014
67.0
1.3
68.3
57.8
6.1
4.3
5.6
\u2014
73.8
10.7
84.5
Net onerous contract provisions
2.3
\u2014
0.3
\u2014
17.7
\u2014
18.0
4.1
22.1
\u2014
1.6
\u2014
7.8
\u2014
9.4
\u2014
9.4
Geographical location The table below presents the carrying amount of non-current assets (excluding deferred tax, financial assets and employee benefits) by the geographical location of those assets.
United
2024
United
2023
Kingdom Europe Other Total Kingdom Europe Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
922.6
25.0
21.3
968.9
1,112.6
14.1
17.0
1,143.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-499": { "value": "2.6 Taxation Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences: \u2022 except where the deferred tax liability arises from the initial recognition of goodwill; \u2022 except where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. 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 profit will be available to allow all or part of the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.
Significant accounting judgements and assumptions
Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax
assets and unused tax losses, to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences and the carry-forward of unused tax assets and unused tax
losses can be utilised, except where the deferred tax asset relating to the deductible temporary difference
arises from the initial recognition of an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. This
involves an assessment of when those assets are likely to reverse, and a judgement as to whether or not
there will be sufficient taxable profits available to offset the assets when they do reverse. This requires
assumptions regarding future profitability and is therefore inherently uncertain. To the extent assumptions
regarding future profitability change, there may be an increase or decrease in the amounts recognised in
respect of deferred tax assets as well as in the amounts recognised during the year in which the change
occurs.
Sensitivities and additional information relating to deferred tax assets/liabilities are provided in note 2.6.2.
2.6.1 Income tax charge
The reported income tax charge for the period is \u00a336.2m on reported profit before tax of \u00a3116.6m (2023:
reported income tax charge of \u00a374.0m on reported loss of \u00a3106.6m), and an adjusted income tax charge for
the period of \u00a310.3m on adjusted profit before tax of \u00a350.0m (2023: adjusted tax charge of \u00a347.4m on
adjusted profit of \u00a340.9m). This includes \u00a30.2m (2023: \u00a3nil) relating to Pillar Two current income taxes. The
most significant reconciling items, explaining the difference from the standard UK corporation tax rate of
25.0% for the period (2023: 23.5%) are non-taxable profits on disposal of businesses, non-deductible
impairments, changes in the accounting estimate of recognised deferred tax assets and unrecognised
losses, and other temporary differences carried forward.
The forecast future adjusted effective tax rate, before and assuming no material changes to tax laws in the
jurisdictions in which Capita operates, is expected to be broadly similar to the UK corporation tax rate, with
an increase for taxable profits in higher tax rate jurisdictions.
The major components of the income tax charge are set out below:
2024
2023
Not
Not
Included in included in Included in included in
Total adjusted adjusted Total adjusted adjusted
reported profit profit reported
profit
1
profit
1
Consolidated income statement \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current income tax
Current income tax charge/(credit)
15.3
13.6
1.7
26.2
26.4
(0.2)
Adjustment in respect of prior years
2.5
2.5
\u2014
4.0
4.0
\u2014
Deferred tax
On origination and reversal of temporary
differences
19.5
(4.7)
24.2
43.9
17.1
26.8
Effect of changes in tax rate on deferred tax
balances
\u2014
\u2014
\u2014
(0.4)
(0.4)
\u2014
Adjustment in respect of prior years
(1.1)
(1.1)
\u2014
0.3
0.3
\u2014
Total charge
36.2
10.3
25.9
74.0
47.4
26.6
1. To enable a like-for-like comparison of adjusted results, the 2023 comparatives have been re-presented to exclude the businesses classified
as business exits during 2024 from adjusted profit. Refer to note 2.8.
2024 2023
Consolidated statement of comprehensive income and consolidated statement of changes in equity \u00a3m \u00a3m
Deferred tax movement on cash flow hedges
1.8
(2.6)
Deferred tax movement in relation to actuarial changes on defined benefit
pension schemes
7.0
3.3
Current income tax movement on defined benefit pension scheme contributions
(9.8)
(19.2)
Deferred tax movement in relation to share-based payments
0.2
(0.1)
Current income tax deduction on the exercise of share options
\u2014
(0.2)
Total credit
(0.8)
(18.8)
The reconciliation between the total tax charge and the accounting profit multiplied by the UK weighted
average corporation tax rate is as follows:
Total tax
Current tax
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Profit/(loss) before tax
116.6
(106.6)
116.6
(106.6)
Notional charge/(credit) at UK corporation tax rate of 25.0%
(2023: 23.5%)
29.2
(25.1)
29.2
(25.1)
Adjustments in respect of current income tax of prior years
a
2.5
4.0
2.5
4.0
Adjustments in respect of deferred tax of prior years
b
(1.1)
0.3
\u2014
\u2014
Non-deductible expenses/(non-taxable income) \u2013 adjusted
5.0
0.2
5.0
0.2
Non-deductible expenses \u2013 business exit
c*
2.7
4.9
2.7
4.9
Non-deductible expenses \u2013 specific items
\u2014
1.7
\u2014
1.7
(Profit)/loss on disposal of businesses
d*
(46.1)
0.6
(46.1)
0.6
Pillar Two income taxes
2.6.4
0.2
\u2014
0.2
\u2014
Non-deductible goodwill impairment
e*
18.7
9.9
18.7
9.9
Difference in rate recognition of temporary differences
\u2014
(0.4)
\u2014
\u2014
Tax provided on unremitted earnings
f
(0.5)
0.2
\u2014
\u2014
Attributable to different tax rates in overseas jurisdictions
g
(0.5)
(4.3)
(0.1)
(2.9)
Movement in unrecognised temporary differences
2.6.2
26.1
82.0
\u2014
\u2014
Fixed asset temporary differences
\u2014
\u2014
4.2
5.7
Current tax impact on other temporary differences
\u2014
\u2014
(3.5)
(0.4)
Carry forward of losses in current period
h
\u2014
\u2014
5.0
31.6
At the effective total tax rate of 31.0% (2023: (69.4)%) and
the effective current tax rate of 15.3% (2023: (28.3)%)
i
36.2
74.0
17.8
30.2
Tax charge reported in the income statement
36.2
74.0
17.8
30.2
* These \u00a3(24.7)m (2023: \u00a315.4m) of reconciling items relate to the reported tax charge only, with no impact on the adjusted tax charge.
Further details are given below.
a The \u00a32.5m prior year charge adjustment includes: (i) \u00a31.1m charge which has a corresponding impact within deferred tax of prior years;
and, (ii) a \u00a31.4m charge to adjust for finalisation of submitted tax returns and withholding tax claims in Ireland for which there is no
opposite deferred tax credit in relation to the temporary difference true-up because these are unrecognised.
b Adjustments in respect of deferred tax of prior years mainly relate to \u00a31.1m of charges which have a corresponding impact within current
income tax of prior years.
c* Business exit: relates to non-deductible closure costs associated with the sale of entities. Refer to note 2.8 for further details.
d* Relates to the gain/loss on disposal of entities in the current year. Refer to note 2.8.1 for further details.
e* Relates to the goodwill impairments as detailed further in note 3.4.
f Movement on the deferred tax liability recognised on the unremitted earnings of those subsidiaries affected by withholding taxes.
g Mainly relates to withholding tax and tax payable at rates which are lower than the UK such as Switzerland and Ireland.
h Relates to the carry forward of losses and non-deductible interest in the period.
i The current tax charge of \u00a317.8m (2023: \u00a330.2m) results in an effective current tax rate of 15.3%, which is different from the UK statutory
rate of tax of 25% predominantly due to a non-taxable gain on the profit on disposal of businesses during the year, non-deductible goodwill
impairment, unrecognised losses and interest disallowance carried forward, and expenses not deductible for tax purposes, including non-
qualifying depreciation and capital related costs. The impact of differing overseas tax rates is covered in footnote g.
2.6.2 Deferred tax
Deferred tax relates to the following:
Credited/(charged) to
OCI and
At Income changes in Other At
1 January statement equity
movements
2
31 December
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
Fixed assets which qualify for tax relief
87.2
(8.5)
\u2014
(0.9)
77.8
Provisions and other temporary
differences
11.3
(1.3)
(1.8)
\u2014
8.2
Pension schemes
1.8
(3.4)
(7.0)
\u2014
(8.6)
Share-based payments
1.5
\u2014
(0.2)
\u2014
1.3
Tax losses
1
36.7
(6.0)
\u2014
\u2014
30.7
138.5
(19.2)
(9.0)
(0.9)
109.4
Jurisdictional netting
1.8
2.2
Net deferred tax assets
140.3
(19.2)
(9.0)
(0.9)
111.6
Deferred tax liabilities
Acquired intangibles
(0.1)
\u2014
\u2014
\u2014
(0.1)
Contract fulfilment assets
(0.2)
0.1
\u2014
\u2014
(0.1)
Unremitted earnings
(5.1)
0.7
\u2014
(0.2)
(4.6)
(5.4)
0.8
\u2014
(0.2)
(4.8)
Jurisdictional netting
(1.8)
(2.2)
Net deferred tax liabilities
(7.2)
0.8
\u2014
(0.2)
(7.0)
Net deferred tax
133.1
(18.4)
(9.0)
(1.1)
104.6
1. Mainly trading losses available to shelter future profits and deferred interest.
2. Other movements includes business disposals.
The main movement in the net deferred tax asset is the income statement tax charge arising on the change
in the accounting estimate of deferred tax.
On 6 April 2024, it was announced that the free-standing tax charge that applies to authorised surplus
payments to sponsoring employers of a registered defined benefit pension scheme will reduce from 35% to
25%. This was substantively enacted retrospectively from 11 March 2024. Therefore, for the purpose of
recognising deferred tax on the pension scheme surplus, withholding tax at 25% (2023: 35%) would apply
for any surplus being refunded to the Group at the end of the life of the scheme. Corporation tax at 25%
would apply for any surplus expected to unwind over the life of the scheme. Management have concluded
that the corporation tax rate should apply to the recognition of deferred tax on the pension scheme surplus,
reflecting the Group\u2019s intention regarding the manner of recovery of the asset.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be
available against which the assets can be utilised. The recoverability of deferred tax assets is supported by
the deferred tax liabilities against which the reversal can be offset and the expected level of future taxable
profits available to offset the assets when they reverse.
The recognition of deferred tax assets at 31 December 2024 has been based on the forecast accounting
profits in the 2025-2027 business plan approved by the Board. This is the same plan used to derive forecast
cash flows for the goodwill impairment test (refer to note 3.4). A long-term growth rate of 1.6%, as used for
impairment test purposes, has been applied to the years beyond 2027. A reducing probability factor has
also been applied to future profits for the potential decrease in reliability of forecasts extrapolated for later
years, such that profits beyond seven years of the balance sheet date have not been considered probable
for the purpose of assessing deferred tax asset recognition.
Unused tax losses make up a significant proportion of the temporary differences available to be utilised in
future periods. These losses mainly arose due to the historic adoption of IFRS 15, previous Covid-19
related downward pressures on profits and tax deductible restructuring costs, cyber costs and pension
contributions. Based on the forecast accounting profits, management have concluded that some of the
deductible temporary differences and unused tax losses are not recognisable due to uncertainty in their
recoverability. There is a decrease in the amounts previously recognised in respect of deferred tax assets
and an increase in unrecognised temporary differences arising during the year. The impact of this is a debit
to the income statement of \u00a318.4m, and a debit to OCI and changes in equity of \u00a39.0m. This is included in
the movement in unrecognised temporary differences of \u00a326.1m in the tax reconciliation table in
section 2.6.1 above, which also includes unrecognised current year temporary differences (mainly losses) of
\u00a35.7m. The reported income statement charge includes \u00a326.0m change in the deferred tax asset estimate
due to the reduction in future taxable profits on disposal of taxable subsidiaries, reflected in the tax arising
on business exits (see note 2.8).
Deferred tax asset recognition depends on the reliability of management\u2019s forecasts and the assumptions
that underlie them. Management have considered the severe but plausible downsides applied to the base-
case projections for assessing going concern and viability, to gauge sensitivity and identify a reasonable
possible alternative result. This scenario identified a further potential reduction in recognised deferred tax
assets of approximately \u00a37.6m .
The Group has unrecognised tax losses and other temporary differences that are available for offset against
future taxable profits of the companies in which the losses or other temporary differences arose but have
not been recognised because their recoverability is uncertain. The table below shows the amounts split
between UK and non-UK jurisdictions.
2024 2023
\u00a3m \u00a3m
Gross Amount Gross Amount
UK:
Tax losses
667.6
628.7
Other temporary timing differences
239.2
140.2
906.8
768.9
Non-UK:
Tax losses
64.0
67.4
Other temporary timing differences
12.4
11.2
76.4
78.6
Total
983.2
847.5
The \u00a3135.7m increase in unrecognised tax losses and other temporary differences reflects the decrease in
amounts previously recognised in respect of deferred tax assets, and unrecognised temporary differences
arising during the year due to: deferred interest; tax deductible cost reduction programme expenses; and
pension contributions.
Assets have no time expiry, but some losses are subject to specific loss restriction rules. \u00a341.8m (2023:
\u00a328.8m) of the losses were incurred by companies acquired by the Group and are not a result of the
Group\u2019s trading performance.
Dividends received from subsidiaries are largely exempt from UK tax but may be subject to dividend
withholding taxes levied by the overseas tax jurisdictions in which the subsidiaries operate. The gross
temporary differences of those subsidiaries affected by such potential taxes is \u00a345.6m (2023: \u00a348.4m). A
deferred tax liability of \u00a34.5m (2023: \u00a35.1m) has been recognised on the unremitted earnings of those
subsidiaries affected by such potential taxes because the Group is able to control the timing of reversal and
it is anticipating dividends to be distributed. The earnings remitted during the year have resulted in a
reduction in the closing deferred tax liability.
2.6.3 Uncertain tax positions
The Group files income tax returns in several jurisdictions and some of these returns are open to, or subject
to, tax authority audits or examinations. Tax returns contain matters that could be subject to differing
interpretations of applicable tax laws and regulations; and the resolution of tax positions, through
negotiations with relevant tax authorities or litigation, can take several years. Tax uncertainties are
assessed throughout the year and specifically at the year-end with any associated provisions recognised
considering the specific circumstances of each risk, including the merits of technical aspects, previous
experience with tax authorities, recent tax law and if relevant, external specialist advice. The Group applies
judgement in quantifying uncertainties over income tax treatments in accordance with this criteria.
At 31 December 2024 the net income tax receivable of \u00a33.2m is net of a \u00a33.0m (2023: \u00a33.1m) liability in
relation to uncertain tax positions. During 2024 the Group reassessed the uncertain tax provision and
adjusted the risk downwards by \u00a30.1m (2023: \u00a30.2m upwards).
Expiry under the statute of limitations, or conclusion of tax audits could result in a release of the provision in
the next financial year. While it is difficult to predict the ultimate outcome in some cases, and there are a
range of different outcomes, the Group does not currently anticipate that there will be any material impact
on the Group\u2019s financial position in the next financial year.
2.6.4 Global minimum tax
The Group is within the scope of the Pillar Two top-up tax that applies in the UK. The first period for which a
Pillar Two return will be required is the accounting period ending on 31 December 2024.
The Group has applied the mandatory exception to recognising and disclosing information about deferred
tax assets and liabilities related to Pillar Two income taxes.
It is expected that the Group will pay Pillar Two top-up taxes of \u00a30.2m for the period ended 31 December
2024 in relation to operations in Poland and Switzerland. This is included in the current income tax
expenses as shown in note 2.6.1.
Since the stated jurisdictions either have a low tax rate and no material profits are expected; or, an
expected effective tax rate close to 15%; it is expected that the Pillar Two top-up tax will continue to have an
immaterial impact on the Group tax liability.
2.6.5 Capita\u2019s responsible approach to taxation
Capita has an open and positive working relationship with HMRC, has a designated customer compliance
manager, and is committed to prompt disclosure and transparency in all dealings with HMRC and overseas
tax authorities. The Group does not have a complex tax structure, nor does it pursue aggressive tax
avoidance activities. The Group continues to progress well with its legal entity rationalisation programme.
The Group has a low-risk rating from HMRC, and has been awarded the Fair Tax Mark for its tax
disclosures from 2018 to 2023. The Group has operations in a number of countries outside the UK. All such
operations outside the UK are trading operations and pay the appropriate local taxes on these activities.
Further detail, regarding Capita's tax strategy can be found on the Policies & Principles area of the Capita
website (https://www.capita.com/our-company/about-capita/policies-and-principles).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-479": { "value": "Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences: \u2022 except where the deferred tax liability arises from the initial recognition of goodwill; \u2022 except where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. 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 profit will be available to allow all or part of the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "value": "Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences: \u2022 except where the deferred tax liability arises from the initial recognition of goodwill; \u2022 except where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. 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 profit will be available to allow all or part of the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-524": { "value": "2.6.2 Deferred tax Deferred tax relates to the following:
Credited/(charged) to
OCI and
At Income changes in Other At
1 January statement equity
movements
2
31 December
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
Fixed assets which qualify for tax relief
87.2
(8.5)
\u2014
(0.9)
77.8
Provisions and other temporary
differences
11.3
(1.3)
(1.8)
\u2014
8.2
Pension schemes
1.8
(3.4)
(7.0)
\u2014
(8.6)
Share-based payments
1.5
\u2014
(0.2)
\u2014
1.3
Tax losses
1
36.7
(6.0)
\u2014
\u2014
30.7
138.5
(19.2)
(9.0)
(0.9)
109.4
Jurisdictional netting
1.8
2.2
Net deferred tax assets
140.3
(19.2)
(9.0)
(0.9)
111.6
Deferred tax liabilities
Acquired intangibles
(0.1)
\u2014
\u2014
\u2014
(0.1)
Contract fulfilment assets
(0.2)
0.1
\u2014
\u2014
(0.1)
Unremitted earnings
(5.1)
0.7
\u2014
(0.2)
(4.6)
(5.4)
0.8
\u2014
(0.2)
(4.8)
Jurisdictional netting
(1.8)
(2.2)
Net deferred tax liabilities
(7.2)
0.8
\u2014
(0.2)
(7.0)
Net deferred tax
133.1
(18.4)
(9.0)
(1.1)
104.6
1. Mainly trading losses available to shelter future profits and deferred interest. 2. Other movements includes business disposals. The main movement in the net deferred tax asset is the income statement tax charge arising on the change in the accounting estimate of deferred tax. On 6 April 2024, it was announced that the free-standing tax charge that applies to authorised surplus payments to sponsoring employers of a registered defined benefit pension scheme will reduce from 35% to 25%. This was substantively enacted retrospectively from 11 March 2024. Therefore, for the purpose of recognising deferred tax on the pension scheme surplus, withholding tax at 25% (2023: 35%) would apply for any surplus being refunded to the Group at the end of the life of the scheme. Corporation tax at 25% would apply for any surplus expected to unwind over the life of the scheme. Management have concluded that the corporation tax rate should apply to the recognition of deferred tax on the pension scheme surplus, reflecting the Group\u2019s intention regarding the manner of recovery of the asset. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. The recoverability of deferred tax assets is supported by the deferred tax liabilities against which the reversal can be offset and the expected level of future taxable profits available to offset the assets when they reverse. The recognition of deferred tax assets at 31 December 2024 has been based on the forecast accounting profits in the 2025-2027 business plan approved by the Board. This is the same plan used to derive forecast cash flows for the goodwill impairment test (refer to note 3.4). A long-term growth rate of 1.6%, as used for impairment test purposes, has been applied to the years beyond 2027. A reducing probability factor has also been applied to future profits for the potential decrease in reliability of forecasts extrapolated for later years, such that profits beyond seven years of the balance sheet date have not been considered probable for the purpose of assessing deferred tax asset recognition. Unused tax losses make up a significant proportion of the temporary differences available to be utilised in future periods. These losses mainly arose due to the historic adoption of IFRS 15, previous Covid-19 related downward pressures on profits and tax deductible restructuring costs, cyber costs and pension contributions. Based on the forecast accounting profits, management have concluded that some of the deductible temporary differences and unused tax losses are not recognisable due to uncertainty in their recoverability. There is a decrease in the amounts previously recognised in respect of deferred tax assets and an increase in unrecognised temporary differences arising during the year. The impact of this is a debit to the income statement of \u00a318.4m, and a debit to OCI and changes in equity of \u00a39.0m. This is included in the movement in unrecognised temporary differences of \u00a326.1m in the tax reconciliation table in section 2.6.1 above, which also includes unrecognised current year temporary differences (mainly losses) of \u00a35.7m. The reported income statement charge includes \u00a326.0m change in the deferred tax asset estimate due to the reduction in future taxable profits on disposal of taxable subsidiaries, reflected in the tax arising on business exits (see note 2.8). Deferred tax asset recognition depends on the reliability of management\u2019s forecasts and the assumptions that underlie them. Management have considered the severe but plausible downsides applied to the base- case projections for assessing going concern and viability, to gauge sensitivity and identify a reasonable possible alternative result. This scenario identified a further potential reduction in recognised deferred tax assets of approximately \u00a37.6m . The Group has unrecognised tax losses and other temporary differences that are available for offset against future taxable profits of the companies in which the losses or other temporary differences arose but have not been recognised because their recoverability is uncertain. The table below shows the amounts split between UK and non-UK jurisdictions.
2024 2023
\u00a3m \u00a3m
Gross Amount Gross Amount
UK:
Tax losses
667.6
628.7
Other temporary timing differences
239.2
140.2
906.8
768.9
Non-UK:
Tax losses
64.0
67.4
Other temporary timing differences
12.4
11.2
76.4
78.6
Total
983.2
847.5
The \u00a3135.7m increase in unrecognised tax losses and other temporary differences reflects the decrease in amounts previously recognised in respect of deferred tax assets, and unrecognised temporary differences arising during the year due to: deferred interest; tax deductible cost reduction programme expenses; and pension contributions. Assets have no time expiry, but some losses are subject to specific loss restriction rules. \u00a341.8m (2023: \u00a328.8m) of the losses were incurred by companies acquired by the Group and are not a result of the Group\u2019s trading performance. Dividends received from subsidiaries are largely exempt from UK tax but may be subject to dividend withholding taxes levied by the overseas tax jurisdictions in which the subsidiaries operate. The gross temporary differences of those subsidiaries affected by such potential taxes is \u00a345.6m (2023: \u00a348.4m). A deferred tax liability of \u00a34.5m (2023: \u00a35.1m) has been recognised on the unremitted earnings of those subsidiaries affected by such potential taxes because the Group is able to control the timing of reversal and it is anticipating dividends to be distributed. The earnings remitted during the year have resulted in a reduction in the closing deferred tax liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-562": { "value": "2.6.2 Deferred tax Deferred tax relates to the following:
Credited/(charged) to
OCI and
At Income changes in Other At
1 January statement equity
movements
2
31 December
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
Fixed assets which qualify for tax relief
87.2
(8.5)
\u2014
(0.9)
77.8
Provisions and other temporary
differences
11.3
(1.3)
(1.8)
\u2014
8.2
Pension schemes
1.8
(3.4)
(7.0)
\u2014
(8.6)
Share-based payments
1.5
\u2014
(0.2)
\u2014
1.3
Tax losses
1
36.7
(6.0)
\u2014
\u2014
30.7
138.5
(19.2)
(9.0)
(0.9)
109.4
Jurisdictional netting
1.8
2.2
Net deferred tax assets
140.3
(19.2)
(9.0)
(0.9)
111.6
Deferred tax liabilities
Acquired intangibles
(0.1)
\u2014
\u2014
\u2014
(0.1)
Contract fulfilment assets
(0.2)
0.1
\u2014
\u2014
(0.1)
Unremitted earnings
(5.1)
0.7
\u2014
(0.2)
(4.6)
(5.4)
0.8
\u2014
(0.2)
(4.8)
Jurisdictional netting
(1.8)
(2.2)
Net deferred tax liabilities
(7.2)
0.8
\u2014
(0.2)
(7.0)
Net deferred tax
133.1
(18.4)
(9.0)
(1.1)
104.6
1. Mainly trading losses available to shelter future profits and deferred interest. 2. Other movements includes business disposals. The main movement in the net deferred tax asset is the income statement tax charge arising on the change in the accounting estimate of deferred tax. On 6 April 2024, it was announced that the free-standing tax charge that applies to authorised surplus payments to sponsoring employers of a registered defined benefit pension scheme will reduce from 35% to 25%. This was substantively enacted retrospectively from 11 March 2024. Therefore, for the purpose of recognising deferred tax on the pension scheme surplus, withholding tax at 25% (2023: 35%) would apply for any surplus being refunded to the Group at the end of the life of the scheme. Corporation tax at 25% would apply for any surplus expected to unwind over the life of the scheme. Management have concluded that the corporation tax rate should apply to the recognition of deferred tax on the pension scheme surplus, reflecting the Group\u2019s intention regarding the manner of recovery of the asset. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. The recoverability of deferred tax assets is supported by the deferred tax liabilities against which the reversal can be offset and the expected level of future taxable profits available to offset the assets when they reverse. The recognition of deferred tax assets at 31 December 2024 has been based on the forecast accounting profits in the 2025-2027 business plan approved by the Board. This is the same plan used to derive forecast cash flows for the goodwill impairment test (refer to note 3.4). A long-term growth rate of 1.6%, as used for impairment test purposes, has been applied to the years beyond 2027. A reducing probability factor has also been applied to future profits for the potential decrease in reliability of forecasts extrapolated for later years, such that profits beyond seven years of the balance sheet date have not been considered probable for the purpose of assessing deferred tax asset recognition. Unused tax losses make up a significant proportion of the temporary differences available to be utilised in future periods. These losses mainly arose due to the historic adoption of IFRS 15, previous Covid-19 related downward pressures on profits and tax deductible restructuring costs, cyber costs and pension contributions. Based on the forecast accounting profits, management have concluded that some of the deductible temporary differences and unused tax losses are not recognisable due to uncertainty in their recoverability. There is a decrease in the amounts previously recognised in respect of deferred tax assets and an increase in unrecognised temporary differences arising during the year. The impact of this is a debit to the income statement of \u00a318.4m, and a debit to OCI and changes in equity of \u00a39.0m. This is included in the movement in unrecognised temporary differences of \u00a326.1m in the tax reconciliation table in section 2.6.1 above, which also includes unrecognised current year temporary differences (mainly losses) of \u00a35.7m. The reported income statement charge includes \u00a326.0m change in the deferred tax asset estimate due to the reduction in future taxable profits on disposal of taxable subsidiaries, reflected in the tax arising on business exits (see note 2.8). Deferred tax asset recognition depends on the reliability of management\u2019s forecasts and the assumptions that underlie them. Management have considered the severe but plausible downsides applied to the base- case projections for assessing going concern and viability, to gauge sensitivity and identify a reasonable possible alternative result. This scenario identified a further potential reduction in recognised deferred tax assets of approximately \u00a37.6m The Group has unrecognised tax losses and other temporary differences that are available for offset against future taxable profits of the companies in which the losses or other temporary differences arose but have not been recognised because their recoverability is uncertain. The table below shows the amounts split between UK and non-UK jurisdictions.
2024 2023
\u00a3m \u00a3m
Gross Amount Gross Amount
UK:
Tax losses
667.6
628.7
Other temporary timing differences
239.2
140.2
906.8
768.9
Non-UK:
Tax losses
64.0
67.4
Other temporary timing differences
12.4
11.2
76.4
78.6
Total
983.2
847.5
The \u00a3135.7m increase in unrecognised tax losses and other temporary differences reflects the decrease in amounts previously recognised in respect of deferred tax assets, and unrecognised temporary differences arising during the year due to: deferred interest; tax deductible cost reduction programme expenses; and pension contributions. Assets have no time expiry, but some losses are subject to specific loss restriction rules. \u00a341.8m (2023: \u00a328.8m) of the losses were incurred by companies acquired by the Group and are not a result of the Group\u2019s trading performance. Dividends received from subsidiaries are largely exempt from UK tax but may be subject to dividend withholding taxes levied by the overseas tax jurisdictions in which the subsidiaries operate. The gross temporary differences of those subsidiaries affected by such potential taxes is \u00a345.6m (2023: \u00a348.4m). A deferred tax liability of \u00a34.5m (2023: \u00a35.1m) has been recognised on the unremitted earnings of those subsidiaries affected by such potential taxes because the Group is able to control the timing of reversal and it is anticipating dividends to be distributed. The earnings remitted during the year have resulted in a reduction in the closing deferred tax liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-500": { "value": "2.7 Earnings/(loss) per share Accounting policies Basic earnings/(loss) per share are calculated by dividing net profit/(loss) for the period attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings/(loss) per share are calculated by dividing the net profit/(loss) for the period attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
2024
2023
pence
pence
Basic earnings/(loss) per share
\u2013 reported
4.54
(10.60)
\u2013 adjusted
2.11
(0.20)
Diluted earnings/(loss) per share
\u2013 reported
4.41
(10.60)
\u2013 adjusted
2.05
(0.20)
The following tables show the earnings and share data used in the basic and diluted earnings/(loss) per share calculations:
2024
2023
\u00a3m
\u00a3m
Reported profit/(loss) before tax for the period
116.6
(106.6)
Income tax (charge)/credit 2.6.1
(36.2)
(74.0)
Reported profit/(loss) for the period
80.4
(180.6)
Less: Non-controlling interest
(3.7)
2.5
Total profit/(loss) attributable to shareholders
76.7
(178.1)
Adjusted profit before tax
1
for the period
2.4
50.0
40.9
Income tax (charge)/credit 2.6.1
(10.3)
(47.4)
Adjusted profit/(loss) for the period
39.7
(6.5)
Less: Non-controlling interest
(4.1)
3.1
Adjusted profit/(loss) attributable to shareholders
35.6
(3.4)
1. Definitions of the alternative performance measures and related key performance indicators (KPIs) can be found in section 8.2.
2024 2023
m m
Weighted average number of ordinary shares (excluding Employee Benefit
Trust shares) for basic earnings per share
1,690.4
1,680.9
Dilutive potential ordinary shares:
Employee share options
50.1
\u2014
Weighted average number of ordinary shares (excluding Employee Benefit
Trust shares) adjusted for the effect of dilution
1,740.5
1,680.9
At 31 December 2024 no (2023: 35,795,731) options were excluded from the diluted weighted average
number of ordinary shares calculation because their effect would have been anti-dilutive. Under IAS 33
Earnings per Share, potential ordinary shares are treated as dilutive when, and only when, their conversion
to ordinary shares would decrease earnings per share or increase loss per share from continuing
operations.
The earnings per share figures are calculated based on earnings attributable to ordinary equity holders of
the Parent Company and therefore exclude non-controlling interest. The earnings per share is calculated on
a total reported and an adjusted basis. The earnings per share for business exits and specific items are
reconciling items between total reported and adjusted basic earnings per share.
There have been no other transactions involving ordinary shares or potential ordinary shares between the
balance sheet date and the date on which these consolidated financial statements were authorised for
issue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-465": { "value": "Accounting policies Basic earnings/(loss) per share are calculated by dividing net profit/(loss) for the period attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings/(loss) per share are calculated by dividing the net profit/(loss) for the period attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-525": { "value": "2.8 Business exits and assets held-for-sale Accounting policies Business exits Business exits are businesses that have been sold, exited during the period, or are in the process of being sold or exited in accordance with the Group's strategy. None of these business exits meets the definition of \u2018discontinued operations\u2019 as stipulated by IFRS 5 Non-current assets held-for-sale and discontinued operations, which requires comparative financial information to be restated where the relative size of a disposal or business closure is significant, which is normally understood to mean a reported segment. However, the trading result of these businesses, non-trading expenses, and any gain/loss on disposal, have been excluded from adjusted results. To enable a like-for-like comparison of adjusted results, the 2023 comparatives have been re-presented to exclude the businesses classified as business exits during 2024. Assets held-for-sale The Group classifies a non-current asset (or disposal group) as held-for-sale if its carrying amount will be recovered principally through a sale transaction instead of continued use. For this to be the case, the asset (or disposal group) must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups) and its sale must be highly probable. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the asset (or disposal group), and an active programme to locate a buyer and complete the plan must have been initiated. Further, the asset (or disposal group) must be actively marketed for sale at a price that is reasonable in relation to its current fair value, and the sale should be expected to be completed within one year from the date of classification. Based on the above requirements, individual businesses will only reach the criteria to be treated as held-for- sale where the disposal is seen to be highly probable and expected to complete within the following twelve months. At 31 December 2024 one business (the Group\u2019s mortgage servicing business) was deemed to have met this threshold. At 31 December 2023 one business (the Group\u2019s 75% shareholding in Fera Science Limited (Fera)) was deemed to have met this threshold. 2024 business exits Business exits at 31 December 2024 primarily comprised the following business disposals:
Business
Disposal completed on
Fera
17 January 2024
Capita One
5 September 2024
In addition to the above disposals, as disclosed in the 2023 Annual Report, the Group decided to exit a business in Capita Public Service during 2023. During 2024, the Group decided to exit its corporate venture business (Capita Scaling Partner) in Capita Experience, and a further business from Capita Public Service. The trading results and non-trading expenses of these businesses have also been excluded from adjusted results. The Capita Scaling Partner business manages the Group\u2019s investments in start-up and scale-up companies. Of these investments, during the year, two associates were sold realising a net gain of \u00a30.3m and two other investments were sold realising a loss of \u00a37.4m which are included within \u2018share of results in associates and losses on financial assets\u2019 in the table below. Also included is a net loss of \u00a34.6m in relation to the revaluation of the remaining Capita Scaling Partner investments and a loss of \u00a30.1m being the share of the results of the associates before they were sold. As set out in note 4.5, following the decision to exit the Capita Scaling Partner business in the first half of the year and the losses realised on disposals in the second half of 2024, the Group has evolved its approach to valuing the remaining investments to take into account recent experiences, and to better reflect expected disposal proceeds. The Group will seek to maximise value from the remaining Capita Scaling Partner investments, which at 31 December 2024 had an aggregate carrying value of \u00a34.8m (2023: \u00a317.8m), including loans receivable by Capita of \u00a30.7m (2023: \u00a30.7m).
2024
2023 (Re-presented)
1
Trading Non-trading Total Trading Non-trading Total
Income statement impact \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
52.5
\u2014
52.5
238.8
\u2014
238.8
Cost of sales
(44.5)
\u2014
(44.5)
(160.0)
\u2014
(160.0)
Gross profit
8.0
\u2014
8.0
78.8
\u2014
78.8
Administrative expenses
(1.6)
(8.0)
(9.6)
(66.6)
(33.0)
(99.6)
Operating profit/(loss)
6.4
(8.0)
(1.6)
12.2
(33.0)
(20.8)
Share of results in associates and
losses on financial assets
\u2014
(11.8)
(11.8)
\u2014
\u2014
\u2014
Finance costs
(0.3)
\u2014
(0.3)
\u2014
\u2014
\u2014
Gain/(loss) on disposal of
businesses
\u2014
184.6
184.6
\u2014
(2.4)
(2.4)
Profit/(loss) before tax
6.1
164.8
170.9
12.2
(35.4)
(23.2)
Taxation
(1.7)
(24.3)
(26.0)
0.3
(27.6)
(27.3)
Profit/(loss) after tax
4.4
140.5
144.9
12.5
(63.0)
(50.5)
1. To enable a like-for-like comparison of adjusted results, the 2023 comparatives have been re-presented to include the businesses classified as business exits during 2024. Trading revenue and costs represent the trading performance of the above businesses up to the point of being disposed or exited, and in the comparative period also those businesses disposed of during 2023 (being: Resourcing, Security Watchdog, PageOne, Software, Enforcement, and Travel). Trading expenses primarily comprise payroll costs of \u00a329.4m (2023: \u00a3152.4m) and information technology costs of \u00a315.8m (2023: \u00a339.2m), and in the comparative period, the de-recognition of non-current contract fulfilment assets of \u00a38.2m on the early termination of a customer contract for a business in Capita Public Service that was first treated as a business exit in 2023. Non-trading administrative expenses include: asset impairments of \u00a38.7m (2023: \u00a325.4m); disposal project costs of \u00a31.1m (2023: \u00a35.6m); other costs including staff and redundancy costs of \u00a3nil (2023: \u00a32.6m); and, other income of \u00a31.8m (2023: \u00a30.6m). The asset impairments include goodwill within assets held-for-sale of \u00a3nil (2023: \u00a318.1m); property, plant and equipment of \u00a30.2m (2023: \u00a37.1m) (refer to note 3.2); intangible assets of \u00a38.5m (2023: \u00a3nil) (refer to note 3.3); and, right-of-use-assets of \u00a3nil (2023: \u00a30.2m) (refer to note 3.5). 2.8.1 Disposals During 2024 the Group disposed of two businesses: the Group's 75% shareholding in Fera, and Capita One. During 2023 the Group disposed of six businesses: Resourcing, Security Watchdog, PageOne, Software, Enforcement and Travel. The gain/(loss) arising was determined as follows: Property, plant and equipment \u2014 0.3 Intangible assets \u2014 8.6 Goodwill \u2014 3.2 Right-of-use assets \u2014 0.2 Income tax recoverable and deferred tax assets \u2014 0.8 Trade and other receivables \u2014 78.6 Cash and cash equivalents \u2014 14.6 Disposal group assets held-for-sale1 157.8 78.2 Trade and other payables \u2014 (36.6) Deferred income \u2014 (3.9) Lease liabilities \u2014 (0.2) Capita group loan balances \u2014 (42.7) Income tax payable and deferred tax liabilities \u2014 (1.1) Disposal group liabilities held-for-sale1 (82.9) (33.5) Net identifiable assets sold 74.9 66.5 Non-controlling interests (9.1) \u2014 65.8 66.5 Sales price: received in cash 269.8 68.4 deferred receivable \u2014 11.4 Less: disposal costs (19.4) (15.5) Net sales price 250.4 64.3 Realisation of cumulative currency translation difference \u2014 (0.2) Gain/(loss) on disposal of businesses 184.6 (2.4) The net cash inflow was determined as follows:
2024 2023
\u00a3m \u00a3m
Net cash inflow
Proceeds received
269.8
68.4
Less disposal costs:
income statement charge
(19.4)
(15.5)
change in accrued disposal costs during the year
(1.3)
(8.1)
Settlement of receivables due from disposed businesses:
disposal of businesses in the period
\u2014
42.7
disposal of businesses classified as held-for-sale
\u2014
9.3
Total proceeds received net of disposal costs paid
249.1
96.8
Total cash held by businesses when sold
Cash held by businesses when sold
\u2014
(14.6)
Cash held by businesses classified as held-for-sale
(25.2)
(18.8)
Total cash held by businesses when sold
(25.2)
(33.4)
Net cash inflow
223.9
63.4
1. 2024 balances in respect of disposal group assets and liabilities held-for-sale relate to Fera and Capita One which were transferred to held- for-sale on 31 December 2023 and 30 June 2024 respectively, prior to their disposals in 2024. The 2023 balances relate to three businesses (PageOne, Software and Enforcement) that were transferred to held-for-sale on 30 June 2023, and were subsequently sold on 31 July 2023. Disposal costs of \u00a33.5m, relating to businesses disposed of in the year, were recognised in prior years and are excluded from the above gain on disposal of businesses. 2.8.2 Disposal group assets and liabilities held-for-sale At 31 December 2024, the mortgage servicing business was deemed to have met the threshold to be treated as held-for-sale (2023: the Fera business was deemed to have met the held-for-sale threshold).
2024 2023
\u00a3m \u00a3m
Property, plant and equipment
0.1
5.1
Goodwill
\u2014
15.0
Trade and other receivables
\u2014
3.3
Accrued income
\u2014
6.1
Prepayments
\u2014
1.4
Cash and cash equivalents
\u2014
7.2
Disposal group assets held-for-sale
0.1
38.1
Trade and other payables
\u2014
2.1
Other taxes and social security
\u2014
1.6
Accruals
0.1
1.8
Deferred income
\u2014
3.6
Income tax payable and deferred tax liabilities
\u2014
0.6
Disposal group liabilities held-for-sale
0.1
9.7
2.8.3 Business exit cash flows Businesses exited and being exited had a cash generated from operations inflow of \u00a314.3m up to the date of exit (2023: cash outflow of \u00a31.5m). A reconciliation of cash generated from/(used) by operations excluding business exits, is included within note 2.9.2.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-501": { "value": "2.8 Business exits and assets held-for-sale Accounting policies Business exits Business exits are businesses that have been sold, exited during the period, or are in the process of being sold or exited in accordance with the Group's strategy. None of these business exits meets the definition of \u2018discontinued operations\u2019 as stipulated by IFRS 5 Non-current assets held-for-sale and discontinued operations, which requires comparative financial information to be restated where the relative size of a disposal or business closure is significant, which is normally understood to mean a reported segment. However, the trading result of these businesses, non-trading expenses, and any gain/loss on disposal, have been excluded from adjusted results. To enable a like-for-like comparison of adjusted results, the 2023 comparatives have been re-presented to exclude the businesses classified as business exits during 2024. Assets held-for-sale The Group classifies a non-current asset (or disposal group) as held-for-sale if its carrying amount will be recovered principally through a sale transaction instead of continued use. For this to be the case, the asset (or disposal group) must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups) and its sale must be highly probable. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the asset (or disposal group), and an active programme to locate a buyer and complete the plan must have been initiated. Further, the asset (or disposal group) must be actively marketed for sale at a price that is reasonable in relation to its current fair value, and the sale should be expected to be completed within one year from the date of classification. Based on the above requirements, individual businesses will only reach the criteria to be treated as held-for- sale where the disposal is seen to be highly probable and expected to complete within the following twelve months. At 31 December 2024 one business (the Group\u2019s mortgage servicing business) was deemed to have met this threshold. At 31 December 2023 one business (the Group\u2019s 75% shareholding in Fera Science Limited (Fera)) was deemed to have met this threshold. 2024 business exits Business exits at 31 December 2024 primarily comprised the following business disposals:
Business
Disposal completed on
Fera
17 January 2024
Capita One
5 September 2024
In addition to the above disposals, as disclosed in the 2023 Annual Report, the Group decided to exit a business in Capita Public Service during 2023. During 2024, the Group decided to exit its corporate venture business (Capita Scaling Partner) in Capita Experience, and a further business from Capita Public Service. The trading results and non-trading expenses of these businesses have also been excluded from adjusted results. The Capita Scaling Partner business manages the Group\u2019s investments in start-up and scale-up companies. Of these investments, during the year, two associates were sold realising a net gain of \u00a30.3m and two other investments were sold realising a loss of \u00a37.4m which are included within \u2018share of results in associates and losses on financial assets\u2019 in the table below. Also included is a net loss of \u00a34.6m in relation o the revaluation of the remaining Capita Scaling Partner investments and a loss of \u00a30.1m being the share of the results of the associates before they were sold. As set out in note 4.5, following the decision to exit the Capita Scaling Partner business in the first half of the year and the losses realised on disposals in the second half of 2024, the Group has evolved its approach to valuing the remaining investments to take into account recent experiences, and to better reflect expected disposal proceeds. The Group will seek to maximise value from the remaining Capita Scaling Partner investments, which at 31 December 2024 had an aggregate carrying value of \u00a34.8m (2023: \u00a317.8m), including loans receivable by Capita of \u00a30.7m (2023: \u00a30.7m).
2024
2023 (Re-presented)
1
Trading Non-trading Total Trading Non-trading Total
Income statement impact \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
52.5
\u2014
52.5
238.8
\u2014
238.8
Cost of sales
(44.5)
\u2014
(44.5)
(160.0)
\u2014
(160.0)
Gross profit
8.0
\u2014
8.0
78.8
\u2014
78.8
Administrative expenses
(1.6)
(8.0)
(9.6)
(66.6)
(33.0)
(99.6)
Operating profit/(loss)
6.4
(8.0)
(1.6)
12.2
(33.0)
(20.8)
Share of results in associates and
losses on financial assets
\u2014
(11.8)
(11.8)
\u2014
\u2014
\u2014
Finance costs
(0.3)
\u2014
(0.3)
\u2014
\u2014
\u2014
Gain/(loss) on disposal of
businesses
\u2014
184.6
184.6
\u2014
(2.4)
(2.4)
Profit/(loss) before tax
6.1
164.8
170.9
12.2
(35.4)
(23.2)
Taxation
(1.7)
(24.3)
(26.0)
0.3
(27.6)
(27.3)
Profit/(loss) after tax
4.4
140.5
144.9
12.5
(63.0)
(50.5)
1. To enable a like-for-like comparison of adjusted results, the 2023 comparatives have been re-presented to include the businesses classified as business exits during 2024. Trading revenue and costs represent the trading performance of the above businesses up to the point of being disposed or exited, and in the comparative period also those businesses disposed of during 2023 (being: Resourcing, Security Watchdog, PageOne, Software, Enforcement, and Travel). Trading expenses primarily comprise payroll costs of \u00a329.4m (2023: \u00a3152.4m) and information technology costs of \u00a315.8m (2023: \u00a339.2m), and in the comparative period, the de-recognition of non-current contract fulfilment assets of \u00a38.2m on the early termination of a customer contract for a business in Capita Public Service that was first treated as a business exit in 2023. Non-trading administrative expenses include: asset impairments of \u00a38.7m (2023: \u00a325.4m); disposal project costs of \u00a31.1m (2023: \u00a35.6m); other costs including staff and redundancy costs of \u00a3nil (2023: \u00a32.6m); and, other income of \u00a31.8m (2023: \u00a30.6m). The asset impairments include goodwill within assets held-for-sale of \u00a3nil (2023: \u00a318.1m); property, plant and equipment of \u00a30.2m (2023: \u00a37.1m) (refer to note 3.2); intangible assets of \u00a38.5m (2023: \u00a3nil) (refer to note 3.3); and, right-of-use-assets of \u00a3nil (2023: \u00a30.2m) (refer to note 3.5). 2.8.1 Disposals During 2024 the Group disposed of two businesses: the Group's 75% shareholding in Fera, and Capita One. During 2023 the Group disposed of six businesses: Resourcing, Security Watchdog, PageOne, Software, Enforcement and Travel. The gain/(loss) arising was determined as follows: Property, plant and equipment \u2014 0.3 Intangible assets \u2014 8.6 Goodwill \u2014 3.2 Right-of-use assets \u2014 0.2 Income tax recoverable and deferred tax assets \u2014 0.8 Trade and other receivables \u2014 78.6 Cash and cash equivalents \u2014 14.6 Disposal group assets held-for-sale1 157.8 78.2 Trade and other payables \u2014 (36.6) Deferred income \u2014 (3.9) Lease liabilities \u2014 (0.2) Capita group loan balances \u2014 (42.7) Income tax payable and deferred tax liabilities \u2014 (1.1) Disposal group liabilities held-for-sale1 (82.9) (33.5) Net identifiable assets sold 74.9 66.5 Non-controlling interests (9.1) \u2014 65.8 66.5 Sales price: received in cash 269.8 68.4 deferred receivable \u2014 11.4 Less: disposal costs (19.4) (15.5) Net sales price 250.4 64.3 Realisation of cumulative currency translation difference \u2014 (0.2) Gain/(loss) on disposal of businesses 184.6 (2.4)
The net cash inflow was determined as follows:
2024 2023
\u00a3m \u00a3m
Net cash inflow
Proceeds received
269.8
68.4
Less disposal costs:
income statement charge
(19.4)
(15.5)
change in accrued disposal costs during the year
(1.3)
(8.1)
Settlement of receivables due from disposed businesses:
disposal of businesses in the period
\u2014
42.7
disposal of businesses classified as held-for-sale
\u2014
9.3
Total proceeds received net of disposal costs paid
249.1
96.8
Total cash held by businesses when sold
Cash held by businesses when sold
\u2014
(14.6)
Cash held by businesses classified as held-for-sale
(25.2)
(18.8)
Total cash held by businesses when sold
(25.2)
(33.4)
Net cash inflow
223.9
63.4
1. 2024 balances in respect of disposal group assets and liabilities held-for-sale relate to Fera and Capita One which were transferred to held-
for-sale on 31 December 2023 and 30 June 2024 respectively, prior to their disposals in 2024. The 2023 balances relate to three businesses
(PageOne, Software and Enforcement) that were transferred to held-for-sale on 30 June 2023, and were subsequently sold on 31 July 2023.
Disposal costs of \u00a33.5m, relating to businesses disposed of in the year, were recognised in prior years and
are excluded from the above gain on disposal of businesses.
2.8.2 Disposal group assets and liabilities held-for-sale
At 31 December 2024, the mortgage servicing business was deemed to have met the threshold to be
treated as held-for-sale (2023: the Fera business was deemed to have met the held-for-sale threshold).
2024 2023
\u00a3m \u00a3m
Property, plant and equipment
0.1
5.1
Goodwill
\u2014
15.0
Trade and other receivables
\u2014
3.3
Accrued income
\u2014
6.1
Prepayments
\u2014
1.4
Cash and cash equivalents
\u2014
7.2
Disposal group assets held-for-sale
0.1
38.1
Trade and other payables
\u2014
2.1
Other taxes and social security
\u2014
1.6
Accruals
0.1
1.8
Deferred income
\u2014
3.6
Income tax payable and deferred tax liabilities
\u2014
0.6
Disposal group liabilities held-for-sale
0.1
9.7
2.8.3 Business exit cash flows
Businesses exited and being exited had a cash generated from operations inflow of \u00a314.3m up to the date
of exit (2023: cash outflow of \u00a31.5m). A reconciliation of cash generated from/(used) by operations
excluding business exits, is included within note 2.9.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-480": { "value": "Accounting policies Business exits Business exits are businesses that have been sold, exited during the period, or are in the process of being sold or exited in accordance with the Group's strategy. None of these business exits meets the definition of \u2018discontinued operations\u2019 as stipulated by IFRS 5 Non-current assets held-for-sale and discontinued operations, which requires comparative financial information to be restated where the relative size of a disposal or business closure is significant, which is normally understood to mean a reported segment. However, the trading result of these businesses, non-trading expenses, and any gain/loss on disposal, have been excluded from adjusted results. To enable a like-for-like comparison of adjusted results, the 2023 comparatives have been re-presented to exclude the businesses classified as business exits during 2024. Assets held-for-sale The Group classifies a non-current asset (or disposal group) as held-for-sale if its carrying amount will be recovered principally through a sale transaction instead of continued use. For this to be the case, the asset (or disposal group) must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups) and its sale must be highly probable. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the asset (or disposal group), and an active programme to locate a buyer and complete the plan must have been initiated. Further, the asset (or disposal group) must be actively marketed for sale at a price that is reasonable in relation to its current fair value, and the sale should be expected to be completed within one year from the date of classification. Based on the above requirements, individual businesses will only reach the criteria to be treated as held-for- sale where the disposal is seen to be highly probable and expected to complete within the following twelve months. At 31 December 2024 one business (the Group\u2019s mortgage servicing business) was deemed to have met this threshold. At 31 December 2023 one business (the Group\u2019s 75% shareholding in Fera Science Limited (Fera)) was deemed to have met this threshold. Trading revenue and costs represent the trading performance of the above businesses up to the point of being disposed or exited, and in the comparative period also those businesses disposed of during 2023 (being: Resourcing, Security Watchdog, PageOne, Software, Enforcement, and Travel). Trading expenses primarily comprise payroll costs of \u00a329.4m (2023: \u00a3152.4m) and information technology costs of \u00a315.8m (2023: \u00a339.2m), and in the comparative period, the de-recognition of non-current contract fulfilment assets of \u00a38.2m on the early termination of a customer contract for a business in Capita Public Service that was first treated as a business exit in 2023. Non-trading administrative expenses include: asset impairments of \u00a38.7m (2023: \u00a325.4m); disposal project costs of \u00a31.1m (2023: \u00a35.6m); other costs including staff and redundancy costs of \u00a3nil (2023: \u00a32.6m); and, other income of \u00a31.8m (2023: \u00a30.6m). The asset impairments include goodwill within assets held-for-sale of \u00a3nil (2023: \u00a318.1m); property, plant and equipment of \u00a30.2m (2023: \u00a37.1m) (refer to note 3.2); intangible assets of \u00a38.5m (2023: \u00a3nil) (refer to note 3.3); and, right-of-use-assets of \u00a3nil (2023: \u00a30.2m) (refer to note 3.5). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "value": "Accounting policies Business exits Business exits are businesses that have been sold, exited during the period, or are in the process of being sold or exited in accordance with the Group's strategy. None of these business exits meets the definition of \u2018discontinued operations\u2019 as stipulated by IFRS 5 Non-current assets held-for-sale and discontinued operations, which requires comparative financial information to be restated where the relative size of a disposal or business closure is significant, which is normally understood to mean a reported segment. However, the trading result of these businesses, non-trading expenses, and any gain/loss on disposal, have been excluded from adjusted results. To enable a like-for-like comparison of adjusted results, the 2023 comparatives have been re-presented to exclude the businesses classified as business exits during 2024. Assets held-for-sale The Group classifies a non-current asset (or disposal group) as held-for-sale if its carrying amount will be recovered principally through a sale transaction instead of continued use. For this to be the case, the asset (or disposal group) must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups) and its sale must be highly probable. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the asset (or disposal group), and an active programme to locate a buyer and complete the plan must have been initiated. Further, the asset (or disposal group) must be actively marketed for sale at a price that is reasonable in relation to its current fair value, and the sale should be expected to be completed within one year from the date of classification. Based on the above requirements, individual businesses will only reach the criteria to be treated as held-for- sale where the disposal is seen to be highly probable and expected to complete within the following twelve months. At 31 December 2024 one business (the Group\u2019s mortgage servicing business) was deemed to have met this threshold. At 31 December 2023 one business (the Group\u2019s 75% shareholding in Fera Science Limited (Fera)) was deemed to have met this threshold. Trading revenue and costs represent the trading performance of the above businesses up to the point of being disposed or exited, and in the comparative period also those businesses disposed of during 2023 (being: Resourcing, Security Watchdog, PageOne, Software, Enforcement, and Travel). Trading expenses primarily comprise payroll costs of \u00a329.4m (2023: \u00a3152.4m) and information technology costs of \u00a315.8m (2023: \u00a339.2m), and in the comparative period, the de-recognition of non-current contract fulfilment assets of \u00a38.2m on the early termination of a customer contract for a business in Capita Public Service that was first treated as a business exit in 2023. Non-trading administrative expenses include: asset impairments of \u00a38.7m (2023: \u00a325.4m); disposal project costs of \u00a31.1m (2023: \u00a35.6m); other costs including staff and redundancy costs of \u00a3nil (2023: \u00a32.6m); and, other income of \u00a31.8m (2023: \u00a30.6m). The asset impairments include goodwill within assets held-for-sale of \u00a3nil (2023: \u00a318.1m); property, plant and equipment of \u00a30.2m (2023: \u00a37.1m) (refer to note 3.2); intangible assets of \u00a38.5m (2023: \u00a3nil) (refer to note 3.3); and, right-of-use-assets of \u00a3nil (2023: \u00a30.2m) (refer to note 3.5). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-526": { "value": "2.9 Cash flow information Accounting policies Cash and short-term deposits in the balance sheet comprise cash at bank and in-hand and short-term deposits with an original maturity of three months or less. In the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits net of outstanding bank overdrafts and include cash and overdrafts within disposal group assets and liabilities held-for-sale. Cash at bank earns interest at fixed and floating rates based on prevailing bank deposit rates. 2.9.1 Additional cash flow information
2024
2023
Excluding Excluding
business business
Reported
exits
1
Reported
exits
1
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Cash flows from operating activities:
Reported operating loss
2.4
(9.9)
(9.9)
(52.0)
(52.0)
Less: business exit operating loss
2.8
\u2014
1.6
\u2014
20.8
Total operating loss
(9.9)
(8.3)
(52.0)
(31.2)
Adjustments for non-cash items:
Depreciation 3.2 3.5
66.5
66.4
79.5
77.9
Amortisation of intangible assets
3.3
23.4
21.8
29.3
23.7
Share-based payment expense
5.1
6.0
6.0
5.5
5.5
Employee benefits
5.2
8.5
8.5
7.7
7.7
Loss on sale of property, plant and equipment and
intangible assets
2.3
1.7
1.7
0.7
0.7
Amendments and early terminations of leases
(6.8)
(6.8)
3.0
3.0
Impairment of assets held-for-sale
\u2014
\u2014
18.1
\u2014
Impairment of non-current assets
86.2
77.5
69.6
62.3
Other adjustments:
Movement in provisions
2
(31.2)
(29.9)
23.0
15.7
Pension deficit contributions
5.2
(20.8)
(6.3)
(46.3)
(30.0)
Other contributions into pension schemes
(8.4)
(8.4)
(9.2)
(9.2)
Movements in working capital
2
:
Trade and other receivables
16.4
18.3
(30.1)
(4.1)
Non-recourse trade receivables financing
3.1.1
(11.8)
(11.8)
(9.2)
(9.2)
Trade and other payables
(65.2)
(60.6)
(8.5)
(5.5)
Deferred income
(33.2)
(46.4)
(77.4)
(80.5)
Contract fulfilment assets (non-current)
(5.4)
(5.5)
5.0
(0.3)
Cash generated from operations
16.0
16.2
8.7
26.5
2024
2023
Excluding Excluding
business business
Reported
exits
1
Reported
exits
1
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Adjustments for free cash flows:
Income tax paid
3
(4.0)
(4.0)
(8.1)
(4.2)
Income tax received
3
5.1
5.1
0.6
0.6
Interest received
8.0
7.9
6.2
6.2
Interest paid
(50.3)
(50.3)
(47.7)
(47.7)
Net cash outflow from operating activities
(25.2)
(25.1)
(40.3)
(18.6)
Purchase of property, plant and equipment
3.2
(16.6)
(16.3)
(28.8)
(26.4)
Purchase of intangible assets
3.3
(33.5)
(33.5)
(32.8)
(26.3)
Proceeds from sale of property, plant and equipment
0.3
0.3
0.1
0.1
and intangible assets
Capital element of lease rental receipts
5.9
5.9
6.0
6.0
Capital element of lease rental payments
(53.6)
(53.6)
(59.1)
(58.4)
Free cash flow
1
(122.7)
(122.3)
(154.9)
(123.6)
1. Definitions of the alternative performance measures and related key performance indicators (KPIs) can be found in section 8.2. 2. These movements exclude items that have been adjusted for elsewhere within the cash flow statement. For example, balances transferred to held-for-sale or relate to a business disposal. As such these movements may not directly agree to the year-on-year movements within the balance sheet. 3. Income tax paid and income tax received have been separately disclosed for the current year, with the prior year re-presented on the same basis. Previously these were presented as net income tax paid. Cyber incident: In relation to the exceptional cyber incident costs referred to in note 2.4, the net cash outflow during the year ended 31 December 2024 was \u00a35.0m (2023: \u00a320.1m) and is included within free cash flow excluding business exits, and cash generated from operations excluding business exits. The cumulative net cash outflow since the incident in the first half of 2023 is \u00a325.1m. Cost reduction programme: In relation to the implementation of the cost reduction programme detailed in note 2.4, the cash outflow during the year ended 31 December 2024 was \u00a344.5m (2023: \u00a36.1m), and is included within free cash flow excluding business exits, and cash generated from operations excluding business exits. The outflow in the current year was less than the expected outflow included in the 2023 Annual Report of \u00a350m due to a delay in the timing of some payments. The cumulative cash outflow since the commencement of the cost reduction programme in the second half of 2023 is \u00a350.6m. The cost reduction initiatives are expected to result in cash costs during 2025 totalling an estimated \u00a355m. 2.9.2 Free cash flow and cash generated from operations (alternative performance measures - refer to section 8.2) The Board considers free cash flow, and cash generated from operations excluding business exits, to be alternative performance measures because these metrics provide a more representative measure of the sustainable cash flow of the Group. Comparative amounts have been re-presented. These measures are analysed below:
Cash generated/(used) by
Free cash flow operations
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Reported (including business exits)
(122.7)
(154.9)
16.0
8.7
Business exits
(14.1)
15.0
(14.3)
1.5
Pension deficit contributions triggered by
disposals
14.5
16.3
14.5
16.3
Excluding business exits
(122.3)
(123.6)
16.2
26.5
A reconciliation of net cash flow to movement in net debt is included in note 2.9.3. Business exits: the cash flows of businesses exited, or in the process of being exited, and the proceeds from disposals, are disclosed outside the adjusted results. The 2023 results have been re-presented for those businesses exited, or in the process of being exited, during 2024 to enable comparability of the adjusted results. Pension deficit contributions triggered by disposals: the Trustees of the Group\u2019s main defined benefit pension scheme (HPS) has an agreement with the Group that if there is a future deficit in the scheme, the Group will accelerate the payment of future agreed deficit contributions on a pound for pound basis in the event of disposal proceeds being used to fund mandatory prepayments of debt. The Trustmarque disposal in March 2022 resulted in an accelerated deficit contribution of \u00a314.5m being paid during 2024. The disposal of Pay360 and Capita Translation and Interpreting in the second half of 2022 and Resourcing in 2023 resulted in accelerated deficit contributions of \u00a316.3m being paid during 2023. Given the healthy funding position of HPS in its latest funding valuation, the Group has paid all outstanding deficit contributions at this time. 2.9.3 Reconciliation of net cash flow to movement in net debt
Total
Net debt at
Cash flow
Change in New Lease Lease Exchange Non-cash Net debt at
1 January
movements
Amortisation fair value Interest leases terminations modifications movements movement 31 December
Year ended 31 December 2024 Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash, cash equivalents and overdrafts
4.5.4
67.6
124.5
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.7)
(0.7)
191.4
Private placement loan notes
(267.0)
\u2014
\u2014
0.9
\u2014
\u2014
\u2014
\u2014
(5.8)
(4.9)
(271.9)
Unamortised transaction costs on debt issuance
4.5
\u2014
(1.9)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1.9)
2.6
Carrying value of private placement loan notes
4.5
(262.5)
\u2014
(1.9)
0.9
\u2014
\u2014
\u2014
\u2014
(5.8)
(6.8)
(269.3)
Cross-currency interest rate swaps
4.5
13.6
(3.4)
\u2014
2.0
\u2014
\u2014
\u2014
\u2014
\u2014
2.0
12.2
Fair value of private placement loan notes
(248.9)
(3.4)
(1.9)
2.9
\u2014
\u2014
\u2014
\u2014
(5.8)
(4.8)
(257.1)
Other finance
4.5
(0.1)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.1)
Lease liabilities
4.4
(363.4)
76.3
\u2014
\u2014
(22.7)
(34.6)
9.3
(14.3)
0.7
(61.6)
(348.7)
Total net liabilities from financing activities
(612.4)
72.9
(1.9)
2.9
(22.7)
(34.6)
9.3
(14.3)
(5.1)
(66.4)
(605.9)
Deferred consideration payable
4.5
(0.7)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.7)
Net debt
4.1.1
(545.5)
197.4
(1.9)
2.9
(22.7)
(34.6)
9.3
(14.3)
(5.8)
(67.1)
(415.2)
Total
Net debt at Cash flow Change in New Lease Lease Exchange Non-cash Net debt at
1 January movements Amortisation fair value Interest Leases terminations modifications movements movement 31 December
Year ended 31 December 2023 Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash, cash equivalents and overdrafts
4.5.4
177.2
(106.9)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(2.7)
(2.7)
67.6
Private placement loan notes
(289.5)
17.5
\u2014
3.7
\u2014
\u2014
\u2014
\u2014
1.3
5.0
(267.0)
Unamortised transaction costs on debt issuance
4.0
5.4
(4.9)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(4.9)
4.5
Carrying value of private placement loan notes
4.5
(285.5)
22.9
(4.9)
3.7
\u2014
\u2014
\u2014
\u2014
1.3
0.1
(262.5)
Cross-currency interest rate swaps
4.5
24.8
(6.9)
\u2014
(4.3)
\u2014
\u2014
\u2014
\u2014
\u2014
(4.3)
13.6
Fair value of private placement loan notes
(260.7)
16.0
(4.9)
(0.6)
\u2014
\u2014
\u2014
\u2014
1.3
(4.2)
(248.9)
Other finance
4.5
(0.7)
0.5
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
0.1
0.1
(0.1)
Lease liabilities
4.4
(397.5)
81.4
\u2014
\u2014
(22.3)
(17.2)
2.6
(11.9)
1.5
(47.3)
(363.4)
Total net liabilities from financing activities
(658.9)
97.9
(4.9)
(0.6)
(22.3)
(17.2)
2.6
(11.9)
2.9
(51.4)
(612.4)
Deferred consideration payable
4.5
(0.7)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.7)
Net debt
4.1.1
(482.4)
(9.0)
(4.9)
(0.6)
(22.3)
(17.2)
2.6
(11.9)
0.2
(54.1)
(545.5)
Overdrafts comprise the aggregate value of overdrawn bank account balances within the Group\u2019s notional interest pooling arrangements. These aggregate overdrawn amounts are fully offset by surplus balances within the same notional pooling arrangements. At 31 December 2024, the Group\u2019s \u00a3250.0m committed revolving credit facility was undrawn (31 December 2023: undrawn). 4.5.4 Cash, cash equivalents and overdrafts The Group has a notional cash pool with its bank under which the bank is able to net overdrafts against cash balances held by other Group companies within the same notional pool. The overdraft balances shown below are fully offset by cash balances within the same notional pool. Since the pool is notional, the Group\u2019s gross cash and overdraft position is presented below:
2024 2023
\u00a3m \u00a3m
Cash and cash equivalents
253.6
155.4
Overdrafts
(62.2)
(95.0)
191.4
60.4
Cash, net of overdrafts, included in disposal group assets and liabilities
held-for-sale (note 2.8.2)
\u2014
7.2
Total cash, cash equivalents and overdrafts
191.4
67.6
Of total cash, cash equivalents and overdrafts, \u00a344.2m (2023: \u00a346.0m) is restricted cash, which includes cash required to be held under FCA regulations, cash held in foreign bank accounts, and cash represented by non-controlling interests.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-502": { "value": "2.9 Cash flow information Accounting policies Cash and short-term deposits in the balance sheet comprise cash at bank and in-hand and short-term deposits with an original maturity of three months or less. In the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits net of outstanding bank overdrafts and include cash and overdrafts within disposal group assets and liabilities held-for-sale. Cash at bank earns interest at fixed and floating rates based on prevailing bank deposit rates.
2.9.1 Additional cash flow information
2024
2023
Excluding Excluding
business business
Reported
exits
1
Reported
exits
1
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Cash flows from operating activities:
Reported operating loss
2.4
(9.9)
(9.9)
(52.0)
(52.0)
Less: business exit operating loss
2.8
\u2014
1.6
\u2014
20.8
Total operating loss
(9.9)
(8.3)
(52.0)
(31.2)
Adjustments for non-cash items:
Depreciation 3.2 3.5
66.5
66.4
79.5
77.9
Amortisation of intangible assets
3.3
23.4
21.8
29.3
23.7
Share-based payment expense
5.1
6.0
6.0
5.5
5.5
Employee benefits
5.2
8.5
8.5
7.7
7.7
Loss on sale of property, plant and equipment and
intangible assets
2.3
1.7
1.7
0.7
0.7
Amendments and early terminations of leases
(6.8)
(6.8)
3.0
3.0
Impairment of assets held-for-sale
\u2014
\u2014
18.1
\u2014
Impairment of non-current assets
86.2
77.5
69.6
62.3
Other adjustments:
Movement in provisions
2
(31.2)
(29.9)
23.0
15.7
Pension deficit contributions
5.2
(20.8)
(6.3)
(46.3)
(30.0)
Other contributions into pension schemes
(8.4)
(8.4)
(9.2)
(9.2)
Movements in working capital
2
:
Trade and other receivables
16.4
18.3
(30.1)
(4.1)
Non-recourse trade receivables financing
3.1.1
(11.8)
(11.8)
(9.2)
(9.2)
Trade and other payables
(65.2)
(60.6)
(8.5)
(5.5)
Deferred income
(33.2)
(46.4)
(77.4)
(80.5)
Contract fulfilment assets (non-current)
(5.4)
(5.5)
5.0
(0.3)
Cash generated from operations
16.0
16.2
8.7
26.5
2024
2023
Excluding Excluding
business business
Reported
exits
1
Reported
exits
1
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Adjustments for free cash flows:
Income tax paid
3
(4.0)
(4.0)
(8.1)
(4.2)
Income tax received
3
5.1
5.1
0.6
0.6
Interest received
8.0
7.9
6.2
6.2
Interest paid
(50.3)
(50.3)
(47.7)
(47.7)
Net cash outflow from operating activities
(25.2)
(25.1)
(40.3)
(18.6)
Purchase of property, plant and equipment
3.2
(16.6)
(16.3)
(28.8)
(26.4)
Purchase of intangible assets
3.3
(33.5)
(33.5)
(32.8)
(26.3)
Proceeds from sale of property, plant and equipment
0.3
0.3
0.1
0.1
and intangible assets
Capital element of lease rental receipts
5.9
5.9
6.0
6.0
Capital element of lease rental payments
(53.6)
(53.6)
(59.1)
(58.4)
Free cash flow
1
(122.7)
(122.3)
(154.9)
(123.6)
1. Definitions of the alternative performance measures and related key performance indicators (KPIs) can be found in section 8.2.
2. These movements exclude items that have been adjusted for elsewhere within the cash flow statement. For example, balances transferred
to held-for-sale or relate to a business disposal. As such these movements may not directly agree to the year-on-year movements within the
balance sheet.
3. Income tax paid and income tax received have been separately disclosed for the current year, with the prior year re-presented on the same
basis. Previously these were presented as net income tax paid.
Cyber incident: In relation to the exceptional cyber incident costs referred to in note 2.4, the net cash
outflow during the year ended 31 December 2024 was \u00a35.0m (2023: \u00a320.1m) and is included within free
cash flow excluding business exits, and cash generated from operations excluding business exits. The
cumulative net cash outflow since the incident in the first half of 2023 is \u00a325.1m.
Cost reduction programme: In relation to the implementation of the cost reduction programme detailed in
note 2.4, the cash outflow during the year ended 31 December 2024 was \u00a344.5m (2023: \u00a36.1m), and is
included within free cash flow excluding business exits, and cash generated from operations excluding
business exits. The outflow in the current year was less than the expected outflow included in the 2023
Annual Report of \u00a350m due to a delay in the timing of some payments. The cumulative cash outflow since
the commencement of the cost reduction programme in the second half of 2023 is \u00a350.6m. The cost
reduction initiatives are expected to result in cash costs during 2025 totalling an estimated \u00a355m.
2.9.2 Free cash flow and cash generated from operations (alternative performance measures - refer
to section 8.2)
The Board considers free cash flow, and cash generated from operations excluding business exits, to be
alternative performance measures because these metrics provide a more representative measure of the
sustainable cash flow of the Group. Comparative amounts have been re-presented.
These measures are analysed below:
Cash generated/(used) by
Free cash flow operations
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Reported (including business exits)
(122.7)
(154.9)
16.0
8.7
Business exits
(14.1)
15.0
(14.3)
1.5
Pension deficit contributions triggered by
disposals
14.5
16.3
14.5
16.3
Excluding business exits
(122.3)
(123.6)
16.2
26.5
A reconciliation of net cash flow to movement in net debt is included in note 2.9.3.
Business exits: the cash flows of businesses exited, or in the process of being exited, and the proceeds
from disposals, are disclosed outside the adjusted results. The 2023 results have been re-presented for
those businesses exited, or in the process of being exited, during 2024 to enable comparability of the
adjusted results.
Pension deficit contributions triggered by disposals: the Trustees of the Group\u2019s main defined benefit
pension scheme (HPS) has an agreement with the Group that if there is a future deficit in the scheme, the
Group will accelerate the payment of future agreed deficit contributions on a pound for pound basis in the
event of disposal proceeds being used to fund mandatory prepayments of debt. The Trustmarque disposal
in March 2022 resulted in an accelerated deficit contribution of \u00a314.5m being paid during 2024. The
disposal of Pay360 and Capita Translation and Interpreting in the second half of 2022 and Resourcing in
2023 resulted in accelerated deficit contributions of \u00a316.3m being paid during 2023. Given the healthy
funding position of HPS in its latest funding valuation, the Group has paid all outstanding deficit
contributions at this time.
2.9.3 Reconciliation of net cash flow to movement in net debt
Total
Net debt at
Cash flow
Change in New Lease Lease Exchange Non-cash Net debt at
1 January
movements
Amortisation fair value Interest leases terminations modifications movements movement 31 December
Year ended 31 December 2024 Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash, cash equivalents and overdrafts
4.5.4
67.6
124.5
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.7)
(0.7)
191.4
Private placement loan notes
(267.0)
\u2014
\u2014
0.9
\u2014
\u2014
\u2014
\u2014
(5.8)
(4.9)
(271.9)
Unamortised transaction costs on debt issuance
4.5
\u2014
(1.9)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1.9)
2.6
Carrying value of private placement loan notes
4.5
(262.5)
\u2014
(1.9)
0.9
\u2014
\u2014
\u2014
\u2014
(5.8)
(6.8)
(269.3)
Cross-currency interest rate swaps
4.5
13.6
(3.4)
\u2014
2.0
\u2014
\u2014
\u2014
\u2014
\u2014
2.0
12.2
Fair value of private placement loan notes
(248.9)
(3.4)
(1.9)
2.9
\u2014
\u2014
\u2014
\u2014
(5.8)
(4.8)
(257.1)
Other finance
4.5
(0.1)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.1)
Lease liabilities
4.4
(363.4)
76.3
\u2014
\u2014
(22.7)
(34.6)
9.3
(14.3)
0.7
(61.6)
(348.7)
Total net liabilities from financing activities
(612.4)
72.9
(1.9)
2.9
(22.7)
(34.6)
9.3
(14.3)
(5.1)
(66.4)
(605.9)
Deferred consideration payable
4.5
(0.7)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.7)
Net debt
4.1.1
(545.5)
197.4
(1.9)
2.9
(22.7)
(34.6)
9.3
(14.3)
(5.8)
(67.1)
(415.2)
Total
Net debt at Cash flow Change in New Lease Lease Exchange Non-cash Net debt at
1 January movements Amortisation fair value Interest Leases terminations modifications movements movement 31 December
Year ended 31 December 2023 Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash, cash equivalents and overdrafts
4.5.4
177.2
(106.9)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(2.7)
(2.7)
67.6
Private placement loan notes
(289.5)
17.5
\u2014
3.7
\u2014
\u2014
\u2014
\u2014
1.3
5.0
(267.0)
Unamortised transaction costs on debt issuance
4.0
5.4
(4.9)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(4.9)
4.5
Carrying value of private placement loan notes
4.5
(285.5)
22.9
(4.9)
3.7
\u2014
\u2014
\u2014
\u2014
1.3
0.1
(262.5)
Cross-currency interest rate swaps
4.5
24.8
(6.9)
\u2014
(4.3)
\u2014
\u2014
\u2014
\u2014
\u2014
(4.3)
13.6
Fair value of private placement loan notes
(260.7)
16.0
(4.9)
(0.6)
\u2014
\u2014
\u2014
\u2014
1.3
(4.2)
(248.9)
Other finance
4.5
(0.7)
0.5
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
0.1
0.1
(0.1)
Lease liabilities
4.4
(397.5)
81.4
\u2014
\u2014
(22.3)
(17.2)
2.6
(11.9)
1.5
(47.3)
(363.4)
Total net liabilities from financing activities
(658.9)
97.9
(4.9)
(0.6)
(22.3)
(17.2)
2.6
(11.9)
2.9
(51.4)
(612.4)
Deferred consideration payable
4.5
(0.7)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.7)
Net debt
4.1.1
(482.4)
(9.0)
(4.9)
(0.6)
(22.3)
(17.2)
2.6
(11.9)
0.2
(54.1)
(545.5)
Overdrafts comprise the aggregate value of overdrawn bank account balances within the Group\u2019s notional interest pooling arrangements. These aggregate overdrawn amounts are fully offset by surplus balances within
the same notional pooling arrangements.
At 31 December 2024, the Group\u2019s \u00a3250.0m committed revolving credit facility was undrawn (31 December 2023: undrawn).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-481": { "value": "Accounting policies Cash and short-term deposits in the balance sheet comprise cash at bank and in-hand and short-term deposits with an original maturity of three months or less. In the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits net of outstanding bank overdrafts and include cash and overdrafts within disposal group assets and liabilities held-for-sale. Cash at bank earns interest at fixed and floating rates based on prevailing bank deposit rates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-467": { "value": "Accounting policies Cash and short-term deposits in the balance sheet comprise cash at bank and in-hand and short-term deposits with an original maturity of three months or less. In the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits net of outstanding bank overdrafts and include cash and overdrafts within disposal group assets and liabilities held-for-sale. Cash at bank earns interest at fixed and floating rates based on prevailing bank deposit rates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-543": { "value": "3.1 Working capital 3.1.1 Trade and other receivables Accounting policies Trade receivables: Trade receivables are initially recognised at cost (being the same as fair value) and subsequently at amortised cost less any provision for impairment, to ensure the amounts recognised represent their recoverable amount. Impairment: For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The Group monitors the level of trade receivables on a monthly basis, continually assessing the risk of default by any counterparty. Each customer has an external credit score which determines the level of credit provided. Derecognition: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised (ie removed from the Group\u2019s consolidated balance sheet) when (i) the rights to receive the cash flows from the asset have expired; or, (ii) the Group has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risk and rewards of the asset; or, (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Trade receivables that are sold without recourse are derecognised at the point of sale when the risks and rewards of the receivables have been fully transferred. Accrued income: Accrued income is recognised when the revenue recognised on a customer contract exceeds the amount billed to the customer as at the balance sheet date.
Current
Non-current
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
133.3
126.8
\u2014
\u2014
Other receivables
1
10.8
15.5
3.7
4.1
Other taxes and social security
1.2
2.3
1.5
1.0
Current contract fulfilment assets
2
8.4
13.3
\u2014
\u2014
Accrued income
132.7
138.3
\u2014
\u2014
Prepayments
48.9
54.5
4.8
7.2
335.3
350.7
10.0
12.3
1. Other receivables includes \u00a3nil (2023: \u00a30.3m) of accrued interest on cross-currency interest rate swaps. 2. Refer to note 3.1.3 for non-current contract fulfilment assets. Trade receivables are non-interest bearing and generally on 30-day terms. The Group\u2019s accrued income balances solely relate to revenue from contracts with customers. Movements in the accrued income balances were driven by transactions entered into by the Group in the normal course of business during the year. There were no material loss allowances in respect of accrued income as at the balance sheet date. Movements in the loss allowance made against receivables were as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
5.5
29.7
Amounts written off
\u2014
(1.2)
Net remeasurement of loss allowance
1
0.8
(20.8)
Business disposal
\u2014
(1.1)
Transfer to disposal group assets held-for-sale
\u2014
(1.1)
At 31 December
6.3
5.5
1. In 2023, a release of \u00a325.6m relates to a commercial settlement in the closed book Life & Pensions business which will not be received until a future date.
2024 2023
Ageing of trade receivables \u00a3m \u00a3m
Not due
85.7
79.4
Overdue by less than three months
14.4
19.3
Overdue between three and six months
5.0
4.9
Overdue between six and twelve months
2.4
5.4
Overdue more than twelve months
1
32.1
23.3
Allowance for doubtful debts
(6.3)
(5.5)
133.3
126.8
1. In both 2024 and 2023, the increase in amounts overdue by more than twelve months primarily relates to a commercial settlement in the closed book Life & Pensions business which will not be received until a future date. Under the simplified approach permitted by IFRS 9, all invoices six months or more past due are fully provided for unless there is a specific confirmation from the customer that the invoice will be settled during the following month, or there are specific circumstances such that recognition of a provision is not appropriate. Additionally, any other invoices where the customer relationship manager has identified significant financial problems which mean that customer is unlikely to pay the invoice in the near future are also provided for. No material amounts receivable were renegotiated such that they were not past due at the balance sheet date. The Group trades only with third parties that are expected to be creditworthy. It is the Group\u2019s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. The Group manages its operations to avoid any excessive concentration of counterparty risk and the Group takes all reasonable steps to seek assurance from the counterparties that they can fulfil their obligations. In addition, receivable balances are monitored on an ongoing basis with the result that the Group\u2019s exposure to credit loss remains low. Non-recourse trade receivable financing The value of invoices sold under the UK non-recourse trade receivables financing at 31 December 2024 was \u00a314.5m (2023: \u00a323.7m). Further, in Germany the Group uses a non-recourse trade receivable financing arrangement for a specific customer contract, and the value of invoices sold under that arrangement at 31 December 2024 was \u00a38.9m (2023: \u00a311.5m). The cost of selling such invoices totalled \u00a33.4m (2023: \u00a33.7m) and was included in net finance costs (see note 4.3) in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-527": { "value": "3.1 Working capital 3.1.1 Trade and other receivables Accounting policies Trade receivables: Trade receivables are initially recognised at cost (being the same as fair value) and subsequently at amortised cost less any provision for impairment, to ensure the amounts recognised represent their recoverable amount. Impairment: For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The Group monitors the level of trade receivables on a monthly basis, continually assessing the risk of default by any counterparty. Each customer has an external credit score which determines the level of credit provided. Derecognition: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised (ie removed from the Group\u2019s consolidated balance sheet) when (i) the rights to receive the cash flows from the asset have expired; or, (ii) the Group has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risk and rewards of the asset; or, (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Trade receivables that are sold without recourse are derecognised at the point of sale when the risks and rewards of the receivables have been fully transferred. Accrued income: Accrued income is recognised when the revenue recognised on a customer contract exceeds the amount billed to the customer as at the balance sheet date.
Current
Non-current
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
133.3
126.8
\u2014
\u2014
Other receivables
1
10.8
15.5
3.7
4.1
Other taxes and social security
1.2
2.3
1.5
1.0
Current contract fulfilment assets
2
8.4
13.3
\u2014
\u2014
Accrued income
132.7
138.3
\u2014
\u2014
Prepayments
48.9
54.5
4.8
7.2
335.3
350.7
10.0
12.3
1. Other receivables includes \u00a3nil (2023: \u00a30.3m) of accrued interest on cross-currency interest rate swaps. 2. Refer to note 3.1.3 for non-current contract fulfilment assets. Trade receivables are non-interest bearing and generally on 30-day terms. The Group\u2019s accrued income balances solely relate to revenue from contracts with customers. Movements in the accrued income balances were driven by transactions entered into by the Group in the normal course of business during the year. There were no material loss allowances in respect of accrued income as at the balance sheet date. Movements in the loss allowance made against receivables were as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
5.5
29.7
Amounts written off
\u2014
(1.2)
Net remeasurement of loss allowance
1
0.8
(20.8)
Business disposal
\u2014
(1.1)
Transfer to disposal group assets held-for-sale
\u2014
(1.1)
At 31 December
6.3
5.5
1. In 2023, a release of \u00a325.6m relates to a commercial settlement in the closed book Life & Pensions business which will not be received until a future date.
2024 2023
Ageing of trade receivables \u00a3m \u00a3m
Not due
85.7
79.4
Overdue by less than three months
14.4
19.3
Overdue between three and six months
5.0
4.9
Overdue between six and twelve months
2.4
5.4
Overdue more than twelve months
1
32.1
23.3
Allowance for doubtful debts
(6.3)
(5.5)
133.3
126.8
1. In both 2024 and 2023, the increase in amounts overdue by more than twelve months primarily relates to a commercial settlement in the closed book Life & Pensions business which will not be received until a future date. Under the simplified approach permitted by IFRS 9, all invoices six months or more past due are fully provided for unless there is a specific confirmation from the customer that the invoice will be settled during the following month, or there are specific circumstances such that recognition of a provision is not appropriate. Additionally, any other invoices where the customer relationship manager has identified significant financial problems which mean that customer is unlikely to pay the invoice in the near future are also provided for. No material amounts receivable were renegotiated such that they were not past due at the balance sheet date. The Group trades only with third parties that are expected to be creditworthy. It is the Group\u2019s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. The Group manages its operations to avoid any excessive concentration of counterparty risk and the Group takes all reasonable steps to seek assurance from the counterparties that they can fulfil their obligations. In addition, receivable balances are monitored on an ongoing basis with the result that the Group\u2019s exposure to credit loss remains low.
Non-recourse trade receivable financing
The value of invoices sold under the UK non-recourse trade receivables financing at 31 December 2024
was \u00a314.5m (2023: \u00a323.7m). Further, in Germany the Group uses a non-recourse trade receivable financing
arrangement for a specific customer contract, and the value of invoices sold under that arrangement at
31 December 2024 was \u00a38.9m (2023: \u00a311.5m).
The cost of selling such invoices totalled \u00a33.4m (2023: \u00a33.7m) and was included in net finance costs (see
note 4.3) in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-503": { "value": "3.1 Working capital 3.1.1 Trade and other receivables Accounting policies Trade receivables: Trade receivables are initially recognised at cost (being the same as fair value) and subsequently at amortised cost less any provision for impairment, to ensure the amounts recognised represent their recoverable amount. Impairment: For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The Group monitors the level of trade receivables on a monthly basis, continually assessing the risk of default by any counterparty. Each customer has an external credit score which determines the level of credit provided. Derecognition: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised (ie removed from the Group\u2019s consolidated balance sheet) when (i) the rights to receive the cash flows from the asset have expired; or, (ii) the Group has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risk and rewards of the asset; or, (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Trade receivables that are sold without recourse are derecognised at the point of sale when the risks and rewards of the receivables have been fully transferred. Accrued income: Accrued income is recognised when the revenue recognised on a customer contract exceeds the amount billed to the customer as at the balance sheet date.
Current
Non-current
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
133.3
126.8
\u2014
\u2014
Other receivables
1
10.8
15.5
3.7
4.1
Other taxes and social security
1.2
2.3
1.5
1.0
Current contract fulfilment assets
2
8.4
13.3
\u2014
\u2014
Accrued income
132.7
138.3
\u2014
\u2014
Prepayments
48.9
54.5
4.8
7.2
335.3
350.7
10.0
12.3
1. Other receivables includes \u00a3nil (2023: \u00a30.3m) of accrued interest on cross-currency interest rate swaps. 2. Refer to note 3.1.3 for non-current contract fulfilment assets. Trade receivables are non-interest bearing and generally on 30-day terms.
The Group\u2019s accrued income balances solely relate to revenue from contracts with customers. Movements
in the accrued income balances were driven by transactions entered into by the Group in the normal course
of business during the year. There were no material loss allowances in respect of accrued income as at the
balance sheet date.
Movements in the loss allowance made against receivables were as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
5.5
29.7
Amounts written off
\u2014
(1.2)
Net remeasurement of loss allowance
1
0.8
(20.8)
Business disposal
\u2014
(1.1)
Transfer to disposal group assets held-for-sale
\u2014
(1.1)
At 31 December
6.3
5.5
1. In 2023, a release of \u00a325.6m relates to a commercial settlement in the closed book Life & Pensions business which will not be received until
a future date.
2024 2023
Ageing of trade receivables \u00a3m \u00a3m
Not due
85.7
79.4
Overdue by less than three months
14.4
19.3
Overdue between three and six months
5.0
4.9
Overdue between six and twelve months
2.4
5.4
Overdue more than twelve months
1
32.1
23.3
Allowance for doubtful debts
(6.3)
(5.5)
133.3
126.8
1. In both 2024 and 2023, the increase in amounts overdue by more than twelve months primarily relates to a commercial settlement in the
closed book Life & Pensions business which will not be received until a future date.
Under the simplified approach permitted by IFRS 9, all invoices six months or more past due are fully
provided for unless there is a specific confirmation from the customer that the invoice will be settled during
the following month, or there are specific circumstances such that recognition of a provision is not
appropriate. Additionally, any other invoices where the customer relationship manager has identified
significant financial problems which mean that customer is unlikely to pay the invoice in the near future are
also provided for. No material amounts receivable were renegotiated such that they were not past due at
the balance sheet date.
The Group trades only with third parties that are expected to be creditworthy. It is the Group\u2019s policy that all
customers who wish to trade on credit terms are subject to credit verification procedures. The Group
manages its operations to avoid any excessive concentration of counterparty risk and the Group takes all
reasonable steps to seek assurance from the counterparties that they can fulfil their obligations. In addition,
receivable balances are monitored on an ongoing basis with the result that the Group\u2019s exposure to credit
loss remains low.
Non-recourse trade receivable financing The value of invoices sold under the UK non-recourse trade receivables financing at 31 December 2024 was \u00a314.5m (2023: \u00a323.7m). Further, in Germany the Group uses a non-recourse trade receivable financing arrangement for a specific customer contract, and the value of invoices sold under that arrangement at 31 December 2024 was \u00a38.9m (2023: \u00a311.5m). The cost of selling such invoices totalled \u00a33.4m (2023: \u00a33.7m) and was included in net finance costs (see note 4.3) in the consolidated income statement. 3.1.2 Trade and other payables
Current
Non-current
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
98.2
164.2
\u2014
0.1
Other payables
31.4
27.9
5.5
6.0
Other taxes and social security
65.3
74.4
\u2014
\u2014
Accruals
158.3
159.4
1.2
2.4
353.2
425.9
6.7
8.5
The Group implemented a new credit card facility in 2024, the outstanding balance of which was \u00a35.2m at 31 December 2024. 3.1.3 Contract fulfilment assets (non-current) Accounting policies The Group regularly incurs costs to deliver its outsourcing services in a more efficient way (often referred to as \u2018transformation\u2019 costs). These costs may include process mapping and design, system development, project management, hardware (generally within the scope of the Group\u2019s accounting policy for property, plant and equipment), software licence costs (generally within the scope of the Group\u2019s accounting policy for intangible assets), recruitment costs and training. Contract fulfilment costs are divided into: (i) costs that give rise to an asset; and (ii) costs that are expensed as incurred. When determining the appropriate accounting treatment for such costs, the Group firstly considers any other applicable standards. If those other standards preclude capitalisation of a particular cost, then an asset is not recognised under IFRS 15 Revenue from Contracts with Customers. If other standards are not applicable to contract fulfilment costs, the Group applies the following criteria which, if met, result in capitalisation of costs that: (i) directly relate to a contract or to a specifically identifiable anticipated contract; (ii) generate or enhance resources that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and (iii) are expected to be recovered. The Group has determined that, where the relevant specific criteria are met, the costs for (i) process mapping and design; (ii) system development; and (iii) project management; are likely to qualify to be capitalised as contract fulfilment assets. The incremental costs of obtaining a contract with a customer are recognised as a contract fulfilment asset if the Group expects to recover them. The Group incurs costs such as bid costs, legal fees to draft a contract and sales commissions when it enters into a new contract. The Group has determined that the following costs may be capitalised as contract fulfilment assets: (i) legal fees to draft a contract after the Group has been selected as preferred supplier; and (ii) sales commissions directly related to winning a specific contract. Costs incurred prior to selection as preferred supplier are not capitalised but expensed when incurred. The Group also considers the nature of any software as a service utilised on delivering the Group\u2019s revenue generating contracts and whether associated costs incurred meet the criteria for capitalisation as contract fulfilment assets. In particular the Group assesses whether the work conducted includes any configuration or customisation of the suppliers software and then considers the relevant accounting treatment. Utilisation: The utilisation charge is included within cost of sales. The Group utilises non-current contract fulfilment assets over the expected contract period on a systematic basis that mirrors the pattern in which the Group transfers control of the service to the customer. Derecognition: A non-current contract fulfilment asset is derecognised either when it is disposed of or when no further economic benefits are expected to flow from its use or disposal. Impairment: At each balance sheet date, the Group determines whether or not the non-current contract fulfilment assets are impaired by comparing the carrying amount of the asset with the remaining amount of consideration that the Group expects to receive less the costs that relate to providing services under the relevant contract. In determining the estimated amount of consideration, the Group uses the same principles as it does to determine the contract transaction price, except that any constraints used to reduce the transaction price are removed for the impairment test. Significant accounting judgements Judgement is applied by the Group when determining what costs qualify to be capitalised, in particular when considering whether these costs are incremental and when considering if costs generate or enhance resources to be used to satisfy future performance obligations and whether costs are expected to be recoverable. For example, the Group considers which type of sales commissions are incremental to the cost of obtaining specific contracts and the point in time when the costs will be capitalised. See note 2.1 for further information. Movements in non-current contract fulfilment assets were as follows 1 :
2024 2023
\u00a3m \u00a3m
At 1 January
257.0
263.0
Additions
73.6
79.5
Transfer to disposal group assets held-for-sale
2
(4.7)
(0.9)
Impairment - included in adjusted profit
(0.7)
(3.3)
Impairment - included in business exits
(0.1)
(0.1)
Derecognition - included in adjusted profit
(1.9)
(4.1)
Derecognition - included in business exits
\u2014
(8.2)
Utilisation - included in adjusted profit
(64.4)
(66.4)
Utilisation - included in business exits
(1.2)
(2.4)
Exchange movement
(0.1)
(0.1)
At 31 December
257.5
257.0
1. Refer to note 3.1.1 for current contract fulfilment assets. 2. Transfer to disposal group assets held-for-sale in the year ended 31 December 2024 is in respect of Capita One which was transferred at 30 June 2024 and subsequently sold during the second half of the year. In the year ended 31 December 2023 this includes \u00a30.9m that was transferred at 30 June 2023 and subsequently sold during the second half of 2023. As at 31 December 2024, the majority of the balance relates to transformation and set-up costs. This is consistent with the prior year. Impairment: In 2024, the Group recognised an impairment of \u00a30.8m (2023: \u00a33.4m) in cost of sales, of which, \u00a3nil (2023: \u00a3nil) relates to contract fulfilment assets added during the year. Derecognition: In 2024, \u00a31.9m (2023: \u00a312.3m) was derecognised. In 2023, the derecognition primarily related to a contract in Capita Public Service following the termination of a customer contract and the Group having no further use for the assets (\u00a38.2m). Subsequently the Group exited the business this contract was in and therefore the derecognition of the contract fulfilment assets was included within business exits. ", "dimensions": { "concept": "capitaplc:DisclosureOfWorkingCapital", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-468": { "value": "Accounting policies Trade receivables: Trade receivables are initially recognised at cost (being the same as fair value) and subsequently at amortised cost less any provision for impairment, to ensure the amounts recognised represent their recoverable amount. Impairment: For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The Group monitors the level of trade receivables on a monthly basis, continually assessing the risk of default by any counterparty. Each customer has an external credit score which determines the level of credit provided. Derecognition: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised (ie removed from the Group\u2019s consolidated balance sheet) when (i) the rights to receive the cash flows from the asset have expired; or, (ii) the Group has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risk and rewards of the asset; or, (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Trade receivables that are sold without recourse are derecognised at the point of sale when the risks and rewards of the receivables have been fully transferred. Accrued income: Accrued income is recognised when the revenue recognised on a customer contract exceeds the amount billed to the customer as at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-528": { "value": "
3.1.2 Trade and other payables
Current
Non-current
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
98.2
164.2
\u2014
0.1
Other payables
31.4
27.9
5.5
6.0
Other taxes and social security
65.3
74.4
\u2014
\u2014
Accruals
158.3
159.4
1.2
2.4
353.2
425.9
6.7
8.5
The Group implemented a new credit card facility in 2024, the outstanding balance of which was \u00a35.2m at
31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-544": { "value": "3.1.2 Trade and other payables
Current
Non-current
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
98.2
164.2
\u2014
0.1
Other payables
31.4
27.9
5.5
6.0
Other taxes and social security
65.3
74.4
\u2014
\u2014
Accruals
158.3
159.4
1.2
2.4
353.2
425.9
6.7
8.5
The Group implemented a new credit card facility in 2024, the outstanding balance of which was \u00a35.2m at 31 December 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-469": { "value": "Accounting policies The Group regularly incurs costs to deliver its outsourcing services in a more efficient way (often referred to as \u2018transformation\u2019 costs). These costs may include process mapping and design, system development, project management, hardware (generally within the scope of the Group\u2019s accounting policy for property, plant and equipment), software licence costs (generally within the scope of the Group\u2019s accounting policy for intangible assets), recruitment costs and training. Contract fulfilment costs are divided into: (i) costs that give rise to an asset; and (ii) costs that are expensed as incurred. When determining the appropriate accounting treatment for such costs, the Group firstly considers any other applicable standards. If those other standards preclude capitalisation of a particular cost, then an asset is not recognised under IFRS 15 Revenue from Contracts with Customers. If other standards are not applicable to contract fulfilment costs, the Group applies the following criteria which, if met, result in capitalisation of costs that: (i) directly relate to a contract or to a specifically identifiable anticipated contract; (ii) generate or enhance resources that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and (iii) are expected to be recovered. The Group has determined that, where the relevant specific criteria are met, the costs for (i) process mapping and design; (ii) system development; and (iii) project management; are likely to qualify to be capitalised as contract fulfilment assets. The incremental costs of obtaining a contract with a customer are recognised as a contract fulfilment asset if the Group expects to recover them. The Group incurs costs such as bid costs, legal fees to draft a contract and sales commissions when it enters into a new contract. The Group has determined that the following costs may be capitalised as contract fulfilment assets: (i) legal fees to draft a contract after the Group has been selected as preferred supplier; and (ii) sales commissions directly related to winning a specific contract. Costs incurred prior to selection as preferred supplier are not capitalised but expensed when incurred. The Group also considers the nature of any software as a service utilised on delivering the Group\u2019s revenue generating contracts and whether associated costs incurred meet the criteria for capitalisation as contract fulfilment assets. In particular the Group assesses whether the work conducted includes any configuration or customisation of the suppliers software and then considers the relevant accounting treatment. Utilisation: The utilisation charge is included within cost of sales. The Group utilises non-current contract fulfilment assets over the expected contract period on a systematic basis that mirrors the pattern in which the Group transfers control of the service to the customer. Derecognition: A non-current contract fulfilment asset is derecognised either when it is disposed of or when no further economic benefits are expected to flow from its use or disposal. Impairment: At each balance sheet date, the Group determines whether or not the non-current contract fulfilment assets are impaired by comparing the carrying amount of the asset with the remaining amount of consideration that the Group expects to receive less the costs that relate to providing services under the relevant contract. In determining the estimated amount of consideration, the Group uses the same principles as it does to determine the contract transaction price, except that any constraints used to reduce the transaction price are removed for the impairment test. ", "dimensions": { "concept": "capitaplc:DescriptionOfAccountingPolicyForNonCurrentContrctFulfilmentAssets", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-504": { "value": "3.2 Property, plant and equipment Accounting policies Property, plant and equipment is stated at cost less accumulated depreciation and any impairment in value. Depreciation: Depreciation is calculated on a straight-line basis over the estimated useful life of the asset, as follows: \u2022 Freehold buildings and long leasehold property \u2013 up to 50 years. \u2022 Leasehold improvements \u2013 period of the lease. \u2022 Plant and machinery \u2013 3 to 10 years. Impairment: The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount. The recoverable amount of property, plant and equipment is the greater of net selling price and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment losses are disclosed as administrative expenses in the consolidated income statement. Derecognition: An item of property, plant and equipment is derecognised on disposal, or when no future economic benefits are expected to arise from the continued use of the asset (retired). Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying value of the asset, is included in the consolidated income statement when the asset is derecognised.
2024
2023
Leasehold improvements, Plant and Leasehold improvements, Plant and
land and buildings machinery Total land and buildings machinery Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
81.0
108.9
189.9
96.0
146.5
242.5
Additions
7.3
9.3
16.6
10.4
18.4
28.8
Disposal of businesses
\u2014
\u2014
\u2014
(0.4)
(0.6)
(1.0)
Disposals \u2013 included in adjusted profit
(1.7)
(2.2)
(3.9)
(1.0)
(4.7)
(5.7)
Transfer to disposal group assets held-for-sale
1
\u2014
(0.2)
(0.2)
(0.7)
(9.8)
(10.5)
Reclassifications to intangible assets
0.1
(0.8)
(0.7)
\u2014
(1.2)
(1.2)
Asset retirements
(8.1)
(34.1)
(42.2)
(22.9)
(38.1)
(61.0)
Exchange movement
(0.3)
(1.4)
(1.7)
(0.4)
(1.6)
(2.0)
At 31 December
78.3
79.5
157.8
81.0
108.9
189.9
Depreciation and impairment
At 1 January
36.4
73.5
109.9
42.5
98.9
141.4
Depreciation charged - included in adjusted profit
7.6
16.6
24.2
9.0
20.8
29.8
Depreciation charged - included in business exits
\u2014
\u2014
\u2014
0.1
1.3
1.4
Disposal of businesses
\u2014
\u2014
\u2014
(0.3)
(0.4)
(0.7)
Disposals \u2013 included in adjusted profit
(1.6)
(2.0)
(3.6)
(1.0)
(4.4)
(5.4)
Impairment \u2013 included in adjusted profit
1.3
0.3
1.6
\u2014
0.9
0.9
Impairment \u2013 excluded from adjusted profit
\u2014
\u2014
\u2014
2.8
\u2014
2.8
Impairment \u2013 included in business exits
0.2
\u2014
0.2
7.1
\u2014
7.1
Transfer to disposal group assets held-for-sale
1
\u2014
(0.2)
(0.2)
(0.4)
(3.8)
(4.2)
Reclassifications to intangible assets
\u2014
0.6
0.6
\u2014
(0.6)
(0.6)
Asset retirements
(8.1)
(34.1)
(42.2)
(22.9)
(38.1)
(61.0)
Exchange movement
(0.1)
(1.1)
(1.2)
(0.5)
(1.1)
(1.6)
At 31 December
35.7
53.6
89.3
36.4
73.5
109.9
Net book value
At 1 January
44.6
35.4
80.0
53.5
47.6
101.1
At 31 December
42.6
25.9
68.5
44.6
35.4
80.0
1. Transfers to disposal group assets held-for-sale In the year ended 31 December 2023 includes \u00a31.2m that was transferred at 30 June 2023 and subsequently sold during the second half of 2023.
At 31 December 2024, amounts contracted for but not provided in the financial statements for the acquisition of property, plant and equipment amounted to \u00a31.4m (2023: \u00a31.4m), relating to building improvements on
leased property.
The 2023 balance included \u00a32.8m for impairment of leasehold improvements which were recognised as part of the cost reduction programme (refer to note 2.4). These costs have been excluded from adjusted profit.
During 2023 following the classification of a business as held-for-sale, a property leased by the Group and part occupied by the business being sold is no longer used by the Group. Following an impairment test, the
property\u2019s leasehold improvements were impaired by \u00a37.1m, along with an impairment of \u00a30.2m of the right-of-use asset for this property (refer to note 3.5). Since the impairment was triggered by the disposal of a
business, the charge was excluded from adjusted profit and included in business exits (refer to note 2.8).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-470": { "value": "Accounting policies Property, plant and equipment is stated at cost less accumulated depreciation and any impairment in value. Depreciation: Depreciation is calculated on a straight-line basis over the estimated useful life of the asset, as follows: \u2022 Freehold buildings and long leasehold property \u2013 up to 50 years. \u2022 Leasehold improvements \u2013 period of the lease. \u2022 Plant and machinery \u2013 3 to 10 years. Impairment: The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount. The recoverable amount of property, plant and equipment is the greater of net selling price and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment losses are disclosed as administrative expenses in the consolidated income statement. Derecognition: An item of property, plant and equipment is derecognised on disposal, or when no future economic benefits are expected to arise from the continued use of the asset (retired). Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying value of the asset, is included in the consolidated income statement when the asset is derecognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-482": { "value": "Depreciation: Depreciation is calculated on a straight-line basis over the estimated useful life of the asset, as follows: \u2022 Freehold buildings and long leasehold property \u2013 up to 50 years. \u2022 Leasehold improvements \u2013 period of the lease. \u2022 Plant and machinery \u2013 3 to 10 years. Impairment: The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount. The recoverable amount of property, plant and equipment is the greater of net selling price and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment losses are disclosed as administrative expenses in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-487": { "value": "Depreciation: Depreciation is calculated on a straight-line basis over the estimated useful life of the asset, as follows: \u2022 Freehold buildings and long leasehold property \u2013 up to 50 years. \u2022 Leasehold improvements \u2013 period of the lease. \u2022 Plant and machinery \u2013 3 to 10 years. Impairment: The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount. The recoverable amount of property, plant and equipment is the greater of net selling price and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment losses are disclosed as administrative expenses in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-529": { "value": "3.3 Intangible assets Accounting policies Intangible assets acquired separately are capitalised at cost and those identified in a business acquisition are capitalised at fair value at the date of acquisition. In the case of capitalised software development costs, research expenditure is written off to the consolidated income statement when it is incurred. Development expenditure is similarly written off until the Group is satisfied as to the technical, commercial and financial viability of individual projects. Where this condition is satisfied, the development expenditure is capitalised and amortised over the period during which the Group is expected to benefit. The Group considers the nature of any software as a service utilised by the Group and whether associated costs incurred meet the criteria for capitalisation as intangible assets. In particular the Group assesses whether the work conducted includes any configuration or customisation of the suppliers software and then considers the relevant accounting treatment. Following initial recognition, the carrying amount of an intangible asset is its cost less accumulated amortisation and impairment losses. The useful lives of intangible assets are assessed to be either finite or indefinite. There were no indefinite-lived assets in 2024 or 2023. Amortisation: Amortisation is charged on assets with finite lives. The amortisation method used reflects the expected pattern of consumption of future economic benefits and generally amortised on a straight-line basis, the amortisation periods used are as follows: \u2022 Intangible assets acquired in business combinations \u2013 1.5 to 20 years. \u2022 Intangible assets purchased or internally capitalised \u2013 3 to 20 years. Impairment: Intangible assets with finite lives are only tested for impairment, either individually or at the cash-generating unit level, when there is an indicator of impairment. Derecognition: Intangible assets are derecognised upon disposal, or when no future economic benefits are expected to arise from the continued use of the asset (retired). Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying value of the asset, is included in the consolidated income statement when the asset is derecognised. The measurement of intangible assets other than goodwill in a business combination: on the acquisition of a business, the identifiable intangible assets may include licences, customer lists and brands. The fair value of these assets is determined by discounting estimated future net cash flows generated by the asset because in most cases no active market for the assets exists and therefore no observable value exists. The use of different assumptions for the expectations of future cash flows and the discount rate would change the valuation of the intangible assets. The assessment of costs capitalised as intangible assets to generate future economic benefits: judgement is applied in assessing whether costs incurred, both internal and external, will generate future economic benefits. Judgements and estimates are applied in determining the carrying value of the assets, including assumptions made in respect of the status of the programme each asset relates to. Given the level of judgement and estimation involved in assessing future cash flows, it is reasonably possible that outcomes within the next financial year may be different from management\u2019s assumptions and require an adjustment to the carrying value of intangible assets, however any adjustment is not expected to be material.
2024
2023
Intangible Intangible
assets assets
acquired in Capitalised/ acquired in Capitalised/
business purchased business purchased
combinations software Total combinations software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
3.0
175.0
178.0
3.0
194.6
197.6
Additions
1
\u2014
33.5
33.5
\u2014
32.8
32.8
Disposal of businesses
\u2014
\u2014
\u2014
\u2014
(15.7)
(15.7)
Disposals \u2013 included in adjusted profit
\u2014
(2.0)
(2.0)
\u2014
(2.0)
(2.0)
Transfer to disposal group assets held-for-sale
2
\u2014
(14.6)
(14.6)
\u2014
(15.3)
(15.3)
Reclassifications to property, plant and equipment
\u2014
0.7
0.7
\u2014
1.2
1.2
Asset retirements
\u2014
(46.2)
(46.2)
\u2014
(20.4)
(20.4)
Exchange movement
0.1
(0.7)
(0.6)
\u2014
(0.2)
(0.2)
At 31 December
3.1
145.7
148.8
3.0
175.0
178.0
Amortisation and impairment
At 1 January
2.5
85.5
88.0
2.3
89.3
91.6
Amortisation charged in the year - included in adjusted profit
\u2014
21.6
21.6
\u2014
23.5
23.5
Amortisation charged in the year - excluded from adjusted profit
0.2
\u2014
0.2
0.2
\u2014
0.2
Amortisation charged in the year - included in business exits
\u2014
1.6
1.6
\u2014
5.6
5.6
Impairment \u2013 included in adjusted profit
\u2014
0.6
0.6
\u2014
0.9
0.9
Impairment \u2013 included in business exits
\u2014
8.5
8.5
\u2014
\u2014
\u2014
Disposal of businesses
\u2014
\u2014
\u2014
\u2014
(7.1)
(7.1)
Disposals \u2013 included in adjusted profit
\u2014
(0.3)
(0.3)
\u2014
(1.6)
(1.6)
Transfer to disposal group assets held-for-sale
2
\u2014
(4.2)
(4.2)
\u2014
(5.3)
(5.3)
Reclassifications to property, plant and equipment
\u2014
(0.6)
(0.6)
\u2014
0.6
0.6
Asset retirements
\u2014
(46.2)
(46.2)
\u2014
(20.4)
(20.4)
Exchange movement
0.1
(0.3)
(0.2)
\u2014
\u2014
\u2014
At 31 December
2.8
66.2
69.0
2.5
85.5
88.0
Net book value
At 1 January
0.5
89.5
90.0
0.7
105.3
106.0
At 31 December
0.3
79.5
79.8
0.5
89.5
90.0
1. Additions comprise \u00a332.3m (2023: \u00a327.6m) of capitalised software development and \u00a31.2m (2023: \u00a35.2m) of purchased software. 2. Transfers to disposal group assets held-for-sale in the year ended 31 December 2024 is in respect of Capita One that was transferred at 30 June 2024 and subsequently sold during the second half of the year. In the year ended 31 December 2023, this includes \u00a39.9m that was transferred at 30 June 2023 and subsequently sold during the second half of 2023. Intangible assets capitalised or purchased include capitalised software development (net book value 2024: \u00a374.2m; 2023: \u00a375.6m) and purchased software (net book value 2024: \u00a35.3m; 2023: \u00a313.9m). \u2018Impairment - included in business exits\u2019 of \u00a38.5m arose following the decision taken to exit the mortgage servicing business. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-505": { "value": "3.3 Intangible assets Accounting policies Intangible assets acquired separately are capitalised at cost and those identified in a business acquisition are capitalised at fair value at the date of acquisition. In the case of capitalised software development costs, research expenditure is written off to the consolidated income statement when it is incurred. Development expenditure is similarly written off until the Group is satisfied as to the technical, commercial and financial viability of individual projects. Where this condition is satisfied, the development expenditure is capitalised and amortised over the period during which the Group is expected to benefit. The Group considers the nature of any software as a service utilised by the Group and whether associated costs incurred meet the criteria for capitalisation as intangible assets. In particular the Group assesses whether the work conducted includes any configuration or customisation of the suppliers software and then considers the relevant accounting treatment. Following initial recognition, the carrying amount of an intangible asset is its cost less accumulated amortisation and impairment losses. The useful lives of intangible assets are assessed to be either finite or indefinite. There were no indefinite-lived assets in 2024 or 2023. Amortisation: Amortisation is charged on assets with finite lives. The amortisation method used reflects the expected pattern of consumption of future economic benefits and generally amortised on a straight-line basis, the amortisation periods used are as follows: \u2022 Intangible assets acquired in business combinations \u2013 1.5 to 20 years. \u2022 Intangible assets purchased or internally capitalised \u2013 3 to 20 years. Impairment: Intangible assets with finite lives are only tested for impairment, either individually or at the cash-generating unit level, when there is an indicator of impairment. Derecognition: Intangible assets are derecognised upon disposal, or when no future economic benefits are expected to arise from the continued use of the asset (retired). Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying value of the asset, is included in the consolidated income statement when the asset is derecognised. The measurement of intangible assets other than goodwill in a business combination: on the acquisition of a business, the identifiable intangible assets may include licences, customer lists and brands. The fair value of these assets is determined by discounting estimated future net cash flows generated by the asset because in most cases no active market for the assets exists and therefore no observable value exists. The use of different assumptions for the expectations of future cash flows and the discount rate would change the valuation of the intangible assets. The assessment of costs capitalised as intangible assets to generate future economic benefits: judgement is applied in assessing whether costs incurred, both internal and external, will generate future economic benefits. Judgements and estimates are applied in determining the carrying value of the assets, including assumptions made in respect of the status of the programme each asset relates to. Given the level of judgement and estimation involved in assessing future cash flows, it is reasonably possible that outcomes within the next financial year may be different from management\u2019s assumptions and require an adjustment to the carrying value of intangible assets, however any adjustment is not expected to be material.
2024
2023
Intangible Intangible
assets assets
acquired in Capitalised/ acquired in Capitalised/
business purchased business purchased
combinations software Total combinations software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
3.0
175.0
178.0
3.0
194.6
197.6
Additions
1
\u2014
33.5
33.5
\u2014
32.8
32.8
Disposal of businesses
\u2014
\u2014
\u2014
\u2014
(15.7)
(15.7)
Disposals \u2013 included in adjusted profit
\u2014
(2.0)
(2.0)
\u2014
(2.0)
(2.0)
Transfer to disposal group assets held-for-sale
2
\u2014
(14.6)
(14.6)
\u2014
(15.3)
(15.3)
Reclassifications to property, plant and equipment
\u2014
0.7
0.7
\u2014
1.2
1.2
Asset retirements
\u2014
(46.2)
(46.2)
\u2014
(20.4)
(20.4)
Exchange movement
0.1
(0.7)
(0.6)
\u2014
(0.2)
(0.2)
At 31 December
3.1
145.7
148.8
3.0
175.0
178.0
Amortisation and impairment
At 1 January
2.5
85.5
88.0
2.3
89.3
91.6
Amortisation charged in the year - included in adjusted profit
\u2014
21.6
21.6
\u2014
23.5
23.5
Amortisation charged in the year - excluded from adjusted profit
0.2
\u2014
0.2
0.2
\u2014
0.2
Amortisation charged in the year - included in business exits
\u2014
1.6
1.6
\u2014
5.6
5.6
Impairment \u2013 included in adjusted profit
\u2014
0.6
0.6
\u2014
0.9
0.9
Impairment \u2013 included in business exits
\u2014
8.5
8.5
\u2014
\u2014
\u2014
Disposal of businesses
\u2014
\u2014
\u2014
\u2014
(7.1)
(7.1)
Disposals \u2013 included in adjusted profit
\u2014
(0.3)
(0.3)
\u2014
(1.6)
(1.6)
Transfer to disposal group assets held-for-sale
2
\u2014
(4.2)
(4.2)
\u2014
(5.3)
(5.3)
Reclassifications to property, plant and equipment
\u2014
(0.6)
(0.6)
\u2014
0.6
0.6
Asset retirements
\u2014
(46.2)
(46.2)
\u2014
(20.4)
(20.4)
Exchange movement
0.1
(0.3)
(0.2)
\u2014
\u2014
\u2014
At 31 December
2.8
66.2
69.0
2.5
85.5
88.0
Net book value
At 1 January
0.5
89.5
90.0
0.7
105.3
106.0
At 31 December
0.3
79.5
79.8
0.5
89.5
90.0
1. Additions comprise \u00a332.3m (2023: \u00a327.6m) of capitalised software development and \u00a31.2m (2023: \u00a35.2m) of purchased software.
2. Transfers to disposal group assets held-for-sale in the year ended 31 December 2024 is in respect of Capita One that was transferred at 30 June 2024 and subsequently sold during the second half of the year. In the year ended 31 December 2023, this includes \u00a39.9m that was transferred
at 30 June 2023 and subsequently sold during the second half of 2023.
Intangible assets capitalised or purchased include capitalised software development (net book value 2024: \u00a374.2m; 2023: \u00a375.6m) and purchased software (net book value 2024: \u00a35.3m; 2023: \u00a313.9m). \u2018Impairment -
included in business exits\u2019 of \u00a38.5m arose following the decision taken to exit the mortgage servicing business.
3.4 Goodwill Accounting policies Following initial recognition, goodwill is stated at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. Goodwill arising on acquisitions prior to 31 December 1997 remains set off directly against reserves and does not get recycled through the consolidated income statement. At the acquisition date, any goodwill acquired is allocated to the cash-generating units (CGU) which are expected to benefit from the combination\u2019s synergies. Impairment is determined by assessing the recoverable amount of the CGU to which the goodwill relates. Where the recoverable amount of the CGU is less than the carrying amount, an impairment loss is recognised. Where goodwill forms part of a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in these circumstances is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained. Acquisitions and disposals of non-controlling interests that do not result in a change of control are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. The adjustments to non-controlling interests are based on a proportionate amount of the net assets of the subsidiary. Any difference between the price paid or received and the amount by which non-controlling interests are adjusted is recognised directly in equity and attributed to the owners of the Parent company. Significant accounting estimates and assumptions Impairment of Contact Centre goodwill: the Group determines whether goodwill is impaired on an annual basis, or more frequently if required, and this requires an estimation of the recoverable amount of the CGU to which the intangible assets are allocated utilising an estimation of future cash flows and choosing a suitable discount rate.
2024 2023
\u00a3m \u00a3m
Cost
At 1 January
1,074.2
1,423.3
Disposal of businesses
\u2014
(199.6)
Transfer to disposal group assets held-for-sale
1
(72.5)
(149.0)
Adjustment to gross goodwill balances
2
(154.9)
\u2014
Exchange movement
(1.2)
(0.5)
At 31 December
845.6
1,074.2
Accumulated impairment
At 1 January
578.5
817.4
Disposal of businesses
\u2014
(196.4)
Transfer to disposal group assets held-for-sale
1
(25.5)
(84.7)
Impairment \u2013 excluded from adjusted profit
75.1
42.2
Adjustment to gross goodwill balances
2
(154.9)
\u2014
At 31 December
473.2
578.5
Net book value
At 1 January
495.7
605.9
At 31 December
372.4
495.7
1. Transfers to disposal group assets held-for-sale in the year ended 31 December 2024 is in respect of Capita One that was transferred at
30 June 2024 and subsequently sold during the second half of the year. In the year ended 31 December 2023 this includes \u00a349.3m that was
transferred at 30 June 2023 and subsequently sold during the second half of 2023.
2. Adjustment to remove gross cost and accumulated impairment in respect of goodwill that had been fully impaired and subsequently disposed
of in previous years. This has resulted in an adjustment to each balance of \u00a3154.9m, with no change to the overall net book value.
Cash-generating units
In line with the determination in the second half of the year that the Capita Experience division comprises
three operating segments: Contact Centre, Pension Solutions and Regulated Services (refer to notes 2.2
and 2.5), the Group has reviewed the historical assessment of CGUs and the allocation of goodwill.
Reflecting the way management now exercises oversight and monitors the Group\u2019s performance, the Board
concluded that the lowest level at which goodwill is monitored is at the divisional level for Capita Public
Service, and at a sub-divisional level for Capita Experience in line with the aforementioned operating
segments, and goodwill has been reallocated to these groups of CGUs (hereafter referred to as CGU)
accordingly.
Where possible, goodwill was reallocated to the new CGUs by transferring the goodwill balance created on
acquisition of the business to the CGU in which the business now primarily resides under the new
organisational structure. In some cases, it was not possible to clearly determine a single CGU in which the
acquired business now primarily resides, and in these instances the relevant goodwill was allocated to the
CGU that best reflected the original balance. The opening goodwill balance as at 1 January 2024 has been
reallocated to these CGUs for comparable purposes.
Carrying amount of goodwill allocated to CGUs:
Capita Capita Experience
Public Contact Pension Regulated
Service Centre Solutions Services Total
CGU \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
286.4
148.6
60.7
\u2014
495.7
Transfer to assets held-for-sale
1
(47.0)
\u2014
\u2014
\u2014
(47.0)
Impairment \u2013 excluded from adjusted profit
\u2014
(75.1)
\u2014
\u2014
(75.1)
Exchange movement
\u2014
(1.2)
\u2014
\u2014
(1.2)
At 31 December
239.4
72.3
60.7
\u2014
372.4
1. Transfers to disposal group assets held-for-sale in the year ended 31 December 2024 is in respect of Capita One that was transferred at
30 June 2024 and subsequently sold during the second half of the year.
Business exits
As set out in note 2.8, two businesses, Fera and Capita One, were fully disposed of during the year.
Goodwill balances relating to these businesses were transferred to disposal group assets held-for-sale at
31 December 2023 (Fera) and 30 June 2024 (Capita One), and subsequently derecognised in the year as
part of the relevant business disposal.
Two additional businesses within the Capita Experience division (one within the Contact Centre CGU and
one within the Regulated Services CGU) met the criteria to be treated as business exits at 31 December
2024, however there is no goodwill attributable to either business.
The impairment test
In undertaking the annual impairment review, the directors considered both internal and external sources of
information, and any observable indications that may suggest that the carrying value of goodwill may be
impaired. This included a comparison with the Group\u2019s share price and market capitalisation.
The Group\u2019s impairment test compares the carrying value of each CGU with its recoverable amount. The
recoverable amount of a CGU is the higher of fair value less cost of disposal, and its value in use. As the
Group continues to implement the Group-wide cost reduction programme first announced in November
2023 and referred to in the strategic report and note 2.4, and continues to be committed to evaluating
additional cost savings opportunities, it has been determined that at 31 December 2024, fair value less
costs of disposal will generate the higher recoverable amount.
The valuation of CGUs under fair value less costs of disposal assumes that a third-party acquirer will
undertake a similar plan to derive similar benefits in the business going forward. The enterprise value of
each CGU is dependent on the successful implementation of the cost reduction programme.
Fair value less costs of disposal for each CGU has been estimated using discounted cash flows. The fair
value measurement was categorised as a Level-3 fair value based on the inputs in the valuation technique
used. The costs of disposal have been estimated based on the Groups\u2019 significant disposals in recent
years.
In 2024, the Contact Centre business has seen a reduction in its adjusted revenue
1
, increase in its adjusted
operating loss
1
and reduction in its operating cash flow excluding business exits
1
. These trends reflect the
one-off benefit from the Virgin Media O2 contract transition in the prior year and the impact of prior year
contract losses, both of which were reflected in the financial projections used for impairment testing
purposes previously, and lower than expected volumes in the telecommunications vertical in the second half
of 2024, which are expected to remain subdued during 2025. The profit and cash flow impact of these items
was partially offset by an underlying margin improvement from lower overheads from delivery of the cost
reduction programme.
The Contact Centre business also saw a reduction in bid activity across 2024, and although there has been
a strong start to 2025, the business is expecting a high single-digit revenue reduction in 2025. In addition,
the material contracts secured in 2024 are framework agreements, which enable the customer to both
ramp-up and ramp-down volume, providing both an opportunity but also a risk to the business\u2019s forecast.
Whilst delivery and client sentiment has remained strong across the majority of the portfolio, certain delivery
issues have led to the reduction of volumes on one particular contract.
As detailed in the strategic review, there is a significant opportunity for the Contact Centre business to
improve its margins to be in line with those of its peers, and it is implementing a significant reorganisation,
including delayering internal management structures and a digitisation plan to reduce costs. A key element
of its reorganisation is increasing the use of offshore and nearshore service delivery to meet client needs. In
terms of its digitisation plan, the forecast for the business assumes an increase in the use of its new AI and
generative AI solutions, such as AgentSuite, with significant rollout to clients underway for 2025. There is a
risk with the assumed rollout of these new technology solutions, such as the pace of technological change,
which brings increased uncertainty in delivery, and therefore a risk to the business\u2019s forecast.
To reflect these risks from the perspective of a market participant perspective, and taking account of the
historical performance of the business and inherent uncertainty in forecasting, for the purposes of the
impairment test, the business plan cash flow projections have been risk adjusted in the Contact Centre
CGU from 2025 onwards. At 31 December 2024, a goodwill impairment of \u00a375.1m was recognised in
respect of the Contact Centre CGU.
At 31 December 2024, the estimated recoverable amount of the Contact Centre CGU (calculated net of
lease liabilities attributable to the CGU) was \u00a325.3m. The estimated recoverable amount of the other CGUs
exceeded their respective carrying value. The key inputs to the calculations are described below, including
changes in market conditions.
1. Refer to alternative performance measures in section 8.2 to the financial statements.
Forecast cash flows The cash flow projections prepared for the impairment test are derived from the 2025-2027 business plan approved by the Board, which are prepared on a nominal basis. Key assumptions in the business plan include the delivery of planned revenue growth and the benefits that the cost reduction programme is anticipated to deliver. As noted above, for the purposes of the impairment test, the business plan cash flow projections have been risk adjusted in the Contact Centre CGU from 2025 onwards. The going concern severe but plausible downside scenarios have taken account of the potential adverse financial impacts resulting from the following risks, which include the key assumptions noted above: \u2022 revenue growth falling materially short of plan; \u2022 operating margin expansion not being achieved; \u2022 targeted cost savings delayed or not delivered; \u2022 unforeseen operational issues leading to contract losses and cash outflows; and \u2022 unexpected financial costs linked to incidents such as data breaches and/or cyber-attacks. As such, the below sensitivity analysis includes assessing the impact of these crystallising on the impairment test performed. Forecast cash flows have been adjusted for movements in deferred income and contract fulfilment assets. An adjustment has also been made to the 2025 cash flows to reflect the assumed build-up in working capital to reach a normalised working capital position for each CGU. Allocation of central function costs The Board has considered an appropriate methodology to apply when allocating central function costs. The methodology applied for the 2024 impairment test was aligned to that applied in reporting segmental performance (refer to note 2.5). The remaining Group related costs of Capita plc, which have not been allocated as part of segmental reporting, are allocated to CGUs for impairment testing purposes based on 2025 forecast earnings before interest, tax, depreciation and amortisation (EBITDA). Long-term growth rate The long-term growth rate is based on economic growth forecasts by recognised bodies and this has been applied to forecast cash flows for years four and five (2028 and 2029) and for the terminal period. The 2024 long-term growth rate is 1.6% (2023: 1.7%). Discount rates Management estimates discount rates using nominal pre-tax rates of comparator companies for each CGU. The discount rates reflect the latest market assumptions for the risk-free rate, the equity risk premium and the net cost of debt, and which are all based on publicly available external sources. The table below presents the pre-tax discount rates applied to the cash flows for 2024 and 2023. The 2023 rates for the new Capita Experience CGUs are those that were used for the aggregated Capita Experience group of CGUs at 31 December 2023, and have not been re-estimated for the disaggregated CGUs.
Capita Experience
Capita Public Contact Pension
Service Centre Solutions
2024
10.5 %
11.2 %
10.6 %
2023
11.0 %
9 . 2 %
9 . 2 %
Sensitivity analysis
The impairment testing as described is reliant on the reliability of management\u2019s forecasts and the
assumptions that underlie them; and on the selection of the discount and growth rates to be applied. To
gauge the sensitivity of the result to a change in any one, or combination of the assumptions that underlie
the model, a number of scenarios were developed to identify the range of reasonably possible alternatives
and measure which CGUs are the most susceptible to an impairment should the assumptions used be
varied. The most material sensitivities to the cash flow forecasts are the risk of not delivering the planned
revenue growth and efficiency savings from the Group's cost reduction programme.
The table below shows the additional impairment required (with all other variables being equal) through: an
increase in discount rate of 1%, or a decrease of 1% in the long-term growth rate (for the terminal period)
for the Group in total and each of the CGUs; or, through the severe but plausible downsides applied to the
base-case projections for assessing going concern and viability, without mitigations, for 2025 to 2027, and
the long-term growth rate (1.6%) applied to the 2027 downside cash flows to generate projected cash flows
for 2028, 2029, and the terminal period. We have also considered the impact of all the scenarios together,
which is also a reasonable possible alternative.
Long-term Severe but
1% increase in growth rate plausible Combination
discount rate decrease by 1% downside sensitivity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capita Public Service \u2014
\u2014
\u2014
\u2014
Contact Centre
(23.2)
(17.4)
(18.1)
(55.1)
Pension Solutions
\u2014
\u2014
\u2014
\u2014
Total
(23.2)
(17.4)
(18.1)
(55.1)
Comparison to share price and market capitalisation
The company\u2019s market capitalisation indicates an enterprise value that continues to be significantly less
than the Group\u2019s sum-of-the-parts CGU valuation based upon the model prepared for impairment testing
purposes at 31 December 2024. The directors gave consideration as to why this might be the case and the
reasonableness of the assumptions used in the impairment model, and whether these points could indicate
additional indicators of impairment in respect of the Group\u2019s goodwill balances.
The factors considered included: the differing basis of valuations (including that third parties value the
services sector on income statement multiples versus long-term view using a discounted cash flow for the
basis of impairment testing under accounting standards), sum-of-the-parts view and the multiples achieved
on recent disposals, general market assumptions of the sector which can ignore the liquidity profile and
specific risks of an entity, and other specific items impacting the market\u2019s view of the Group at the moment,
including the on-going cost reduction programme.
Taking these points into consideration, the Board is comfortable that there is no further impairment in
respect of goodwill to be recognised at 31 December 2024, despite the continuing low market capitalisation
of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-483": { "value": "Accounting policies Intangible assets acquired separately are capitalised at cost and those identified in a business acquisition are capitalised at fair value at the date of acquisition. In the case of capitalised software development costs, research expenditure is written off to the consolidated income statement when it is incurred. Development expenditure is similarly written off until the Group is satisfied as to the technical, commercial and financial viability of individual projects. Where this condition is satisfied, the development expenditure is capitalised and amortised over the period during which the Group is expected to benefit. The Group considers the nature of any software as a service utilised by the Group and whether associated costs incurred meet the criteria for capitalisation as intangible assets. In particular the Group assesses whether the work conducted includes any configuration or customisation of the suppliers software and then considers the relevant accounting treatment. Following initial recognition, the carrying amount of an intangible asset is its cost less accumulated amortisation and impairment losses. The useful lives of intangible assets are assessed to be either finite or indefinite. There were no indefinite-lived assets in 2024 or 2023. Amortisation: Amortisation is charged on assets with finite lives. The amortisation method used reflects the expected pattern of consumption of future economic benefits and generally amortised on a straight-line basis, the amortisation periods used are as follows: \u2022 Intangible assets acquired in business combinations \u2013 1.5 to 20 years. \u2022 Intangible assets purchased or internally capitalised \u2013 3 to 20 years. Impairment: Intangible assets with finite lives are only tested for impairment, either individually or at the cash-generating unit level, when there is an indicator of impairment. Derecognition: Intangible assets are derecognised upon disposal, or when no future economic benefits are expected to arise from the continued use of the asset (retired). Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying value of the asset, is included in the consolidated income statement when the asset is derecognised. The measurement of intangible assets other than goodwill in a business combination: on the acquisition of a business, the identifiable intangible assets may include licences, customer lists and brands. The fair value of these assets is determined by discounting estimated future net cash flows generated by the asset because in most cases no active market for the assets exists and therefore no observable value exists. The use of different assumptions for the expectations of future cash flows and the discount rate would change the valuation of the intangible assets. The assessment of costs capitalised as intangible assets to generate future economic benefits: judgement is applied in assessing whether costs incurred, both internal and external, will generate future economic benefits. Judgements and estimates are applied in determining the carrying value of the assets, including assumptions made in respect of the status of the programme each asset relates to. Given the level of judgement and estimation involved in assessing future cash flows, it is reasonably possible that outcomes within the next financial year may be different from management\u2019s assumptions and require an adjustment to the carrying value of intangible assets, however any adjustment is not expected to be material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-471": { "value": "Accounting policies Intangible assets acquired separately are capitalised at cost and those identified in a business acquisition are capitalised at fair value at the date of acquisition. In the case of capitalised software development costs, research expenditure is written off to the consolidated income statement when it is incurred. Development expenditure is similarly written off until the Group is satisfied as to the technical, commercial and financial viability of individual projects. Where this condition is satisfied, the development expenditure is capitalised and amortised over the period during which the Group is expected to benefit. The Group considers the nature of any software as a service utilised by the Group and whether associated costs incurred meet the criteria for capitalisation as intangible assets. In particular the Group assesses whether the work conducted includes any configuration or customisation of the suppliers software and then considers the relevant accounting treatment. Following initial recognition, the carrying amount of an intangible asset is its cost less accumulated amortisation and impairment losses. The useful lives of intangible assets are assessed to be either finite or indefinite. There were no indefinite-lived assets in 2024 or 2023. Amortisation: Amortisation is charged on assets with finite lives. The amortisation method used reflects the expected pattern of consumption of future economic benefits and generally amortised on a straight-line basis, the amortisation periods used are as follows: \u2022 Intangible assets acquired in business combinations \u2013 1.5 to 20 years. \u2022 Intangible assets purchased or internally capitalised \u2013 3 to 20 years. Impairment: Intangible assets with finite lives are only tested for impairment, either individually or at the cash-generating unit level, when there is an indicator of impairment. Derecognition: Intangible assets are derecognised upon disposal, or when no future economic benefits are expected to arise from the continued use of the asset (retired). Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying value of the asset, is included in the consolidated income statement when the asset is derecognised. The measurement of intangible assets other than goodwill in a business combination: on the acquisition of a business, the identifiable intangible assets may include licences, customer lists and brands. The fair value of these assets is determined by discounting estimated future net cash flows generated by the asset because in most cases no active market for the assets exists and therefore no observable value exists. The use of different assumptions for the expectations of future cash flows and the discount rate would change the valuation of the intangible assets. The assessment of costs capitalised as intangible assets to generate future economic benefits: judgement is applied in assessing whether costs incurred, both internal and external, will generate future economic benefits. Judgements and estimates are applied in determining the carrying value of the assets, including assumptions made in respect of the status of the programme each asset relates to. Given the level of judgement and estimation involved in assessing future cash flows, it is reasonably possible that outcomes within the next financial year may be different from management\u2019s assumptions and require an adjustment to the carrying value of intangible assets, however any adjustment is not expected to be material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-530": { "value": "3.4 Goodwill Accounting policies Following initial recognition, goodwill is stated at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. Goodwill arising on acquisitions prior to 31 December 1997 remains set off directly against reserves and does not get recycled through the consolidated income statement. At the acquisition date, any goodwill acquired is allocated to the cash-generating units (CGU) which are expected to benefit from the combination\u2019s synergies. Impairment is determined by assessing the recoverable amount of the CGU to which the goodwill relates. Where the recoverable amount of the CGU is less than the carrying amount, an impairment loss is recognised. Where goodwill forms part of a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in these circumstances is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained. Acquisitions and disposals of non-controlling interests that do not result in a change of control are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. The adjustments to non-controlling interests are based on a proportionate amount of the net assets of the subsidiary. Any difference between the price paid or received and the amount by which non-controlling interests are adjusted is recognised directly in equity and attributed to the owners of the Parent company. Significant accounting estimates and assumptions Impairment of Contact Centre goodwill: the Group determines whether goodwill is impaired on an annual basis, or more frequently if required, and this requires an estimation of the recoverable amount of the CGU to which the intangible assets are allocated utilising an estimation of future cash flows and choosing a suitable discount rate.
2024 2023
\u00a3m \u00a3m
Cost
At 1 January
1,074.2
1,423.3
Disposal of businesses
\u2014
(199.6)
Transfer to disposal group assets held-for-sale
1
(72.5)
(149.0)
Adjustment to gross goodwill balances
2
(154.9)
\u2014
Exchange movement
(1.2)
(0.5)
At 31 December
845.6
1,074.2
Accumulated impairment
At 1 January
578.5
817.4
Disposal of businesses
\u2014
(196.4)
Transfer to disposal group assets held-for-sale
1
(25.5)
(84.7)
Impairment \u2013 excluded from adjusted profit
75.1
42.2
Adjustment to gross goodwill balances
2
(154.9)
\u2014
At 31 December
473.2
578.5
Net book value
At 1 January
495.7
605.9
At 31 December
372.4
495.7
1. Transfers to disposal group assets held-for-sale in the year ended 31 December 2024 is in respect of Capita One that was transferred at 30 June 2024 and subsequently sold during the second half of the year. In the year ended 31 December 2023 this includes \u00a349.3m that was transferred at 30 June 2023 and subsequently sold during the second half of 2023. 2. Adjustment to remove gross cost and accumulated impairment in respect of goodwill that had been fully impaired and subsequently disposed of in previous years. This has resulted in an adjustment to each balance of \u00a3154.9m, with no change to the overall net book value. Cash-generating units In line with the determination in the second half of the year that the Capita Experience division comprises three operating segments: Contact Centre, Pension Solutions and Regulated Services (refer to notes 2.2 and 2.5), the Group has reviewed the historical assessment of CGUs and the allocation of goodwill. Reflecting the way management now exercises oversight and monitors the Group\u2019s performance, the Board concluded that the lowest level at which goodwill is monitored is at the divisional level for Capita Public Service, and at a sub-divisional level for Capita Experience in line with the aforementioned operating segments, and goodwill has been reallocated to these groups of CGUs (hereafter referred to as CGU) accordingly. Where possible, goodwill was reallocated to the new CGUs by transferring the goodwill balance created on acquisition of the business to the CGU in which the business now primarily resides under the new organisational structure. In some cases, it was not possible to clearly determine a single CGU in which the acquired business now primarily resides, and in these instances the relevant goodwill was allocated to the CGU that best reflected the original balance. The opening goodwill balance as at 1 January 2024 has been reallocated to these CGUs for comparable purposes. Carrying amount of goodwill allocated to CGUs:
Capita Capita Experience
Public Contact Pension Regulated
Service Centre Solutions Services Total
CGU \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
286.4
148.6
60.7
\u2014
495.7
Transfer to assets held-for-sale
1
(47.0)
\u2014
\u2014
\u2014
(47.0)
Impairment \u2013 excluded from adjusted profit
\u2014
(75.1)
\u2014
\u2014
(75.1)
Exchange movement
\u2014
(1.2)
\u2014
\u2014
(1.2)
At 31 December
239.4
72.3
60.7
\u2014
372.4
1. Transfers to disposal group assets held-for-sale in the year ended 31 December 2024 is in respect of Capita One that was transferred at 30 June 2024 and subsequently sold during the second half of the year. Business exits As set out in note 2.8, two businesses, Fera and Capita One, were fully disposed of during the year. Goodwill balances relating to these businesses were transferred to disposal group assets held-for-sale at 31 December 2023 (Fera) and 30 June 2024 (Capita One), and subsequently derecognised in the year as part of the relevant business disposal. Two additional businesses within the Capita Experience division (one within the Contact Centre CGU and one within the Regulated Services CGU) met the criteria to be treated as business exits at 31 December 2024, however there is no goodwill attributable to either business. The impairment test In undertaking the annual impairment review, the directors considered both internal and external sources of information, and any observable indications that may suggest that the carrying value of goodwill may be impaired. This included a comparison with the Group\u2019s share price and market capitalisation. The Group\u2019s impairment test compares the carrying value of each CGU with its recoverable amount. The recoverable amount of a CGU is the higher of fair value less cost of disposal, and its value in use. As the Group continues to implement the Group-wide cost reduction programme first announced in November 2023 and referred to in the strategic report and note 2.4, and continues to be committed to evaluating additional cost savings opportunities, it has been determined that at 31 December 2024, fair value less costs of disposal will generate the higher recoverable amount. The valuation of CGUs under fair value less costs of disposal assumes that a third-party acquirer will undertake a similar plan to derive similar benefits in the business going forward. The enterprise value of each CGU is dependent on the successful implementation of the cost reduction programme. Fair value less costs of disposal for each CGU has been estimated using discounted cash flows. The fair value measurement was categorised as a Level-3 fair value based on the inputs in the valuation technique used. The costs of disposal have been estimated based on the Groups\u2019 significant disposals in recent years. In 2024, the Contact Centre business has seen a reduction in its adjusted revenue1 , increase in its adjusted operating loss 1 and reduction in its operating cash flow excluding business exits 1. These trends reflect the one-off benefit from the Virgin Media O2 contract transition in the prior year and the impact of prior year contract losses, both of which were reflected in the financial projections used for impairment testing purposes previously, and lower than expected volumes in the telecommunications vertical in the second half of 2024, which are expected to remain subdued during 2025. The profit and cash flow impact of these items was partially offset by an underlying margin improvement from lower overheads from delivery of the cost reduction programme. The Contact Centre business also saw a reduction in bid activity across 2024, and although there has been a strong start to 2025, the business is expecting a high single-digit revenue reduction in 2025. In addition, the material contracts secured in 2024 are framework agreements, which enable the customer to both ramp-up and ramp-down volume, providing both an opportunity but also a risk to the business\u2019s forecast. Whilst delivery and client sentiment has remained strong across the majority of the portfolio, certain delivery issues have led to the reduction of volumes on one particular contract. As detailed in the strategic review, there is a significant opportunity for the Contact Centre business to improve its margins to be in line with those of its peers, and it is implementing a significant reorganisation, including delayering internal management structures and a digitisation plan to reduce costs. A key element of its reorganisation is increasing the use of offshore and nearshore service delivery to meet client needs. In terms of its digitisation plan, the forecast for the business assumes an increase in the use of its new AI and generative AI solutions, such as AgentSuite, with significant rollout to clients underway for 2025. There is a risk with the assumed rollout of these new technology solutions, such as the pace of technological change, which brings increased uncertainty in delivery, and therefore a risk to the business\u2019s forecast. To reflect these risks from the perspective of a market participant perspective, and taking account of the historical performance of the business and inherent uncertainty in forecasting, for the purposes of the impairment test, the business plan cash flow projections have been risk adjusted in the Contact Centre CGU from 2025 onwards. At 31 December 2024, a goodwill impairment of \u00a375.1m was recognised in respect of the Contact Centre CGU. At 31 December 2024, the estimated recoverable amount of the Contact Centre CGU (calculated net of lease liabilities attributable to the CGU) was \u00a325.3m. The estimated recoverable amount of the other CGUs exceeded their respective carrying value. The key inputs to the calculations are described below, including changes in market conditions. 1. Refer to alternative performance measures in section 8.2 to the financial statements.
Forecast cash flows
The cash flow projections prepared for the impairment test are derived from the 2025-2027 business plan
approved by the Board, which are prepared on a nominal basis. Key assumptions in the business plan
include the delivery of planned revenue growth and the benefits that the cost reduction programme is
anticipated to deliver. As noted above, for the purposes of the impairment test, the business plan cash flow
projections have been risk adjusted in the Contact Centre CGU from 2025 onwards.
The going concern severe but plausible downside scenarios have taken account of the potential adverse
financial impacts resulting from the following risks, which include the key assumptions noted above:
\u2022 revenue growth falling materially short of plan;
\u2022 operating margin expansion not being achieved;
\u2022 targeted cost savings delayed or not delivered;
\u2022 unforeseen operational issues leading to contract losses and cash outflows; and
\u2022 unexpected financial costs linked to incidents such as data breaches and/or cyber-attacks.
As such, the below sensitivity analysis includes assessing the impact of these crystallising on the
impairment test performed.
Forecast cash flows have been adjusted for movements in deferred income and contract fulfilment assets.
An adjustment has also been made to the 2025 cash flows to reflect the assumed build-up in working
capital to reach a normalised working capital position for each CGU.
Allocation of central function costs
The Board has considered an appropriate methodology to apply when allocating central function costs. The
methodology applied for the 2024 impairment test was aligned to that applied in reporting segmental
performance (refer to note 2.5). The remaining Group related costs of Capita plc, which have not been
allocated as part of segmental reporting, are allocated to CGUs for impairment testing purposes based on
2025 forecast earnings before interest, tax, depreciation and amortisation (EBITDA).
Long-term growth rate
The long-term growth rate is based on economic growth forecasts by recognised bodies and this has been
applied to forecast cash flows for years four and five (2028 and 2029) and for the terminal period. The 2024
long-term growth rate is 1.6% (2023: 1.7%).
Discount rates
Management estimates discount rates using nominal pre-tax rates of comparator companies for each CGU.
The discount rates reflect the latest market assumptions for the risk-free rate, the equity risk premium and
the net cost of debt, and which are all based on publicly available external sources.
The table below presents the pre-tax discount rates applied to the cash flows for 2024 and 2023. The 2023
rates for the new Capita Experience CGUs are those that were used for the aggregated Capita Experience
group of CGUs at 31 December 2023, and have not been re-estimated for the disaggregated CGUs.
Capita Experience
Capita Public Contact Pension
Service Centre Solutions
2024
10.5 %
11.2 %
10.6 %
2023
11.0 %
9 . 2 %
9 . 2 %
Sensitivity analysis The impairment testing as described is reliant on the reliability of management\u2019s forecasts and the assumptions that underlie them; and on the selection of the discount and growth rates to be applied. To gauge the sensitivity of the result to a change in any one, or combination of the assumptions that underlie the model, a number of scenarios were developed to identify the range of reasonably possible alternatives and measure which CGUs are the most susceptible to an impairment should the assumptions used be varied. The most material sensitivities to the cash flow forecasts are the risk of not delivering the planned revenue growth and efficiency savings from the Group's cost reduction programme. The table below shows the additional impairment required (with all other variables being equal) through: an increase in discount rate of 1%, or a decrease of 1% in the long-term growth rate (for the terminal period) for the Group in total and each of the CGUs; or, through the severe but plausible downsides applied to the base-case projections for assessing going concern and viability, without mitigations, for 2025 to 2027, and the long-term growth rate (1.6%) applied to the 2027 downside cash flows to generate projected cash flows for 2028, 2029, and the terminal period. We have also considered the impact of all the scenarios together, which is also a reasonable possible alternative.
Long-term Severe but
1% increase in growth rate plausible Combination
discount rate decrease by 1% downside sensitivity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capita Public Service \u2014
\u2014
\u2014
\u2014
Contact Centre
(23.2)
(17.4)
(18.1)
(55.1)
Pension Solutions
\u2014
\u2014
\u2014
\u2014
Total
(23.2)
(17.4)
(18.1)
(55.1)
Comparison to share price and market capitalisation The company\u2019s market capitalisation indicates an enterprise value that continues to be significantly less than the Group\u2019s sum-of-the-parts CGU valuation based upon the model prepared for impairment testing purposes at 31 December 2024. The directors gave consideration as to why this might be the case and the reasonableness of the assumptions used in the impairment model, and whether these points could indicate additional indicators of impairment in respect of the Group\u2019s goodwill balances. The factors considered included: the differing basis of valuations (including that third parties value the services sector on income statement multiples versus long-term view using a discounted cash flow for the basis of impairment testing under accounting standards), sum-of-the-parts view and the multiples achieved on recent disposals, general market assumptions of the sector which can ignore the liquidity profile and specific risks of an entity, and other specific items impacting the market\u2019s view of the Group at the moment, including the on-going cost reduction programme. Taking these points into consideration, the Board is comfortable that there is no further impairment in respect of goodwill to be recognised at 31 December 2024, despite the continuing low market capitalisation of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-472": { "value": "
Accounting policies
Following initial recognition, goodwill is stated at cost less any accumulated impairment losses. Goodwill is
reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the
carrying value may be impaired. Goodwill arising on acquisitions prior to 31 December 1997 remains set off
directly against reserves and does not get recycled through the consolidated income statement.
At the acquisition date, any goodwill acquired is allocated to the cash-generating units (CGU) which are
expected to benefit from the combination\u2019s synergies. Impairment is determined by assessing the
recoverable amount of the CGU to which the goodwill relates. Where the recoverable amount of the CGU is
less than the carrying amount, an impairment loss is recognised. Where goodwill forms part of a CGU and
part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is
included in the carrying amount of the operation when determining the gain or loss on disposal of the
operation. Goodwill disposed of in these circumstances is measured on the basis of the relative values of
the operation disposed of and the portion of the CGU retained.
Acquisitions and disposals of non-controlling interests that do not result in a change of control are
accounted for as transactions with owners in their capacity as owners and therefore no goodwill is
recognised as a result of such transactions. The adjustments to non-controlling interests are based on a
proportionate amount of the net assets of the subsidiary. Any difference between the price paid or received
and the amount by which non-controlling interests are adjusted is recognised directly in equity and
attributed to the owners of the Parent company.
Significant accounting estimates and assumptions
Impairment of Contact Centre goodwill: the Group determines whether goodwill is impaired on an annual
basis, or more frequently if required, and this requires an estimation of the recoverable amount of the CGU
to which the intangible assets are allocated utilising an estimation of future cash flows and choosing a
suitable discount rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-531": { "value": "3.5 Right-of-use assets Accounting policies At the inception of the lease, the Group recognises a right-of-use asset at cost, which comprises the present value of minimum future lease payments determined at the inception of the lease. Right-of-use assets are depreciated using the straight-line method over the shorter of estimated life or the lease term. Amendments to lease terms resulting in a change in payments or the length of the lease results in an adjustment to the right-of-use asset and corresponding lease liability. Right-of-use assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be fully recoverable. Right-of-use assets exclude leases with low values and terms of twelve months or less. These leases are expensed to the consolidated income statement when incurred. As detailed in note 2.4, during 2024 a charge of \u00a327.9m (2023: \u00a354.4m) was recognised for the costs to deliver the cost reduction programme. This includes a property related credit of \u00a32.6m reflecting the successful exit of a number of properties which had been provided for in the previous year. The 2023 property related charge was \u00a331.1m including impairments of \u00a313.1m. These amounts have been excluded from adjusted profit. Other movements include amendments to existing leases.
Motor
Property vehicles Equipment Total
Net Book Value \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
237.0
10.6
1.9
249.5
Addition of new leases
12.9
1.8
2.5
17.2
Depreciation charged - included in adjusted profit
(40.3)
(5.9)
(1.9)
(48.1)
Depreciation charged - included in business exits
(0.2)
\u2014
\u2014
(0.2)
Impairment - included in adjusted profit
(2.4)
\u2014
\u2014
(2.4)
Impairment - excluded from adjusted profit
(13.1)
\u2014
\u2014
(13.1)
Impairment - included in business exit
(0.2)
\u2014
\u2014
(0.2)
Transfer to disposal group assets held-for-sale
(1.0)
\u2014
\u2014
(1.0)
Disposal of businesses
(0.2)
\u2014
\u2014
(0.2)
Disposals - included in adjusted profit
(0.2)
(0.7)
(0.7)
(1.6)
Exchange movement
(1.9)
\u2014
\u2014
(1.9)
Other movements
9.7
0.1
0.7
10.5
At 31 December 2023
200.1
5.9
2.5
208.5
Addition of new leases
27.6
5.8
1.2
34.6
Depreciation charged - included in adjusted profit
(36.4)
(4.2)
(1.6)
(42.2)
Depreciation charged - included in business exits
(0.1)
\u2014
\u2014
(0.1)
Impairment - excluded from adjusted profit
(0.2)
\u2014
\u2014
(0.2)
Transfer to lease receivable
1
(31.3)
\u2014
\u2014
(31.3)
Disposals - included in adjusted profit
(5.5)
(0.7)
\u2014
(6.2)
Exchange movement
(0.6)
\u2014
\u2014
(0.6)
Other movements
18.2
0.1
(0.1)
18.2
At 31 December 2024
171.8
6.9
2.0
180.7
1. Transfers to lease receivable in the year ended 31 December 2024 comprises \u00a331.3m that was transferred at 17 January 2024 on the disposal of Fera. 4.4 Leases Accounting policies The Group leases various assets, comprising land and buildings, equipment and motor vehicles. The determination whether an arrangement is, or contains, a lease is based on whether the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The following sets out the Group\u2019s lease accounting policy for all leases with the exception of leases with low value and term of twelve months or less which are expensed to the consolidated income statement. The Group as a lessee \u2013 Right-of-use assets and lease liabilities The accounting policy for right-of-use assets is included in note 3.5. The Group recognises lease liabilities where a lease contract exists and right-of-use assets representing the right to use the underlying leased assets. At the commencement of a lease, the Group recognises the lease liability measured at the present value of the lease payments to be made over the lease term. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of the lease liability is increased to reflect the accretion of interest and reduced for the lease payments made. The incremental borrowing rate is the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Incremental borrowing rates are determined monthly and depend on the term, country, currency and commencement date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the risk-free rate based on swap market data; a country-specific risk adjustment; a credit risk adjustment; and an entity-specific adjustment where the entity risk profile is different to that of the Group. The lease liability is subsequently remeasured (with a corresponding adjustment to the related right-of-use asset) when there is a change in future lease payments due to a renegotiation or market rent review, a change of an index or rate or a reassessment of the lease term. Lease payments are apportioned between a finance charge and a reduction of the lease liability based on the constant interest rate applied to the remaining balance of the liability. Interest expense is included within net finance costs in the consolidated income statement. Lease payments comprise fixed payments, including in-substance fixed payments such as service charges and variable lease payments that depend on an index or a rate, initially measured using the minimum index or rate at inception date. The payments also include any lease incentives and any penalty payments for terminating the lease, if the lease term reflects the lessee exercising that option. The lease term determined comprises the non-cancellable period of the lease contract. Periods covered by an option to extend the lease are included if the Group has reasonable certainty that the option will be exercised, and periods covered by an option to terminate are included if it is reasonably certain that this will not be exercised. The Group has elected to apply the practical expedient in IFRS 16 Leases paragraph 15 not to separate non-lease components such as service charges from lease rental charges. The Group as a lessor When the Group acts as a lessor, it determines at lease commencement whether the lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers to the lessee all of the risks and rewards of ownership in relation to the underlying asset. If this is the case, then the lease is a finance lease. If not, then it is an operating lease. The Group acts as an intermediate lessor of property assets and equipment. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses whether the sub-lease is a finance or operating lease in the context of the right-of-use asset arising from the head lease. In instances where the Group is the intermediate lessor and the sub-lease is classified as a finance lease, the Group recognises a net investment in sub-leases for amounts recoverable from the sub-lessees while derecognising the respective portion of the right-of-use asset. The lease liability is retained on the balance sheet. The net investment in sub-leases is classified as current or non-current finance assets in the consolidated balance sheet according to whether or not the amounts will be recovered within twelve months of the balance sheet date. Finance income recognised in respect of net investment in sub-leases is presented within net finance costs in the consolidated income statement and the capital element of lease rental received is presented within investing activities in the consolidated cash flow statement. The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term. The Group accounts for finance leases as finance lease receivables, using an incremental borrowing rate where the interest rate implicit in sub-lease is not easily determinable.
4.4.1 The Group as a lessee
2024 2023 Type of financial
Amounts recognised on the balance sheet \u00a3m \u00a3m instrument
Financial
Lease liabilities
348.7
363.4
liabilities
The lease liability includes \u00a312.0m (2023: \u00a37.3m) of future lease payments (undiscounted) for leases with
termination options that could be exercised but are recognised at full term. The potential future cash
outflows of \u00a37.2m (2023: \u00a310.5m) (undiscounted) have not been included in the lease liability because the
Group is reasonably certain that the leases will not be extended. The total cash outflow for leases was
\u00a376.3m (2023: \u00a381.4m) consisting of interest paid of \u00a322.7m (2023: \u00a322.3m) and capital element of \u00a353.6m
(2023: \u00a359.1m).
Right-of-use assets are disclosed in note 3.5, the maturity analysis of lease liabilities is included in
note 4.2.1 and interest expense in note 4.3.
4.4.2 The Group as a lessor
2024 2023 Type of financial
Amounts recognised on the balance sheet \u00a3m \u00a3m instrument
Financial
Lease receivables
95.7
70.3
assets
The maturity analysis of lease receivables, including the undiscounted lease payments to be received, is as
follows:
2024 2023
\u00a3m \u00a3m
Within 1 year
9.5
9.9
Between 1-2 years
10.0
8.2
Between 2-3 years
6.4
7.7
Between 3-4 years
6.4
4.0
Between 4-5 years
10.1
4.0
More than 5 years
107.5
65.5
Total undiscounted lease payments receivable
149.9
99.3
Unearned finance income
(54.2)
(29.0)
Net investment in lease receivables
95.7
70.3
2024 2023
Change in finance lease receivables during the year \u00a3m \u00a3m
At 1 January
70.3
76.3
Payments received
(11.5)
(10.1)
Interest accrued (see note 4.3)
5.6
4.1
Transfers from right-of-use assets
1
(see note 3.5)
31.3
\u2014
At 31 December
95.7
70.3
1. Transfers from right-of-use assets in the year ended 31 December 2024 comprises \u00a331.3m that was transferred at 17 January 2024 on the
disposal of Fera.
The expenses related to short-term leases, leases of low-value assets and income from sub-leases are
immaterial and therefore there is no separate disclosure.
During 2020, the Group sublet a leased property. The sub-lease includes an option for the lessee to
terminate the lease earlier than the Group\u2019s lease with its landlord. Management assessed it was
reasonably certain that the break clause will not be exercised and, accordingly, determined that the sub-
lease is a finance lease. This resulted in the recognition of a finance lease receivable. This judgement was
based on a number of factors as prescribed within IFRS 16 such as incentive to lessee, importance of the
location to the lessee\u2019s operations, shorter non-cancellable period of the lease, and the lessee\u2019s
modifications to, and customisation of, the property. At 31 December 2024, the lease receivable was
\u00a362.7m and is included in the balance above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-506": { "value": "3.5 Right-of-use assets Accounting policies At the inception of the lease, the Group recognises a right-of-use asset at cost, which comprises the present value of minimum future lease payments determined at the inception of the lease. Right-of-use assets are depreciated using the straight-line method over the shorter of estimated life or the lease term. Amendments to lease terms resulting in a change in payments or the length of the lease results in an adjustment to the right-of-use asset and corresponding lease liability. Right-of-use assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be fully recoverable. Right-of-use assets exclude leases with low values and terms of twelve months or less. These leases are expensed to the consolidated income statement when incurred. As detailed in note 2.4, during 2024 a charge of \u00a327.9m (2023: \u00a354.4m) was recognised for the costs to deliver the cost reduction programme. This includes a property related credit of \u00a32.6m reflecting the successful exit of a number of properties which had been provided for in the previous year. The 2023 property related charge was \u00a331.1m including impairments of \u00a313.1m. These amounts have been excluded from adjusted profit. Other movements include amendments to existing leases.
Motor
Property vehicles Equipment Total
Net Book Value \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
237.0
10.6
1.9
249.5
Addition of new leases
12.9
1.8
2.5
17.2
Depreciation charged - included in adjusted profit
(40.3)
(5.9)
(1.9)
(48.1)
Depreciation charged - included in business exits
(0.2)
\u2014
\u2014
(0.2)
Impairment - included in adjusted profit
(2.4)
\u2014
\u2014
(2.4)
Impairment - excluded from adjusted profit
(13.1)
\u2014
\u2014
(13.1)
Impairment - included in business exit
(0.2)
\u2014
\u2014
(0.2)
Transfer to disposal group assets held-for-sale
(1.0)
\u2014
\u2014
(1.0)
Disposal of businesses
(0.2)
\u2014
\u2014
(0.2)
Disposals - included in adjusted profit
(0.2)
(0.7)
(0.7)
(1.6)
Exchange movement
(1.9)
\u2014
\u2014
(1.9)
Other movements
9.7
0.1
0.7
10.5
At 31 December 2023
200.1
5.9
2.5
208.5
Addition of new leases
27.6
5.8
1.2
34.6
Depreciation charged - included in adjusted profit
(36.4)
(4.2)
(1.6)
(42.2)
Depreciation charged - included in business exits
(0.1)
\u2014
\u2014
(0.1)
Impairment - excluded from adjusted profit
(0.2)
\u2014
\u2014
(0.2)
Transfer to lease receivable
1
(31.3)
\u2014
\u2014
(31.3)
Disposals - included in adjusted profit
(5.5)
(0.7)
\u2014
(6.2)
Exchange movement
(0.6)
\u2014
\u2014
(0.6)
Other movements
18.2
0.1
(0.1)
18.2
At 31 December 2024
171.8
6.9
2.0
180.7
1. Transfers to lease receivable in the year ended 31 December 2024 comprises \u00a331.3m that was transferred at 17 January 2024 on the
disposal of Fera.
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-473": { "value": "Accounting policies At the inception of the lease, the Group recognises a right-of-use asset at cost, which comprises the present value of minimum future lease payments determined at the inception of the lease. Right-of-use assets are depreciated using the straight-line method over the shorter of estimated life or the lease term. Amendments to lease terms resulting in a change in payments or the length of the lease results in an adjustment to the right-of-use asset and corresponding lease liability. Right-of-use assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be fully recoverable. Right-of-use assets exclude leases with low values and terms of twelve months or less. These leases are expensed to the consolidated income statement when incurred. Accounting policies The Group leases various assets, comprising land and buildings, equipment and motor vehicles. The determination whether an arrangement is, or contains, a lease is based on whether the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The following sets out the Group\u2019s lease accounting policy for all leases with the exception of leases with low value and term of twelve months or less which are expensed to the consolidated income statement. The Group as a lessee \u2013 Right-of-use assets and lease liabilities The accounting policy for right-of-use assets is included in note 3.5. The Group recognises lease liabilities where a lease contract exists and right-of-use assets representing the right to use the underlying leased assets. At the commencement of a lease, the Group recognises the lease liability measured at the present value of the lease payments to be made over the lease term. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of the lease liability is increased to reflect the accretion of interest and reduced for the lease payments made. The incremental borrowing rate is the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Incremental borrowing rates are determined monthly and depend on the term, country, currency and commencement date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the risk-free rate based on swap market data; a country-specific risk adjustment; a credit risk adjustment; and an entity-specific adjustment where the entity risk profile is different to that of the Group. The lease liability is subsequently remeasured (with a corresponding adjustment to the related right-of-use asset) when there is a change in future lease payments due to a renegotiation or market rent review, a change of an index or rate or a reassessment of the lease term. Lease payments are apportioned between a finance charge and a reduction of the lease liability based on the constant interest rate applied to the remaining balance of the liability. Interest expense is included within net finance costs in the consolidated income statement. Lease payments comprise fixed payments, including in-substance fixed payments such as service charges and variable lease payments that depend on an index or a rate, initially measured using the minimum index or rate at inception date. The payments also include any lease incentives and any penalty payments for terminating the lease, if the lease term reflects the lessee exercising that option. The lease term determined comprises the non-cancellable period of the lease contract. Periods covered by an option to extend the lease are included if the Group has reasonable certainty that the option will be exercised, and periods covered by an option to terminate are included if it is reasonably certain that this will not be exercised. The Group has elected to apply the practical expedient in IFRS 16 Leases paragraph 15 not to separate non-lease components such as service charges from lease rental charges. The Group as a lessor When the Group acts as a lessor, it determines at lease commencement whether the lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers to the lessee all of the risks and rewards of ownership in relation to the underlying asset. If this is the case, then the lease is a finance lease. If not, then it is an operating lease. The Group acts as an intermediate lessor of property assets and equipment. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses whether the sub-lease is a finance or operating lease in the context of the right-of-use asset arising from the head lease. In instances where the Group is the intermediate lessor and the sub-lease is classified as a finance lease, the Group recognises a net investment in sub-leases for amounts recoverable from the sub-lessees while derecognising the respective portion of the right-of-use asset. The lease liability is retained on the balance sheet. The net investment in sub-leases is classified as current or non-current finance assets in the consolidated balance sheet according to whether or not the amounts will be recovered within twelve months of the balance sheet date. Finance income recognised in respect of net investment in sub-leases is presented within net finance costs in the consolidated income statement and the capital element of lease rental received is presented within investing activities in the consolidated cash flow statement. The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term. The Group accounts for finance leases as finance lease receivables, using an incremental borrowing rate where the interest rate implicit in sub-lease is not easily determinable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-545": { "value": "3.6 Provisions Accounting policies Provisions are recognised when the Group has a present legal or constructive obligation arising from past events, it is probable that cash will be paid to settle it, and the amount can be estimated reliably. If the effect of the time value of money is material, provisions are discounted using the yield on government bonds which have a similar timing and currency of cash flows to the provision being discounted. Where required adjustments are made to the yields to reflect the risks specific to the cash flows being discounted. The unwinding of the discount is recognised as a financing cost in the consolidated income statement. The value of the provision is determined based on assumptions and estimates in relation to the amount, timing and likelihood of actual cash flows, which are dependent on future events. Where no reliable basis of estimation can be made, no provision is recorded. However, contingent liabilities disclosures are given when there is a greater than remote probability of outflow of economic benefits. See note 6.2. On an ongoing basis, management monitor provisions and their accurate estimation when compared to final outcomes. Denotes significant accounting estimates and assumptions As detailed in note 2.1, in respect of onerous customer contract provisions, due to the level of uncertainty, combination of variables and timing across numerous contracts, it is not practical to provide a quantitative analysis of the aggregated estimates and assumptions that are applied, and management do not believe that disclosing a potential range of outcomes on a consolidated basis would provide meaningful information to a user of the financial statements. Due to commercial sensitivities, the Group does not specifically disclose the amounts involved in any individual contract. Provisions The movements in provisions during the year are as follows:
Cost Claims and Customer
reduction Business exit litigation Property contract Other
provision provision provision provision provision provisions Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
29.5
7.8
41.4
7.8
58.5
5.2
150.2
Reclassification between
categories
\u2014
\u2014
\u2014
\u2014
0.2
(0.2)
\u2014
Provisions in the year
19.7
7.0
5.6
7.4
28.4
4.6
72.7
Releases in the year
(5.0)
(1.8)
(11.4)
(1.9)
(6.4)
(2.9)
(29.4)
Utilisation
(34.9)
(6.6)
(5.4)
(6.9)
(19.0)
(1.7)
(74.5)
Unwinding of discount and
changes in the discount rate
\u2014
\u2014
\u2014
\u2014
0.4
\u2014
0.4
Exchange movement
(0.2)
\u2014
\u2014
\u2014
0.1
\u2014
(0.1)
At 31 December
9.1
6.4
30.2
6.4
62.2
5.0
119.3
31 December 2024 31 December 2023
\u00a3m \u00a3m
Current
81.4
101.6
Non-current
37.9
48.6
119.3 150.2
Cost reduction provision: The provision represents the cost of reducing headcount where communication to affected employees has crystallised a valid expectation that roles are at risk and it is likely to unwind over the next twelve months. Additionally, it relates to unavoidable running costs of leasehold properties (such as insurance and security) and dilapidation provisions, where properties are exited as a result of the cost reduction programme. These provisions are likely to unwind over periods of up to four years. Refer to note 2.4 for further details on the cost reduction programme. Business exit provision: The provision relates to the cost of exiting businesses through disposal or closure and the costs of separating the businesses being disposed. These are likely to unwind over a period of one to four years. Claims and litigation provision: The Group is exposed to claims and litigation proceedings arising in the ordinary course of business. These matters are reassessed regularly and where obligations are probable and estimable, provisions are made representing the Group\u2019s best estimate of the expenditure to be incurred. Due to the nature of these claims, the Group cannot give an estimate of the period over which this provision will unwind. Property provision: The provision relates to unavoidable running costs, such as insurance and security, of leasehold property where the space is vacant or currently not planned to be used, and dilapidation costs, for ongoing operations, and not the cost reduction programme detailed in note 2.4 (where such costs are included in the cost reduction provision). The expectation is that this expenditure will be incurred over the remaining periods of the leases which vary up to 22 years. Customer contract provision: The provision includes onerous contract provisions in respect of customer contracts where the costs of fulfilling a contract (both incremental and costs directly related to contract activities) exceeds the economic benefits expected to be received under the contract, claims/obligations associated with missed milestones in contractual obligations, and other potential exposures related to contracts with customers. Customer contract life-time reviews are used to determine the value of an onerous contract provision. The life-time contract review reflects the forecast of the best estimate of external revenues and costs over the remaining contract term. These provisions are forecast to unwind over periods of up to five years. The customer contract provision includes \u00a343.9m (2023: \u00a340.5m) in respect of contracts in the closed book Life & Pensions business, which the Group is seeking to exit, in the Regulated Services business in Capita Experience. The closed books and contractual dynamics have led to onerous conditions to service certain of these contracts. Management has been required to assess the likely length of these contracts, given the pattern and experience of contract terminations while also recognising the evergreen clauses (which potentially allow the customer to extend the contracts indefinitely until the run-off of the underlying life and pension books is complete). Accordingly, the Group has, as in prior years, provided for the onerous contract conditions based on the best estimate of the remaining contract terms and the period until the final handover of services. At 31 December 2024, \u00a335.4m of the provision, which is in respect of contracts with the one remaining customer where an earlier exit is not yet highly probable, was increased to provide cover for the contracts to extend out to December 2029 (ie a five year rolling period), reflecting the current best estimate of the remaining term and likely costs to continue service delivery. The remaining \u00a38.5m of the provision relates to a contract where the earlier exit is highly probable at 31 December 2024, and comprises an onerous contract provision for the remaining term and likely costs to continue service delivery, and a provision to cover the cost to exit the contract and handover these services. Other provisions: Relates to provisions in respect of other exposures arising as a result of the nature of some of the operations that the Group provides, including supplier audit and regulatory provisions, and for which an outflow of economic benefits is deemed probable. These are likely to unwind over periods of up to five years. 6.2 Contingent liabilities Contingent liabilities represent potential future cash outflows which are either not probable or cannot be measured reliably. The Group has provided, through the normal course of its business, performance bonds and bank guarantees of \u00a324.7m (2023: \u00a322.5m). On adoption of IFRS 17 the Group had the option to apply either IFRS 17 or IFRS 9 for external debt guarantees, of which the Group elected to apply IFRS 9. The Group accounts for performance guarantees under IAS 37 as they do not meet the criteria to be recognised as an insurance contract. The Group is reviewing its position in respect of the contracts with the remaining last customer for its closed book Life & Pensions contracts. The outcomes and timing of this review, which are uncertain, could result in no change to the current position, the continuation of contracts with amended terms or the termination of contracts. If an operation is terminated, the Group may incur associated costs, accelerate the recognition of deferred income or the impairment of contract fulfilment assets. At the date of approval of these consolidated financial statements, we remain in dialogue with the Information Commissioner\u2019s Office (ICO) and are responding to the ICO's information requests following the cyber incident in March 2023. No formal action has been taken by the ICO in connection with the cyber incident and there have been no preliminary findings regarding fault that could lead to any potential regulatory penalty. The Group has received notification of potential claims for damages by or on behalf of individuals whose data may have been exfiltrated as part of the incident. The Group has received only one substantive claim in relation to the cyber incident, which was issued by Barings Law on 4 April 2024. The Group continues to vigorously defend itself against this and any other claims which may be issued. At the date of these financial statements, the Group do not consider future cash outflows in relation to the one substantive claim issued by Barings Law to be probable, and consequently no provision has been recorded. At the date of approval of these financial statements, it is not possible to reliably estimate the value of any existing, potential or future claim or penalty against the Group. The Group\u2019s entities are parties to legal actions and claims which arise in the normal course of business. The Group needs to apply judgement in determining the merit of litigation against it and the chances of a claim successfully being made. It needs to determine the likelihood of an outflow of economic benefits occurring and whether there is a need to disclose a contingent liability or whether a provision might be required due to the probability assessment. At any time there are a number of claims or notifications that need to be assessed across the Group. The disparate nature of the Group\u2019s entities heightens the risk that not all potential claims are known at any point in time.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-507": { "value": "3.6 Provisions Accounting policies Provisions are recognised when the Group has a present legal or constructive obligation arising from past events, it is probable that cash will be paid to settle it, and the amount can be estimated reliably. If the effect of the time value of money is material, provisions are discounted using the yield on government bonds which have a similar timing and currency of cash flows to the provision being discounted. Where required adjustments are made to the yields to reflect the risks specific to the cash flows being discounted. The unwinding of the discount is recognised as a financing cost in the consolidated income statement. The value of the provision is determined based on assumptions and estimates in relation to the amount, timing and likelihood of actual cash flows, which are dependent on future events. Where no reliable basis of estimation can be made, no provision is recorded. However, contingent liabilities disclosures are given when there is a greater than remote probability of outflow of economic benefits. See note 6.2. On an ongoing basis, management monitor provisions and their accurate estimation when compared to final outcomes. Denotes significant accounting estimates and assumptions As detailed in note 2.1, in respect of onerous customer contract provisions, due to the level of uncertainty, combination of variables and timing across numerous contracts, it is not practical to provide a quantitative analysis of the aggregated estimates and assumptions that are applied, and management do not believe that disclosing a potential range of outcomes on a consolidated basis would provide meaningful information to a user of the financial statements. Due to commercial sensitivities, the Group does not specifically disclose the amounts involved in any individual contract.
Provisions
The movements in provisions during the year are as follows:
Cost Claims and Customer
reduction Business exit litigation Property contract Other
provision provision provision provision provision provisions Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
29.5
7.8
41.4
7.8
58.5
5.2
150.2
Reclassification between
categories
\u2014
\u2014
\u2014
\u2014
0.2
(0.2)
\u2014
Provisions in the year
19.7
7.0
5.6
7.4
28.4
4.6
72.7
Releases in the year
(5.0)
(1.8)
(11.4)
(1.9)
(6.4)
(2.9)
(29.4)
Utilisation
(34.9)
(6.6)
(5.4)
(6.9)
(19.0)
(1.7)
(74.5)
Unwinding of discount and
changes in the discount rate
\u2014
\u2014
\u2014
\u2014
0.4
\u2014
0.4
Exchange movement
(0.2)
\u2014
\u2014
\u2014
0.1
\u2014
(0.1)
At 31 December
9.1
6.4
30.2
6.4
62.2
5.0
119.3
31 December 2024 31 December 2023
\u00a3m \u00a3m
Current
81.4
101.6
Non-current
37.9
48.6
119.3 150.2
Cost reduction provision: The provision represents the cost of reducing headcount where communication
to affected employees has crystallised a valid expectation that roles are at risk and it is likely to unwind over
the next twelve months. Additionally, it relates to unavoidable running costs of leasehold properties (such as
insurance and security) and dilapidation provisions, where properties are exited as a result of the cost
reduction programme. These provisions are likely to unwind over periods of up to four years. Refer to note
2.4 for further details on the cost reduction programme.
Business exit provision: The provision relates to the cost of exiting businesses through disposal or
closure and the costs of separating the businesses being disposed. These are likely to unwind over a period
of one to four years.
Claims and litigation provision: The Group is exposed to claims and litigation proceedings arising in the
ordinary course of business. These matters are reassessed regularly and where obligations are probable
and estimable, provisions are made representing the Group\u2019s best estimate of the expenditure to be
incurred. Due to the nature of these claims, the Group cannot give an estimate of the period over which this
provision will unwind.
Property provision: The provision relates to unavoidable running costs, such as insurance and security, of
leasehold property where the space is vacant or currently not planned to be used, and dilapidation costs, for
ongoing operations, and not the cost reduction programme detailed in note 2.4 (where such costs are
included in the cost reduction provision). The expectation is that this expenditure will be incurred over the
remaining periods of the leases which vary up to 22 years.
Customer contract provision: The provision includes onerous contract provisions in respect of customer
contracts where the costs of fulfilling a contract (both incremental and costs directly related to contract
activities) exceeds the economic benefits expected to be received under the contract, claims/obligations
associated with missed milestones in contractual obligations, and other potential exposures related to
contracts with customers. Customer contract life-time reviews are used to determine the value of an
onerous contract provision. The life-time contract review reflects the forecast of the best estimate of external
revenues and costs over the remaining contract term. These provisions are forecast to unwind over periods
of up to five years.
The customer contract provision includes \u00a343.9m (2023: \u00a340.5m) in respect of contracts in the closed book
Life & Pensions business, which the Group is seeking to exit, in the Regulated Services business in Capita
Experience. The closed books and contractual dynamics have led to onerous conditions to service certain
of these contracts. Management has been required to assess the likely length of these contracts, given the
pattern and experience of contract terminations while also recognising the evergreen clauses (which
potentially allow the customer to extend the contracts indefinitely until the run-off of the underlying life and
pension books is complete). Accordingly, the Group has, as in prior years, provided for the onerous contract
conditions based on the best estimate of the remaining contract terms and the period until the final
handover of services. At 31 December 2024, \u00a335.4m of the provision, which is in respect of contracts with
the one remaining customer where an earlier exit is not yet highly probable, was increased to provide cover
for the contracts to extend out to December 2029 (ie a five year rolling period), reflecting the current best
estimate of the remaining term and likely costs to continue service delivery. The remaining \u00a38.5m of the
provision relates to a contract where the earlier exit is highly probable at 31 December 2024, and comprises
an onerous contract provision for the remaining term and likely costs to continue service delivery, and a
provision to cover the cost to exit the contract and handover these services.
Other provisions: Relates to provisions in respect of other exposures arising as a result of the nature of
some of the operations that the Group provides, including supplier audit and regulatory provisions, and for
which an outflow of economic benefits is deemed probable. These are likely to unwind over periods of up to
five years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-474": { "value": "Accounting policies Provisions are recognised when the Group has a present legal or constructive obligation arising from past events, it is probable that cash will be paid to settle it, and the amount can be estimated reliably. If the effect of the time value of money is material, provisions are discounted using the yield on government bonds which have a similar timing and currency of cash flows to the provision being discounted. Where required adjustments are made to the yields to reflect the risks specific to the cash flows being discounted. The unwinding of the discount is recognised as a financing cost in the consolidated income statement. The value of the provision is determined based on assumptions and estimates in relation to the amount, timing and likelihood of actual cash flows, which are dependent on future events. Where no reliable basis of estimation can be made, no provision is recorded. However, contingent liabilities disclosures are given when there is a greater than remote probability of outflow of economic benefits. See note 6.2. On an ongoing basis, management monitor provisions and their accurate estimation when compared to final outcomes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-508": { "value": "
4.1 Net debt, capital and capital management
4.1.1 Net debt and capital
The components of the Group\u2019s net debt and undrawn available liquidity are summarised below.
2024 2023 Year on Year
Notes \u00a3m \u00a3m movement
Cash and cash equivalents
4.5.4
(253.6)
(162.6)
(91.0)
Overdraft
4.5.4
62.2
95.0
(32.8)
Lease liabilities
4.4.1
348.7
363.4
(14.7)
Private placement loan notes
1
4.5.2
269.3
262.5
6.8
Other finance
4.5.2
0.1
0.1
\u2014
Cross currency interest rate swaps
4.5.2
(12.2)
(13.6)
1.4
Deferred consideration
4.5.2
0.7
0.7
\u2014
Net debt
415.2
545.5
(130.3)
Undrawn available financing facilities
4.5.2b
250.0
260.7
(10.7)
Capital
665.2
806.2
(141.0)
1. Private loan notes include US dollar and British pound sterling private placement loan notes.
A reconciliation of net debt shown above to cash flow can be found in note 2.9.3.
The overdrafts are part of a notional cash pooling arrangements in which the balances are fully offset by
cash balances within the same arrangements.
4.1.2 Capital management
Capital management forms an important component of Board meetings, including reviews of forecast
gearing, key covenant tests, and the mix of funding sources, thereby ensuring sustainability and flexibility.
Shareholder returns are reviewed in accordance with the Group\u2019s generation of sustainable free cash flow.
The Group\u2019s capital management process ensures that it meets the financial covenants of its borrowing
arrangements. There are two separate sets of covenant tests underlying the Group\u2019s financial instruments
with the key difference being the treatment of IFRS 16. Under the test for the bank facilities and US private
placement loan notes these covenants are based on maintaining minimum ratios associated with adjusted
net debt to adjusted EBITDA and annualised interest cover. There have been no breaches in the financial
covenants of any loans or borrowings during the reporting period.
The committed RCF provides the liquidity needed to cover the cash fluctuations of the business cycle,
allowing a buffer for contingencies.
Capita plc supports the obligations of its various regulated financial services businesses. The board of each
regulated firm is responsible for ensuring it has embedded capital management frameworks that ensure the
availability of adequate financial resources at all times, and all of them complied with all externally imposed
financial services regulatory capital requirements applicable to them.
In the UK, to provide working capital funding at an economically favourable rate versus the RCF, the Group
uses a non-recourse trade receivables financing facility. The value of invoices sold under this arrangement
at 31 December 2024 was \u00a314.5m (2023: \u00a323.7m). Further, in Germany the Group uses a non-recourse
trade receivable financing arrangement for a specific customer contract, and the value of invoices sold
under that arrangement at 31 December 2024 was \u00a38.9m (2023: \u00a311.5m). In addition, the Group
implemented a new credit card facility in 2024, the outstanding balance of which was \u00a35.2m at
31 December 2024.
4.5 Financial instruments and the fair value hierarchy Accounting policies Financial instruments \u2013 classification of financial instruments The Group classifies its financial instruments in the following measurement categories: \u2022 those to be measured subsequently at fair value, either through other comprehensive income (FVOCI) or through profit or loss (FVPL); and \u2022 those to be measured at amortised cost. The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Financial instruments \u2013 initial recognition At initial recognition, the Group measures a financial instrument at its fair value plus, in the case of a financial instrument not at FVPL, transaction costs that are directly attributable to the acquisition of the financial instrument. Transaction costs of financial instruments carried at FVPL are expensed in the consolidated income statement. Financial instruments with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Purchases and sales of financial instruments are recognised on their trade date (ie the date the Group commits to purchase or sell the instrument). Financial instruments are derecognised when the rights to receive/pay cash flows from the financial instrument have expired or have been transferred such that the Group has transferred substantially all risks and rewards of ownership. Debt instruments Debt instruments are initially recognised at fair value less directly attributable transaction costs and are subsequently remeasured depending on the Group\u2019s business model for managing the instrument and the cash flow characteristics of the debt instrument. There are three measurement categories into which the Group classifies its debt instruments: \u2022 Amortised cost: instruments that are held for collection/payment of contractual cash flows are measured at amortised cost where those cash flows represent solely payments of principal and interest. Interest income/expense from these financial instruments is included in net finance costs using the effective interest rate method. \u2022 FVOCI: instruments that are held for collection/payment of contractual cash flows and for selling the financial instrument are measured at FVOCI where the instrument\u2019s cash flows represent solely payments of principal and interest. Movements in the carrying amount are taken through consolidated Other Comprehensive Income (OCI), except for the recognition of impairment gains or losses, interest income and foreign exchange gains/losses, which are recognised in the consolidated income statement. When the financial instrument is derecognised, the cumulative gain/loss previously recognised in OCI is reclassified to the consolidated income statement and recognised in other gains/(losses). \u2022 FVPL: instruments that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain/loss on a debt instrument that is measured at FVPL is recognised in the consolidated income statement and presented within net finance costs. The Group reclassifies debt instruments when, and only when, its business model for managing those instruments changes. Equity instruments Investments in equity instruments are initially recognised at fair value and are subsequently remeasured at fair value with the movement recognised through the consolidated income statement, except where an election has been made for the movement to be recognised through OCI. An election can be made on initial recognition of equity instruments that are neither held-for-trading or instruments acquired as part of a business combination. Once an election has been made all movements in fair value, with the exception of dividends, are presented through OCI and there is no subsequent reclassification of fair value gains/losses to the consolidated income statement following the derecognition of the investment. Dividends from such investments continue to be recognised in the consolidated income statement as other income when the Group\u2019s right to receive payment is established. Impairment The Group assesses, on a forward looking basis, the expected credit losses associated with its financial instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Derivatives Derivative financial instruments are initially recognised at fair value and are subsequently remeasured at fair value at the end of each reporting period with the movement recognised through the consolidated income statement, except where derivatives qualify for cash flow hedge accounting. The effective proportion of cash flow hedges is recognised in OCI and presented in the hedging reserve within equity. The cumulative gain/ loss is subsequently reclassified to the consolidated income statement in the same period that the relevant hedged transaction is realised. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds. 4.5.1 Fair value hierarchy The Group\u2019s financial assets and liabilities are classified based on the following fair value hierarchy: \u2022 Level-1: quoted (unadjusted) prices in active markets for identical assets or liabilities. \u2022 Level-2: other techniques for which inputs that have a significant effect on the recorded fair value are based on observable (directly or indirectly) market data. With the exception of current financial instruments (which have a short maturity), the fair value of the Group\u2019s level-2 financial instruments were calculated by discounting the expected future cash flows at prevailing interest rates. The valuation models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. In the case of floating rate borrowings the nominal value approximates to fair value because interest is set at floating rates where payments are reset to market values at intervals of less than one year. \u2022 Level-3: other techniques for which inputs that have a significant effect on the recorded fair value are not based on observable market data. Other financial instruments, where observable market data is not available, are carried at either amortised cost or cost (undiscounted cash flows) as a reasonable approximation of fair value. During the year ended 31 December 2024, there were no transfers between fair value levels.
4.5.2 Financial instruments and their fair value hierarchy classification
The following table analyses, by classification and category, the carrying value of the Group\u2019s financial instruments and identifies the level of the fair value hierarchy for the instruments carried at fair value:
Derivatives
used for Amortised Non-
Fair value FVPL FVOCI hedging cost Total Current current
At 31 December 2024
Note
hierarchy \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Lease receivables
4.4.2
n/a
\u2014
\u2014
\u2014
95.7
95.7
4.2
91.5
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
1.8
\u2014
1.8
0.4
1.4
Cash flow hedges \u2013 currency swaps
4.2.4
Level-2
\u2014
\u2014
2.7
\u2014
2.7
1.8
0.9
Cash flow hedges \u2013 Interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.2
\u2014
0.2
0.2
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.7
\u2014
\u2014
\u2014
0.7
0.6
0.1
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
13.0
\u2014
13.0
13.0
\u2014
Originated loans receivable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
Financial assets at fair value through P&L
Level-3
4.1
\u2014
\u2014
\u2014
4.1
0.4
3.7
Financial assets at fair value through OCI
Level-3
\u2014
0.7
\u2014
\u2014
0.7
\u2014
0.7
4.8
0.7
17.7
96.4
119.6
20.6
99.0
Other financial assets
Cash 4.5.4
n/a
\u2014
\u2014
\u2014
253.6
253.6
253.6
\u2014
Total financial assets
4.8
0.7
17.7
350.0
373.2
274.2
99.0
Financial liabilities
Private placement loan notes
a
n/a
\u2014
\u2014
\u2014
269.3
269.3
87.6
181.7
Other finance
n/a
\u2014
\u2014
\u2014
0.1
0.1
0.1
\u2014
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.3
\u2014
0.3
0.3
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.2
\u2014
\u2014
\u2014
0.2
0.2
\u2014
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
0.8
\u2014
0.8
\u2014
0.8
Deferred consideration payable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
0.2
\u2014
1.1
270.1
271.4
88.2
183.2
Other financial liabilities
Overdrafts
4.5.4
n/a
\u2014
\u2014
\u2014
62.2
62.2
62.2
\u2014
Lease liabilities
4.4.1
n/a
\u2014
\u2014
\u2014
348.7
348.7
42.9
305.8
Total financial liabilities
0.2
\u2014
1.1
681.0
682.3
193.3
489.0
Financial assets measured at amortised cost consist of cash, lease receivables, originated loans and
deferred consideration receivable. The carrying value of cash is a reasonable approximation of its fair value
due to the short-term nature of the instruments. Lease receivables, originated loans and deferred
consideration receivable are measured at amortised cost using the effective interest rate method. Included
in other investments are \u00a30.7m (2023: \u00a30.7m) of strategic investments in unlisted equity securities which
are not held-for-trading and the Group elected to recognise at Fair Value through Other Comprehensive
Income (FVOCI). During the period no dividends were received from, and no disposals were made of,
strategic investments.
The financial assets at Fair Value through Profit and Loss (FVPL) relate to the Group\u2019s minority
shareholding in companies as part of the Capita Scaling Partner business. As disclosed in note 2.8, during
the first half of 2024 the Group decided to exit the Capita Scaling Partner business as a whole, while
seeking to maximise value from the remaining Capita Scaling Partner investments. These assets have
typically been revalued when reliable information on fair value becomes available, which is normally at each
funding round. Following the decision to exit the Capita Scaling Partner business in the first half of the year
and the losses realised on disposals in the second half of 2024, the Group has evolved its approach to take
into account recent experiences, and to better reflect expected disposal proceeds.
Financial liabilities measured at amortised cost consist of loan notes, overdrafts, lease liabilities, credit
facilities and deferred consideration payable. With the exception of certain series within the fixed rate
private placement loan notes, the carrying value of financial liabilities are a reasonable approximation of
their fair value. This is because either the interest payable is close to market rates or the liability is short-
term in nature. The private placement loan note series, for which this approximation does not apply, are
those that are subject to longer term fixed rate of interest \u2013 these have an underlying carrying value of
\u00a3175.0m (2023: \u00a3173.9m) and a fair value of \u00a3168.8m (2023: \u00a3166.3m). Lease liabilities and deferred
consideration payable are measured at amortised cost using the effective interest rate method.
The Group\u2019s key financial liabilities are set out below:
a. Private placement loan notes
The private placement loan notes were issued in USD and GBP. The Group manages its exposure to
foreign exchange and interest rate movements through cross-currency interest rate swaps, interest rate
swaps, and forward foreign exchange contracts.
b. Bank facilities
Details of the Group\u2019s bank facilities are provided in the liquidity section above. At 31 December 2024, the
total value of committed facilities was \u00a3250.0m, of which none was drawn (2023: total facilities of \u00a3260.7m
of which none was drawn).
c. Put options of non-controlling interests
The liability at 31 December 2023 represented the present value of the cost to acquire the non-controlling
interest in Fera Science Limited. The put option expired without being exercised on completion of the sale of
the Group\u2019s shareholding in Fera Science Limited on 17 January 2024, and the related liability was de-
recognised. Upon inception of the option agreements, management determined that changes in the carrying
amount would be recognised within equity. This was applied consistently.
Derivatives
used for Amortised Non-
Fair value FVPL FVOCI hedging cost Total Current current
At 31 December 2023
Note
hierarchy \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Lease receivables
4.4.2
n/a
\u2014
\u2014
\u2014
70.3
70.3
6.3
64.0
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
1.8
\u2014
1.8
1.4
0.4
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.1
\u2014
0.1
0.1
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.3
\u2014
\u2014
\u2014
0.3
0.3
\u2014
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
14.5
\u2014
14.5
\u2014
14.5
Originated loans receivable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
Financial assets at fair value through P&L
Level-3
16.9
\u2014
\u2014
\u2014
16.9
\u2014
16.9
Financial assets at fair value through OCI
Level-3
\u2014
0.7
\u2014
\u2014
0.7
\u2014
0.7
Deferred consideration receivable
n/a
\u2014
\u2014
\u2014
20.0
20.0
20.0
\u2014
17.2
0.7
16.4
91.0
125.3
28.1
97.2
Other financial assets
Cash
4.5.4
n/a
\u2014
\u2014
\u2014
155.4
155.4
155.4
\u2014
Cash included within disposal group assets held-for-sale
2.8
n/a
\u2014
\u2014
\u2014
7.2
7.2
7.2
\u2014
Total financial assets
17.2
0.7
16.4
253.6
287.9
190.7
97.2
Financial liabilities
Private placement loan notes
a
n/a
\u2014
\u2014
\u2014
262.5
262.5
\u2014
262.5
Other finance
n/a
\u2014
\u2014
\u2014
0.1
0.1
0.1
\u2014
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
3.6
\u2014
3.6
1.5
2.1
Cash flow hedges \u2013 currency swaps
4.2.4
Level-2
\u2014
\u2014
1.2
\u2014
1.2
\u2014
1.2
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.6
\u2014
0.6
0.6
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.2
\u2014
\u2014
\u2014
0.2
0.1
0.1
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
0.9
\u2014
0.9
\u2014
0.9
Deferred consideration payable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
Put options of non-controlling interests
c
Level-3
\u2014
8.5
\u2014
\u2014
8.5
8.5
\u2014
0.2
8.5
6.3
263.3
278.3
10.8
267.5
Other financial liabilities
Overdrafts
4.5.4
n/a
\u2014
\u2014
\u2014
95.0
95.0
95.0
\u2014
Lease liabilities
4.4.1
n/a
\u2014
\u2014
\u2014
363.4
363.4
51.1
312.3
Total financial liabilities
0.2
8.5
6.3
721.7
736.7
156.9
579.8
The following table shows the movement from the opening balances to the closing balances for Level-3 fair
values.
Put options of Investments
non-controlling FVPL and
interests FVOCI
\u00a3m \u00a3m
At 1 January 2023
9.2
18.0
Change in put-options recognised in other comprehensive income
(0.7)
\u2014
Disposals
\u2014
(0.3)
Loss in fair value recognised in other comprehensive income
\u2014
(0.1)
At 31 December 2023
8.5
17.6
Change in put-options recognised in other comprehensive income
(8.5)
\u2014
Additions
\u2014
\u2014
Disposals
\u2014
(8.2)
Loss in fair value recognised in income statement
\u2014
(4.6)
At 31 December 2024
\u2014
4.8
4.5.3 Borrowings
Details of the Group\u2019s current RCF facility are shown in the above liquidity section (see note 4.5.2b).
Borrowing costs of \u00a3nil were capitalised in the year (2023: \u00a35.4m). At 31 December 2024, the Group\u2019s
private placement loan note series had a GBP equivalent underlying carrying value of \u00a3257.1m (2023:
\u00a3250.2m) (see note 4.5.2a) analysed as follows:
Interest rate Nominal value
Maturity
Denomination
% Ccy\u2019m
22 January 2025
GBP
3.540
7.4
22 April 2025
GBP
3.670
22.3
25 July 2026
GBP
9.350
50.0
27 October 2026
GBP
2.770
18.6
22 January 2027
GBP
3.580
23.8
Total GBP denominated
GBP
122.1
22 January 2025
USD
3.650
74.3
25 July 2026
USD
8.000
45.0
27 October 2026
USD
3.590
19.3
22 January 2027
USD
3.800
27.5
25 July 2028
USD
8.210
23.0
Total USD denominated
1
USD
189.1
1. USD denominated loan notes have a GBP equivalent underlying carrying value of \u00a3136.6m. The Group has entered into a combination of
cross currency and interest rate swaps to achieve a GBP fixed rate of interest. Further disclosure on the Group\u2019s use of hedges is included in
note 4.2.
4.5.4 Cash, cash equivalents and overdrafts
The Group has a notional cash pool with its bank under which the bank is able to net overdrafts against
cash balances held by other Group companies within the same notional pool. The overdraft balances shown
below are fully offset by cash balances within the same notional pool. Since the pool is notional, the Group\u2019s
gross cash and overdraft position is presented below:
2024 2023
\u00a3m \u00a3m
Cash and cash equivalents
253.6
155.4
Overdrafts
(62.2)
(95.0)
191.4
60.4
Cash, net of overdrafts, included in disposal group assets and liabilities
held-for-sale (note 2.8.2)
\u2014
7.2
Total cash, cash equivalents and overdrafts
191.4
67.6
Of total cash, cash equivalents and overdrafts, \u00a344.2m (2023: \u00a346.0m) is restricted cash, which includes
cash required to be held under FCA regulations, cash held in foreign bank accounts, and cash represented
by non-controlling interests.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-563": { "value": "4.1.1 Net debt and capital The components of the Group\u2019s net debt and undrawn available liquidity are summarised below.
2024 2023 Year on Year
Notes \u00a3m \u00a3m movement
Cash and cash equivalents
4.5.4
(253.6)
(162.6)
(91.0)
Overdraft
4.5.4
62.2
95.0
(32.8)
Lease liabilities
4.4.1
348.7
363.4
(14.7)
Private placement loan notes
1
4.5.2
269.3
262.5
6.8
Other finance
4.5.2
0.1
0.1
\u2014
Cross currency interest rate swaps
4.5.2
(12.2)
(13.6)
1.4
Deferred consideration
4.5.2
0.7
0.7
\u2014
Net debt
415.2
545.5
(130.3)
Undrawn available financing facilities
4.5.2b
250.0
260.7
(10.7)
Capital
665.2
806.2
(141.0)
1. Private loan notes include US dollar and British pound sterling private placement loan notes. A reconciliation of net debt shown above to cash flow can be found in note 2.9.3. The overdrafts are part of a notional cash pooling arrangements in which the balances are fully offset by cash balances within the same arrangements. 4.5.3 Borrowings Details of the Group\u2019s current RCF facility are shown in the above liquidity section (see note 4.5.2b). Borrowing costs of \u00a3nil were capitalised in the year (2023: \u00a35.4m). At 31 December 2024, the Group\u2019s private placement loan note series had a GBP equivalent underlying carrying value of \u00a3257.1m (2023: \u00a3250.2m) (see note 4.5.2a) analysed as follows:
Interest rate Nominal value
Maturity
Denomination
% Ccy\u2019m
22 January 2025
GBP
3.540
7.4
22 April 2025
GBP
3.670
22.3
25 July 2026
GBP
9.350
50.0
27 October 2026
GBP
2.770
18.6
22 January 2027
GBP
3.580
23.8
Total GBP denominated
GBP
122.1
22 January 2025
USD
3.650
74.3
25 July 2026
USD
8.000
45.0
27 October 2026
USD
3.590
19.3
22 January 2027
USD
3.800
27.5
25 July 2028
USD
8.210
23.0
Total USD denominated
1
USD
189.1
1. USD denominated loan notes have a GBP equivalent underlying carrying value of \u00a3136.6m. The Group has entered into a combination of cross currency and interest rate swaps to achieve a GBP fixed rate of interest. Further disclosure on the Group\u2019s use of hedges is included in note 4.2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-557": { "value": "4.1.1 Net debt and capital The components of the Group\u2019s net debt and undrawn available liquidity are summarised below.
2024 2023 Year on Year
Notes \u00a3m \u00a3m movement
Cash and cash equivalents
4.5.4
(253.6)
(162.6)
(91.0)
Overdraft
4.5.4
62.2
95.0
(32.8)
Lease liabilities
4.4.1
348.7
363.4
(14.7)
Private placement loan notes
1
4.5.2
269.3
262.5
6.8
Other finance
4.5.2
0.1
0.1
\u2014
Cross currency interest rate swaps
4.5.2
(12.2)
(13.6)
1.4
Deferred consideration
4.5.2
0.7
0.7
\u2014
Net debt
415.2
545.5
(130.3)
Undrawn available financing facilities
4.5.2b
250.0
260.7
(10.7)
Capital
665.2
806.2
(141.0)
1. Private loan notes include US dollar and British pound sterling private placement loan notes. A reconciliation of net debt shown above to cash flow can be found in note 2.9.3. The overdrafts are part of a notional cash pooling arrangements in which the balances are fully offset by cash balances within the same arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-546": { "value": "4.1.1 Net debt and capital The components of the Group\u2019s net debt and undrawn available liquidity are summarised below.
2024 2023 Year on Year
Notes \u00a3m \u00a3m movement
Cash and cash equivalents
4.5.4
(253.6)
(162.6)
(91.0)
Overdraft
4.5.4
62.2
95.0
(32.8)
Lease liabilities
4.4.1
348.7
363.4
(14.7)
Private placement loan notes
1
4.5.2
269.3
262.5
6.8
Other finance
4.5.2
0.1
0.1
\u2014
Cross currency interest rate swaps
4.5.2
(12.2)
(13.6)
1.4
Deferred consideration
4.5.2
0.7
0.7
\u2014
Net debt
415.2
545.5
(130.3)
Undrawn available financing facilities
4.5.2b
250.0
260.7
(10.7)
Capital
665.2
806.2
(141.0)
1. Private loan notes include US dollar and British pound sterling private placement loan notes. A reconciliation of net debt shown above to cash flow can be found in note 2.9.3. The overdrafts are part of a notional cash pooling arrangements in which the balances are fully offset by cash balances within the same arrangements. 4.1.2 Capital management Capital management forms an important component of Board meetings, including reviews of forecast gearing, key covenant tests, and the mix of funding sources, thereby ensuring sustainability and flexibility. Shareholder returns are reviewed in accordance with the Group\u2019s generation of sustainable free cash flow. The Group\u2019s capital management process ensures that it meets the financial covenants of its borrowing arrangements. There are two separate sets of covenant tests underlying the Group\u2019s financial instruments with the key difference being the treatment of IFRS 16. Under the test for the bank facilities and US private placement loan notes these covenants are based on maintaining minimum ratios associated with adjusted net debt to adjusted EBITDA and annualised interest cover. There have been no breaches in the financial covenants of any loans or borrowings during the reporting period. The committed RCF provides the liquidity needed to cover the cash fluctuations of the business cycle, allowing a buffer for contingencies. Capita plc supports the obligations of its various regulated financial services businesses. The board of each regulated firm is responsible for ensuring it has embedded capital management frameworks that ensure the availability of adequate financial resources at all times, and all of them complied with all externally imposed financial services regulatory capital requirements applicable to them. In the UK, to provide working capital funding at an economically favourable rate versus the RCF, the Group uses a non-recourse trade receivables financing facility. The value of invoices sold under this arrangement at 31 December 2024 was \u00a314.5m (2023: \u00a323.7m). Further, in Germany the Group uses a non-recourse trade receivable financing arrangement for a specific customer contract, and the value of invoices sold under that arrangement at 31 December 2024 was \u00a38.9m (2023: \u00a311.5m). In addition, the Group implemented a new credit card facility in 2024, the outstanding balance of which was \u00a35.2m at 31 December 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-532": { "value": "4.1.1 Net debt and capital The components of the Group\u2019s net debt and undrawn available liquidity are summarised below.
2024 2023 Year on Year
Notes \u00a3m \u00a3m movement
Cash and cash equivalents
4.5.4
(253.6)
(162.6)
(91.0)
Overdraft
4.5.4
62.2
95.0
(32.8)
Lease liabilities
4.4.1
348.7
363.4
(14.7)
Private placement loan notes
1
4.5.2
269.3
262.5
6.8
Other finance
4.5.2
0.1
0.1
\u2014
Cross currency interest rate swaps
4.5.2
(12.2)
(13.6)
1.4
Deferred consideration
4.5.2
0.7
0.7
\u2014
Net debt
415.2
545.5
(130.3)
Undrawn available financing facilities
4.5.2b
250.0
260.7
(10.7)
Capital
665.2
806.2
(141.0)
1. Private loan notes include US dollar and British pound sterling private placement loan notes. A reconciliation of net debt shown above to cash flow can be found in note 2.9.3. The overdrafts are part of a notional cash pooling arrangements in which the balances are fully offset by cash balances within the same arrangements. 4.1.2 Capital management Capital management forms an important component of Board meetings, including reviews of forecast gearing, key covenant tests, and the mix of funding sources, thereby ensuring sustainability and flexibility. Shareholder returns are reviewed in accordance with the Group\u2019s generation of sustainable free cash flow. The Group\u2019s capital management process ensures that it meets the financial covenants of its borrowing arrangements. There are two separate sets of covenant tests underlying the Group\u2019s financial instruments with the key difference being the treatment of IFRS 16. Under the test for the bank facilities and US private placement loan notes these covenants are based on maintaining minimum ratios associated with adjusted net debt to adjusted EBITDA and annualised interest cover. There have been no breaches in the financial covenants of any loans or borrowings during the reporting period. The committed RCF provides the liquidity needed to cover the cash fluctuations of the business cycle, allowing a buffer for contingencies. Capita plc supports the obligations of its various regulated financial services businesses. The board of each regulated firm is responsible for ensuring it has embedded capital management frameworks that ensure the availability of adequate financial resources at all times, and all of them complied with all externally imposed financial services regulatory capital requirements applicable to them. In the UK, to provide working capital funding at an economically favourable rate versus the RCF, the Group uses a non-recourse trade receivables financing facility. The value of invoices sold under this arrangement at 31 December 2024 was \u00a314.5m (2023: \u00a323.7m). Further, in Germany the Group uses a non-recourse trade receivable financing arrangement for a specific customer contract, and the value of invoices sold under that arrangement at 31 December 2024 was \u00a38.9m (2023: \u00a311.5m). In addition, the Group implemented a new credit card facility in 2024, the outstanding balance of which was \u00a35.2m at 31 December 2024. 4.2 Financial risk Financial risk management objectives and policies The Group\u2019s Board of directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework, which is outlined on pages 68 to 74 of the strategic report. The Group\u2019s principal financial instruments comprise cash, bank loans, private placement loan notes, lease assets and liabilities, and derivatives. The purpose of these is to fund and provide liquidity for the Group\u2019s operations and to manage its financial risks. The Group has various other financial instruments including trade receivables and trade payables arising from its operations. Derivatives comprise cross-currency interest rate swaps, and forward foreign currency contracts executed with its relationship banks, all of which have investment grade credit ratings. The derivatives\u2019 purpose is to manage interest rate and currency risks arising from the Group\u2019s operations and its sources of finance. It is the Group\u2019s policy that no speculative trading in financial instruments is undertaken. The main risks arising from the Group\u2019s financial instruments are liquidity risk, foreign currency risk, interest rate risk, and credit risk. The Board periodically reviews and agrees policies for managing these risks, which are summarised below.
4.2.1 Liquidity risk
The Group monitors the risk of a liquidity shortage through its business plan and liquidity cycle forecasts
and analysis, taking into consideration the maturity of the Group\u2019s financial instruments, projected cash
flows from operations and an allowance for contingencies.
The Group\u2019s policy is to hold cash and undrawn committed facilities at a level sufficient to fund the Group\u2019s
operations and its medium-term plans. Multiple sources of funding are used to maintain a balance between
continuity of funding and flexibility without placing reliance on sources that are not contractually committed.
The Group\u2019s committed bank facilities provide liquidity for the cash fluctuations of the business cycle and an
allowance for contingencies. The Group has a \u00a3250m revolving credit facility (RCF) maturing 31 December
2026.
The RCF was undrawn at 31 December 2024 (2023: undrawn).
The Group\u2019s core funding is provided by private placement loan notes, and to mitigate the risk of needing to
refinance in challenging conditions, these have been arranged with a spread of maturities to July 2028.
The bank facilities and private placement loan notes all include provisions that would require repayment in
the event of a change of control, and also contain cross default provisions, which are typical of these
arrangements.
The tables below summarise the maturity profile of the Group\u2019s financial liabilities based on contractual
undiscounted cash flows. All balances are stated based on the prevailing foreign exchange rates and the
contractual interest rates at the balance sheet date.
Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Overdraft*
62.2
\u2014
\u2014
\u2014
\u2014
\u2014
62.2
Private placement loan
notes
89.0
119.9
45.7
18.4
\u2014
\u2014
273.0
Interest on loan notes
13.4
11.8
2.4
4.5
\u2014
\u2014
32.1
Lease liabilities
63.3
52.5
45.9
40.6
35.1
249.1
486.5
Deferred consideration
\u2014
0.7
\u2014
\u2014
\u2014
\u2014
0.7
Cross-currency
interest rate swaps
1.1
1.1
\u2014
\u2014
\u2014
\u2014
2.2
Cash flow hedges
currency swaps
5.0
5.0
1.7
1.7
\u2014
\u2014
13.4
Cash flow hedges
Interest rate swaps
1.7
\u2014
\u2014
\u2014
\u2014
\u2014
1.7
Other financial
instruments
0.1
\u2014
\u2014
\u2014
\u2014
\u2014
0.1
235.8
191.0
95.7
65.2
35.1
249.1
871.9
* The Group has a notional cash pool under which the bank may net cash balances with overdrafts held by other Group companies in the
arrangements. The overdraft balances shown are fully offset by credit balances in the same arrangement.
Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Overdraft*
95.0
\u2014
\u2014
\u2014
\u2014
\u2014
95.0
Private placement loan
notes
\u2014
88.0
119.1
45.3
18.1
\u2014
270.5
Interest on loan notes
15.0
13.3
11.7
2.3
1.5
\u2014
43.8
Lease liabilities
71.3
55.0
42.9
35.8
30.9
276.1
512.0
Deferred consideration
\u2014
\u2014
0.7
\u2014
\u2014
\u2014
0.7
Put options of non-
controlling interests
8.5
\u2014
\u2014
\u2014
\u2014
\u2014
8.5
Cross-currency
interest rate swaps
1.2
1.2
1.2
\u2014
\u2014
\u2014
3.6
Cash flow hedges
currency swaps
5.0
5.0
5.0
1.7
1.7
\u2014
18.4
Cash flow hedges
Interest rate swaps
1.7
1.7
\u2014
\u2014
\u2014
\u2014
3.4
Other financial
instruments
0.1
\u2014
\u2014
\u2014
\u2014
\u2014
0.1
197.8
164.2
180.6
85.1
52.2
276.1
956.0
4.2.2 Foreign currency risk
The Group is not generally exposed to significant foreign currency transaction risk with two exceptions.
Firstly, services are provided by the Group\u2019s operations in India, South Africa and Poland and incurred in
Indian rupee (INR), South African rand (ZAR) and Polish zloty (PLN), respectively. The Group seeks to
mitigate the short term effect of this exposure by entering into forward foreign exchange contracts to fix the
British pounds sterling (GBP) cost of highly probable transactions.
At 31 December 2024, the Group held forward foreign exchange contracts against forecast internal monthly
INR, ZAR and PLN costs expected in the periods up to and including June 2025, August 2028, and
December 2026 respectively. These forecast costs have been determined on the basis of the underlying
cash flows associated with the delivery of services under executed customer contracts.
Secondly, the Group holds foreign exchange forwards against committed costs relating to the purchase of
cloud software services in US dollars (USD) in the periods up to and including October 2028.
To maximise hedge effectiveness, forward foreign exchange contracts are executed with terms matching
the underlying cash flows.
The following table demonstrates the sensitivity of the Group\u2019s profit before tax and equity to a 5%
strengthening/(weakening) in INR, ZAR, PLN, and USD exchange rates, assuming all other variables are
unchanged, that would arise from the resulting changes in the fair value of the Group\u2019s forward exchange
contracts.
2024
2023
Effect on
profit Effect on Effect on profit Effect on
before tax equity before tax equity
\u00a3m \u00a3m \u00a3m \u00a3m
USD
1.3
0.6
0.6
4.8
INR
\u2014
1.3
\u2014
3.4
ZAR
\u2014
1.3
0.5
3.8
PLN
\u2014
0.3
\u2014
0.2
4.2.3 Interest rate risk
The Group manages its interest rate exposure, which arises from the Group\u2019s private placement loan notes,
cash, deposits and RCF drawings at variable interest rates through cross-currency interest rate swaps and
interest rate swaps. The cross currency interest rate swaps are designated in a mix of fair value and cash
flow hedges against the fair value changes of the private placement loan notes and variability in future cash
flows.
The net level of floating rate interest exposure is managed to arrive at an acceptable overall interest rate
risk profile. The interest rate profile of the Group\u2019s interest-bearing financial instruments was as follows:
Nominal amounts Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed rate
Private placement
loan notes
75.9
118.4
40.9
17.5
\u2014
\u2014
252.7
Floating rate
Cash in hand
(253.6)
\u2014
\u2014
\u2014
\u2014
\u2014
(253.6)
Overdraft
62.2
\u2014
\u2014
\u2014
\u2014
\u2014
62.2
Nominal amounts Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed rate
Private placement
loan notes
\u2014
75.9
119.4
40.9
18.1
\u2014
254.3
Floating rate
Cash in hand
(162.6)
\u2014
\u2014
\u2014
\u2014
\u2014
(162.6)
Overdraft
95.0
\u2014
\u2014
\u2014
\u2014
\u2014
95.0
A sensitivity analysis to changes in interest rates shows that a 0.5% increase or decrease in interest rates,
assuming all other variables are held constant, results in a \u00a3nil (2023: \u00a3nil) increase or decrease to profit
before tax, and no impact on the Group\u2019s equity.
4.2.4 Hedges
Fair value hedges
The Group\u2019s fixed rate USD and GBP private placement loan notes are hedged through a combination of
cross-currency interest rate swaps. The cross-currency interest rate swaps hedge the exposure to changes
in the fair value of US dollar denominated loan notes. The loan notes and their corresponding swaps have
the same critical terms including nominal values and maturity dates.
The total loss in the year on the fair value hedges of \u00a31.4m (2023: \u00a311.1m loss) was equal to the gain on
the hedged items resulting in no net gain or loss in the income statement apart from hedge ineffectiveness
from credit risk and currency basis risk. This effect of hedge ineffectiveness resulted in a \u00a30.5m debit (2023:
\u00a31.0m credit) to the consolidated income statement, shown in net finance costs, note 4.3.
The impact of the hedged item and the related financial derivatives on the consolidated balance sheet at
31 December 2024 is as follows:
Notional Carrying Change in fair
amount of the amount of the value used for
hedging instrument hedging instrument Line item in measuring
Assets Liabilities Assets Liabilities the balance ineffectiveness
Fair value hedges Hedged risk \u00a3m \u00a3m \u00a3m \u00a3m sheet \u00a3m
Foreign Financial
Cross-currency interest exchange
46.2
15.5
13.0
(0.8)
assets/ (1.4)
rate swaps risk/ Interest liabilities
rate risk
Change in fair value
Carrying Accumulated fair used for measuring
amount value adjustment Line item in the ineffectiveness
\u00a3m \u00a3m balance sheet \u00a3m
Private placement loan notes
269.3
12.2
Financial liabilities
1.4
Cash flow hedges
The Group holds the following foreign exchange contracts to manage various exposures across its business
operations:
\u2022 non-deliverable forward foreign exchange contracts (NDFs), that are designated as hedges of the highly
probable transactions in INR of the Group\u2019s Indian operations. The terms of the NDFs match the terms of
these commitments.
\u2022 foreign exchange forward contracts against committed costs relating to the purchase of cloud software
services in USD for the periods up to and including October 2028.
\u2022 foreign exchange forward contracts against committed costs to manage foreign exchange exposure on
services provided by the operations in South Africa, incurred in ZAR, and Poland incurred in PLN.
Additionally, during 2024 the Group executed currency and interest rate swaps to mitigate its foreign
exchange and interest rate exposure on the private placement loan notes.
Notional Carrying Change in fair
amount of the amount of the value used for
hedging instrument hedging instrument Line item in measuring
Assets Liabilities Assets Liabilities the balance ineffectiveness
Cash flow hedges Hedged risk \u00a3m \u00a3m \u00a3m \u00a3m sheet \u00a3m
Foreign exchange forward Foreign Financial
contracts exchange assets/
- forecasted purchases
risk
102.3
28.8
1.8
\u2014
liabilities
6.8
Interest rate swaps Financial
- private placement loan Interest assets/
notes
rate risk
32.6
46.2
0.2
(0.3)
liabilities
0.6
Cross currency swaps Foreign Financial
- private placement loan exchange assets/
notes
risk
51.9
\u2014
2.7
\u2014
liabilities
3.9
186.8
75.0
4.7
(0.3)
11.3
The fair value of cash flow hedging instruments held at 31 December 2024 is shown in note 4.5.2.
The cash flow hedges have been assessed to be highly effective. The cash flow hedging reserve comprises
the effective portion of the cumulative net change in the fair value of the hedging instruments. The following
table provides an analysis of components of equity resulting from cash flow hedge accounting:
2024 2023
\u00a3m \u00a3m
At 1 January
(3.8)
4.1
Change in fair value recognised in the consolidated statement of other
comprehensive income
9.9
(8.5)
Reclassified to the consolidated income statement:
recognised in administrative expenses (2.8) (2.0)
Change in tax (1.8) 2.6
At 31 December 1.5 (3.8)
4.2.5 Credit risk
The carrying values of the Group\u2019s financial assets and contract assets represent its maximum credit
exposure.
The mark-to-market movement on derivatives includes the extent to which the fair value of these
instruments has been affected by the perceived change in the creditworthiness of the counterparties (ie the
expected credit losses) to those instruments and that of the Group itself (own credit risk). The Group is
comfortable that the risk attached to those counterparties is not significant and believes that the swaps
continue to act as an effective hedge against the movements in the fair value of the Group\u2019s private
placement loan notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-547": { "value": "4.2.1 Liquidity risk The Group monitors the risk of a liquidity shortage through its business plan and liquidity cycle forecasts and analysis, taking into consideration the maturity of the Group\u2019s financial instruments, projected cash flows from operations and an allowance for contingencies. The Group\u2019s policy is to hold cash and undrawn committed facilities at a level sufficient to fund the Group\u2019s operations and its medium-term plans. Multiple sources of funding are used to maintain a balance between continuity of funding and flexibility without placing reliance on sources that are not contractually committed. The Group\u2019s committed bank facilities provide liquidity for the cash fluctuations of the business cycle and an allowance for contingencies. The Group has a \u00a3250m revolving credit facility (RCF) maturing 31 December 2026. The RCF was undrawn at 31 December 2024 (2023: undrawn). The Group\u2019s core funding is provided by private placement loan notes, and to mitigate the risk of needing to refinance in challenging conditions, these have been arranged with a spread of maturities to July 2028. The bank facilities and private placement loan notes all include provisions that would require repayment in the event of a change of control, and also contain cross default provisions, which are typical of these arrangements. The tables below summarise the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted cash flows. All balances are stated based on the prevailing foreign exchange rates and the contractual interest rates at the balance sheet date.
Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Overdraft*
62.2
\u2014
\u2014
\u2014
\u2014
\u2014
62.2
Private placement loan
notes
89.0
119.9
45.7
18.4
\u2014
\u2014
273.0
Interest on loan notes
13.4
11.8
2.4
4.5
\u2014
\u2014
32.1
Lease liabilities
63.3
52.5
45.9
40.6
35.1
249.1
486.5
Deferred consideration
\u2014
0.7
\u2014
\u2014
\u2014
\u2014
0.7
Cross-currency
interest rate swaps
1.1
1.1
\u2014
\u2014
\u2014
\u2014
2.2
Cash flow hedges
currency swaps
5.0
5.0
1.7
1.7
\u2014
\u2014
13.4
Cash flow hedges
Interest rate swaps
1.7
\u2014
\u2014
\u2014
\u2014
\u2014
1.7
Other financial
instruments
0.1
\u2014
\u2014
\u2014
\u2014
\u2014
0.1
235.8
191.0
95.7
65.2
35.1
249.1
871.9
* The Group has a notional cash pool under which the bank may net cash balances with overdrafts held by other Group companies in the arrangements. The overdraft balances shown are fully offset by credit balances in the same arrangement.
Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Overdraft*
95.0
\u2014
\u2014
\u2014
\u2014
\u2014
95.0
Private placement loan
notes
\u2014
88.0
119.1
45.3
18.1
\u2014
270.5
Interest on loan notes
15.0
13.3
11.7
2.3
1.5
\u2014
43.8
Lease liabilities
71.3
55.0
42.9
35.8
30.9
276.1
512.0
Deferred consideration
\u2014
\u2014
0.7
\u2014
\u2014
\u2014
0.7
Put options of non-
controlling interests
8.5
\u2014
\u2014
\u2014
\u2014
\u2014
8.5
Cross-currency
interest rate swaps
1.2
1.2
1.2
\u2014
\u2014
\u2014
3.6
Cash flow hedges
currency swaps
5.0
5.0
5.0
1.7
1.7
\u2014
18.4
Cash flow hedges
Interest rate swaps
1.7
1.7
\u2014
\u2014
\u2014
\u2014
3.4
Other financial
instruments
0.1
\u2014
\u2014
\u2014
\u2014
\u2014
0.1
197.8
164.2
180.6
85.1
52.2
276.1
956.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-548": { "value": "4.2.2 Foreign currency risk The Group is not generally exposed to significant foreign currency transaction risk with two exceptions. Firstly, services are provided by the Group\u2019s operations in India, South Africa and Poland and incurred in Indian rupee (INR), South African rand (ZAR) and Polish zloty (PLN), respectively. The Group seeks to mitigate the short term effect of this exposure by entering into forward foreign exchange contracts to fix the British pounds sterling (GBP) cost of highly probable transactions. At 31 December 2024, the Group held forward foreign exchange contracts against forecast internal monthly INR, ZAR and PLN costs expected in the periods up to and including June 2025, August 2028, and December 2026 respectively. These forecast costs have been determined on the basis of the underlying cash flows associated with the delivery of services under executed customer contracts. Secondly, the Group holds foreign exchange forwards against committed costs relating to the purchase of cloud software services in US dollars (USD) in the periods up to and including October 2028. To maximise hedge effectiveness, forward foreign exchange contracts are executed with terms matching the underlying cash flows. The following table demonstrates the sensitivity of the Group\u2019s profit before tax and equity to a 5% strengthening/(weakening) in INR, ZAR, PLN, and USD exchange rates, assuming all other variables are unchanged, that would arise from the resulting changes in the fair value of the Group\u2019s forward exchange contracts.
2024
2023
Effect on
profit Effect on Effect on profit Effect on
before tax equity before tax equity
\u00a3m \u00a3m \u00a3m \u00a3m
USD
1.3
0.6
0.6
4.8
INR
\u2014
1.3
\u2014
3.4
ZAR
\u2014
1.3
0.5
3.8
PLN
\u2014
0.3
\u2014
0.2
4.2.3 Interest rate risk The Group manages its interest rate exposure, which arises from the Group\u2019s private placement loan notes, cash, deposits and RCF drawings at variable interest rates through cross-currency interest rate swaps and interest rate swaps. The cross currency interest rate swaps are designated in a mix of fair value and cash flow hedges against the fair value changes of the private placement loan notes and variability in future cash flows. The net level of floating rate interest exposure is managed to arrive at an acceptable overall interest rate risk profile. The interest rate profile of the Group\u2019s interest-bearing financial instruments was as follows:
Nominal amounts Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed rate
Private placement
loan notes
75.9
118.4
40.9
17.5
\u2014
\u2014
252.7
Floating rate
Cash in hand
(253.6)
\u2014
\u2014
\u2014
\u2014
\u2014
(253.6)
Overdraft
62.2
\u2014
\u2014
\u2014
\u2014
\u2014
62.2
Nominal amounts Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed rate
Private placement
loan notes
\u2014
75.9
119.4
40.9
18.1
\u2014
254.3
Floating rate
Cash in hand
(162.6)
\u2014
\u2014
\u2014
\u2014
\u2014
(162.6)
Overdraft
95.0
\u2014
\u2014
\u2014
\u2014
\u2014
95.0
A sensitivity analysis to changes in interest rates shows that a 0.5% increase or decrease in interest rates, assuming all other variables are held constant, results in a \u00a3nil (2023: \u00a3nil) increase or decrease to profit before tax, and no impact on the Group\u2019s equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-558": { "value": "4.2.4 Hedges Fair value hedges The Group\u2019s fixed rate USD and GBP private placement loan notes are hedged through a combination of cross-currency interest rate swaps. The cross-currency interest rate swaps hedge the exposure to changes in the fair value of US dollar denominated loan notes. The loan notes and their corresponding swaps have the same critical terms including nominal values and maturity dates. The total loss in the year on the fair value hedges of \u00a31.4m (2023: \u00a311.1m loss) was equal to the gain on the hedged items resulting in no net gain or loss in the income statement apart from hedge ineffectiveness from credit risk and currency basis risk. This effect of hedge ineffectiveness resulted in a \u00a30.5m debit (2023: \u00a31.0m credit) to the consolidated income statement, shown in net finance costs, note 4.3. The impact of the hedged item and the related financial derivatives on the consolidated balance sheet at 31 December 2024 is as follows:
Notional Carrying Change in fair
amount of the amount of the value used for
hedging instrument hedging instrument Line item in measuring
Assets Liabilities Assets Liabilities the balance ineffectiveness
Fair value hedges Hedged risk \u00a3m \u00a3m \u00a3m \u00a3m sheet \u00a3m
Foreign Financial
Cross-currency interest exchange
46.2
15.5
13.0
(0.8)
assets/ (1.4)
rate swaps risk/ Interest liabilities
rate risk
Change in fair value
Carrying Accumulated fair used for measuring
amount value adjustment Line item in the ineffectiveness
\u00a3m \u00a3m balance sheet \u00a3m
Private placement loan notes
269.3
12.2
Financial liabilities
1.4
Cash flow hedges The Group holds the following foreign exchange contracts to manage various exposures across its business operations: \u2022 non-deliverable forward foreign exchange contracts (NDFs), that are designated as hedges of the highly probable transactions in INR of the Group\u2019s Indian operations. The terms of the NDFs match the terms of these commitments. \u2022 foreign exchange forward contracts against committed costs relating to the purchase of cloud software services in USD for the periods up to and including October 2028. \u2022 foreign exchange forward contracts against committed costs to manage foreign exchange exposure on services provided by the operations in South Africa, incurred in ZAR, and Poland incurred in PLN. Additionally, during 2024 the Group executed currency and interest rate swaps to mitigate its foreign exchange and interest rate exposure on the private placement loan notes.
Notional Carrying Change in fair
amount of the amount of the value used for
hedging instrument hedging instrument Line item in measuring
Assets Liabilities Assets Liabilities the balance ineffectiveness
Cash flow hedges Hedged risk \u00a3m \u00a3m \u00a3m \u00a3m sheet \u00a3m
Foreign exchange forward Foreign Financial
contracts exchange assets/
- forecasted purchases
risk
102.3
28.8
1.8
\u2014
liabilities
6.8
Interest rate swaps Financial
- private placement loan Interest assets/
notes
rate risk
32.6
46.2
0.2
(0.3)
liabilities
0.6
Cross currency swaps Foreign Financial
- private placement loan exchange assets/
notes
risk
51.9
\u2014
2.7
\u2014
liabilities
3.9
186.8
75.0
4.7
(0.3)
11.3
The fair value of cash flow hedging instruments held at 31 December 2024 is shown in note 4.5.2. The cash flow hedges have been assessed to be highly effective. The cash flow hedging reserve comprises the effective portion of the cumulative net change in the fair value of the hedging instruments. The following table provides an analysis of components of equity resulting from cash flow hedge accounting:
2024 2023
\u00a3m \u00a3m
At 1 January
(3.8)
4.1
Change in fair value recognised in the consolidated statement of other
comprehensive income
9.9
(8.5)
Reclassified to the consolidated income statement:
recognised in administrative expenses (2.8) (2.0)
Change in tax (1.8) 2.6
At 31 December 1.5 (3.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralHedgeAccountingExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-549": { "value": "4.2.4 Hedges Fair value hedges The Group\u2019s fixed rate USD and GBP private placement loan notes are hedged through a combination of cross-currency interest rate swaps. The cross-currency interest rate swaps hedge the exposure to changes in the fair value of US dollar denominated loan notes. The loan notes and their corresponding swaps have the same critical terms including nominal values and maturity dates. The total loss in the year on the fair value hedges of \u00a31.4m (2023: \u00a311.1m loss) was equal to the gain on the hedged items resulting in no net gain or loss in the income statement apart from hedge ineffectiveness from credit risk and currency basis risk. This effect of hedge ineffectiveness resulted in a \u00a30.5m debit (2023: \u00a31.0m credit) to the consolidated income statement, shown in net finance costs, note 4.3. The impact of the hedged item and the related financial derivatives on the consolidated balance sheet at 31 December 2024 is as follows:
Notional Carrying Change in fair
amount of the amount of the value used for
hedging instrument hedging instrument Line item in measuring
Assets Liabilities Assets Liabilities the balance ineffectiveness
Fair value hedges Hedged risk \u00a3m \u00a3m \u00a3m \u00a3m sheet \u00a3m
Foreign Financial
Cross-currency interest exchange
46.2
15.5
13.0
(0.8)
assets/ (1.4)
rate swaps risk/ Interest liabilities
rate risk
Change in fair value
Carrying Accumulated fair used for measuring
amount value adjustment Line item in the ineffectiveness
\u00a3m \u00a3m balance sheet \u00a3m
Private placement loan notes
269.3
12.2
Financial liabilities
1.4
Cash flow hedges The Group holds the following foreign exchange contracts to manage various exposures across its business operations: \u2022 non-deliverable forward foreign exchange contracts (NDFs), that are designated as hedges of the highly probable transactions in INR of the Group\u2019s Indian operations. The terms of the NDFs match the terms of these commitments. \u2022 foreign exchange forward contracts against committed costs relating to the purchase of cloud software services in USD for the periods up to and including October 2028. \u2022 foreign exchange forward contracts against committed costs to manage foreign exchange exposure on services provided by the operations in South Africa, incurred in ZAR, and Poland incurred in PLN. Additionally, during 2024 the Group executed currency and interest rate swaps to mitigate its foreign exchange and interest rate exposure on the private placement loan notes.
Notional Carrying Change in fair
amount of the amount of the value used for
hedging instrument hedging instrument Line item in measuring
Assets Liabilities Assets Liabilities the balance ineffectiveness
Cash flow hedges Hedged risk \u00a3m \u00a3m \u00a3m \u00a3m sheet \u00a3m
Foreign exchange forward Foreign Financial
contracts exchange assets/
- forecasted purchases
risk
102.3
28.8
1.8
\u2014
liabilities
6.8
Interest rate swaps Financial
- private placement loan Interest assets/
notes
rate risk
32.6
46.2
0.2
(0.3)
liabilities
0.6
Cross currency swaps Foreign Financial
- private placement loan exchange assets/
notes
risk
51.9
\u2014
2.7
\u2014
liabilities
3.9
186.8
75.0
4.7
(0.3)
11.3
The fair value of cash flow hedging instruments held at 31 December 2024 is shown in note 4.5.2. The cash flow hedges have been assessed to be highly effective. The cash flow hedging reserve comprises the effective portion of the cumulative net change in the fair value of the hedging instruments. The following table provides an analysis of components of equity resulting from cash flow hedge accounting:
2024 2023
\u00a3m \u00a3m
At 1 January
(3.8)
4.1
Change in fair value recognised in the consolidated statement of other
comprehensive income
9.9
(8.5)
Reclassified to the consolidated income statement:
recognised in administrative expenses (2.8) (2.0)
Change in tax (1.8) 2.6
At 31 December 1.5 (3.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-559": { "value": "4.2.5 Credit risk The carrying values of the Group\u2019s financial assets and contract assets represent its maximum credit exposure. The mark-to-market movement on derivatives includes the extent to which the fair value of these instruments has been affected by the perceived change in the creditworthiness of the counterparties (ie the expected credit losses) to those instruments and that of the Group itself (own credit risk). The Group is comfortable that the risk attached to those counterparties is not significant and believes that the swaps continue to act as an effective hedge against the movements in the fair value of the Group\u2019s private placement loan notes.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-509": { "value": "
4.3 Net finance costs
The table below shows the composition of net finance costs, including those excluded from adjusted profit:
2024 2023
Notes \u00a3m \u00a3m
Finance income
Interest income
Interest on cash (2.3) (1.9)
Interest on finance lease assets
(5.6)
(4.1)
Net interest income on defined benefit pension schemes
5.2
(2.1)
(2.7)
Total finance income
(10.0)
 (8.7)
Finance costs
Interest expense
Private placement loan notes
1
20.0
16.3
Bank loans and overdrafts
8.5
14.1
Cost of non-recourse trade receivables financing
3.1.1
3.4
3.7
Interest on finance lease liabilities
22.4
22.3
Discount unwind on provisions
1.6
2.3
Total interest expense
55.9
 58.7
Finance costs included within business exits
Interest on finance lease liabilities
0.3
 \u2014
Finance costs excluded from adjusted profits
Non-designated foreign exchange forward contracts \u2013 change
in mark-to-market value
(0.4)
3.2
Fair value hedge ineffectiveness
2
4.2.4
0.5
(1.0)
Total finance costs excluded from adjusted profit
0.4
 2.2
Total finance costs
56.3
60.9
Net finance costs included in adjusted profit
45.9
50.0
Total net finance costs
46.3
52.2
1. Private placement loan notes comprise US dollar and British pound sterling private placement loan notes, and the euro fixed rate bearer
notes which were repaid during 2023.
2. Fair value hedge ineffectiveness arises from changes in currency basis, and the movement in a provision for counterparty risk associated
with the swaps.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-566": { "value": "4.3 Net finance costs The table below shows the composition of net finance costs, including those excluded from adjusted profit:
2024 2023
Notes \u00a3m \u00a3m
Finance income
Interest income
Interest on cash (2.3) (1.9)
Interest on finance lease assets
(5.6)
(4.1)
Net interest income on defined benefit pension schemes
5.2
(2.1)
(2.7)
Total finance income
(10.0)
 (8.7)
Finance costs
Interest expense
Private placement loan notes
1
20.0
16.3
Bank loans and overdrafts
8.5
14.1
Cost of non-recourse trade receivables financing
3.1.1
3.4
3.7
Interest on finance lease liabilities
22.4
22.3
Discount unwind on provisions
1.6
2.3
Total interest expense
55.9
 58.7
Finance costs included within business exits
Interest on finance lease liabilities
0.3
 \u2014
Finance costs excluded from adjusted profits
Non-designated foreign exchange forward contracts \u2013 change
in mark-to-market value
(0.4)
3.2
Fair value hedge ineffectiveness
2
4.2.4
0.5
(1.0)
Total finance costs excluded from adjusted profit
0.4
 2.2
Total finance costs
56.3
60.9
Net finance costs included in adjusted profit
45.9
50.0
Total net finance costs
46.3
52.2
1. Private placement loan notes comprise US dollar and British pound sterling private placement loan notes, and the euro fixed rate bearer notes which were repaid during 2023. 2. Fair value hedge ineffectiveness arises from changes in currency basis, and the movement in a provision for counterparty risk associated with the swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-564": { "value": "4.3 Net finance costs The table below shows the composition of net finance costs, including those excluded from adjusted profit:
2024 2023
Notes \u00a3m \u00a3m
Finance income
Interest income
Interest on cash (2.3) (1.9)
Interest on finance lease assets
(5.6)
(4.1)
Net interest income on defined benefit pension schemes
5.2
(2.1)
(2.7)
Total finance income
(10.0)
 (8.7)
Finance costs
Interest expense
Private placement loan notes
1
20.0
16.3
Bank loans and overdrafts
8.5
14.1
Cost of non-recourse trade receivables financing
3.1.1
3.4
3.7
Interest on finance lease liabilities
22.4
22.3
Discount unwind on provisions
1.6
2.3
Total interest expense
55.9
 58.7
Finance costs included within business exits
Interest on finance lease liabilities
0.3
 \u2014
Finance costs excluded from adjusted profits
Non-designated foreign exchange forward contracts \u2013 change
in mark-to-market value
(0.4)
3.2
Fair value hedge ineffectiveness
2
4.2.4
0.5
(1.0)
Total finance costs excluded from adjusted profit
0.4
 2.2
Total finance costs
56.3
60.9
Net finance costs included in adjusted profit
45.9
50.0
Total net finance costs
46.3
52.2
1. Private placement loan notes comprise US dollar and British pound sterling private placement loan notes, and the euro fixed rate bearer notes which were repaid during 2023. 2. Fair value hedge ineffectiveness arises from changes in currency basis, and the movement in a provision for counterparty risk associated with the swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-560": { "value": "4.3 Net finance costs The table below shows the composition of net finance costs, including those excluded from adjusted profit:
2024 2023
Notes \u00a3m \u00a3m
Finance income
Interest income
Interest on cash (2.3) (1.9)
Interest on finance lease assets
(5.6)
(4.1)
Net interest income on defined benefit pension schemes
5.2
(2.1)
(2.7)
Total finance income
(10.0)
 (8.7)
Finance costs
Interest expense
Private placement loan notes
1
20.0
16.3
Bank loans and overdrafts
8.5
14.1
Cost of non-recourse trade receivables financing
3.1.1
3.4
3.7
Interest on finance lease liabilities
22.4
22.3
Discount unwind on provisions
1.6
2.3
Total interest expense
55.9
 58.7
Finance costs included within business exits
Interest on finance lease liabilities
0.3
 \u2014
Finance costs excluded from adjusted profits
Non-designated foreign exchange forward contracts \u2013 change
in mark-to-market value
(0.4)
3.2
Fair value hedge ineffectiveness
2
4.2.4
0.5
(1.0)
Total finance costs excluded from adjusted profit
0.4
 2.2
Total finance costs
56.3
60.9
Net finance costs included in adjusted profit
45.9
50.0
Total net finance costs
46.3
52.2
1. Private placement loan notes comprise US dollar and British pound sterling private placement loan notes, and the euro fixed rate bearer notes which were repaid during 2023. 2. Fair value hedge ineffectiveness arises from changes in currency basis, and the movement in a provision for counterparty risk associated with the swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-550": { "value": "4.3 Net finance costs The table below shows the composition of net finance costs, including those excluded from adjusted profit:
2024 2023
Notes \u00a3m \u00a3m
Finance income
Interest income
Interest on cash (2.3) (1.9)
Interest on finance lease assets
(5.6)
(4.1)
Net interest income on defined benefit pension schemes
5.2
(2.1)
(2.7)
Total finance income
(10.0)
 (8.7)
Finance costs
Interest expense
Private placement loan notes
1
20.0
16.3
Bank loans and overdrafts
8.5
14.1
Cost of non-recourse trade receivables financing
3.1.1
3.4
3.7
Interest on finance lease liabilities
22.4
22.3
Discount unwind on provisions
1.6
2.3
Total interest expense
55.9
 58.7
Finance costs included within business exits
Interest on finance lease liabilities
0.3
 \u2014
Finance costs excluded from adjusted profits
Non-designated foreign exchange forward contracts \u2013 change
in mark-to-market value
(0.4)
3.2
Fair value hedge ineffectiveness
2
4.2.4
0.5
(1.0)
Total finance costs excluded from adjusted profit
0.4
 2.2
Total finance costs
56.3
60.9
Net finance costs included in adjusted profit
45.9
50.0
Total net finance costs
46.3
52.2
1. Private placement loan notes comprise US dollar and British pound sterling private placement loan notes, and the euro fixed rate bearer notes which were repaid during 2023. 2. Fair value hedge ineffectiveness arises from changes in currency basis, and the movement in a provision for counterparty risk associated with the swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-533": { "value": "4.3 Net finance costs The table below shows the composition of net finance costs, including those excluded from adjusted profit:
2024 2023
Notes \u00a3m \u00a3m
Finance income
Interest income
Interest on cash (2.3) (1.9)
Interest on finance lease assets
(5.6)
(4.1)
Net interest income on defined benefit pension schemes
5.2
(2.1)
(2.7)
Total finance income
(10.0)
 (8.7)
Finance costs
Interest expense
Private placement loan notes
1
20.0
16.3
Bank loans and overdrafts
8.5
14.1
Cost of non-recourse trade receivables financing
3.1.1
3.4
3.7
Interest on finance lease liabilities
22.4
22.3
Discount unwind on provisions
1.6
2.3
Total interest expense
55.9
 58.7
Finance costs included within business exits
Interest on finance lease liabilities
0.3
 \u2014
Finance costs excluded from adjusted profits
Non-designated foreign exchange forward contracts \u2013 change
in mark-to-market value
(0.4)
3.2
Fair value hedge ineffectiveness
2
4.2.4
0.5
(1.0)
Total finance costs excluded from adjusted profit
0.4
 2.2
Total finance costs
56.3
60.9
Net finance costs included in adjusted profit
45.9
50.0
Total net finance costs
46.3
52.2
1. Private placement loan notes comprise US dollar and British pound sterling private placement loan notes, and the euro fixed rate bearer notes which were repaid during 2023. 2. Fair value hedge ineffectiveness arises from changes in currency basis, and the movement in a provision for counterparty risk associated with the swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-488": { "value": "Accounting policies Financial instruments \u2013 classification of financial instruments The Group classifies its financial instruments in the following measurement categories: \u2022 those to be measured subsequently at fair value, either through other comprehensive income (FVOCI) or through profit or loss (FVPL); and \u2022 those to be measured at amortised cost. The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Financial instruments \u2013 initial recognition At initial recognition, the Group measures a financial instrument at its fair value plus, in the case of a financial instrument not at FVPL, transaction costs that are directly attributable to the acquisition of the financial instrument. Transaction costs of financial instruments carried at FVPL are expensed in the consolidated income statement. Financial instruments with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Purchases and sales of financial instruments are recognised on their trade date (ie the date the Group commits to purchase or sell the instrument). Financial instruments are derecognised when the rights to receive/pay cash flows from the financial instrument have expired or have been transferred such that the Group has transferred substantially all risks and rewards of ownership. Debt instruments Debt instruments are initially recognised at fair value less directly attributable transaction costs and are subsequently remeasured depending on the Group\u2019s business model for managing the instrument and the cash flow characteristics of the debt instrument. There are three measurement categories into which the Group classifies its debt instruments: \u2022 Amortised cost: instruments that are held for collection/payment of contractual cash flows are measured at amortised cost where those cash flows represent solely payments of principal and interest. Interest income/expense from these financial instruments is included in net finance costs using the effective interest rate method. \u2022 FVOCI: instruments that are held for collection/payment of contractual cash flows and for selling the financial instrument are measured at FVOCI where the instrument\u2019s cash flows represent solely payments of principal and interest. Movements in the carrying amount are taken through consolidated Other Comprehensive Income (OCI), except for the recognition of impairment gains or losses, interest income and foreign exchange gains/losses, which are recognised in the consolidated income statement. When the financial instrument is derecognised, the cumulative gain/loss previously recognised in OCI is reclassified to the consolidated income statement and recognised in other gains/(losses). \u2022 FVPL: instruments that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain/loss on a debt instrument that is measured at FVPL is recognised in the consolidated income statement and presented within net finance costs. The Group reclassifies debt instruments when, and only when, its business model for managing those instruments changes. Equity instruments Investments in equity instruments are initially recognised at fair value and are subsequently remeasured at fair value with the movement recognised through the consolidated income statement, except where an election has been made for the movement to be recognised through OCI. An election can be made on initial recognition of equity instruments that are neither held-for-trading or instruments acquired as part of a business combination. Once an election has been made all movements in fair value, with the exception of dividends, are presented through OCI and there is no subsequent reclassification of fair value gains/losses to the consolidated income statement following the derecognition of the investment. Dividends from such investments continue to be recognised in the consolidated income statement as other income when the Group\u2019s right to receive payment is established. Impairment The Group assesses, on a forward looking basis, the expected credit losses associated with its financial instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-484": { "value": "Accounting policies Financial instruments \u2013 classification of financial instruments The Group classifies its financial instruments in the following measurement categories: \u2022 those to be measured subsequently at fair value, either through other comprehensive income (FVOCI) or through profit or loss (FVPL); and \u2022 those to be measured at amortised cost. The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Financial instruments \u2013 initial recognition At initial recognition, the Group measures a financial instrument at its fair value plus, in the case of a financial instrument not at FVPL, transaction costs that are directly attributable to the acquisition of the financial instrument. Transaction costs of financial instruments carried at FVPL are expensed in the consolidated income statement. Financial instruments with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Purchases and sales of financial instruments are recognised on their trade date (ie the date the Group commits to purchase or sell the instrument). Financial instruments are derecognised when the rights to receive/pay cash flows from the financial instrument have expired or have been transferred such that the Group has transferred substantially all risks and rewards of ownership. Debt instruments Debt instruments are initially recognised at fair value less directly attributable transaction costs and are subsequently remeasured depending on the Group\u2019s business model for managing the instrument and the cash flow characteristics of the debt instrument. There are three measurement categories into which the Group classifies its debt instruments: \u2022 Amortised cost: instruments that are held for collection/payment of contractual cash flows are measured at amortised cost where those cash flows represent solely payments of principal and interest. Interest income/expense from these financial instruments is included in net finance costs using the effective interest rate method. \u2022 FVOCI: instruments that are held for collection/payment of contractual cash flows and for selling the financial instrument are measured at FVOCI where the instrument\u2019s cash flows represent solely payments of principal and interest. Movements in the carrying amount are taken through consolidated Other Comprehensive Income (OCI), except for the recognition of impairment gains or losses, interest income and foreign exchange gains/losses, which are recognised in the consolidated income statement. When the financial instrument is derecognised, the cumulative gain/loss previously recognised in OCI is reclassified to the consolidated income statement and recognised in other gains/(losses). \u2022 FVPL: instruments that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain/loss on a debt instrument that is measured at FVPL is recognised in the consolidated income statement and presented within net finance costs. The Group reclassifies debt instruments when, and only when, its business model for managing those instruments changes. Equity instruments Investments in equity instruments are initially recognised at fair value and are subsequently remeasured at fair value with the movement recognised through the consolidated income statement, except where an election has been made for the movement to be recognised through OCI. An election can be made on initial recognition of equity instruments that are neither held-for-trading or instruments acquired as part of a business combination. Once an election has been made all movements in fair value, with the exception of dividends, are presented through OCI and there is no subsequent reclassification of fair value gains/losses to the consolidated income statement following the derecognition of the investment. Dividends from such investments continue to be recognised in the consolidated income statement as other income when the Group\u2019s right to receive payment is established. Impairment The Group assesses, on a forward looking basis, the expected credit losses associated with its financial instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-475": { "value": "Accounting policies Financial instruments \u2013 classification of financial instruments The Group classifies its financial instruments in the following measurement categories: \u2022 those to be measured subsequently at fair value, either through other comprehensive income (FVOCI) or through profit or loss (FVPL); and \u2022 those to be measured at amortised cost. The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Financial instruments \u2013 initial recognition At initial recognition, the Group measures a financial instrument at its fair value plus, in the case of a financial instrument not at FVPL, transaction costs that are directly attributable to the acquisition of the financial instrument. Transaction costs of financial instruments carried at FVPL are expensed in the consolidated income statement. Financial instruments with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Purchases and sales of financial instruments are recognised on their trade date (ie the date the Group commits to purchase or sell the instrument). Financial instruments are derecognised when the rights to receive/pay cash flows from the financial instrument have expired or have been transferred such that the Group has transferred substantially all risks and rewards of ownership. Debt instruments Debt instruments are initially recognised at fair value less directly attributable transaction costs and are subsequently remeasured depending on the Group\u2019s business model for managing the instrument and the cash flow characteristics of the debt instrument. There are three measurement categories into which the Group classifies its debt instruments: \u2022 Amortised cost: instruments that are held for collection/payment of contractual cash flows are measured at amortised cost where those cash flows represent solely payments of principal and interest. Interest income/expense from these financial instruments is included in net finance costs using the effective interest rate method. \u2022 FVOCI: instruments that are held for collection/payment of contractual cash flows and for selling the financial instrument are measured at FVOCI where the instrument\u2019s cash flows represent solely payments of principal and interest. Movements in the carrying amount are taken through consolidated Other Comprehensive Income (OCI), except for the recognition of impairment gains or losses, interest income and foreign exchange gains/losses, which are recognised in the consolidated income statement. When the financial instrument is derecognised, the cumulative gain/loss previously recognised in OCI is reclassified to the consolidated income statement and recognised in other gains/(losses). \u2022 FVPL: instruments that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain/loss on a debt instrument that is measured at FVPL is recognised in the consolidated income statement and presented within net finance costs. The Group reclassifies debt instruments when, and only when, its business model for managing those instruments changes. Equity instruments Investments in equity instruments are initially recognised at fair value and are subsequently remeasured at fair value with the movement recognised through the consolidated income statement, except where an election has been made for the movement to be recognised through OCI. An election can be made on initial recognition of equity instruments that are neither held-for-trading or instruments acquired as part of a business combination. Once an election has been made all movements in fair value, with the exception of dividends, are presented through OCI and there is no subsequent reclassification of fair value gains/losses to the consolidated income statement following the derecognition of the investment. Dividends from such investments continue to be recognised in the consolidated income statement as other income when the Group\u2019s right to receive payment is established. Impairment The Group assesses, on a forward looking basis, the expected credit losses associated with its financial instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Derivatives Derivative financial instruments are initially recognised at fair value and are subsequently remeasured at fair value at the end of each reporting period with the movement recognised through the consolidated income statement, except where derivatives qualify for cash flow hedge accounting. The effective proportion of cash flow hedges is recognised in OCI and presented in the hedging reserve within equity. The cumulative gain/ loss is subsequently reclassified to the consolidated income statement in the same period that the relevant hedged transaction is realised. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-490": { "value": "Derivatives Derivative financial instruments are initially recognised at fair value and are subsequently remeasured at fair value at the end of each reporting period with the movement recognised through the consolidated income statement, except where derivatives qualify for cash flow hedge accounting. The effective proportion of cash flow hedges is recognised in OCI and presented in the hedging reserve within equity. The cumulative gain/ loss is subsequently reclassified to the consolidated income statement in the same period that the relevant hedged transaction is realised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-485": { "value": "Derivatives Derivative financial instruments are initially recognised at fair value and are subsequently remeasured at fair value at the end of each reporting period with the movement recognised through the consolidated income statement, except where derivatives qualify for cash flow hedge accounting. The effective proportion of cash flow hedges is recognised in OCI and presented in the hedging reserve within equity. The cumulative gain/ loss is subsequently reclassified to the consolidated income statement in the same period that the relevant hedged transaction is realised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-489": { "value": "Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-534": { "value": "
4.5.1 Fair value hierarchy
The Group\u2019s financial assets and liabilities are classified based on the following fair value hierarchy:
\u2022 Level-1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
\u2022 Level-2: other techniques for which inputs that have a significant effect on the recorded fair value are
based on observable (directly or indirectly) market data. With the exception of current financial
instruments (which have a short maturity), the fair value of the Group\u2019s level-2 financial instruments were
calculated by discounting the expected future cash flows at prevailing interest rates. The valuation
models incorporate various inputs including foreign exchange spot and forward rates and interest rate
curves. In the case of floating rate borrowings the nominal value approximates to fair value because
interest is set at floating rates where payments are reset to market values at intervals of less than one
year.
\u2022 Level-3: other techniques for which inputs that have a significant effect on the recorded fair value are not
based on observable market data.
Other financial instruments, where observable market data is not available, are carried at either amortised
cost or cost (undiscounted cash flows) as a reasonable approximation of fair value.
During the year ended 31 December 2024, there were no transfers between fair value levels.
The following table analyses, by classification and category, the carrying value of the Group\u2019s financial instruments and identifies the level of the fair value hierarchy for the instruments carried at fair value:
Derivatives
used for Amortised Non-
Fair value FVPL FVOCI hedging cost Total Current current
At 31 December 2024
Note
hierarchy \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Lease receivables
4.4.2
n/a
\u2014
\u2014
\u2014
95.7
95.7
4.2
91.5
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
1.8
\u2014
1.8
0.4
1.4
Cash flow hedges \u2013 currency swaps
4.2.4
Level-2
\u2014
\u2014
2.7
\u2014
2.7
1.8
0.9
Cash flow hedges \u2013 Interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.2
\u2014
0.2
0.2
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.7
\u2014
\u2014
\u2014
0.7
0.6
0.1
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
13.0
\u2014
13.0
13.0
\u2014
Originated loans receivable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
Financial assets at fair value through P&L
Level-3
4.1
\u2014
\u2014
\u2014
4.1
0.4
3.7
Financial assets at fair value through OCI
Level-3
\u2014
0.7
\u2014
\u2014
0.7
\u2014
0.7
4.8
0.7
17.7
96.4
119.6
20.6
99.0
Other financial assets
Cash 4.5.4
n/a
\u2014
\u2014
\u2014
253.6
253.6
253.6
\u2014
Total financial assets
4.8
0.7
17.7
350.0
373.2
274.2
99.0
Financial liabilities
Private placement loan notes
a
n/a
\u2014
\u2014
\u2014
269.3
269.3
87.6
181.7
Other finance
n/a
\u2014
\u2014
\u2014
0.1
0.1
0.1
\u2014
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.3
\u2014
0.3
0.3
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.2
\u2014
\u2014
\u2014
0.2
0.2
\u2014
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
0.8
\u2014
0.8
\u2014
0.8
Deferred consideration payable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
0.2
\u2014
1.1
270.1
271.4
88.2
183.2
Other financial liabilities
Overdrafts
4.5.4
n/a
\u2014
\u2014
\u2014
62.2
62.2
62.2
\u2014
Lease liabilities
4.4.1
n/a
\u2014
\u2014
\u2014
348.7
348.7
42.9
305.8
Total financial liabilities
0.2
\u2014
1.1
681.0
682.3
193.3
489.0
Financial assets measured at amortised cost consist of cash, lease receivables, originated loans and deferred consideration receivable. The carrying value of cash is a reasonable approximation of its fair value due to the short-term nature of the instruments. Lease receivables, originated loans and deferred consideration receivable are measured at amortised cost using the effective interest rate method. Included in other investments are \u00a30.7m (2023: \u00a30.7m) of strategic investments in unlisted equity securities which are not held-for-trading and the Group elected to recognise at Fair Value through Other Comprehensive Income (FVOCI). During the period no dividends were received from, and no disposals were made of, strategic investments. The financial assets at Fair Value through Profit and Loss (FVPL) relate to the Group\u2019s minority shareholding in companies as part of the Capita Scaling Partner business. As disclosed in note 2.8, during the first half of 2024 the Group decided to exit the Capita Scaling Partner business as a whole, while seeking to maximise value from the remaining Capita Scaling Partner investments. These assets have typically been revalued when reliable information on fair value becomes available, which is normally at each funding round. Following the decision to exit the Capita Scaling Partner business in the first half of the year and the losses realised on disposals in the second half of 2024, the Group has evolved its approach to take into account recent experiences, and to better reflect expected disposal proceeds. Financial liabilities measured at amortised cost consist of loan notes, overdrafts, lease liabilities, credit facilities and deferred consideration payable. With the exception of certain series within the fixed rate private placement loan notes, the carrying value of financial liabilities are a reasonable approximation of their fair value. This is because either the interest payable is close to market rates or the liability is short- term in nature. The private placement loan note series, for which this approximation does not apply, are those that are subject to longer term fixed rate of interest \u2013 these have an underlying carrying value of \u00a3175.0m (2023: \u00a3173.9m) and a fair value of \u00a3168.8m (2023: \u00a3166.3m). Lease liabilities and deferred consideration payable are measured at amortised cost using the effective interest rate method. The Group\u2019s key financial liabilities are set out below: a. Private placement loan notes The private placement loan notes were issued in USD and GBP. The Group manages its exposure to foreign exchange and interest rate movements through cross-currency interest rate swaps, interest rate swaps, and forward foreign exchange contracts. b. Bank facilities Details of the Group\u2019s bank facilities are provided in the liquidity section above. At 31 December 2024, the total value of committed facilities was \u00a3250.0m, of which none was drawn (2023: total facilities of \u00a3260.7m of which none was drawn). c. Put options of non-controlling interests The liability at 31 December 2023 represented the present value of the cost to acquire the non-controlling interest in Fera Science Limited. The put option expired without being exercised on completion of the sale of the Group\u2019s shareholding in Fera Science Limited on 17 January 2024, and the related liability was de- recognised. Upon inception of the option agreements, management determined that changes in the carrying amount would be recognised within equity. This was applied consistently.
Derivatives
used for Amortised Non-
Fair value FVPL FVOCI hedging cost Total Current current
At 31 December 2023
Note
hierarchy \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Lease receivables
4.4.2
n/a
\u2014
\u2014
\u2014
70.3
70.3
6.3
64.0
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
1.8
\u2014
1.8
1.4
0.4
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.1
\u2014
0.1
0.1
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.3
\u2014
\u2014
\u2014
0.3
0.3
\u2014
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
14.5
\u2014
14.5
\u2014
14.5
Originated loans receivable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
Financial assets at fair value through P&L
Level-3
16.9
\u2014
\u2014
\u2014
16.9
\u2014
16.9
Financial assets at fair value through OCI
Level-3
\u2014
0.7
\u2014
\u2014
0.7
\u2014
0.7
Deferred consideration receivable
n/a
\u2014
\u2014
\u2014
20.0
20.0
20.0
\u2014
17.2
0.7
16.4
91.0
125.3
28.1
97.2
Other financial assets
Cash
4.5.4
n/a
\u2014
\u2014
\u2014
155.4
155.4
155.4
\u2014
Cash included within disposal group assets held-for-sale
2.8
n/a
\u2014
\u2014
\u2014
7.2
7.2
7.2
\u2014
Total financial assets
17.2
0.7
16.4
253.6
287.9
190.7
97.2
Financial liabilities
Private placement loan notes
a
n/a
\u2014
\u2014
\u2014
262.5
262.5
\u2014
262.5
Other finance
n/a
\u2014
\u2014
\u2014
0.1
0.1
0.1
\u2014
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
3.6
\u2014
3.6
1.5
2.1
Cash flow hedges \u2013 currency swaps
4.2.4
Level-2
\u2014
\u2014
1.2
\u2014
1.2
\u2014
1.2
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.6
\u2014
0.6
0.6
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.2
\u2014
\u2014
\u2014
0.2
0.1
0.1
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
0.9
\u2014
0.9
\u2014
0.9
Deferred consideration payable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
Put options of non-controlling interests
c
Level-3
\u2014
8.5
\u2014
\u2014
8.5
8.5
\u2014
0.2
8.5
6.3
263.3
278.3
10.8
267.5
Other financial liabilities
Overdrafts
4.5.4
n/a
\u2014
\u2014
\u2014
95.0
95.0
95.0
\u2014
Lease liabilities
4.4.1
n/a
\u2014
\u2014
\u2014
363.4
363.4
51.1
312.3
Total financial liabilities
0.2
8.5
6.3
721.7
736.7
156.9
579.8
The following table shows the movement from the opening balances to the closing balances for Level-3 fair values.
Put options of Investments
non-controlling FVPL and
interests FVOCI
\u00a3m \u00a3m
At 1 January 2023
9.2
18.0
Change in put-options recognised in other comprehensive income
(0.7)
\u2014
Disposals
\u2014
(0.3)
Loss in fair value recognised in other comprehensive income
\u2014
(0.1)
At 31 December 2023
8.5
17.6
Change in put-options recognised in other comprehensive income
(8.5)
\u2014
Additions
\u2014
\u2014
Disposals
\u2014
(8.2)
Loss in fair value recognised in income statement
\u2014
(4.6)
At 31 December 2024
\u2014
4.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-551": { "value": "4.5.1 Fair value hierarchy The Group\u2019s financial assets and liabilities are classified based on the following fair value hierarchy: \u2022 Level-1: quoted (unadjusted) prices in active markets for identical assets or liabilities. \u2022 Level-2: other techniques for which inputs that have a significant effect on the recorded fair value are based on observable (directly or indirectly) market data. With the exception of current financial instruments (which have a short maturity), the fair value of the Group\u2019s level-2 financial instruments were calculated by discounting the expected future cash flows at prevailing interest rates. The valuation models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. In the case of floating rate borrowings the nominal value approximates to fair value because interest is set at floating rates where payments are reset to market values at intervals of less than one year. \u2022 Level-3: other techniques for which inputs that have a significant effect on the recorded fair value are not based on observable market data. Other financial instruments, where observable market data is not available, are carried at either amortised cost or cost (undiscounted cash flows) as a reasonable approximation of fair value. During the year ended 31 December 2024, there were no transfers between fair value levels. The following table analyses, by classification and category, the carrying value of the Group\u2019s financial instruments and identifies the level of the fair value hierarchy for the instruments carried at fair value:
Derivatives
used for Amortised Non-
Fair value FVPL FVOCI hedging cost Total Current current
At 31 December 2024
Note
hierarchy \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Lease receivables
4.4.2
n/a
\u2014
\u2014
\u2014
95.7
95.7
4.2
91.5
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
1.8
\u2014
1.8
0.4
1.4
Cash flow hedges \u2013 currency swaps
4.2.4
Level-2
\u2014
\u2014
2.7
\u2014
2.7
1.8
0.9
Cash flow hedges \u2013 Interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.2
\u2014
0.2
0.2
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.7
\u2014
\u2014
\u2014
0.7
0.6
0.1
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
13.0
\u2014
13.0
13.0
\u2014
Originated loans receivable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
Financial assets at fair value through P&L
Level-3
4.1
\u2014
\u2014
\u2014
4.1
0.4
3.7
Financial assets at fair value through OCI
Level-3
\u2014
0.7
\u2014
\u2014
0.7
\u2014
0.7
4.8
0.7
17.7
96.4
119.6
20.6
99.0
Other financial assets
Cash 4.5.4
n/a
\u2014
\u2014
\u2014
253.6
253.6
253.6
\u2014
Total financial assets
4.8
0.7
17.7
350.0
373.2
274.2
99.0
Financial liabilities
Private placement loan notes
a
n/a
\u2014
\u2014
\u2014
269.3
269.3
87.6
181.7
Other finance
n/a
\u2014
\u2014
\u2014
0.1
0.1
0.1
\u2014
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.3
\u2014
0.3
0.3
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.2
\u2014
\u2014
\u2014
0.2
0.2
\u2014
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
0.8
\u2014
0.8
\u2014
0.8
Deferred consideration payable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
0.2
\u2014
1.1
270.1
271.4
88.2
183.2
Other financial liabilities
Overdrafts
4.5.4
n/a
\u2014
\u2014
\u2014
62.2
62.2
62.2
\u2014
Lease liabilities
4.4.1
n/a
\u2014
\u2014
\u2014
348.7
348.7
42.9
305.8
Total financial liabilities
0.2
\u2014
1.1
681.0
682.3
193.3
489.0
Financial assets measured at amortised cost consist of cash, lease receivables, originated loans and deferred consideration receivable. The carrying value of cash is a reasonable approximation of its fair value due to the short-term nature of the instruments. Lease receivables, originated loans and deferred consideration receivable are measured at amortised cost using the effective interest rate method. Included in other investments are \u00a30.7m (2023: \u00a30.7m) of strategic investments in unlisted equity securities which are not held-for-trading and the Group elected to recognise at Fair Value through Other Comprehensive Income (FVOCI). During the period no dividends were received from, and no disposals were made of, strategic investments. The financial assets at Fair Value through Profit and Loss (FVPL) relate to the Group\u2019s minority shareholding in companies as part of the Capita Scaling Partner business. As disclosed in note 2.8, during the first half of 2024 the Group decided to exit the Capita Scaling Partner business as a whole, while seeking to maximise value from the remaining Capita Scaling Partner investments. These assets have typically been revalued when reliable information on fair value becomes available, which is normally at each funding round. Following the decision to exit the Capita Scaling Partner business in the first half of the year and the losses realised on disposals in the second half of 2024, the Group has evolved its approach to take into account recent experiences, and to better reflect expected disposal proceeds. Financial liabilities measured at amortised cost consist of loan notes, overdrafts, lease liabilities, credit facilities and deferred consideration payable. With the exception of certain series within the fixed rate private placement loan notes, the carrying value of financial liabilities are a reasonable approximation of their fair value. This is because either the interest payable is close to market rates or the liability is short- term in nature. The private placement loan note series, for which this approximation does not apply, are those that are subject to longer term fixed rate of interest \u2013 these have an underlying carrying value of \u00a3175.0m (2023: \u00a3173.9m) and a fair value of \u00a3168.8m (2023: \u00a3166.3m). Lease liabilities and deferred consideration payable are measured at amortised cost using the effective interest rate method. The Group\u2019s key financial liabilities are set out below: a. Private placement loan notes The private placement loan notes were issued in USD and GBP. The Group manages its exposure to foreign exchange and interest rate movements through cross-currency interest rate swaps, interest rate swaps, and forward foreign exchange contracts. b. Bank facilities Details of the Group\u2019s bank facilities are provided in the liquidity section above. At 31 December 2024, the total value of committed facilities was \u00a3250.0m, of which none was drawn (2023: total facilities of \u00a3260.7m of which none was drawn). c. Put options of non-controlling interests The liability at 31 December 2023 represented the present value of the cost to acquire the non-controlling interest in Fera Science Limited. The put option expired without being exercised on completion of the sale of the Group\u2019s shareholding in Fera Science Limited on 17 January 2024, and the related liability was de- recognised. Upon inception of the option agreements, management determined that changes in the carrying amount would be recognised within equity. This was applied consistently.
Derivatives
used for Amortised Non-
Fair value FVPL FVOCI hedging cost Total Current current
At 31 December 2023
Note
hierarchy \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Lease receivables
4.4.2
n/a
\u2014
\u2014
\u2014
70.3
70.3
6.3
64.0
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
1.8
\u2014
1.8
1.4
0.4
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.1
\u2014
0.1
0.1
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.3
\u2014
\u2014
\u2014
0.3
0.3
\u2014
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
14.5
\u2014
14.5
\u2014
14.5
Originated loans receivable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
Financial assets at fair value through P&L
Level-3
16.9
\u2014
\u2014
\u2014
16.9
\u2014
16.9
Financial assets at fair value through OCI
Level-3
\u2014
0.7
\u2014
\u2014
0.7
\u2014
0.7
Deferred consideration receivable
n/a
\u2014
\u2014
\u2014
20.0
20.0
20.0
\u2014
17.2
0.7
16.4
91.0
125.3
28.1
97.2
Other financial assets
Cash
4.5.4
n/a
\u2014
\u2014
\u2014
155.4
155.4
155.4
\u2014
Cash included within disposal group assets held-for-sale
2.8
n/a
\u2014
\u2014
\u2014
7.2
7.2
7.2
\u2014
Total financial assets
17.2
0.7
16.4
253.6
287.9
190.7
97.2
Financial liabilities
Private placement loan notes
a
n/a
\u2014
\u2014
\u2014
262.5
262.5
\u2014
262.5
Other finance
n/a
\u2014
\u2014
\u2014
0.1
0.1
0.1
\u2014
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
3.6
\u2014
3.6
1.5
2.1
Cash flow hedges \u2013 currency swaps
4.2.4
Level-2
\u2014
\u2014
1.2
\u2014
1.2
\u2014
1.2
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.6
\u2014
0.6
0.6
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.2
\u2014
\u2014
\u2014
0.2
0.1
0.1
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
0.9
\u2014
0.9
\u2014
0.9
Deferred consideration payable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
Put options of non-controlling interests
c
Level-3
\u2014
8.5
\u2014
\u2014
8.5
8.5
\u2014
0.2
8.5
6.3
263.3
278.3
10.8
267.5
Other financial liabilities
Overdrafts
4.5.4
n/a
\u2014
\u2014
\u2014
95.0
95.0
95.0
\u2014
Lease liabilities
4.4.1
n/a
\u2014
\u2014
\u2014
363.4
363.4
51.1
312.3
Total financial liabilities
0.2
8.5
6.3
721.7
736.7
156.9
579.8
The following table shows the movement from the opening balances to the closing balances for Level-3 fair values.
Put options of Investments
non-controlling FVPL and
interests FVOCI
\u00a3m \u00a3m
At 1 January 2023
9.2
18.0
Change in put-options recognised in other comprehensive income
(0.7)
\u2014
Disposals
\u2014
(0.3)
Loss in fair value recognised in other comprehensive income
\u2014
(0.1)
At 31 December 2023
8.5
17.6
Change in put-options recognised in other comprehensive income
(8.5)
\u2014
Additions
\u2014
\u2014
Disposals
\u2014
(8.2)
Loss in fair value recognised in income statement
\u2014
(4.6)
At 31 December 2024
\u2014
4.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-510": { "value": "
4.6 Issued share capital
2024 2023 2024 2023
Allotted, called up and fully paid \u2116 m \u2116 m \u00a3m \u00a3m
Ordinary shares of 2 1/15p each
At 1 January
1,701.1
1,684.1
35.2
34.8
Issue of share capital
\u2014
 17.0 \u2014 0.4
At 31 December
1,701.1
1,701.1
35.2
35.2
2024 2023
Share premium \u00a3m \u00a3m
Ordinary shares of 2 1/15p each
At 1 January
1,145.5
1,145.5
At 31 December
1,145.5
1,145.5
2024 2023 2024 2023
Employee benefit trust shares \u2116 m \u2116 m \u00a3m \u00a3m
Ordinary shares of 2 1/15p
At 1 January
16.8
9.3
(0.7)
(4.2)
Shares purchased
2.5
17.0
(0.6)
(0.4)
Issued on exercise of share options
(12.0)
(9.5)
1.0
3.9
At 31 December
7.3
16.8
(0.3)
(0.7)
The Group will use shares held in the Employee Benefit Trust (EBT) shares to satisfy future requirements
for shares under the Group\u2019s share option and long-term incentive plans. On 2 June 2023, 17m ordinary
2 1/15 pence shares (2023: nil) were allotted to the EBT for an aggregate nominal value of \u00a3351,332 to
satisfy exercises under the Group\u2019s share plans. The total consideration received in respect of these shares
was \u00a3351,332. On 15 July 2024 the EBT purchased 2.5m ordinary shares in the open market for \u00a3550,000
to satisfy exercises under the Group\u2019s share plans. During the year, 11,986,138 (2023: 9,496,440) shares
with a value of \u00a31.0m (2023: \u00a33.9m) were transferred out of the EBT to satisfy exercises under the Group's
share option and long-term incentive plans. The total consideration received in respect of these shares was
\u00a3nil (2023: \u00a3nil).
The Group has an unexpired authority to repurchase up to 10.0% of its issued share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-535": { "value": "4.6 Issued share capital
2024 2023 2024 2023
Allotted, called up and fully paid \u2116 m \u2116 m \u00a3m \u00a3m
Ordinary shares of 2 1/15p each
At 1 January
1,701.1
1,684.1
35.2
34.8
Issue of share capital
\u2014
 17.0 \u2014 0.4
At 31 December
1,701.1
1,701.1
35.2
35.2
2024 2023
Share premium \u00a3m \u00a3m
Ordinary shares of 2 1/15p each
At 1 January
1,145.5
1,145.5
At 31 December
1,145.5
1,145.5
2024 2023 2024 2023
Employee benefit trust shares \u2116 m \u2116 m \u00a3m \u00a3m
Ordinary shares of 2 1/15p
At 1 January
16.8
9.3
(0.7)
(4.2)
Shares purchased
2.5
17.0
(0.6)
(0.4)
Issued on exercise of share options
(12.0)
(9.5)
1.0
3.9
At 31 December
7.3
16.8
(0.3)
(0.7)
The Group will use shares held in the Employee Benefit Trust (EBT) shares to satisfy future requirements for shares under the Group\u2019s share option and long-term incentive plans. On 2 June 2023, 17m ordinary 2 1/15 pence shares (2023: nil) were allotted to the EBT for an aggregate nominal value of \u00a3351,332 to satisfy exercises under the Group\u2019s share plans. The total consideration received in respect of these shares was \u00a3351,332. On 15 July 2024 the EBT purchased 2.5m ordinary shares in the open market for \u00a3550,000 to satisfy exercises under the Group\u2019s share plans. During the year, 11,986,138 (2023: 9,496,440) shares with a value of \u00a31.0m (2023: \u00a33.9m) were transferred out of the EBT to satisfy exercises under the Group's share option and long-term incentive plans. The total consideration received in respect of these shares was \u00a3nil (2023: \u00a3nil). The Group has an unexpired authority to repurchase up to 10.0% of its issued share capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-511": { "value": "
4.7 Group composition and non-controlling interests
The Group\u2019s subsidiaries are listed in note 6.4 on pages 223 to 225.
The Group holds a majority of the voting rights in all of its subsidiaries and the directors have determined
that, other than the entity commented on below, in each case the Group exercises de facto control.
On 23 September 2014, the Secretary of State for the Department for Energy and Climate Change granted
Smart DCC Limited (DCC), a wholly-owned subsidiary of the Group, a licence to establish and manage the
smart metering communications infrastructure, governed by the Smart Energy Code. Each year the Group
reassesses whether it has control over DCC as required under IFRS 10 Consolidated Financial Statements.
The Group\u2019s ability to control the relevant activities of DCC is restricted by DCC\u2019s operating licence. The
power that the Group has over DCC\u2019s relevant activities by virtue of owning it is limited (given the
restrictions in the licence). That power is held by the board of DCC where the Group has minority
representation in compliance with the licence. Consequently, the Group has not consolidated DCC in its
Group financial statements. The disclosure of related party transactions with DCC is included in note 6.1.
6.4 Related companies The stated address relates to the place of incorporation of the entity, which is the same as its tax residence in all cases other than Capita Group Insurance PCC Limited which is incorporated in Guernsey, but which is tax resident in the UK. Unless otherwise indicated, all shareholdings are owned indirectly by the company and represent 100% of the issued share capital of the subsidiary. Dormant companies are marked (D).
Company name
Share class
Akinika Debt Recovery Limited (in liquidation)
1
\u00a31.00 Ordinary
Akinika Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita (210568) Limited (in liquidation)
25
\u20ac0.0012
Ordinary
Capita (Polska) Sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105
8
PLZ50.00 Ordinary
Capita (South Africa) (Pty) Limited
14
ZAR1.00 Ordinary
Capita (USA) Holdings Inc.
7
US$1.00 Ordinary
Capita Business Services Ltd
9
\u00a31.00 Ordinary
Capita Business Support Services Ireland Limited
22
\u20ac1.00 Ordinary
Capita Corporate Director Limited (D)
9
\u00a31.00 Ordinary
Capita Customer Management Limited
9
\u00a31.00 Ordinary
Capita Customer Services (Germany) GmbH
20
\u20ac1.00 Ordinary
Capita Customer Services AG
13
CHF1.00 Ordinary
Capita Customer Solutions (UK) Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Customer Solutions Limited
22
\u20ac1.00 Ordinary
Capita Cyprus Holdings Limited (in liquidation)
5
\u00a31.00 Ordinary
Capita Dubai Limited
9
\u00a31.00 Ordinary
Capita Employee Benefits Holdings Limited
9
*
\u00a31.00 Ordinary
Capita Energie Services GmbH
15
\u25ba
\u20ac1.00 Ordinary
Capita Financial Services Holdings Limited
9
*
\u00a31.00 Ordinary
Capita Gas Registration and Ancillary Services Limited
(in liquidation)
1
\u00a31.00 Ordinary
Capita GMPS Trustees Limited (D)
9
\u00a31.00 Ordinary
Capita Group Insurance PCC Limited
17
*
\u00a31.00 CG1
\u00a31.00 CIC2
\u00a31.00 Ordinary
Capita Group Secretary Limited (D)
9
\u00a31.00 Ordinary
Capita HCH Limited
9
\u00a31.00 Ordinary
Capita Health Holdings Limited
9
\u00a31.00 Ordinary
Capita Holdings Limited
9
*
\u00a31.00 Ordinary
Capita India Private Limited
19
INR10.00 Ordinary
Capita Insurance Services Holdings Limited
9
\u00a31.00 Ordinary
Capita Insurance Services Limited
9
\u00a31.00 Ordinary
Capita International Limited
9
*
\u00a31.00 Ordinary
Capita International Retirement Benefit Scheme Trustees Limited (D)
9
*
\u00a31.00 Ordinary
Company name
Share class
Capita Ireland Limited
22
*
\u20ac1.00 Ordinary
Capita IT Services Holdings Limited
9
\u00a31.00 Ordinary
Capita IT Services Limited
18
\u00a31.00 Ordinary
Capita Justice & Secure Services Holdings Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Life & Pensions Regulated Services Limited
9
*
\u00a31.00 Ordinary
Capita Life & Pensions Services Limited
9
*
\u00a31.00 Ordinary
Capita Life and Pensions International Limited
9
\u00a31.00 Ordinary
Capita Life and Pensions Services (Isle of Man) Limited
(D)
16
\u00a31.00 Ordinary
Capita Managed IT Solutions Limited
1!
\u00a31.00 Ordinary
Capita Mortgage Administration Limited
9
\u00a31.00 Ordinary
Capita Mortgage Software Solutions Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Norman + Dawbarn Limited (in liquidation)
3
\u25a1
NGN1.00 Ordinary
Capita Offshore Services Private Limited (in liquidation)
19
INR10.00 Ordinary
Capita Pension Solutions Limited
9
*
\u00a31.00 Ordinary
Capita Property and Infrastructure (Structures) Limited (D)
9
\u00a31.00 Ordinary
Capita Property and Infrastructure Consultants LLC (in liquidation)
2 \u2666
AED1,000.00 Ordinary
Capita Property and Infrastructure Holdings Limited
9
\u00a31.00 Ordinary
Capita Property and Infrastructure International Holdings Limited (D)
9
\u00a31.00 Ordinary
Capita Property and Infrastructure International Limited (D)
9
\u00a31.00 Ordinary
Capita Property and Infrastructure Limited
9
\u00a31.00 Ordinary
Capita Retail Financial Services Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Secure Information Solutions Limited
9
\u00a31.00 Ordinary
Capita Shared Services Limited
9
*
\u00a31.00 Ordinary
Capita Symonds Saudi Arabia Limited (D)
12
\u25b2
N/A
Capita West GmbH
20
\u20ac25,000.00 Ordinary
Computerland UK Limited
9
\u00a31.00 Ordinary
Contact Associates Limited
9
\u00a31.00 Ordinary
CPLAS Trustees Limited (D)
9
\u00a31.00 Ordinary
Daisy Updata Communications Limited
24
\u25b2
\u00a31.00 Ordinary B
Debt Solutions (Holdings) Limited
9
\u00a31.00 Ordinary
Dragonfly Technology Solutions Ltd
9
\u25cb
\u00a30.000001
Ordinary
\u00a30.000001
A Ordinary
Company name
Share class
Duke 2021
Topco Limited
4
>
\u00a31.00 B Ordinary
E.B. Consultants Limited (D)
9
\u00a31.00 Ordinary
Electra-Net (UK) Limited
9
\u00a31.00 Ordinary
Entrust Support Services Limited
21
\u25bc
\u00a31.00 Ordinary
Euristix (Holdings) Limited
(in liquidation)
1
\u00a31.00 Ordinary
Euristix Limited
(in liquidation)
1
\u00a31.00 Ordinary
Fire Service College Limited
9
\u00a31.00 Ordinary
Full Circle Contact Centre Services (Proprietary) Limited
!4
ZAR0.01 Ordinary
Grosvenor Career Services Limited (D)
9
\u00a31.00 Ordinary
RE (Regional Enterprise) Limited
9
\u00a31.00 Ordinary
Retain International (Holdings) Limited
9
\u00a31.00 Ordinary
Retain International Limited
9
\u00a31.00 Ordinary
SBJ Benefit Consultants Limited (D)
9
\u00a31.00 Ordinary
SBJ Professional Trustees Limited (D) (in liquidation)
1
\u00a31.00 Ordinary
Smart DCC Limited
9
\u00a31.00 Ordinary
Tascor E & D Services Limited (in liquidation)
1
\u00a31.00 Ordinary
Tascor Services Limited
9
\u00a31.00 Ordinary
TELAG AG
10
CHF1,000.00 Ordinary
ThirtyThree APAC Limited (D)
6
HKD1.00 Ordinary
Updata Infrastructure (UK) Limited (in liquidation)
1
\u00a31.00 Ordinary
Urban Vision Partnership Limited
9
\u25ba
\u00a31.00 Ordinary B
Ventura (India) Private Limited
23
INR10.00 Ordinary
Ventura (UK) India Limited
9
\u00a31.00 Ordinary
Western Mortgage Services Limited
9
\u00a31.00 Ordinary
Woolf Limited
9
\u00a31.00 Ordinary
Footnotes
* Companies directly held by Capita plc.
> Shareholdings owned indirectly by the company and represent 0.49% of the issued share capital of subsidiary.
\u25cb Shareholdings owned indirectly by the company and represent 7.46% of the issued share capital of subsidiary.
\u2666 Shareholdings owned indirectly by the company and represent 49% of the issued share capital of subsidiary.
\u25b2 Shareholdings owned indirectly by the company and represent 50% of the issued share capital of subsidiary.
\u25ba Shareholdings owned indirectly by the company and represent 50.1% of the issued share capital of subsidiary.
\u25bc Shareholdings owned indirectly by the company and represent 51% of the issued share capital of subsidiary.
\u25a1 Shareholdings owned indirectly by the company and represent 97.3% of the issued share capital of subsidiary.
Registered office address
1. 1 More London Place, London, SE1 2AF, England
2. 1004 Bin Hamoodah Building, Khalifa St., PO Box 113 740, Abu Dhabi, United Arab Emirates
3. 10th Floor, UBA House, No 57, Marina Street, Lagos Island, Lagos, Nigeria
4. 22 Grenville Street, St. Helier, JE4 8PX, Jersey
5. 46, Kyriakou Matsi, Office 101, 1082 Nicosia, Cyprus
6. 803 Manning House, 38 Queen's Road Central, Hong Kong
7. 850 New Burton Road, Suite 201, Dover, DE, 19904, United States
8. Centrum Biurowe Lubicz ul. Lubicz 23, 31-503 Krakow, Polska
9. First Floor, 2 Kingdom Street, Paddington, London, England, W2 6BD
10.Hardturmstrasse 101, Z\u00fcrich, 8005, Switzerland
11.Hillview House, 61 Church Road, Newtownabbey, Co Antrim, BT36 7LQ, Northern Ireland
12.King Abdul Aziz Street, PO Box 7052, Dammam, Saudi Arabia
13.Konstanzerstrasse 17, T\u00e4gerwilen, 8274, Switzerland
14.Mutual Park, Jan Smuts Drive, Pinelands, Cape Town, Western Cape, 7405, South Africa
15.Nassauer Ring 39-41, Krefeld, 47803, Germany
16.PO Box 227, Peveril Buildings, Peveril Square, Douglas, Isle of Man, IM99 1RZ
17.P O Box 33, Dorey Court, Admiral Park, St. Peter Port, GY1 4AT, Guernsey
18.Pavilion Building Ellismuir Way, Tannochside Park, Uddingston, Glasgow, G71 5PW, United Kingdom
19.Plant 6, Gate No. 2, Godrej and Boyce Complex, LBS Marg, Pirojshahnagar, Vikhroli (West), Mumbai, 400079, India
20.Rudower Chaussee 4, Berlin, 12489, Germany
21.The Riverway Centre, Riverway, Stafford, ST16 3TH, United Kingdom
22.Unit B, West Cork Business & Technology Park, Clonakilty, Co. Cork, P85 YH98
23.Upper Ground Level, Level 1, Level 2, & Level 3, Tower B1, Margapatta City SEZ, Margapatta City, Hadapsar, Pune, 411013, India
24.Wavenet Group, Second Floor One Central Boulevard Central Boulevard, Blythe Valley Park, Shirley, Solihull, B90 8BG, England
25.EY, Harcourt Centre, Harcourt Street, Dublin, DUBLIN, Ireland
Listed below are subsidiaries controlled and consolidated by the Group, where the directors have taken the exemption from having an audit of its financial statements for the year ended 31 December 2024. This exemption is taken in accordance with Section 479A of the Companies Act 2006.
Company name
Company registration
Capita Dubai Limited
10908066
Capita Employee Benefits Holdings Limited
06722404
Capita Financial Services Holdings Limited
10016286
Capita HCH Limited
02384029
Capita Health Holdings Limited
06413394
Capita Insurance Services Holdings Limited
06041965
Capita Insurance Services Limited
01396443
Capita International Limited
02683437
Capita IT Services Holdings Limited
06002593
Capita IT Services Limited
SC045439
Capita Life and Pensions International Limited
05952054
Capita Life and Pensions Services Limited
04359665
Capita Life and Pensions Services (Isle of Man) Limited
006702V
Capita Managed IT Solutions Limited
NI032979
Capita Mortgage Administration Limited
02042968
Capita Property and Infrastructure (Structures) Limited
02082106
Capita Property and Infrastructure Holdings Limited
03840627
Capita Property and Infrastructure Limited
02018542
Capita Secure Information Solutions Limited
01593831
Computerland UK Limited
02275625
Contact Associates Limited
05601393
Debt Solutions (Holdings) Limited
03673307
Electra-Net (UK) Limited
03419833
Fire Service College Limited
08102633
RE (Regional Enterprise) Limited
08615172
Tascor Services Limited
02057887
Urban Vision Partnership Limited
05292634
Ventura (UK) India Limited
05131185
Woolf Limited
01564535
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-536": { "value": "4.7 Group composition and non-controlling interests The Group\u2019s subsidiaries are listed in note 6.4 on pages 223 to 225. The Group holds a majority of the voting rights in all of its subsidiaries and the directors have determined that, other than the entity commented on below, in each case the Group exercises de facto control. On 23 September 2014, the Secretary of State for the Department for Energy and Climate Change granted Smart DCC Limited (DCC), a wholly-owned subsidiary of the Group, a licence to establish and manage the smart metering communications infrastructure, governed by the Smart Energy Code. Each year the Group reassesses whether it has control over DCC as required under IFRS 10 Consolidated Financial Statements. The Group\u2019s ability to control the relevant activities of DCC is restricted by DCC\u2019s operating licence. The power that the Group has over DCC\u2019s relevant activities by virtue of owning it is limited (given the restrictions in the licence). That power is held by the board of DCC where the Group has minority representation in compliance with the licence. Consequently, the Group has not consolidated DCC in its Group financial statements. The disclosure of related party transactions with DCC is included in note 6.1. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-512": { "value": "5.1 Share-based payment plans The Group operates a number of executive and employee equity-settled share schemes. Accounting policies The fair value of the equity instrument granted under these schemes is measured at grant date and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined using an option pricing model, only taking into account vesting conditions linked to the price of the shares of the Company (market conditions). No expense is recognised for awards that do not ultimately vest as a result of not meeting performance or service conditions. Where all service and performance vesting conditions have been met, the awards are treated as vesting, irrespective of whether or not the market condition is satisfied, since market conditions were reflected in the fair value of the equity instruments. At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions, the number of equity instruments that will ultimately vest or, in the case of an instrument subject to a market condition, be treated as vesting as described above. The movement in cumulative expense since the previous balance sheet date is recognised in the consolidated income statement, with a corresponding adjustment to equity. Where the terms of an award are modified or a new award is designated as replacing a cancelled or settled award, the cost based on the original award terms continues to be recognised over the original vesting period adjusted for the incremental fair value of any modification ie the difference between the fair value of the original award and the fair value of the modified award, both as measured on the date of the modification. No reduction is recognised if this difference is negative. Where an award is cancelled, it is treated as if it had vested on the date of cancellation, and any cost not yet recognised in the consolidated income statement for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from equity, with any excess over the fair value being treated as an expense in the consolidated income statement. The expense recognised for share-based payments (before tax) in respect of employee services received during the year to 31 December 2024 was \u00a36.0m (2023: \u00a35.5m), all of which arises from equity-settled share based payment transactions. Details of the schemes are as follows: Deferred annual bonus plan This scheme is applicable to executive directors. Under this scheme, awards are made annually consisting of only deferred shares, which are linked to the payout under the annual bonus scheme (details of which are contained in the directors\u2019 remuneration report on page 96 to 118). The value of deferred shares is determined by the pay-out under the annual bonus scheme: half of the annual bonus is paid in cash and the remainder is deferred into shares under the deferred annual bonus plan or the Capita executive plan. Directors have the option to defer up to 100% of their annual bonus into deferred shares or net bonus into a restricted share award. The deferred/restricted shares are held for a period of three years from the date of award, during which they are not forfeitable, except in the case of dismissal for gross misconduct. The weighted average share price of options at the date of exercise in 2024 was \u00a30.12 (2023: \u00a30.33). The weighted average share price during the year was \u00a30.17 (2023: \u00a30.26). The total cash value of the deferred shares awarded during the year was \u00a3nil (2023: \u00a30.7m). Long-term incentive plans (LTIPs) The structure of the Group\u2019s LTIP schemes was approved at the Company\u2019s Annual General Meeting (AGM) in 2017. From 2021, no new awards will be granted under the LTIP with the final awards under the scheme (the 2020 grant) having vested in April 2023. All of the above awards are subject to a performance underpin assessment of the underlying financial and operational performance of Capita over the performance period. Capita Executive Plan 2021 The Capita Executive Plan was approved by shareholders at the 2021 AGM. Under this plan, restricted share awards (RSAs) are granted to executives. With the exception of the executive directors, RSAs granted in 2022, 2023 and 2024 are split into three equal tranches that vest on the first, second and third anniversary of the grant date. The awards are not subject to specific performance conditions, however there is a general underpin regarding Remuneration Committee satisfaction with underlying financial and operational performance of Capita over the performance period. Details of the Capita Executive Plan RSAs made to executive directors and the associated underpins are set out in the directors\u2019 remuneration report, on page 120.
2024 2023
\u2116 m \u2116 m
Outstanding at 1 January
41.2
41.7
Awarded during the year
50.0
16.6
Exercised
(12.0)
(9.5)
Lapses
(8.9)
(7.6)
Outstanding at 31 December
70.3
41.2
Exercisable at 31 December
\u2014
\u2014
The weighted average remaining contractual life of the above shares outstanding at 31 December 2024 was 1.2 years (2023: 1.1 years). All schemes The fair value of the options granted/awarded during the year was \u00a30.15 per share (2023: \u00a30.38 per share). None of the existing option schemes have exercise prices. The fair value for current share scheme issues is effectively the market price of a Capita share at the date of grant. Accordingly, no assumptions have been disclosed. The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also not necessarily be the actual outcome.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-476": { "value": "Accounting policies The fair value of the equity instrument granted under these schemes is measured at grant date and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined using an option pricing model, only taking into account vesting conditions linked to the price of the shares of the Company (market conditions). No expense is recognised for awards that do not ultimately vest as a result of not meeting performance or service conditions. Where all service and performance vesting conditions have been met, the awards are treated as vesting, irrespective of whether or not the market condition is satisfied, since market conditions were reflected in the fair value of the equity instruments. At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions, the number of equity instruments that will ultimately vest or, in the case of an instrument subject to a market condition, be treated as vesting as described above. The movement in cumulative expense since the previous balance sheet date is recognised in the consolidated income statement, with a corresponding adjustment to equity. Where the terms of an award are modified or a new award is designated as replacing a cancelled or settled award, the cost based on the original award terms continues to be recognised over the original vesting period adjusted for the incremental fair value of any modification ie the difference between the fair value of the original award and the fair value of the modified award, both as measured on the date of the modification. No reduction is recognised if this difference is negative. Where an award is cancelled, it is treated as if it had vested on the date of cancellation, and any cost not yet recognised in the consolidated income statement for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from equity, with any excess over the fair value being treated as an expense in the consolidated income statement. The expense recognised for share-based payments (before tax) in respect of employee services received during the year to 31 December 2024 was \u00a36.0m (2023: \u00a35.5m), all of which arises from equity-settled share based payment transactions. Details of the schemes are as follows: Deferred annual bonus plan This scheme is applicable to executive directors. Under this scheme, awards are made annually consisting of only deferred shares, which are linked to the payout under the annual bonus scheme (details of which are contained in the directors\u2019 remuneration report on page 96 to 118). The value of deferred shares is determined by the pay-out under the annual bonus scheme: half of the annual bonus is paid in cash and the remainder is deferred into shares under the deferred annual bonus plan or the Capita executive plan. Directors have the option to defer up to 100% of their annual bonus into deferred shares or net bonus into a restricted share award. The deferred/restricted shares are held for a period of three years from the date of award, during which they are not forfeitable, except in the case of dismissal for gross misconduct. The weighted average share price of options at the date of exercise in 2024 was \u00a30.12 (2023: \u00a30.33). The weighted average share price during the year was \u00a30.17 (2023: \u00a30.26). The total cash value of the deferred shares awarded during the year was \u00a3nil (2023: \u00a30.7m). Long-term incentive plans (LTIPs) The structure of the Group\u2019s LTIP schemes was approved at the Company\u2019s Annual General Meeting (AGM) in 2017. From 2021, no new awards will be granted under the LTIP with the final awards under the scheme (the 2020 grant) having vested in April 2023. All of the above awards are subject to a performance underpin assessment of the underlying financial and operational performance of Capita over the performance period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-537": { "value": "5.2 Pensions Accounting policies Defined contribution pension schemes The Group maintains a number of defined contribution pension schemes and for these schemes the Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense in the consolidated income statement when the related service is provided and as they fall due. Defined benefit pension schemes In addition, the Group operates two defined benefit pension schemes and participates in a number of other defined benefit pension schemes, all of which require contributions to be made to separate trustee- administered funds. The costs of providing benefits under these schemes are determined separately for each scheme using the projected unit credit method, which attributes entitlement to benefits to the current period (to determine current service cost) and to the current and prior periods (to determine the present value of the defined benefit obligation) and is based on actuarial advice. Past service costs are recognised immediately in the consolidated income statement. When a settlement (eliminating all obligations for benefits already accrued) or a curtailment (reducing future obligations as a result of a material reduction in the scheme membership or a reduction in future entitlement) occurs, the obligation and related plan assets are remeasured using current actuarial assumptions and the resultant gain/loss recognised in the consolidated income statement during the period in which the settlement or curtailment occurs. Remeasurements of the net defined benefit asset/liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in other comprehensive income and will not be reclassified to the consolidated income statement. The Group generally determines the net interest expense/income on the net defined benefit asset/liability for the year by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the then net defined benefit asset/liability, taking into account any changes in the net defined benefit asset/liability during the year as a result of contributions and benefit payments. However, due consideration is given to events which require the net interest expense/income on the net defined benefit asset/liability to be remeasured over the course of the year. Current and past service costs are charged to operating profit while the net interest cost is included within net finance costs. The net asset/(liability) in the consolidated balance sheet with respect to the defined benefit pension schemes comprises the total for each scheme, or group of schemes, of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of assets out of which the obligations are to be settled directly. The policy to determine fair value of assets is detailed in the note below. Where applicable the value of a net pension benefit asset is restricted to the present value of any amount the Group expects to recover by way of refunds or reductions in the future contributions. Significant accounting estimates and assumptions Measurement of defined benefit obligations \u2013 the accounting cost of these benefits and the present value of pension liabilities involve judgements about uncertain events including such factors as the life expectancy of members, the salary progression of current employees, price inflation and the discount rate used to calculate the net present value of the future pension payments. The Group uses estimates for all of these factors in determining the pension costs and liabilities incorporated in the consolidated financial statements. The assumptions reflect historical experience and judgement regarding future expectations. The Group continued to set Retail Price Inflation (RPI) in accordance with the market break-even expectations less an inflation risk premium (IRP). Market trends for the IRP have slightly increased recently and consequently a slightly higher rate of 0.30% pa has been adopted this year (2023: 0.25% pa). For Consumer Price Inflation (CPI), the Group reduced the assumed difference between RPI and CPI to an average of 0.55% per annum (2023: 0.60% per annum). The Group continues to use the Black-Scholes pricing model to derive the pension increase assumption in the context of the floors and caps. Given the recent volatility experienced by inflationary indices in the UK, the volatility parameter has increased this year to 2% pa in line with market expectations (2023: 1.5% pa). The longer-term implications of the Covid-19 pandemic on future life expectancy remain uncertain. In April 2024, the Continuous Mortality Investigation (CMI) published a new model (CMI 2023) that includes population experience up to 2023. This latest version of the model could be heavily impacted by Covid-19 with the core version of the model placing a 15% weighting on both 2022 and 2023 experienced data and a 0% weighting on both 2020 and 2021 experienced data. The core version of the model reflects that, following negative excess mortality in the second half of the year, 2023 population mortality was comparable to that seen during 2015-2018, reflecting a slight improvement from that seen in 2022. The Group is aware of the 2023 high court case (and subsequent appeal in 2024) that considered the validity of deeds where no Section 37 certificate (confirming that the minimum level of benefits had not been breached) was attached to the deed. The HPS Trustee Board continues to receive legal advice regarding this matter and, subject to any Government intervention that may arise, are assessing any potential impact as part of its multi-year project of reviewing and simplifying the scheme documentation and member data. The Group considers this approach reasonable and appropriate. At this stage it is not possible to quantify any potential impact on the liabilities of HPS and the defined benefit obligation has been calculated on the basis of the pension benefits currently being administered.
Pension expense included in the consolidated income statement
2024 2023
\u00a3m \u00a3m
Defined contribution scheme
45.6
51.7
Defined benefit schemes
Current service cost
2.7
2.5
Administration costs
5.7
4.4
Past service cost
\u2014
0.6
Termination benefits
0.1
0.2
Interest cost
(2.1)
(2.7)
Total defined benefit schemes
6.4
5.0
Total charged to profit before tax in the consolidated income
statement
52.0
56.7
At 31 December 2024, retirement obligations were disclosed in relation to eight (2023: eight) defined benefit
pension schemes.
The Group\u2019s main defined benefit scheme (HPS)
The Group\u2019s main defined benefit scheme closed to future accrual for most members in 2017 (with less than
150 members continuing to accrue benefits \u2013 out of a total membership of around 16,500 members). Details
of the HPS and other schemes net surplus/(deficit) position are given at the bottom of the table below which
shows the movements from the opening to the closing balance of the net defined benefit asset/(liability).
Responsibility for the operation and governance of the HPS lies with a corporate Trustee which is
independent of the Group. The Trustee Board is required by law to act in the interest of the HPS\u2019s
beneficiaries in accordance with the rules of the HPS and relevant legislation (which includes the Pension
Schemes Act 1993, the Pensions Act 1995 and the Pensions Act 2004). The nature of the relationship
between the Group and the Trustee Board is also governed by the rules of the HPS and relevant legislation.
The Trustee Board is chaired by an independent Trustee.
The assets of the HPS are held in a separate fund (administered by the Trustee Board) to meet long-term
pension liabilities to beneficiaries. The Trustee Board invest the assets in accordance with its Statement of
Investment Principles, which is regularly reviewed. The Trustee Board has delegated its investment strategy
decisions to a fiduciary manager, however, the Trustee Board maintains overall oversight of the investment
strategy.
A full actuarial valuation of the scheme is carried out every three years by an independent actuary for the
Trustee Board, with the last full actuarial valuation carried out at 31 March 2023. The purpose of that
valuation is to design a funding plan to ensure that the HPS has sufficient assets available to meet future
benefit payments, based on assumptions agreed between the Trustee Board and the Group. The 31 March
2023 actuarial valuation showed a funding surplus of \u00a351.4m (31 March 2020: \u00a3182.2m deficit). This
equates to a funding level of 105% (31 March 2020: 89%).
Given the funding position of the HPS, the Group and the Trustee Board agreed that no further deficit recovery contributions from the Group are required other than those already committed 1 as part of the 31 March 2020 actuarial valuation. In accordance with the schedule of contributions put in place following the 31 March 2023 actuarial valuation, the Group has paid \u00a36.3m of regular deficit contributions during 2024 and \u00a314.5m of accelerated deficit funding contributions and other contributions triggered by the disposal of certain businesses in prior years. Since the Group has paid all outstanding deficit contributions in 2024, there are no further agreed deficit contributions to be paid at this time. The next full actuarial valuation is due to be carried out with an effective date of 31 March 2026 and as part of that valuation the contribution requirements will be reviewed, and if necessary, amended. For the purpose of these accounts, an independent qualified actuary projected the results of the 31 March 2023 actuarial valuation to 31 December 2024 taking account of the relevant accounting requirements. Approximate funding updates are produced at each scheme anniversary when a full actuarial valuation is not being undertaken. The most recent funding update as at 31 March 2024 showed a funding surplus of \u00a388.9m (equating to a funding level of 109%). The next funding update is scheduled to be as at 31 March 2025. The valuation of liabilities for funding purposes (the actuarial valuation) differs from the valuation for accounting purposes (which is shown in these financial statements) due to different assumptions used and different market conditions at the different valuation dates (the effective date for the actuarial valuation of the HPS is 31 March). The assumptions used for funding purposes are scheme specific and allow for an appropriate amount of prudence, with the discount rate being based on the actual assets of the pension scheme. While for accounting purposes the assumptions are determined on a best estimate basis in accordance with IAS 19 Employee Benefits, with the discount rate being based on the yields available on high quality corporate bonds of appropriate currencies and terms. Management estimate that at 31 December 2024 the net assets of the HPS were around \u00a340m higher on a funding basis (ie the funding assumption principles adopted for the full actuarial valuation at 31 March 2023) than on an accounting basis. The Group contributed \u00a326.0m to the HPS during 2024. This includes the ongoing cost of benefit accrual, contributions towards running the pension scheme, deficit contribution (including those accelerated on a pound for pound basis due to disposal proceeds being used to fund mandatory prepayments of debt) and other contributions as a result of disposal activities. 1. These include additional, non-statutory, contributions to meet a secondary funding target with the objective of having sufficient assets to invest in a portfolio of low-risk assets with a low dependency covenant that will generate income to pay members\u2019 benefits as they fall due. Other defined benefit schemes The total employer contributions to the \u2018Other\u2019 schemes during 2024 were \u00a33.2m. Other UK schemes \u2022 Three segregated sections in an industry-wide scheme under which defined benefits are not continuing to accrue. The latest full actuarial valuations (at 31 December 2021) showed that one of these sections was in surplus and therefore no deficit contributions were required. One section showed a small deficit resulting in the Group being required to pay \u00a328,000 during 2025. The third section showed a deficit of \u00a33.45m resulting in the Group being required to pay \u00a30.8m pa until 2026. The next actuarial valuations are due as at 31 December 2024 and as part of those valuations the contribution requirements will be reviewed, and if necessary, amended. There is no cross subsidy with other employer sections. \u2022 Participation in a non-associated multi-employer scheme under which defined benefits are not continuing to accrue. The latest full actuarial valuation (at 30 September 2023) resulted in the Group being required to pay deficit contributions of initially \u00a30.54m pa with effect from 1 April 2025 (which increase by 2% pa) until 2028. The next full actuarial valuation is due to be carried out with an effective date of 30 September 2026 and as part of that valuation the contribution requirements will be reviewed, and if necessary, amended. If the Group were to cease to be a participating employer in this scheme there would be an exit debt payable. At 30 September 2023, this was estimated at \u00a34.5m. Overseas defined benefit schemes The Group is responsible for an Irish defined benefit scheme which is classed as a cross-border scheme where the beneficiaries of the scheme have their liabilities, and the trustees hold assets, denominated in euro. The scheme is governed under UK regulations and subject to further requirements applying to cross- border schemes. There are two segregated sections in the scheme. The latest full actuarial valuation (at 31 March 2024) showed a funding surplus for both the main section and the other section, and consequently, no deficit contributions are required for either section. There are no members left accruing benefits. The Group is also responsible for two Swiss schemes that provide defined contribution benefits but with certain guarantees (and are therefore reported as defined benefit schemes under IAS 19). They are administered and governed through collective foundations which are separate legal entities. Benefits are continuing to accrue in these schemes. Additional defined benefit schemes There are a further 32 (2023: 36) defined benefit pension arrangements in which various Capita businesses participated during 2024. Of these arrangements 28 (2023: 32) relate to participation in funded and unfunded public sector schemes (referred to as Admitted Body Arrangements), 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 vary 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 (for funded schemes) payable to the schemes at the cessation of the contract, such that the Group\u2019s net exposure to actuarial and investment risk is immaterial. During the year, approximately \u00a38m (2023: \u00a310m) of employer contributions were paid into these 32 (2023: 36) schemes. Risks associated with the Group\u2019s pension schemes The defined benefit pension schemes expose the Group to various risks, with the key risks set out below: Investment risk: the schemes invest in a wide range of assets with a view to provide long-term investment returns at particular levels. There is a risk that investment returns are lower than expected which, in isolation, could result in a worsening of the funding position of the schemes. Interest rate risk: the IAS 19 discount rate is derived based on the yields available on good quality corporate bonds of suitable duration. If these yields decrease then, in isolation, this would increase the value placed on the IAS 19 obligation and result in a worsening of the funding position of the schemes. Inflation risk: the liabilities of the schemes are linked to future levels of inflation. If future inflation is higher than expected then this would result in the cost of providing the benefits increasing and thereby worsening the funding position of the schemes. Longevity risk: if members live longer than expected, then pensions will be paid for a longer time which will increase the value placed on the liabilities and therefore worsen the funding position of the schemes. Environmental, Social and Governance (ESG) risk: ESG risk relates to these issues having a detrimental impact on financial returns. The fiduciary manager has policies in place to reduce this risk, although there is a higher risk in older externally held assets. To manage these risks, the Group and the trustees carry out regular assessments of them. For HPS, the main defined benefit scheme, the following actions have been taken: \u2022 The HPS Trustee Board has entered into two bulk annuity contracts with an insurer in respect of a small number of high individual liability pensioner members with total value included in the assets at 31 December 2024 of \u00a341.8m (2023: \u00a347.0m). \u2022 The HPS Trustee Board has entered into a Liability Driven Investment programme. The level of risk that is managed by this programme is set by various market-related and funding trigger points. Together, these actions have led to the HPS Trustee Board hedging (interest rate and inflation) a high proportion of the HPS\u2019s liabilities. At 31 December 2024 HPS\u2019s liabilities measured on the HPS Trustee Board\u2019s long-term funding basis were broadly fully hedged. The hedging aims to match the value of the assets to the movement in liabilities (on a funding basis) arising from changes in market expectations of future inflation rates and future gilt yields. This is to help protect and reduce volatility in funding valuations which are used to determine the cash contribution requirements to the scheme. Since these accounting disclosures use the yields available on corporate bonds to determine the accounting liabilities, the hedging may not have the same impact for accounting purposes as they do for a funding valuation. Credit spreads (the difference between the yields available on long-dated corporate bonds and long-dated government bonds) remained broadly the same during the year meaning that the hedge had a broadly similar impact on the funding position of the scheme and the accounting disclosures at the year-end. To illustrate how sensitive the value of the defined benefit obligations is to different market conditions, the table below shows what the resulting defined benefit obligation would be if the assumptions were changed as shown (assuming all other assumptions remain constant):
Group total
Change in assumptions compared with 31 December 2024 actuarial assumptions \u00a3m
Base defined benefit obligation
1,048.2
0.5% pa decrease in discount rate
1,120.0
0.5% pa increase in salary increases
1,049.3
0.5% pa increase in inflation (and related assumption, eg salary and pension increases)
1,083.1
1 year increase in life expectancy
1,079.0
Assets and liabilities Under IAS 19, pension scheme assets must be valued at their fair value at the balance sheet date. The scheme assets are made up of quoted and unquoted investments, and asset valuations have been sourced from the respective scheme\u2019s investment managers and custodians, based on their pricing sources and methodologies. Unquoted investments require more judgement because their values are not directly observable. The assumptions used in valuing unquoted investments are affected by current market conditions which could result in changes in fair value after the measurement date. For the main asset categories: \u2022 Equities listed on recognised stock exchanges are valued at closing bid prices. \u2022 Bonds are measured using a combination of broker quotes and pricing models making assumptions for credit and market risks and market yield curves. \u2022 Properties are valued on the basis of an open market value or are valued using models based on discounted cash flow techniques. \u2022 Assets in investment funds are valued at fair value which is typically the net asset value provided by the investment manager. \u2022 Certain unlisted investments are valued using a model based valuation such as discounted cash flow. \u2022 The value of bulk annuity contracts has been assessed by discounting the projected cash flows payable under the contracts (projected by an actuary, consistent with the terms of the contract) and is equal to the corresponding liability calculated by reference to the IAS 19 assumptions. The assets and liabilities of all of the defined benefit pension schemes (excluding additional voluntary contributions) at 31 December are:
Group total
2024
2023
Quoted
Unquoted
*
Total Quoted
Unquoted
*
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Scheme assets at fair value:
Equities:
\u2013 UK
0.1
0.7
0.8
0.1
3.0
3.1
\u2013 Overseas
2.0
44.3
46.3
1.5
34.3
35.8
\u2013 Private
0.1
\u2014
0.1
0.1
\u2014
0.1
2.2
45.0
47.2
1.7
37.3
39.0
Debt securities:
\u2013 UK Government
432.6
7.2
439.8
538.5
1.2
539.7
\u2013 UK Corporate
0.1
36.2
36.3
0.1
45.7
45.8
\u2013 Overseas Government
8.3
13.6
21.9
9.8
11.9
21.7
\u2013 Overseas Corporate
0.3
213.0
213.3
0.3
211.7
212.0
\u2013 Emerging Markets
0.5
2.6
3.1
0.4
2.7
3.1
\u2013 Private Debt
\u2014
79.3
79.3
\u2014
110.5
110.5
441.8
351.9
793.7
549.1
383.7
932.8
Property
2.1
33.4
35.5
2.2
45.8
48.0
Infrastructure
1.1
\u2014
1.1
1.0
\u2014
1.0
Credit Funds
2.2
\u2014
2.2
1.6
\u2014
1.6
Hedge Funds
\u2014
0.4
0.4
\u2014
1.1
1.1
Absolute Return Funds
\u2014
\u2014
\u2014
0.2
\u2014
0.2
Insurance Contracts
\u2014
66.5
66.5
\u2014
69.7
69.7
Cash
110.8
24.3
135.1
81.3
20.4
101.7
Other
\u2014
4.4
4.4
4.4
5.6
10.0
116.2
129.0
245.2
90.7
142.6
233.3
Total
560.2
525.9
1,086.1
641.5
563.6
 1,205.1
Present value of scheme liabilities
(before effect of asset ceiling limit)
(1,047.9)
(1,178.3)
Net surplus
(before effect of asset ceiling limit)
38.2
26.8
Effect of asset ceiling limit
(0.3)
\u2014
Present value of scheme liabilities
(after effect of asset ceiling limit)
(1,048.2)
(1,178.3)
Net surplus
(after effect of asset ceiling limit)
37.9
26.8
* Some investments are in funds which are in themselves not traded in active markets. The HPS Trustee Board invests in Liability Driven Investments (LDIs) as part of a risk hedging strategy. The aim of the strategy is to match the value of the assets to the movement in liabilities (on a funding basis) arising from changes in market expectations of future inflation rates and future gilt yields. To achieve this, LDIs invest in a variety of instruments including gilts, synthetic gilts (combination of repurchase agreement, reverse repurchase agreements and total return swaps) and cash. In the table above, the LDI at 31 December 2024 (approximately \u00a3439.3m) has been mapped as 95.1% Quoted UK Government Bonds, 1.6% Quoted Overseas Government Bonds and 3.3% Quoted Cash. The assets do not include any directly owned financial instruments issued by the Group. Within the Private Debt allocation above, approximately \u00a360.0m relates to adjusted lagged valuations at 31 December 2024. In arriving at this figure, allowance has been made for broad market movements and distributions between 30 September 2024 (the most recent valuation of these assets) and 31 December 2024. In accordance with the HPS Trustee Board\u2019s focus on financially material considerations, it is acknowledged that Environment, Social and Governance (ESG) factors can impact security prices. The HPS Trustee Board has discussed their views on ESG factors, and considered the Group\u2019s perspective, and developed responsible investment beliefs. These can be found in the HPS\u2019s Statement of Investment Principles (on its website at https://www.horizonpensionscheme.com/library). IFRIC 14 The Group has considered the impact of IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction on the various schemes (in relation to either recognising a surplus or allowing for the impact of any funding commitments made) and has concluded, based on its interpretation of the rules for each of the schemes, that IFRIC 14 would marginally increase the deficit shown at this balance sheet date for only one scheme, which is reflected in the balance sheet position. For clarity the HPS, the Group\u2019s main defined benefit scheme, IFRIC 14 would not limit the surplus or increase the deficits shown at the reporting date because the Group has an unconditional right to a refund assuming the gradual settlement of the scheme liabilities over time until all members have left the scheme. Reconciliation of retirement benefits Explanation of constituents of the consolidated income statement. The cost of providing the retirement benefits during the year is broken down as follows, with due consideration being made for events which require the income statement to be re-measured over the course of the year: \u2022 Service cost is the cost to the Group of future benefits earned by contributing members over the current financial period. \u2022 Past service cost represents the change in the present value of scheme liabilities in the current period in relation to prior years\u2019 service. \u2022 Administration costs are those entailed by the pension schemes over the current period. \u2022 Interest expense/(income) is made up of the interest on pension liabilities and assets over the current period generally based on the discount rate adopted at the start of the period. An allowance for interest on the asset ceiling is recognised where applicable. \u2022 Termination benefits are employee benefits payable as a result of either: (a) the Group\u2019s decision to terminate an employee\u2019s employment before the normal retirement date; or (b) an employee\u2019s decision to accept an offer of benefits in exchange for the termination of employment. All schemes are partly or wholly funded, and the following table shows the components of the movements from the opening to the closing balances for the net defined benefit asset:
Group total
Defined benefit obligation
Fair value of plan assets
Net defined benefit asset
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(1,178.3)
(1,136.1)
1,205.1
1,175.7
26.8
39.6
Included in the consolidated
income statement:
Current service cost
(2.7)
(2.5)
\u2014
\u2014
(2.7)
(2.5)
Administration costs
(5.7)
(4.4)
\u2014
\u2014
(5.7)
(4.4)
Past service cost
\u2014
(0.6)
\u2014
\u2014
\u2014
(0.6)
Termination benefits
(0.1)
(0.2)
\u2014
\u2014
(0.1)
(0.2)
Interest (expense)/income*
(51.8)
(53.4)
53.9
56.1
2.1
2.7
Sub-total in consolidated
income statement
(60.3)
(61.1)
53.9
56.1
(6.4)
(5.0)
Included in other comprehensive
income:
Actuarial gain/(loss) arising from:
\u2013 demographic assumptions
2.1
6.9
\u2014
\u2014
2.1
6.9
\u2013 financial assumptions
141.2
(28.5)
\u2014
\u2014
141.2
(28.5)
\u2013 experience adjustments
(2.5)
(6.9)
\u2014
\u2014
(2.5)
(6.9)
\u2013 changes in asset ceiling/
minimum liability
(0.3)
\u2014
\u2014
\u2014
(0.3)
\u2014
Return on plan assets excluding
interest
\u2014
\u2014
(152.3)
(39.7)
(152.3)
(39.7)
Sub-total in other
comprehensive income
140.5
(28.5)
(152.3)
(39.7)
(11.8)
(68.2)
Employer contributions
\u2014
\u2014
29.2
60.5
29.2
60.5
Contributions by employees
(2.0)
(2.1)
2.0
2.1
\u2014
\u2014
Benefits paid
50.4
50.4
(50.4)
(50.4)
\u2014
\u2014
Exchange movement - recognised
in other comprehensive income
1.5
(0.9)
(1.4)
0.8
0.1
(0.1)
At 31 December
(1,048.2)
(1,178.3)
1,086.1
1,205.1
37.9
26.8
Group total
Defined benefit obligation
Fair value of plan assets
Net defined benefit asset
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Schemes in a net surplus
HPS
(995.1)
(1,125.0)
1,034.4
1,154.4
39.3
29.4
Other schemes
(13.9)
(15.8)
17.5
19.1
3.6
3.3
(1,009.0)
(1,140.8)
1,051.9
1,173.5
42.9
32.7
Schemes in a net deficit
Other schemes
(39.2)
(37.5)
34.2
31.6
(5.0)
(5.9)
(39.2)
(37.5)
34.2
31.6
(5.0)
(5.9)
At 31 December
(1,048.2)
(1,178.3)
1,086.1
1,205.1
37.9
26.8
* Includes impact of asset ceiling on net interest of \u00a30.3m in 2024 (2023: \u00a3nil). Of the total pension cost of \u00a36.4m (2023: \u00a35.0m), \u00a32.8m (2023: \u00a33.3m) was included in cost of sales, \u00a35.7m (2023: \u00a34.4m) was included in administrative expenses, and \u00a32.1m of net interest income (2023: \u00a32.7m of net interest income) was included in net finance costs. Breakdown of liabilities for the HPS Information about the defined benefit obligation for the HPS:
Proportion of Proportion of
overall liability overall liability
%
Duration (years)
%
Duration (years)
2024
2024
2023
2023
Active members
5
15.5
5
17.1
Deferred members
53
16.5
54
18.3
Pensioners
42
9.9
41
10.8
Total percentage / average duration
100
13.7
100
15.1
Duration is a weighted average of when benefits are expected to be paid from a pension scheme. It is sensitive to the interest rate used to calculate it. The increase in yields in recent years has acted to reduce the duration of the HPS (because less weight is placed on the pension cash flows stretching far out into the future). Financial and demographic assumptions
2024 2023
Main assumptions
1
:
% %
Rate of price inflation \u2013 RPI
3.10
3.05
Rate of price inflation \u2013 CPI
2.55
2.45
Rate of salary increase
3.10
3.05
Rate of increase of pensions in payment
2
:
\u2013 RPI inflation capped at 5% per annum
2.95
3.00
\u2013 RPI inflation capped at 2.5% per annum
2.00
2.15
\u2013 CPI inflation capped at 5% per annum
2.55
2.45
Discount rate
5.50
4.55
Expected take up maximum available tax free cash
85.00
85.00
1. Different assumptions apply to non-UK schemes, for example: the discount rate for the Irish Schemes is 3.6% pa, and for the Swiss schemes it is 1.0% pa in 2024. 2. There are other levels of pension increase which apply to particular periods of membership. The average future life expectancy from age 65 (in years) for mortality tables used to determine scheme liabilities for the various different schemes at 31 December 2024 and 31 December 2023 are as follows:
Member currently aged 65 (current life expectancy)
Male
Female
2024
2023
2024
2023
HPS
1
21.9
21.9
24.0
23.9
Other Schemes
20.5 to 23.0
21.0 to 22.9
23.0 to 24.7
23.4 to 24.6
Member currently aged 45 (life expectancy at 65)
Male
Female
2024
2023
2024
2023
HPS
1
22.6
22.6
25.3
25.2
Other Schemes
21.8 to 25.2
22.2 to 25.1
24.4 to 26.7
24.9 to 26.6
1. The assumptions used for the HPS are tailored for each member. The assumptions adopted make allowance for an increase in the longevity in the future (CMI 2023 core model Sk=7.0) with a long-term rate of improvement of 1.25% pa, an \u2018A\u2019 parameter of 0.25% for both males and females and no weighting applied to 2020 and 2021 data, 15% weighting on 2022 and 2023 data). The rate for members currently aged 65 is derived from the pensioner membership and the rate for members reaching age 65 in 20 years' time is derived from non-pensioner membership.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-513": { "value": "5.2 Pensions Accounting policies Defined contribution pension schemes The Group maintains a number of defined contribution pension schemes and for these schemes the Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense in the consolidated income statement when the related service is provided and as they fall due. Defined benefit pension schemes In addition, the Group operates two defined benefit pension schemes and participates in a number of other defined benefit pension schemes, all of which require contributions to be made to separate trustee- administered funds. The costs of providing benefits under these schemes are determined separately for each scheme using the projected unit credit method, which attributes entitlement to benefits to the current period (to determine current service cost) and to the current and prior periods (to determine the present value of the defined benefit obligation) and is based on actuarial advice. Past service costs are recognised immediately in the consolidated income statement. When a settlement (eliminating all obligations for benefits already accrued) or a curtailment (reducing future obligations as a result of a material reduction in the scheme membership or a reduction in future entitlement) occurs, the obligation and related plan assets are remeasured using current actuarial assumptions and the resultant gain/loss recognised in the consolidated income statement during the period in which the settlement or curtailment occurs. Remeasurements of the net defined benefit asset/liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in other comprehensive income and will not be reclassified to the consolidated income statement. The Group generally determines the net interest expense/income on the net defined benefit asset/liability for the year by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the then net defined benefit asset/liability, taking into account any changes in the net defined benefit asset/liability during the year as a result of contributions and benefit payments. However, due consideration is given to events which require the net interest expense/income on the net defined benefit asset/liability to be remeasured over the course of the year. Current and past service costs are charged to operating profit while the net interest cost is included within net finance costs. The net asset/(liability) in the consolidated balance sheet with respect to the defined benefit pension schemes comprises the total for each scheme, or group of schemes, of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of assets out of which the obligations are to be settled directly. The policy to determine fair value of assets is detailed in the note below. Where applicable the value of a net pension benefit asset is restricted to the present value of any amount the Group expects to recover by way of refunds or reductions in the future contributions. Significant accounting estimates and assumptions Measurement of defined benefit obligations \u2013 the accounting cost of these benefits and the present value of pension liabilities involve judgements about uncertain events including such factors as the life expectancy of members, the salary progression of current employees, price inflation and the discount rate used to calculate the net present value of the future pension payments. The Group uses estimates for all of these factors in determining the pension costs and liabilities incorporated in the consolidated financial statements. The assumptions reflect historical experience and judgement regarding future expectations. The Group continued to set Retail Price Inflation (RPI) in accordance with the market break-even expectations less an inflation risk premium (IRP). Market trends for the IRP have slightly increased recently and consequently a slightly higher rate of 0.30% pa has been adopted this year (2023: 0.25% pa). For Consumer Price Inflation (CPI), the Group reduced the assumed difference between RPI and CPI to an average of 0.55% per annum (2023: 0.60% per annum). The Group continues to use the Black-Scholes pricing model to derive the pension increase assumption in the context of the floors and caps. Given the recent volatility experienced by inflationary indices in the UK, the volatility parameter has increased this year to 2% pa in line with market expectations (2023: 1.5% pa). The longer-term implications of the Covid-19 pandemic on future life expectancy remain uncertain. In April 2024, the Continuous Mortality Investigation (CMI) published a new model (CMI 2023) that includes population experience up to 2023. This latest version of the model could be heavily impacted by Covid-19 with the core version of the model placing a 15% weighting on both 2022 and 2023 experienced data and a 0% weighting on both 2020 and 2021 experienced data. The core version of the model reflects that, following negative excess mortality in the second half of the year, 2023 population mortality was comparable to that seen during 2015-2018, reflecting a slight improvement from that seen in 2022. The Group is aware of the 2023 high court case (and subsequent appeal in 2024) that considered the validity of deeds where no Section 37 certificate (confirming that the minimum level of benefits had not been breached) was attached to the deed. The HPS Trustee Board continues to receive legal advice regarding this matter and, subject to any Government intervention that may arise, are assessing any potential impact as part of its multi-year project of reviewing and simplifying the scheme documentation and member data. The Group considers this approach reasonable and appropriate. At this stage it is not possible to quantify any potential impact on the liabilities of HPS and the defined benefit obligation has been calculated on the basis of the pension benefits currently being administered. Pension expense included in the consolidated income statement
2024 2023
\u00a3m \u00a3m
Defined contribution scheme
45.6
51.7
Defined benefit schemes
Current service cost
2.7
2.5
Administration costs
5.7
4.4
Past service cost
\u2014
0.6
Termination benefits
0.1
0.2
Interest cost
(2.1)
(2.7)
Total defined benefit schemes
6.4
5.0
Total charged to profit before tax in the consolidated income
statement
52.0
56.7
At 31 December 2024, retirement obligations were disclosed in relation to eight (2023: eight) defined benefit pension schemes. The Group\u2019s main defined benefit scheme (HPS) The Group\u2019s main defined benefit scheme closed to future accrual for most members in 2017 (with less than 150 members continuing to accrue benefits \u2013 out of a total membership of around 16,500 members). Details of the HPS and other schemes net surplus/(deficit) position are given at the bottom of the table below which shows the movements from the opening to the closing balance of the net defined benefit asset/(liability). Responsibility for the operation and governance of the HPS lies with a corporate Trustee which is independent of the Group. The Trustee Board is required by law to act in the interest of the HPS\u2019s beneficiaries in accordance with the rules of the HPS and relevant legislation (which includes the Pension Schemes Act 1993, the Pensions Act 1995 and the Pensions Act 2004). The nature of the relationship between the Group and the Trustee Board is also governed by the rules of the HPS and relevant legislation. The Trustee Board is chaired by an independent Trustee. The assets of the HPS are held in a separate fund (administered by the Trustee Board) to meet long-term pension liabilities to beneficiaries. The Trustee Board invest the assets in accordance with its Statement of Investment Principles, which is regularly reviewed. The Trustee Board has delegated its investment strategy decisions to a fiduciary manager, however, the Trustee Board maintains overall oversight of the investment strategy. A full actuarial valuation of the scheme is carried out every three years by an independent actuary for the Trustee Board, with the last full actuarial valuation carried out at 31 March 2023. The purpose of that valuation is to design a funding plan to ensure that the HPS has sufficient assets available to meet future benefit payments, based on assumptions agreed between the Trustee Board and the Group. The 31 March 2023 actuarial valuation showed a funding surplus of \u00a351.4m (31 March 2020: \u00a3182.2m deficit). This equates to a funding level of 105% (31 March 2020: 89%). Given the funding position of the HPS, the Group and the Trustee Board agreed that no further deficit recovery contributions from the Group are required other than those already committed 1 as part of the 31 March 2020 actuarial valuation. In accordance with the schedule of contributions put in place following the 31 March 2023 actuarial valuation, the Group has paid \u00a36.3m of regular deficit contributions during 2024 and \u00a314.5m of accelerated deficit funding contributions and other contributions triggered by the disposal of certain businesses in prior years. Since the Group has paid all outstanding deficit contributions in 2024, there are no further agreed deficit contributions to be paid at this time. The next full actuarial valuation is due to be carried out with an effective date of 31 March 2026 and as part of that valuation the contribution requirements will be reviewed, and if necessary, amended. For the purpose of these accounts, an independent qualified actuary projected the results of the 31 March 2023 actuarial valuation to 31 December 2024 taking account of the relevant accounting requirements. Approximate funding updates are produced at each scheme anniversary when a full actuarial valuation is not being undertaken. The most recent funding update as at 31 March 2024 showed a funding surplus of \u00a388.9m (equating to a funding level of 109%). The next funding update is scheduled to be as at 31 March 2025. The valuation of liabilities for funding purposes (the actuarial valuation) differs from the valuation for accounting purposes (which is shown in these financial statements) due to different assumptions used and different market conditions at the different valuation dates (the effective date for the actuarial valuation of the HPS is 31 March). The assumptions used for funding purposes are scheme specific and allow for an appropriate amount of prudence, with the discount rate being based on the actual assets of the pension scheme. While for accounting purposes the assumptions are determined on a best estimate basis in accordance with IAS 19 Employee Benefits, with the discount rate being based on the yields available on high quality corporate bonds of appropriate currencies and terms. Management estimate that at 31 December 2024 the net assets of the HPS were around \u00a340m higher on a funding basis (ie the funding assumption principles adopted for the full actuarial valuation at 31 March 2023) than on an accounting basis. The Group contributed \u00a326.0m to the HPS during 2024. This includes the ongoing cost of benefit accrual, contributions towards running the pension scheme, deficit contribution (including those accelerated on a pound for pound basis due to disposal proceeds being used to fund mandatory prepayments of debt) and other contributions as a result of disposal activities. 1. These include additional, non-statutory, contributions to meet a secondary funding target with the objective of having sufficient assets to invest in a portfolio of low-risk assets with a low dependency covenant that will generate income to pay members\u2019 benefits as they fall due.
Other defined benefit schemes
The total employer contributions to the \u2018Other\u2019 schemes during 2024 were \u00a33.2m.
Other UK schemes
\u2022 Three segregated sections in an industry-wide scheme under which defined benefits are not continuing to
accrue. The latest full actuarial valuations (at 31 December 2021) showed that one of these sections was
in surplus and therefore no deficit contributions were required. One section showed a small deficit
resulting in the Group being required to pay \u00a328,000 during 2025. The third section showed a deficit of
\u00a33.45m resulting in the Group being required to pay \u00a30.8m pa until 2026. The next actuarial valuations
are due as at 31 December 2024 and as part of those valuations the contribution requirements will be
reviewed, and if necessary, amended. There is no cross subsidy with other employer sections.
\u2022 Participation in a non-associated multi-employer scheme under which defined benefits are not continuing
to accrue. The latest full actuarial valuation (at 30 September 2023) resulted in the Group being required
to pay deficit contributions of initially \u00a30.54m pa with effect from 1 April 2025 (which increase by 2% pa)
until 2028. The next full actuarial valuation is due to be carried out with an effective date of 30 September
2026 and as part of that valuation the contribution requirements will be reviewed, and if necessary,
amended. If the Group were to cease to be a participating employer in this scheme there would be an exit
debt payable. At 30 September 2023, this was estimated at \u00a34.5m.
Overseas defined benefit schemes
The Group is responsible for an Irish defined benefit scheme which is classed as a cross-border scheme
where the beneficiaries of the scheme have their liabilities, and the trustees hold assets, denominated in
euro. The scheme is governed under UK regulations and subject to further requirements applying to cross-
border schemes. There are two segregated sections in the scheme. The latest full actuarial valuation (at
31 March 2024) showed a funding surplus for both the main section and the other section, and
consequently, no deficit contributions are required for either section. There are no members left accruing
benefits.
The Group is also responsible for two Swiss schemes that provide defined contribution benefits but with
certain guarantees (and are therefore reported as defined benefit schemes under IAS 19). They are
administered and governed through collective foundations which are separate legal entities. Benefits are
continuing to accrue in these schemes.
Additional defined benefit schemes
There are a further 32 (2023: 36) defined benefit pension arrangements in which various Capita businesses
participated during 2024. Of these arrangements 28 (2023: 32) relate to participation in funded and
unfunded public sector schemes (referred to as Admitted Body Arrangements), 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 vary 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 (for funded schemes)
payable to the schemes at the cessation of the contract, such that the Group\u2019s net exposure to actuarial and
investment risk is immaterial.
During the year, approximately \u00a38m (2023: \u00a310m) of employer contributions were paid into these 32
(2023: 36) schemes.
Risks associated with the Group\u2019s pension schemes
The defined benefit pension schemes expose the Group to various risks, with the key risks set out below:
Investment risk: the schemes invest in a wide range of assets with a view to provide long-term investment
returns at particular levels. There is a risk that investment returns are lower than expected which, in
isolation, could result in a worsening of the funding position of the schemes.
Interest rate risk: the IAS 19 discount rate is derived based on the yields available on good quality
corporate bonds of suitable duration. If these yields decrease then, in isolation, this would increase the
value placed on the IAS 19 obligation and result in a worsening of the funding position of the schemes.
Inflation risk: the liabilities of the schemes are linked to future levels of inflation. If future inflation is higher
than expected then this would result in the cost of providing the benefits increasing and thereby worsening
the funding position of the schemes.
Longevity risk: if members live longer than expected, then pensions will be paid for a longer time which will
increase the value placed on the liabilities and therefore worsen the funding position of the schemes.
Environmental, Social and Governance (ESG) risk: ESG risk relates to these issues having a detrimental
impact on financial returns. The fiduciary manager has policies in place to reduce this risk, although there is
a higher risk in older externally held assets.
To manage these risks, the Group and the trustees carry out regular assessments of them. For HPS, the
main defined benefit scheme, the following actions have been taken:
\u2022 The HPS Trustee Board has entered into two bulk annuity contracts with an insurer in respect of a small
number of high individual liability pensioner members with total value included in the assets at
31 December 2024 of \u00a341.8m (2023: \u00a347.0m).
\u2022 The HPS Trustee Board has entered into a Liability Driven Investment programme. The level of risk that
is managed by this programme is set by various market-related and funding trigger points.
Together, these actions have led to the HPS Trustee Board hedging (interest rate and inflation) a high
proportion of the HPS\u2019s liabilities. At 31 December 2024 HPS\u2019s liabilities measured on the HPS Trustee
Board\u2019s long-term funding basis were broadly fully hedged.
The hedging aims to match the value of the assets to the movement in liabilities (on a funding basis) arising
from changes in market expectations of future inflation rates and future gilt yields. This is to help protect and
reduce volatility in funding valuations which are used to determine the cash contribution requirements to the
scheme. Since these accounting disclosures use the yields available on corporate bonds to determine the
accounting liabilities, the hedging may not have the same impact for accounting purposes as they do for a
funding valuation. Credit spreads (the difference between the yields available on long-dated corporate
bonds and long-dated government bonds) remained broadly the same during the year meaning that the
hedge had a broadly similar impact on the funding position of the scheme and the accounting disclosures at
the year-end.
To illustrate how sensitive the value of the defined benefit obligations is to different market conditions, the
table below shows what the resulting defined benefit obligation would be if the assumptions were changed
as shown (assuming all other assumptions remain constant):
Group total
Change in assumptions compared with 31 December 2024 actuarial assumptions \u00a3m
Base defined benefit obligation
1,048.2
0.5% pa decrease in discount rate
1,120.0
0.5% pa increase in salary increases
1,049.3
0.5% pa increase in inflation (and related assumption, eg salary and pension increases)
1,083.1
1 year increase in life expectancy
1,079.0
Assets and liabilities
Under IAS 19, pension scheme assets must be valued at their fair value at the balance sheet date. The
scheme assets are made up of quoted and unquoted investments, and asset valuations have been sourced
from the respective scheme\u2019s investment managers and custodians, based on their pricing sources and
methodologies. Unquoted investments require more judgement because their values are not directly
observable. The assumptions used in valuing unquoted investments are affected by current market
conditions which could result in changes in fair value after the measurement date.
For the main asset categories:
\u2022 Equities listed on recognised stock exchanges are valued at closing bid prices.
\u2022 Bonds are measured using a combination of broker quotes and pricing models making assumptions for
credit and market risks and market yield curves.
\u2022 Properties are valued on the basis of an open market value or are valued using models based on
discounted cash flow techniques.
\u2022 Assets in investment funds are valued at fair value which is typically the net asset value provided by the
investment manager.
\u2022 Certain unlisted investments are valued using a model based valuation such as discounted cash flow.
\u2022 The value of bulk annuity contracts has been assessed by discounting the projected cash flows payable
under the contracts (projected by an actuary, consistent with the terms of the contract) and is equal to the
corresponding liability calculated by reference to the IAS 19 assumptions.
The assets and liabilities of all of the defined benefit pension schemes (excluding additional voluntary
contributions) at 31 December are:
Group total
2024
2023
Quoted
Unquoted
*
Total Quoted
Unquoted
*
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Scheme assets at fair value:
Equities:
\u2013 UK
0.1
0.7
0.8
0.1
3.0
3.1
\u2013 Overseas
2.0
44.3
46.3
1.5
34.3
35.8
\u2013 Private
0.1
\u2014
0.1
0.1
\u2014
0.1
2.2
45.0
47.2
1.7
37.3
39.0
Debt securities:
\u2013 UK Government
432.6
7.2
439.8
538.5
1.2
539.7
\u2013 UK Corporate
0.1
36.2
36.3
0.1
45.7
45.8
\u2013 Overseas Government
8.3
13.6
21.9
9.8
11.9
21.7
\u2013 Overseas Corporate
0.3
213.0
213.3
0.3
211.7
212.0
\u2013 Emerging Markets
0.5
2.6
3.1
0.4
2.7
3.1
\u2013 Private Debt
\u2014
79.3
79.3
\u2014
110.5
110.5
441.8
351.9
793.7
549.1
383.7
932.8
Property
2.1
33.4
35.5
2.2
45.8
48.0
Infrastructure
1.1
\u2014
1.1
1.0
\u2014
1.0
Credit Funds
2.2
\u2014
2.2
1.6
\u2014
1.6
Hedge Funds
\u2014
0.4
0.4
\u2014
1.1
1.1
Absolute Return Funds
\u2014
\u2014
\u2014
0.2
\u2014
0.2
Insurance Contracts
\u2014
66.5
66.5
\u2014
69.7
69.7
Cash
110.8
24.3
135.1
81.3
20.4
101.7
Other
\u2014
4.4
4.4
4.4
5.6
10.0
116.2
129.0
245.2
90.7
142.6
233.3
Total
560.2
525.9
1,086.1
641.5
563.6
 1,205.1
Present value of scheme liabilities
(before effect of asset ceiling limit)
(1,047.9)
(1,178.3)
Net surplus
(before effect of asset ceiling limit)
38.2
26.8
Effect of asset ceiling limit
(0.3)
\u2014
Present value of scheme liabilities
(after effect of asset ceiling limit)
(1,048.2)
(1,178.3)
Net surplus
(after effect of asset ceiling limit)
37.9
26.8
* Some investments are in funds which are in themselves not traded in active markets.
The HPS Trustee Board invests in Liability Driven Investments (LDIs) as part of a risk hedging strategy. The
aim of the strategy is to match the value of the assets to the movement in liabilities (on a funding basis)
arising from changes in market expectations of future inflation rates and future gilt yields. To achieve this,
LDIs invest in a variety of instruments including gilts, synthetic gilts (combination of repurchase agreement,
reverse repurchase agreements and total return swaps) and cash. In the table above, the LDI at
31 December 2024 (approximately \u00a3439.3m) has been mapped as 95.1% Quoted UK Government Bonds,
1.6% Quoted Overseas Government Bonds and 3.3% Quoted Cash.
The assets do not include any directly owned financial instruments issued by the Group.
Within the Private Debt allocation above, approximately \u00a360.0m relates to adjusted lagged valuations at
31 December 2024. In arriving at this figure, allowance has been made for broad market movements and
distributions between 30 September 2024 (the most recent valuation of these assets) and 31 December
2024.
In accordance with the HPS Trustee Board\u2019s focus on financially material considerations, it is acknowledged
that Environment, Social and Governance (ESG) factors can impact security prices. The HPS Trustee
Board has discussed their views on ESG factors, and considered the Group\u2019s perspective, and developed
responsible investment beliefs. These can be found in the HPS\u2019s Statement of Investment Principles (on its
website at https://www.horizonpensionscheme.com/library).
IFRIC 14
The Group has considered the impact of IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum
Funding Requirements and their Interaction on the various schemes (in relation to either recognising a
surplus or allowing for the impact of any funding commitments made) and has concluded, based on its
interpretation of the rules for each of the schemes, that IFRIC 14 would marginally increase the deficit
shown at this balance sheet date for only one scheme, which is reflected in the balance sheet position. For
clarity the HPS, the Group\u2019s main defined benefit scheme, IFRIC 14 would not limit the surplus or increase
the deficits shown at the reporting date because the Group has an unconditional right to a refund assuming
the gradual settlement of the scheme liabilities over time until all members have left the scheme.
Reconciliation of retirement benefits
Explanation of constituents of the consolidated income statement.
The cost of providing the retirement benefits during the year is broken down as follows, with due
consideration being made for events which require the income statement to be re-measured over the
course of the year:
\u2022 Service cost is the cost to the Group of future benefits earned by contributing members over the current
financial period.
\u2022 Past service cost represents the change in the present value of scheme liabilities in the current period in
relation to prior years\u2019 service.
\u2022 Administration costs are those entailed by the pension schemes over the current period.
\u2022 Interest expense/(income) is made up of the interest on pension liabilities and assets over the current
period generally based on the discount rate adopted at the start of the period. An allowance for interest
on the asset ceiling is recognised where applicable.
\u2022 Termination benefits are employee benefits payable as a result of either: (a) the Group\u2019s decision to
terminate an employee\u2019s employment before the normal retirement date; or (b) an employee\u2019s decision to
accept an offer of benefits in exchange for the termination of employment.
All schemes are partly or wholly funded, and the following table shows the components of the movements
from the opening to the closing balances for the net defined benefit asset:
Group total
Defined benefit obligation
Fair value of plan assets
Net defined benefit asset
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(1,178.3)
(1,136.1)
1,205.1
1,175.7
26.8
39.6
Included in the consolidated
income statement:
Current service cost
(2.7)
(2.5)
\u2014
\u2014
(2.7)
(2.5)
Administration costs
(5.7)
(4.4)
\u2014
\u2014
(5.7)
(4.4)
Past service cost
\u2014
(0.6)
\u2014
\u2014
\u2014
(0.6)
Termination benefits
(0.1)
(0.2)
\u2014
\u2014
(0.1)
(0.2)
Interest (expense)/income*
(51.8)
(53.4)
53.9
56.1
2.1
2.7
Sub-total in consolidated
income statement
(60.3)
(61.1)
53.9
56.1
(6.4)
(5.0)
Included in other comprehensive
income:
Actuarial gain/(loss) arising from:
\u2013 demographic assumptions
2.1
6.9
\u2014
\u2014
2.1
6.9
\u2013 financial assumptions
141.2
(28.5)
\u2014
\u2014
141.2
(28.5)
\u2013 experience adjustments
(2.5)
(6.9)
\u2014
\u2014
(2.5)
(6.9)
\u2013 changes in asset ceiling/
minimum liability
(0.3)
\u2014
\u2014
\u2014
(0.3)
\u2014
Return on plan assets excluding
interest
\u2014
\u2014
(152.3)
(39.7)
(152.3)
(39.7)
Sub-total in other
comprehensive income
140.5
(28.5)
(152.3)
(39.7)
(11.8)
(68.2)
Employer contributions
\u2014
\u2014
29.2
60.5
29.2
60.5
Contributions by employees
(2.0)
(2.1)
2.0
2.1
\u2014
\u2014
Benefits paid
50.4
50.4
(50.4)
(50.4)
\u2014
\u2014
Exchange movement - recognised
in other comprehensive income
1.5
(0.9)
(1.4)
0.8
0.1
(0.1)
At 31 December
(1,048.2)
(1,178.3)
1,086.1
1,205.1
37.9
26.8
Group total
Defined benefit obligation
Fair value of plan assets
Net defined benefit asset
2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Schemes in a net surplus
HPS
(995.1)
(1,125.0)
1,034.4
1,154.4
39.3
29.4
Other schemes
(13.9)
(15.8)
17.5
19.1
3.6
3.3
(1,009.0)
(1,140.8)
1,051.9
1,173.5
42.9
32.7
Schemes in a net deficit
Other schemes
(39.2)
(37.5)
34.2
31.6
(5.0)
(5.9)
(39.2)
(37.5)
34.2
31.6
(5.0)
(5.9)
At 31 December
(1,048.2)
(1,178.3)
1,086.1
1,205.1
37.9
26.8
* Includes impact of asset ceiling on net interest of \u00a30.3m in 2024 (2023: \u00a3nil).
Of the total pension cost of \u00a36.4m (2023: \u00a35.0m), \u00a32.8m (2023: \u00a33.3m) was included in cost of sales, \u00a35.7m
(2023: \u00a34.4m) was included in administrative expenses, and \u00a32.1m of net interest income (2023: \u00a32.7m of
net interest income) was included in net finance costs.
Breakdown of liabilities for the HPS
Information about the defined benefit obligation for the HPS:
Proportion of Proportion of
overall liability overall liability
%
Duration (years)
%
Duration (years)
2024
2024
2023
2023
Active members
5
15.5
5
17.1
Deferred members
53
16.5
54
18.3
Pensioners
42
9.9
41
10.8
Total percentage / average duration
100
13.7
100
15.1
Duration is a weighted average of when benefits are expected to be paid from a pension scheme. It is
sensitive to the interest rate used to calculate it. The increase in yields in recent years has acted to reduce
the duration of the HPS (because less weight is placed on the pension cash flows stretching far out into the
future).
Financial and demographic assumptions
2024 2023
Main assumptions
1
:
% %
Rate of price inflation \u2013 RPI
3.10
3.05
Rate of price inflation \u2013 CPI
2.55
2.45
Rate of salary increase
3.10
3.05
Rate of increase of pensions in payment
2
:
\u2013 RPI inflation capped at 5% per annum
2.95
3.00
\u2013 RPI inflation capped at 2.5% per annum
2.00
2.15
\u2013 CPI inflation capped at 5% per annum
2.55
2.45
Discount rate
5.50
4.55
Expected take up maximum available tax free cash
85.00
85.00
1. Different assumptions apply to non-UK schemes, for example: the discount rate for the Irish Schemes is 3.6% pa, and for the Swiss
schemes it is 1.0% pa in 2024.
2. There are other levels of pension increase which apply to particular periods of membership.
The average future life expectancy from age 65 (in years) for mortality tables used to determine scheme
liabilities for the various different schemes at 31 December 2024 and 31 December 2023 are as follows:
Member currently aged 65 (current life expectancy)
Male
Female
2024
2023
2024
2023
HPS
1
21.9
21.9
24.0
23.9
Other Schemes
20.5 to 23.0
21.0 to 22.9
23.0 to 24.7
23.4 to 24.6
Member currently aged 45 (life expectancy at 65)
Male
Female
2024
2023
2024
2023
HPS
1
22.6
22.6
25.3
25.2
Other Schemes
21.8 to 25.2
22.2 to 25.1
24.4 to 26.7
24.9 to 26.6
1. The assumptions used for the HPS are tailored for each member. The assumptions adopted make allowance for an increase in the longevity
in the future (CMI 2023 core model Sk=7.0) with a long-term rate of improvement of 1.25% pa, an \u2018A\u2019 parameter of 0.25% for both males and
females and no weighting applied to 2020 and 2021 data, 15% weighting on 2022 and 2023 data). The rate for members currently aged 65 is
derived from the pensioner membership and the rate for members reaching age 65 in 20 years' time is derived from non-pensioner
membership.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-477": { "value": "Accounting policies Defined contribution pension schemes The Group maintains a number of defined contribution pension schemes and for these schemes the Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense in the consolidated income statement when the related service is provided and as they fall due. Defined benefit pension schemes In addition, the Group operates two defined benefit pension schemes and participates in a number of other defined benefit pension schemes, all of which require contributions to be made to separate trustee- administered funds. The costs of providing benefits under these schemes are determined separately for each scheme using the projected unit credit method, which attributes entitlement to benefits to the current period (to determine current service cost) and to the current and prior periods (to determine the present value of the defined benefit obligation) and is based on actuarial advice. Past service costs are recognised immediately in the consolidated income statement. When a settlement (eliminating all obligations for benefits already accrued) or a curtailment (reducing future obligations as a result of a material reduction in the scheme membership or a reduction in future entitlement) occurs, the obligation and related plan assets are remeasured using current actuarial assumptions and the resultant gain/loss recognised in the consolidated income statement during the period in which the settlement or curtailment occurs. Remeasurements of the net defined benefit asset/liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in other comprehensive income and will not be reclassified to the consolidated income statement. The Group generally determines the net interest expense/income on the net defined benefit asset/liability for the year by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the then net defined benefit asset/liability, taking into account any changes in the net defined benefit asset/liability during the year as a result of contributions and benefit payments. However, due consideration is given to events which require the net interest expense/income on the net defined benefit asset/liability to be remeasured over the course of the year. Current and past service costs are charged to operating profit while the net interest cost is included within net finance costs. The net asset/(liability) in the consolidated balance sheet with respect to the defined benefit pension schemes comprises the total for each scheme, or group of schemes, of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of assets out of which the obligations are to be settled directly. The policy to determine fair value of assets is detailed in the note below. Where applicable the value of a net pension benefit asset is restricted to the present value of any amount the Group expects to recover by way of refunds or reductions in the future contributions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-552": { "value": "
Given the funding position of the HPS, the Group and the Trustee Board agreed that no further deficit
recovery contributions from the Group are required other than those already committed
1
as part of the
31 March 2020 actuarial valuation. In accordance with the schedule of contributions put in place following
the 31 March 2023 actuarial valuation, the Group has paid \u00a36.3m of regular deficit contributions during 2024
and \u00a314.5m of accelerated deficit funding contributions and other contributions triggered by the disposal of
certain businesses in prior years. Since the Group has paid all outstanding deficit contributions in 2024,
there are no further agreed deficit contributions to be paid at this time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-553": { "value": "To illustrate how sensitive the value of the defined benefit obligations is to different market conditions, the table below shows what the resulting defined benefit obligation would be if the assumptions were changed as shown (assuming all other assumptions remain constant):
Group total
Change in assumptions compared with 31 December 2024 actuarial assumptions \u00a3m
Base defined benefit obligation
1,048.2
0.5% pa decrease in discount rate
1,120.0
0.5% pa increase in salary increases
1,049.3
0.5% pa increase in inflation (and related assumption, eg salary and pension increases)
1,083.1
1 year increase in life expectancy
1,079.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-554": { "value": "Assets and liabilities Under IAS 19, pension scheme assets must be valued at their fair value at the balance sheet date. The scheme assets are made up of quoted and unquoted investments, and asset valuations have been sourced from the respective scheme\u2019s investment managers and custodians, based on their pricing sources and methodologies. Unquoted investments require more judgement because their values are not directly observable. The assumptions used in valuing unquoted investments are affected by current market conditions which could result in changes in fair value after the measurement date. For the main asset categories: \u2022 Equities listed on recognised stock exchanges are valued at closing bid prices. \u2022 Bonds are measured using a combination of broker quotes and pricing models making assumptions for credit and market risks and market yield curves. \u2022 Properties are valued on the basis of an open market value or are valued using models based on discounted cash flow techniques. \u2022 Assets in investment funds are valued at fair value which is typically the net asset value provided by the investment manager. \u2022 Certain unlisted investments are valued using a model based valuation such as discounted cash flow. \u2022 The value of bulk annuity contracts has been assessed by discounting the projected cash flows payable under the contracts (projected by an actuary, consistent with the terms of the contract) and is equal to the corresponding liability calculated by reference to the IAS 19 assumptions. The assets and liabilities of all of the defined benefit pension schemes (excluding additional voluntary contributions) at 31 December are:
Group total
2024
2023
Quoted
Unquoted
*
Total Quoted
Unquoted
*
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Scheme assets at fair value:
Equities:
\u2013 UK
0.1
0.7
0.8
0.1
3.0
3.1
\u2013 Overseas
2.0
44.3
46.3
1.5
34.3
35.8
\u2013 Private
0.1
\u2014
0.1
0.1
\u2014
0.1
2.2
45.0
47.2
1.7
37.3
39.0
Debt securities:
\u2013 UK Government
432.6
7.2
439.8
538.5
1.2
539.7
\u2013 UK Corporate
0.1
36.2
36.3
0.1
45.7
45.8
\u2013 Overseas Government
8.3
13.6
21.9
9.8
11.9
21.7
\u2013 Overseas Corporate
0.3
213.0
213.3
0.3
211.7
212.0
\u2013 Emerging Markets
0.5
2.6
3.1
0.4
2.7
3.1
\u2013 Private Debt
\u2014
79.3
79.3
\u2014
110.5
110.5
441.8
351.9
793.7
549.1
383.7
932.8
Property
2.1
33.4
35.5
2.2
45.8
48.0
Infrastructure
1.1
\u2014
1.1
1.0
\u2014
1.0
Credit Funds
2.2
\u2014
2.2
1.6
\u2014
1.6
Hedge Funds
\u2014
0.4
0.4
\u2014
1.1
1.1
Absolute Return Funds
\u2014
\u2014
\u2014
0.2
\u2014
0.2
Insurance Contracts
\u2014
66.5
66.5
\u2014
69.7
69.7
Cash
110.8
24.3
135.1
81.3
20.4
101.7
Other
\u2014
4.4
4.4
4.4
5.6
10.0
116.2
129.0
245.2
90.7
142.6
233.3
Total
560.2
525.9
1,086.1
641.5
563.6
 1,205.1
Present value of scheme liabilities
(before effect of asset ceiling limit)
(1,047.9)
(1,178.3)
Net surplus
(before effect of asset ceiling limit)
38.2
26.8
Effect of asset ceiling limit
(0.3)
\u2014
Present value of scheme liabilities
(after effect of asset ceiling limit)
(1,048.2)
(1,178.3)
Net surplus
(after effect of asset ceiling limit)
37.9
26.8
* Some investments are in funds which are in themselves not traded in active markets. The HPS Trustee Board invests in Liability Driven Investments (LDIs) as part of a risk hedging strategy. The aim of the strategy is to match the value of the assets to the movement in liabilities (on a funding basis) arising from changes in market expectations of future inflation rates and future gilt yields. To achieve this, LDIs invest in a variety of instruments including gilts, synthetic gilts (combination of repurchase agreement, reverse repurchase agreements and total return swaps) and cash. In the table above, the LDI at 31 December 2024 (approximately \u00a3439.3m) has been mapped as 95.1% Quoted UK Government Bonds, 1.6% Quoted Overseas Government Bonds and 3.3% Quoted Cash. The assets do not include any directly owned financial instruments issued by the Group. Within the Private Debt allocation above, approximately \u00a360.0m relates to adjusted lagged valuations at 31 December 2024. In arriving at this figure, allowance has been made for broad market movements and distributions between 30 September 2024 (the most recent valuation of these assets) and 31 December 2024. In accordance with the HPS Trustee Board\u2019s focus on financially material considerations, it is acknowledged that Environment, Social and Governance (ESG) factors can impact security prices. The HPS Trustee Board has discussed their views on ESG factors, and considered the Group\u2019s perspective, and developed responsible investment beliefs. These can be found in the HPS\u2019s Statement of Investment Principles (on its website at https://www.horizonpensionscheme.com/library). IFRIC 14 The Group has considered the impact of IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction on the various schemes (in relation to either recognising a surplus or allowing for the impact of any funding commitments made) and has concluded, based on its interpretation of the rules for each of the schemes, that IFRIC 14 would marginally increase the deficit shown at this balance sheet date for only one scheme, which is reflected in the balance sheet position. For clarity the HPS, the Group\u2019s main defined benefit scheme, IFRIC 14 would not limit the surplus or increase the deficits shown at the reporting date because the Group has an unconditional right to a refund assuming the gradual settlement of the scheme liabilities over time until all members have left the scheme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-514": { "value": "
5.3 Employee benefit expense
2024 2023
Notes \u00a3m \u00a3m
Wages and salaries
1,216.9
1,431.0
Social security costs
122.6
140.6
Pension costs
54.1
59.4
Share-based payments
5.1
6.0
5.5
1,399.6
1,636.5
The aggregate amount of directors\u2019 remuneration (salary, bonus and benefits) is shown on page 109 of the
directors\u2019 remuneration report.
2024 2023
The average number of employees during the year was made up as follows: Number Number
Sales
218
380
Administration
1,962
2,405
Operations
36,328
45,104
38,508
47,889
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-515": { "value": "
6.1 Related-party transactions
Compensation of key management personnel
2024 2023
\u00a3m \u00a3m
Short-term employment benefits
8.2
7.6
Pension
\u2014
0.1
Share-based payments
3.9
1.7
12.1
9.4
Gains on share options exercised in the year by Capita plc executive directors were \u00a320,193 (2023: \u00a3nil)
and by key management personnel \u00a3109,647 (2023: \u00a3252,312), totalling \u00a3129,840 (2023: \u00a3252,312).
During the year, the Group rendered administrative services to Smart DCC Limited (DCC), a wholly-owned
subsidiary which is not consolidated (refer to note 4.7). The Group received \u00a3112.1m (2023: \u00a3119.2m) of
revenue for these services and at the balance sheet date had receivables of \u00a39.0m (2023: \u00a39.0m) from
DCC. The services are procured by DCC on an arm\u2019s length basis under the DCC licence. The services are
subject to review by Ofgem to ensure that all costs are economically and efficiently incurred by DCC.
HPS (Capita\u2019s main defined benefit pension scheme) is a related party of the Group. Transactions with the
Scheme are disclosed in note 5.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-538": { "value": "6.1 Related-party transactions Compensation of key management personnel
2024 2023
\u00a3m \u00a3m
Short-term employment benefits
8.2
7.6
Pension
\u2014
0.1
Share-based payments
3.9
1.7
12.1
9.4
Gains on share options exercised in the year by Capita plc executive directors were \u00a320,193 (2023: \u00a3nil) and by key management personnel \u00a3109,647 (2023: \u00a3252,312), totalling \u00a3129,840 (2023: \u00a3252,312). During the year, the Group rendered administrative services to Smart DCC Limited (DCC), a wholly-owned subsidiary which is not consolidated (refer to note 4.7). The Group received \u00a3112.1m (2023: \u00a3119.2m) of revenue for these services and at the balance sheet date had receivables of \u00a39.0m (2023: \u00a39.0m) from DCC. The services are procured by DCC on an arm\u2019s length basis under the DCC licence. The services are subject to review by Ofgem to ensure that all costs are economically and efficiently incurred by DCC. HPS (Capita\u2019s main defined benefit pension scheme) is a related party of the Group. Transactions with the Scheme are disclosed in note 5.2.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-555": { "value": "Compensation of key management personnel
2024 2023
\u00a3m \u00a3m
Short-term employment benefits
8.2
7.6
Pension
\u2014
0.1
Share-based payments
3.9
1.7
12.1
9.4
Gains on share options exercised in the year by Capita plc executive directors were \u00a320,193 (2023: \u00a3nil) and by key management personnel \u00a3109,647 (2023: \u00a3252,312), totalling \u00a3129,840 (2023: \u00a3252,312). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-516": { "value": "
6.2 Contingent liabilities
Contingent liabilities represent potential future cash outflows which are either not probable or cannot be
measured reliably.
The Group has provided, through the normal course of its business, performance bonds and bank
guarantees of \u00a324.7m (2023: \u00a322.5m). On adoption of IFRS 17 the Group had the option to apply either
IFRS 17 or IFRS 9 for external debt guarantees, of which the Group elected to apply IFRS 9. The Group
accounts for performance guarantees under IAS 37 as they do not meet the criteria to be recognised as an
insurance contract.
The Group is reviewing its position in respect of the contracts with the remaining last customer for its closed
book Life & Pensions contracts. The outcomes and timing of this review, which are uncertain, could result in
no change to the current position, the co
ntinuation of contracts with amended terms or the termination of
contracts. If an operation is terminated, the Group may incur associated costs, accelerate the recognition of
deferred income or the impairment of contract fulfilment assets.
At the date of approval of these consolidated financial statements, we remain in dialogue with the
Information Commissioner\u2019s Office (ICO) and are responding to the ICO's information requests following the
cyber incident in March 2023. No formal action has been taken by the ICO in connection with the cyber
incident and there have been no preliminary findings regarding fault that could lead to any potential
regulatory penalty. The Group has received notification of potential claims for damages by or on behalf of
individuals whose data may have been exfiltrated as part of the incident. The Group has received only one
substantive claim in relation to the cyber incident, which was issued by Barings Law on 4 April 2024. The
Group continues to vigorously defend itself against this and any other claims which may be issued. At the
date of these financial statements, the Group do not consider future cash outflows in relation to the one
substantive claim issued by Barings Law to be probable, and consequently no provision has been recorded.
At the date of approval of these financial statements, it is not possible to reliably estimate the value of any
existing, potential or future claim or penalty against the Group.
The Group\u2019s entities are parties to legal actions and claims which arise in the normal course of business.
The Group needs to apply judgement in determining the merit of litigation against it and the chances of a
claim successfully being made. It needs to determine the likelihood of an outflow of economic benefits
occurring and whether there is a need to disclose a contingent liability or whether a provision might be
required due to the probability assessment.
At any time there are a number of claims or notifications that need to be assessed across the Group. The
disparate nature of the Group\u2019s entities heightens the risk that not all potential claims are known at any point
in time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-539": { "value": "6.2 Contingent liabilities Contingent liabilities represent potential future cash outflows which are either not probable or cannot be measured reliably. The Group has provided, through the normal course of its business, performance bonds and bank guarantees of \u00a324.7m (2023: \u00a322.5m). On adoption of IFRS 17 the Group had the option to apply either IFRS 17 or IFRS 9 for external debt guarantees, of which the Group elected to apply IFRS 9. The Group accounts for performance guarantees under IAS 37 as they do not meet the criteria to be recognised as an insurance contract. The Group is reviewing its position in respect of the contracts with the remaining last customer for its closed book Life & Pensions contracts. The outcomes and timing of this review, which are uncertain, could result in no change to the current position, the continuation of contracts with amended terms or the termination of contracts. If an operation is terminated, the Group may incur associated costs, accelerate the recognition of deferred income or the impairment of contract fulfilment assets. At the date of approval of these consolidated financial statements, we remain in dialogue with the Information Commissioner\u2019s Office (ICO) and are responding to the ICO's information requests following the cyber incident in March 2023. No formal action has been taken by the ICO in connection with the cyber incident and there have been no preliminary findings regarding fault that could lead to any potential regulatory penalty. The Group has received notification of potential claims for damages by or on behalf of individuals whose data may have been exfiltrated as part of the incident. The Group has received only one substantive claim in relation to the cyber incident, which was issued by Barings Law on 4 April 2024. The Group continues to vigorously defend itself against this and any other claims which may be issued. At the date of these financial statements, the Group do not consider future cash outflows in relation to the one substantive claim issued by Barings Law to be probable, and consequently no provision has been recorded. At the date of approval of these financial statements, it is not possible to reliably estimate the value of any existing, potential or future claim or penalty against the Group. The Group\u2019s entities are parties to legal actions and claims which arise in the normal course of business. The Group needs to apply judgement in determining the merit of litigation against it and the chances of a claim successfully being made. It needs to determine the likelihood of an outflow of economic benefits occurring and whether there is a need to disclose a contingent liability or whether a provision might be required due to the probability assessment. At any time there are a number of claims or notifications that need to be assessed across the Group. The disparate nature of the Group\u2019s entities heightens the risk that not all potential claims are known at any point in time.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-517": { "value": "
6.3 Post balance sheet events
The following events occurred after 31 December 2024, and before the approval of these consolidated
financial statements, but have not resulted in adjustment to the 2024 financial results:
Repayment of private placement loan notes
US dollar and British pound sterling private placement loan notes of USD74.3m and \u00a37.4m respectively
were repaid at maturity on 22 January 2025, as per their contractual values. Net of swaps the repayments
were \u00a353.6m.
Issue of private placement loan notes
In March 2025, the Group issued \u00a394.2m equivalent of US private placement loan notes across three
tranches: \u00a350m maturing 24 April 2028, USD13m maturing 24 April 2028 and USD43m maturing 24 April
2030, with an average interest rate of 7.4%. The notes rank pari passu with the existing indebtedness of the
Group and include financial covenants at the same level as those under the revolving credit facility and
existing US private placement loan notes. Additionally, the placement requires the Group to refinance or
extend the Group\u2019s revolving credit facility, which matures on 31 December 2026, by 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-540": { "value": "
6.4 Related companies
The stated address relates to the place of incorporation of the entity, which is the same as its tax residence in all cases other than Capita Group Insurance PCC Limited which is incorporated in Guernsey, but which is tax
resident in the UK.
Unless otherwise indicated, all shareholdings are owned indirectly by the company and represent 100% of the issued share capital of the subsidiary. Dormant companies are marked (D).
Company name
Share class
Akinika Debt Recovery Limited (in liquidation)
1
\u00a31.00 Ordinary
Akinika Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita (210568) Limited (in liquidation)
25
\u20ac0.0012
Ordinary
Capita (Polska) Sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105
8
PLZ50.00 Ordinary
Capita (South Africa) (Pty) Limited
14
ZAR1.00 Ordinary
Capita (USA) Holdings Inc.
7
US$1.00 Ordinary
Capita Business Services Ltd
9
\u00a31.00 Ordinary
Capita Business Support Services Ireland Limited
22
\u20ac1.00 Ordinary
Capita Corporate Director Limited (D)
9
\u00a31.00 Ordinary
Capita Customer Management Limited
9
\u00a31.00 Ordinary
Capita Customer Services (Germany) GmbH
20
\u20ac1.00 Ordinary
Capita Customer Services AG
13
CHF1.00 Ordinary
Capita Customer Solutions (UK) Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Customer Solutions Limited
22
\u20ac1.00 Ordinary
Capita Cyprus Holdings Limited (in liquidation)
5
\u00a31.00 Ordinary
Capita Dubai Limited
9
\u00a31.00 Ordinary
Capita Employee Benefits Holdings Limited
9
*
\u00a31.00 Ordinary
Capita Energie Services GmbH
15
\u25ba
\u20ac1.00 Ordinary
Capita Financial Services Holdings Limited
9
*
\u00a31.00 Ordinary
Capita Gas Registration and Ancillary Services Limited
(in liquidation)
1
\u00a31.00 Ordinary
Capita GMPS Trustees Limited (D)
9
\u00a31.00 Ordinary
Capita Group Insurance PCC Limited
17
*
\u00a31.00 CG1
\u00a31.00 CIC2
\u00a31.00 Ordinary
Capita Group Secretary Limited (D)
9
\u00a31.00 Ordinary
Capita HCH Limited
9
\u00a31.00 Ordinary
Capita Health Holdings Limited
9
\u00a31.00 Ordinary
Capita Holdings Limited
9
*
\u00a31.00 Ordinary
Capita India Private Limited
19
INR10.00 Ordinary
Capita Insurance Services Holdings Limited
9
\u00a31.00 Ordinary
Capita Insurance Services Limited
9
\u00a31.00 Ordinary
Capita International Limited
9
*
\u00a31.00 Ordinary
Capita International Retirement Benefit Scheme Trustees Limited (D)
9
*
\u00a31.00 Ordinary
Company name
Share class
Capita Ireland Limited
22
*
\u20ac1.00 Ordinary
Capita IT Services Holdings Limited
9
\u00a31.00 Ordinary
Capita IT Services Limited
18
\u00a31.00 Ordinary
Capita Justice & Secure Services Holdings Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Life & Pensions Regulated Services Limited
9
*
\u00a31.00 Ordinary
Capita Life & Pensions Services Limited
9
*
\u00a31.00 Ordinary
Capita Life and Pensions International Limited
9
\u00a31.00 Ordinary
Capita Life and Pensions Services (Isle of Man) Limited
(D)
16
\u00a31.00 Ordinary
Capita Managed IT Solutions Limited
1!
\u00a31.00 Ordinary
Capita Mortgage Administration Limited
9
\u00a31.00 Ordinary
Capita Mortgage Software Solutions Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Norman + Dawbarn Limited (in liquidation)
3
\u25a1
NGN1.00 Ordinary
Capita Offshore Services Private Limited (in liquidation)
19
INR10.00 Ordinary
Capita Pension Solutions Limited
9
*
\u00a31.00 Ordinary
Capita Property and Infrastructure (Structures) Limited (D)
9
\u00a31.00 Ordinary
Capita Property and Infrastructure Consultants LLC (in liquidation)
2 \u2666
AED1,000.00 Ordinary
Capita Property and Infrastructure Holdings Limited
9
\u00a31.00 Ordinary
Capita Property and Infrastructure International Holdings Limited (D)
9
\u00a31.00 Ordinary
Capita Property and Infrastructure International Limited (D)
9
\u00a31.00 Ordinary
Capita Property and Infrastructure Limited
9
\u00a31.00 Ordinary
Capita Retail Financial Services Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Secure Information Solutions Limited
9
\u00a31.00 Ordinary
Capita Shared Services Limited
9
*
\u00a31.00 Ordinary
Capita Symonds Saudi Arabia Limited (D)
12
\u25b2
N/A
Capita West GmbH
20
\u20ac25,000.00 Ordinary
Computerland UK Limited
9
\u00a31.00 Ordinary
Contact Associates Limited
9
\u00a31.00 Ordinary
CPLAS Trustees Limited (D)
9
\u00a31.00 Ordinary
Daisy Updata Communications Limited
24
\u25b2
\u00a31.00 Ordinary B
Debt Solutions (Holdings) Limited
9
\u00a31.00 Ordinary
Dragonfly Technology Solutions Ltd
9
\u25cb
\u00a30.000001
Ordinary
\u00a30.000001
A Ordinary
Company name
Share class
Duke 2021
Topco Limited
4
>
\u00a31.00 B Ordinary
E.B. Consultants Limited (D)
9
\u00a31.00 Ordinary
Electra-Net (UK) Limited
9
\u00a31.00 Ordinary
Entrust Support Services Limited
21
\u25bc
\u00a31.00 Ordinary
Euristix (Holdings) Limited
(in liquidation)
1
\u00a31.00 Ordinary
Euristix Limited
(in liquidation)
1
\u00a31.00 Ordinary
Fire Service College Limited
9
\u00a31.00 Ordinary
Full Circle Contact Centre Services (Proprietary) Limited
!4
ZAR0.01 Ordinary
Grosvenor Career Services Limited (D)
9
\u00a31.00 Ordinary
RE (Regional Enterprise) Limited
9
\u00a31.00 Ordinary
Retain International (Holdings) Limited
9
\u00a31.00 Ordinary
Retain International Limited
9
\u00a31.00 Ordinary
SBJ Benefit Consultants Limited (D)
9
\u00a31.00 Ordinary
SBJ Professional Trustees Limited (D) (in liquidation)
1
\u00a31.00 Ordinary
Smart DCC Limited
9
\u00a31.00 Ordinary
Tascor E & D Services Limited (in liquidation)
1
\u00a31.00 Ordinary
Tascor Services Limited
9
\u00a31.00 Ordinary
TELAG AG
10
CHF1,000.00 Ordinary
ThirtyThree APAC Limited (D)
6
HKD1.00 Ordinary
Updata Infrastructure (UK) Limited (in liquidation)
1
\u00a31.00 Ordinary
Urban Vision Partnership Limited
9
\u25ba
\u00a31.00 Ordinary B
Ventura (India) Private Limited
23
INR10.00 Ordinary
Ventura (UK) India Limited
9
\u00a31.00 Ordinary
Western Mortgage Services Limited
9
\u00a31.00 Ordinary
Woolf Limited
9
\u00a31.00 Ordinary
Footnotes * Companies directly held by Capita plc. > Shareholdings owned indirectly by the company and represent 0.49% of the issued share capital of subsidiary. \u25cb Shareholdings owned indirectly by the company and represent 7.46% of the issued share capital of subsidiary. \u2666 Shareholdings owned indirectly by the company and represent 49% of the issued share capital of subsidiary. \u25b2 Shareholdings owned indirectly by the company and represent 50% of the issued share capital of subsidiary. \u25ba Shareholdings owned indirectly by the company and represent 50.1% of the issued share capital of subsidiary. \u25bc Shareholdings owned indirectly by the company and represent 51% of the issued share capital of subsidiary. \u25a1 Shareholdings owned indirectly by the company and represent 97.3% of the issued share capital of subsidiary. Registered office address 1. 1 More London Place, London, SE1 2AF, England 2. 1004 Bin Hamoodah Building, Khalifa St., PO Box 113 740, Abu Dhabi, United Arab Emirates 3. 10th Floor, UBA House, No 57, Marina Street, Lagos Island, Lagos, Nigeria 4. 22 Grenville Street, St. Helier, JE4 8PX, Jersey 5. 46, Kyriakou Matsi, Office 101, 1082 Nicosia, Cyprus 6. 803 Manning House, 38 Queen's Road Central, Hong Kong 7. 850 New Burton Road, Suite 201, Dover, DE, 19904, United States 8. Centrum Biurowe Lubicz ul. Lubicz 23, 31-503 Krakow, Polska 9. First Floor, 2 Kingdom Street, Paddington, London, England, W2 6BD 10.Hardturmstrasse 101, Z\u00fcrich, 8005, Switzerland 11.Hillview House, 61 Church Road, Newtownabbey, Co Antrim, BT36 7LQ, Northern Ireland 12.King Abdul Aziz Street, PO Box 7052, Dammam, Saudi Arabia 13.Konstanzerstrasse 17, T\u00e4gerwilen, 8274, Switzerland 14.Mutual Park, Jan Smuts Drive, Pinelands, Cape Town, Western Cape, 7405, South Africa 15.Nassauer Ring 39-41, Krefeld, 47803, Germany 16.PO Box 227, Peveril Buildings, Peveril Square, Douglas, Isle of Man, IM99 1RZ 17.P O Box 33, Dorey Court, Admiral Park, St. Peter Port, GY1 4AT, Guernsey 18.Pavilion Building Ellismuir Way, Tannochside Park, Uddingston, Glasgow, G71 5PW, United Kingdom 19.Plant 6, Gate No. 2, Godrej and Boyce Complex, LBS Marg, Pirojshahnagar, Vikhroli (West), Mumbai, 400079, India 20.Rudower Chaussee 4, Berlin, 12489, Germany 21.The Riverway Centre, Riverway, Stafford, ST16 3TH, United Kingdom 22.Unit B, West Cork Business & Technology Park, Clonakilty, Co. Cork, P85 YH98 23.Upper Ground Level, Level 1, Level 2, & Level 3, Tower B1, Margapatta City SEZ, Margapatta City, Hadapsar, Pune, 411013, India 24.Wavenet Group, Second Floor One Central Boulevard Central Boulevard, Blythe Valley Park, Shirley, Solihull, B90 8BG, England 25.EY, Harcourt Centre, Harcourt Street, Dublin, DUBLIN, Ireland Listed below are subsidiaries controlled and consolidated by the Group, where the directors have taken the exemption from having an audit of its financial statements for the year ended 31 December 2024. This exemption is taken in accordance with Section 479A of the Companies Act 2006. Capita Dubai Limited 10908066 Capita Employee Benefits Holdings Limited 06722404 Capita Financial Services Holdings Limited 10016286 Capita HCH Limited 02384029 Capita Health Holdings Limited 06413394 Capita Insurance Services Holdings Limited 06041965 Capita Insurance Services Limited 01396443 Capita International Limited 02683437 Capita IT Services Holdings Limited 06002593 Capita IT Services Limited SC045439 Capita Life and Pensions International Limited 05952054 Capita Life and Pensions Services Limited 04359665 Capita Life and Pensions Services (Isle of Man) Limited 006702V Capita Managed IT Solutions Limited NI032979 Capita Mortgage Administration Limited 02042968 Capita Property and Infrastructure (Structures) Limited 02082106 Capita Property and Infrastructure Holdings Limited 03840627 Capita Property and Infrastructure Limited 02018542 Capita Secure Information Solutions Limited 01593831 Computerland UK Limited 02275625 Contact Associates Limited 05601393 Debt Solutions (Holdings) Limited 03673307 Electra-Net (UK) Limited 03419833 Fire Service College Limited 08102633 RE (Regional Enterprise) Limited 08615172 Tascor Services Limited 02057887 Urban Vision Partnership Limited 05292634 Ventura (UK) India Limited 05131185 Woolf Limited 01564535", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-589": { "value": "Capita plc First Floor, 2 Kingdom Street, Paddington, London W2 6BD", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }