{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "mgam": "http://www.morganadvancedmaterials.com/20251231", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.morganadvancedmaterials.com/xbrl/2025/I4K14LL95N2PHDL7EG85-2025-12-31.xsd" ] }, "facts": { "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "Our culture is underpinned by our purpose: to use advanced materials to make the world more sustainable, and to improve the quality of life.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "2. Annual Report on Remuneration
The following section provides details of how the Remuneration Policy was implemented during 2025 and will be implemented in 2026.
Single total \ufb01gure of remuneration for Executive Directors (audited)
The table below sets out a single figure for the total remuneration received by each Executive Director for the year ended 31 December
2025 and the prior year.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Damien Caby
1
Pete Raby
2
Richard Armitage
\u00a0
2025
2024
2025
2024
2025
2024
1. Salary
\u20ac428,102
n/a
\u00a3333,785
\u00a3645,000
\u00a3473,470
\u00a3459,680
2. Pension
\u20ac28,800
n/a
\u00a326,703
\u00a351,600
\u00a337,878
\u00a336,774
3. Benefits
\u20ac10,690
n/a
\u00a37,447
\u00a314,642
\u00a314,023
\u00a313,579
Fixed pay subtotal
\u20ac467,592
n/a
\u00a3367,935
\u00a3711,242
\u00a3525,371
\u00a3510,033
4. Bonus
\u20ac366,027
n/a
\u00a3285,386
\u00a3580,500
\u00a3404,817
\u00a3393,026
5. LTIP
\u20ac32,518
n/a
\u00a3114,064
\u00a3238,117
\u00a368,610
\u00a3118,259
6. Other
\u2013
n/a
\u2013
\u2013
\u00a31,825
\u2013
Variable pay subtotal
\u20ac398,545
n/a
\u00a3399,450
\u00a3818,617
\u00a3475,252
\u00a3511,285
Total
\u20ac866,137
n/a
\u00a3767,385
\u00a31,529,859
\u00a31,000,623
\u00a31,021,318
\n
1.
Damien Caby joined the Board on 8 May 2025 as an Executive Director and CEO Designate and was appointed as CEO on 1 July 2025. His remuneration for 2025 reflects the period
8 May to 31 December 2025, with the exception of LTIP which reflects the full value of the 2023 LTIP award (awarded prior to his appointment as an Executive Director, and based on his
prior business unit results) that is expected to vest during 2026. His 2023 LTIP award value has been converted to EUR using the three-month average exchange rate to 31 December 2025.
2.
Pete Raby stepped down from the Board on 1 July 2025 and retired from the Group on 31 August 2025. His remuneration for 2025 in the table above reflects the period 1 January to
1 July 2025, with the exception of the LTIP which reflects the full value of the pro-rated 2023 LTIP award that is expected to vest during 2026.
The figures have been calculated as follows:
\n
1. Base salary: amount earned for the year.
\n
2.
Pension: the \ufb01gure is a cash allowance in lieu of pension (8% of
\n
base salary, aligned with the level of contributions available to the
\n
UK workforce). For the period 8 May to 30 June, Damien Caby
\n
received statutory social security contributions in line with the
\n
wider workforce in Germany.
\n
3.
Bene\ufb01ts: the taxable value of bene\ufb01ts received in the year.
\n
Includes private medical insurance, company car (or car
\n
allowance) and commuting.
\n
4.
Bonus: the total bonus earned for performance during the year
\n
(before any mandatory deferral into shares). In accordance with
\n
the Remuneration Policy, 67% of the amount shown above will
\n
be paid in cash, with the remaining 33% deferred into shares
\n
for three years. Pete Raby was eligible for a pro-rata bonus in
\n
relation to the 2025 \ufb01nancial year \u2013 his payment will be made
\n
wholly in cash in line with the Remuneration Policy and past
\n
practice, and recognising the meaningful level of ongoing share
\n
ownership that he built up in the Group\u2019s shares. Damien
\n
Caby\u2019s 2025 bonus payment is based on the performance of the
\n
Thermal Products division for the period up to 30 June, and on
\n
Group performance (on the same basis as applied to the other
\n
Executive Directors) from 1 July to 31 December.
\n
5.
LTIP: the estimated value on 31 December 2025 of 2023 LTIP
\n
shares vesting in 2026, subject to performance over the three-
\n
year period ended 31 December 2025. Figures are based on
\n
the average share price for the three months to 31 December
\n
2025 of 207.25 pence. Damien Caby\u2019s 2023 LTIP was granted
\n
in respect of his previous role and vests based on the results of
\n
the Thermal Products division; his 2023 LTIP value has been
\n
converted to EUR using the three-month average exchange rate
\n
to 31 December 2025. Pete Raby\u2019s award has been pro-rated
\n
for time based on the proportion of the performance period
\n
worked. The \ufb01gures for 2024 have been trued up from that
\n
disclosed in last year\u2019s Remuneration Report to re\ufb02ect the share
\n
price on the vesting date (13 May 2025 for Pete Raby and 30 May
\n
2025 for Richard Armitage) of 213.57 pence and 211.70 pence
\n
for Pete Raby and Richard Armitage respectively (414,320 shares
\n
x 26.91% x 213.57 pence = \u00a3238,117 and 207,587 shares x
\n
26.91% x 211.70 pence = \u00a3118,259). The impact of share price
\n
movement on the vesting value of the Executive Directors\u2019
\n
2023 LTIP awards is as follows (Pete Raby\u2019s \ufb01gures have been
\n
pro-rated):
\n\n \n
Damien Caby
Pete Raby
Richard Armitage
Value of awards vesting using share price at award (300.40p)
\u20ac47,134
\u00a3165,331
\u00a399,447
(91,544 shares x
(366,917 shares x
(220,705 shares x
15% x 300.40p) x
15% x 300.40p)
15% x 300.40p)
1.1427 FX rate
Value of awards vesting using three-month average share price at
\u20ac32,518
\u00a3114,064
\u00a368,610
31 December 2025 (207.25p)
(91,544 shares x
(366,917 shares x
(220,705 shares x
15% x 207.25p) x
15% x 207.25p)
15% x 207.25p)
1.1427 FX rate
Impact of share price movements on vesting values
\u2013\u20ac14,616
\u2013\u00a351,267
\u2013\u00a330,837
\n
6.
Other: for Richard Armitage, comprises the value of Sharesave
\n
options granted in the year, based on the embedded value at
\n
grant (20% of the grant date share price multiplied by the
\n
number of options granted).
Incentive outcomes for the year ended
\n
31 December 2025
\n
Annual bonus in respect of 2025 performance
\n
Targets for the annual bonus are set by the Remuneration
\n
Committee, taking into account the short- and long-term
\n
requirements of the Group. Challenging goals are set, which
\n
must be met before any bonus is paid. This approach is intended
\n
to align executive reward with shareholder returns by rewarding
\n
the achievement of \u2018stretch\u2019 targets.
\n
The bonus targets for Pete Raby, Richard Armitage and (from 1 July)
\n
Damien Caby were split between adjusted operating profit* before
\n
restructuring (weighted 40%), year-end working capital* (weighted
\n
40%) and individual strategic personal objectives (weighted 20%).
\n
The targets were set to incentivise the Executive Directors to
\n
deliver stretching profit and cash performance for the Group.
\n
Performance in line with target results in a payout of 50% of
\n
maximum.
\n
The table that follows sets out retrospectively the assessment of
\n
performance relative to the 2025 bonus targets for the Executive
\n
Directors. Actual bonus payments are shown in the Single total
\n
figure of remuneration table on page 89. In accordance with the
\n
Remuneration Policy, 67% of the amount reported will be paid in
\n
cash, with the remaining 33% deferred into shares for three years.
\n\n \n
Performance range
Actual
% of maximum
Threshold
Maximum
performance
% payout
% salary
Performance measure
bonus element
(0% payout)
(100% payout)
outcome
of element
earned
Adjusted operating profit*
1
40%
\u00a3124.6m
\u00a3135.3m
\u00a395.3m
0%
0%
Year-end working capital*
1
40%
\u00a3163.1m
\u00a3151.4m
\u00a398.2m
100%
60%
Personal objectives
Damien Caby
20%
Please see narrative below for
85%
25.5%
Pete Raby
3
20%
further details on objectives and
85%
25.5%
performance against these
Richard Armitage
20%
85%
25.5%
\n\n \n
% of salary earned
Adjusted
Year-end
Maximum bonus
operating
working
Personal
Overall outcome
(% salary)
pro\ufb01t*
1
capital*
1
objectives
Total outcome
Total payable
Damien Caby
2
(1 July\u201331 December)
150%
0%
60%
25.5%
85.5%
\u20ac307,800
Pete Raby
3
150%
0%
60%
25.5%
85.5%
\u00a3285,386
Richard Armitage
150%
0%
60%
25.5%
85.5%
\u00a3404,817
\n
1.
For the financial measures in the 2025 bonus, the payout curve included an additional on-target performance level at which the payout was calibrated to be 50% of each element. On-target
\n
adjusted operating profit* was \u00a3132.6 million and on-target year-end working capital* was \u00a3155.6 million. For both elements, there was a straight-line payout between threshold and
\n
on-target, and between on-target and maximum. All figures were calculated using 2025 budgeted exchange rates.
\n
2.
Damien Caby\u2019s annual bonus for the first half of the financial year was based 80% on the financial performance of the Thermal Products division and 20% on personal objectives. In addition
\n
to the amount shown in the table above, Damien earned an annual bonus of \u20ac58,227 in respect of the period 8 May to 30 June when he served as an Executive Director. Financial targets
\n
for the Thermal Products division are deemed by the Committee to be commercially sensitive and have not been disclosed. Details of the assessment of Damien\u2019s personal objectives are
\n
set out below.
\n
3.
Pete Raby stepped down from the Board on 1 July 2025, and retired from the Group on 31 August 2025 \u2013 he was eligible for a pro-rated bonus payment based on the proportion of the
\n
year worked. The bonus payment value in the table above relates to the period 1 January to 1 July 2025, remuneration for the period 2 July to 31 August 2025 is covered in the \u2018Exit
\n
payments made in year\u2019 section on page 95.
\n
Prior to approving the outcome of the financial element of the
\n
bonus, the Committee reviewed in detail the drivers of the
\n
working capital improvement. Given the outperformance of the
\n
stretch target, the Committee wished to reconfirm that the
\n
performance range was stretching when originally set and the
\n
outturn representative of a sustainable underlying performance
\n
improvement. In approving the formulaic outturn, the Committee
\n
noted that the business had delivered a significant underlying
\n
reduction in working capital of circa \u00a320 million ahead of the
\n
approved targets, and that other budgeted actions were successfully
\n
and properly executed to further reduce working capital and
\n
support delivery of leverage targets.
\n
For 2025, Executive Directors\u2019 personal objectives continued to be
\n
set to reinforce Morgan Advanced Materials\u2019 key execution
\n
priorities, and improving the Group\u2019s operational performance.
\n
Collective goals for 2025 (which applied to each Executive
\n
Director) included:
\n
1.
progressing the ESG roadmap: develop and embed a safety
\n
culture (to be evidenced by a continued reduction in the
\n
Group LTA rate, to below 0.12 by year end); drive a 3-point
\n
improvement in employee engagement over 2024 across
\n
the priority sites; improve the gender diversity of the senior
\n
leadership population by increasing the percentage of women
\n
in leadership to 35% by year end; and reduce scope 1 and 2
\n
CO
\n
2
\n
intensity by 4% year-on-year
\n
2.
progressing rationalisation projects to deliver planned savings
\n
in 2025
\n
3.
ensuring readiness of candidate pipeline for all executive team
\n
roles and key roles on their leadership teams
\n
4.
driving the successful \ufb01rst deployment of the Group ERP solution
\n
in the Martinsicuro site by the end of April 2025.
In addition to the collective goals identified above, Richard
\n
Armitage\u2019s individual objectives for 2025 were to:
\n
1.
further strengthen working capital management across the
\n
Group and deliver a \u00a320 million improvement in working capital
\n
intensity by the end of 2025
\n
2.
conclude the MMS divestment project in the \ufb01rst half of 2025 to
\n
deliver at least \u00a320 million of cash consideration by 30 June 2025
\n
3.
deliver a successful deployment of the Group\u2019s ERP solution in
\n
National Electrical Carbon Products Inc by the end of the year.
\n
In view of the CEO transition during the year, no individual
\n
objectives were set for either Pete Raby or Damien Caby; the
\n
personal objectives element of their 2025 bonus opportunity
\n
was based only on the achievement of the collective goals
\n
outlined above.
\n
The performance of our Executive Directors, in line with that of the
\n
wider leadership team, is assessed against all expectations of the
\n
role, the specific personal objectives set, and how outcomes are
\n
delivered with reference to our defined Leadership Behaviours.
\n
The collective goals set at the start of the year were met to the
\n
extent summarised below.
\n\n \n
Objective
Assessment of objective
Outcome
Group LTA rate below
Group LTA rate at year
Objective
0.12 by year end
end of 0.18
not met
3-point improvement in
Score of 75% (2024
Objective
employee engagement
survey 52%)
met
across priority sites
4% reduction in scope 1
Scope 1 and 2 CO
2
Objective
and 2 CO
2
intensity
intensity reduced by 5%
met
year-on-year
Percentage of women in
Percentage of women in
Objective
leadership increased to
leadership 36% at year
met
35% by year end
end
Deliver planned savings
\u00a325 million achieved in
Objective
in 2025 from
line with target
met
rationalisation projects
Candidate pipeline ready
During 2025, two
Objective
for all executive team/
presidents were
met
key leadership team
appointed and a
roles
renewed focus was
placed on talent
pipelining
Successful first
Successfully deployed,
Objective
deployment of ERP
but with a late
partially met
solution in Martinsicuro
deployment date
by the end of April 2025
\n
The Committee assessed Damien Caby\u2019s individual objectives as
\n
being partially met, noting the following:
\n
In
relation to developing the Group\u2019s leadership capabilities,
\n
the strength of the talent pipeline and succession planning, two
\n
Global Business Division Presidents were appointed during 2025,
\n
supporting a smooth leadership transition for Damien Caby as
\n
Group CEO. A renewed focus was placed on talent management
\n
in the second half of 2025 to support the successful delivery of
\n
Morgan Advanced Materials\u2019 revised strategy.
\n
A step change was achieved in overall employee engagement,
\n
increasing from 52% to 75%.
\n
Damien played a key role in driving further year-on-year
\n
improvement in diversity within the leadership team; the
\n
percentage of women increased to 36% at the end of 2025,
\n
and women in the wider workforce increased to 39%, with the
\n
Group well on track to deliver against its 2030 intermediate goal
\n
in this area.
\n
The Committee assessed, in the round, the extent to which the
\n
collective and individual objectives were achieved. The Committee
\n
took into account the successful first deployment of the ERP
\n
solution in Martinsicuro but noted that the deployment occurred
\n
later than planned. The Committee also noted that, although the
\n
safety objectives had not been met relative to a strong performance
\n
baseline in 2024, a rigorous plan of action was being implemented,
\n
including quarterly safety topics, reinforcing our \u2018thinkSAFE\u2019
\n
commitments and the launch of a process safety risk management
\n
framework.
\n
The Committee also reflected on the Chairman\u2019s annual
\n
assessment of Damien\u2019s performance, including his transition into
\n
the role of Group CEO and the development of Morgan Advanced
\n
Materials\u2019 new strategy, designed to unlock the Group\u2019s full
\n
potential and drive growth regardless of the prevailing economic
\n
environment. In this context and taking into account Damien\u2019s
\n
achievement against his individual objectives, the Committee
\n
concluded that a payout of 85% of the personal performance
\n
element of Damien\u2019s bonus for 2025 would be appropriate.
\n
Richard Armitage\u2019s performance against his individual objectives
\n
was also assessed by the Committee, taking into account:
\n
his critical role in strengthening cash management across the
\n
Group during the year, including the strong year-end working
\n
capital position (as reported elsewhere in this Annual Report)
\n
the successful \ufb01rst deployment of Highlander (ERP), albeit slightly
\n
later than planned, which will provide a strengthened control
\n
environment for the Group going forward.
\n
Reflecting these considerations, alongside Richard Armitage\u2019s valued
\n
contributions towards achieving the collective goals identified
\n
above, the Committee assessed the personal performance element
\n
of Richard\u2019s bonus to be 85% of the maximum.
\n
In addition to the achievement of the targets set, when considering
\n
any payouts to be made, the Committee took into account the
\n
quality of the Group\u2019s overall performance despite the challenging
\n
operating environment that persisted in 2025. This included the full
\n
achievement of planned savings from rationalisation projects and
\n
significant improvement in working capital (which the Committee
\n
examined in depth to ensure its sustainability going forward).
\n
The Committee concluded from this review that, in the round, an
\n
around target bonus outturn (together with a 15% of maximum
\n
vesting outcome under the 2023 LTIP reported below)
\n
appropriately balances the range of perspectives required for
\n
remuneration decision-making and reflects the experience of
\n
stakeholders over the periods concerned. As a result, the
\n
Committee determined that no discretion needed to be applied
\n
in respect of the 2025 bonus outcome.
2022 Deferred Bonus Plan vesting
\n
In 2022, 33% of the annual bonus earned by the incumbent
\n
Executive Directors at the time (for performance in the 2021
\n
financial year) was deferred into shares under the Deferred Bonus
\n
Plan (DBP), in line with the Group\u2019s Remuneration Policy.
\n
Dividends accrued over the deferral period on the deferred shares
\n
that vested, and the dividends were paid in shares at the end of the
\n
vesting period. Details of Pete Raby\u2019s DBP awards which vested in
\n
2025 are set out in the table below. Richard Armitage, who joined
\n
Morgan Advanced Materials in 2022, did not participate in this
\n
DBP cycle.
\n\n \n
Number
of dividend
Total number
Market value
Market value
Number of DBP
reinvestment
of DBP shares
at grant
at vesting
Director
Date of grant
shares granted
shares
vested
\u00a3
\u00a3
Date of vesting
Pete Raby
21 March 2022
89,853
12,452
102,305
3.137
2.037
21 March 2025
\n
2023 LTIP award vesting
\n
Awards granted to Executive Directors in 2023 were subject to
\n
relative TSR performance, EPS growth, Group ROIC* and ESG
\n
(CO
\n
2
\n
reduction) over a three-year period ended 31 December
\n
2025.
\n
The EPS target (applying to 27.5% of each award) required
\n
three-year EPS growth of 4% per annum for 25% of that element
\n
to vest, rising to full vesting for EPS growth of 11% per annum or
\n
higher. Over the period Morgan Advanced Materials plc\u2019s actual
\n
EPS growth was below threshold, and accordingly the EPS element
\n
of the award will not vest.
\n
The TSR element (applying to 30% of each award) required
\n
Morgan Advanced Materials plc\u2019s three-year TSR performance to
\n
rank at median against two comparator groups (equally split) \u2013 the
\n
FTSE All-Share Industrials Index and a tailored comparator group
\n
comprising 15 listed international carbon, ceramics and other
\n
materials companies \u2013 for 25% of that element to vest, rising to
\n
full vesting if Morgan Advanced Materials plc\u2019s TSR ranked at or
\n
above the upper quartile against these two comparators. Morgan
\n
Advanced Materials plc\u2019s TSR was below median versus the FTSE
\n
All-Share Industrials Index and the tailored comparator group.
\n
Accordingly, the TSR element of the award will not vest.
\n
The Group ROIC* target (applying to 27.5% of each award)
\n
required Group ROIC* of 17% for 25% of that element to vest,
\n
rising to full vesting for Group ROIC* of 20% or higher. Morgan
\n
Advanced Materials plc\u2019s Group ROIC* was below threshold, and
\n
accordingly the ROIC element of the award will not vest.
\n
The ESG target (applying to the remaining 15% of each award)
\n
required scope 1 and 2 CO
\n
2
\n
emissions to reduce by 5% over the
\n
performance period for 25% of that element to vest, rising to full
\n
vesting for a reduction of 15% or higher. Over the performance
\n
period, Morgan Advanced Materials plc\u2019s actual scope 1 and 2
\n
CO
\n
2
\n
emissions reduced by 31%, and accordingly this results in
\n
a 15% vesting for the ESG element of the award.
\n
This combined performance will result in a partial vesting of the
\n
2023 awards, equivalent to 15% of maximum. The vesting
\n
outcome is considered by the Committee to appropriately reflect
\n
business performance and the significant progress made on our
\n
ESG roadmap.
\n
Damien Caby\u2019s 2023 LTIP award was granted prior to his
\n
appointment as an Executive Director and was based on stretching
\n
targets for the Thermal Products division. Taking into account
\n
performance over the three-year period, Damien\u2019s 2023 LTIP
\n
will vest as to 15% of maximum. As with the annual bonus, the
\n
Committee considers that divisional targets applying to this award
\n
are commercially sensitive and has elected not to disclose them
\n
as these relate to an award granted in respect of Damien Caby\u2019s
\n
former role. Vested shares under Damien\u2019s 2023 LTIP are not
\n
subject to an additional two-year holding period.
\n
Details of the awards held by Executive Directors are set out in the
\n
table below.
\n\n \n
Maximum
Maximum
Estimated
LTIP-CSOP
1
potential
potential LTIP-
Estimated LTIP
LTIP-CSOP
1
award
Director
LTIP award
CSOP
1
award
award vesting
award vesting
exercising
Date of vesting
Pete Raby
2
366,917
\u2013
55,037
\u2013
\u2013
10 May 2026
Richard Armitage
220,705
\u2013
33,105
\u2013
\u2013
10 May 2026
Damien Caby
91,544
\u2013
13,731
\u2013
\u2013
23 March 2026
\n
1.
CSOP refers to the Company Share Option Plan \u2013 further information is included in the \u2018Details of plans\u2019 section later on in this Report.
\n
2.
In line with the provisions of the Policy for retirements, Pete Raby was treated as a good leaver in respect of outstanding LTIP awards. Pete Raby\u2019s award therefore has been pro-rated for
\n
the proportion of the performance period worked. Figures in the table reflect pro-ration to his retirement from the Group on 31 August 2025.
Share dilution
\n
The Company manages dilution rates within the standard guidelines of 10% of issued Ordinary share capital in respect of all-employee
\n
schemes and 5% in respect of discretionary schemes. Only market purchased shares, held in the Company\u2019s Employee Benefit Trust
\n
(EBT), have been used for the purpose of satisfying awards under these schemes that have vested since 2012. It is the Company\u2019s intention
\n
to use market purchased shares to satisfy awards vesting in 2026. Further information regarding the EBT can be found on pages 108, 130,
\n
183 and 196.
\n
Pension (audited)
\n
In 2025, Damien Caby (as CEO), Pete Raby and Richard Armitage each received a cash allowance in lieu of pension of 8% of base salary,
\n
which is in line with the pension contribution available to the wider UK workforce. The value included in the Single figure table for Damien
\n
Caby reflects a pro-rated amount from appointment as CEO on 1 July. For Pete Raby, the reported value reflects a pro-rated amount for
\n
the period from 1 January to 1 July, when he stepped down from the Board. Pete Raby\u2019s remuneration for the period 2 July to 31 August
\n
2025 is covered in the \u2018Exit payments made in year\u2019 section on page 95.
\n
Non-executive Director fees (audited)
\n
The table below sets out the fees received by each non-executive Director in respect of the year ended 31 December 2025 and the
\n
prior year.
\n\n \n
Professor Mary Ryan
Helen Bunch
Jane Lodge
CBE FREng (from
Ian Marchant
(until 8 May 2025)
2
Alison Wood
Jane Aikman
Clement Woon
(from 1 June 2025)
3
1 November 2025)
3
2025
1
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3
224,952
\u00a3218,400
\u00a324,494
\u00a367,013
\u00a375,210
\u00a311,169
\u00a368,723
\u00a367,013
\u00a358,723
\u00a357,013
\u00a334,255
\u2013
\u00a39,787
\u2013
\n
1.
Ian Marchant also received an \u00a318,000 annual contribution towards the cost of administrative support in 2025.
\n
2.
Fees for Helen Bunch, who resigned on 8 May 2025, have been pro-rated to reflect the period Helen served on the Board.
\n
3.
Fees for Jane Lodge (from 1 June 2025) and Professor Mary Ryan CBE FREng (from 1 November 2025) have been pro-rated to reflect the period they were appointed from.
\n
Non-executive Directors do not receive any other fixed or variable pay, or benefits, in addition to their fee. Figures shown are inclusive
\n
of additional fees of \u00a310,000 per annum payable to Alison Wood as Senior Independent Director and to Helen Bunch (until 8 May 2025),
\n
Alison Wood (from 8 May 2025) and Jane Aikman as Committee Chairs. Additional fees have been pro-rated for Helen and Alison, to
\n
reflect the part of the year served in those roles.
\n
Scheme interests awarded in 2025
\n
2025 LTIP awards
\n
In 2025, Damien Caby and Richard Armitage were granted awards under the LTIP as shown in the table below. As disclosed in last year\u2019s
\n
report, award levels were reduced for 2025 on a one-off basis, from 175% to 122.5% of salary for Damien Caby and from 150% to 105%
\n
for Richard Armitage. Pete Raby did not receive a 2025 LTIP award. The performance period for the 2025 LTIP awards is 1 January 2025
\n
to 31 December 2027. Vesting outcomes will continue to be assessed to ensure they reflect business performance and will be adjusted
\n
as appropriate.
\n\n \n
Number of LTIP
Value of awards at grant
Executive Director
shares granted
1
Value of award
As % of 2025 salary
Date of vesting
Damien Caby
2
356,166
\u20ac882,000
122.5%
26 March 2028
Richard Armitage
239,934
\u00a3497,145
105%
26 March 2028
\n
1.
Calculated using the award price of \u00a32.072, being the average share price for the five dealing days prior to the award date (26 March 2025).
\n
2.
Damien Caby\u2019s award was converted from EUR to GBP using the average exchange rate (1.19516) for the five days preceding the award date (26 March 2025).
\n
The Committee discusses and reviews the performance criteria for new three-year LTIP awards before they are granted. For the awards
\n
granted in 2025, the Committee considered the balance of measures in light of the Group\u2019s business plan and shareholder feedback and
\n
decided to maintain the current weightings of the four performance criteria, with the ESG metric being amended from carbon reduction to
\n
carbon intensity, as disclosed in last year\u2019s report to balance our stated longer-term ambition to reduce carbon emissions by 50% by 2030
\n
(from a 2015 baseline) with our strategy to realise the Group\u2019s growth potential (which will increase absolute emissions even as the Group
\n
becomes more efficient in its use of carbon). The TSR element continues to be split into two parts. One-half of this element will vest
\n
based on Morgan Advanced Materials\u2019 TSR performance relative to the constituents of the FTSE All-Share Industrials Index and one-half
\n
will vest based on Morgan Advanced Materials\u2019 TSR performance relative to a tailored group of 15 industry comparators.
The table below sets out the targets attaching to the 2025 LTIP awards:
\n\n \n
TSR vs FTSE All-Share
% of award
TSR performance
% of award
EPS
% of award
Group
% of award
ESG (carbon
% of award
Industrials Index
that vests
vs peer group
that vests
growth
that vests
ROIC
that vests
intensity)
that vests
Upper quartile
15%
Upper quartile
15%
11% pa
27.5%
20%
27.5%
\u20137%
15%
Median
3.75%
Median
3.75%
4% pa
6.9%
17%
6.9%
\u20133%
3.75%
Below median
Nil
Below median
Nil
<4% pa
Nil
<17%
Nil
<\u20133%
Nil
\n
For Executive Directors, a two-year holding period applies to any shares that vest in relation to the 2025 LTIP. Dividends accrue over this
\n
holding period and will be paid on any shares that vest.
\n
2025 Deferred Bonus Plan awards
\n
In 2025, 33% of the total annual bonus earned by Pete Raby and Richard Armitage (for performance in the 2024 financial year) was
\n
deferred into shares under the DBP, in line with Morgan Advanced Materials\u2019 Remuneration Policy. The following DBP awards
\n
were granted:
\n\n \n
Value of awards at grant
Executive Director
Number of DBP shares granted
1
Value of award \u00a3
Date of vesting
Pete Raby
93,388
193,500
26 March 2028
Richard Armitage
63,228
131,009
26 March 2028
Damien Caby
2
2,101
4,353
26 March 2028
\n
1.
Calculated using the award price of \u00a32.072, being the average share price for the five dealing days prior to the award date (26 March 2025).
\n
2.
Damien Caby\u2019s DBP was granted before his appointment as CEO.
\n
Exit payments made in year (audited)
\n
Payments made to Pete Raby from 1 January to 1 July 2025 (when he stepped down from the Board) are captured in the Single total
\n
figure of remuneration for Executive Directors\u2019 table on page 89, and include the full estimated value of his pro-rated 2023 LTIP award
\n
which is due to vest in May 2026. In relation to the period between 2 July 2025 and when he retired from the Group on 31 August 2025,
\n
Pete Raby received a total of \u00a3213,115 in remuneration, comprising salary, pension allowance, benefits and bonus pro-rated for this period.
\n
No other exit payments were made to Pete Raby or other Executive Directors during the 2025 financial year.
\n
Payments to past Directors (audited)
\n
As mentioned in the 2022, 2023 and 2024 reports, former CFO Peter Turner stepped down from the Board on 30 May 2022 and retired
\n
from the Group on 30 June 2022. Peter was treated as a \u2018good leaver\u2019 in respect of outstanding share awards. Vesting of previously
\n
granted awards during the 2025 financial year included 75,017 shares (inclusive of dividend) granted under the 2022 DBP on 21 March
\n
2025. No other payments (other than those captured in the Single total figure of remuneration for Executive Directors\u2019 table and above
\n
in relation to Pete Raby) were made to past Directors during the 2025 financial year.
\n
External appointments
\n
Details of external appointments held by Executive Directors and the fees retained in 2025 are provided in the table below:
\n\n \n
Executive Director
Company
Role
Date of appointment
Fees paid and retained
Pete Raby
Hill & Smith PLC
Non\u2013executive Director
2 December 2019
\u00a360,000
Richard Armitage
NWF Group PLC
Senior Independent Director and
5 July 2020
\u00a353,027
Chair of the Audit Committee
Implementation of Remuneration Policy for 2026
\n
Base salary
\n
In line with the Remuneration Policy, Executive Directors\u2019 salaries
\n
were reviewed by the Remuneration Committee and increased for
\n
2026 at the rates set out in the table below. As in previous years,
\n
the Group maintained the formal link between performance and
\n
pay within the senior leadership population in 2025; specifically,
\n
taking into account individual and Group performance, as well as
\n
salary relative to the relevant market. The increases awarded to the
\n
Executive Directors were calibrated in line with this. The
\n
Committee considered the strong performance in their roles, as
\n
well as the market positioning of their salaries, in determining to
\n
award increases. The increases awarded to Damien Caby and
\n
Richard Armitage in 2026 were broadly in line with the average
\n
increases awarded to employees in the wider workforce who
\n
received similar performance ratings (3.5% in the UK). The table
\n
below shows the base salaries in 2025, and those that took effect
\n
from 1 January 2026.
\n\n \n
Base salary at:
1 January
2025 (or on
appointment
Executive Director
1 January 2026
in 2025)
Increase
Damien Caby
1
\u20ac749,000
\u20ac720,000
4%
Richard Armitage
\u00a3487,680
\u00a3473,470
3%
\n
1.
Damien Caby was appointed to the Board as an Executive Director and CEO Designate on 8 May 2025 and to the role of CEO on 1 July 2025. The above figure for 2025 is an annualised
\n
amount based on his CEO salary for the year.
\n
The rationale for any future increases will continue to be disclosed
\n
in the relevant Annual Report on Remuneration.
\n
Pension
\n
Damien Caby and Richard Armitage will continue to receive a
\n
cash allowance in lieu of pension in 2026. These are aligned to
\n
the pension contribution levels available to the wider workforce
\n
(8% of salary, based on our UK population).
\n
Annual bonus in respect of 2026 performance
\n
The maximum bonus opportunity remains at 150% of salary for
\n
all Executive Directors (with the payout for on-target performance
\n
continuing to be 50% of the maximum).
\n
Of any bonus result 33% will ordinarily be deferred into shares
\n
for a further three-year period. The performance measures
\n
attached to the annual bonus remain unchanged from 2025,
\n
and are as follows:
\n
Adjusted operating pro\ufb01t*
\u2013 40%
\n
Year-end working capital
\u2013 40%
\n
Strategic personal objectives
\u2013 20%
\n
The actual performance targets set at the beginning of the
\n
performance period are not disclosed as they are considered
\n
commercially sensitive at this time, given the close link between
\n
performance measures and the Group\u2019s longer-term strategy.
\n
This is particularly relevant in the context of some of the Group\u2019s
\n
close and unlisted competitors who are not required to disclose
\n
such information, and for whom the assumptions in our targets
\n
would provide valuable information in the current trading year.
\n
These targets will be disclosed retrospectively, at such time as
\n
they have become less commercially sensitive, and within three
\n
years of the end of the performance year.
\n
2026 LTIP awards
\n
In March 2026, Damien Caby and Richard Armitage will be granted
\n
awards under the 2026 LTIP with face values of 175% and 150% of
\n
their 2026 base salaries, respectively. Formulaic vesting outcomes
\n
will continue to be evaluated by the Committee to ensure they
\n
reflect business performance, and will be adjusted as appropriate.
\n
The three-year performance period over which performance
\n
will be measured began on 1 January 2026 and will end on
\n
31 December 2028. Further details of the awards will be disclosed
\n
in next year\u2019s Remuneration Report.
\n
The performance measures are detailed below:
\n
Each TSR element will operate independently, with vesting
\n
determined based on Morgan Advanced Materials\u2019 TSR
\n
rank relative to constituents of each TSR benchmark. The
\n
performance range for each element will remain median to
\n
upper quartile.
\n
The EPS performance range has been set at 7% to 13%
\n
per annum.
\n
The ROIC* range will remain unchanged at 17% to 20%.
\n
The ESG measure (carbon intensity) will have a performance
\n
range of -3% to -7% carbon intensity reduction per year over
\n
the three-year performance period, to balance our stated longer-
\n
term ambition to reduce carbon emissions by 50% by 2030
\n
(from a 2015 baseline) with our strategy to realise the Group\u2019s
\n
growth potential.
\n
The Committee believes these ranges appropriately support
\n
the Group\u2019s strategy for sustainable long-term growth over
\n
the next three years while continuing to represent suitably
\n
demanding targets.
\n
For all four measures, weightings are unchanged and awards will
\n
continue to vest on a straight-line basis between threshold and
\n
maximum, with 25% of each element vesting at threshold.
\n
Executive Directors will be required to hold any vested 2026
\n
LTIP awards for an additional two-year period. Vested awards
\n
remain subject to clawback in line with our Policy but will not
\n
be forfeitable on cessation of employment.
Chairman and non-executive Director fees
\n
The Chairman\u2019s and non-executive Directors\u2019 fees were reviewed in December 2025. Increases are based on salary market movements
\n
and are in line with the average increases awarded to the wider workforce (3.5% in the UK). The table below shows the fees in 2025,
\n
and those that were agreed for 2026.
\n\n \n
Role
2026 fee pa
2025 fee pa
Chairman
1
\u00a3232,825
\u00a3224,952
Non-executive Director
\u00a360,778
\u00a358,723
Committee Chair (additional fee)
\u00a310,000
\u00a310,000
Senior Independent Director (additional fee)
\u00a310,000
\u00a310,000
\n
1.
Ian Marchant receives an \u00a318,000 annual contribution towards the cost of administrative support.
\n
Percentage change in Directors\u2019 remuneration
\n
The table below shows, for each individual who was an Executive or non-executive Director during 2025, the annual percentage change in
\n
their remuneration over the past five years compared to the average percentage change in remuneration for other employees of Morgan
\n
Advanced Materials plc over the same period, in accordance with the regulations. Note that individuals who were Directors during the
\n
period under review, but not at any point during 2025, have not been included. The percentage changes in their remuneration for prior
\n
years (and in which they were a Director) are disclosed in relevant previous Annual Reports.
\n\n \n
2024\u201325 change
9
2023\u201324 change
2022\u201323 change
2021\u201322 change
2020\u201321 change
5,8
Salary or fees
Damien Caby
11
n/a
n/a
n/a
n/a
n/a
Pete Raby
3.0%
1
4.0%
4.0%
2.6%
32.3% (2.5%)
Richard Armitage
3.0%
4.0%
4.0%
2
n/a
n/a
Ian Marchant
3.0%
4.0%
3
n/a
n/a
n/a
Helen Bunch
2.6%
4
6.7%
10
2.6%
2.2%
26.3% (1.7%)
Jane Aikman
2.6%
6.7%
10
2.6%
2.2%
26.3% (1.7%)
Jane Lodge
n/a
n/a
n/a
n/a
n/a
Alison Wood
17.5%
4
n/a
n/a
n/a
n/a
Clement Woon
3.0%
4.0%
3.0%
2.5%
31.6% (2.0%)
Professor Mary Ryan CBE FREng
n/a
n/a
n/a
n/a
n/a
Average per employee
5.7%
5.2%
6.7%
3.4%
3.6% (2.6%)
Benefits (excluding pension)
6,7
Damien Caby
n/a
n/a
n/a
n/a
n/a
Pete Raby
1.2%
1
4.4%
2.9%
\u20130.1%
\u20130.5%
Richard Armitage
3.3%
1.9%
2.8%
2
n/a
n/a
Average per employee
3.3%
4.4%
2.6%
-1.2%
0.9%
Annual bonus
7
Damien Caby
n/a
n/a
n/a
n/a
n/a
Pete Raby
-2.2%
1
45.4%
61.8%
\u201370.8%
1,029.3%
Richard Armitage
3%
35.0%
65.5%
2
n/a
n/a
Average per employee
24.3%
13.9%
-2.73%
-44.1%
53.6%
\n
1.
Pete Raby stepped down from the Board on 1 July 2025 and retired from the Group on 31 August 2025. The percentages above are based on annualised figures.
\n
2.
Richard Armitage joined the Board on 30 May 2022. The percentages above are based on annualised figures for 2022 remuneration.
\n
3.
Ian Marchant joined the Board on 1 February 2023 and, as disclosed in prior reports, his annual fee was increased from \u00a354,820 to \u00a3210,000 on becoming Chairman on 29 June 2023.
\n
The percentage above is based on his annualised Chairman fee for 2023 remuneration. Ian Marchant also receives an \u00a318,000 annual contribution towards the cost of administrative support
\n
\u2013 this value has not changed between 2023 and 2025.
\n
4.
Alison Wood joined the Board on 1 November 2024. The percentage change from 2024 to 2025 reflects Alison\u2019s annualised fee for 2024 and, from 8 May 2025, the additional fee payable
\n
following her appointment to Remuneration Committee Chair. Helen Bunch (the prior Remuneration Committee Chair) stepped down from the Board on 8 May 2025. The percentage
\n
change from 2024 to 2025 for Helen is based on annualised figures.
\n
5.
Figures in brackets reflect the percentage increase from the original 2020 salary/fee prior to reductions implemented in response to the COVID-19 pandemic.
\n
6.
Benefits figures include private medical insurance and car allowance. Decreases in benefits reflect a reduction in private medical premium in certain years.
\n
7.
Non-executive Directors do not receive any additional benefits or bonus payments.
\n
8.
The personal performance element of the 2020 bonus was cancelled for Executive Directors (as a result of the pandemic), contributing to the higher percentage increase in 2021 bonus for
\n
Executive Directors compared to other employees.
\n
9.
Employee average bonus based on an estimate of 2025 bonus paid in 2026 (final bonus award data was not available at the time of publication). The percentage change in 2025 bonus for
\n
the Executive Directors differs from that for other employees, based on their differing bonus structures.
\n
10. Percentage fee increase for Helen Bunch and Jane Aikman includes both a 4% increase to the non-executive Director fee and an increase to the additional committee Chair/Senior
\n
Independent Director fee to align more closely with market rates, as disclosed in the 2023 report.
\n
11. Damien Caby joined the Board on 8 May 2025 and was appointed to CEO on 1 July 2025 \u2013 as such no percentage change in his remuneration is reportable in this year\u2019s Report.
CEO pay ratio
\n\n \n
Median
25th percentile
(50th percentile)
75th percentile
Year
Method
pay ratio
pay ratio
pay ratio
2025
1
Option B
52:1
35:1
34:1
2025 (excluding variable)
1
Option B
26:1
19:1
17:1
2024
2
Option B
56:1
51:1
29:1
2024 (excluding variable)
Option B
26:1
26:1
14:1
2023
Option B
54:1
42:1
26:1
2023 (excluding variable)
Option B
31:1
24:1
15:1
2022
Option B
61:1
37:1
31:1
2022 (excluding variable)
Option B
32:1
22:1
16:1
2021
Option B
91:1
59:1
48:1
2021 (excluding variable)
Option B
32:1
24:1
17:1
2020
Option B
35:1
25:1
20:1
2020 (excluding variable)
Option B
25:1
20:1
14:1
2019
Option B
74:1
62:1
41:1
2019 (excluding variable)
Option B
34:1
27:1
19:1
\n
1.
The CEO pay ratio reflects a combination of the single figure of remuneration received by Pete Raby (the outgoing CEO) for the period 1 January to 1 July 2025, and Damien Caby (the new
\n
CEO) for the period 2 July \u2013 31 December 2025. Prior to calculation of the CEO pay ratio, Damien Caby\u2019s remuneration was converted from EUR to GBP using the three-month average
\n
exchange rate to 31 December 2025.
\n
2.
Ratios trued up from those disclosed in last year\u2019s Remuneration Report to reflect final value of LTIP vesting for CEO.
\n
Details of the salary and total pay and benefits figures for each of the individuals identified in the table is set out below:
\n\n \n
Salary
Total pay and bene\ufb01ts
Median
Median
Year
CEO
25th percentile
(50th percentile)
75th percentile
CEO
25th percentile
(50th percentile)
75th percentile
2025
\u00a3633,785
1
\u00a323,589
\u00a331,102
\u00a332,617
\u00a31,395,441
1
\u00a326,992
\u00a339,325
\u00a340,914
2024
\u00a3645,000
\u00a325,507
\u00a324,425
\u00a344,799
\u00a31,529,859
\u00a327,523
\u00a329,722
\u00a353,214
2023
\u00a3620,000
\u00a321,164
\u00a321,164
\u00a339,605
\u00a31,199,689
\u00a322,345
\u00a328,591
\u00a345,426
2022
\u00a3596,000
\u00a321,414
\u00a323,225
\u00a341,202
\u00a31,551,838
\u00a325,451
\u00a342,005
\u00a349,371
2021
\u00a3581,175
\u00a317,379
\u00a329,129
\u00a337,989
\u00a32,041,667
\u00a322,533
\u00a334,725
\u00a342,442
2020
\u00a3439,425
\u00a321,000
\u00a323,960
\u00a336,900
\u00a3791,238
\u00a322,464
\u00a331,550
\u00a338,723
2019
\u00a3545,000
\u00a317,599
\u00a324,300
\u00a330,610
\u00a31,618,605
\u00a321,958
\u00a325,927
\u00a339,926
\n
1.
Figures reflect a combination of the single figure of remuneration received by Pete Raby (the outgoing CEO) for the period 1 January to 1 July 2025, and Damien Caby (the new CEO) for
\n
the period 2 July \u2013 31 December 2025. Damien Caby\u2019s remuneration has been converted from EUR to GBP using the three-month average exchange rate to 31 December 2025.
\n
In line with the CEO pay ratio regulations, the table above shows
\n
for 2025 the ratio of the CEO\u2019s single total figure of remuneration
\n
to that of UK employees at the 25th, 50th (median) and 75th
\n
percentiles. This year\u2019s figures reflect a combination of the single
\n
figure of remuneration received by the incoming CEO (Damien
\n
Caby) and outgoing CEO (Pete Raby) for their respective service
\n
periods in the CEO role during 2025. In addition to the mandatory
\n
calculation using total remuneration, ratios have also been
\n
calculated excluding variable pay elements such as bonus and share
\n
awards.
\n
Of the three reporting options available to companies, Morgan
\n
Advanced Materials has applied Option B, where the most recent
\n
gender pay gap reporting data (as at 5 April 2025) has been
\n
used to identify the 25th, 50th and 75th percentile employees.
\n
The 25th, 50th and 75th percentile pay ratios are based on the
\n
remuneration of representative employees who fall on each of
\n
these pay percentiles. Option B has been used to calculate the
\n
CEO pay ratios, as Option A requires the ability to calculate a
\n
single total remuneration figure for each UK employee, and
\n
Morgan Advanced Materials does not currently have the systems
\n
in place to support this methodology. The \u2018best equivalent\u2019
\n
employees identified using the gender pay gap information are
\n
representative of the 25th, 50th and 75th percentiles of Company
\n
remuneration, since base pay constitutes a large proportion of the
\n
remuneration package for the majority of employees, so it is likely
\n
that a similar set of employees would have been identified using
\n
Option A. The calculation covers base pay, annual bonus, pension
\n
and, where applicable, share awards and benefits, including car
\n
allowance and private medical insurance. Total remuneration
\n
figures used in the calculation for 25th, 50th and 75th percentile
\n
employees include annual bonus relating to 2025 performance,
\n
in order to be consistent with the methodology used for the
\n
CEO\u2019s total remuneration figure.
Notwithstanding the year-on-year change in pay ratio, pay and
\n
benefits for the CEO and wider employee population are based on
\n
the same philosophies, for example driving pay for performance
\n
and alignment to external benchmarks, in order to promote
\n
consistency, fairness and equity across all levels in the organisation.
\n
As the same methodology underpins the remuneration used in
\n
the above calculations, the resulting median pay ratio is consistent
\n
with the Company\u2019s wider policies on employee pay, reward and
\n
progression. Pay ratios are significantly reduced and more stable
\n
over time when variable pay elements are excluded, so the gap
\n
between CEO and employee pay is largely attributable to non-fixed
\n
pay elements, some of which (for example, share awards) the
\n
majority of the wider workforce would not typically be eligible for
\n
(reflecting competitive external market practice). The range of
\n
levels and types of roles found in a manufacturing environment such
\n
as at Morgan Advanced Materials may also result in a higher CEO
\n
pay ratio than companies which have predominantly professional
\n
and/or more senior staff. It is therefore important to compare
\n
Morgan Advanced Materials\u2019 data to companies in similar industries.
\n
Retirement of the outgoing CEO
\n
As disclosed earlier in this Report, Pete Raby stepped down from the Board on 1 July 2025 and retired from the Group on 31 August
\n
2025. As he retired, Pete did not receive any severance payment when he left the Company; however, he was treated as a \u2018good leaver\u2019
\n
for variable pay purposes. Salary, bonus and outstanding incentive awards were treated in accordance with the shareholder-approved
\n
Remuneration Policy and consistent with past practice.
\n\n \n
Remuneration element
Summary of treatment
Annual Bonus
2025 bonus paid wholly in cash at normal payment date, pro-rated for time, and subject to Group
and personal performance.
LTIP (2023 and 2024 cycles)
Awards will be pro-rated for time and will vest based on performance over the original
performance periods, vesting on the normal vesting dates. The post-vesting holding periods will
continue to apply. No LTIP award was granted in 2025.
DBP
Awards will vest in full at the normal vesting dates.
\n
Executive Directors are required to maintain a shareholding equal to the lower of the share ownership requirement (200%) or the actual
\n
shareholding on departure for a period of one year from departure. Pete Raby will be required to maintain a 200% shareholding for the
\n
defined period.
\n
Remuneration arrangements for incoming CEO
\n
Damien Caby joined the Board on 8 May 2025 and succeeded Pete Raby as CEO on 1 July 2025. A summary of his remuneration as CEO
\n
is set out below:
\n\n \n
Remuneration element
Details
Notes
Base salary
\u20ac720,000 per annum
Positioned below median to reflect Damien\u2019s
experience in the role, with the intent to increase to
market median over time, subject to performance.
Pension
Cash allowance in lieu of pension \u2013 8% of
Aligned with pension contributions for the Morgan
base salary
Advanced Materials UK workforce, reflecting Damien
now being on a UK service agreement.
Benefits
Company Vehicle Lease \u2013 \u20ac16,500
Annual Bonus
150% of base salary
LTIP
175% of base salary
This will be kept under review and, subject to
performance, may increase within Policy limits
over time.
The treatment of Damien Caby\u2019s in-flight annual bonus and LTIP awards is summarised in the table below:
\n\n \n
Remuneration element
Summary of treatment
Annual Bonus
2025 bonus \u2013 From 1 January to 30 June 2025 \u2013 calculated based on the terms of Damien\u2019s
previous role. From appointment to CEO (1 July 2025) to 31 December 2025 \u2013 calculated on
CEO terms and performance metrics. Any bonus earned in respect of Damien\u2019s tenure in 2025
as an Executive Director is subject to the requirement for one-third to be deferred into shares for
three years.
LTIP
2023 LTIP \u2013 will vest based on the performance of the Thermal Products division.
2024 and 2025 LTIP \u2013 will vest based on the same Group metrics as the current Executive
Director LTIP awards. Damien\u2019s 2025 LTIP (and any subsequent awards) will be subject to the
post-vesting holding period and shareholding requirements set out in the Remuneration Policy.
Restricted Stock Unit (RSU)
Damien also retains an unvested interest in an RSU award made to offset LTIP awards forfeited
on his joining the Company. The award comprised RSUs with an award face value of \u20ac400,000,
vesting 25% annually over four years. At the time of appointment to CEO, only the final tranche
(which vests in May 2026) remained unvested. This will vest on the usual vesting date.
\n
Relative importance of spend on pay
\n
The graphs below show shareholder distributions (that is, dividends
\n
and share buybacks) and total employee pay expenditure for the
\n
financial years ended 31 December 2024 and 31 December 2025.
\n
Total employee pay
\n
expenditure (\u00a3m)
\n
375.4
\n
385.5
\n
2024
2025
\n
Shareholder
\n
distributions (\u00a3m)
\n
49.3
\n
39.2
\n
2024
2025
\n
Shareholder distributions increased by 25.8% during 2025 to
\n
\u00a349.3 million (2024: \u00a339.2 million). Total employee pay across
\n
the Group has decreased by 2.6% to \u00a3375.4 million (2024:
\n
\u00a3385.5 million).
\n
Comparison of Company performance
\n
The graph below shows the value, at 31 December 2025, of
\n
\u00a3100 invested in Morgan Advanced Materials plc\u2019s shares on 31
\n
December 2015 compared with the current value of the same
\n
amount invested in the FTSE 350 Index. The FTSE 350 Index \u2013 of
\n
which the Company is a constituent \u2013 has been chosen because it
\n
is widely followed by the UK\u2019s investment community and easily
\n
tracked over time.
\n
FTSE 350 Index
\n
Morgan Advanced Materials plc
\n
\u00a3223
\n
\u00a3129
\n
\u00a30
\n
\u00a350
\n
\u00a3100
\n
\u00a3150
\n
\u00a3200
\n
\u00a3250
\n
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
\n
The table below details the CEO\u2019s \u2018single figure\u2019 of remuneration over the 10-year period to 31 December 2025.
\n\n \n
Damien
Pete Raby
Caby
CEO
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
1
2025
1
CEO single
figure
\u00a3787,492 \u00a31,210,856 \u00a31,479,738 \u00a31,618,605
\u00a3791,238 \u00a32,041,667 \u00a31,551,838 \u00a31,199,689 \u00a31,529,859
\u00a3767,385
\u20ac737,367
Annual bonus
(% of maximum)
29.5%
71.3%
67.4%
84.3%
9%
97%
27.6%
42.9%
60%
57%
57%
LTIP vesting (%
of maximum)
n/a
15.4%
42.9%
61.3%
21.8%
52.2%
67.9%
14.8%
26.9%
15%
15%
\n
1.
Values shown for 2025 reflect the period 1 January \u2013 1 July for Pete Raby and 1 July \u2013 31 December for Damien Caby. Damien\u2019s 2025 LTIP vesting outcome reflects his 2023 LTIP which
\n
was granted prior to his appointment to the Board and which was based on divisional performance targets.
Executive Directors\u2019 interests in shares and shareholding guidelines (audited)
\n
The table below shows the shareholding of each Executive Director against their respective shareholding guideline as at 31 December 2025
\n
(or date of leaving in the case of Pete Raby).
\n\n \n
Shares owned outright
As at
Shares
Options
1 January
As at
Performance-
Shares
subject to
granted but
Current
Shareholding
2025 or
31 December
Shares
tested but
subject
post-
subject to
shareholding
guideline (%
date of
2025 or date
subject to
unvested
to DBP
vesting
continued
(% of 2025
Guideline
2025 salary)
joining
of leaving
performance
1
shares
2
deferral
3
holding
4
employment
5
salary)
6
met
Damien Caby
200%
48,644
62,965
451,321
13,731
5,746
\u2013
\u2013
23.5%
Building
Richard Armitage
200%
136,215
165,728
478,522
33,105
57,346
29,606
9,849
102%
Building
Pete Raby
200%
696,099
827,525
247,981
55,037
88,405
80,808
4,285
287.2%
Yes
\n
1.
2024 and 2025 LTIP awards.
\n
2.
The expected number of shares due to vest under the 2023 LTIP.
\n
3.
Estimated number of shares, net of tax (47%/49%), deferred under the DBP.
\n
4.
Shares vested (net of tax) but subject to two-year post-vesting holding period.
\n
5.
Options granted under the Sharesave scheme.
\n
6.
Based on an Executive Director\u2019s annualised 2025 salary and the average share price for the three months to 31 December 2025 of 207.25 pence, comprising shares owned outright and
\n
shares subject to deferral. Shares underlying Sharesave scheme options are also included in the calculation.
\n
As at 19 February 2026, the Executive Directors\u2019 interests in shares had not changed since the end of the period under review. Unless
\n
otherwise stated, figures given in the tables on pages 101 to 103 are for shares or interests in shares.
\n
Non-executive Directors\u2019 interests in shares (audited)
\n
The table below shows the shareholding of each non-executive Director as at 31 December 2025.
\n\n \n
As at
As at
31 December
1 January
2025 or date
2025
of leaving
Jane Aikman
1,000
1,000
Clement Woon
70,000
70,000
Ian Marchant
45,000
45,000
Alison Wood
\u2013
\u2013
Jane Lodge
\u2013
25,000
Professor Mary Ryan CBE FREng
\u2013
\u2013
Helen Bunch
2,028
2,028
\n
As at 19 February 2026, the non-executive Directors\u2019 interests in shares had not changed since the end of the period under review.
\n
Post-employment share ownership guideline mechanics
\n
All Executive Directors, including future Directors, are required to build their shareholding through vesting of executive share awards
\n
in a Global Nominee over time to ensure policy compliance with share ownership guidelines, including post-employment guidelines.
\n
Mechanisms are in place to restrict the sale or transfer of vested shares held in the Nominee that are subject to (i) post-vesting holding
\n
periods and (ii) shareholder ownership guidelines on cessation of employment. This arrangement applies to Pete Raby.
\n
\n
Executive Directors\u2019 share plans (audited)
\n
Damien Caby
\n
LTIP
As at
Allocations
Vested
Lapsed
As at
Market price
Market price
1 January
during the
during the
during the
31 December
at date of
at date of
Performance
Plan
2025
year
year
year
2025
allocation
vesting
period
No further performance
2023
91,544
\u2013
\u2013
91,544
300.40p
\u2013
01.01.23 \u2013
conditions, not yet vested
31.12.25
Subject to performance
2024
95,155
\u2013
\u2013
95,155
289.00p
\u2013
01.01.24 \u2013
conditions
31.12.26
2025
\u2013
356,166
\u2013
\u2013
356,166
207.20p
\u2013
01.01.25 \u2013
31.12.27
\n
Recruitment award
As at
Granted
Exercised
Lapsed
As at
Market price
Market price
1 January
during the
during the
during the
31 December
at date of
at date of
Vesting
Plan
2025
year
year
year
2025
allocation
vesting
period
Subject to continued service
3
2022
58,676
\u2013
29,337
\u2013
29,339
296.40p
211.70p
30.05.23 \u2013
30.05.26
\n
Total interests in share plans
As at 1 January 2025
As at 31 December 2025
255,003
1
583,933
1,2
\n
1.
Includes 2024 deferred bonus award.
\n
2.
Includes 2024 and 2025 deferred bonus award.
\n
3.
In 2022, Damien was granted an award in the form of restricted shares to compensate for forfeited long-term incentive awards on leaving his previous employer. There are no performance
\n
conditions attached. The award vests in four tranches, with the final tranche due to vest in May 2026.
\n
Pete Raby
\n
LTIP
As at
Allocations
Vested
Lapsed
As at
Market price
Market price
1 January
during the
during the
during the
date of
at date of
at date of
Performance
Plan
2025
year
year
year
leaving
allocation
vesting
period
No further performance
2022
414,320
\u2013
111,493
302,827
\u2013
287.70p
213.57p
01.01.22 \u2013
conditions, vested (subject to
31.12.24
two year post-vesting holding)
No further performance
2023
412,782
\u2013
\u2013
45,865
366,917
300.40p
\u2013
01.01.23 \u2013
conditions, not yet vested
31.12.25
Subject to performance
2024
446,366
\u2013
\u2013
198,385
247,981
289.00p
\u2013
01.01.24 \u2013
conditions
31.12.26
\n
Share options
Market price
As at
Granted
Exercised
Lapsed
at date of
1 January
during the
during the
during the
As at date
Option price
vesting/
Maturity
Plan
2025
year
year
year
of leaving
at grant
exercise
period
Subject to continued service
Sharesave
4,285
\u2013
\u2013
\u2013
4,285
210.00p
\u2013
01.12.25 \u2013
31.05.26
\n
Total interests in share plans
As at 1 January 2025
As at date of leaving
1,441,024
1,2
785,989
2,3
\n
1. Includes 2022 deferred bonus award.
\n
2. Includes 2023 and 2024 deferred bonus awards.
\n
3. Includes 2025 deferred bonus award.
\n
/
\n
Richard Armitage
\n
LTIP
As at
Allocations
Vested
Lapsed
As at
Market price
Market price
1 January
during
during the
during the
31 December
at date of
at date of
Performance
Plan
2025
the year
year
year
2025
allocation
vesting
period
No further performance
2022
207,587
\u2013
55,861
151,726
\u2013
307.10p
211.7p
01.01.22 \u2013
conditions, vested (subject to
31.12.24
two year post-vesting holding)
No further performance
2023
220,705
\u2013
\u2013
\u2013
220,705
300.40p
\u2013
01.01.23 \u2013
conditions, not yet vested
31.12.25
Subject to performance
2024
238,588
\u2013
\u2013
\u2013
238,588
289.00p
\u2013
01.01.24 \u2013
conditions
31.12.26
2025
\u2013
239,934
\u2013
\u2013
239,934
207.20p
\u2013
01.01.25 \u2013
31.12.27
\n
Share options
As at
Granted
Exercised
Lapsed
As at
Market price
1 January
during the
during the
during the
31 December
Option price
at date of
Maturity
Plan
2025
year
year
year
2025
at grant
vesting
period
Subject to continued service
Sharesave
4,285
\u2013
\u2013
\u2013
4,285
210.00p
\u2013
01.12.25 \u2013
31.05.26
Sharesave
\u2013
5,564
\u2013
\u2013
5,564
164.00p
\u2013
01.12.28 \u2013
31.05.29
\n
Total interests in share plans
As at 1 January 2025
As at 31 December 2025
716,140
1
817,279
1,2
\n
1.
Includes 2023 and 2024 deferred bonus award.
\n
2.
Includes 2024 and 2025 deferred bonus award.
\n
Details of plans
LTIP
Details
LTIP
The performance conditions attached to the 2023 awards are set out on page 90.
The performance conditions attached to the 2024 awards are on the same basis as the 2023 awards, except that
the EPS range was amended to 9%\u201316%.
The performance conditions attached to the 2025 awards are set out on page 91.
LTIP-CSOP
LTIP 2023, 2024 and 2025: The awards were structured as LTIP awards in the form of a conditional award of free
shares.
UK Sharesave
Details
HMRC-approved all-employee Sharesave scheme. Exercise price set at 20% discount to share price on date of
grant. Options mature after the three-year savings period and must be exercised within six months of vesting.
Details of options held by Directors under Sharesave are outlined in the individual Director shareholding tables
above.
Deferred Bonus Plan
Details
Mandatory deferral of one-third of gross bonus result relating to the previous year, which is provided as a
conditional award of shares of equivalent value. The award vests on the third anniversary of the award date and is
subject to forfeiture if the Executive Director leaves before the vesting date, unless deemed to be a good leaver.
The award is also subject to malus and clawback provisions.
\n
Other transactions involving Directors are set out in note 27 (Related parties) to the consolidated financial statements. This Report was
\n
approved by the Board on 2 March 2026.
Remuneration governance
Remuneration Committee role
The Remuneration Committee determines, and agrees with the
Board, the framework and policy for the remuneration, including
pension rights and any compensation payments, of the Group\u2019s
Executive Directors and the Chairman. The Committee also
reviews the remuneration in relation to other senior executives and
is kept fully informed of Remuneration Policy decisions impacting
the wider workforce. The Committee\u2019s terms of reference are
available on the Group\u2019s website.
The Remuneration Committee consults the CEO and invites
him to attend meetings when appropriate. The Group Human
Resources Director, the Group Head of Reward and Ellason,
the Committee\u2019s independent advisor, attend meetings of the
Committee by invitation.
The Committee also has access to advice from the CFO. The
Company Secretary acts as secretary to the Committee. No
Executive Director or other attendee is present when their own
remuneration is being discussed.
Remuneration Committee membership
The Remuneration Committee is currently composed of five
non-executive Directors and the Chairman of the Company.
Each of the non-executive Directors is regarded by the Board as
independent. The Chairman of the Company was considered
independent upon appointment. Attendance at meetings by
individual members is detailed in the Corporate Governance
Report on page 59.
Key activities during 2025
During 2025, the key areas of focus for the Committee were:
determining whether targets for the 2024 bonus and 2022 LTIP
were achieved, and, if so, to what extent (plus assessment of any
windfall gains associated with the 2022 LTIP).
having reviewed the remuneration of the wider workforce,
determining remuneration for Executive Directors and other
senior executives, applying consistent guiding principles.
approving the remuneration of the Company\u2019s incoming CEO,
and reviewing the terms of the retiring CEO\u2019s retirement.
reviewing whether the measures and structure for the bonus and
share incentive schemes remain appropriate, as well as reviewing
the overall effectiveness of such schemes.
reviewing and agreeing Executive Director personal objectives
for 2026.
receiving reports on share awards to employees, and employee
participation in the Sharesave scheme.
reviewing feedback from institutional investors ahead of the
Company\u2019s 2025 AGM.
reviewing Executive Director share ownership guidelines, and
Directors\u2019 holdings against the guidelines.
receiving regulatory and governance updates, and receiving
reports on external market remuneration practices.
reviewing and discussing the Company\u2019s annual Gender Pay
Gap Report.
appraising the independent remuneration advisor\u2019s performance
and reviewing the terms of engagement.
approving the Chair\u2019s 2026 fees.
determining performance targets for the 2025 bonus.
determining performance targets for the 2025 share incentive
schemes.
reviewing the Committee\u2019s terms of reference.
Committee performance evaluation
The Committee\u2019s performance was reviewed as part of the Board
performance review (see page 66 for details). It was concluded
that the Committee had operated effectively during the period
under review.
Committee advisor
Ellason was appointed as the Committee\u2019s executive remuneration
advisor from 1 January 2021. Ellason specialises in executive
remuneration advice and during 2025 provided independent advice
on Remuneration Policy, performance measurement, the setting
of incentive targets, TSR analysis and the structure of long-term
incentives, and provided market data in respect of senior executive
remuneration and non-executive Director fees. Ellason reports
directly to the Chair of the Remuneration Committee, does not
provide any non-remuneration-related services to the Group, has
no other connections either with Morgan Advanced Materials or
any of its individual Directors, and is considered to be independent.
Ellason is a signatory to the Remuneration Consultants Group\u2019s
voluntary Code of Conduct.
Fees paid during the year to advisors for advice to the
Remuneration Committee, charged on a time and materials basis,
were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Advisor
Fees (including expenses, excluding VAT)
Ellason
\u00a339,120
\n
Summary of shareholder voting
The following table shows the results of the binding vote on the
2025 Remuneration Policy (at the 2025 AGM) and the advisory
vote on the 2024 Annual Report on Remuneration at the 2025
AGM:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Resolution
For
Against
Withheld
Remuneration Policy
97.88%
2.12%
667,527
Annual Report on
\u00a0 \u00a0 \u00a0
Remuneration
99.74%
0.26%
672,358
\n
Compliance statement
During the year under review, the Company has complied with the
provisions relating to Directors\u2019 remuneration in the UK Corporate
Governance Code 2024. This Remuneration Report has been
prepared in accordance with the Companies Act 2006 (as
amended) and Schedule 8 of the Large and Medium-sized
Companies and Groups (Accounts and Reports) Regulations 2008
(as amended). In accordance with Section 439 of the Companies
Act 2006, an advisory resolution to approve the Annual Report on
Remuneration will be proposed at the AGM on 7 May 2026.
Signed on behalf of the Board
Alison Wood
Committee Chair24. Share-based payments
The Group operates various share option programmes that allow Group employees to acquire shares in the Company. During 2025,
awards were made to executives and senior employees under the Morgan Advanced Materials plc Long-Term Incentive Plan (LTIP),
the Morgan Advanced Materials plc Deferred Bonus Plan (DBP) and the Morgan Advanced Materials plc Restricted Stock Units (RSU).
The Company also maintains a UK all-employee Sharesave scheme (\u2018Sharesave\u2019). Further details can be found in the Remuneration
Report on pages 78 to 104.
The grant date fair value of options granted to employees is recognised as an employee expense, with a corresponding increase in equity,
over the period that the employees become unconditionally entitled to the options. The amount recognised as an expense is adjusted to
reflect the actual number of share options for which the related service and non-market vesting conditions are met.
The charge expensed to the income statement in 2025 was \u00a32.0 million (2024: \u00a32.8 million).
The following options and awards were outstanding at 31 December 2025 in respect of Ordinary shares:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Number
Exercise dates ranging
\u00a0
Employees
\u00a0
Exercise/award
of shares
\u00a0 \u00a0
\u00a0
entitled
Vesting conditions
price(s)
outstanding
from
to
LTIP
Senior
Continued employment
\u2013
6,919,293
22 March 2026
25 March 2028
\u00a0
employees
plus satisfaction of
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
performance metrics
\u00a0 \u00a0 \u00a0 \u00a0
Sharesave
All UK
Continued employment
164.00p\u2013247.00p
1,360,827
1 December 2025
1 June 2028
\u00a0
employees
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
DBP
Senior
Continued employment
\u2013
296,460
10 May 2026
26 March 2028
\u00a0
employees
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
RSU
Select
Continued employment
\u2013
571,205
26 March 2026
26 March 2028
\u00a0
employees
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n
The numbers and weighted average exercise prices of share options are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Weighted
\u00a0
Weighted
\u00a0
\u00a0
average
Number of
average
Number of
\u00a0
exercise price
options
exercise price
options
Outstanding at the beginning of the period
26.06p
9,222,121
27.63p
8,785,347
Granted during the period
33.12p
3,825,992
15.00p
3,153,808
Forfeited during the period
81.28p
(1,179,314)
23.54p
(459,351)
Exercised during the period
0.18p
(1,581,898)
21.63p
(1,623,698)
Lapsed during the period
14.49p
(1,139,116)
5.96p
(633,985)
Outstanding at the end of the period
27.81p
9,147,785
26.06p
9,222,121
Exercisable at the end of the period
202.69p
229,537
139.21p
120,602
\n
The weighted average share price at the date of exercise during the period was 187.16 pence (2024: 283.16 pence).
Measurement of fair values
The DBP is an award of deferred shares, which include the accumulated value of any dividends which fall during the period from the date
of grant to the vesting date. The RSU is an award of shares, which are released in tranches to the participant over a specified period of
time with no performance conditions except continued employment by the Group. As such, the grant-date fair value of the DBP and RSU
are equal to the share price at the date of grant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Awards made in 2025
\u00a0
LTIP
Sharesave
DBP
RSU
Share price at award date
207.89p\u2013211.59p
216.75p
207.89p
207.89p\u2013211.59p
Exercise price
n/a
164.00p
n/a
n/a
Fair value at measurement date
55.00p\u2013171.00p
43.00p
207.89p
207.89p\u2013211.59p
Fair value measurement method
Actuarial
Actuarial
n/a
n/a
\u00a0
binomial
binomial
\u00a0 \u00a0
\u00a0
method
method
\u00a0 \u00a0
Fair value model inputs:
\u00a0 \u00a0 \u00a0 \u00a0
Expected volatility (expressed as weighted average
30%
30%
\u00a0 \u00a0
volatility used in the model)
\u00a0 \u00a0 \u00a0 \u00a0
Option life (expressed as weighted average life
3.0 years
3.3 years
\u00a0 \u00a0
used in the model)
\u00a0 \u00a0 \u00a0 \u00a0
Expected dividends
6.00%
5.60%
\u00a0 \u00a0
Risk-free interest rate
4.10%
3.90%
\u00a0 \u00a0
\n
The expected volatility is based on the historical volatility (calculated based on the weighted average remaining life of the share options)
adjusted for any expected changes to future volatility due to publicly available information.
The fair value of services received in return for share options granted is measured by reference to the fair value of share options granted.
The weighted average fair value of options issued during 2025 was 127.81 pence (2024: 202.98 pence).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ConsolidatedIncomeStatement_Label_004": { "value": "996600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:ResultsBeforeSpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_003": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:SpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_002": { "value": "996600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_005": { "value": "1060100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:ResultsBeforeSpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_006": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:SpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_001": { "value": "1060100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_007": { "value": "902800000.0", "decimals": -5, "dimensions": { "concept": "mgam:OperatingCostsBeforeAmortisationOfIntangibleAssetsImpairmentsAndReversalsOfImpairmentsOfNonfinancialAssets", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:ResultsBeforeSpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0010": { "value": "32000000.0", "decimals": -5, "dimensions": { "concept": "mgam:OperatingCostsBeforeAmortisationOfIntangibleAssetsImpairmentsAndReversalsOfImpairmentsOfNonfinancialAssets", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:SpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0011": { "value": "934800000.0", "decimals": -5, "dimensions": { "concept": "mgam:OperatingCostsBeforeAmortisationOfIntangibleAssetsImpairmentsAndReversalsOfImpairmentsOfNonfinancialAssets", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0012": { "value": "936800000.0", "decimals": -5, "dimensions": { "concept": "mgam:OperatingCostsBeforeAmortisationOfIntangibleAssetsImpairmentsAndReversalsOfImpairmentsOfNonfinancialAssets", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:ResultsBeforeSpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_008": { "value": "18200000.0", "decimals": -5, "dimensions": { "concept": "mgam:OperatingCostsBeforeAmortisationOfIntangibleAssetsImpairmentsAndReversalsOfImpairmentsOfNonfinancialAssets", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:SpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_009": { "value": "955000000.0", "decimals": -5, "dimensions": { "concept": "mgam:OperatingCostsBeforeAmortisationOfIntangibleAssetsImpairmentsAndReversalsOfImpairmentsOfNonfinancialAssets", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0015": { "value": "93800000.0", "decimals": -5, "dimensions": { "concept": "mgam:ProfitFromOperationsBeforeAmortisationOfIntangibleAssetsImpairmentsAndReversalOfImpairmentsOfNonfinancialAssets", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:ResultsBeforeSpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0017": { "value": "-32000000.0", "decimals": -5, "dimensions": { "concept": "mgam:ProfitFromOperationsBeforeAmortisationOfIntangibleAssetsImpairmentsAndReversalOfImpairmentsOfNonfinancialAssets", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:SpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0013": { "value": "61800000.0", "decimals": -5, "dimensions": { "concept": "mgam:ProfitFromOperationsBeforeAmortisationOfIntangibleAssetsImpairmentsAndReversalOfImpairmentsOfNonfinancialAssets", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0016": { "value": "123300000.0", "decimals": -5, "dimensions": { "concept": "mgam:ProfitFromOperationsBeforeAmortisationOfIntangibleAssetsImpairmentsAndReversalOfImpairmentsOfNonfinancialAssets", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:ResultsBeforeSpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0014": { "value": "-18200000.0", "decimals": -5, "dimensions": { "concept": "mgam:ProfitFromOperationsBeforeAmortisationOfIntangibleAssetsImpairmentsAndReversalOfImpairmentsOfNonfinancialAssets", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:SpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_0018": { "value": "105100000.0", "decimals": -5, "dimensions": { "concept": "mgam:ProfitFromOperationsBeforeAmortisationOfIntangibleAssetsImpairmentsAndReversalOfImpairmentsOfNonfinancialAssets", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0024": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:ResultsBeforeSpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0020": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:SpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0021": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0019": { "value": "1700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:ResultsBeforeSpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0022": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "mgam:ComponentsOfIncomeAxis": "mgam:SpecificAdjustingItemsMember", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_0023": { "value": "1700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": 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"ConsolidatedStatementOfCashFlows_NegatedLabel_00410": { "value": "4700000.0", "decimals": -5, "dimensions": { "concept": "mgam:PurchaseOfOwnSharesForShareBuyBackProgrammeClassifiedAsFinancingActivities", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00412": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00413": { "value": "5100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00414": { "value": "38800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00415": { "value": "121300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00417": { "value": "70100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00416": { "value": "88000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00418": { "value": "9300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00419": { "value": "10600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00424": { "value": "34100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00425": { "value": "34500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00692": { "value": "6000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00691": { "value": "8100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00694": { "value": "-99500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00693": { "value": "-33000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00421": { "value": "-33900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00420": { "value": "-5700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00423": { "value": "111500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00422": { "value": "124500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00723": { "value": "-3400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00724": { "value": "-7300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00725": { "value": "74200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00726": { "value": "111500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "1. Material accounting policies, estimates and judgements
Morgan Advanced Materials plc (the \u2018Company\u2019) is a public company limited by shares incorporated in the UK under the Companies
Act and is headquartered in the UK. The address of the registered office is given in Shareholder information on page 205. The principal
activities of the Company and its subsidiaries, and the nature of the Group\u2019s operations, are set out in the Strategic Report.
The Group\u2019s financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The
Company financial statements present information about the Company as a separate entity and not about the Group. These consolidated
financial statements have been drawn up to 31 December 2025. The Group maintains a 12-month calendar financial year ending on
31 December.
The Group financial statements have been prepared and approved by the Directors in accordance with the requirements of the
Companies Act 2006 and International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the UK. The Company has elected to
prepare its financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework; these are presented
on pages 178 to 197.
Except for the changes set out in the adoption of new and revised standards section, the accounting policies set out below have been
applied consistently to all periods presented in these Group financial statements.
Material accounting policies
Measurement convention
The financial statements are prepared on the historical cost basis except for financial assets and financial liabilities (including derivatives)
designated as fair value through profit and loss (\u2018FVTPL\u2019) or fair value through other comprehensive income (\u2018FVOCI\u2019).
Functional and presentation currency
The Group\u2019s financial statements are presented in pounds sterling, which is the Company\u2019s functional currency.
Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements
of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which
control ceases.
Intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-Group transactions are eliminated
in preparing the consolidated financial statements.
(ii) Acquisitions
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
transferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
amount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identifiable assets acquired and
liabilities assumed, including contingent liabilities as required by \u2018IFRS 3 \u2013 Business Combinations\u2019.
Consideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
acquiree, equity interests issued by the Group, contingent consideration and share-based payment awards of the acquiree that are replaced
in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to
the fair value of contingent consideration that is not classified as equity is recognised in the income statement.
Transaction costs that the Group incurs in connection with a business combination, such as finder\u2019s fees, legal fees, due diligence fees and
other professional and consulting fees, are expensed as incurred.
Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies at the balance sheet date are translated to pounds sterling at the foreign exchange rate ruling
at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
value are translated to pounds sterling at foreign exchange rates ruling at the dates the fair values are determined.
(ii) Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to
pounds sterling at foreign exchange rates ruling at the balance sheet date. The revenue, expenses and cash flows of foreign operations
are translated to pounds sterling at an average rate for the period where this approximates to the foreign exchange rates ruling at the
dates of the transactions. Foreign exchange differences arising on retranslation since the adoption of IFRS are recognised directly in other
comprehensive income and accumulated in the translation reserve.
Speci\ufb01c adjusting items
The Group presents specific adjusting items separately in the consolidated income statement. These are items which occur infrequently
and are presented separately in the consolidated income statement due to their nature and size. The Directors consider disclosure of
specific adjusting items necessary for the users of the financial statements to obtain an alternative understanding of the financial information
and underlying performance of the business.
Revenue
Revenue is recognised as or when the Group satisfies a contractual performance obligation by transferring goods or services to a
customer. The Group\u2019s principal performance obligation is the provision of products and components which is satisfied at a point in time
and is subject to payment terms typical to the geography in which the business operates. Revenue is recognised when control of the goods
or services provided passes to the customer.
Substantially, all of the Group\u2019s revenue is derived from short-term contracts for the provision of products and components. Where goods
are collected by the customer, revenue is recognised at the point the customer takes physical possession of the items. Where a contract
includes delivery of goods, the delivery element is a distinct performance obligation and therefore revenue is only recognised once the
goods have been delivered to the customer as both performance obligations are satisfied simultaneously.
A small portion of the Group\u2019s revenue relates to project-based business, principally within the Thermal Products division. Revenue for
these contracts is recognised in line with fulfilment of contractual performance obligations stated in the contract.
Revenue is only recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised
will not occur. The transaction price is determined as the amount receivable for the provision of products and components excluding
rebates, discounts and similar items. Determining the transaction price does not require significant judgement. The costs incurred in
obtaining contracts are not material and the Group acts as a principal in its transactions with customers.
\u2018IFRS 15 \u2013 Revenue from Contracts with Customers\u2019 requires revenue to be disaggregated into categories that depict how the nature,
amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Group discloses revenue disaggregated
by geography, end-market and division, which are aligned by product type, in note 3 to the consolidated financial statements.
Research and development
The Group undertakes research and development activities as part of continual improvement of existing products and exploring new
products. Expenses relating to the research phase are recognised in the income statement as incurred. During the development phase
the Group applies the research to improve existing products or offer new products by solving technical problems. Expenses relating to
development are capitalised where the expense can be reliably measured, the asset created is technically and commercially feasible,
the Group intends to complete and use or sell the asset and future economic benefits are probable. Expenses which do not meet
the capitalisation criteria are expensed as incurred.
Finance income and expense
Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
funds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on \u2018IFRS 16 \u2013 Lease
liabilities,\u2019 interest on supplier finance arrangements and net interest on \u2018IAS 19 \u2013 Employee benefit\u2019 pension assets and obligations.
Interest income is recognised in the income statement as it accrues, using the effective interest method.
Taxation
Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to
the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised in equity
or other comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance
sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
not provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
profit and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset
can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Discontinued operations
Where the Group has disposed of or has classified as held-for-sale a business component which represents a separate major line of
business or geographical area of operations, it classifies such operations as discontinued. The post-tax profit or loss of the discontinued
operations and the gain or loss on disposal of the discontinued operations, is shown as a single line on the face of the consolidated income
statement, separate from the results of the rest of the Group.
Hedge accounting
The Group designates certain derivatives as hedging instruments in respect of foreign currency risk cash flow hedges. Hedges of foreign
exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group
documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group
documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable
to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
There is an economic relationship between the hedged item and the hedging instrument.
The effect of credit risk does not dominate the value changes that result from that economic relationship.
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
(for example rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of
a forward contract (for example including the forward elements) as the hedging instrument for all of its hedging relationships involving
forward contracts.
Note 22 sets out details of the fair values of the derivative instruments used for hedging purposes.
Fair value hedges
The fair value change on qualifying hedging instruments is recognised in the income statement.
Where hedging gains or losses are recognised in the income statement, they are recognised in the same line as the hedged item.
Cash \ufb02ow hedges
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the income statement in the
periods when the hedged item affects the income statement, in the same line as the recognised hedged item. However, when the hedged
forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised
in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost
of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group
expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately
reclassified to the income statement.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised.
The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the
cash flow hedge reserve at that time remains in equity and is reclassified to the income statement when the forecast transaction occurs.
When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified
immediately to the income statement.
Net investment hedge accounting
The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in
overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes
in exchange rates and the changes in value of borrowings are recognised in other comprehensive income and accumulated in the
translation reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised immediately in the
income statement. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to
the income statement on the disposal or partial disposal of the foreign operation.
Property, plant and equipment
(i) Owned assets
Items of property, plant and equipment are stated at cost less accumulated depreciation (see below) and impairment losses. The cost of
self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of production overheads. Where parts
of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and
equipment.
Gains and losses on the disposal of property, plant and equipment are determined by comparing the proceeds from disposal with the
carrying amount of the asset. Gains and losses on the disposal of property, plant and equipment are recognised in \u2018Operating costs before
amortisation of intangible assets, impairments and reversal of impairments of non-financial assets\u2019 in the income statement.
(ii) Depreciation of owned assets
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property,
plant and equipment. Land is not depreciated. Depreciation methods, useful lives and residual values are reviewed at each balance sheet
date. The estimated useful lives are as follows:
\n \n
Buildings
50 years
Plant, equipment and fixtures
3\u201320 years
Leasing
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset and
a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as
leases with a lease term of 12 months or less) and leases of low-value assets (defined as leases of a value of less than USD5,000 at lease
commencement). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
term of the lease.
(i) Lease liabilities
The lease liability is initially measured at the present value of future lease payments, discounted by using an incremental borrowing rate for
the relevant geographical region. The lease payments included in the lease liability comprise fixed lease payments, variable payments that
depend on an index or rate and any payments due under lease extension, termination or purchase options to the extent they are assessed
as reasonably certain.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective
interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability
(and makes a corresponding adjustment to the related right-of-use asset) whenever there is a lease modification, a change in lease term or
there is a significant event or change in circumstances resulting in a change in the assessment or exercise of other lease variables, such as
purchase options. A remeasurement will also occur when the lease payments change due to changes in index rates.
(ii) Right-of-use assets
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
commencement date, less any lease incentives received and initial direct costs. They are subsequently measured at cost less accumulated
depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or
restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured
under \u2018IAS 37 \u2013 Provisions, Contingent Liabilities and Contingent Assets\u2019. To the extent that the costs relate to a right-of-use asset, the
costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.
(iii) Depreciation of right-of-use assets
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at
the commencement date of the lease.
Goodwill
All business combinations are accounted for by applying the acquisition method. Goodwill represents the difference between the cost of
the acquisition and the fair value of assets, liabilities and contingent liabilities acquired.
Goodwill is allocated to groups of cash-generating units and is not amortised but tested at least annually for impairment. If the recoverable
amount of the cash-generating unit or group of cash-generating units is less than the carrying amount of the unit or group, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit or group and then to reduce the carrying amount
of the other intangibles and other assets of the unit or group on a pro-rata basis. An impairment loss recognised for goodwill is not
reversed in a subsequent period.
Other intangible assets
Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see below) and impairment losses.
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such
lives are indefinite. Intangible assets with an indefinite useful life are systematically tested for impairment at each balance sheet date.
Other intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Capitalised development costs
3 years
Computer software
3\u201310 years
Customer relationships
15\u201320 years
Technology and trademarks
15\u201320 years
\n
When the Group incurs configuration and customisation costs as part of a cloud-based software-as-a-service agreement which do not
result in the creation of an asset that the Group has control over, then these costs are expensed.
Investments
The Group holds equity investments which are traded in active markets and held for short-term trading. These investments are therefore
classified as financial assets and measured at FVTPL. Fair value at the balance sheet date is determined with reference to quoted market
prices. Dividends received from investments are recognised in the income statement when the right to receive the dividend is established.
Impairment of non-\ufb01nancial assets, excluding goodwill
At each balance sheet date non-financial assets and cash-generating units are reviewed for indicators of impairment, the recoverable
amount of the assets or cash-generating units are determined where such indicators exist.
The recoverable amount is the higher of the value in use and fair value less costs to sell. The value in use represents the future cash flows
expected to be derived from the asset or cash-generating unit, discounted to their present value using a pre-tax discount rate that reflects
time value of money and the risks specific to the asset or cash-generating unit. An impairment loss is recognised in the income statement
to the extent that the carrying value exceeds its recoverable amount.
An impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
the impairment loss was recognised. A reversal of an impairment loss is recognised immediately in the income statement to the extent
that the asset\u2019s or cash-generating unit\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised.
Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary
course of business, less the estimated costs of completion and selling expenses.
The cost of inventories is based on the first-in-first-out principle and includes expenditure incurred in acquiring the inventories and bringing
them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate
share of overheads based on normal operating capacity.
Trade and other receivables
The Group\u2019s trade receivables are held for collection under \u2018IFRS 9 \u2013 Financial Instruments\u2019 and are initially recorded at transaction price
and subsequently measured at amortised cost less allowances for expected credit losses (\u2018ECL\u2019).
The ECL are calculated in accordance with the simplified approach under IFRS 9 by applying lifetime historical credit loss experience to
trade receivables. The expected credit loss rate is adjusted to account for overdue debts and to reflect current economic conditions and
future default rates. Trade receivables more than 180 days past due are generally considered not recoverable and a 100% loss allowance
is recognised, except where historical experience with certain customers or geographies indicates otherwise. The loss is recognised in
the income statement.
Trade receivables are written off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written
off are credited to the income statement.
The Group enters into non-recourse factoring arrangements whereby certain trade receivables are sold to a third-party factoring provider.
Under these arrangements, the factoring provider bears the risk of loss if the customer fails to pay and therefore the Group transfers
substantially all risks and rewards of ownership at the point of sale.
Under IFRS 9, receivables subject to factoring are derecognised when the balance is transferred to the factoring provider, with the Group
no longer retaining control of the asset. The costs associated with the arrangement are recognised in the income statement within
operating costs and cash received from the factoring provider is presented within operating cash flows in the consolidated statement
of cash flows.
Cash and cash equivalents
Cash and cash equivalents comprise bank balances and cash deposits. Cash deposits include demand deposits and short-term
investments with maturities of three months or less. Bank overdrafts that are repayable on demand form an integral part of the Group\u2019s
cash management and are included as a component of cash and cash equivalents for the purposes of the Group statement of cash flows.
Trade and other payables
Trade and other payables are recognised initially at transaction price. Subsequent to initial recognition, they are measured at amortised
cost using the effective interest method.
The Group uses supplier finance arrangements whereby a third-party provider settles certain accounts payable balances on behalf of the
Group on the invoice due date. The Group settles the liability to the third-party provider at an agreed later date.
Borrowings
Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated
at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of
the borrowings on an effective interest basis.
Pensions and other long-term service bene\ufb01ts
(i) De\ufb01ned contribution plans
For defined contribution plans, the Group pays contributions to either publicly or privately administered pension plans, and the Group
has no further payment obligations once the contributions have been paid. Obligations for contributions to defined contribution pension
plans are recognised as an expense in the income statement as incurred.
(ii) De\ufb01ned bene\ufb01t plans
A defined benefit plan is any retirement plan which is not a defined contribution plan. Typically, defined benefit plans define an amount of
retirement benefit that an employee will receive, usually depending on one or more factors such as age, years of service and earnings.
The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount
of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to
determine its present value, and the fair value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on
AA-credit-rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. The calculation is performed by a
qualified actuary using the projected unit credit method.
When the calculation results in a benefit to the Group, the recognised asset is limited to the total of the present value of economic benefits
available in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic benefit is available
to the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities. Remeasurement gains and losses, differences
between the interest income and actual returns on assets, and the effect of changes in actuarial assumptions are recognised in full in other
comprehensive income in the year in which they arise.
(iii) Long-term service bene\ufb01ts
The Group\u2019s net obligation in respect of long-term service benefits, other than pension plans, is the amount of future benefit that
employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected
unit credit method, or similar approximation, and is discounted to its present value and the fair value of any related assets is deducted.
The discount rate is the yield at the balance sheet date on AA-credit-rated bonds that have maturity dates approximating the terms of the
Group\u2019s obligations.
Share-based payment transactions
The grant date fair value of share-based payment awards granted to employees is recognised as an expense, with a corresponding increase
in equity, over the period that the employees become unconditionally entitled to the awards. The amount recognised as an expense is
adjusted to reflect the actual number of awards for which the related service and non-market performance conditions are met, such
that the amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market
performance conditions at the vesting date.
Provisions, contingent liabilities and contingent assets
A provision is recognised in the consolidated balance sheet when the Group has a present legal or constructive obligation as a result of
a past event and there is probable outflow of resources which can be reliably measured and will be required to settle the obligation.
Provisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the effect
is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate reflective of the current market
assessments of the time value of money and, where appropriate, the risks specific to the liability.
A contingent liability is disclosed, where significant, if the existence of the obligation will only be confirmed by future events or where the
amount of the obligation cannot be measured with reasonable reliability. A contingent liability is not disclosed if the likelihood of a material
outflow in excess of any amounts provided is considered remote. Obligations arising from restructuring plans are recognised when detailed
formal plans have been established and when there is a valid expectation that such a plan will be carried out. The Group\u2019s contingent
liabilities are reviewed on a regular basis.
A contingent asset is not recognised but is disclosed, where significant, if an inflow of economic benefit is probable.
Preference share capital
Preference share capital is classified as a financial liability within borrowings if the substance of the shares does not contain an equity
element. Dividends on Preference share capital are classified as finance charges within the consolidated income statement.
Share capital
Ordinary shares are classified as equity.
Purchase of own shares
Shares purchased by the Morgan General Employee Benefit Trust (\u2018the Trust\u2019) are used to satisfy share awards under the Group share
scheme plans. The consideration paid, which includes directly attributable costs, is net of any tax effects and is recognised as a deduction
from equity. Shares purchased by the Company as part of the share buyback programme are cancelled, the nominal value of the shares is
transferred from share capital to the capital redemption reserve and retained earnings are reduced by the value of the consideration paid.
Dividends
Equity dividends on Ordinary share capital are recognised as a liability in the Company\u2019s financial statements on the date that the
shareholder\u2019s right to receive payment is established. Dividends declared after the balance sheet date are not recognised as there is no
present obligation at the balance sheet date.
Critical accounting judgements and key sources of estimation uncertainty
In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the
application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.
Critical accounting judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the
consolidated financial statements is included in the following notes:
Note 6: Speci\ufb01c adjusting items
The Group separately presents specific adjusting items in the consolidated income statement which, in the Directors\u2019 judgement,
need to be disclosed separately by virtue of their size and incidence in order for users of the consolidated financial statements to obtain
an alternative understanding of the financial information and the underlying performance of the business. These are items which occur
infrequently and include (but are not limited to):
Individual restructuring projects which are material or relate to the closure of a part of the business and are not expected to recur;
Impairment of non-financial assets which are material;
Gains or losses on disposal or exit of businesses;
Significant costs incurred as part of the integration of an acquired business;
Gains or losses arising on significant changes to or closures of defined benefit pension plans;
Expenses related to the design, configuration, customisation and implementation of a Global ERP system; and
Changes in the fair value and associated foreign exchange on shares in Foseco India Limited (\u2018FIL\u2019).
Determining whether an item is part of specific adjusting items requires judgement to determine the nature and the intention of
the transaction.
Note 25: Provisions and contingent liabilities
Due to the nature of its operations, the Group holds provisions for its environmental obligations. Judgement is needed in determining
whether a contingent liability has crystallised into a provision. Management assesses whether there is sufficient information to determine
that an environmental liability exists and whether it is possible to estimate with sufficient reliability what the cost of remediation is likely to
be. For environmental remediation matters, this tends to be at the point in time when a remediation feasibility study has been completed,
or sufficient information becomes available through the study to estimate the costs of remediation.
The Group recognises a legal provision at the point when the outcome of a legal matter can be reliably estimated. Estimates are based on
past experience of similar issues, professional advice received and the Group\u2019s assessment of the most likely outcome. The timing of the
utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the outcome of various court proceedings and
associated negotiations.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty in the reporting period that may have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are included in
the notes below.
Note 23: Pensions and other post-retirement employee bene\ufb01ts: key actuarial assumptions
The principal actuarial assumptions applied to pensions are shown in note 23, including a sensitivity analysis of the reasonably possible
changes for the inflation, discount rate and mortality rate assumptions. The actuarial evaluation of pension assets and liabilities is based
on assumptions in respect of inflation, future salary increases, discount rates, returns on investments and mortality rates. Relatively small
changes in the assumptions underlying the actuarial valuations of pension schemes can have a significant impact on the pension asset and
liability included in the balance sheet.
Other assumptions and estimates which have a lower risk of resulting in a material adjustment
to the carrying amounts of assets and liabilities within the next 12 months include:
Notes 8 and 15: Taxation
The level of current tax and deferred tax recognised is dependent on the tax rates in effect at the balance sheet date, and on subjective
judgements as to the outcome of decisions to be made by the tax authorities in the various tax jurisdictions around the world in which
the Group operates.
The Group periodically assesses its liabilities and contingencies for all tax years open to audit based on the latest information available.
The Group records its best estimate of these tax liabilities, including related interest charges. While management believes it has adequately
provided for the probable outcome of these matters, future results may include adjustments to these estimated tax liabilities and the final
outcome of tax examinations may result in a materially different outcome than that assumed in the tax liabilities. Provisions are made
against individual exposures taking into account the specific circumstances of each case, including the strengths of technical arguments,
past experience with tax authorities, recent case law or rulings on similar issues and external advice received.
Note 22: Credit risk
Note 22 contains information about the Group\u2019s exposure to credit risk, including a sensitivity analysis. The Group establishes a loss
allowance for its estimate of expected credit losses against receivables.
Climate change-related risks and opportunities
The potential climate change-related risks and opportunities to which the Group is exposed, as identified by management, are disclosed in
the Group\u2019s TCFD disclosures on pages 32 to 40. Management has assessed the potential financial impacts relating to the identified risks,
primarily considering the useful lives of property, plant and equipment, the possibility of impairment of goodwill and other long-lived
assets, and the recoverability of the Group\u2019s deferred tax assets. Management has exercised judgement in concluding that there are
no further material financial impacts of the Group\u2019s climate-related risks and opportunities on the consolidated financial statements.
These judgements will be kept under review by management as the future impacts of climate change depend on environmental,
regulatory and other factors outside of the Group\u2019s control, which are not all currently known.
Going concern
The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in
the Strategic Report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities, are described in the
Group Financial Review on pages 46 to 52. In addition, note 22 to the consolidated financial statements includes the Group\u2019s policies and
processes for managing financial risk, details of its financial instruments and hedging activities, and details of its exposures to credit risk
and liquidity risk.
The Group meets its day-to-day working capital requirements through local banking arrangements. The principal borrowing facilities are
subject to covenants that are measured semi-annually with reference to net debt* to EBITDA* and interest cover at June and December.
The Group had both significant available liquidity and headroom on its covenants.
A number of stress test scenarios have been performed to demonstrate the decline in business performance required in order for the
Group to breach its banking covenants. The Directors do not consider these scenarios to be plausible given the diversity of the Group\u2019s
end-markets and its broad manufacturing base.
The Board and Executive Committee regularly review principal and emerging risks including climate change risk and consider the impact
of these risks in the context of the viability and going concern assessments on pages 53 to 54. The Directors have a reasonable expectation
that the Company and the Group have adequate resources to continue in operational existence for a period of 18 months from the date
of signing of this Annual Report and Accounts. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report
and Accounts.
Alternative performance measures
The Group monitors business performance through alternative performance measures (APMs) which are not defined under IFRS and are
therefore non-GAAP measures. The APMs provide useful information to stakeholders, including additional insight into ongoing trading and
year-on-year comparisons. These APMs are not a substitute for IFRS measures but are complementary to them. The Group defines each
APM and therefore they may not be directly comparable with similarly named metrics in other businesses. The definition, purpose and
reconciliation to statutory figures where applicable are included on pages 199 to 204.
Newly adopted standards
In the current year, the Group has applied the following amendment to IFRS Accounting Standards as adopted by the UK that are
mandatorily effective for an accounting period that begins on or after 1 January 2025. The adoption has not had any material impact
on the disclosures or on the amounts reported in these financial statements.
Amendments to \u2018IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates\u2019: Lack of Exchangeability.
Accounting developments and changes
New accounting standards in issue but not yet effective
New standards and interpretations that are in issue but not yet effective are listed below.
Amendment to \u2018IFRS 9 \u2013 Financial Instruments\u2019 and \u2018IFRS 7 \u2013 Financial Instruments: Disclosures\u2019.
Amendment to IFRS 9 and IFRS 7 \u2018Contracts Referencing Nature-dependent Electricity\u2019.
\u2018IFRS 18 \u2013 Presentation and Disclosure in Financial Statements\u2019.
The adoption of amendments to IAS 21 is effective for the period beginning 1 January 2025, the adoption has not led to any material
changes to the Group\u2019s accounting policies or had any other material impact on the financial position or performance of the Group. For
amendments to \u2018IFRS 9 \u2013 Financial Instruments\u2019 and \u2018IFRS 7 \u2013 Financial Instruments: Disclosures\u2018 that are in issue, but not yet effective,
the Group does not anticipate that their adoption will have a material impact on the consolidated financial statements. IFRS 18 is effective
for periods beginning on or after 1 January 2027 and replaces \u2018IAS 1 \u2013 Presentation of Financial Statements\u2019. The standard requires the
classification of income and expenditure in the income statement to be split between operating, investing and financing, introduces
disclosures around management defined performance measures (MPMs) and aggregation and disaggregation of other disclosure
information. The impact of the standard on the Group is currently being assessed and it is not yet practicable to quantify the effect of
the standard on these consolidated financial statements.
There are no other upcoming accounting standards or amendments that are applicable to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00574": { "value": "Morgan Advanced Materials plc (the \u2018Company\u2019) is a public company limited by shares incorporated in the UK under the Companies
Act and is headquartered in the UK. The address of the registered office is given in Shareholder information on page 205. The principal
activities of the Company and its subsidiaries, and the nature of the Group\u2019s operations, are set out in the Strategic Report.
The Group\u2019s financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The
Company financial statements present information about the Company as a separate entity and not about the Group. These consolidated
financial statements have been drawn up to 31 December 2025. The Group maintains a 12-month calendar financial year ending on
31 December.
The Group financial statements have been prepared and approved by the Directors in accordance with the requirements of the
Companies Act 2006 and International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the UK. The Company has elected to
prepare its financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework; these are presented
on pages 178 to 197.
Except for the changes set out in the adoption of new and revised standards section, the accounting policies set out below have been
applied consistently to all periods presented in these Group financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "Morgan Advanced Materials plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "Morgan Advanced Materials plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "Morgan Advanced Materials plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "UK", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00554": { "value": "The Group financial statements have been prepared and approved by the Directors in accordance with the requirements of the Companies Act 2006 and International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the UK.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00564": { "value": "Measurement convention
The financial statements are prepared on the historical cost basis except for financial assets and financial liabilities (including derivatives)
designated as fair value through profit and loss (\u2018FVTPL\u2019) or fair value through other comprehensive income (\u2018FVOCI\u2019).", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00506": { "value": "Functional and presentation currency The Group\u2019s financial statements are presented in pounds sterling, which is the Company\u2019s functional currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00507": { "value": "Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements
of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which
control ceases.
Intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-Group transactions are eliminated
in preparing the consolidated financial statements.
(ii) Acquisitions
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
transferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
amount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identifiable assets acquired and
liabilities assumed, including contingent liabilities as required by \u2018IFRS 3 \u2013 Business Combinations\u2019.
Consideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
acquiree, equity interests issued by the Group, contingent consideration and share-based payment awards of the acquiree that are replaced
in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to
the fair value of contingent consideration that is not classified as equity is recognised in the income statement.
Transaction costs that the Group incurs in connection with a business combination, such as finder\u2019s fees, legal fees, due diligence fees and
other professional and consulting fees, are expensed as incurred.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00508": { "value": "(i) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements
of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which
control ceases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00583": { "value": "(ii) Acquisitions
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
transferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
amount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identifiable assets acquired and
liabilities assumed, including contingent liabilities as required by \u2018IFRS 3 \u2013 Business Combinations\u2019.
Consideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
acquiree, equity interests issued by the Group, contingent consideration and share-based payment awards of the acquiree that are replaced
in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to
the fair value of contingent consideration that is not classified as equity is recognised in the income statement.
Transaction costs that the Group incurs in connection with a business combination, such as finder\u2019s fees, legal fees, due diligence fees and
other professional and consulting fees, are expensed as incurred.Goodwill
All business combinations are accounted for by applying the acquisition method. Goodwill represents the difference between the cost of
the acquisition and the fair value of assets, liabilities and contingent liabilities acquired.
Goodwill is allocated to groups of cash-generating units and is not amortised but tested at least annually for impairment. If the recoverable
amount of the cash-generating unit or group of cash-generating units is less than the carrying amount of the unit or group, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit or group and then to reduce the carrying amount
of the other intangibles and other assets of the unit or group on a pro-rata basis. An impairment loss recognised for goodwill is not
reversed in a subsequent period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00584": { "value": "(ii) Acquisitions
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
transferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
amount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identifiable assets acquired and
liabilities assumed, including contingent liabilities as required by \u2018IFRS 3 \u2013 Business Combinations\u2019.
Consideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
acquiree, equity interests issued by the Group, contingent consideration and share-based payment awards of the acquiree that are replaced
in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to
the fair value of contingent consideration that is not classified as equity is recognised in the income statement.
Transaction costs that the Group incurs in connection with a business combination, such as finder\u2019s fees, legal fees, due diligence fees and
other professional and consulting fees, are expensed as incurred.Goodwill
All business combinations are accounted for by applying the acquisition method. Goodwill represents the difference between the cost of
the acquisition and the fair value of assets, liabilities and contingent liabilities acquired.
Goodwill is allocated to groups of cash-generating units and is not amortised but tested at least annually for impairment. If the recoverable
amount of the cash-generating unit or group of cash-generating units is less than the carrying amount of the unit or group, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit or group and then to reduce the carrying amount
of the other intangibles and other assets of the unit or group on a pro-rata basis. An impairment loss recognised for goodwill is not
reversed in a subsequent period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00509": { "value": "Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies at the balance sheet date are translated to pounds sterling at the foreign exchange rate ruling
at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
value are translated to pounds sterling at foreign exchange rates ruling at the dates the fair values are determined.
(ii) Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to
pounds sterling at foreign exchange rates ruling at the balance sheet date. The revenue, expenses and cash flows of foreign operations
are translated to pounds sterling at an average rate for the period where this approximates to the foreign exchange rates ruling at the
dates of the transactions. Foreign exchange differences arising on retranslation since the adoption of IFRS are recognised directly in other
comprehensive income and accumulated in the translation reserve.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00510": { "value": "Speci\ufb01c adjusting items
The Group presents specific adjusting items separately in the consolidated income statement. These are items which occur infrequently
and are presented separately in the consolidated income statement due to their nature and size. The Directors consider disclosure of
specific adjusting items necessary for the users of the financial statements to obtain an alternative understanding of the financial information
and underlying performance of the business.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00511": { "value": "Revenue
Revenue is recognised as or when the Group satisfies a contractual performance obligation by transferring goods or services to a
customer. The Group\u2019s principal performance obligation is the provision of products and components which is satisfied at a point in time
and is subject to payment terms typical to the geography in which the business operates. Revenue is recognised when control of the goods
or services provided passes to the customer.
Substantially, all of the Group\u2019s revenue is derived from short-term contracts for the provision of products and components. Where goods
are collected by the customer, revenue is recognised at the point the customer takes physical possession of the items. Where a contract
includes delivery of goods, the delivery element is a distinct performance obligation and therefore revenue is only recognised once the
goods have been delivered to the customer as both performance obligations are satisfied simultaneously.
A small portion of the Group\u2019s revenue relates to project-based business, principally within the Thermal Products division. Revenue for
these contracts is recognised in line with fulfilment of contractual performance obligations stated in the contract.
Revenue is only recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised
will not occur. The transaction price is determined as the amount receivable for the provision of products and components excluding
rebates, discounts and similar items. Determining the transaction price does not require significant judgement. The costs incurred in
obtaining contracts are not material and the Group acts as a principal in its transactions with customers.
\u2018IFRS 15 \u2013 Revenue from Contracts with Customers\u2019 requires revenue to be disaggregated into categories that depict how the nature,
amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Group discloses revenue disaggregated
by geography, end-market and division, which are aligned by product type, in note 3 to the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00512": { "value": "Research and development
The Group undertakes research and development activities as part of continual improvement of existing products and exploring new
products. Expenses relating to the research phase are recognised in the income statement as incurred. During the development phase
the Group applies the research to improve existing products or offer new products by solving technical problems. Expenses relating to
development are capitalised where the expense can be reliably measured, the asset created is technically and commercially feasible,
the Group intends to complete and use or sell the asset and future economic benefits are probable. Expenses which do not meet
the capitalisation criteria are expensed as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00580": { "value": "Finance income and expense
Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
funds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on \u2018IFRS 16 \u2013 Lease
liabilities,\u2019 interest on supplier finance arrangements and net interest on \u2018IAS 19 \u2013 Employee benefit\u2019 pension assets and obligations.
Interest income is recognised in the income statement as it accrues, using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00514": { "value": "Finance income and expense
Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
funds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on \u2018IFRS 16 \u2013 Lease
liabilities,\u2019 interest on supplier finance arrangements and net interest on \u2018IAS 19 \u2013 Employee benefit\u2019 pension assets and obligations.
Interest income is recognised in the income statement as it accrues, using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00513": { "value": "Finance income and expense
Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
funds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on \u2018IFRS 16 \u2013 Lease
liabilities,\u2019 interest on supplier finance arrangements and net interest on \u2018IAS 19 \u2013 Employee benefit\u2019 pension assets and obligations.
Interest income is recognised in the income statement as it accrues, using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "value": "Taxation
Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to
the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised in equity
or other comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance
sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
not provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
profit and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset
can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00576": { "value": "Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
not provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
profit and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset
can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00582": { "value": "Discontinued operations
Where the Group has disposed of or has classified as held-for-sale a business component which represents a separate major line of
business or geographical area of operations, it classifies such operations as discontinued. The post-tax profit or loss of the discontinued
operations and the gain or loss on disposal of the discontinued operations, is shown as a single line on the face of the consolidated income
statement, separate from the results of the rest of the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00581": { "value": "Discontinued operations
Where the Group has disposed of or has classified as held-for-sale a business component which represents a separate major line of
business or geographical area of operations, it classifies such operations as discontinued. The post-tax profit or loss of the discontinued
operations and the gain or loss on disposal of the discontinued operations, is shown as a single line on the face of the consolidated income
statement, separate from the results of the rest of the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "Discontinued operations
Where the Group has disposed of or has classified as held-for-sale a business component which represents a separate major line of
business or geographical area of operations, it classifies such operations as discontinued. The post-tax profit or loss of the discontinued
operations and the gain or loss on disposal of the discontinued operations, is shown as a single line on the face of the consolidated income
statement, separate from the results of the rest of the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00579": { "value": "Hedge accounting
The Group designates certain derivatives as hedging instruments in respect of foreign currency risk cash flow hedges. Hedges of foreign
exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group
documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group
documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable
to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
There is an economic relationship between the hedged item and the hedging instrument.
The effect of credit risk does not dominate the value changes that result from that economic relationship.
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
(for example rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of
a forward contract (for example including the forward elements) as the hedging instrument for all of its hedging relationships involving
forward contracts.
Note 22 sets out details of the fair values of the derivative instruments used for hedging purposes.
Fair value hedges
The fair value change on qualifying hedging instruments is recognised in the income statement.
Where hedging gains or losses are recognised in the income statement, they are recognised in the same line as the hedged item.
Cash \ufb02ow hedges
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the income statement in the
periods when the hedged item affects the income statement, in the same line as the recognised hedged item. However, when the hedged
forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised
in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost
of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group
expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately
reclassified to the income statement.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised.
The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the
cash flow hedge reserve at that time remains in equity and is reclassified to the income statement when the forecast transaction occurs.
When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified
immediately to the income statement.
Net investment hedge accounting
The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in
overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes
in exchange rates and the changes in value of borrowings are recognised in other comprehensive income and accumulated in the
translation reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised immediately in the
income statement. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to
the income statement on the disposal or partial disposal of the foreign operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00578": { "value": "Hedge accounting
The Group designates certain derivatives as hedging instruments in respect of foreign currency risk cash flow hedges. Hedges of foreign
exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group
documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group
documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable
to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
There is an economic relationship between the hedged item and the hedging instrument.
The effect of credit risk does not dominate the value changes that result from that economic relationship.
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
(for example rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of
a forward contract (for example including the forward elements) as the hedging instrument for all of its hedging relationships involving
forward contracts.
Note 22 sets out details of the fair values of the derivative instruments used for hedging purposes.
Fair value hedges
The fair value change on qualifying hedging instruments is recognised in the income statement.
Where hedging gains or losses are recognised in the income statement, they are recognised in the same line as the hedged item.
Cash \ufb02ow hedges
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the income statement in the
periods when the hedged item affects the income statement, in the same line as the recognised hedged item. However, when the hedged
forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised
in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost
of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group
expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately
reclassified to the income statement.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised.
The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the
cash flow hedge reserve at that time remains in equity and is reclassified to the income statement when the forecast transaction occurs.
When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified
immediately to the income statement.
Net investment hedge accounting
The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in
overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes
in exchange rates and the changes in value of borrowings are recognised in other comprehensive income and accumulated in the
translation reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised immediately in the
income statement. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to
the income statement on the disposal or partial disposal of the foreign operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00577": { "value": "Hedge accounting
The Group designates certain derivatives as hedging instruments in respect of foreign currency risk cash flow hedges. Hedges of foreign
exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group
documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group
documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable
to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
There is an economic relationship between the hedged item and the hedging instrument.
The effect of credit risk does not dominate the value changes that result from that economic relationship.
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
(for example rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of
a forward contract (for example including the forward elements) as the hedging instrument for all of its hedging relationships involving
forward contracts.
Note 22 sets out details of the fair values of the derivative instruments used for hedging purposes.
Fair value hedges
The fair value change on qualifying hedging instruments is recognised in the income statement.
Where hedging gains or losses are recognised in the income statement, they are recognised in the same line as the hedged item.
Cash \ufb02ow hedges
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the income statement in the
periods when the hedged item affects the income statement, in the same line as the recognised hedged item. However, when the hedged
forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised
in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost
of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group
expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately
reclassified to the income statement.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised.
The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the
cash flow hedge reserve at that time remains in equity and is reclassified to the income statement when the forecast transaction occurs.
When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified
immediately to the income statement.
Net investment hedge accounting
The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in
overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes
in exchange rates and the changes in value of borrowings are recognised in other comprehensive income and accumulated in the
translation reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised immediately in the
income statement. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to
the income statement on the disposal or partial disposal of the foreign operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00517": { "value": "Hedge accounting
The Group designates certain derivatives as hedging instruments in respect of foreign currency risk cash flow hedges. Hedges of foreign
exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group
documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group
documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable
to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
There is an economic relationship between the hedged item and the hedging instrument.
The effect of credit risk does not dominate the value changes that result from that economic relationship.
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
(for example rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of
a forward contract (for example including the forward elements) as the hedging instrument for all of its hedging relationships involving
forward contracts.
Note 22 sets out details of the fair values of the derivative instruments used for hedging purposes.
Fair value hedges
The fair value change on qualifying hedging instruments is recognised in the income statement.
Where hedging gains or losses are recognised in the income statement, they are recognised in the same line as the hedged item.
Cash \ufb02ow hedges
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the income statement in the
periods when the hedged item affects the income statement, in the same line as the recognised hedged item. However, when the hedged
forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised
in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost
of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group
expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately
reclassified to the income statement.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised.
The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the
cash flow hedge reserve at that time remains in equity and is reclassified to the income statement when the forecast transaction occurs.
When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified
immediately to the income statement.
Net investment hedge accounting
The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in
overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes
in exchange rates and the changes in value of borrowings are recognised in other comprehensive income and accumulated in the
translation reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised immediately in the
income statement. Gains and losses on the hedging instrument accumulated in the foreign currency translation reserve are reclassified to
the income statement on the disposal or partial disposal of the foreign operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00518": { "value": "Property, plant and equipment
(i) Owned assets
Items of property, plant and equipment are stated at cost less accumulated depreciation (see below) and impairment losses. The cost of
self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of production overheads. Where parts
of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and
equipment.
Gains and losses on the disposal of property, plant and equipment are determined by comparing the proceeds from disposal with the
carrying amount of the asset. Gains and losses on the disposal of property, plant and equipment are recognised in \u2018Operating costs before
amortisation of intangible assets, impairments and reversal of impairments of non-financial assets\u2019 in the income statement.
(ii) Depreciation of owned assets
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property,
plant and equipment. Land is not depreciated. Depreciation methods, useful lives and residual values are reviewed at each balance sheet
date. The estimated useful lives are as follows:
\n \n
Buildings
50 years
Plant, equipment and fixtures
3\u201320 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00587": { "value": "(ii) Depreciation of owned assets
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property,
plant and equipment. Land is not depreciated. Depreciation methods, useful lives and residual values are reviewed at each balance sheet
date. The estimated useful lives are as follows:
\n \n
Buildings
50 years
Plant, equipment and fixtures
3\u201320 years
(iii) Depreciation of right-of-use assets
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at
the commencement date of the lease.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00519": { "value": "Leasing
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset and
a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as
leases with a lease term of 12 months or less) and leases of low-value assets (defined as leases of a value of less than USD5,000 at lease
commencement). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
term of the lease.
(i) Lease liabilities
The lease liability is initially measured at the present value of future lease payments, discounted by using an incremental borrowing rate for
the relevant geographical region. The lease payments included in the lease liability comprise fixed lease payments, variable payments that
depend on an index or rate and any payments due under lease extension, termination or purchase options to the extent they are assessed
as reasonably certain.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective
interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability
(and makes a corresponding adjustment to the related right-of-use asset) whenever there is a lease modification, a change in lease term or
there is a significant event or change in circumstances resulting in a change in the assessment or exercise of other lease variables, such as
purchase options. A remeasurement will also occur when the lease payments change due to changes in index rates.
(ii) Right-of-use assets
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
commencement date, less any lease incentives received and initial direct costs. They are subsequently measured at cost less accumulated
depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or
restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured
under \u2018IAS 37 \u2013 Provisions, Contingent Liabilities and Contingent Assets\u2019. To the extent that the costs relate to a right-of-use asset, the
costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.
(iii) Depreciation of right-of-use assets
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at
the commencement date of the lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00520": { "value": "Goodwill
All business combinations are accounted for by applying the acquisition method. Goodwill represents the difference between the cost of
the acquisition and the fair value of assets, liabilities and contingent liabilities acquired.
Goodwill is allocated to groups of cash-generating units and is not amortised but tested at least annually for impairment. If the recoverable
amount of the cash-generating unit or group of cash-generating units is less than the carrying amount of the unit or group, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit or group and then to reduce the carrying amount
of the other intangibles and other assets of the unit or group on a pro-rata basis. An impairment loss recognised for goodwill is not
reversed in a subsequent period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00522": { "value": "Goodwill
All business combinations are accounted for by applying the acquisition method. Goodwill represents the difference between the cost of
the acquisition and the fair value of assets, liabilities and contingent liabilities acquired.
Goodwill is allocated to groups of cash-generating units and is not amortised but tested at least annually for impairment. If the recoverable
amount of the cash-generating unit or group of cash-generating units is less than the carrying amount of the unit or group, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit or group and then to reduce the carrying amount
of the other intangibles and other assets of the unit or group on a pro-rata basis. An impairment loss recognised for goodwill is not
reversed in a subsequent period.
Other intangible assets
Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see below) and impairment losses.
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such
lives are indefinite. Intangible assets with an indefinite useful life are systematically tested for impairment at each balance sheet date.
Other intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Capitalised development costs
3 years
Computer software
3\u201310 years
Customer relationships
15\u201320 years
Technology and trademarks
15\u201320 years
\n
When the Group incurs configuration and customisation costs as part of a cloud-based software-as-a-service agreement which do not
result in the creation of an asset that the Group has control over, then these costs are expensed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00521": { "value": "Other intangible assets
Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see below) and impairment losses.
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such
lives are indefinite. Intangible assets with an indefinite useful life are systematically tested for impairment at each balance sheet date.
Other intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Capitalised development costs
3 years
Computer software
3\u201310 years
Customer relationships
15\u201320 years
Technology and trademarks
15\u201320 years
\n
When the Group incurs configuration and customisation costs as part of a cloud-based software-as-a-service agreement which do not
result in the creation of an asset that the Group has control over, then these costs are expensed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00523": { "value": "Impairment of non-\ufb01nancial assets, excluding goodwill
At each balance sheet date non-financial assets and cash-generating units are reviewed for indicators of impairment, the recoverable
amount of the assets or cash-generating units are determined where such indicators exist.
The recoverable amount is the higher of the value in use and fair value less costs to sell. The value in use represents the future cash flows
expected to be derived from the asset or cash-generating unit, discounted to their present value using a pre-tax discount rate that reflects
time value of money and the risks specific to the asset or cash-generating unit. An impairment loss is recognised in the income statement
to the extent that the carrying value exceeds its recoverable amount.
An impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
the impairment loss was recognised. A reversal of an impairment loss is recognised immediately in the income statement to the extent
that the asset\u2019s or cash-generating unit\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00585": { "value": "Impairment of non-\ufb01nancial assets, excluding goodwill
At each balance sheet date non-financial assets and cash-generating units are reviewed for indicators of impairment, the recoverable
amount of the assets or cash-generating units are determined where such indicators exist.
The recoverable amount is the higher of the value in use and fair value less costs to sell. The value in use represents the future cash flows
expected to be derived from the asset or cash-generating unit, discounted to their present value using a pre-tax discount rate that reflects
time value of money and the risks specific to the asset or cash-generating unit. An impairment loss is recognised in the income statement
to the extent that the carrying value exceeds its recoverable amount.
An impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
the impairment loss was recognised. A reversal of an impairment loss is recognised immediately in the income statement to the extent
that the asset\u2019s or cash-generating unit\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00524": { "value": "Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary
course of business, less the estimated costs of completion and selling expenses.
The cost of inventories is based on the first-in-first-out principle and includes expenditure incurred in acquiring the inventories and bringing
them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate
share of overheads based on normal operating capacity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00586": { "value": "Trade and other receivables
The Group\u2019s trade receivables are held for collection under \u2018IFRS 9 \u2013 Financial Instruments\u2019 and are initially recorded at transaction price
and subsequently measured at amortised cost less allowances for expected credit losses (\u2018ECL\u2019).
The ECL are calculated in accordance with the simplified approach under IFRS 9 by applying lifetime historical credit loss experience to
trade receivables. The expected credit loss rate is adjusted to account for overdue debts and to reflect current economic conditions and
future default rates. Trade receivables more than 180 days past due are generally considered not recoverable and a 100% loss allowance
is recognised, except where historical experience with certain customers or geographies indicates otherwise. The loss is recognised in
the income statement.
Trade receivables are written off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written
off are credited to the income statement.
The Group enters into non-recourse factoring arrangements whereby certain trade receivables are sold to a third-party factoring provider.
Under these arrangements, the factoring provider bears the risk of loss if the customer fails to pay and therefore the Group transfers
substantially all risks and rewards of ownership at the point of sale.
Under IFRS 9, receivables subject to factoring are derecognised when the balance is transferred to the factoring provider, with the Group
no longer retaining control of the asset. The costs associated with the arrangement are recognised in the income statement within
operating costs and cash received from the factoring provider is presented within operating cash flows in the consolidated statement
of cash flows.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00525": { "value": "Trade and other receivables
The Group\u2019s trade receivables are held for collection under \u2018IFRS 9 \u2013 Financial Instruments\u2019 and are initially recorded at transaction price
and subsequently measured at amortised cost less allowances for expected credit losses (\u2018ECL\u2019).
The ECL are calculated in accordance with the simplified approach under IFRS 9 by applying lifetime historical credit loss experience to
trade receivables. The expected credit loss rate is adjusted to account for overdue debts and to reflect current economic conditions and
future default rates. Trade receivables more than 180 days past due are generally considered not recoverable and a 100% loss allowance
is recognised, except where historical experience with certain customers or geographies indicates otherwise. The loss is recognised in
the income statement.
Trade receivables are written off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written
off are credited to the income statement.
The Group enters into non-recourse factoring arrangements whereby certain trade receivables are sold to a third-party factoring provider.
Under these arrangements, the factoring provider bears the risk of loss if the customer fails to pay and therefore the Group transfers
substantially all risks and rewards of ownership at the point of sale.
Under IFRS 9, receivables subject to factoring are derecognised when the balance is transferred to the factoring provider, with the Group
no longer retaining control of the asset. The costs associated with the arrangement are recognised in the income statement within
operating costs and cash received from the factoring provider is presented within operating cash flows in the consolidated statement
of cash flows.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00526": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise bank balances and cash deposits. Cash deposits include demand deposits and short-term
investments with maturities of three months or less. Bank overdrafts that are repayable on demand form an integral part of the Group\u2019s
cash management and are included as a component of cash and cash equivalents for the purposes of the Group statement of cash flows.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00527": { "value": "Trade and other payables
Trade and other payables are recognised initially at transaction price. Subsequent to initial recognition, they are measured at amortised
cost using the effective interest method.
The Group uses supplier finance arrangements whereby a third-party provider settles certain accounts payable balances on behalf of the
Group on the invoice due date. The Group settles the liability to the third-party provider at an agreed later date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00528": { "value": "Borrowings
Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated
at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of
the borrowings on an effective interest basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00529": { "value": "Pensions and other long-term service bene\ufb01ts
(i) De\ufb01ned contribution plans
For defined contribution plans, the Group pays contributions to either publicly or privately administered pension plans, and the Group
has no further payment obligations once the contributions have been paid. Obligations for contributions to defined contribution pension
plans are recognised as an expense in the income statement as incurred.
(ii) De\ufb01ned bene\ufb01t plans
A defined benefit plan is any retirement plan which is not a defined contribution plan. Typically, defined benefit plans define an amount of
retirement benefit that an employee will receive, usually depending on one or more factors such as age, years of service and earnings.
The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount
of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to
determine its present value, and the fair value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on
AA-credit-rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. The calculation is performed by a
qualified actuary using the projected unit credit method.
When the calculation results in a benefit to the Group, the recognised asset is limited to the total of the present value of economic benefits
available in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic benefit is available
to the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities. Remeasurement gains and losses, differences
between the interest income and actual returns on assets, and the effect of changes in actuarial assumptions are recognised in full in other
comprehensive income in the year in which they arise.
(iii) Long-term service bene\ufb01ts
The Group\u2019s net obligation in respect of long-term service benefits, other than pension plans, is the amount of future benefit that
employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected
unit credit method, or similar approximation, and is discounted to its present value and the fair value of any related assets is deducted.
The discount rate is the yield at the balance sheet date on AA-credit-rated bonds that have maturity dates approximating the terms of the
Group\u2019s obligations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00548": { "value": "Share-based payment transactions
The grant date fair value of share-based payment awards granted to employees is recognised as an expense, with a corresponding increase
in equity, over the period that the employees become unconditionally entitled to the awards. The amount recognised as an expense is
adjusted to reflect the actual number of awards for which the related service and non-market performance conditions are met, such
that the amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market
performance conditions at the vesting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00550": { "value": "Provisions, contingent liabilities and contingent assets
A provision is recognised in the consolidated balance sheet when the Group has a present legal or constructive obligation as a result of
a past event and there is probable outflow of resources which can be reliably measured and will be required to settle the obligation.
Provisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the effect
is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate reflective of the current market
assessments of the time value of money and, where appropriate, the risks specific to the liability.
A contingent liability is disclosed, where significant, if the existence of the obligation will only be confirmed by future events or where the
amount of the obligation cannot be measured with reasonable reliability. A contingent liability is not disclosed if the likelihood of a material
outflow in excess of any amounts provided is considered remote. Obligations arising from restructuring plans are recognised when detailed
formal plans have been established and when there is a valid expectation that such a plan will be carried out. The Group\u2019s contingent
liabilities are reviewed on a regular basis.
A contingent asset is not recognised but is disclosed, where significant, if an inflow of economic benefit is probable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00549": { "value": "Provisions, contingent liabilities and contingent assets
A provision is recognised in the consolidated balance sheet when the Group has a present legal or constructive obligation as a result of
a past event and there is probable outflow of resources which can be reliably measured and will be required to settle the obligation.
Provisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the effect
is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate reflective of the current market
assessments of the time value of money and, where appropriate, the risks specific to the liability.
A contingent liability is disclosed, where significant, if the existence of the obligation will only be confirmed by future events or where the
amount of the obligation cannot be measured with reasonable reliability. A contingent liability is not disclosed if the likelihood of a material
outflow in excess of any amounts provided is considered remote. Obligations arising from restructuring plans are recognised when detailed
formal plans have been established and when there is a valid expectation that such a plan will be carried out. The Group\u2019s contingent
liabilities are reviewed on a regular basis.
A contingent asset is not recognised but is disclosed, where significant, if an inflow of economic benefit is probable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00551": { "value": "Preference share capital
Preference share capital is classified as a financial liability within borrowings if the substance of the shares does not contain an equity
element. Dividends on Preference share capital are classified as finance charges within the consolidated income statement.", "dimensions": { "concept": "mgam:DescriptionOfAccountingPolicyForPreferenceShareCapitalExplanatoryPolicyTextBlock", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00552": { "value": "Share capital
Ordinary shares are classified as equity.
Purchase of own shares
Shares purchased by the Morgan General Employee Benefit Trust (\u2018the Trust\u2019) are used to satisfy share awards under the Group share
scheme plans. The consideration paid, which includes directly attributable costs, is net of any tax effects and is recognised as a deduction
from equity. Shares purchased by the Company as part of the share buyback programme are cancelled, the nominal value of the shares is
transferred from share capital to the capital redemption reserve and retained earnings are reduced by the value of the consideration paid.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00786": { "value": "Purchase of own shares
Shares purchased by the Morgan General Employee Benefit Trust (\u2018the Trust\u2019) are used to satisfy share awards under the Group share
scheme plans. The consideration paid, which includes directly attributable costs, is net of any tax effects and is recognised as a deduction
from equity. Shares purchased by the Company as part of the share buyback programme are cancelled, the nominal value of the shares is
transferred from share capital to the capital redemption reserve and retained earnings are reduced by the value of the consideration paid.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00553": { "value": "Dividends
Equity dividends on Ordinary share capital are recognised as a liability in the Company\u2019s financial statements on the date that the
shareholder\u2019s right to receive payment is established. Dividends declared after the balance sheet date are not recognised as there is no
present obligation at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "value": "Critical accounting judgements and key sources of estimation uncertainty
In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the
application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.
Critical accounting judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the
consolidated financial statements is included in the following notes:
Note 6: Speci\ufb01c adjusting items
The Group separately presents specific adjusting items in the consolidated income statement which, in the Directors\u2019 judgement,
need to be disclosed separately by virtue of their size and incidence in order for users of the consolidated financial statements to obtain
an alternative understanding of the financial information and the underlying performance of the business. These are items which occur
infrequently and include (but are not limited to):
Individual restructuring projects which are material or relate to the closure of a part of the business and are not expected to recur;
Impairment of non-financial assets which are material;
Gains or losses on disposal or exit of businesses;
Significant costs incurred as part of the integration of an acquired business;
Gains or losses arising on significant changes to or closures of defined benefit pension plans;
Expenses related to the design, configuration, customisation and implementation of a Global ERP system; and
Changes in the fair value and associated foreign exchange on shares in Foseco India Limited (\u2018FIL\u2019).
Determining whether an item is part of specific adjusting items requires judgement to determine the nature and the intention of
the transaction.
Note 25: Provisions and contingent liabilities
Due to the nature of its operations, the Group holds provisions for its environmental obligations. Judgement is needed in determining
whether a contingent liability has crystallised into a provision. Management assesses whether there is sufficient information to determine
that an environmental liability exists and whether it is possible to estimate with sufficient reliability what the cost of remediation is likely to
be. For environmental remediation matters, this tends to be at the point in time when a remediation feasibility study has been completed,
or sufficient information becomes available through the study to estimate the costs of remediation.
The Group recognises a legal provision at the point when the outcome of a legal matter can be reliably estimated. Estimates are based on
past experience of similar issues, professional advice received and the Group\u2019s assessment of the most likely outcome. The timing of the
utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the outcome of various court proceedings and
associated negotiations.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty in the reporting period that may have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are included in
the notes below.
Note 23: Pensions and other post-retirement employee bene\ufb01ts: key actuarial assumptions
The principal actuarial assumptions applied to pensions are shown in note 23, including a sensitivity analysis of the reasonably possible
changes for the inflation, discount rate and mortality rate assumptions. The actuarial evaluation of pension assets and liabilities is based
on assumptions in respect of inflation, future salary increases, discount rates, returns on investments and mortality rates. Relatively small
changes in the assumptions underlying the actuarial valuations of pension schemes can have a significant impact on the pension asset and
liability included in the balance sheet.
Other assumptions and estimates which have a lower risk of resulting in a material adjustment
to the carrying amounts of assets and liabilities within the next 12 months include:
Notes 8 and 15: Taxation
The level of current tax and deferred tax recognised is dependent on the tax rates in effect at the balance sheet date, and on subjective
judgements as to the outcome of decisions to be made by the tax authorities in the various tax jurisdictions around the world in which
the Group operates.
The Group periodically assesses its liabilities and contingencies for all tax years open to audit based on the latest information available.
The Group records its best estimate of these tax liabilities, including related interest charges. While management believes it has adequately
provided for the probable outcome of these matters, future results may include adjustments to these estimated tax liabilities and the final
outcome of tax examinations may result in a materially different outcome than that assumed in the tax liabilities. Provisions are made
against individual exposures taking into account the specific circumstances of each case, including the strengths of technical arguments,
past experience with tax authorities, recent case law or rulings on similar issues and external advice received.
Note 22: Credit risk
Note 22 contains information about the Group\u2019s exposure to credit risk, including a sensitivity analysis. The Group establishes a loss
allowance for its estimate of expected credit losses against receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00555": { "value": "Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are included in the notes below. Note 23: Pensions and other post-retirement employee bene\ufb01ts: key actuarial assumptions The principal actuarial assumptions applied to pensions are shown in note 23, including a sensitivity analysis of the reasonably possible changes for the inflation, discount rate and mortality rate assumptions. The actuarial evaluation of pension assets and liabilities is based on assumptions in respect of inflation, future salary increases, discount rates, returns on investments and mortality rates. Relatively small changes in the assumptions underlying the actuarial valuations of pension schemes can have a significant impact on the pension asset and liability included in the balance sheet. Other assumptions and estimates which have a lower risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next 12 months include: Notes 8 and 15: Taxation The level of current tax and deferred tax recognised is dependent on the tax rates in effect at the balance sheet date, and on subjective judgements as to the outcome of decisions to be made by the tax authorities in the various tax jurisdictions around the world in which the Group operates. The Group periodically assesses its liabilities and contingencies for all tax years open to audit based on the latest information available. The Group records its best estimate of these tax liabilities, including related interest charges. While management believes it has adequately provided for the probable outcome of these matters, future results may include adjustments to these estimated tax liabilities and the final outcome of tax examinations may result in a materially different outcome than that assumed in the tax liabilities. Provisions are made against individual exposures taking into account the specific circumstances of each case, including the strengths of technical arguments, past experience with tax authorities, recent case law or rulings on similar issues and external advice received. Note 22: Credit risk Note 22 contains information about the Group\u2019s exposure to credit risk, including a sensitivity analysis. The Group establishes a loss allowance for its estimate of expected credit losses against receivables.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00556": { "value": "Note 23: Pensions and other post-retirement employee bene\ufb01ts: key actuarial assumptions
The principal actuarial assumptions applied to pensions are shown in note 23, including a sensitivity analysis of the reasonably possible
changes for the inflation, discount rate and mortality rate assumptions. The actuarial evaluation of pension assets and liabilities is based
on assumptions in respect of inflation, future salary increases, discount rates, returns on investments and mortality rates. Relatively small
changes in the assumptions underlying the actuarial valuations of pension schemes can have a significant impact on the pension asset and
liability included in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00456": { "value": "Going concern
The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in
the Strategic Report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities, are described in the
Group Financial Review on pages 46 to 52. In addition, note 22 to the consolidated financial statements includes the Group\u2019s policies and
processes for managing financial risk, details of its financial instruments and hedging activities, and details of its exposures to credit risk
and liquidity risk.
The Group meets its day-to-day working capital requirements through local banking arrangements. The principal borrowing facilities are
subject to covenants that are measured semi-annually with reference to net debt* to EBITDA* and interest cover at June and December.
The Group had both significant available liquidity and headroom on its covenants.
A number of stress test scenarios have been performed to demonstrate the decline in business performance required in order for the
Group to breach its banking covenants. The Directors do not consider these scenarios to be plausible given the diversity of the Group\u2019s
end-markets and its broad manufacturing base.
The Board and Executive Committee regularly review principal and emerging risks including climate change risk and consider the impact
of these risks in the context of the viability and going concern assessments on pages 53 to 54. The Directors have a reasonable expectation
that the Company and the Group have adequate resources to continue in operational existence for a period of 18 months from the date
of signing of this Annual Report and Accounts. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report
and Accounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00566": { "value": "Newly adopted standards
In the current year, the Group has applied the following amendment to IFRS Accounting Standards as adopted by the UK that are
mandatorily effective for an accounting period that begins on or after 1 January 2025. The adoption has not had any material impact
on the disclosures or on the amounts reported in these financial statements.
Amendments to \u2018IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates\u2019: Lack of Exchangeability.
Accounting developments and changes
New accounting standards in issue but not yet effective
New standards and interpretations that are in issue but not yet effective are listed below.
Amendment to \u2018IFRS 9 \u2013 Financial Instruments\u2019 and \u2018IFRS 7 \u2013 Financial Instruments: Disclosures\u2019.
Amendment to IFRS 9 and IFRS 7 \u2018Contracts Referencing Nature-dependent Electricity\u2019.
\u2018IFRS 18 \u2013 Presentation and Disclosure in Financial Statements\u2019.
The adoption of amendments to IAS 21 is effective for the period beginning 1 January 2025, the adoption has not led to any material
changes to the Group\u2019s accounting policies or had any other material impact on the financial position or performance of the Group. For
amendments to \u2018IFRS 9 \u2013 Financial Instruments\u2019 and \u2018IFRS 7 \u2013 Financial Instruments: Disclosures\u2018 that are in issue, but not yet effective,
the Group does not anticipate that their adoption will have a material impact on the consolidated financial statements. IFRS 18 is effective
for periods beginning on or after 1 January 2027 and replaces \u2018IAS 1 \u2013 Presentation of Financial Statements\u2019. The standard requires the
classification of income and expenditure in the income statement to be split between operating, investing and financing, introduces
disclosures around management defined performance measures (MPMs) and aggregation and disaggregation of other disclosure
information. The impact of the standard on the Group is currently being assessed and it is not yet practicable to quantify the effect of
the standard on these consolidated financial statements.
There are no other upcoming accounting standards or amendments that are applicable to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00565": { "value": "Newly adopted standards
In the current year, the Group has applied the following amendment to IFRS Accounting Standards as adopted by the UK that are
mandatorily effective for an accounting period that begins on or after 1 January 2025. The adoption has not had any material impact
on the disclosures or on the amounts reported in these financial statements.
Amendments to \u2018IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates\u2019: Lack of Exchangeability.
Accounting developments and changes
New accounting standards in issue but not yet effective
New standards and interpretations that are in issue but not yet effective are listed below.
Amendment to \u2018IFRS 9 \u2013 Financial Instruments\u2019 and \u2018IFRS 7 \u2013 Financial Instruments: Disclosures\u2019.
Amendment to IFRS 9 and IFRS 7 \u2018Contracts Referencing Nature-dependent Electricity\u2019.
\u2018IFRS 18 \u2013 Presentation and Disclosure in Financial Statements\u2019.
The adoption of amendments to IAS 21 is effective for the period beginning 1 January 2025, the adoption has not led to any material
changes to the Group\u2019s accounting policies or had any other material impact on the financial position or performance of the Group. For
amendments to \u2018IFRS 9 \u2013 Financial Instruments\u2019 and \u2018IFRS 7 \u2013 Financial Instruments: Disclosures\u2018 that are in issue, but not yet effective,
the Group does not anticipate that their adoption will have a material impact on the consolidated financial statements. IFRS 18 is effective
for periods beginning on or after 1 January 2027 and replaces \u2018IAS 1 \u2013 Presentation of Financial Statements\u2019. The standard requires the
classification of income and expenditure in the income statement to be split between operating, investing and financing, introduces
disclosures around management defined performance measures (MPMs) and aggregation and disaggregation of other disclosure
information. The impact of the standard on the Group is currently being assessed and it is not yet practicable to quantify the effect of
the standard on these consolidated financial statements.
There are no other upcoming accounting standards or amendments that are applicable to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00457": { "value": "2. Acquisitions and disposals
On 22 August 2025, the Group announced it had reached an agreement to sell its MMS business to Vesuvius plc for total consideration of
\u00a376.2 million.
The transaction was structured as an acquisition of Morgan Advanced Materials\u2019 75% shareholding in its Indian listed subsidiary, Morganite
Crucible (India) Ltd, by Vesuvius\u2019 Indian listed subsidiary, Foseco India Ltd (\u2018FIL\u2019), with consideration for the acquisition being the issuance of
new FIL shares to Morgan Advanced Materials (the \u2018Indian Transaction\u2019), plus a cash acquisition of the remainder of the MMS business by
Vesuvius (the \u2018Rest of World Transaction\u2019). The transaction completed on 12 November 2025.
As consideration for the Indian Transaction, the Group received 1.2 million shares in FIL, which represents a circa 15% shareholding in
FIL valued at approximately \u00a355.7 million. Morgan Advanced Materials\u2019 FIL shares are subject to a six-month lock-up period post listing, in
accordance with applicable Indian regulations. In addition, the Group received \u00a320.5 million in cash as gross consideration for the Rest of
World Transaction, which was subject to customary post-completion cash, debt and working capital adjustments and prior to any taxes,
fees and other expenses related to the overall MMS transaction.
The MMS business disposed of formed part of the Thermal Products reporting segment and represented a major line of business and
therefore, in accordance with \u2018IFRS 5 \u2013 Non-current Assets Held for Sale and Discontinued Operations\u2019, the Group\u2019s results have been
restated to reflect MMS as a discontinued operation. Refer to note 9 for further information.
The calculation of the gain on disposal of MMS is presented in the table below. The gain on disposal has been included in discontinued
operations in the consolidated income statement.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u00a3m
Share consideration
55.7
Cash consideration
20.5
Total consideration
76.2
Goodwill and other intangibles
(8.8)
Other non-current assets
(21.6)
Current assets
(18.7)
Liabilities
10.6
Net assets disposed
(38.5)
Transaction costs
(7.0)
Cumulative foreign exchange
(5.1)
Non-controlling interest
2.9
Pre-tax gain on disposal
28.5
\n
In March 2024, the Group acquired the remaining 7% of the shares in Morgan Korea Company Ltd, a manufacturing business which
services all three segments of the Group, for consideration of \u00a35.1 million. The Group had previously owned 93% of the business and
included the entity in the Group consolidation. The change in ownership is reflected in the non-controlling interest included in the
consolidated statement of changes in equity. ", "dimensions": { "concept": "mgam:DisclosureOfAcquisitionsAndDisposalsExplanatoryTextBlock", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "3. Segmental reporting
The Group is managed through three distinct reporting segments, Thermal Products, Performance Carbon and Technical Ceramics.
Internal management information on the reporting segments is regularly reviewed by the Group\u2019s Board of Directors (the Chief Operating
Decision Maker) in order to allocate resources and assess performance.
Segmental results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a
reasonable basis. Unallocated items comprise mainly investments and related income, borrowings and related expenses, corporate assets
and head office expenses, and income tax assets and liabilities.
The information presented below represents the reporting segments of the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Thermal Products
Performance Carbon
Technical Ceramics
\u00a0 \u00a0
Restated
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
2025
2024
4
2025
2024
2025
2024
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from external customers
348.2
377.6
306.8
345.2
341.6
337.3
Segment adjusted operating profit
1
23.5
37.5
41.2
55.1
39.4
39.2
Corporate costs
2
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Group adjusted operating profit
1
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Amortisation of intangible assets
(0.3)
(0.8)
(0.2)
(0.3)
(0.5)
(0.6)
Operating profit before specific adjusting items
23.2
36.7
41.0
54.8
38.9
38.6
Specific adjusting items included in operating profit
3
(5.9)
(7.4)
(20.4)
(7.6)
(1.0)
(0.7)
Operating profit/(loss)
17.3
29.3
20.6
47.2
37.9
37.9
Finance income
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Finance expense
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Profit before taxation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Segment assets
304.9
373.4
300.9
316.3
201.8
222.7
Segment liabilities
96.5
103.9
50.1
54.0
88.5
85.0
Segment capital expenditure
15.9
22.8
31.3
52.3
17.1
21.0
Segment depreciation \u2013 property, plant and equipment
11.3
12.7
11.7
10.9
8.8
8.6
Segment depreciation \u2013 right-of-use assets
3.3
3.5
1.7
1.5
3.3
3.3
Segment impairment reversals of non-financial assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Segment impairment of non-financial assets
\u2013
4.2
15.6
\u2013
\u2013
\u2013
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
2.
Corporate costs consist of central head office costs.
3.
Details of specific adjusting items from continuing operations are given in note 6 to the consolidated financial statements.
4.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
\n \n
Segment totals
Corporate costs
Group
Restated
Restated
Restated
2025
2024
4
2025
2024
4
2025
2024
4
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from external customers
996.6
1,060.1
\u2013
\u2013
996.6
1,060.1
Segment adjusted operating profit
1
104.1
131.8
\u2013
\u2013
104.1
131.8
Corporate costs
2
(10.3)
(8.5)
(10.3)
(8.5)
Group adjusted operating profit
1
93.8
123.3
Amortisation of intangible assets
(1.0)
(1.7)
\u2013
\u2013
(1.0)
(1.7)
Operating profit before specific adjusting items
103.1
130.1
(10.3)
(8.5)
92.8
121.6
Specific adjusting items included in operating profit /(loss)
3
(27.3)
(15.7)
(20.3)
(6.7)
(47.6)
(22.4)
Operating profit/(loss)
75.8
114.4
(30.6)
(15.2)
45.2
99.2
Finance income
2.9
2.6
Finance expense
(25.1)
(21.6)
Profit before taxation
23.0
80.2
Segment assets
807.6
912.4
177.2
164.7
984.8
1,077.1
Segment liabilities
235.1
242.9
400.8
444.9
635.9
687.8
Segment capital expenditure
64.3
96.1
\u2013
\u2013
64.3
96.1
Segment depreciation \u2013 property, plant and equipment
31.8
32.2
\u2013
\u2013
31.8
32.2
Segment depreciation \u2013 right-of-use assets
8.3
8.3
\u2013
\u2013
8.3
8.3
Segment impairment reversals of non-financial assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Segment impairment of non-financial assets
15.6
4.2
\u2013
\u2013
15.6
4.2
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
\n
pages 199 to 204.
\n
2.
Corporate costs consist of central head office costs.
\n
3.
Details of specific adjusting items from continuing operations are given in note 6 to the consolidated financial statements.
\n
4.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
\n
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
\n
Revenue from external customers and non-current assets by geography
\n\n \n
Revenue from
Non-current assets (excluding
external customers
pension and deferred tax assets)
Restated
2025
2024
1
2025
2024
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
USA
421.4
447.5
262.2
263.9
China
84.8
95.5
35.5
44.6
Germany
67.2
79.8
42.4
42.3
UK (the Group\u2019s country of domicile)
42.7
42.7
97.9
110.1
Other Asia, Australasia, Middle East and Africa
171.0
175.3
44.3
55.5
Other Europe
156.7
157.3
35.3
33.1
Other North America
33.5
35.3
1.8
1.9
South America
19.3
26.7
13.5
11.5
996.6
1,060.1
532.9
562.9
\n
1.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
\n
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
\n
Revenue from external customers is based on geographic location of the end-customer. Segment assets are based on geographical
\n
location of the assets. In the current and prior year no single customer represented more than 5% of revenue.
Revenue from external customers by end-market
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Restated
\u00a0
2025
2024
1
Continuing operations
\u00a3m
\u00a3m
Industrial
394.5
419.1
Aerospace & Defence
213.5
200.4
Oil & Petrochemicals
100.3
102.7
Healthcare
72.2
84.1
Energy
70.9
69.5
Semiconductors
69.8
105.7
Rail
41.0
39.7
Other
34.4
38.9
\u00a0
996.6
1,060.1
\n
1.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
Intercompany sales to other segments
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Thermal Products
Performance Carbon
Technical Ceramics
Segment totals
\u00a0
2025
2024
2025
2024
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Intercompany sales to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
other segments
1.7
1.7
0.5
0.5
0.3
0.5
2.5
2.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00727": { "value": "4. Operating costs before speci\ufb01c adjusting items \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
2024
1
Continuing operations
Note
\u00a3m
\u00a3m
Change in stocks of finished goods and work in progress
\u00a0
21.5
3.7
Raw materials and consumables
\u00a0
274.5
271.8
Other operating costs
\u00a0
114.7
151.4
\u00a0 \u00a0
410.7
426.9
Employee costs:
\u00a0 \u00a0 \u00a0
Wages and salaries
\u00a0
294.8
303.6
Equity-settled share-based payment expense
24
2.0
2.8
Social security costs and other benefits
\u00a0
62.0
63.1
Pension costs
23
16.6
16.0
\u00a0 \u00a0
375.4
385.5
Depreciation \u2013 property, plant and equipment
\u00a0
31.8
32.2
Depreciation \u2013 right-of-use assets
\u00a0
8.3
8.3
\u00a0 \u00a0
40.1
40.5
Short-term leases and leasing of low-value assets:
\u00a0 \u00a0 \u00a0
Plant and equipment
\u00a0
0.1
0.1
Other leases
\u00a0
0.3
0.4
\u00a0 \u00a0
0.4
0.5
Other operating charges and income:
\u00a0 \u00a0 \u00a0
Net foreign exchange (gains)/losses
\u00a0
0.6
(2.8)
Net other operating charges
\u00a0
75.6
86.2
\u00a0 \u00a0
76.2
83.4
Total operating costs before specific adjusting items and amortisation of intangible assets
\u00a0
902.8
936.8
Amortisation of intangible assets
13
1.0
1.7
Total operating costs before specific adjusting items
\u00a0
903.8
938.5
\n
1.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
The following costs are included in total operating costs before specific adjusting items.
1. Research and development
The Group recognised \u00a328.9 million (2024: \u00a329.7 million) in expense in respect of research and development. These costs are included
in employee costs and other operating costs within results from continuing operations. There are no individually material project costs.
2. Audit and non-audit fees
A summary of the audit and non-audit fees in respect of services provided by the auditor, which are included in net other operating
costs, is set out below. Fees in relation to non-audit services were \u00a311,000 (2024: \u00a341,000).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
\u00a0 \u00a0
in respect of the current year
1.1
1.0
Fees payable to the Company\u2019s auditor and its associates for other services:
\u00a0 \u00a0
the auditing of accounts of any subsidiaries of the Company
2.1
2.3
\u00a0
3.2
3.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00646": { "value": "4. Operating costs before speci\ufb01c adjusting items \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
2024
1
Continuing operations
Note
\u00a3m
\u00a3m
Change in stocks of finished goods and work in progress
\u00a0
21.5
3.7
Raw materials and consumables
\u00a0
274.5
271.8
Other operating costs
\u00a0
114.7
151.4
\u00a0 \u00a0
410.7
426.9
Employee costs:
\u00a0 \u00a0 \u00a0
Wages and salaries
\u00a0
294.8
303.6
Equity-settled share-based payment expense
24
2.0
2.8
Social security costs and other benefits
\u00a0
62.0
63.1
Pension costs
23
16.6
16.0
\u00a0 \u00a0
375.4
385.5
Depreciation \u2013 property, plant and equipment
\u00a0
31.8
32.2
Depreciation \u2013 right-of-use assets
\u00a0
8.3
8.3
\u00a0 \u00a0
40.1
40.5
Short-term leases and leasing of low-value assets:
\u00a0 \u00a0 \u00a0
Plant and equipment
\u00a0
0.1
0.1
Other leases
\u00a0
0.3
0.4
\u00a0 \u00a0
0.4
0.5
Other operating charges and income:
\u00a0 \u00a0 \u00a0
Net foreign exchange (gains)/losses
\u00a0
0.6
(2.8)
Net other operating charges
\u00a0
75.6
86.2
\u00a0 \u00a0
76.2
83.4
Total operating costs before specific adjusting items and amortisation of intangible assets
\u00a0
902.8
936.8
Amortisation of intangible assets
13
1.0
1.7
Total operating costs before specific adjusting items
\u00a0
903.8
938.5
\n
1.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
The following costs are included in total operating costs before specific adjusting items.
1. Research and development
The Group recognised \u00a328.9 million (2024: \u00a329.7 million) in expense in respect of research and development. These costs are included
in employee costs and other operating costs within results from continuing operations. There are no individually material project costs.
2. Audit and non-audit fees
A summary of the audit and non-audit fees in respect of services provided by the auditor, which are included in net other operating
costs, is set out below. Fees in relation to non-audit services were \u00a311,000 (2024: \u00a341,000).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
\u00a0 \u00a0
in respect of the current year
1.1
1.0
Fees payable to the Company\u2019s auditor and its associates for other services:
\u00a0 \u00a0
the auditing of accounts of any subsidiaries of the Company
2.1
2.3
\u00a0
3.2
3.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00572": { "value": "4. Operating costs before speci\ufb01c adjusting items \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
2024
1
Continuing operations
Note
\u00a3m
\u00a3m
Change in stocks of finished goods and work in progress
\u00a0
21.5
3.7
Raw materials and consumables
\u00a0
274.5
271.8
Other operating costs
\u00a0
114.7
151.4
\u00a0 \u00a0
410.7
426.9
Employee costs:
\u00a0 \u00a0 \u00a0
Wages and salaries
\u00a0
294.8
303.6
Equity-settled share-based payment expense
24
2.0
2.8
Social security costs and other benefits
\u00a0
62.0
63.1
Pension costs
23
16.6
16.0
\u00a0 \u00a0
375.4
385.5
Depreciation \u2013 property, plant and equipment
\u00a0
31.8
32.2
Depreciation \u2013 right-of-use assets
\u00a0
8.3
8.3
\u00a0 \u00a0
40.1
40.5
Short-term leases and leasing of low-value assets:
\u00a0 \u00a0 \u00a0
Plant and equipment
\u00a0
0.1
0.1
Other leases
\u00a0
0.3
0.4
\u00a0 \u00a0
0.4
0.5
Other operating charges and income:
\u00a0 \u00a0 \u00a0
Net foreign exchange (gains)/losses
\u00a0
0.6
(2.8)
Net other operating charges
\u00a0
75.6
86.2
\u00a0 \u00a0
76.2
83.4
Total operating costs before specific adjusting items and amortisation of intangible assets
\u00a0
902.8
936.8
Amortisation of intangible assets
13
1.0
1.7
Total operating costs before specific adjusting items
\u00a0
903.8
938.5
\n
1.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
The following costs are included in total operating costs before specific adjusting items.
1. Research and development
The Group recognised \u00a328.9 million (2024: \u00a329.7 million) in expense in respect of research and development. These costs are included
in employee costs and other operating costs within results from continuing operations. There are no individually material project costs.
2. Audit and non-audit fees
A summary of the audit and non-audit fees in respect of services provided by the auditor, which are included in net other operating
costs, is set out below. Fees in relation to non-audit services were \u00a311,000 (2024: \u00a341,000).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
\u00a0 \u00a0
in respect of the current year
1.1
1.0
Fees payable to the Company\u2019s auditor and its associates for other services:
\u00a0 \u00a0
the auditing of accounts of any subsidiaries of the Company
2.1
2.3
\u00a0
3.2
3.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00571": { "value": "4. Operating costs before speci\ufb01c adjusting items \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
2024
1
Continuing operations
Note
\u00a3m
\u00a3m
Change in stocks of finished goods and work in progress
\u00a0
21.5
3.7
Raw materials and consumables
\u00a0
274.5
271.8
Other operating costs
\u00a0
114.7
151.4
\u00a0 \u00a0
410.7
426.9
Employee costs:
\u00a0 \u00a0 \u00a0
Wages and salaries
\u00a0
294.8
303.6
Equity-settled share-based payment expense
24
2.0
2.8
Social security costs and other benefits
\u00a0
62.0
63.1
Pension costs
23
16.6
16.0
\u00a0 \u00a0
375.4
385.5
Depreciation \u2013 property, plant and equipment
\u00a0
31.8
32.2
Depreciation \u2013 right-of-use assets
\u00a0
8.3
8.3
\u00a0 \u00a0
40.1
40.5
Short-term leases and leasing of low-value assets:
\u00a0 \u00a0 \u00a0
Plant and equipment
\u00a0
0.1
0.1
Other leases
\u00a0
0.3
0.4
\u00a0 \u00a0
0.4
0.5
Other operating charges and income:
\u00a0 \u00a0 \u00a0
Net foreign exchange (gains)/losses
\u00a0
0.6
(2.8)
Net other operating charges
\u00a0
75.6
86.2
\u00a0 \u00a0
76.2
83.4
Total operating costs before specific adjusting items and amortisation of intangible assets
\u00a0
902.8
936.8
Amortisation of intangible assets
13
1.0
1.7
Total operating costs before specific adjusting items
\u00a0
903.8
938.5
\n
1.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
The following costs are included in total operating costs before specific adjusting items.
1. Research and development
The Group recognised \u00a328.9 million (2024: \u00a329.7 million) in expense in respect of research and development. These costs are included
in employee costs and other operating costs within results from continuing operations. There are no individually material project costs.
2. Audit and non-audit fees
A summary of the audit and non-audit fees in respect of services provided by the auditor, which are included in net other operating
costs, is set out below. Fees in relation to non-audit services were \u00a311,000 (2024: \u00a341,000).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
\u00a0 \u00a0
in respect of the current year
1.1
1.0
Fees payable to the Company\u2019s auditor and its associates for other services:
\u00a0 \u00a0
the auditing of accounts of any subsidiaries of the Company
2.1
2.3
\u00a0
3.2
3.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00570": { "value": "4. Operating costs before speci\ufb01c adjusting items \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
2024
1
Continuing operations
Note
\u00a3m
\u00a3m
Change in stocks of finished goods and work in progress
\u00a0
21.5
3.7
Raw materials and consumables
\u00a0
274.5
271.8
Other operating costs
\u00a0
114.7
151.4
\u00a0 \u00a0
410.7
426.9
Employee costs:
\u00a0 \u00a0 \u00a0
Wages and salaries
\u00a0
294.8
303.6
Equity-settled share-based payment expense
24
2.0
2.8
Social security costs and other benefits
\u00a0
62.0
63.1
Pension costs
23
16.6
16.0
\u00a0 \u00a0
375.4
385.5
Depreciation \u2013 property, plant and equipment
\u00a0
31.8
32.2
Depreciation \u2013 right-of-use assets
\u00a0
8.3
8.3
\u00a0 \u00a0
40.1
40.5
Short-term leases and leasing of low-value assets:
\u00a0 \u00a0 \u00a0
Plant and equipment
\u00a0
0.1
0.1
Other leases
\u00a0
0.3
0.4
\u00a0 \u00a0
0.4
0.5
Other operating charges and income:
\u00a0 \u00a0 \u00a0
Net foreign exchange (gains)/losses
\u00a0
0.6
(2.8)
Net other operating charges
\u00a0
75.6
86.2
\u00a0 \u00a0
76.2
83.4
Total operating costs before specific adjusting items and amortisation of intangible assets
\u00a0
902.8
936.8
Amortisation of intangible assets
13
1.0
1.7
Total operating costs before specific adjusting items
\u00a0
903.8
938.5
\n
1.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
The following costs are included in total operating costs before specific adjusting items.
1. Research and development
The Group recognised \u00a328.9 million (2024: \u00a329.7 million) in expense in respect of research and development. These costs are included
in employee costs and other operating costs within results from continuing operations. There are no individually material project costs.
2. Audit and non-audit fees
A summary of the audit and non-audit fees in respect of services provided by the auditor, which are included in net other operating
costs, is set out below. Fees in relation to non-audit services were \u00a311,000 (2024: \u00a341,000).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
\u00a0 \u00a0
in respect of the current year
1.1
1.0
Fees payable to the Company\u2019s auditor and its associates for other services:
\u00a0 \u00a0
the auditing of accounts of any subsidiaries of the Company
2.1
2.3
\u00a0
3.2
3.3
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Plant,
\u00a0
\u00a0
Land and
equipment
\u00a0
\u00a0
buildings
and \ufb01xtures
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
Balance at 1 January 2024
216.1
777.4
993.5
Additions
13.2
81.1
94.3
Disposals
(11.5)
(35.0)
(46.5)
Transfers between categories
0.8
(0.8)
\u2013
Effect of movement in foreign exchange
(2.0)
(4.8)
(6.8)
Balance at 31 December 2024
216.6
817.9
1,034.5
Balance at 1 January 2025
216.6
817.9
1,034.5
Additions
3.5
61.6
65.1
Disposals
(0.4)
(19.5)
(19.9)
Disposal of business
(11.7)
(36.4)
(48.1)
Transfers between categories
7.2
(7.2)
\u2013
Effect of movement in foreign exchange
(8.3)
(31.3)
(39.6)
Balance at 31 December 2025
206.9
785.1
992.0
Depreciation and impairment losses
\u00a0 \u00a0 \u00a0
Balance at 1 January 2024
119.0
580.7
699.7
Depreciation charge for the year
5.4
28.7
34.1
Impairment losses
\u2013
4.6
4.6
Disposals
(10.3)
(34.2)
(44.5)
Transfers between categories
(0.5)
0.5
\u2013
Effect of movement in foreign exchange
(0.4)
(3.9)
(4.3)
Balance at 31 December 2024
113.2
576.4
689.6
Balance at 1 January 2025
113.2
576.4
689.6
Depreciation charge for the year
5.3
28.3
33.6
Impairment losses
1.0
15.8
16.8
Impairment reversals
(0.6)
(1.6)
(2.2)
Disposals
(0.4)
(18.0)
(18.4)
Disposal of business
(3.5)
(24.0)
(27.5)
Transfers between categories
1.0
(1.0)
\u2013
Effect of movement in foreign exchange
(5.0)
(20.9)
(25.9)
Balance at 31 December 2025
111.0
555.0
666.0
Carrying amounts
\u00a0 \u00a0 \u00a0
At 1 January 2024
97.1
196.7
293.8
At 31 December 2024
103.4
241.5
344.9
At 31 December 2025
95.9
230.1
326.0
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land and
Plant and
\u00a0
\u00a0
buildings
equipment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
Balance at 1 January 2024
80.5
11.9
92.4
Additions
5.7
2.8
8.5
Disposals
(5.4)
(2.5)
(7.9)
Remeasurements
2.4
\u2013
2.4
Effect of movement in foreign exchange
(1.0)
(0.6)
(1.6)
Balance at 31 December 2024
82.2
11.6
93.8
Balance at 1 January 2025
82.2
11.6
93.8
Additions
11.6
2.3
13.9
Disposals
(2.5)
(1.9)
(4.4)
Disposal of business
(0.1)
(1.0)
(1.1)
Remeasurements
0.2
(0.2)
\u2013
Effect of movement in foreign exchange
(2.5)
(0.1)
(2.6)
Balance at 31 December 2025
88.9
10.7
99.6
Depreciation and impairment losses
\u00a0 \u00a0 \u00a0
Balance at 1 January 2024
55.3
5.5
60.8
Depreciation charge for the year
5.6
3.0
8.6
Impairment losses
\u2013
0.8
0.8
Disposals
(5.4)
(2.5)
(7.9)
Effect of movement in foreign exchange
(0.8)
(0.2)
(1.0)
Balance at 31 December 2024
54.7
6.6
61.3
Balance at 1 January 2025
54.7
6.6
61.3
Depreciation charge for the year
5.8
2.6
8.4
Disposals
(2.0)
(1.9)
(3.9)
Disposal of business
\u2013
(0.4)
(0.4)
Effect of movement in foreign exchange
(1.9)
(0.3)
(2.2)
Balance at 31 December 2025
56.6
6.6
63.2
Carrying amounts
\u00a0 \u00a0 \u00a0
At 1 January 2024
25.2
6.4
31.6
At 31 December 2024
27.5
5.0
32.5
At 31 December 2025
32.3
4.1
36.4
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Capitalised
\u00a0 \u00a0
\u00a0 \u00a0
Customer
Technology and
development
Computer
\u00a0
\u00a0
Goodwill
relationships
trademarks
costs
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 1 January 2024
177.5
60.9
4.2
0.8
36.2
279.6
Additions (externally purchased)
\u2013
\u2013
\u2013
\u2013
0.3
0.3
Disposals
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Effect of movement in foreign exchange
(0.6)
0.9
(0.2)
\u2013
0.2
0.3
Balance at 31 December 2024
176.9
61.8
4.0
0.8
35.9
279.4
Balance at 1 January 2025
176.9
61.8
4.0
0.8
35.9
279.4
Additions (externally purchased)
\u2013
\u2013
\u2013
\u2013
0.5
0.5
Disposals
\u2013
\u2013
\u2013
\u2013
(2.0)
(2.0)
Disposal of business
(8.8)
(0.7)
\u2013
\u2013
(1.1)
(10.6)
Effect of movement in foreign exchange
(4.4)
(3.9)
0.5
(0.1)
(1.1)
(9.0)
Balance at 31 December 2025
163.7
57.2
4.5
0.7
32.2
258.3
Amortisation and impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 1 January 2024
\u2013
59.8
3.2
0.8
33.6
97.4
Amortisation charge for the year
\u2013
0.3
0.2
\u2013
1.2
1.7
Disposals
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Effects of movement in foreign exchange
\u2013
0.9
(0.1)
\u2013
0.4
1.2
Balance at 31 December 2024
\u2013
61.0
3.3
0.8
34.4
99.5
Balance at 1 January 2025
\u2013
61.0
3.3
0.8
34.4
99.5
Amortisation charge for the year
\u2013
0.2
0.2
\u2013
0.6
1.0
Impairment reversal
\u2013
\u2013
\u2013
\u2013
(0.3)
(0.3)
Disposals
\u2013
\u2013
\u2013
\u2013
(2.0)
(2.0)
Disposal of business
\u2013
(0.7)
\u2013
\u2013
(1.1)
(1.8)
Effects of movement in foreign exchange
\u2013
(4.0)
0.5
(0.1)
(1.4)
(5.0)
Balance at 31 December 2025
\u2013
56.5
4.0
0.7
30.2
91.4
Carrying amounts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
177.5
1.1
1.0
\u2013
2.6
182.2
At 31 December 2024
176.9
0.8
0.7
\u2013
1.5
179.9
At 31 December 2025
163.7
0.7
0.5
\u2013
2.0
166.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "1. Research and development
The Group recognised \u00a328.9 million (2024: \u00a329.7 million) in expense in respect of research and development. These costs are included
in employee costs and other operating costs within results from continuing operations. There are no individually material project costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "2. Audit and non-audit fees
A summary of the audit and non-audit fees in respect of services provided by the auditor, which are included in net other operating
costs, is set out below. Fees in relation to non-audit services were \u00a311,000 (2024: \u00a341,000).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
\u00a0 \u00a0
in respect of the current year
1.1
1.0
Fees payable to the Company\u2019s auditor and its associates for other services:
\u00a0 \u00a0
the auditing of accounts of any subsidiaries of the Company
2.1
2.3
\u00a0
3.2
3.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "5. Staff numbers
The monthly average number of persons employed by the Group (including Directors) during the year, analysed by division, was
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number of employees
\u00a0 \u00a0
Restated
\u00a0
2025
2024
1
Reportable operating segments
\u00a0 \u00a0
Thermal Products
2,260
2,440
Performance Carbon
2,450
2,570
Technical Ceramics
3,310
3,160
Segment total
8,020
8,170
Corporate
50
50
Group continuing
8,070
8,220
Discontinued operations
290
370
\u00a0
8,360
8,590
\n
Average employee numbers have been rounded to the nearest 10.
1.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "6. Speci\ufb01c adjusting items
Specific adjusting items are items which occur infrequently and are presented separately in the consolidated income statement due to their
nature and size. The Directors consider disclosure of specific adjusting items necessary for the users of the financial statements to obtain an
alternative understanding of the financial information and underlying performance of the business.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Continuing
Discontinued
\u00a0
\u00a0
Continuing
Discontinued
\u00a0
operations
operations
Total
\u00a0
operations
operations
Total
Restated
Restated
Restated
\u00a0
2025
2025
2025
2024
1
2024
1
2024
1
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Restructuring charge
(13.4)
(0.9)
(14.3)
(12.4)
(0.7)
(13.1)
Design, configuration, customisation and implementation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of a Global ERP system
(13.3)
\u2013
(13.3)
(5.2)
\u2013
(5.2)
Credit in relation to the impact of Argentina\u2019s currency
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
devaluation
1.9
\u2013
1.9
0.5
\u2013
0.5
Impairment of non-financial assets
(15.6)
\u2013
(15.6)
(4.2)
\u2013
(4.2)
Gain on disposal of MMS
\u2013
28.5
28.5
\u2013
\u2013
\u2013
Movement in fair value of consideration shares held at
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
FVTPL
(7.2)
\u2013
(7.2)
\u2013
\u2013
\u2013
Costs associated with the cyber security incident
\u2013
\u2013
\u2013
(1.1)
\u2013
(1.1)
Discontinued operations associated with the disposal of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Composites and Defence Systems
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Total specific adjusting items before income tax
(47.6)
27.6
(20.0)
(22.4)
(0.6)
(23.0)
Income tax
1.5
(7.7)
(6.2)
2.3
0.2
2.5
Total specific adjusting items after income tax
(46.1)
19.9
(26.2)
(20.1)
(0.4)
(20.5)
\n
1.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
Restructuring charge
During the year the business continued its previously announced simplification and restructuring programmes. A total charge of
\u00a314.3 million (2024: \u00a313.1 million) was recognised in relation to these programmes.
Design, con\ufb01guration, customisation and implementation of a Global ERP system
During the year the Group continued development of its Global ERP system and started the implementation phase. The programme
will create opportunities to align business processes, and strengthen information security and the control environment. The costs of
\u00a313.3 million (2024: \u00a35.2 million) associated with the design, configuration, customisation and implementation of the system are classified
as specific adjusting items due to their nature and size.
Credit in relation to the impact of Argentina\u2019s currency devaluation
In December 2023, Argentina devalued its currency by more than 50% and restrictions on imports limited the flow of raw materials to
the site. As a result the Group incurred a charge of \u00a35.8 million in the year ended 31 December 2023, which consisted of \u00a32.6 million for
the impact of the currency devaluation on the trading results of the Argentina business, impairment of property, plant and equipment of
\u00a31.9 million and impairment of inventories of \u00a31.3 million.
During the year ended 31 December 2024 the business was able to sell inventories which were previously impaired and as a result
reversed impairment of \u00a30.5m. In the year ended 31 December 2025 the business continued to perform well and economic changes
in the country allowed the business to remit a dividend. As a result of the strong performance and dividend payment an impairment
charge of \u00a31.9 million which related to property, plant and equipment used in the manufacturing process was reversed in the year ended
31 December 2025.
Impairment of non-\ufb01nancial assets
Performance Carbon
During 2025, the Group has recognised an impairment charge of \u00a315.6 million related to certain assets at a UK site which are dedicated to
the Semiconductor market. Our current view of future demand indicates that these assets will not be commissioned. Since this specialist
machinery cannot be redeployed to fulfil other demand in the near-term without further investment, we have fully impaired the asset,
in-line with the requirements of \u2018IAS 36 \u2013 Impairment of assets\u2019.
Thermal Products
In the prior year, in light of challenging trading conditions, the Group recognised a net impairment charge of \u00a34.2 million related to fixed
assets held by our Thermal Products business in Europe. The value-in-use calculation used a pre-tax discount rate of 13.5\u201317.2% and a
long-term growth rate of 1.1\u20131.7% to derive the terminal value.
Review of cumulative impairment of non-\ufb01nancial assets
Impairment charges of \u00a328.6 million (2024: \u00a318.9 million) for non-financial assets which the business continues to use have been
recorded during the current and previous years. These impaired amounts could be reversed if the related businesses were to outperform
significantly against their budget. A sensitivity analysis was carried out using reasonably possible changes to the key assumptions in assessing
the value in use of these non-financial assets. This did not result in a material reversal of the impaired amounts.
Gain on disposal of MMS
During the year the Group disposed of its MMS business, recognising a gain on disposal of \u00a328.5 million, which was classified as a specific
adjusting item due to its nature and size. Refer to note 2 for further information.
Movement in fair value of consideration shares held at FVTPL
Consideration for the disposal of MMS comprised cash and shares in FIL, a business publicly listed in India. The shares are held for trading
and recognised at FVTPL and revalued at the balance sheet date. Changes in the value of the shares and associated foreign exchange
movements are recognised in specific adjusting items due to their nature and size. Refer to note 14 for further information.
Costs associated with the cyber security incident
During the prior year the Group incurred a residual \u00a31.1 million of exceptional costs and charges in relation to the cyber security incident
which took place in January 2023.", "dimensions": { "concept": "mgam:DisclosureOfSpecificAdjustingItemsExplanatoryTextBlock", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "7. Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Continuing operations
\u00a3m
\u00a3m
Interest on bank balances and cash deposits
2.9
2.6
Finance income
2.9
2.6
Interest expense on borrowings and overdrafts
(20.7)
(18.4)
Interest expense on lease liabilities
(2.8)
(2.6)
Interest on supplier finance arrangements
(1.2)
\u2013
Net interest on IAS 19 defined benefit pension obligations
(0.4)
(0.6)
Finance expense
(25.1)
(21.6)
Net financing costs
(22.2)
(19.0)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "7. Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Continuing operations
\u00a3m
\u00a3m
Interest on bank balances and cash deposits
2.9
2.6
Finance income
2.9
2.6
Interest expense on borrowings and overdrafts
(20.7)
(18.4)
Interest expense on lease liabilities
(2.8)
(2.6)
Interest on supplier finance arrangements
(1.2)
\u2013
Net interest on IAS 19 defined benefit pension obligations
(0.4)
(0.6)
Finance expense
(25.1)
(21.6)
Net financing costs
(22.2)
(19.0)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "7. Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Continuing operations
\u00a3m
\u00a3m
Interest on bank balances and cash deposits
2.9
2.6
Finance income
2.9
2.6
Interest expense on borrowings and overdrafts
(20.7)
(18.4)
Interest expense on lease liabilities
(2.8)
(2.6)
Interest on supplier finance arrangements
(1.2)
\u2013
Net interest on IAS 19 defined benefit pension obligations
(0.4)
(0.6)
Finance expense
(25.1)
(21.6)
Net financing costs
(22.2)
(19.0)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "7. Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Continuing operations
\u00a3m
\u00a3m
Interest on bank balances and cash deposits
2.9
2.6
Finance income
2.9
2.6
Interest expense on borrowings and overdrafts
(20.7)
(18.4)
Interest expense on lease liabilities
(2.8)
(2.6)
Interest on supplier finance arrangements
(1.2)
\u2013
Net interest on IAS 19 defined benefit pension obligations
(0.4)
(0.6)
Finance expense
(25.1)
(21.6)
Net financing costs
(22.2)
(19.0)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "7. Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Continuing operations
\u00a3m
\u00a3m
Interest on bank balances and cash deposits
2.9
2.6
Finance income
2.9
2.6
Interest expense on borrowings and overdrafts
(20.7)
(18.4)
Interest expense on lease liabilities
(2.8)
(2.6)
Interest on supplier finance arrangements
(1.2)
\u2013
Net interest on IAS 19 defined benefit pension obligations
(0.4)
(0.6)
Finance expense
(25.1)
(21.6)
Net financing costs
(22.2)
(19.0)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "7. Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Continuing operations
\u00a3m
\u00a3m
Interest on bank balances and cash deposits
2.9
2.6
Finance income
2.9
2.6
Interest expense on borrowings and overdrafts
(20.7)
(18.4)
Interest expense on lease liabilities
(2.8)
(2.6)
Interest on supplier finance arrangements
(1.2)
\u2013
Net interest on IAS 19 defined benefit pension obligations
(0.4)
(0.6)
Finance expense
(25.1)
(21.6)
Net financing costs
(22.2)
(19.0)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "8. Taxation \u2013 income tax expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Restated
\u00a0
2025
2024
1
Continuing operations
\u00a3m
\u00a3m
Current tax
\u00a0 \u00a0
Current year
22.2
28.5
Current tax associated with Pillar Two income taxes
0.1
0.2
Adjustments for prior years
(0.4)
\u2013
\u00a0
21.9
28.7
Deferred tax
\u00a0 \u00a0
Current year
(2.6)
(2.4)
Adjustments for prior years
(1.4)
(1.6)
\u00a0
(4.0)
(4.0)
Total income tax expense recognised in the income statement
17.9
24.7
Recognised in other comprehensive income
\u00a0 \u00a0
Tax effect on components of other comprehensive income:
\u00a0 \u00a0
Deferred tax associated with defined benefit schemes
0.1
0.6
Total tax recognised in other comprehensive income
0.1
0.6
\n
1.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
There was no deferred tax associated with share schemes recognised in other comprehensive income (2024: none).
Reconciliation of effective tax rate
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Restated
\u00a0
\u00a0
2025
2025
2024
1
2024
\u00a0
\u00a3m
%
\u00a3m
%
Profit before tax from continuing operations
23.0
\u00a0
80.2
\u00a0
Income tax charge using the domestic corporation tax rate
5.8
25.0
20.0
25.0
Effect of different tax rates in other jurisdictions
(0.4)
(1.7)
0.3
0.4
Local taxes including withholding tax suffered
4.2
18.3
3.7
4.6
Permanent differences
2.4
10.4
(0.2)
(0.2)
Movements related to unrecognised temporary differences
7.7
33.5
2.5
3.1
Adjustments in respect of prior years
(1.8)
(7.8)
(1.6)
(2.0)
Statutory effective rate of tax
17.9
77.7
24.7
30.9
\n
1.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
The effective rate of tax before specific adjusting items is 27.5% (2024: 26.3%).
The Group operates in many jurisdictions around the world and is subject to factors that may impact future tax charges, including the
implementation of the Organisation for Economic Co-operation and Development (OECD) BEPS actions, changes in tax rates and
legislation, the expiry of statutes of limitation, and the resolution of tax audits and disputes.
For the year ended 31 December 2025, the Group has continued to assess the impact of the OECD Pillar Two Global Anti-Base
Erosion (GloBE) Model Rules, which introduce a 15% global minimum tax. In accordance with the IAS 12 amendments issued in 2023,
the Group has applied the mandatory temporary exception from recognising deferred tax assets and liabilities arising from the
potential future application of Pillar Two top-up tax. As a result, no deferred taxes have been recognised in respect of GloBE-related
temporary differences.
The IAS 12 amendments require groups to disclose separately their current tax expense related to Pillar Two taxes. A Pillar Two top-up tax
charge of \u00a30.1 million has been recognised for the current year, reflecting the application of enacted or substantively enacted legislation in
the jurisdictions in which the Group operates. Germany, Singapore, France, Mexico and the United Arab Emirates have been identified as
jurisdictions falling outside the Transitional Country-by-Country Reporting (CbCR) Safe Harbour for this period.
The Group will continue to monitor legislative developments, the expiry of transitional safe harbour reliefs, and the evolving geographic
mix of profits, and will maintain the temporary exception until it is withdrawn by the IASB. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00645": { "value": "9. Discontinued operations
During the year the Group announced the disposal of its Molten Metal Systems business, an operating segment included in the Thermal
Products reporting segment. The business represents a major line of business and therefore meets the criteria of a disposal group
under IFRS 5. The results of MMS for the year ended 31 December 2024 and the period up to the completion of the transaction on
12 November 2025 have been presented as discontinued operations.
The Group received \u00a30.3 million (2024: \u00a30.1 million) cash related to the final payment under a contract associated with a historical disposal
in 2018 of its Composites and Defence Systems business. The balance had been fully recognised as receivables in prior periods and
therefore no amounts were recognised in the income statement in the year.
The results from discontinued operations, which have been disclosed in the consolidated income statement, are set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
31 December 2025
31 December 2024
\u00a0\u00a0
Results
\u00a0 \u00a0
Results
\u00a0 \u00a0
\u00a0\u00a0
before
\u00a0 \u00a0
before
\u00a0 \u00a0
\u00a0\u00a0
speci\ufb01c
Speci\ufb01c
\u00a0
speci\ufb01c
Speci\ufb01c
\u00a0
\u00a0\u00a0
adjusting
adjusting
\u00a0
adjusting
adjusting
\u00a0
\u00a0\u00a0
items
items
Total
items
items
Total
\u00a0
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
\u00a0
33.7
\u2013
33.7
40.6
0.1
40.7
Operating costs
\u00a0
(28.4)
27.6
(0.8)
(35.5)
(0.7)
(36.2)
Profit before taxation
\u00a0
5.3
27.6
32.9
5.1
(0.6)
4.5
Income tax expense
\u00a0
(1.5)
(7.7)
(9.2)
(1.4)
0.2
(1.2)
Profit from
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
discontinued operations
\u00a0
3.8
19.9
23.7
3.7
(0.4)
3.3
Basic earnings per share from
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
discontinued operations
10
\u00a0 \u00a0
8.5p
\u00a0 \u00a0
1.2p
Diluted earnings per share from
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
discontinued operations
10
\u00a0 \u00a0
8.4p
\u00a0 \u00a0
1.1p
\n
Cash flows from discontinued operations are set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Net cash generated from operating activities
5.7
7.8
Net cash generated from investing activities
(2.5)
(6.1)
Net cash used in financing activities
(0.1)
(0.4)
\u00a0
3.1
1.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "9. Discontinued operations
During the year the Group announced the disposal of its Molten Metal Systems business, an operating segment included in the Thermal
Products reporting segment. The business represents a major line of business and therefore meets the criteria of a disposal group
under IFRS 5. The results of MMS for the year ended 31 December 2024 and the period up to the completion of the transaction on
12 November 2025 have been presented as discontinued operations.
The Group received \u00a30.3 million (2024: \u00a30.1 million) cash related to the final payment under a contract associated with a historical disposal
in 2018 of its Composites and Defence Systems business. The balance had been fully recognised as receivables in prior periods and
therefore no amounts were recognised in the income statement in the year.
The results from discontinued operations, which have been disclosed in the consolidated income statement, are set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
31 December 2025
31 December 2024
\u00a0\u00a0
Results
\u00a0 \u00a0
Results
\u00a0 \u00a0
\u00a0\u00a0
before
\u00a0 \u00a0
before
\u00a0 \u00a0
\u00a0\u00a0
speci\ufb01c
Speci\ufb01c
\u00a0
speci\ufb01c
Speci\ufb01c
\u00a0
\u00a0\u00a0
adjusting
adjusting
\u00a0
adjusting
adjusting
\u00a0
\u00a0\u00a0
items
items
Total
items
items
Total
\u00a0
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
\u00a0
33.7
\u2013
33.7
40.6
0.1
40.7
Operating costs
\u00a0
(28.4)
27.6
(0.8)
(35.5)
(0.7)
(36.2)
Profit before taxation
\u00a0
5.3
27.6
32.9
5.1
(0.6)
4.5
Income tax expense
\u00a0
(1.5)
(7.7)
(9.2)
(1.4)
0.2
(1.2)
Profit from
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
discontinued operations
\u00a0
3.8
19.9
23.7
3.7
(0.4)
3.3
Basic earnings per share from
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
discontinued operations
10
\u00a0 \u00a0
8.5p
\u00a0 \u00a0
1.2p
Diluted earnings per share from
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
discontinued operations
10
\u00a0 \u00a0
8.4p
\u00a0 \u00a0
1.1p
\n
Cash flows from discontinued operations are set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Net cash generated from operating activities
5.7
7.8
Net cash generated from investing activities
(2.5)
(6.1)
Net cash used in financing activities
(0.1)
(0.4)
\u00a0
3.1
1.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "10. Earnings per share \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2025
31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
Basic
Diluted
\u00a0
Restated basic
diluted
\u00a0 \u00a0
earnings
earnings
Restated
earnings
earnings
\u00a0
Earnings
per share
per share
earnings
1
per share
per share
\u00a0
\u00a3m
pence
pence
\u00a3m
pence
pence
Profit for the year attributable to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
shareholders of the Company
21.1
7.5p
7.5p
50.3
17.7p
17.5p
Profit from discontinued operations
(23.7)
(8.5)p
(8.4)p
(3.3)
(1.2)p
(1.1)p
Profit from continuing operations
(2.6)
(1.0)p
(0.9)p
47.0
16.5p
16.4p
Specific adjusting items
47.6
17.0p
16.9p
22.4
7.9p
7.8p
Amortisation of intangible assets
1.0
0.4p
0.4p
1.7
0.6p
0.6p
Tax effect of the above
2
(1.5)
(0.5)p
(0.5)p
(2.3)
(0.8)p
(0.8)p
Non-controlling interests\u2019 share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of the above adjustments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Adjusted profit for the year from
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
continuing operations as used in
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
adjusted earnings per share
44.5
15.9p
15.9p
68.8
24.2p
24.0p
\n
1.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
2.
The tax effect of the amortisation of intangible assets was \u00a3nil (2024: \u00a3nil).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Number of shares (millions)
2025
2024
Weighted average number of Ordinary shares for the purposes of basic earnings per share
1
279.6
284.5
Effect of dilutive potential Ordinary shares:
\u00a0 \u00a0
Share options
1.3
2.8
Weighted average number of Ordinary shares for the purposes of diluted earnings
\u00a0 \u00a0
per share
280.9
287.3
\n
1.
The calculation of the weighted average number of shares excludes the shares held by the Morgan General Employee Benefit Trust, on which the dividends are waived. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "11. Property, plant and equipment \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Plant,
\u00a0
\u00a0
Land and
equipment
\u00a0
\u00a0
buildings
and \ufb01xtures
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
Balance at 1 January 2024
216.1
777.4
993.5
Additions
13.2
81.1
94.3
Disposals
(11.5)
(35.0)
(46.5)
Transfers between categories
0.8
(0.8)
\u2013
Effect of movement in foreign exchange
(2.0)
(4.8)
(6.8)
Balance at 31 December 2024
216.6
817.9
1,034.5
Balance at 1 January 2025
216.6
817.9
1,034.5
Additions
3.5
61.6
65.1
Disposals
(0.4)
(19.5)
(19.9)
Disposal of business
(11.7)
(36.4)
(48.1)
Transfers between categories
7.2
(7.2)
\u2013
Effect of movement in foreign exchange
(8.3)
(31.3)
(39.6)
Balance at 31 December 2025
206.9
785.1
992.0
Depreciation and impairment losses
\u00a0 \u00a0 \u00a0
Balance at 1 January 2024
119.0
580.7
699.7
Depreciation charge for the year
5.4
28.7
34.1
Impairment losses
\u2013
4.6
4.6
Disposals
(10.3)
(34.2)
(44.5)
Transfers between categories
(0.5)
0.5
\u2013
Effect of movement in foreign exchange
(0.4)
(3.9)
(4.3)
Balance at 31 December 2024
113.2
576.4
689.6
Balance at 1 January 2025
113.2
576.4
689.6
Depreciation charge for the year
5.3
28.3
33.6
Impairment losses
1.0
15.8
16.8
Impairment reversals
(0.6)
(1.6)
(2.2)
Disposals
(0.4)
(18.0)
(18.4)
Disposal of business
(3.5)
(24.0)
(27.5)
Transfers between categories
1.0
(1.0)
\u2013
Effect of movement in foreign exchange
(5.0)
(20.9)
(25.9)
Balance at 31 December 2025
111.0
555.0
666.0
Carrying amounts
\u00a0 \u00a0 \u00a0
At 1 January 2024
97.1
196.7
293.8
At 31 December 2024
103.4
241.5
344.9
At 31 December 2025
95.9
230.1
326.0
\n
No assets were pledged as security for liabilities in the current or prior year. The net book value includes assets under construction of
\u00a343.8 million (2024: \u00a351.0 million) comprising \u00a32.8 million of land and buildings (2024: \u00a32.8 million) and \u00a341.0 million of plant, equipment
and fixtures (2024: \u00a348.2 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "12. Right-of-use assets \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land and
Plant and
\u00a0
\u00a0
buildings
equipment
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0
Balance at 1 January 2024
80.5
11.9
92.4
Additions
5.7
2.8
8.5
Disposals
(5.4)
(2.5)
(7.9)
Remeasurements
2.4
\u2013
2.4
Effect of movement in foreign exchange
(1.0)
(0.6)
(1.6)
Balance at 31 December 2024
82.2
11.6
93.8
Balance at 1 January 2025
82.2
11.6
93.8
Additions
11.6
2.3
13.9
Disposals
(2.5)
(1.9)
(4.4)
Disposal of business
(0.1)
(1.0)
(1.1)
Remeasurements
0.2
(0.2)
\u2013
Effect of movement in foreign exchange
(2.5)
(0.1)
(2.6)
Balance at 31 December 2025
88.9
10.7
99.6
Depreciation and impairment losses
\u00a0 \u00a0 \u00a0
Balance at 1 January 2024
55.3
5.5
60.8
Depreciation charge for the year
5.6
3.0
8.6
Impairment losses
\u2013
0.8
0.8
Disposals
(5.4)
(2.5)
(7.9)
Effect of movement in foreign exchange
(0.8)
(0.2)
(1.0)
Balance at 31 December 2024
54.7
6.6
61.3
Balance at 1 January 2025
54.7
6.6
61.3
Depreciation charge for the year
5.8
2.6
8.4
Disposals
(2.0)
(1.9)
(3.9)
Disposal of business
\u2013
(0.4)
(0.4)
Effect of movement in foreign exchange
(1.9)
(0.3)
(2.2)
Balance at 31 December 2025
56.6
6.6
63.2
Carrying amounts
\u00a0 \u00a0 \u00a0
At 1 January 2024
25.2
6.4
31.6
At 31 December 2024
27.5
5.0
32.5
At 31 December 2025
32.3
4.1
36.4
\n
The weighted average lease term is 10.1 years (2024: 10.2 years) for land and buildings and 3.7 years (2024: 1.9 years) for plant and
equipment. The maturity analysis of lease liabilities is presented in note 21.
The Group recognised expense relating to short-term leases and leasing of low-value assets of \u00a30.4 million (2024: \u00a30.5 million).21. Borrowings and lease liabilities
This note provides information about the contractual terms of the Group\u2019s borrowings and lease liabilities which are measured at
amortised cost.
At 31 December 2025, the Group is committed to future payments of \u00a30.4 million (2024: \u00a30.4 million) for short-term leases and leasing
of low-value assets.
At 31 December 2025, future cash flows in respect of leases which the Group had entered into but which had not yet commenced was
\u00a30.4 million (2024: \u00a37.9 million).
The total of future minimum lease income under non-cancellable leases, where the Group is a lessor is \u00a3nil (2024: \u00a3nil).
For more information about the Group\u2019s exposure to interest rate, foreign currency risk, and the Group\u2019s covenants, see note 22.
Borrowing facilities and liquidity
All of the Group\u2019s borrowing facilities are arranged by Group Treasury with Morgan Advanced Materials plc as the principal obligor.
Where ancillary credit facilities are provided to operating subsidiaries, they are authorised and supervised by Group Treasury in accordance
with the Group\u2019s Treasury Policy. Group Treasury seeks to obtain certainty of access to funding in the amounts, diversity of maturities and
diversity of counterparties as required to support the Group\u2019s medium-term financing requirements and to minimise the impact of poor
credit market conditions.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current liabilities
\u00a0 \u00a0
Senior Notes
67.9
188.2
Bank and other borrowings
143.8
149.1
Cumulative Preference shares
0.4
0.4
Lease liabilities
38.1
36.1
\u00a0
250.2
373.8
Current liabilities
\u00a0 \u00a0
Senior Notes
94.3
\u2013
Bank and other borrowings
5.1
9.3
Lease liabilities
11.1
11.0
\u00a0
110.5
20.3
\n
During the prior year the Group entered into a \u20ac150.0 million delayed draw Term Loan Facility with maturity in December 2029.
\u20ac75.0 million of the Facility had been utilised as at 31 December 2024 and 31 December 2025.
As at 31 December 2025 the Group had available headroom on its borrowing facilities of \u00a3295.3 million (2024: \u00a3279.3 million).
The Group did not have any borrowings secured against its assets (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "13. Intangible assets \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Capitalised
\u00a0 \u00a0
\u00a0 \u00a0
Customer
Technology and
development
Computer
\u00a0
\u00a0
Goodwill
relationships
trademarks
costs
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 1 January 2024
177.5
60.9
4.2
0.8
36.2
279.6
Additions (externally purchased)
\u2013
\u2013
\u2013
\u2013
0.3
0.3
Disposals
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Effect of movement in foreign exchange
(0.6)
0.9
(0.2)
\u2013
0.2
0.3
Balance at 31 December 2024
176.9
61.8
4.0
0.8
35.9
279.4
Balance at 1 January 2025
176.9
61.8
4.0
0.8
35.9
279.4
Additions (externally purchased)
\u2013
\u2013
\u2013
\u2013
0.5
0.5
Disposals
\u2013
\u2013
\u2013
\u2013
(2.0)
(2.0)
Disposal of business
(8.8)
(0.7)
\u2013
\u2013
(1.1)
(10.6)
Effect of movement in foreign exchange
(4.4)
(3.9)
0.5
(0.1)
(1.1)
(9.0)
Balance at 31 December 2025
163.7
57.2
4.5
0.7
32.2
258.3
Amortisation and impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 1 January 2024
\u2013
59.8
3.2
0.8
33.6
97.4
Amortisation charge for the year
\u2013
0.3
0.2
\u2013
1.2
1.7
Disposals
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Effects of movement in foreign exchange
\u2013
0.9
(0.1)
\u2013
0.4
1.2
Balance at 31 December 2024
\u2013
61.0
3.3
0.8
34.4
99.5
Balance at 1 January 2025
\u2013
61.0
3.3
0.8
34.4
99.5
Amortisation charge for the year
\u2013
0.2
0.2
\u2013
0.6
1.0
Impairment reversal
\u2013
\u2013
\u2013
\u2013
(0.3)
(0.3)
Disposals
\u2013
\u2013
\u2013
\u2013
(2.0)
(2.0)
Disposal of business
\u2013
(0.7)
\u2013
\u2013
(1.1)
(1.8)
Effects of movement in foreign exchange
\u2013
(4.0)
0.5
(0.1)
(1.4)
(5.0)
Balance at 31 December 2025
\u2013
56.5
4.0
0.7
30.2
91.4
Carrying amounts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
177.5
1.1
1.0
\u2013
2.6
182.2
At 31 December 2024
176.9
0.8
0.7
\u2013
1.5
179.9
At 31 December 2025
163.7
0.7
0.5
\u2013
2.0
166.9
\n
Impairment test for cash-generating units or groups of cash-generating units containing goodwill
In accordance with the requirements of \u2018IAS 36 \u2013 Impairment of Assets\u2019, goodwill is allocated to the Group\u2019s cash-generating units or
groups of cash-generating units that are expected to benefit from the synergies of the business combination that gave rise to the goodwill.
Goodwill impairment testing is performed at the operating segment level as defined by \u2018IFRS 8 \u2013 Operating segments\u2019, as this is the lowest
level at which goodwill is monitored. Each operating segment is assessed for impairment annually and whenever there is an indication of
impairment.
Goodwill is attributed to each operating segment as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Thermal Products
84.5
95.6
Performance Carbon
44.9
46.1
Technical Ceramics
34.3
35.2
\u00a0
163.7
176.9
\n
During the year the Group disposed of its MMS business which was previously reported within Thermal Products. As a result the Group
disposed of \u00a38.8 million of goodwill. Refer to note 2 for further information.
The carrying value of goodwill has been assessed with reference to its value in use, reflecting the projected discounted cash flows of each
operating segment to which goodwill has been allocated. The key assumptions used in determining value in use relate to short-term and
long-term growth rates and discount rates.
The cash flow projections in year one are based on the most recent Board-approved budget; cash flow projections for years two to
five are based on the most recent forecasts. The key assumptions that underpin these cash flow projections relate to sales and operating
margins, which are based on past experience, taking into account the effect of known or likely changes in market or operating conditions.
The growth rates have been calculated using GDP growth forecasts published by the International Monetary Fund for the Group\u2019s
end-markets. These GDP growth forecasts have been weighted to reflect the Group\u2019s weighted average sales in each end-market
during 2025.
A growth rate of 2.8% (2024: 2.1%) has been used for years beyond 2030 and to calculate a terminal value. Management has assessed
these growth rates, including the terminal growth rate, as reasonable for each operating segment.
The Group has used the following pre-tax discount rates for calculating the value in use of each of the operating segments: Thermal
Products: 13.7% (2024: 15.1%), Performance Carbon: 13.8% (2024: 14.1%) and Technical Ceramics 13.4% (2024: 13.6%).
A sensitivity analysis was performed in order to quantify the impact of possible adverse changes in key assumptions used in the discounted
cash flows; the results are presented in the table below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Decrease in recoverable value
\u00a0
\u00a0 \u00a0
Assuming 10%
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
decrease in
Assuming 10%
\u00a0 \u00a0
\u00a0 \u00a0
growth rate and
increase in
Assuming 10%
\u00a0
\u00a0
Long-term
no terminal
pre-tax discount
decrease in cash
Impairment
\u00a0
growth rates
growth
rate
\ufb02ows
arising
\u00a0
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Thermal Products
3.1
56.8
36.8
31.8
None
Performance Carbon
2.7
72.6
53.7
48.2
None
Technical Ceramics
2.5
88.0
61.8
54.5
None
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "13. Intangible assets \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Capitalised
\u00a0 \u00a0
\u00a0 \u00a0
Customer
Technology and
development
Computer
\u00a0
\u00a0
Goodwill
relationships
trademarks
costs
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 1 January 2024
177.5
60.9
4.2
0.8
36.2
279.6
Additions (externally purchased)
\u2013
\u2013
\u2013
\u2013
0.3
0.3
Disposals
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Effect of movement in foreign exchange
(0.6)
0.9
(0.2)
\u2013
0.2
0.3
Balance at 31 December 2024
176.9
61.8
4.0
0.8
35.9
279.4
Balance at 1 January 2025
176.9
61.8
4.0
0.8
35.9
279.4
Additions (externally purchased)
\u2013
\u2013
\u2013
\u2013
0.5
0.5
Disposals
\u2013
\u2013
\u2013
\u2013
(2.0)
(2.0)
Disposal of business
(8.8)
(0.7)
\u2013
\u2013
(1.1)
(10.6)
Effect of movement in foreign exchange
(4.4)
(3.9)
0.5
(0.1)
(1.1)
(9.0)
Balance at 31 December 2025
163.7
57.2
4.5
0.7
32.2
258.3
Amortisation and impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 1 January 2024
\u2013
59.8
3.2
0.8
33.6
97.4
Amortisation charge for the year
\u2013
0.3
0.2
\u2013
1.2
1.7
Disposals
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Effects of movement in foreign exchange
\u2013
0.9
(0.1)
\u2013
0.4
1.2
Balance at 31 December 2024
\u2013
61.0
3.3
0.8
34.4
99.5
Balance at 1 January 2025
\u2013
61.0
3.3
0.8
34.4
99.5
Amortisation charge for the year
\u2013
0.2
0.2
\u2013
0.6
1.0
Impairment reversal
\u2013
\u2013
\u2013
\u2013
(0.3)
(0.3)
Disposals
\u2013
\u2013
\u2013
\u2013
(2.0)
(2.0)
Disposal of business
\u2013
(0.7)
\u2013
\u2013
(1.1)
(1.8)
Effects of movement in foreign exchange
\u2013
(4.0)
0.5
(0.1)
(1.4)
(5.0)
Balance at 31 December 2025
\u2013
56.5
4.0
0.7
30.2
91.4
Carrying amounts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
177.5
1.1
1.0
\u2013
2.6
182.2
At 31 December 2024
176.9
0.8
0.7
\u2013
1.5
179.9
At 31 December 2025
163.7
0.7
0.5
\u2013
2.0
166.9
\n
Impairment test for cash-generating units or groups of cash-generating units containing goodwill
In accordance with the requirements of \u2018IAS 36 \u2013 Impairment of Assets\u2019, goodwill is allocated to the Group\u2019s cash-generating units or
groups of cash-generating units that are expected to benefit from the synergies of the business combination that gave rise to the goodwill.
Goodwill impairment testing is performed at the operating segment level as defined by \u2018IFRS 8 \u2013 Operating segments\u2019, as this is the lowest
level at which goodwill is monitored. Each operating segment is assessed for impairment annually and whenever there is an indication of
impairment.
Goodwill is attributed to each operating segment as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Thermal Products
84.5
95.6
Performance Carbon
44.9
46.1
Technical Ceramics
34.3
35.2
\u00a0
163.7
176.9
\n
During the year the Group disposed of its MMS business which was previously reported within Thermal Products. As a result the Group
disposed of \u00a38.8 million of goodwill. Refer to note 2 for further information.
The carrying value of goodwill has been assessed with reference to its value in use, reflecting the projected discounted cash flows of each
operating segment to which goodwill has been allocated. The key assumptions used in determining value in use relate to short-term and
long-term growth rates and discount rates.
The cash flow projections in year one are based on the most recent Board-approved budget; cash flow projections for years two to
five are based on the most recent forecasts. The key assumptions that underpin these cash flow projections relate to sales and operating
margins, which are based on past experience, taking into account the effect of known or likely changes in market or operating conditions.
The growth rates have been calculated using GDP growth forecasts published by the International Monetary Fund for the Group\u2019s
end-markets. These GDP growth forecasts have been weighted to reflect the Group\u2019s weighted average sales in each end-market
during 2025.
A growth rate of 2.8% (2024: 2.1%) has been used for years beyond 2030 and to calculate a terminal value. Management has assessed
these growth rates, including the terminal growth rate, as reasonable for each operating segment.
The Group has used the following pre-tax discount rates for calculating the value in use of each of the operating segments: Thermal
Products: 13.7% (2024: 15.1%), Performance Carbon: 13.8% (2024: 14.1%) and Technical Ceramics 13.4% (2024: 13.6%).
A sensitivity analysis was performed in order to quantify the impact of possible adverse changes in key assumptions used in the discounted
cash flows; the results are presented in the table below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Decrease in recoverable value
\u00a0
\u00a0 \u00a0
Assuming 10%
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
decrease in
Assuming 10%
\u00a0 \u00a0
\u00a0 \u00a0
growth rate and
increase in
Assuming 10%
\u00a0
\u00a0
Long-term
no terminal
pre-tax discount
decrease in cash
Impairment
\u00a0
growth rates
growth
rate
\ufb02ows
arising
\u00a0
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Thermal Products
3.1
56.8
36.8
31.8
None
Performance Carbon
2.7
72.6
53.7
48.2
None
Technical Ceramics
2.5
88.0
61.8
54.5
None
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "13. Intangible assets \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Capitalised
\u00a0 \u00a0
\u00a0 \u00a0
Customer
Technology and
development
Computer
\u00a0
\u00a0
Goodwill
relationships
trademarks
costs
software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 1 January 2024
177.5
60.9
4.2
0.8
36.2
279.6
Additions (externally purchased)
\u2013
\u2013
\u2013
\u2013
0.3
0.3
Disposals
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Effect of movement in foreign exchange
(0.6)
0.9
(0.2)
\u2013
0.2
0.3
Balance at 31 December 2024
176.9
61.8
4.0
0.8
35.9
279.4
Balance at 1 January 2025
176.9
61.8
4.0
0.8
35.9
279.4
Additions (externally purchased)
\u2013
\u2013
\u2013
\u2013
0.5
0.5
Disposals
\u2013
\u2013
\u2013
\u2013
(2.0)
(2.0)
Disposal of business
(8.8)
(0.7)
\u2013
\u2013
(1.1)
(10.6)
Effect of movement in foreign exchange
(4.4)
(3.9)
0.5
(0.1)
(1.1)
(9.0)
Balance at 31 December 2025
163.7
57.2
4.5
0.7
32.2
258.3
Amortisation and impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 1 January 2024
\u2013
59.8
3.2
0.8
33.6
97.4
Amortisation charge for the year
\u2013
0.3
0.2
\u2013
1.2
1.7
Disposals
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Effects of movement in foreign exchange
\u2013
0.9
(0.1)
\u2013
0.4
1.2
Balance at 31 December 2024
\u2013
61.0
3.3
0.8
34.4
99.5
Balance at 1 January 2025
\u2013
61.0
3.3
0.8
34.4
99.5
Amortisation charge for the year
\u2013
0.2
0.2
\u2013
0.6
1.0
Impairment reversal
\u2013
\u2013
\u2013
\u2013
(0.3)
(0.3)
Disposals
\u2013
\u2013
\u2013
\u2013
(2.0)
(2.0)
Disposal of business
\u2013
(0.7)
\u2013
\u2013
(1.1)
(1.8)
Effects of movement in foreign exchange
\u2013
(4.0)
0.5
(0.1)
(1.4)
(5.0)
Balance at 31 December 2025
\u2013
56.5
4.0
0.7
30.2
91.4
Carrying amounts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
177.5
1.1
1.0
\u2013
2.6
182.2
At 31 December 2024
176.9
0.8
0.7
\u2013
1.5
179.9
At 31 December 2025
163.7
0.7
0.5
\u2013
2.0
166.9
\n
Impairment test for cash-generating units or groups of cash-generating units containing goodwill
In accordance with the requirements of \u2018IAS 36 \u2013 Impairment of Assets\u2019, goodwill is allocated to the Group\u2019s cash-generating units or
groups of cash-generating units that are expected to benefit from the synergies of the business combination that gave rise to the goodwill.
Goodwill impairment testing is performed at the operating segment level as defined by \u2018IFRS 8 \u2013 Operating segments\u2019, as this is the lowest
level at which goodwill is monitored. Each operating segment is assessed for impairment annually and whenever there is an indication of
impairment.
Goodwill is attributed to each operating segment as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Thermal Products
84.5
95.6
Performance Carbon
44.9
46.1
Technical Ceramics
34.3
35.2
\u00a0
163.7
176.9
\n
During the year the Group disposed of its MMS business which was previously reported within Thermal Products. As a result the Group
disposed of \u00a38.8 million of goodwill. Refer to note 2 for further information.
The carrying value of goodwill has been assessed with reference to its value in use, reflecting the projected discounted cash flows of each
operating segment to which goodwill has been allocated. The key assumptions used in determining value in use relate to short-term and
long-term growth rates and discount rates.
The cash flow projections in year one are based on the most recent Board-approved budget; cash flow projections for years two to
five are based on the most recent forecasts. The key assumptions that underpin these cash flow projections relate to sales and operating
margins, which are based on past experience, taking into account the effect of known or likely changes in market or operating conditions.
The growth rates have been calculated using GDP growth forecasts published by the International Monetary Fund for the Group\u2019s
end-markets. These GDP growth forecasts have been weighted to reflect the Group\u2019s weighted average sales in each end-market
during 2025.
A growth rate of 2.8% (2024: 2.1%) has been used for years beyond 2030 and to calculate a terminal value. Management has assessed
these growth rates, including the terminal growth rate, as reasonable for each operating segment.
The Group has used the following pre-tax discount rates for calculating the value in use of each of the operating segments: Thermal
Products: 13.7% (2024: 15.1%), Performance Carbon: 13.8% (2024: 14.1%) and Technical Ceramics 13.4% (2024: 13.6%).
A sensitivity analysis was performed in order to quantify the impact of possible adverse changes in key assumptions used in the discounted
cash flows; the results are presented in the table below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Decrease in recoverable value
\u00a0
\u00a0 \u00a0
Assuming 10%
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
decrease in
Assuming 10%
\u00a0 \u00a0
\u00a0 \u00a0
growth rate and
increase in
Assuming 10%
\u00a0
\u00a0
Long-term
no terminal
pre-tax discount
decrease in cash
Impairment
\u00a0
growth rates
growth
rate
\ufb02ows
arising
\u00a0
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Thermal Products
3.1
56.8
36.8
31.8
None
Performance Carbon
2.7
72.6
53.7
48.2
None
Technical Ceramics
2.5
88.0
61.8
54.5
None
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00575": { "value": "Impairment test for cash-generating units or groups of cash-generating units containing goodwill
In accordance with the requirements of \u2018IAS 36 \u2013 Impairment of Assets\u2019, goodwill is allocated to the Group\u2019s cash-generating units or
groups of cash-generating units that are expected to benefit from the synergies of the business combination that gave rise to the goodwill.
Goodwill impairment testing is performed at the operating segment level as defined by \u2018IFRS 8 \u2013 Operating segments\u2019, as this is the lowest
level at which goodwill is monitored. Each operating segment is assessed for impairment annually and whenever there is an indication of
impairment.
Goodwill is attributed to each operating segment as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Thermal Products
84.5
95.6
Performance Carbon
44.9
46.1
Technical Ceramics
34.3
35.2
\u00a0
163.7
176.9
\n
During the year the Group disposed of its MMS business which was previously reported within Thermal Products. As a result the Group
disposed of \u00a38.8 million of goodwill. Refer to note 2 for further information.
The carrying value of goodwill has been assessed with reference to its value in use, reflecting the projected discounted cash flows of each
operating segment to which goodwill has been allocated. The key assumptions used in determining value in use relate to short-term and
long-term growth rates and discount rates.
The cash flow projections in year one are based on the most recent Board-approved budget; cash flow projections for years two to
five are based on the most recent forecasts. The key assumptions that underpin these cash flow projections relate to sales and operating
margins, which are based on past experience, taking into account the effect of known or likely changes in market or operating conditions.
The growth rates have been calculated using GDP growth forecasts published by the International Monetary Fund for the Group\u2019s
end-markets. These GDP growth forecasts have been weighted to reflect the Group\u2019s weighted average sales in each end-market
during 2025.
A growth rate of 2.8% (2024: 2.1%) has been used for years beyond 2030 and to calculate a terminal value. Management has assessed
these growth rates, including the terminal growth rate, as reasonable for each operating segment.
The Group has used the following pre-tax discount rates for calculating the value in use of each of the operating segments: Thermal
Products: 13.7% (2024: 15.1%), Performance Carbon: 13.8% (2024: 14.1%) and Technical Ceramics 13.4% (2024: 13.6%).
A sensitivity analysis was performed in order to quantify the impact of possible adverse changes in key assumptions used in the discounted
cash flows; the results are presented in the table below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Decrease in recoverable value
\u00a0
\u00a0 \u00a0
Assuming 10%
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
decrease in
Assuming 10%
\u00a0 \u00a0
\u00a0 \u00a0
growth rate and
increase in
Assuming 10%
\u00a0
\u00a0
Long-term
no terminal
pre-tax discount
decrease in cash
Impairment
\u00a0
growth rates
growth
rate
\ufb02ows
arising
\u00a0
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Thermal Products
3.1
56.8
36.8
31.8
None
Performance Carbon
2.7
72.6
53.7
48.2
None
Technical Ceramics
2.5
88.0
61.8
54.5
None
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "14. Investments
The Group holds equity investments which are held for trading in the short term and therefore classified as FVTPL in accordance with
IFRS 9. The investments are revalued at the balance sheet date with changes in value recognised in the income statement.
During the year the Group received \u00a355.7 million of shares in FIL in consideration for the disposal of its MMS business. FIL is listed on
the Indian Stock Exchange and operates in foundry consumables and solutions. The shares received represented a 15% holding in the
business, at completion. The shares are measured at FVTPL, with reference to quoted market prices. The Group recognised a fair value
loss of \u00a37.1 million and associated foreign exchange, from the period of acquisition of the shares up to 31 December 2025, which has been
included in specific adjusting items. Refer to note 6 for more information.
During the year the Group held an equity investment in Argentina designated in Argentine Pesos. A fair value loss of \u00a30.2 million (2024:
fair value gain of \u00a31.9 million) and foreign exchange loss of \u00a30.2 million (2024: loss of \u00a30.4 million) was recognised with the investment
disposed of during the year.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Balance at 1 January
2.0
2.2
Additions
56.1
\u2013
Changes in fair value
(7.3)
1.9
Disposal
(1.3)
(1.7)
Exchange differences
(1.8)
(0.4)
Balance at 31 December
47.7
2.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "15. Deferred tax assets and liabilities
Recognised deferred tax assets
Deferred tax assets and liabilities are attributable to the following:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Assets
Assets
Liabilities
Liabilities
Net
Net
\u00a0
2025
2024
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
\u2013
\u2013
(8.4)
(9.3)
(8.4)
(9.3)
Right-of-use assets and lease liabilities
2.0
2.2
\u2013
\u2013
2.0
2.2
Intangible assets
\u2013
\u2013
(1.1)
(0.4)
(1.1)
(0.4)
Employee benefits
8.0
7.6
\u2013
\u2013
8.0
7.6
Provisions
8.8
8.6
\u2013
\u2013
8.8
8.6
Tax value of loss carried
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
forward recognised
12.6
9.3
\u2013
\u2013
12.6
9.3
Other items
0.3
0.7
\u2013
\u2013
0.3
0.7
Offset
(8.5)
(7.0)
8.5
7.0
\u2013
\u2013
\u00a0
23.2
21.4
(1.0)
(2.7)
22.2
18.7
\n
Deferred tax assets and liabilities are offset when there is a legally enforceable right to do so and when they relate to taxes levied by the
same tax authority on either the same entity or on different entities where it is intended to settle the tax on a net basis.
Movements in temporary differences during the year
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Recognised
Recognised
\u00a0
Recognised
Recognised
\u00a0
\u00a0
in the income
directly
31 December
in the income
directly
31 December
\u00a0
statement
in equity
2024
statement
in equity
2025
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
1.3
\u2013
(9.3)
0.9
\u2013
(8.4)
Right-of-use assets and lease liabilities
(0.5)
\u2013
2.2
(0.2)
\u2013
2.0
Intangible assets
\u2013
\u2013
(0.4)
(0.7)
\u2013
(1.1)
Employee benefits
(0.1)
(0.6)
7.6
0.5
(0.1)
8.0
Provisions
(0.3)
\u2013
8.6
0.2
\u2013
8.8
Tax value of loss carried forward recognised
3.3
\u2013
9.3
3.3
\u2013
12.6
Others
0.3
(0.5)
0.7
\u2013
(0.4)
0.3
\u00a0
4.0
(1.1)
18.7
4.0
(0.5)
22.2
Recognised in:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Continuing operations
4.0
(1.1)
18.7
4.0
(0.5)
22.2
Discontinued operations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n
Deferred income tax of \u00a34.1 million (2024: \u00a34.1 million) is provided on the potential unremitted earnings of overseas subsidiary
undertakings. Where the remittance of dividends is not anticipated, deferred tax is not currently recognised or disclosed as it is
considered immaterial.
Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the following items:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Tax losses
205.8
169.5
Capital losses
52.2
46.4
Other deductible temporary differences
98.8
103.1
\u00a0
356.8
319.0
\n
Deferred tax assets have not been recognised in relation to these temporary differences due to uncertainty surrounding future utilisation.
Based on current tax legislation, the tax losses will not expire. Although the Group as a whole is profitable, the unrecognised losses relate
to entities where it is not probable that there will be future taxable profits against which these losses can be utilised.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "16. Inventories \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Raw materials and consumables
42.8
50.4
Work in progress
48.8
55.2
Finished goods
54.9
60.3
\u00a0
146.5
165.9
\nInventories include a provision of \u00a38.0 million (2024: \u00a36.9 million) recognised in operating costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00591": { "value": "17. Trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Trade receivables
0.7
0.6
Prepayments
0.5
0.6
Other receivables
1.9
2.4
\u00a0
3.1
3.6
Current
\u00a0 \u00a0
Gross trade receivables
109.8
165.1
Expected credit losses
(4.5)
(8.3)
Net trade receivables
105.3
156.8
Contract assets
1.7
0.5
Prepayments
15.1
17.5
VAT, goods and sales taxes receivable
7.9
7.3
Other non-trade receivables
9.1
7.5
\u00a0
139.1
189.6
\n
The Group\u2019s exposure to credit and currency risks related to trade and other receivables is disclosed in note 22.
Contract assets relate to the Group\u2019s right to consideration for project-based business which was completed but not billed at the end of
the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00590": { "value": "17. Trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Trade receivables
0.7
0.6
Prepayments
0.5
0.6
Other receivables
1.9
2.4
\u00a0
3.1
3.6
Current
\u00a0 \u00a0
Gross trade receivables
109.8
165.1
Expected credit losses
(4.5)
(8.3)
Net trade receivables
105.3
156.8
Contract assets
1.7
0.5
Prepayments
15.1
17.5
VAT, goods and sales taxes receivable
7.9
7.3
Other non-trade receivables
9.1
7.5
\u00a0
139.1
189.6
\n
The Group\u2019s exposure to credit and currency risks related to trade and other receivables is disclosed in note 22.
Contract assets relate to the Group\u2019s right to consideration for project-based business which was completed but not billed at the end of
the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "17. Trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Trade receivables
0.7
0.6
Prepayments
0.5
0.6
Other receivables
1.9
2.4
\u00a0
3.1
3.6
Current
\u00a0 \u00a0
Gross trade receivables
109.8
165.1
Expected credit losses
(4.5)
(8.3)
Net trade receivables
105.3
156.8
Contract assets
1.7
0.5
Prepayments
15.1
17.5
VAT, goods and sales taxes receivable
7.9
7.3
Other non-trade receivables
9.1
7.5
\u00a0
139.1
189.6
\n
The Group\u2019s exposure to credit and currency risks related to trade and other receivables is disclosed in note 22.
Contract assets relate to the Group\u2019s right to consideration for project-based business which was completed but not billed at the end of
the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "value": "18. Cash and cash equivalents \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Bank balances
68.6
110.8
Cash deposits
10.7
10.0
Cash and cash equivalents
79.3
120.8
\n
In 2025, the Group had restricted cash of \u00a32.3 million (2024: \u00a32.2 million) as a result of exchange controls in Argentina.
Reconciliation of net cash and cash equivalents to net debt*
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Opening borrowings
(337.7)
(309.7)
Increase in borrowings
(38.8)
(121.3)
Repayment of borrowings
70.1
88.0
Effect of movements in foreign exchange
\u2013
5.3
Closing borrowings
(306.4)
(337.7)
Net cash
1
and cash equivalents
74.2
111.5
Closing net debt
1
(232.2)
(226.2)
Opening lease liabilities
(47.1)
(47.1)
Payment of lease liabilities
9.3
10.6
New leases and lease remeasurement
(13.9)
(10.9)
Disposal of business
0.7
\u2013
Effect of movements in foreign exchange
1.8
0.3
Closing lease liabilities
(49.2)
(47.1)
Closing net debt
1
and lease liabilities
(281.4)
(273.3)
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
The table below details changes in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Net cash
\u00a0 \u00a0
Net debt
1
\u00a0 \u00a0
and cash
Movement
Lease
and lease
\u00a0
Borrowings
equivalents
in net debt
1
liabilities
liabilities
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
(309.7)
124.5
(185.2)
(47.1)
(232.3)
Cash inflow
\u2013
23.0
23.0
\u2013
23.0
Borrowings and lease liability cash (outflow)/inflow
(33.3)
\u2013
(33.3)
10.6
(22.7)
Net interest paid
\u2013
(20.5)
(20.5)
\u2013
(20.5)
Net cash inflow/(outflow)
(33.3)
2.5
(30.8)
10.6
(20.2)
Share purchases
\u2013
(8.2)
(8.2)
\u2013
(8.2)
New leases and lease remeasurement
\u2013
\u2013
\u2013
(10.9)
(10.9)
Exchange and other movements
5.3
(7.3)
(2.0)
0.3
(1.7)
At 31 December 2024
(337.7)
111.5
(226.2)
(47.1)
(273.3)
At 1 January 2025
(337.7)
111.5
(226.2)
(47.1)
(273.3)
Cash outflow
\u2013
(8.1)
(8.1)
\u2013
(8.1)
Borrowings and lease liability cash outflow
31.3
\u2013
31.3
9.3
40.6
Net interest paid
\u2013
(24.4)
(24.4)
\u2013
(24.4)
Net cash inflow/(outflow)
31.3
(32.5)
(1.2)
9.3
8.1
Share purchases
\u2013
(18.8)
(18.8)
\u2013
(18.8)
Business disposal
\u2013
17.4
17.4
0.7
18.1
New leases and lease remeasurement
\u2013
\u2013
\u2013
(13.9)
(13.9)
Exchange and other movements
\u2013
(3.4)
(3.4)
1.8
(1.6)
At 31 December 2025
(306.4)
74.2
(232.2)
(49.2)
(281.4)
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00588": { "value": "In 2025, the Group had restricted cash of \u00a32.3 million (2024: \u00a32.2 million) as a result of exchange controls in Argentina. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00594": { "value": "19. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Accruals
0.3
0.7
Other payables
2.4
2.1
\u00a0
2.7
2.8
Current
\u00a0 \u00a0
Trade payables
84.3
87.4
Contract liabilities
5.0
6.7
Accruals
69.3
72.6
Other tax and social security
11.5
13.0
Creditors in relation to capital expenditure
3.1
10.1
Other payables
21.4
14.3
\u00a0
194.6
204.1
\n
The Directors consider that the carrying amount of trade payables approximates to their fair value.
Contract liabilities relate to payments received from customers for project-based business in advance of the performance obligation
being satisfied. During the year the Group recognised contract liabilities of \u00a36.7 million as revenue and the Group expects to recognise
\u00a35.0 million of contract liabilities in 2026.
During the year the Company concluded the first tranche of its share buyback programme and entered into a non-discretionary agreement
with Investec for the second tranche of the programme. Investec acts as riskless principal, to enable the Company to purchase up to
\u00a310.0 million of the Company\u2019s Ordinary shares, excluding expenses. During the year 6,751,497 shares (2024: 1,825,090 shares) with a
nominal value of \u00a31.7 million (2024: \u00a30.5 million) were purchased for consideration of \u00a315.2 million (2024: \u00a34.7 million). The Group
recognised a liability in other payables for the remaining \u00a30.1 million (2024: \u00a35.3 million) of shares which will be purchased on completion
of the second tranche.
The Group has a supplier finance programme which allows the Group to achieve standardised payment terms equivalent to comparable
businesses in the geographies where it operates. Under this arrangement the trade payable is derecognised at the point it is settled by the
supplier finance provider and a liability due to the supplier finance provider is recognised in other payables. The arrangement allows the
Group to achieve payment days similar to comparable businesses operating in similar markets.
The Group does not face a significant liquidity risk as a result of its supplier finance arrangements.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
\u00a3m
Supplier finance liability
\u00a0
Presented within trade and other payables
12.8
Of which amounts suppliers have received payment from finance provider
12.8
Range of payment due dates
\u00a0
Liabilities part of the supplier finance arrangement
0 to 95 days after
\u00a0
invoice date
Liabilities not part of the arrangement
60 to 95 days after
\u00a0
invoice date
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00593": { "value": "19. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Accruals
0.3
0.7
Other payables
2.4
2.1
\u00a0
2.7
2.8
Current
\u00a0 \u00a0
Trade payables
84.3
87.4
Contract liabilities
5.0
6.7
Accruals
69.3
72.6
Other tax and social security
11.5
13.0
Creditors in relation to capital expenditure
3.1
10.1
Other payables
21.4
14.3
\u00a0
194.6
204.1
\n
The Directors consider that the carrying amount of trade payables approximates to their fair value.
Contract liabilities relate to payments received from customers for project-based business in advance of the performance obligation
being satisfied. During the year the Group recognised contract liabilities of \u00a36.7 million as revenue and the Group expects to recognise
\u00a35.0 million of contract liabilities in 2026.
During the year the Company concluded the first tranche of its share buyback programme and entered into a non-discretionary agreement
with Investec for the second tranche of the programme. Investec acts as riskless principal, to enable the Company to purchase up to
\u00a310.0 million of the Company\u2019s Ordinary shares, excluding expenses. During the year 6,751,497 shares (2024: 1,825,090 shares) with a
nominal value of \u00a31.7 million (2024: \u00a30.5 million) were purchased for consideration of \u00a315.2 million (2024: \u00a34.7 million). The Group
recognised a liability in other payables for the remaining \u00a30.1 million (2024: \u00a35.3 million) of shares which will be purchased on completion
of the second tranche.
The Group has a supplier finance programme which allows the Group to achieve standardised payment terms equivalent to comparable
businesses in the geographies where it operates. Under this arrangement the trade payable is derecognised at the point it is settled by the
supplier finance provider and a liability due to the supplier finance provider is recognised in other payables. The arrangement allows the
Group to achieve payment days similar to comparable businesses operating in similar markets.
The Group does not face a significant liquidity risk as a result of its supplier finance arrangements.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
\u00a3m
Supplier finance liability
\u00a0
Presented within trade and other payables
12.8
Of which amounts suppliers have received payment from finance provider
12.8
Range of payment due dates
\u00a0
Liabilities part of the supplier finance arrangement
0 to 95 days after
\u00a0
invoice date
Liabilities not part of the arrangement
60 to 95 days after
\u00a0
invoice date
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00592": { "value": "19. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Accruals
0.3
0.7
Other payables
2.4
2.1
\u00a0
2.7
2.8
Current
\u00a0 \u00a0
Trade payables
84.3
87.4
Contract liabilities
5.0
6.7
Accruals
69.3
72.6
Other tax and social security
11.5
13.0
Creditors in relation to capital expenditure
3.1
10.1
Other payables
21.4
14.3
\u00a0
194.6
204.1
\n
The Directors consider that the carrying amount of trade payables approximates to their fair value.
Contract liabilities relate to payments received from customers for project-based business in advance of the performance obligation
being satisfied. During the year the Group recognised contract liabilities of \u00a36.7 million as revenue and the Group expects to recognise
\u00a35.0 million of contract liabilities in 2026.
During the year the Company concluded the first tranche of its share buyback programme and entered into a non-discretionary agreement
with Investec for the second tranche of the programme. Investec acts as riskless principal, to enable the Company to purchase up to
\u00a310.0 million of the Company\u2019s Ordinary shares, excluding expenses. During the year 6,751,497 shares (2024: 1,825,090 shares) with a
nominal value of \u00a31.7 million (2024: \u00a30.5 million) were purchased for consideration of \u00a315.2 million (2024: \u00a34.7 million). The Group
recognised a liability in other payables for the remaining \u00a30.1 million (2024: \u00a35.3 million) of shares which will be purchased on completion
of the second tranche.
The Group has a supplier finance programme which allows the Group to achieve standardised payment terms equivalent to comparable
businesses in the geographies where it operates. Under this arrangement the trade payable is derecognised at the point it is settled by the
supplier finance provider and a liability due to the supplier finance provider is recognised in other payables. The arrangement allows the
Group to achieve payment days similar to comparable businesses operating in similar markets.
The Group does not face a significant liquidity risk as a result of its supplier finance arrangements.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
\u00a3m
Supplier finance liability
\u00a0
Presented within trade and other payables
12.8
Of which amounts suppliers have received payment from finance provider
12.8
Range of payment due dates
\u00a0
Liabilities part of the supplier finance arrangement
0 to 95 days after
\u00a0
invoice date
Liabilities not part of the arrangement
60 to 95 days after
\u00a0
invoice date
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00569": { "value": "19. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Accruals
0.3
0.7
Other payables
2.4
2.1
\u00a0
2.7
2.8
Current
\u00a0 \u00a0
Trade payables
84.3
87.4
Contract liabilities
5.0
6.7
Accruals
69.3
72.6
Other tax and social security
11.5
13.0
Creditors in relation to capital expenditure
3.1
10.1
Other payables
21.4
14.3
\u00a0
194.6
204.1
\n
The Directors consider that the carrying amount of trade payables approximates to their fair value.
Contract liabilities relate to payments received from customers for project-based business in advance of the performance obligation
being satisfied. During the year the Group recognised contract liabilities of \u00a36.7 million as revenue and the Group expects to recognise
\u00a35.0 million of contract liabilities in 2026.
During the year the Company concluded the first tranche of its share buyback programme and entered into a non-discretionary agreement
with Investec for the second tranche of the programme. Investec acts as riskless principal, to enable the Company to purchase up to
\u00a310.0 million of the Company\u2019s Ordinary shares, excluding expenses. During the year 6,751,497 shares (2024: 1,825,090 shares) with a
nominal value of \u00a31.7 million (2024: \u00a30.5 million) were purchased for consideration of \u00a315.2 million (2024: \u00a34.7 million). The Group
recognised a liability in other payables for the remaining \u00a30.1 million (2024: \u00a35.3 million) of shares which will be purchased on completion
of the second tranche.
The Group has a supplier finance programme which allows the Group to achieve standardised payment terms equivalent to comparable
businesses in the geographies where it operates. Under this arrangement the trade payable is derecognised at the point it is settled by the
supplier finance provider and a liability due to the supplier finance provider is recognised in other payables. The arrangement allows the
Group to achieve payment days similar to comparable businesses operating in similar markets.
The Group does not face a significant liquidity risk as a result of its supplier finance arrangements.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
\u00a3m
Supplier finance liability
\u00a0
Presented within trade and other payables
12.8
Of which amounts suppliers have received payment from finance provider
12.8
Range of payment due dates
\u00a0
Liabilities part of the supplier finance arrangement
0 to 95 days after
\u00a0
invoice date
Liabilities not part of the arrangement
60 to 95 days after
\u00a0
invoice date
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00561": { "value": "19. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Accruals
0.3
0.7
Other payables
2.4
2.1
\u00a0
2.7
2.8
Current
\u00a0 \u00a0
Trade payables
84.3
87.4
Contract liabilities
5.0
6.7
Accruals
69.3
72.6
Other tax and social security
11.5
13.0
Creditors in relation to capital expenditure
3.1
10.1
Other payables
21.4
14.3
\u00a0
194.6
204.1
\n
The Directors consider that the carrying amount of trade payables approximates to their fair value.
Contract liabilities relate to payments received from customers for project-based business in advance of the performance obligation
being satisfied. During the year the Group recognised contract liabilities of \u00a36.7 million as revenue and the Group expects to recognise
\u00a35.0 million of contract liabilities in 2026.
During the year the Company concluded the first tranche of its share buyback programme and entered into a non-discretionary agreement
with Investec for the second tranche of the programme. Investec acts as riskless principal, to enable the Company to purchase up to
\u00a310.0 million of the Company\u2019s Ordinary shares, excluding expenses. During the year 6,751,497 shares (2024: 1,825,090 shares) with a
nominal value of \u00a31.7 million (2024: \u00a30.5 million) were purchased for consideration of \u00a315.2 million (2024: \u00a34.7 million). The Group
recognised a liability in other payables for the remaining \u00a30.1 million (2024: \u00a35.3 million) of shares which will be purchased on completion
of the second tranche.
The Group has a supplier finance programme which allows the Group to achieve standardised payment terms equivalent to comparable
businesses in the geographies where it operates. Under this arrangement the trade payable is derecognised at the point it is settled by the
supplier finance provider and a liability due to the supplier finance provider is recognised in other payables. The arrangement allows the
Group to achieve payment days similar to comparable businesses operating in similar markets.
The Group does not face a significant liquidity risk as a result of its supplier finance arrangements.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
\u00a3m
Supplier finance liability
\u00a0
Presented within trade and other payables
12.8
Of which amounts suppliers have received payment from finance provider
12.8
Range of payment due dates
\u00a0
Liabilities part of the supplier finance arrangement
0 to 95 days after
\u00a0
invoice date
Liabilities not part of the arrangement
60 to 95 days after
\u00a0
invoice date
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "19. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current
\u00a0 \u00a0
Accruals
0.3
0.7
Other payables
2.4
2.1
\u00a0
2.7
2.8
Current
\u00a0 \u00a0
Trade payables
84.3
87.4
Contract liabilities
5.0
6.7
Accruals
69.3
72.6
Other tax and social security
11.5
13.0
Creditors in relation to capital expenditure
3.1
10.1
Other payables
21.4
14.3
\u00a0
194.6
204.1
\n
The Directors consider that the carrying amount of trade payables approximates to their fair value.
Contract liabilities relate to payments received from customers for project-based business in advance of the performance obligation
being satisfied. During the year the Group recognised contract liabilities of \u00a36.7 million as revenue and the Group expects to recognise
\u00a35.0 million of contract liabilities in 2026.
During the year the Company concluded the first tranche of its share buyback programme and entered into a non-discretionary agreement
with Investec for the second tranche of the programme. Investec acts as riskless principal, to enable the Company to purchase up to
\u00a310.0 million of the Company\u2019s Ordinary shares, excluding expenses. During the year 6,751,497 shares (2024: 1,825,090 shares) with a
nominal value of \u00a31.7 million (2024: \u00a30.5 million) were purchased for consideration of \u00a315.2 million (2024: \u00a34.7 million). The Group
recognised a liability in other payables for the remaining \u00a30.1 million (2024: \u00a35.3 million) of shares which will be purchased on completion
of the second tranche.
The Group has a supplier finance programme which allows the Group to achieve standardised payment terms equivalent to comparable
businesses in the geographies where it operates. Under this arrangement the trade payable is derecognised at the point it is settled by the
supplier finance provider and a liability due to the supplier finance provider is recognised in other payables. The arrangement allows the
Group to achieve payment days similar to comparable businesses operating in similar markets.
The Group does not face a significant liquidity risk as a result of its supplier finance arrangements.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
\u00a3m
Supplier finance liability
\u00a0
Presented within trade and other payables
12.8
Of which amounts suppliers have received payment from finance provider
12.8
Range of payment due dates
\u00a0
Liabilities part of the supplier finance arrangement
0 to 95 days after
\u00a0
invoice date
Liabilities not part of the arrangement
60 to 95 days after
\u00a0
invoice date
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "20. Capital and reserves
Called-up share capital
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number
Nominal value
\u00a0
of shares
\u00a3m
Issued and fully paid Ordinary shares of 25 pence each
\u00a0 \u00a0
At 1 January 2024
285,369,988
71.3
Shares purchased and cancelled under share buyback scheme
(1,745,423)
(0.4)
At 31 December 2024
283,624,565
70.9
Shares purchased and cancelled under share buyback scheme
(6,777,740)
(1.7)
At 31 December 2025
276,846,825
69.2
\n
As at the date of this Report 276,676,409 Ordinary shares were in issue (2024: 282,148,476).
Details of options outstanding in respect of Ordinary shares are given in note 24.
The Company has 437,281 (2024: 437,281) of authorised, issued and fully paid Preference shares of \u00a31 each. The Preference shares
consist of 125,327 5.5% Cumulative First Preference shares and 311,954 5.0% Cumulative Second Preference shares. Dividends on the
cumulative Preference shares are presented within finance costs in the Group\u2019s consolidated income statement. The voting rights of these
shares are set out below.
Voting rights of shareholders
Ordinary shares
The holders of Ordinary shares are entitled to receive dividends and are entitled to one vote per share at meetings of the Company.
Preference shares
The Cumulative First Preference and Cumulative Second Preference shareholders are entitled to a cumulative preferential dividend at the
rate of 5.5% and 5.0% respectively, calculated up to 30 June and 31 December each year. The Preference shareholders are not entitled to
attend or vote at any general meeting unless either:
(i)
the meeting is convened to consider any resolutions for reducing the capital, or authorising any issue of debentures or debenture stock,
or increasing the borrowing powers of the Board under the Articles of Association of the Company, or winding up, or sanctioning a sale
of the undertaking, or altering the Articles in any manner affecting their respective interests, or any other resolutions directly altering
their respective rights and privileges; or
(ii)
at the date of the notice convening the general meeting, the Preference dividend is upwards of one month in arrears from the payment
date of any half-yearly instalment.
On a return of capital on a winding-up, the assets of the Company available for distribution shall be applied:
First, in payment to the holders of the First Preference shares of the amounts paid up on such shares, together with interest at the rate of
5.5% per annum.
Second, in payment to the holders of the Second Preference shares of the amounts paid up on such shares, together with interest at the
rate of 5.0% per annum.
Third, in repaying the capital paid up or credited as paid up on the Ordinary shares.
Fourth, any surplus shall be distributed rateably amongst the holders of the Ordinary shares in proportion to the nominal amount paid up
on their respective holdings of shares in the Company.
Translation reserve
The translation reserve comprises foreign exchange differences arising from the translation of the financial statements of foreign operations
and foreign exchange differences deferred into the net investment hedge.
Hedging reserve
The cash flow hedge reserve represents the cumulative amount of gains and losses on hedging instruments deemed effective in cash flow
hedges. The cumulative deferred gain or loss on the hedging instrument is recognised in the income statement only when the hedged
transaction impacts the income statement, or is included directly in the initial cost or other carrying amount of the hedged non-financial
items (basis adjustment).
Fair value reserve
The fair value reserve includes the cumulative net change in the fair value of FVOCI investments until the investment is derecognised.
Capital redemption reserve
The capital redemption reserve represents the cumulative nominal value of share capital purchased and subsequently cancelled. During
the year 6,777,740 (2024: 1,745,423) shares were cancelled with a nominal value of \u00a31.7 million (2024: \u00a30.4 million).
Retained earnings
The Company has acquired its own shares to satisfy the requirements of the various share option incentive schemes. At 31 December
2025, 261,617 shares (2024: 464,405) were held by the Trust and are treated as a deduction from equity. No treasury shares were held
by the Company (2024: none). All rights conferred by those shares are suspended until they are reissued.
A summary of the movements in own shares held by the Trust is set out in the table below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Cost
\u00a0
Cost
\u00a0
Shares
\u00a3m
Shares
\u00a3m
At 1 January
464,405
1.2
807,911
2.1
New shares purchased
1,379,110
3.6
1,285,000
3.5
Exercise of share options
(1,581,898)
(4.1)
(1,628,506)
(4.4)
At 31 December
261,617
0.7
464,405
1.2
\n
Consideration received in respect of shares transferred to participants of employee share schemes was \u00a3nil (2024: \u00a30.2 million).
The market value of shares held by the Trust at 31 December 2025 was \u00a30.6 million (2024: \u00a31.3 million).
Dividends
The following Ordinary dividends were declared and paid by the Company:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Per share
Total
\u00a0
2025
2024
2025
2024
\u00a0
pence
pence
\u00a3m
\u00a3m
2023 final
\u2013
6.8
\u2013
19.3
2024 interim
\u2013
5.4
\u2013
15.4
2024 final
6.8
\u2013
19.1
\u2013
2025 interim
5.4
\u2013
15.0
\u2013
\u00a0
12.2
12.2
34.1
34.7
\n
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting on 7 May 2026 and has not been
recognised as a liability in these financial statements. The final dividend is 6.8 pence per qualifying share, which totals \u00a318.8 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "Called-up share capital \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number
Nominal value
\u00a0
of shares
\u00a3m
Issued and fully paid Ordinary shares of 25 pence each
\u00a0 \u00a0
At 1 January 2024
285,369,988
71.3
Shares purchased and cancelled under share buyback scheme
(1,745,423)
(0.4)
At 31 December 2024
283,624,565
70.9
Shares purchased and cancelled under share buyback scheme
(6,777,740)
(1.7)
At 31 December 2025
276,846,825
69.2
\n
As at the date of this Report 276,676,409 Ordinary shares were in issue (2024: 282,148,476).
Details of options outstanding in respect of Ordinary shares are given in note 24.
The Company has 437,281 (2024: 437,281) of authorised, issued and fully paid Preference shares of \u00a31 each. The Preference shares
consist of 125,327 5.5% Cumulative First Preference shares and 311,954 5.0% Cumulative Second Preference shares. Dividends on the
cumulative Preference shares are presented within finance costs in the Group\u2019s consolidated income statement. The voting rights of these
shares are set out below. Voting rights of shareholders
Ordinary shares
The holders of Ordinary shares are entitled to receive dividends and are entitled to one vote per share at meetings of the Company.
Preference shares
The Cumulative First Preference and Cumulative Second Preference shareholders are entitled to a cumulative preferential dividend at the
rate of 5.5% and 5.0% respectively, calculated up to 30 June and 31 December each year. The Preference shareholders are not entitled to
attend or vote at any general meeting unless either:
(i)
the meeting is convened to consider any resolutions for reducing the capital, or authorising any issue of debentures or debenture stock,
or increasing the borrowing powers of the Board under the Articles of Association of the Company, or winding up, or sanctioning a sale
of the undertaking, or altering the Articles in any manner affecting their respective interests, or any other resolutions directly altering
their respective rights and privileges; or
(ii)
at the date of the notice convening the general meeting, the Preference dividend is upwards of one month in arrears from the payment
date of any half-yearly instalment.
On a return of capital on a winding-up, the assets of the Company available for distribution shall be applied:
First, in payment to the holders of the First Preference shares of the amounts paid up on such shares, together with interest at the rate of
5.5% per annum.
Second, in payment to the holders of the Second Preference shares of the amounts paid up on such shares, together with interest at the
rate of 5.0% per annum.
Third, in repaying the capital paid up or credited as paid up on the Ordinary shares.
Fourth, any surplus shall be distributed rateably amongst the holders of the Ordinary shares in proportion to the nominal amount paid up
on their respective holdings of shares in the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "Translation reserve
The translation reserve comprises foreign exchange differences arising from the translation of the financial statements of foreign operations
and foreign exchange differences deferred into the net investment hedge.
Hedging reserve
The cash flow hedge reserve represents the cumulative amount of gains and losses on hedging instruments deemed effective in cash flow
hedges. The cumulative deferred gain or loss on the hedging instrument is recognised in the income statement only when the hedged
transaction impacts the income statement, or is included directly in the initial cost or other carrying amount of the hedged non-financial
items (basis adjustment).
Fair value reserve
The fair value reserve includes the cumulative net change in the fair value of FVOCI investments until the investment is derecognised.
Capital redemption reserve
The capital redemption reserve represents the cumulative nominal value of share capital purchased and subsequently cancelled. During
the year 6,777,740 (2024: 1,745,423) shares were cancelled with a nominal value of \u00a31.7 million (2024: \u00a30.4 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00589": { "value": "No treasury shares were held by the Company (2024: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "Dividends
The following Ordinary dividends were declared and paid by the Company:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Per share
Total
\u00a0
2025
2024
2025
2024
\u00a0
pence
pence
\u00a3m
\u00a3m
2023 final
\u2013
6.8
\u2013
19.3
2024 interim
\u2013
5.4
\u2013
15.4
2024 final
6.8
\u2013
19.1
\u2013
2025 interim
5.4
\u2013
15.0
\u2013
\u00a0
12.2
12.2
34.1
34.7
\n
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting on 7 May 2026 and has not been
recognised as a liability in these financial statements. The final dividend is 6.8 pence per qualifying share, which totals \u00a318.8 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "21. Borrowings and lease liabilities
This note provides information about the contractual terms of the Group\u2019s borrowings and lease liabilities which are measured at
amortised cost.
At 31 December 2025, the Group is committed to future payments of \u00a30.4 million (2024: \u00a30.4 million) for short-term leases and leasing
of low-value assets.
At 31 December 2025, future cash flows in respect of leases which the Group had entered into but which had not yet commenced was
\u00a30.4 million (2024: \u00a37.9 million).
The total of future minimum lease income under non-cancellable leases, where the Group is a lessor is \u00a3nil (2024: \u00a3nil).
For more information about the Group\u2019s exposure to interest rate, foreign currency risk, and the Group\u2019s covenants, see note 22.
Borrowing facilities and liquidity
All of the Group\u2019s borrowing facilities are arranged by Group Treasury with Morgan Advanced Materials plc as the principal obligor.
Where ancillary credit facilities are provided to operating subsidiaries, they are authorised and supervised by Group Treasury in accordance
with the Group\u2019s Treasury Policy. Group Treasury seeks to obtain certainty of access to funding in the amounts, diversity of maturities and
diversity of counterparties as required to support the Group\u2019s medium-term financing requirements and to minimise the impact of poor
credit market conditions.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Non-current liabilities
\u00a0 \u00a0
Senior Notes
67.9
188.2
Bank and other borrowings
143.8
149.1
Cumulative Preference shares
0.4
0.4
Lease liabilities
38.1
36.1
\u00a0
250.2
373.8
Current liabilities
\u00a0 \u00a0
Senior Notes
94.3
\u2013
Bank and other borrowings
5.1
9.3
Lease liabilities
11.1
11.0
\u00a0
110.5
20.3
\n
During the prior year the Group entered into a \u20ac150.0 million delayed draw Term Loan Facility with maturity in December 2029.
\u20ac75.0 million of the Facility had been utilised as at 31 December 2024 and 31 December 2025.
As at 31 December 2025 the Group had available headroom on its borrowing facilities of \u00a3295.3 million (2024: \u00a3279.3 million).
The Group did not have any borrowings secured against its assets (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00562": { "value": "22. Financial risk management
This note presents information about the Group\u2019s exposure to a variety of financial risks: credit risk, liquidity risk, market risk and
foreign currency risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated
financial statements.
Financial risk management and Treasury Policy
The Group Treasury function acts as a service centre for Morgan Advanced Materials plc\u2019s businesses. The function works within a
framework of Board-approved policies and procedures, which are aligned to the wider goals, objectives and philosophy of the Group.
These policies and procedures are focused on managing and controlling risk in the treasury environment, and include strict control over
the use of financial instruments to hedge foreign currencies and interest rates. Speculative trading in derivatives and other financial
instruments is not permitted.
The function is responsible for all of the Group\u2019s funding, liquidity, cash management, interest rate risk, foreign exchange risk and other
treasury matters.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
The Group is exposed to credit risk on financial instruments such as liquid assets, derivative assets and trade receivables.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting
date was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Investments
47.7
2.0
Trade receivables
106.0
157.4
Cash and cash equivalents
79.3
120.8
Derivatives
2.0
1.2
\u00a0
235.0
281.4
\n
Trade receivables
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the
Group\u2019s customer base, including the default risk of the industries and countries in which customers operate, have less influence on
credit risk.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are
performed on all customers requiring credit over a certain amount. The Group does not require collateral in respect of financial assets.
The Group serves thousands of customers. Many of these have purchased the same product for several years and in some cases
decades. Others have modified and enhanced designs or adopted the same components into new products, extending the lifecycle
of the components that the Group supplies. The Group\u2019s level of customer retention is very high, particularly with its major accounts
and, although the top 20 ranking will alter from year to year, many of the names remain consistent over time.
The Group establishes a provision that represents its estimate of expected credit losses in respect of trade and other receivables and
investments. At the point the amount is considered irrecoverable it is written off against the financial asset directly.
Movements on the provision for expected credit losses were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Balance at 1 January
(8.3)
(9.0)
Net remeasurement of loss allowance
2.5
0.3
Amounts written off
1.1
0.3
Effect of movement in foreign exchange
0.2
0.1
Balance at 31 December
(4.5)
(8.3)
There has been no change in the estimation techniques or significant assumptions made during the current reporting period in assessing
the loss allowance for these financial assets. The loss allowance for trade receivables by ageing category is as follows:
\n\n \u00a0 \u00a0 \u00a0 \n \n
2025
2024
Expected
Gross trade
Expected
Net trade
Expected
Gross trade
Expected
Net trade
credit loss rate
receivables
credit losses
receivables
credit loss rate
receivables
credit losses
receivables
%
\u00a3m
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Not past due
0.1%
90.6
(0.1)
90.5
0.1%
134.5
(0.1)
134.4
Past due
0\u201330 days
0.9%
11.7
(0.1)
11.6
1.2%
17.2
(0.2)
17.0
Past due
31\u201360 days
5.0%
2.0
(0.1)
1.9
0.0%
3.5
\u2013
3.5
Past due
61\u201390 days
0.0%
0.8
\u2013
0.8
4.3%
2.3
(0.1)
2.2
Past due more
than 90 days
77.8%
5.4
(4.2)
1.2
96.3%
8.2
(7.9)
0.3
110.5
(4.5)
106.0
165.7
(8.3)
157.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00573": { "value": "22. Financial risk management
This note presents information about the Group\u2019s exposure to a variety of financial risks: credit risk, liquidity risk, market risk and
foreign currency risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated
financial statements.
Financial risk management and Treasury Policy
The Group Treasury function acts as a service centre for Morgan Advanced Materials plc\u2019s businesses. The function works within a
framework of Board-approved policies and procedures, which are aligned to the wider goals, objectives and philosophy of the Group.
These policies and procedures are focused on managing and controlling risk in the treasury environment, and include strict control over
the use of financial instruments to hedge foreign currencies and interest rates. Speculative trading in derivatives and other financial
instruments is not permitted.
The function is responsible for all of the Group\u2019s funding, liquidity, cash management, interest rate risk, foreign exchange risk and other
treasury matters.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
The Group is exposed to credit risk on financial instruments such as liquid assets, derivative assets and trade receivables.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting
date was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Investments
47.7
2.0
Trade receivables
106.0
157.4
Cash and cash equivalents
79.3
120.8
Derivatives
2.0
1.2
\u00a0
235.0
281.4
\n
Trade receivables
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the
Group\u2019s customer base, including the default risk of the industries and countries in which customers operate, have less influence on
credit risk.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are
performed on all customers requiring credit over a certain amount. The Group does not require collateral in respect of financial assets.
The Group serves thousands of customers. Many of these have purchased the same product for several years and in some cases
decades. Others have modified and enhanced designs or adopted the same components into new products, extending the lifecycle
of the components that the Group supplies. The Group\u2019s level of customer retention is very high, particularly with its major accounts
and, although the top 20 ranking will alter from year to year, many of the names remain consistent over time.
The Group establishes a provision that represents its estimate of expected credit losses in respect of trade and other receivables and
investments. At the point the amount is considered irrecoverable it is written off against the financial asset directly.
Movements on the provision for expected credit losses were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Balance at 1 January
(8.3)
(9.0)
Net remeasurement of loss allowance
2.5
0.3
Amounts written off
1.1
0.3
Effect of movement in foreign exchange
0.2
0.1
Balance at 31 December
(4.5)
(8.3)
There has been no change in the estimation techniques or significant assumptions made during the current reporting period in assessing
the loss allowance for these financial assets. The loss allowance for trade receivables by ageing category is as follows:
\n\n \u00a0 \u00a0 \u00a0 \n \n
2025
2024
Expected
Gross trade
Expected
Net trade
Expected
Gross trade
Expected
Net trade
credit loss rate
receivables
credit losses
receivables
credit loss rate
receivables
credit losses
receivables
%
\u00a3m
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Not past due
0.1%
90.6
(0.1)
90.5
0.1%
134.5
(0.1)
134.4
Past due
0\u201330 days
0.9%
11.7
(0.1)
11.6
1.2%
17.2
(0.2)
17.0
Past due
31\u201360 days
5.0%
2.0
(0.1)
1.9
0.0%
3.5
\u2013
3.5
Past due
61\u201390 days
0.0%
0.8
\u2013
0.8
4.3%
2.3
(0.1)
2.2
Past due more
than 90 days
77.8%
5.4
(4.2)
1.2
96.3%
8.2
(7.9)
0.3
110.5
(4.5)
106.0
165.7
(8.3)
157.4
\n
Cash, cash equivalents and derivatives
Cash balances held by companies representing over 79% of the Group\u2019s revenue are managed centrally through a number of pooling
arrangements. These arrangements principally cover the USA, Eurozone and UK and are represented by both zero balancing and notional
pooling arrangements. The notional cash pooling arrangements are presented on a gross basis. Credit risk is managed by investing in
liquid assets and acquiring derivatives in a diversified way from high-credit-quality financial institutions. Counterparties are reviewed
through the use of rating agencies, systemic risk considerations and through regular review of the financial press. The Group policy
requires bank accounts to be set up with banks and financial institutions with a Moody\u2019s long-term international credit rating of at least A3.
There are limited instances, such as in certain jurisdictions, where this is not practically possible.
Offsetting financial assets and liabilities
The following table shows the amounts recognised for forward exchange contracts, which are subject to offsetting arrangements on
a gross basis, and the amounts offset in the balance sheet.
The Group also has cash pooling agreements which cannot be offset under IFRS, but which could be settled net under the terms of
master netting agreements, and are also presented in the table below to show the total net exposure of the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Gross amounts
\u00a0
Net amounts
Financial
\u00a0
\u00a0
of recognised
\u00a0
presented
instruments not
\u00a0
\u00a0
\ufb01nancial assets/
Amounts
on the
offset in the
Net
\u00a0
(liabilities)
offset
balance sheet
balance sheet
amount
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
2.0
\u2013
2.0
\u2013
2.0
Derivative financial liabilities
(0.5)
\u2013
(0.5)
\u2013
(0.5)
Cash and cash equivalents
79.3
\u2013
79.3
(5.1)
74.2
Bank and other borrowings
(5.1)
\u2013
(5.1)
5.1
\u2013
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
1.2
\u2013
1.2
\u2013
1.2
Derivative financial liabilities
(2.6)
\u2013
(2.6)
\u2013
(2.6)
Cash and cash equivalents
120.8
\u2013
120.8
(9.3)
111.5
Bank and other borrowings
(9.3)
\u2013
(9.3)
9.3
\u2013
\n
Liquidity and funding risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are
settled by cash.
The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions.
The Group seeks a balance between certainty of funding and a flexible, cost-effective borrowing structure. The policy is to ensure that
the Group has sufficient borrowings and committed facilities to meet its medium-term financing requirements.
The following are the undiscounted contracted maturities of financial liabilities, including interest payments:
Cash flows associated with non-derivative financial liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2025
\u00a0 \u00a0 \u00a0
Carrying
Contractual
Less than
\u00a0 \u00a0
More than
\u00a0
Effective
Year of
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
\u00a0
interest rate
maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
US Dollar
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2026
3.37%
2026
72.4
74.4
74.4
\u2013
\u2013
\u2013
Euro
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2026
1.55%
2026
21.9
22.1
22.1
\u2013
\u2013
\u2013
Euro
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2028
1.74%
2028
8.7
9.3
0.2
0.2
8.9
\u2013
Euro
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2030
2.89%
2030
21.8
24.9
0.6
0.6
23.7
\u2013
US Dollar
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2031
5.47%
2031
7.5
9.6
0.4
0.4
1.2
7.6
US Dollar
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2033
5.53%
2033
7.5
10.4
0.4
0.4
1.2
8.4
US Dollar
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2035
5.61%
2035
22.4
34.0
1.2
1.2
3.7
27.9
Bank and other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
borrowings
\u00a0
Up to 2029
148.9
151.1
5.4
\u2013
145.7
\u2013
Cumulative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
First Preference shares
5.50%
\u00a0
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative Second
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Preference shares
5.00%
\u00a0
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
6.11%
Up to 2044
49.2
61.0
11.1
9.3
19.7
20.9
Trade payables
\u00a0 \u00a0
84.3
84.3
84.3
\u2013
\u2013
\u2013
Creditors in relation to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
capital expenditure
\u00a0 \u00a0
3.1
3.1
3.1
\u2013
\u2013
\u2013
Other payables
\u00a0 \u00a0
23.8
23.8
21.4
2.4
\u2013
\u2013
\u00a0 \u00a0 \u00a0
471.9
508.0
224.6
14.5
204.1
64.8
\n
Bank and other borrowings includes an unsecured multi-currency revolving credit facility set to mature in November 2029, an unsecured
Euro Term Loan set to mature in December 2029 and a Schuldschein Euro Loan Agreement set to mature in June 2028.
\n \n
31 December 2024
Carrying
Contractual
Less than
More than
Effective
Year of
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
interest rate
maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
financial liabilities
US Dollar
Senior Notes 2026
3.37%
2026
77.9
82.7
2.6
80.1
\u2013
\u2013
Euro
Senior Notes 2026
1.55%
2026
20.8
21.3
0.3
21.0
\u2013
\u2013
US Dollar
Senior Notes 2026
4.87%
2026
20.4
21.5
1.0
20.5
\u2013
\u2013
Euro
Senior Notes 2028
1.74%
2028
8.3
8.8
0.1
0.1
8.6
\u2013
Euro
Senior Notes 2030
2.89%
2030
20.7
24.3
0.6
0.6
1.8
21.3
US Dollar
Senior Notes 2031
5.47%
2031
8.0
10.7
0.4
0.4
1.3
8.6
US Dollar
Senior Notes 2033
5.53%
2033
8.0
11.6
0.4
0.4
1.3
9.5
US Dollar
Senior Notes 2035
5.61%
2035
24.1
38.0
1.3
1.3
4.0
31.4
Bank and other
borrowings
Up to 2029
158.4
162.8
11.7
\u2013
151.1
\u2013
Cumulative
First Preference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative Second
Preference shares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
5.93%
Up to 2044
47.1
54.7
11.0
9.1
19.3
15.3
Trade payables
87.4
87.4
87.4
\u2013
\u2013
\u2013
Creditors in relation to
capital expenditure
10.1
10.1
10.1
\u2013
\u2013
\u2013
Other payables
16.4
16.4
14.3
2.1
\u2013
\u2013
508.0
550.3
141.2
135.6
187.4
86.1
Cash flows associated with derivatives
The following table indicates the periods in which cash flows associated with cash flow hedges are expected to occur. This is matched with
the periods in which cash flows associated with cash flow hedges are expected to impact the income statement.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying
Contractual
Less than
\u00a0 \u00a0
More than
\u00a0
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash flow hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Forward exchange contracts \u2013 liabilities inflow
\u00a0
11.3
11.3
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
\u00a0
(11.4)
(11.4)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(0.1)
(0.1)
(0.1)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
0.4
1.1
1.1
\u2013
\u2013
\u2013
Total cash flow hedges
0.3
1.0
1.0
\u2013
\u2013
\u2013
Fair value flow hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Forward exchange contracts \u2013 liabilities inflow
\u00a0
102.5
102.5
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
\u00a0
(102.9)
(102.9)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(0.4)
(0.4)
(0.4)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
1.6
1.0
1.0
\u2013
\u2013
\u2013
Total fair value flow hedges
1.2
0.6
0.6
\u2013
\u2013
\u2013
Total fair value and cash flow hedges
1.5
1.6
1.6
\u2013
\u2013
\u2013
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash flow hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Forward exchange contracts \u2013 liabilities inflow
\u00a0
30.6
30.6
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
\u00a0
(31.7)
(31.7)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(1.0)
(1.1)
(1.1)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
0.5
0.5
0.5
\u2013
\u2013
\u2013
Total cash flow hedges
(0.5)
(0.6)
(0.6)
\u2013
\u2013
\u2013
Fair value flow hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Forward exchange contracts \u2013 liabilities inflow
\u00a0
78.0
78.0
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
\u00a0
(79.0)
(79.0)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(1.6)
(1.0)
(1.0)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
0.7
0.1
0.1
\u2013
\u2013
\u2013
Total fair value flow hedges
(0.9)
(0.9)
(0.9)
\u2013
\u2013
\u2013
Total fair value and cash flow hedges
(1.4)
(1.5)
(1.5)
\u2013
\u2013
\u2013
\n
Market risk
Market risk is the risk that changes in market prices, such as interest rates, foreign exchange rates and equity prices, will affect the Group\u2019s
income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimising the return on risk.
The Group enters into derivatives for hedging purposes, and also incurs financial liabilities, in order to manage market risks. All such
transactions are carried out in accordance with the Treasury Policy, which has been approved by the Board. Generally the Group seeks
to apply hedge accounting in order to manage volatility in the income statement.
Interest rate risk
The Group seeks to reduce the volatility in its interest charge caused by rate fluctuations. The proportions of fixed and floating rate debt
are determined having regard to a number of factors, including prevailing market conditions, interest rate cycle, the Group\u2019s interest cover
and leverage position, and any perceived correlation between business performance and rates.
At the reporting date the interest rate profile of the Group\u2019s interest-bearing financial instruments was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fixed-rate instruments
Variable rate instruments
\u00a0
carrying amount
carrying amount
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u2013
\u2013
79.3
120.8
Financial liabilities
(211.8)
(235.7)
(148.9)
(158.4)
\u00a0
(211.8)
(235.7)
(69.6)
(37.6)
\n
The fixed-rate financial liabilities comprise the currency equivalent of \u00a3162.2 million (2024: \u00a3188.2 million) of Senior Notes, \u00a30.4 million
(2024: \u00a30.4 million) of cumulative Preference shares and lease liabilities of \u00a349.2 million (2024: \u00a347.1 million). The average cost of the
Group\u2019s fixed-rate instruments is 4.09% (2024: 4.11%) including lease liabilities and 3.48% (2024: 3.67%) excluding lease liabilities.
The variable rate financial assets include the bank balances and cash deposits detailed in note 18 and the variable rate financial liabilities
include bank borrowings detailed in note 21. Where cash and overdrafts are included in Group cash pool arrangements, interest is charged
on net bank balances and borrowings. The average rate of the Group\u2019s variable rate instruments is 3.66% (2024: 4.32%).
An increase of 100 basis points in interest rates on the variable element of the Group\u2019s net floating-rate liabilities and cash at the reporting
date would have decreased profit by \u00a30.8 million (2024: \u00a30.3 million). A decrease of 100 basis points would have increased profit by
\u00a30.8 million (2024: \u00a30.4 million). This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
Foreign currency risk
Due to the international reach of the Group, currency transaction exposures exist. The Group has a policy in place to hedge all material
firm commitments and a large proportion of highly probable forecast foreign currency exposures in respect of sales and purchases over
the following 12 months, and achieves this through the use of the forward foreign exchange markets. A significant proportion of the
forward exchange contracts have maturities of less than one year after the balance sheet date. The Group continues its practice of not
hedging income statement translation exposure.
There are exchange control restrictions which affect the ability of a small number of the Group\u2019s subsidiaries to transfer funds to the
Group. The Group does not believe such restrictions have had or will have any material adverse impact on the Group as a whole or
the ability of the Group to meet its cash flow requirements.
The table below shows the Group\u2019s currency exposures, being exposures on currency transactions that give rise to net currency gains
and losses recognised in the income statement. Such exposures comprise the monetary assets and liabilities of the Group that are not
denominated in the functional currency of the operating company involved.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
GBP
USD
Euro
GBP
USD
Euro
Functional currency of Group operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
13.5
(6.0)
0.3
11.7
0.4
1.7
Trade payables
(15.9)
3.7
(2.2)
(10.3)
(0.9)
(1.4)
Net debt
1
2.2
1.4
0.3
(2.9)
0.9
0.4
Net balance sheet exposure
(0.2)
(0.9)
(1.6)
(1.5)
0.4
0.7
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 199
to 204.
The amounts shown in the table take into account the effect of the forward contracts entered into to manage these currency exposures.
\n
In respect of other monetary assets and liabilities held in currencies other than the currency of the reporting unit, the Group ensures that
\n
the net exposure is kept to an acceptable level, by buying or selling foreign currencies at spot rates where necessary to address short-term
\n
imbalances.
\n
The Group classifies its forward exchange contracts which hedge forecasted transactions as cash flow hedges and states them at fair value.
\n
The fair value of forward exchange contracts used as hedges of forecasted transactions at 31 December 2025 was an asset of \u00a30.3 million
\n
(2024: liability of \u00a30.5 million).
\n
The contractual cash flows associated with the forward exchange contracts that are designated as cash flow hedges are shown in the
\n
section on liquidity risk. The impact on the income statement is expected to occur at the same time as the associated cash flows.
\n
Currency translation risks are controlled centrally. To defend against the impact of a permanent reduction in the value of its overseas net
\n
assets through currency depreciation, the Group seeks to match the currency of financial liabilities with the currency in which the net
\n
assets are denominated. This is achieved by raising funds in different currencies and through the use of hedging instruments such as swaps,
\n
and is implemented only to the extent that the Group\u2019s gearing covenant under the terms of its borrowing documents, as well as its facility
\n
headroom, are likely to remain comfortably within limits. In this way, the currency of the Group\u2019s financial liabilities becomes more aligned
\n
to the currency of the trading cash flows that service them.
\n
The Group\u2019s currency split of total borrowings was as follows:
\n\n \n
2025
2024
\u00a3m
\u00a3m
GBP
4.3
7.8
USD
109.8
151.2
Euro
197.4
188.0
311.5
347.0
\n
The Group\u2019s sensitivity to changes in foreign exchange rates on financial assets and liabilities as at 31 December 2025 is set out below.
\n
Based upon the currency profile of the Group\u2019s net financial assets and liabilities, if GBP had strengthened by 10%, reported net financial
\n
liabilities would have decreased by \u00a323.4 million (2024: \u00a323.3 million). Conversely, if GBP had weakened by 10%, reported net financial
\n
liabilities would have increased by \u00a332.2 million (2024: \u00a332.9 million). Assuming the change occurred on the balance sheet date, there
\n
would be no impact on reported profit, as either the net financial liabilities are in the same currency as that of the respective Group entity,
\n
or the change would be offset by an equal and opposite change in the foreign currency monetary items in the Group\u2019s holding company.
\n
The amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming certain adverse market
\n
conditions occur. Actual results in the future may differ materially from those projected results. The impact of a weakening in GBP on
\n
the Group\u2019s financial assets and liabilities would be more than offset in equity and income by its impact on the Group\u2019s overseas net assets
\n
and earnings respectively.
\n
Hedging instruments
\n\n \n
Change in fair value
Carrying amount of the
Notional value:
for recognising hedge
hedging instruments
Maturity date
Local currency
ineffectiveness
assets/(liabilities)
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges
Highly probable forecast sales
to Dec
to Dec
28.3
32.3
(0.4)
0.7
(0.2)
0.2
2026
2025
Highly probable forecast purchases
to Dec
to Dec
41.3
17.9
0.4
0.2
\u2013
(0.4)
2026
2025
\n
Weighted average hedge rates for the year were as follows:
\n\n \n
Weighted average exchange rates
2025
2024
EUR/GBP
1.13
1.18
AUD/GBP
2.09
1.97
USD/GBP
1.34
1.30
Hedged items
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Balance in cash \ufb02ow hedge reserve/
\u00a0
Change in value used for
foreign currency translation
\u00a0
calculating hedge ineffectiveness
reserve for continuing hedges
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges
\u00a0 \u00a0 \u00a0 \u00a0
Forecast sales
0.4
(0.7)
0.2
(0.2)
Forecast purchases
(0.4)
(0.2)
\u2013
0.4
\n
As at 31 December 2025 there were no amounts in the hedging reserve and translation reserve arising from hedging relationships for
which hedge accounting is no longer applied.
The Group expects highly probable sales and purchases in the UK, Europe, North America, Australia and Asia. The Group has entered
into foreign exchange forward contracts (for terms not exceeding 18 months) to hedge the exchange rate risk arising from these anticipated
future transactions. It is anticipated that the transactions will take place during the next financial year, at which time the amount deferred
in equity will be reclassified to the income statement. All hedging instruments are presented within derivative financial instruments on the
Group balance sheet.
Exchange rates
The principal exchange rates used in the translation of the results of overseas subsidiaries were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Closing rate
Average rate
Closing rate
Average rate
GBP to:
\u00a0 \u00a0 \u00a0 \u00a0
USD
1.35
1.32
1.25
1.28
Euro
1.15
1.17
1.21
1.18
\n
For illustrative purposes, the table below provides details of the impact on 2025 revenue, Group adjusted operating profit* and profit
before tax if the actual reported results, calculated using 2025 average exchange rates, were restated for GBP weakening by 10 cents
against USD in isolation and 10 cents against the Euro in isolation, on a continuing basis:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
Restated 2024
\u00a0 \u00a0
Group adjusted
\u00a0 \u00a0
Group adjusted
\u00a0
\u00a0 \u00a0
operating
Pro\ufb01t
\u00a0
operating
Pro\ufb01t
\u00a0
Revenue
pro\ufb01t
1
before tax
Revenue
2
pro\ufb01t
1,2
before tax
2
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Increase in revenue/Group adjusted
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
operating profit
1
/profit before tax if:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
GBP weakens by 10c against USD
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in isolation
39.0
3.8
2.7
41.8
4.4
3.6
GBP weakens by 10c against
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
the Euro in isolation
17.8
2.5
1.7
18.6
3.1
0.5
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
2.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the years ended 31 December 2024 and 2025 have been presented as discontinued operations throughout this Report.
Other market price risk
Equity price risk arises from FVOCI equity instruments held for meeting partially the unfunded portion of the Group\u2019s defined benefit
pension obligations. The primary goal of the Group\u2019s investment strategy is to maximise returns in order to meet partially the Group\u2019s
unfunded defined benefit obligations.
Capital management
The Board\u2019s policy is to maintain a strong capital base (total equity) so as to maintain investor, creditor and market confidence and to
sustain future development of the business. The Board uses a number of measures, identified as KPIs, to ensure the continued success
of the Group.
The Board encourages employees of the Group to hold the Company\u2019s Ordinary shares. The Group operates a number of employee
share and share option schemes. The Company purchases its own shares on the market which are primarily intended to be used for
issuing shares under the Group\u2019s various share option incentive schemes. During the year the Group purchased its own shares which
were subsequently cancelled as part of the share buyback scheme. The timing of these purchases depends on market prices.
The Board seeks to maintain a balance between the advantages and security afforded by a sound capital position, and the higher returns
that might be possible with higher levels of borrowings.
The Group monitors capital using the indicators set out in the table below. These indicators are also presented excluding the impact of
IFRS 16 Leases as these adjusted measures are more closely aligned to the Group\u2019s covenants. In the year ended 31 December 2025 the
results of MMS for the period up to disposal are presented in discontinued operations in the consolidated income statement. Prior year
figures have been restated to present results for MMS in discontinued operations. In order to provide meaningful comparison to prior
years the net debt* to EBITDA* and interest cover are presented on an IFRS basis and a \u2018Headline\u2019 basis to include the result of MMS up to
the date of disposal.
Debt to adjusted capital
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Excluding
IFRS 16
\u00a0
Excluding
IFRS 16
\u00a0
\u00a0
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Borrowings and overdrafts
311.5
\u2013
311.5
347.0
\u2013
347.0
Lease liabilities
\u2013
49.2
49.2
\u2013
47.1
47.1
Less: cash and cash equivalents
(79.3)
\u2013
(79.3)
(120.8)
\u2013
(120.8)
Net debt
1
232.2
49.2
281.4
226.2
47.1
273.3
Total equity
348.9
\u2013
348.9
389.3
\u2013
389.3
Less: amounts accumulated in equity
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
relating to cash flow hedges
(0.6)
\u2013
(0.6)
0.2
\u2013
0.2
Adjusted capital
348.3
\u2013
348.3
389.5
\u2013
389.5
Net debt
1
to adjusted capital ratio
0.7x
n/a
0.8x
0.6x
n/a
0.7x
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
Net debt* to EBITDA*
\n\n \u00a0 \u00a0\u00a0\n \n
2025
Restated 2024
2
Excluding
IFRS 16
Excluding
IFRS 16
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net debt
1
232.2
49.2
281.4
226.2
47.1
273.3
Operating profit before specific
adjusting items
89.1
3.7
92.8
117.1
4.5
121.6
Depreciation and amortisation
32.8
8.3
41.1
33.9
8.3
42.2
EBITDA
1
121.9
12.0
133.9
151.0
12.8
163.8
Net debt
1
to EBITDA
1
ratio
1.9x
n/a
2.1x
1.5x
n/a
1.7x
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
2.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
\n\n \u00a0 \u00a0\u00a0\u00a0\n \n
2025 Headline
1
2024 Headline
1
Excluding
IFRS 16
Excluding
IFRS 16
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net debt
1
232.2
49.2
281.4
226.2
47.1
273.3
Operating profit before specific
adjusting items
94.4
3.7
98.1
122.1
4.6
126.7
Depreciation and amortisation
34.6
8.4
43.0
35.8
8.6
44.4
EBITDA
1
129.0
12.1
141.1
157.9
13.2
171.1
Net debt
1
to EBITDA
1
ratio
1.8x
n/a
2.0x
1.4x
n/a
1.6x
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
Interest cover
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
Restated 2024
2
\u00a0
Excluding
IFRS 16
\u00a0
Excluding
IFRS 16
\u00a0
\u00a0
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EBITDA
1
121.9
12.0
133.9
151.0
12.8
163.8
Net finance costs (excluding IAS 19
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pension charge)
19.0
2.8
21.8
15.8
2.6
18.4
Interest cover
6.4x
n/a
6.1x
9.6x
n/a
8.9x
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
2.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025 Headline
1
2024 Headline
1
\u00a0
Excluding
IFRS 16
\u00a0
Excluding
IFRS 16
\u00a0
\u00a0
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EBITDA
1
129.0
12.1
141.1
157.9
13.2
171.1
Net finance costs (excluding IAS 19
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pension charge)
19.0
2.8
21.8
15.8
2.6
18.4
Interest cover
6.8x
n/a
6.5x
10.0x
n/a
9.3x
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
There were no changes in the Group\u2019s approach to capital management during the year. Neither the Company nor any of its subsidiaries
are subject to externally imposed capital requirements.
Fair values
\n\n \u00a0 \u00a0 \u00a0 \n \n
31 December 2025
31 December 2024
Carrying
Fair value
Carrying
Fair value
Effective
amount
Level 1
Level 2
Total
amount
Level 1
Level 2
Total
interest rate
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and
liabilities held at
amortised cost
US Dollar
Senior Notes 2026
3.37%
(72.4)
\u2013
(71.2)
(71.2)
(77.9)
\u2013
(74.2)
(74.2)
Euro
Senior Notes 2026
1.55%
(21.9)
\u2013
(21.5)
(21.5)
(20.8)
\u2013
(19.9)
(19.9)
US Dollar
Senior Notes 2026
4.87%
\u2013
\u2013
\u2013
\u2013
(20.4)
\u2013
(20.1)
(20.1)
Euro
Senior Notes 2028
1.74%
(8.7)
\u2013
(8.2)
(8.2)
(8.3)
\u2013
(7.7)
(7.7)
Euro
Senior Notes 2030
2.89%
(21.8)
\u2013
(19.8)
(19.8)
(20.7)
\u2013
(18.8)
(18.8)
US Dollar
Senior Notes 2031
5.47%
(7.5)
\u2013
(7.3)
(7.3)
(8.0)
\u2013
(7.6)
(7.6)
US Dollar
Senior Notes 2033
5.53%
(7.5)
\u2013
(7.2)
(7.2)
(8.0)
\u2013
(7.4)
(7.4)
US Dollar
Senior Notes 2035
5.61%
(22.4)
\u2013
(21.3)
(21.3)
(24.1)
\u2013
(22.0)
(22.0)
Cumulative
First Preference shares
5.50%
(0.1)
\u2013
(0.1)
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
Cumulative
Second Preference shares
5.00%
(0.3)
\u2013
(0.3)
(0.3)
(0.3)
\u2013
(0.3)
(0.3)
(162.6)
\u2013
(156.9)
(156.9)
(188.6)
\u2013
(178.1)
(178.1)
Financial assets held at FVTPL
47.2
47.2
\u2013
47.2
2.0
2.0
\u2013
2.0
Derivative financial assets
held at fair value
2.0
\u2013
2.0
2.0
1.2
\u2013
1.2
1.2
49.2
47.2
2.0
49.2
3.2
2.0
1.2
3.2
Derivative financial liabilities
held at fair value
(0.5)
\u2013
(0.5)
(0.5)
(2.6)
\u2013
(2.6)
(2.6)
\n
The table above analyses the fair values of financial instruments held by the Group, by valuation method, together with the carrying
amounts shown in the balance sheet.
The fair value of cash and cash equivalents, current trade and other receivables/payables and floating-rate bank and other borrowings
are excluded from the preceding table as their carrying amount approximates their fair value.
Fair value hierarchy
The different levels have been defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: not traded in an active market but the fair values are based on quoted market prices or alternative pricing sources with
reasonable levels of price transparency. Fair value is calculated using discounted cash flow methodology, future cash flows are
estimated based on forward exchange rates.
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
There have been no transfers between Level 1 and Level 2 during 2025 and 2024 and there were no Level 3 financial instruments in
either 2025 or 2024.
The major methods and assumptions used in estimating the fair values of financial instruments reflected in the preceding table are as follows:
Equity securities
Fair value is based on quoted market prices at the balance sheet date.
Derivatives
Forward exchange contracts are marked to market either using listed market prices or by discounting the contractual forward price and
deducting the current spot rate.
Fixed-rate borrowings
Fair value is calculated based on discounted expected future principal and interest cash flows. The interest rates used to determine the
fair value of borrowings are 3.7%\u20136.0% (2024: 3.7\u20136.6%).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "value": "22. Financial risk management
This note presents information about the Group\u2019s exposure to a variety of financial risks: credit risk, liquidity risk, market risk and
foreign currency risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated
financial statements.
Financial risk management and Treasury Policy
The Group Treasury function acts as a service centre for Morgan Advanced Materials plc\u2019s businesses. The function works within a
framework of Board-approved policies and procedures, which are aligned to the wider goals, objectives and philosophy of the Group.
These policies and procedures are focused on managing and controlling risk in the treasury environment, and include strict control over
the use of financial instruments to hedge foreign currencies and interest rates. Speculative trading in derivatives and other financial
instruments is not permitted.
The function is responsible for all of the Group\u2019s funding, liquidity, cash management, interest rate risk, foreign exchange risk and other
treasury matters.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
The Group is exposed to credit risk on financial instruments such as liquid assets, derivative assets and trade receivables.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting
date was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Investments
47.7
2.0
Trade receivables
106.0
157.4
Cash and cash equivalents
79.3
120.8
Derivatives
2.0
1.2
\u00a0
235.0
281.4
\n
Trade receivables
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the
Group\u2019s customer base, including the default risk of the industries and countries in which customers operate, have less influence on
credit risk.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are
performed on all customers requiring credit over a certain amount. The Group does not require collateral in respect of financial assets.
The Group serves thousands of customers. Many of these have purchased the same product for several years and in some cases
decades. Others have modified and enhanced designs or adopted the same components into new products, extending the lifecycle
of the components that the Group supplies. The Group\u2019s level of customer retention is very high, particularly with its major accounts
and, although the top 20 ranking will alter from year to year, many of the names remain consistent over time.
The Group establishes a provision that represents its estimate of expected credit losses in respect of trade and other receivables and
investments. At the point the amount is considered irrecoverable it is written off against the financial asset directly.
Movements on the provision for expected credit losses were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Balance at 1 January
(8.3)
(9.0)
Net remeasurement of loss allowance
2.5
0.3
Amounts written off
1.1
0.3
Effect of movement in foreign exchange
0.2
0.1
Balance at 31 December
(4.5)
(8.3)
There has been no change in the estimation techniques or significant assumptions made during the current reporting period in assessing
the loss allowance for these financial assets. The loss allowance for trade receivables by ageing category is as follows:
\n\n \u00a0 \u00a0 \u00a0 \n \n
2025
2024
Expected
Gross trade
Expected
Net trade
Expected
Gross trade
Expected
Net trade
credit loss rate
receivables
credit losses
receivables
credit loss rate
receivables
credit losses
receivables
%
\u00a3m
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Not past due
0.1%
90.6
(0.1)
90.5
0.1%
134.5
(0.1)
134.4
Past due
0\u201330 days
0.9%
11.7
(0.1)
11.6
1.2%
17.2
(0.2)
17.0
Past due
31\u201360 days
5.0%
2.0
(0.1)
1.9
0.0%
3.5
\u2013
3.5
Past due
61\u201390 days
0.0%
0.8
\u2013
0.8
4.3%
2.3
(0.1)
2.2
Past due more
than 90 days
77.8%
5.4
(4.2)
1.2
96.3%
8.2
(7.9)
0.3
110.5
(4.5)
106.0
165.7
(8.3)
157.4
\n
Cash, cash equivalents and derivatives
Cash balances held by companies representing over 79% of the Group\u2019s revenue are managed centrally through a number of pooling
arrangements. These arrangements principally cover the USA, Eurozone and UK and are represented by both zero balancing and notional
pooling arrangements. The notional cash pooling arrangements are presented on a gross basis. Credit risk is managed by investing in
liquid assets and acquiring derivatives in a diversified way from high-credit-quality financial institutions. Counterparties are reviewed
through the use of rating agencies, systemic risk considerations and through regular review of the financial press. The Group policy
requires bank accounts to be set up with banks and financial institutions with a Moody\u2019s long-term international credit rating of at least A3.
There are limited instances, such as in certain jurisdictions, where this is not practically possible.
Offsetting financial assets and liabilities
The following table shows the amounts recognised for forward exchange contracts, which are subject to offsetting arrangements on
a gross basis, and the amounts offset in the balance sheet.
The Group also has cash pooling agreements which cannot be offset under IFRS, but which could be settled net under the terms of
master netting agreements, and are also presented in the table below to show the total net exposure of the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Gross amounts
\u00a0
Net amounts
Financial
\u00a0
\u00a0
of recognised
\u00a0
presented
instruments not
\u00a0
\u00a0
\ufb01nancial assets/
Amounts
on the
offset in the
Net
\u00a0
(liabilities)
offset
balance sheet
balance sheet
amount
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
2.0
\u2013
2.0
\u2013
2.0
Derivative financial liabilities
(0.5)
\u2013
(0.5)
\u2013
(0.5)
Cash and cash equivalents
79.3
\u2013
79.3
(5.1)
74.2
Bank and other borrowings
(5.1)
\u2013
(5.1)
5.1
\u2013
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
1.2
\u2013
1.2
\u2013
1.2
Derivative financial liabilities
(2.6)
\u2013
(2.6)
\u2013
(2.6)
Cash and cash equivalents
120.8
\u2013
120.8
(9.3)
111.5
Bank and other borrowings
(9.3)
\u2013
(9.3)
9.3
\u2013
\n
Liquidity and funding risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are
settled by cash.
The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions.
The Group seeks a balance between certainty of funding and a flexible, cost-effective borrowing structure. The policy is to ensure that
the Group has sufficient borrowings and committed facilities to meet its medium-term financing requirements.
The following are the undiscounted contracted maturities of financial liabilities, including interest payments:
Cash flows associated with non-derivative financial liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2025
\u00a0 \u00a0 \u00a0
Carrying
Contractual
Less than
\u00a0 \u00a0
More than
\u00a0
Effective
Year of
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
\u00a0
interest rate
maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
US Dollar
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2026
3.37%
2026
72.4
74.4
74.4
\u2013
\u2013
\u2013
Euro
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2026
1.55%
2026
21.9
22.1
22.1
\u2013
\u2013
\u2013
Euro
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2028
1.74%
2028
8.7
9.3
0.2
0.2
8.9
\u2013
Euro
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2030
2.89%
2030
21.8
24.9
0.6
0.6
23.7
\u2013
US Dollar
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2031
5.47%
2031
7.5
9.6
0.4
0.4
1.2
7.6
US Dollar
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2033
5.53%
2033
7.5
10.4
0.4
0.4
1.2
8.4
US Dollar
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2035
5.61%
2035
22.4
34.0
1.2
1.2
3.7
27.9
Bank and other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
borrowings
\u00a0
Up to 2029
148.9
151.1
5.4
\u2013
145.7
\u2013
Cumulative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
First Preference shares
5.50%
\u00a0
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative Second
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Preference shares
5.00%
\u00a0
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
6.11%
Up to 2044
49.2
61.0
11.1
9.3
19.7
20.9
Trade payables
\u00a0 \u00a0
84.3
84.3
84.3
\u2013
\u2013
\u2013
Creditors in relation to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
capital expenditure
\u00a0 \u00a0
3.1
3.1
3.1
\u2013
\u2013
\u2013
Other payables
\u00a0 \u00a0
23.8
23.8
21.4
2.4
\u2013
\u2013
\u00a0 \u00a0 \u00a0
471.9
508.0
224.6
14.5
204.1
64.8
\n
Bank and other borrowings includes an unsecured multi-currency revolving credit facility set to mature in November 2029, an unsecured
Euro Term Loan set to mature in December 2029 and a Schuldschein Euro Loan Agreement set to mature in June 2028.
\n\n\n\n \n
31 December 2024
Carrying
Contractual
Less than
More than
Effective
Year of
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
interest rate
maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
financial liabilities
US Dollar
Senior Notes 2026
3.37%
2026
77.9
82.7
2.6
80.1
\u2013
\u2013
Euro
Senior Notes 2026
1.55%
2026
20.8
21.3
0.3
21.0
\u2013
\u2013
US Dollar
Senior Notes 2026
4.87%
2026
20.4
21.5
1.0
20.5
\u2013
\u2013
Euro
Senior Notes 2028
1.74%
2028
8.3
8.8
0.1
0.1
8.6
\u2013
Euro
Senior Notes 2030
2.89%
2030
20.7
24.3
0.6
0.6
1.8
21.3
US Dollar
Senior Notes 2031
5.47%
2031
8.0
10.7
0.4
0.4
1.3
8.6
US Dollar
Senior Notes 2033
5.53%
2033
8.0
11.6
0.4
0.4
1.3
9.5
US Dollar
Senior Notes 2035
5.61%
2035
24.1
38.0
1.3
1.3
4.0
31.4
Bank and other
borrowings
Up to 2029
158.4
162.8
11.7
\u2013
151.1
\u2013
Cumulative
First Preference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative Second
Preference shares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
5.93%
Up to 2044
47.1
54.7
11.0
9.1
19.3
15.3
Trade payables
87.4
87.4
87.4
\u2013
\u2013
\u2013
Creditors in relation to
capital expenditure
10.1
10.1
10.1
\u2013
\u2013
\u2013
Other payables
16.4
16.4
14.3
2.1
\u2013
\u2013
508.0
550.3
141.2
135.6
187.4
86.1
Cash flows associated with derivatives
The following table indicates the periods in which cash flows associated with cash flow hedges are expected to occur. This is matched with
the periods in which cash flows associated with cash flow hedges are expected to impact the income statement.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying
Contractual
Less than
\u00a0 \u00a0
More than
\u00a0
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash flow hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Forward exchange contracts \u2013 liabilities inflow
\u00a0
11.3
11.3
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
\u00a0
(11.4)
(11.4)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(0.1)
(0.1)
(0.1)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
0.4
1.1
1.1
\u2013
\u2013
\u2013
Total cash flow hedges
0.3
1.0
1.0
\u2013
\u2013
\u2013
Fair value flow hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Forward exchange contracts \u2013 liabilities inflow
\u00a0
102.5
102.5
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
\u00a0
(102.9)
(102.9)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(0.4)
(0.4)
(0.4)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
1.6
1.0
1.0
\u2013
\u2013
\u2013
Total fair value flow hedges
1.2
0.6
0.6
\u2013
\u2013
\u2013
Total fair value and cash flow hedges
1.5
1.6
1.6
\u2013
\u2013
\u2013
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash flow hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Forward exchange contracts \u2013 liabilities inflow
\u00a0
30.6
30.6
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
\u00a0
(31.7)
(31.7)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(1.0)
(1.1)
(1.1)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
0.5
0.5
0.5
\u2013
\u2013
\u2013
Total cash flow hedges
(0.5)
(0.6)
(0.6)
\u2013
\u2013
\u2013
Fair value flow hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Forward exchange contracts \u2013 liabilities inflow
\u00a0
78.0
78.0
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
\u00a0
(79.0)
(79.0)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(1.6)
(1.0)
(1.0)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
0.7
0.1
0.1
\u2013
\u2013
\u2013
Total fair value flow hedges
(0.9)
(0.9)
(0.9)
\u2013
\u2013
\u2013
Total fair value and cash flow hedges
(1.4)
(1.5)
(1.5)
\u2013
\u2013
\u2013
\n
Market risk
Market risk is the risk that changes in market prices, such as interest rates, foreign exchange rates and equity prices, will affect the Group\u2019s
income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimising the return on risk.
The Group enters into derivatives for hedging purposes, and also incurs financial liabilities, in order to manage market risks. All such
transactions are carried out in accordance with the Treasury Policy, which has been approved by the Board. Generally the Group seeks
to apply hedge accounting in order to manage volatility in the income statement.
Interest rate risk
The Group seeks to reduce the volatility in its interest charge caused by rate fluctuations. The proportions of fixed and floating rate debt
are determined having regard to a number of factors, including prevailing market conditions, interest rate cycle, the Group\u2019s interest cover
and leverage position, and any perceived correlation between business performance and rates.
At the reporting date the interest rate profile of the Group\u2019s interest-bearing financial instruments was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fixed-rate instruments
Variable rate instruments
\u00a0
carrying amount
carrying amount
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u2013
\u2013
79.3
120.8
Financial liabilities
(211.8)
(235.7)
(148.9)
(158.4)
\u00a0
(211.8)
(235.7)
(69.6)
(37.6)
\n
The fixed-rate financial liabilities comprise the currency equivalent of \u00a3162.2 million (2024: \u00a3188.2 million) of Senior Notes, \u00a30.4 million
(2024: \u00a30.4 million) of cumulative Preference shares and lease liabilities of \u00a349.2 million (2024: \u00a347.1 million). The average cost of the
Group\u2019s fixed-rate instruments is 4.09% (2024: 4.11%) including lease liabilities and 3.48% (2024: 3.67%) excluding lease liabilities.
The variable rate financial assets include the bank balances and cash deposits detailed in note 18 and the variable rate financial liabilities
include bank borrowings detailed in note 21. Where cash and overdrafts are included in Group cash pool arrangements, interest is charged
on net bank balances and borrowings. The average rate of the Group\u2019s variable rate instruments is 3.66% (2024: 4.32%).
An increase of 100 basis points in interest rates on the variable element of the Group\u2019s net floating-rate liabilities and cash at the reporting
date would have decreased profit by \u00a30.8 million (2024: \u00a30.3 million). A decrease of 100 basis points would have increased profit by
\u00a30.8 million (2024: \u00a30.4 million). This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
Foreign currency risk
Due to the international reach of the Group, currency transaction exposures exist. The Group has a policy in place to hedge all material
firm commitments and a large proportion of highly probable forecast foreign currency exposures in respect of sales and purchases over
the following 12 months, and achieves this through the use of the forward foreign exchange markets. A significant proportion of the
forward exchange contracts have maturities of less than one year after the balance sheet date. The Group continues its practice of not
hedging income statement translation exposure.
There are exchange control restrictions which affect the ability of a small number of the Group\u2019s subsidiaries to transfer funds to the
Group. The Group does not believe such restrictions have had or will have any material adverse impact on the Group as a whole or
the ability of the Group to meet its cash flow requirements.
The table below shows the Group\u2019s currency exposures, being exposures on currency transactions that give rise to net currency gains
and losses recognised in the income statement. Such exposures comprise the monetary assets and liabilities of the Group that are not
denominated in the functional currency of the operating company involved.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
GBP
USD
Euro
GBP
USD
Euro
Functional currency of Group operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
13.5
(6.0)
0.3
11.7
0.4
1.7
Trade payables
(15.9)
3.7
(2.2)
(10.3)
(0.9)
(1.4)
Net debt
1
2.2
1.4
0.3
(2.9)
0.9
0.4
Net balance sheet exposure
(0.2)
(0.9)
(1.6)
(1.5)
0.4
0.7
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 199
to 204.
\n
The amounts shown in the table take into account the effect of the forward contracts entered into to manage these currency exposures.
\n
In respect of other monetary assets and liabilities held in currencies other than the currency of the reporting unit, the Group ensures that
\n
the net exposure is kept to an acceptable level, by buying or selling foreign currencies at spot rates where necessary to address short-term
\n
imbalances.
\n
The Group classifies its forward exchange contracts which hedge forecasted transactions as cash flow hedges and states them at fair value.
\n
The fair value of forward exchange contracts used as hedges of forecasted transactions at 31 December 2025 was an asset of \u00a30.3 million
\n
(2024: liability of \u00a30.5 million).
\n
The contractual cash flows associated with the forward exchange contracts that are designated as cash flow hedges are shown in the
\n
section on liquidity risk. The impact on the income statement is expected to occur at the same time as the associated cash flows.
\n
Currency translation risks are controlled centrally. To defend against the impact of a permanent reduction in the value of its overseas net
\n
assets through currency depreciation, the Group seeks to match the currency of financial liabilities with the currency in which the net
\n
assets are denominated. This is achieved by raising funds in different currencies and through the use of hedging instruments such as swaps,
\n
and is implemented only to the extent that the Group\u2019s gearing covenant under the terms of its borrowing documents, as well as its facility
\n
headroom, are likely to remain comfortably within limits. In this way, the currency of the Group\u2019s financial liabilities becomes more aligned
\n
to the currency of the trading cash flows that service them.
\n
The Group\u2019s currency split of total borrowings was as follows:
\n\n \n
2025
2024
\u00a3m
\u00a3m
GBP
4.3
7.8
USD
109.8
151.2
Euro
197.4
188.0
311.5
347.0
\n
The Group\u2019s sensitivity to changes in foreign exchange rates on financial assets and liabilities as at 31 December 2025 is set out below.
\n
Based upon the currency profile of the Group\u2019s net financial assets and liabilities, if GBP had strengthened by 10%, reported net financial
\n
liabilities would have decreased by \u00a323.4 million (2024: \u00a323.3 million). Conversely, if GBP had weakened by 10%, reported net financial
\n
liabilities would have increased by \u00a332.2 million (2024: \u00a332.9 million). Assuming the change occurred on the balance sheet date, there
\n
would be no impact on reported profit, as either the net financial liabilities are in the same currency as that of the respective Group entity,
\n
or the change would be offset by an equal and opposite change in the foreign currency monetary items in the Group\u2019s holding company.
\n
The amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming certain adverse market
\n
conditions occur. Actual results in the future may differ materially from those projected results. The impact of a weakening in GBP on
\n
the Group\u2019s financial assets and liabilities would be more than offset in equity and income by its impact on the Group\u2019s overseas net assets
\n
and earnings respectively.
\n
Hedging instruments
\n\n \n
Change in fair value
Carrying amount of the
Notional value:
for recognising hedge
hedging instruments
Maturity date
Local currency
ineffectiveness
assets/(liabilities)
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges
Highly probable forecast sales
to Dec
to Dec
28.3
32.3
(0.4)
0.7
(0.2)
0.2
2026
2025
Highly probable forecast purchases
to Dec
to Dec
41.3
17.9
0.4
0.2
\u2013
(0.4)
2026
2025
\n
Weighted average hedge rates for the year were as follows:
\n\n \n
Weighted average exchange rates
2025
2024
EUR/GBP
1.13
1.18
AUD/GBP
2.09
1.97
USD/GBP
1.34
1.30
Hedged items
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Balance in cash \ufb02ow hedge reserve/
\u00a0
Change in value used for
foreign currency translation
\u00a0
calculating hedge ineffectiveness
reserve for continuing hedges
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges
\u00a0 \u00a0 \u00a0 \u00a0
Forecast sales
0.4
(0.7)
0.2
(0.2)
Forecast purchases
(0.4)
(0.2)
\u2013
0.4
\n
As at 31 December 2025 there were no amounts in the hedging reserve and translation reserve arising from hedging relationships for
which hedge accounting is no longer applied.
The Group expects highly probable sales and purchases in the UK, Europe, North America, Australia and Asia. The Group has entered
into foreign exchange forward contracts (for terms not exceeding 18 months) to hedge the exchange rate risk arising from these anticipated
future transactions. It is anticipated that the transactions will take place during the next financial year, at which time the amount deferred
in equity will be reclassified to the income statement. All hedging instruments are presented within derivative financial instruments on the
Group balance sheet.
Exchange rates
The principal exchange rates used in the translation of the results of overseas subsidiaries were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Closing rate
Average rate
Closing rate
Average rate
GBP to:
\u00a0 \u00a0 \u00a0 \u00a0
USD
1.35
1.32
1.25
1.28
Euro
1.15
1.17
1.21
1.18
\n
For illustrative purposes, the table below provides details of the impact on 2025 revenue, Group adjusted operating profit* and profit
before tax if the actual reported results, calculated using 2025 average exchange rates, were restated for GBP weakening by 10 cents
against USD in isolation and 10 cents against the Euro in isolation, on a continuing basis:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
Restated 2024
\u00a0 \u00a0
Group adjusted
\u00a0 \u00a0
Group adjusted
\u00a0
\u00a0 \u00a0
operating
Pro\ufb01t
\u00a0
operating
Pro\ufb01t
\u00a0
Revenue
pro\ufb01t
1
before tax
Revenue
2
pro\ufb01t
1,2
before tax
2
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Increase in revenue/Group adjusted
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
operating profit
1
/profit before tax if:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
GBP weakens by 10c against USD
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in isolation
39.0
3.8
2.7
41.8
4.4
3.6
GBP weakens by 10c against
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
the Euro in isolation
17.8
2.5
1.7
18.6
3.1
0.5
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
2.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the years ended 31 December 2024 and 2025 have been presented as discontinued operations throughout this Report.
Other market price risk
Equity price risk arises from FVOCI equity instruments held for meeting partially the unfunded portion of the Group\u2019s defined benefit
pension obligations. The primary goal of the Group\u2019s investment strategy is to maximise returns in order to meet partially the Group\u2019s
unfunded defined benefit obligations.
Capital management
The Board\u2019s policy is to maintain a strong capital base (total equity) so as to maintain investor, creditor and market confidence and to
sustain future development of the business. The Board uses a number of measures, identified as KPIs, to ensure the continued success
of the Group.
The Board encourages employees of the Group to hold the Company\u2019s Ordinary shares. The Group operates a number of employee
share and share option schemes. The Company purchases its own shares on the market which are primarily intended to be used for
issuing shares under the Group\u2019s various share option incentive schemes. During the year the Group purchased its own shares which
were subsequently cancelled as part of the share buyback scheme. The timing of these purchases depends on market prices.
The Board seeks to maintain a balance between the advantages and security afforded by a sound capital position, and the higher returns
that might be possible with higher levels of borrowings.
The Group monitors capital using the indicators set out in the table below. These indicators are also presented excluding the impact of
IFRS 16 Leases as these adjusted measures are more closely aligned to the Group\u2019s covenants. In the year ended 31 December 2025 the
results of MMS for the period up to disposal are presented in discontinued operations in the consolidated income statement. Prior year
figures have been restated to present results for MMS in discontinued operations. In order to provide meaningful comparison to prior
years the net debt* to EBITDA* and interest cover are presented on an IFRS basis and a \u2018Headline\u2019 basis to include the result of MMS up to
the date of disposal.
Debt to adjusted capital
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Excluding
IFRS 16
\u00a0
Excluding
IFRS 16
\u00a0
\u00a0
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Borrowings and overdrafts
311.5
\u2013
311.5
347.0
\u2013
347.0
Lease liabilities
\u2013
49.2
49.2
\u2013
47.1
47.1
Less: cash and cash equivalents
(79.3)
\u2013
(79.3)
(120.8)
\u2013
(120.8)
Net debt
1
232.2
49.2
281.4
226.2
47.1
273.3
Total equity
348.9
\u2013
348.9
389.3
\u2013
389.3
Less: amounts accumulated in equity
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
relating to cash flow hedges
(0.6)
\u2013
(0.6)
0.2
\u2013
0.2
Adjusted capital
348.3
\u2013
348.3
389.5
\u2013
389.5
Net debt
1
to adjusted capital ratio
0.7x
n/a
0.8x
0.6x
n/a
0.7x
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
Net debt* to EBITDA*
\n\n \u00a0 \u00a0\u00a0\n \n
2025
Restated 2024
2
Excluding
IFRS 16
Excluding
IFRS 16
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net debt
1
232.2
49.2
281.4
226.2
47.1
273.3
Operating profit before specific
adjusting items
89.1
3.7
92.8
117.1
4.5
121.6
Depreciation and amortisation
32.8
8.3
41.1
33.9
8.3
42.2
EBITDA
1
121.9
12.0
133.9
151.0
12.8
163.8
Net debt
1
to EBITDA
1
ratio
1.9x
n/a
2.1x
1.5x
n/a
1.7x
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
2.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
\n\n \u00a0 \u00a0\u00a0\u00a0\n \n
2025 Headline
1
2024 Headline
1
Excluding
IFRS 16
Excluding
IFRS 16
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net debt
1
232.2
49.2
281.4
226.2
47.1
273.3
Operating profit before specific
adjusting items
94.4
3.7
98.1
122.1
4.6
126.7
Depreciation and amortisation
34.6
8.4
43.0
35.8
8.6
44.4
EBITDA
1
129.0
12.1
141.1
157.9
13.2
171.1
Net debt
1
to EBITDA
1
ratio
1.8x
n/a
2.0x
1.4x
n/a
1.6x
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
Interest cover
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
Restated 2024
2
\u00a0
Excluding
IFRS 16
\u00a0
Excluding
IFRS 16
\u00a0
\u00a0
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EBITDA
1
121.9
12.0
133.9
151.0
12.8
163.8
Net finance costs (excluding IAS 19
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pension charge)
19.0
2.8
21.8
15.8
2.6
18.4
Interest cover
6.4x
n/a
6.1x
9.6x
n/a
8.9x
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
2.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025 Headline
1
2024 Headline
1
\u00a0
Excluding
IFRS 16
\u00a0
Excluding
IFRS 16
\u00a0
\u00a0
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EBITDA
1
129.0
12.1
141.1
157.9
13.2
171.1
Net finance costs (excluding IAS 19
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pension charge)
19.0
2.8
21.8
15.8
2.6
18.4
Interest cover
6.8x
n/a
6.5x
10.0x
n/a
9.3x
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
There were no changes in the Group\u2019s approach to capital management during the year. Neither the Company nor any of its subsidiaries
are subject to externally imposed capital requirements.
Fair values
\n\n \u00a0 \u00a0 \u00a0 \n \n
31 December 2025
31 December 2024
Carrying
Fair value
Carrying
Fair value
Effective
amount
Level 1
Level 2
Total
amount
Level 1
Level 2
Total
interest rate
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and
liabilities held at
amortised cost
US Dollar
Senior Notes 2026
3.37%
(72.4)
\u2013
(71.2)
(71.2)
(77.9)
\u2013
(74.2)
(74.2)
Euro
Senior Notes 2026
1.55%
(21.9)
\u2013
(21.5)
(21.5)
(20.8)
\u2013
(19.9)
(19.9)
US Dollar
Senior Notes 2026
4.87%
\u2013
\u2013
\u2013
\u2013
(20.4)
\u2013
(20.1)
(20.1)
Euro
Senior Notes 2028
1.74%
(8.7)
\u2013
(8.2)
(8.2)
(8.3)
\u2013
(7.7)
(7.7)
Euro
Senior Notes 2030
2.89%
(21.8)
\u2013
(19.8)
(19.8)
(20.7)
\u2013
(18.8)
(18.8)
US Dollar
Senior Notes 2031
5.47%
(7.5)
\u2013
(7.3)
(7.3)
(8.0)
\u2013
(7.6)
(7.6)
US Dollar
Senior Notes 2033
5.53%
(7.5)
\u2013
(7.2)
(7.2)
(8.0)
\u2013
(7.4)
(7.4)
US Dollar
Senior Notes 2035
5.61%
(22.4)
\u2013
(21.3)
(21.3)
(24.1)
\u2013
(22.0)
(22.0)
Cumulative
First Preference shares
5.50%
(0.1)
\u2013
(0.1)
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
Cumulative
Second Preference shares
5.00%
(0.3)
\u2013
(0.3)
(0.3)
(0.3)
\u2013
(0.3)
(0.3)
(162.6)
\u2013
(156.9)
(156.9)
(188.6)
\u2013
(178.1)
(178.1)
Financial assets held at FVTPL
47.2
47.2
\u2013
47.2
2.0
2.0
\u2013
2.0
Derivative financial assets
held at fair value
2.0
\u2013
2.0
2.0
1.2
\u2013
1.2
1.2
49.2
47.2
2.0
49.2
3.2
2.0
1.2
3.2
Derivative financial liabilities
held at fair value
(0.5)
\u2013
(0.5)
(0.5)
(2.6)
\u2013
(2.6)
(2.6)
\n
The table above analyses the fair values of financial instruments held by the Group, by valuation method, together with the carrying
amounts shown in the balance sheet.
The fair value of cash and cash equivalents, current trade and other receivables/payables and floating-rate bank and other borrowings
are excluded from the preceding table as their carrying amount approximates their fair value.
Fair value hierarchy
The different levels have been defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: not traded in an active market but the fair values are based on quoted market prices or alternative pricing sources with
reasonable levels of price transparency. Fair value is calculated using discounted cash flow methodology, future cash flows are
estimated based on forward exchange rates.
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
There have been no transfers between Level 1 and Level 2 during 2025 and 2024 and there were no Level 3 financial instruments in
either 2025 or 2024.
The major methods and assumptions used in estimating the fair values of financial instruments reflected in the preceding table are as follows:
Equity securities
Fair value is based on quoted market prices at the balance sheet date.
Derivatives
Forward exchange contracts are marked to market either using listed market prices or by discounting the contractual forward price and
deducting the current spot rate.
Fixed-rate borrowings
Fair value is calculated based on discounted expected future principal and interest cash flows. The interest rates used to determine the
fair value of borrowings are 3.7%\u20136.0% (2024: 3.7\u20136.6%).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "value": "Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
The Group is exposed to credit risk on financial instruments such as liquid assets, derivative assets and trade receivables.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting
date was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Investments
47.7
2.0
Trade receivables
106.0
157.4
Cash and cash equivalents
79.3
120.8
Derivatives
2.0
1.2
\u00a0
235.0
281.4
\n
Trade receivables
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the
Group\u2019s customer base, including the default risk of the industries and countries in which customers operate, have less influence on
credit risk.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are
performed on all customers requiring credit over a certain amount. The Group does not require collateral in respect of financial assets.
The Group serves thousands of customers. Many of these have purchased the same product for several years and in some cases
decades. Others have modified and enhanced designs or adopted the same components into new products, extending the lifecycle
of the components that the Group supplies. The Group\u2019s level of customer retention is very high, particularly with its major accounts
and, although the top 20 ranking will alter from year to year, many of the names remain consistent over time.
The Group establishes a provision that represents its estimate of expected credit losses in respect of trade and other receivables and
investments. At the point the amount is considered irrecoverable it is written off against the financial asset directly.
Movements on the provision for expected credit losses were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Balance at 1 January
(8.3)
(9.0)
Net remeasurement of loss allowance
2.5
0.3
Amounts written off
1.1
0.3
Effect of movement in foreign exchange
0.2
0.1
Balance at 31 December
(4.5)
(8.3)
There has been no change in the estimation techniques or significant assumptions made during the current reporting period in assessing
the loss allowance for these financial assets. The loss allowance for trade receivables by ageing category is as follows:
\n\n \u00a0 \u00a0 \u00a0 \n \n
2025
2024
Expected
Gross trade
Expected
Net trade
Expected
Gross trade
Expected
Net trade
credit loss rate
receivables
credit losses
receivables
credit loss rate
receivables
credit losses
receivables
%
\u00a3m
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Not past due
0.1%
90.6
(0.1)
90.5
0.1%
134.5
(0.1)
134.4
Past due
0\u201330 days
0.9%
11.7
(0.1)
11.6
1.2%
17.2
(0.2)
17.0
Past due
31\u201360 days
5.0%
2.0
(0.1)
1.9
0.0%
3.5
\u2013
3.5
Past due
61\u201390 days
0.0%
0.8
\u2013
0.8
4.3%
2.3
(0.1)
2.2
Past due more
than 90 days
77.8%
5.4
(4.2)
1.2
96.3%
8.2
(7.9)
0.3
110.5
(4.5)
106.0
165.7
(8.3)
157.4
\n
Cash, cash equivalents and derivatives
Cash balances held by companies representing over 79% of the Group\u2019s revenue are managed centrally through a number of pooling
arrangements. These arrangements principally cover the USA, Eurozone and UK and are represented by both zero balancing and notional
pooling arrangements. The notional cash pooling arrangements are presented on a gross basis. Credit risk is managed by investing in
liquid assets and acquiring derivatives in a diversified way from high-credit-quality financial institutions. Counterparties are reviewed
through the use of rating agencies, systemic risk considerations and through regular review of the financial press. The Group policy
requires bank accounts to be set up with banks and financial institutions with a Moody\u2019s long-term international credit rating of at least A3.
There are limited instances, such as in certain jurisdictions, where this is not practically possible.
Offsetting financial assets and liabilities
The following table shows the amounts recognised for forward exchange contracts, which are subject to offsetting arrangements on
a gross basis, and the amounts offset in the balance sheet.
The Group also has cash pooling agreements which cannot be offset under IFRS, but which could be settled net under the terms of
master netting agreements, and are also presented in the table below to show the total net exposure of the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Gross amounts
\u00a0
Net amounts
Financial
\u00a0
\u00a0
of recognised
\u00a0
presented
instruments not
\u00a0
\u00a0
\ufb01nancial assets/
Amounts
on the
offset in the
Net
\u00a0
(liabilities)
offset
balance sheet
balance sheet
amount
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
2.0
\u2013
2.0
\u2013
2.0
Derivative financial liabilities
(0.5)
\u2013
(0.5)
\u2013
(0.5)
Cash and cash equivalents
79.3
\u2013
79.3
(5.1)
74.2
Bank and other borrowings
(5.1)
\u2013
(5.1)
5.1
\u2013
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
1.2
\u2013
1.2
\u2013
1.2
Derivative financial liabilities
(2.6)
\u2013
(2.6)
\u2013
(2.6)
Cash and cash equivalents
120.8
\u2013
120.8
(9.3)
111.5
Bank and other borrowings
(9.3)
\u2013
(9.3)
9.3
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "value": "Offsetting financial assets and liabilities
The following table shows the amounts recognised for forward exchange contracts, which are subject to offsetting arrangements on
a gross basis, and the amounts offset in the balance sheet.
The Group also has cash pooling agreements which cannot be offset under IFRS, but which could be settled net under the terms of
master netting agreements, and are also presented in the table below to show the total net exposure of the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Gross amounts
\u00a0
Net amounts
Financial
\u00a0
\u00a0
of recognised
\u00a0
presented
instruments not
\u00a0
\u00a0
\ufb01nancial assets/
Amounts
on the
offset in the
Net
\u00a0
(liabilities)
offset
balance sheet
balance sheet
amount
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
2.0
\u2013
2.0
\u2013
2.0
Derivative financial liabilities
(0.5)
\u2013
(0.5)
\u2013
(0.5)
Cash and cash equivalents
79.3
\u2013
79.3
(5.1)
74.2
Bank and other borrowings
(5.1)
\u2013
(5.1)
5.1
\u2013
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative financial assets
1.2
\u2013
1.2
\u2013
1.2
Derivative financial liabilities
(2.6)
\u2013
(2.6)
\u2013
(2.6)
Cash and cash equivalents
120.8
\u2013
120.8
(9.3)
111.5
Bank and other borrowings
(9.3)
\u2013
(9.3)
9.3
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "Liquidity and funding risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are
settled by cash.
The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions.
The Group seeks a balance between certainty of funding and a flexible, cost-effective borrowing structure. The policy is to ensure that
the Group has sufficient borrowings and committed facilities to meet its medium-term financing requirements.
The following are the undiscounted contracted maturities of financial liabilities, including interest payments:
Cash flows associated with non-derivative financial liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2025
\u00a0 \u00a0 \u00a0
Carrying
Contractual
Less than
\u00a0 \u00a0
More than
\u00a0
Effective
Year of
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
\u00a0
interest rate
maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
US Dollar
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2026
3.37%
2026
72.4
74.4
74.4
\u2013
\u2013
\u2013
Euro
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2026
1.55%
2026
21.9
22.1
22.1
\u2013
\u2013
\u2013
Euro
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2028
1.74%
2028
8.7
9.3
0.2
0.2
8.9
\u2013
Euro
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2030
2.89%
2030
21.8
24.9
0.6
0.6
23.7
\u2013
US Dollar
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2031
5.47%
2031
7.5
9.6
0.4
0.4
1.2
7.6
US Dollar
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2033
5.53%
2033
7.5
10.4
0.4
0.4
1.2
8.4
US Dollar
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Senior Notes 2035
5.61%
2035
22.4
34.0
1.2
1.2
3.7
27.9
Bank and other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
borrowings
\u00a0
Up to 2029
148.9
151.1
5.4
\u2013
145.7
\u2013
Cumulative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
First Preference shares
5.50%
\u00a0
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative Second
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Preference shares
5.00%
\u00a0
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
6.11%
Up to 2044
49.2
61.0
11.1
9.3
19.7
20.9
Trade payables
\u00a0 \u00a0
84.3
84.3
84.3
\u2013
\u2013
\u2013
Creditors in relation to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
capital expenditure
\u00a0 \u00a0
3.1
3.1
3.1
\u2013
\u2013
\u2013
Other payables
\u00a0 \u00a0
23.8
23.8
21.4
2.4
\u2013
\u2013
\u00a0 \u00a0 \u00a0
471.9
508.0
224.6
14.5
204.1
64.8
\n
Bank and other borrowings includes an unsecured multi-currency revolving credit facility set to mature in November 2029, an unsecured
Euro Term Loan set to mature in December 2029 and a Schuldschein Euro Loan Agreement set to mature in June 2028.
\n\n\n\n \n
31 December 2024
Carrying
Contractual
Less than
More than
Effective
Year of
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
interest rate
maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
financial liabilities
US Dollar
Senior Notes 2026
3.37%
2026
77.9
82.7
2.6
80.1
\u2013
\u2013
Euro
Senior Notes 2026
1.55%
2026
20.8
21.3
0.3
21.0
\u2013
\u2013
US Dollar
Senior Notes 2026
4.87%
2026
20.4
21.5
1.0
20.5
\u2013
\u2013
Euro
Senior Notes 2028
1.74%
2028
8.3
8.8
0.1
0.1
8.6
\u2013
Euro
Senior Notes 2030
2.89%
2030
20.7
24.3
0.6
0.6
1.8
21.3
US Dollar
Senior Notes 2031
5.47%
2031
8.0
10.7
0.4
0.4
1.3
8.6
US Dollar
Senior Notes 2033
5.53%
2033
8.0
11.6
0.4
0.4
1.3
9.5
US Dollar
Senior Notes 2035
5.61%
2035
24.1
38.0
1.3
1.3
4.0
31.4
Bank and other
borrowings
Up to 2029
158.4
162.8
11.7
\u2013
151.1
\u2013
Cumulative
First Preference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative Second
Preference shares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
5.93%
Up to 2044
47.1
54.7
11.0
9.1
19.3
15.3
Trade payables
87.4
87.4
87.4
\u2013
\u2013
\u2013
Creditors in relation to
capital expenditure
10.1
10.1
10.1
\u2013
\u2013
\u2013
Other payables
16.4
16.4
14.3
2.1
\u2013
\u2013
508.0
550.3
141.2
135.6
187.4
86.1
Cash flows associated with derivatives
The following table indicates the periods in which cash flows associated with cash flow hedges are expected to occur. This is matched with
the periods in which cash flows associated with cash flow hedges are expected to impact the income statement.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying
Contractual
Less than
\u00a0 \u00a0
More than
\u00a0
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash flow hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Forward exchange contracts \u2013 liabilities inflow
\u00a0
11.3
11.3
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
\u00a0
(11.4)
(11.4)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(0.1)
(0.1)
(0.1)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
0.4
1.1
1.1
\u2013
\u2013
\u2013
Total cash flow hedges
0.3
1.0
1.0
\u2013
\u2013
\u2013
Fair value flow hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Forward exchange contracts \u2013 liabilities inflow
\u00a0
102.5
102.5
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
\u00a0
(102.9)
(102.9)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(0.4)
(0.4)
(0.4)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
1.6
1.0
1.0
\u2013
\u2013
\u2013
Total fair value flow hedges
1.2
0.6
0.6
\u2013
\u2013
\u2013
Total fair value and cash flow hedges
1.5
1.6
1.6
\u2013
\u2013
\u2013
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash flow hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Forward exchange contracts \u2013 liabilities inflow
\u00a0
30.6
30.6
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
\u00a0
(31.7)
(31.7)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(1.0)
(1.1)
(1.1)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
0.5
0.5
0.5
\u2013
\u2013
\u2013
Total cash flow hedges
(0.5)
(0.6)
(0.6)
\u2013
\u2013
\u2013
Fair value flow hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Forward exchange contracts \u2013 liabilities inflow
\u00a0
78.0
78.0
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
\u00a0
(79.0)
(79.0)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(1.6)
(1.0)
(1.0)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
0.7
0.1
0.1
\u2013
\u2013
\u2013
Total fair value flow hedges
(0.9)
(0.9)
(0.9)
\u2013
\u2013
\u2013
Total fair value and cash flow hedges
(1.4)
(1.5)
(1.5)
\u2013
\u2013
\u2013
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "Market risk
Market risk is the risk that changes in market prices, such as interest rates, foreign exchange rates and equity prices, will affect the Group\u2019s
income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimising the return on risk.
The Group enters into derivatives for hedging purposes, and also incurs financial liabilities, in order to manage market risks. All such
transactions are carried out in accordance with the Treasury Policy, which has been approved by the Board. Generally the Group seeks
to apply hedge accounting in order to manage volatility in the income statement. Interest rate risk
The Group seeks to reduce the volatility in its interest charge caused by rate fluctuations. The proportions of fixed and floating rate debt
are determined having regard to a number of factors, including prevailing market conditions, interest rate cycle, the Group\u2019s interest cover
and leverage position, and any perceived correlation between business performance and rates.
At the reporting date the interest rate profile of the Group\u2019s interest-bearing financial instruments was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fixed-rate instruments
Variable rate instruments
\u00a0
carrying amount
carrying amount
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u2013
\u2013
79.3
120.8
Financial liabilities
(211.8)
(235.7)
(148.9)
(158.4)
\u00a0
(211.8)
(235.7)
(69.6)
(37.6)
\n
The fixed-rate financial liabilities comprise the currency equivalent of \u00a3162.2 million (2024: \u00a3188.2 million) of Senior Notes, \u00a30.4 million
(2024: \u00a30.4 million) of cumulative Preference shares and lease liabilities of \u00a349.2 million (2024: \u00a347.1 million). The average cost of the
Group\u2019s fixed-rate instruments is 4.09% (2024: 4.11%) including lease liabilities and 3.48% (2024: 3.67%) excluding lease liabilities.
The variable rate financial assets include the bank balances and cash deposits detailed in note 18 and the variable rate financial liabilities
include bank borrowings detailed in note 21. Where cash and overdrafts are included in Group cash pool arrangements, interest is charged
on net bank balances and borrowings. The average rate of the Group\u2019s variable rate instruments is 3.66% (2024: 4.32%).
An increase of 100 basis points in interest rates on the variable element of the Group\u2019s net floating-rate liabilities and cash at the reporting
date would have decreased profit by \u00a30.8 million (2024: \u00a30.3 million). A decrease of 100 basis points would have increased profit by
\u00a30.8 million (2024: \u00a30.4 million). This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
Foreign currency risk
Due to the international reach of the Group, currency transaction exposures exist. The Group has a policy in place to hedge all material
firm commitments and a large proportion of highly probable forecast foreign currency exposures in respect of sales and purchases over
the following 12 months, and achieves this through the use of the forward foreign exchange markets. A significant proportion of the
forward exchange contracts have maturities of less than one year after the balance sheet date. The Group continues its practice of not
hedging income statement translation exposure.
There are exchange control restrictions which affect the ability of a small number of the Group\u2019s subsidiaries to transfer funds to the
Group. The Group does not believe such restrictions have had or will have any material adverse impact on the Group as a whole or
the ability of the Group to meet its cash flow requirements.
The table below shows the Group\u2019s currency exposures, being exposures on currency transactions that give rise to net currency gains
and losses recognised in the income statement. Such exposures comprise the monetary assets and liabilities of the Group that are not
denominated in the functional currency of the operating company involved.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
GBP
USD
Euro
GBP
USD
Euro
Functional currency of Group operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
13.5
(6.0)
0.3
11.7
0.4
1.7
Trade payables
(15.9)
3.7
(2.2)
(10.3)
(0.9)
(1.4)
Net debt
1
2.2
1.4
0.3
(2.9)
0.9
0.4
Net balance sheet exposure
(0.2)
(0.9)
(1.6)
(1.5)
0.4
0.7
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 199
to 204.
\n
The amounts shown in the table take into account the effect of the forward contracts entered into to manage these currency exposures.
\n
In respect of other monetary assets and liabilities held in currencies other than the currency of the reporting unit, the Group ensures that
\n
the net exposure is kept to an acceptable level, by buying or selling foreign currencies at spot rates where necessary to address short-term
\n
imbalances.
\n
The Group classifies its forward exchange contracts which hedge forecasted transactions as cash flow hedges and states them at fair value.
\n
The fair value of forward exchange contracts used as hedges of forecasted transactions at 31 December 2025 was an asset of \u00a30.3 million
\n
(2024: liability of \u00a30.5 million).
\n
The contractual cash flows associated with the forward exchange contracts that are designated as cash flow hedges are shown in the
\n
section on liquidity risk. The impact on the income statement is expected to occur at the same time as the associated cash flows.
\n
Currency translation risks are controlled centrally. To defend against the impact of a permanent reduction in the value of its overseas net
\n
assets through currency depreciation, the Group seeks to match the currency of financial liabilities with the currency in which the net
\n
assets are denominated. This is achieved by raising funds in different currencies and through the use of hedging instruments such as swaps,
\n
and is implemented only to the extent that the Group\u2019s gearing covenant under the terms of its borrowing documents, as well as its facility
\n
headroom, are likely to remain comfortably within limits. In this way, the currency of the Group\u2019s financial liabilities becomes more aligned
\n
to the currency of the trading cash flows that service them.
\n
The Group\u2019s currency split of total borrowings was as follows:
\n\n \n
2025
2024
\u00a3m
\u00a3m
GBP
4.3
7.8
USD
109.8
151.2
Euro
197.4
188.0
311.5
347.0
\n
The Group\u2019s sensitivity to changes in foreign exchange rates on financial assets and liabilities as at 31 December 2025 is set out below.
\n
Based upon the currency profile of the Group\u2019s net financial assets and liabilities, if GBP had strengthened by 10%, reported net financial
\n
liabilities would have decreased by \u00a323.4 million (2024: \u00a323.3 million). Conversely, if GBP had weakened by 10%, reported net financial
\n
liabilities would have increased by \u00a332.2 million (2024: \u00a332.9 million). Assuming the change occurred on the balance sheet date, there
\n
would be no impact on reported profit, as either the net financial liabilities are in the same currency as that of the respective Group entity,
\n
or the change would be offset by an equal and opposite change in the foreign currency monetary items in the Group\u2019s holding company.
\n
The amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming certain adverse market
\n
conditions occur. Actual results in the future may differ materially from those projected results. The impact of a weakening in GBP on
\n
the Group\u2019s financial assets and liabilities would be more than offset in equity and income by its impact on the Group\u2019s overseas net assets
\n
and earnings respectively.
\n
Hedging instruments
\n\n \n
Change in fair value
Carrying amount of the
Notional value:
for recognising hedge
hedging instruments
Maturity date
Local currency
ineffectiveness
assets/(liabilities)
2025
2024
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges
Highly probable forecast sales
to Dec
to Dec
28.3
32.3
(0.4)
0.7
(0.2)
0.2
2026
2025
Highly probable forecast purchases
to Dec
to Dec
41.3
17.9
0.4
0.2
\u2013
(0.4)
2026
2025
\n
Weighted average hedge rates for the year were as follows:
\n\n \n
Weighted average exchange rates
2025
2024
EUR/GBP
1.13
1.18
AUD/GBP
2.09
1.97
USD/GBP
1.34
1.30
Hedged items
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Balance in cash \ufb02ow hedge reserve/
\u00a0
Change in value used for
foreign currency translation
\u00a0
calculating hedge ineffectiveness
reserve for continuing hedges
\u00a0
2025
2024
2025
2024
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges
\u00a0 \u00a0 \u00a0 \u00a0
Forecast sales
0.4
(0.7)
0.2
(0.2)
Forecast purchases
(0.4)
(0.2)
\u2013
0.4
\n
As at 31 December 2025 there were no amounts in the hedging reserve and translation reserve arising from hedging relationships for
which hedge accounting is no longer applied.
The Group expects highly probable sales and purchases in the UK, Europe, North America, Australia and Asia. The Group has entered
into foreign exchange forward contracts (for terms not exceeding 18 months) to hedge the exchange rate risk arising from these anticipated
future transactions. It is anticipated that the transactions will take place during the next financial year, at which time the amount deferred
in equity will be reclassified to the income statement. All hedging instruments are presented within derivative financial instruments on the
Group balance sheet.
Exchange rates
The principal exchange rates used in the translation of the results of overseas subsidiaries were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Closing rate
Average rate
Closing rate
Average rate
GBP to:
\u00a0 \u00a0 \u00a0 \u00a0
USD
1.35
1.32
1.25
1.28
Euro
1.15
1.17
1.21
1.18
\n
For illustrative purposes, the table below provides details of the impact on 2025 revenue, Group adjusted operating profit* and profit
before tax if the actual reported results, calculated using 2025 average exchange rates, were restated for GBP weakening by 10 cents
against USD in isolation and 10 cents against the Euro in isolation, on a continuing basis:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
Restated 2024
\u00a0 \u00a0
Group adjusted
\u00a0 \u00a0
Group adjusted
\u00a0
\u00a0 \u00a0
operating
Pro\ufb01t
\u00a0
operating
Pro\ufb01t
\u00a0
Revenue
pro\ufb01t
1
before tax
Revenue
2
pro\ufb01t
1,2
before tax
2
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Increase in revenue/Group adjusted
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
operating profit
1
/profit before tax if:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
GBP weakens by 10c against USD
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in isolation
39.0
3.8
2.7
41.8
4.4
3.6
GBP weakens by 10c against
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
the Euro in isolation
17.8
2.5
1.7
18.6
3.1
0.5
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
2.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the years ended 31 December 2024 and 2025 have been presented as discontinued operations throughout this Report.
Other market price risk
Equity price risk arises from FVOCI equity instruments held for meeting partially the unfunded portion of the Group\u2019s defined benefit
pension obligations. The primary goal of the Group\u2019s investment strategy is to maximise returns in order to meet partially the Group\u2019s
unfunded defined benefit obligations.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "value": "Exchange rates
The principal exchange rates used in the translation of the results of overseas subsidiaries were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Closing rate
Average rate
Closing rate
Average rate
GBP to:
\u00a0 \u00a0 \u00a0 \u00a0
USD
1.35
1.32
1.25
1.28
Euro
1.15
1.17
1.21
1.18
\n
For illustrative purposes, the table below provides details of the impact on 2025 revenue, Group adjusted operating profit* and profit
before tax if the actual reported results, calculated using 2025 average exchange rates, were restated for GBP weakening by 10 cents
against USD in isolation and 10 cents against the Euro in isolation, on a continuing basis:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
Restated 2024
\u00a0 \u00a0
Group adjusted
\u00a0 \u00a0
Group adjusted
\u00a0
\u00a0 \u00a0
operating
Pro\ufb01t
\u00a0
operating
Pro\ufb01t
\u00a0
Revenue
pro\ufb01t
1
before tax
Revenue
2
pro\ufb01t
1,2
before tax
2
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Increase in revenue/Group adjusted
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
operating profit
1
/profit before tax if:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
GBP weakens by 10c against USD
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in isolation
39.0
3.8
2.7
41.8
4.4
3.6
GBP weakens by 10c against
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
the Euro in isolation
17.8
2.5
1.7
18.6
3.1
0.5
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
2.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the years ended 31 December 2024 and 2025 have been presented as discontinued operations throughout this Report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "Capital management
The Board\u2019s policy is to maintain a strong capital base (total equity) so as to maintain investor, creditor and market confidence and to
sustain future development of the business. The Board uses a number of measures, identified as KPIs, to ensure the continued success
of the Group.
The Board encourages employees of the Group to hold the Company\u2019s Ordinary shares. The Group operates a number of employee
share and share option schemes. The Company purchases its own shares on the market which are primarily intended to be used for
issuing shares under the Group\u2019s various share option incentive schemes. During the year the Group purchased its own shares which
were subsequently cancelled as part of the share buyback scheme. The timing of these purchases depends on market prices.
The Board seeks to maintain a balance between the advantages and security afforded by a sound capital position, and the higher returns
that might be possible with higher levels of borrowings.
The Group monitors capital using the indicators set out in the table below. These indicators are also presented excluding the impact of
IFRS 16 Leases as these adjusted measures are more closely aligned to the Group\u2019s covenants. In the year ended 31 December 2025 the
results of MMS for the period up to disposal are presented in discontinued operations in the consolidated income statement. Prior year
figures have been restated to present results for MMS in discontinued operations. In order to provide meaningful comparison to prior
years the net debt* to EBITDA* and interest cover are presented on an IFRS basis and a \u2018Headline\u2019 basis to include the result of MMS up to
the date of disposal. Debt to adjusted capital \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Excluding
IFRS 16
\u00a0
Excluding
IFRS 16
\u00a0
\u00a0
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Borrowings and overdrafts
311.5
\u2013
311.5
347.0
\u2013
347.0
Lease liabilities
\u2013
49.2
49.2
\u2013
47.1
47.1
Less: cash and cash equivalents
(79.3)
\u2013
(79.3)
(120.8)
\u2013
(120.8)
Net debt
1
232.2
49.2
281.4
226.2
47.1
273.3
Total equity
348.9
\u2013
348.9
389.3
\u2013
389.3
Less: amounts accumulated in equity
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
relating to cash flow hedges
(0.6)
\u2013
(0.6)
0.2
\u2013
0.2
Adjusted capital
348.3
\u2013
348.3
389.5
\u2013
389.5
Net debt
1
to adjusted capital ratio
0.7x
n/a
0.8x
0.6x
n/a
0.7x
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
Net debt* to EBITDA*
\n\n \u00a0 \u00a0\u00a0\n \n
2025
Restated 2024
2
Excluding
IFRS 16
Excluding
IFRS 16
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net debt
1
232.2
49.2
281.4
226.2
47.1
273.3
Operating profit before specific
adjusting items
89.1
3.7
92.8
117.1
4.5
121.6
Depreciation and amortisation
32.8
8.3
41.1
33.9
8.3
42.2
EBITDA
1
121.9
12.0
133.9
151.0
12.8
163.8
Net debt
1
to EBITDA
1
ratio
1.9x
n/a
2.1x
1.5x
n/a
1.7x
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
2.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
\n\n \u00a0 \u00a0\u00a0\u00a0\n \n
2025 Headline
1
2024 Headline
1
Excluding
IFRS 16
Excluding
IFRS 16
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net debt
1
232.2
49.2
281.4
226.2
47.1
273.3
Operating profit before specific
adjusting items
94.4
3.7
98.1
122.1
4.6
126.7
Depreciation and amortisation
34.6
8.4
43.0
35.8
8.6
44.4
EBITDA
1
129.0
12.1
141.1
157.9
13.2
171.1
Net debt
1
to EBITDA
1
ratio
1.8x
n/a
2.0x
1.4x
n/a
1.6x
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
Interest cover
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
Restated 2024
2
\u00a0
Excluding
IFRS 16
\u00a0
Excluding
IFRS 16
\u00a0
\u00a0
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EBITDA
1
121.9
12.0
133.9
151.0
12.8
163.8
Net finance costs (excluding IAS 19
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pension charge)
19.0
2.8
21.8
15.8
2.6
18.4
Interest cover
6.4x
n/a
6.1x
9.6x
n/a
8.9x
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
2.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025 Headline
1
2024 Headline
1
\u00a0
Excluding
IFRS 16
\u00a0
Excluding
IFRS 16
\u00a0
\u00a0
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EBITDA
1
129.0
12.1
141.1
157.9
13.2
171.1
Net finance costs (excluding IAS 19
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
pension charge)
19.0
2.8
21.8
15.8
2.6
18.4
Interest cover
6.8x
n/a
6.5x
10.0x
n/a
9.3x
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on
pages 199 to 204.
There were no changes in the Group\u2019s approach to capital management during the year. Neither the Company nor any of its subsidiaries
are subject to externally imposed capital requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00499": { "value": "Fair values \n \n
31 December 2025
31 December 2024
Carrying
Fair value
Carrying
Fair value
Effective
amount
Level 1
Level 2
Total
amount
Level 1
Level 2
Total
interest rate
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and
liabilities held at
amortised cost
US Dollar
Senior Notes 2026
3.37%
(72.4)
\u2013
(71.2)
(71.2)
(77.9)
\u2013
(74.2)
(74.2)
Euro
Senior Notes 2026
1.55%
(21.9)
\u2013
(21.5)
(21.5)
(20.8)
\u2013
(19.9)
(19.9)
US Dollar
Senior Notes 2026
4.87%
\u2013
\u2013
\u2013
\u2013
(20.4)
\u2013
(20.1)
(20.1)
Euro
Senior Notes 2028
1.74%
(8.7)
\u2013
(8.2)
(8.2)
(8.3)
\u2013
(7.7)
(7.7)
Euro
Senior Notes 2030
2.89%
(21.8)
\u2013
(19.8)
(19.8)
(20.7)
\u2013
(18.8)
(18.8)
US Dollar
Senior Notes 2031
5.47%
(7.5)
\u2013
(7.3)
(7.3)
(8.0)
\u2013
(7.6)
(7.6)
US Dollar
Senior Notes 2033
5.53%
(7.5)
\u2013
(7.2)
(7.2)
(8.0)
\u2013
(7.4)
(7.4)
US Dollar
Senior Notes 2035
5.61%
(22.4)
\u2013
(21.3)
(21.3)
(24.1)
\u2013
(22.0)
(22.0)
Cumulative
First Preference shares
5.50%
(0.1)
\u2013
(0.1)
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
Cumulative
Second Preference shares
5.00%
(0.3)
\u2013
(0.3)
(0.3)
(0.3)
\u2013
(0.3)
(0.3)
(162.6)
\u2013
(156.9)
(156.9)
(188.6)
\u2013
(178.1)
(178.1)
Financial assets held at FVTPL
47.2
47.2
\u2013
47.2
2.0
2.0
\u2013
2.0
Derivative financial assets
held at fair value
2.0
\u2013
2.0
2.0
1.2
\u2013
1.2
1.2
49.2
47.2
2.0
49.2
3.2
2.0
1.2
3.2
Derivative financial liabilities
held at fair value
(0.5)
\u2013
(0.5)
(0.5)
(2.6)
\u2013
(2.6)
(2.6)
\n
The table above analyses the fair values of financial instruments held by the Group, by valuation method, together with the carrying
amounts shown in the balance sheet.
The fair value of cash and cash equivalents, current trade and other receivables/payables and floating-rate bank and other borrowings
are excluded from the preceding table as their carrying amount approximates their fair value.
Fair value hierarchy
The different levels have been defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: not traded in an active market but the fair values are based on quoted market prices or alternative pricing sources with
reasonable levels of price transparency. Fair value is calculated using discounted cash flow methodology, future cash flows are
estimated based on forward exchange rates.
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
There have been no transfers between Level 1 and Level 2 during 2025 and 2024 and there were no Level 3 financial instruments in
either 2025 or 2024.
The major methods and assumptions used in estimating the fair values of financial instruments reflected in the preceding table are as follows:
Equity securities
Fair value is based on quoted market prices at the balance sheet date.
Derivatives
Forward exchange contracts are marked to market either using listed market prices or by discounting the contractual forward price and
deducting the current spot rate.
Fixed-rate borrowings
Fair value is calculated based on discounted expected future principal and interest cash flows. The interest rates used to determine the
fair value of borrowings are 3.7%\u20136.0% (2024: 3.7\u20136.6%).Measurement of fair values
The DBP is an award of deferred shares, which include the accumulated value of any dividends which fall during the period from the date
of grant to the vesting date. The RSU is an award of shares, which are released in tranches to the participant over a specified period of
time with no performance conditions except continued employment by the Group. As such, the grant-date fair value of the DBP and RSU
are equal to the share price at the date of grant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Awards made in 2025
\u00a0
LTIP
Sharesave
DBP
RSU
Share price at award date
207.89p\u2013211.59p
216.75p
207.89p
207.89p\u2013211.59p
Exercise price
n/a
164.00p
n/a
n/a
Fair value at measurement date
55.00p\u2013171.00p
43.00p
207.89p
207.89p\u2013211.59p
Fair value measurement method
Actuarial
Actuarial
n/a
n/a
\u00a0
binomial
binomial
\u00a0 \u00a0
\u00a0
method
method
\u00a0 \u00a0
Fair value model inputs:
\u00a0 \u00a0 \u00a0 \u00a0
Expected volatility (expressed as weighted average
30%
30%
\u00a0 \u00a0
volatility used in the model)
\u00a0 \u00a0 \u00a0 \u00a0
Option life (expressed as weighted average life
3.0 years
3.3 years
\u00a0 \u00a0
used in the model)
\u00a0 \u00a0 \u00a0 \u00a0
Expected dividends
6.00%
5.60%
\u00a0 \u00a0
Risk-free interest rate
4.10%
3.90%
\u00a0 \u00a0
\n
The expected volatility is based on the historical volatility (calculated based on the weighted average remaining life of the share options)
adjusted for any expected changes to future volatility due to publicly available information.
The fair value of services received in return for share options granted is measured by reference to the fair value of share options granted.
The weighted average fair value of options issued during 2025 was 127.81 pence (2024: 202.98 pence).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "value": "Fair values \n \n
31 December 2025
31 December 2024
Carrying
Fair value
Carrying
Fair value
Effective
amount
Level 1
Level 2
Total
amount
Level 1
Level 2
Total
interest rate
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and
liabilities held at
amortised cost
US Dollar
Senior Notes 2026
3.37%
(72.4)
\u2013
(71.2)
(71.2)
(77.9)
\u2013
(74.2)
(74.2)
Euro
Senior Notes 2026
1.55%
(21.9)
\u2013
(21.5)
(21.5)
(20.8)
\u2013
(19.9)
(19.9)
US Dollar
Senior Notes 2026
4.87%
\u2013
\u2013
\u2013
\u2013
(20.4)
\u2013
(20.1)
(20.1)
Euro
Senior Notes 2028
1.74%
(8.7)
\u2013
(8.2)
(8.2)
(8.3)
\u2013
(7.7)
(7.7)
Euro
Senior Notes 2030
2.89%
(21.8)
\u2013
(19.8)
(19.8)
(20.7)
\u2013
(18.8)
(18.8)
US Dollar
Senior Notes 2031
5.47%
(7.5)
\u2013
(7.3)
(7.3)
(8.0)
\u2013
(7.6)
(7.6)
US Dollar
Senior Notes 2033
5.53%
(7.5)
\u2013
(7.2)
(7.2)
(8.0)
\u2013
(7.4)
(7.4)
US Dollar
Senior Notes 2035
5.61%
(22.4)
\u2013
(21.3)
(21.3)
(24.1)
\u2013
(22.0)
(22.0)
Cumulative
First Preference shares
5.50%
(0.1)
\u2013
(0.1)
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
Cumulative
Second Preference shares
5.00%
(0.3)
\u2013
(0.3)
(0.3)
(0.3)
\u2013
(0.3)
(0.3)
(162.6)
\u2013
(156.9)
(156.9)
(188.6)
\u2013
(178.1)
(178.1)
Financial assets held at FVTPL
47.2
47.2
\u2013
47.2
2.0
2.0
\u2013
2.0
Derivative financial assets
held at fair value
2.0
\u2013
2.0
2.0
1.2
\u2013
1.2
1.2
49.2
47.2
2.0
49.2
3.2
2.0
1.2
3.2
Derivative financial liabilities
held at fair value
(0.5)
\u2013
(0.5)
(0.5)
(2.6)
\u2013
(2.6)
(2.6)
\n
The table above analyses the fair values of financial instruments held by the Group, by valuation method, together with the carrying
amounts shown in the balance sheet.
The fair value of cash and cash equivalents, current trade and other receivables/payables and floating-rate bank and other borrowings
are excluded from the preceding table as their carrying amount approximates their fair value.
Fair value hierarchy
The different levels have been defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: not traded in an active market but the fair values are based on quoted market prices or alternative pricing sources with
reasonable levels of price transparency. Fair value is calculated using discounted cash flow methodology, future cash flows are
estimated based on forward exchange rates.
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
There have been no transfers between Level 1 and Level 2 during 2025 and 2024 and there were no Level 3 financial instruments in
either 2025 or 2024.
The major methods and assumptions used in estimating the fair values of financial instruments reflected in the preceding table are as follows:
Equity securities
Fair value is based on quoted market prices at the balance sheet date.
Derivatives
Forward exchange contracts are marked to market either using listed market prices or by discounting the contractual forward price and
deducting the current spot rate.
Fixed-rate borrowings
Fair value is calculated based on discounted expected future principal and interest cash flows. The interest rates used to determine the
fair value of borrowings are 3.7%\u20136.0% (2024: 3.7\u20136.6%).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00568": { "value": "Fair values \n \n
31 December 2025
31 December 2024
Carrying
Fair value
Carrying
Fair value
Effective
amount
Level 1
Level 2
Total
amount
Level 1
Level 2
Total
interest rate
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and
liabilities held at
amortised cost
US Dollar
Senior Notes 2026
3.37%
(72.4)
\u2013
(71.2)
(71.2)
(77.9)
\u2013
(74.2)
(74.2)
Euro
Senior Notes 2026
1.55%
(21.9)
\u2013
(21.5)
(21.5)
(20.8)
\u2013
(19.9)
(19.9)
US Dollar
Senior Notes 2026
4.87%
\u2013
\u2013
\u2013
\u2013
(20.4)
\u2013
(20.1)
(20.1)
Euro
Senior Notes 2028
1.74%
(8.7)
\u2013
(8.2)
(8.2)
(8.3)
\u2013
(7.7)
(7.7)
Euro
Senior Notes 2030
2.89%
(21.8)
\u2013
(19.8)
(19.8)
(20.7)
\u2013
(18.8)
(18.8)
US Dollar
Senior Notes 2031
5.47%
(7.5)
\u2013
(7.3)
(7.3)
(8.0)
\u2013
(7.6)
(7.6)
US Dollar
Senior Notes 2033
5.53%
(7.5)
\u2013
(7.2)
(7.2)
(8.0)
\u2013
(7.4)
(7.4)
US Dollar
Senior Notes 2035
5.61%
(22.4)
\u2013
(21.3)
(21.3)
(24.1)
\u2013
(22.0)
(22.0)
Cumulative
First Preference shares
5.50%
(0.1)
\u2013
(0.1)
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
Cumulative
Second Preference shares
5.00%
(0.3)
\u2013
(0.3)
(0.3)
(0.3)
\u2013
(0.3)
(0.3)
(162.6)
\u2013
(156.9)
(156.9)
(188.6)
\u2013
(178.1)
(178.1)
Financial assets held at FVTPL
47.2
47.2
\u2013
47.2
2.0
2.0
\u2013
2.0
Derivative financial assets
held at fair value
2.0
\u2013
2.0
2.0
1.2
\u2013
1.2
1.2
49.2
47.2
2.0
49.2
3.2
2.0
1.2
3.2
Derivative financial liabilities
held at fair value
(0.5)
\u2013
(0.5)
(0.5)
(2.6)
\u2013
(2.6)
(2.6)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "value": "Derivatives
Forward exchange contracts are marked to market either using listed market prices or by discounting the contractual forward price and
deducting the current spot rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "23. Pensions and other post-retirement employee bene\ufb01ts
The Group operates a number of defined benefit arrangements as well as defined contribution plans. The defined benefit plans are
primarily in the UK, USA and Europe and predominantly provide pensions based on service and career average pay. In addition, post-
retirement medical plans are operated in the USA.
Summary of net defined benefit obligations
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Present value of unfunded defined benefit obligations
(31.9)
(32.8)
Present value of funded defined benefit obligations
(418.8)
(429.5)
Fair value of plan assets
428.7
440.8
\u00a0
(22.0)
(21.5)
\n
Amounts recognised in income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Restated
\u00a0 \u00a0
2025
2024
1
Continuing operations
Note
\u00a3m
\u00a3m
Current service cost
\u00a0
(2.8)
(2.1)
Administrative expenses recognised outside of the pension liability
\u00a0
(1.0)
(0.7)
Curtailments and settlements
\u00a0
0.1
0.1
Total expense within operating costs relating to defined benefit plans
\u00a0
(3.7)
(2.7)
Defined contribution plans
\u00a0
(12.9)
(13.3)
Total expense within operating costs
4
(16.6)
(16.0)
Net interest on net defined benefit liability
7
(0.4)
(0.6)
Total expense recognised in income statement
\u00a0
(17.0)
(16.6)
\n
1.
The Group disposed of the majority of its MMS business in 2025. The disposal group formed part of the Thermal Products segment and has been classified as a discontinued operation
under IFRS 5. Financial results for the year ended 31 December 2024 have been restated to present the results of the disposal group as discontinued operations.
Amounts recognised in other comprehensive income
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Experience gain on plan obligations
(5.3)
2.0
Changes in financial assumptions underlying the present value of plan obligations \u2013 gain
4.5
39.1
Changes in demographic assumptions underlying the present value of plan obligations \u2013 (loss)/gain
(2.8)
1.4
Actual return on plan assets (excluding amounts included in net interest expense)
3.5
(41.2)
Remeasurements recognised in other comprehensive income
(0.1)
1.3
Deferred tax associated with the above
(0.1)
(0.6)
Total amount recognised in other comprehensive income
(0.2)
0.7
Defined contribution plans
\n
The Group operates a number of defined contribution pension plans. The total expense relating to these plans in the current year
\n
was \u00a312.9 million (2024: \u00a313.3 million) on a continuing basis. The Group expects to contribute \u00a313.1 million to ongoing defined
\n
contribution arrangements in 2026.
\n
Defined benefit plans
\n
UK schemes
\n
In the UK, the Group operates two defined benefit pension schemes, the Morgan Pension Scheme and the Morgan Group Senior Staff
\n
Pension and Life Assurance Scheme (\u2018the UK Schemes\u2019). The two UK Schemes provide a benefit based upon an employee\u2019s total service
\n
and their career average earnings (including allowance for consumer price inflation), although historically benefits were based upon an
\n
employee\u2019s final salary. Once in payment, pensioners receive increases as set out in the rules, at either a fixed level, or in line with the
\n
Retail Price Index. The overall duration of the UK Schemes is around 11 years.
\n
The UK Schemes\u2019 assets are held in trustee-administered funds which are governed by UK regulations, as is the nature of the relationship
\n
between the Group and the Trustees. Responsibility for the governance of the UK Schemes, including investment decisions and
\n
contribution schedules, lies with the Board of Trustees which must consult with the Group in such matters. The Board of Trustees is
\n
composed of representatives of the Company, plan participants and independent trustee directors, in accordance with the UK Schemes\u2019
\n
governing documents.
\n
Funding legislation in the UK requires that schemes are fully funded on a scheme-specific basis, and this must be assessed at least every
\n
three years. To the extent that there is a deficit against this measure, a payment schedule must be agreed such that the deficit is removed
\n
over a reasonable period of time.
\n
The most recent full actuarial valuations of the UK Schemes have an effective date of 31 March 2025 and resulted in combined assessed
\n
surpluses of \u00a37.8 million. These are the first to be undertaken under the new statutory funding regime introduced by the Pension Schemes
\n
Act 2021. The next valuations are due as at 31 March 2028.
\n
The UK Schemes were closed to new entrants on 1 August 2011, with any new employees receiving benefits through the Morgan Group
\n
Personal Pension Plan, a defined contribution arrangement. The Morgan Group Senior Staff Pension and Life Assurance Scheme was
\n
closed to the future accrual of benefits on and with effect from 6 April 2016. The Morgan Pension Scheme was closed to the future
\n
accrual of benefits with effect from 6 April 2018. Current employees, including those who were active in the Schemes at closure,
\n
are auto-enrolled into the Morgan Group Personal Pension Plan for their future pension benefits.
\n
The Group has considered third-party powers and does not believe the Trustees have any powers that would prevent the Group
\n
obtaining a refund of any surplus on wind-up of the Scheme following gradual settlement of the plan obligations. As such the Group\u2019s
\n
interpretation is that the current version of IFRIC 14 does not have an impact and, as a result, any IAS 19 surplus can be recognised as
\n
an asset and it is not necessary to recognise additional liabilities in respect of contribution agreements reached with the pension scheme
\n
Trustees, managers or any third party.
\n
The Trustees and the Group have considered the impact of the recent Virgin Media court case on the Morgan Pension Scheme and, in
\n
particular, the extent to which actuarial confirmation was provided that any changes made to the Scheme between 1997 and 2016 did not
\n
adversely impact members\u2019 contracted out benefits. Reasonable due diligence has concluded that no additional liability requires disclosure.
\n
The Morgan Group Senior Staff Pension and Life Assurance Scheme was not contracted out over this period and therefore is not affected
\n
by the ruling.
\n
The Group has recognised a liability in relation to Guaranteed Minimum Pension (GMP) equalisation, an initiative to remove inequalities in
\n
Morgan Pension Scheme benefits that arise from GMPs being unequal between men and women. A project to equalise members\u2019 benefits
\n
in the Morgan Pension Scheme is currently being progressed by a Joint Trustee and Employer Working Group.
US schemes
\n
The Group operates a tax qualified defined benefit pension scheme in the USA (\u2018MUSE DB Scheme\u2019), and a Supplemental Executive
\n
Retirement Plan (\u2018SERP\u2019) which is not tax approved (together \u2018the US Schemes\u2019). The MUSE DB Scheme is frozen, and therefore
\n
employees accrue benefits within a 401k arrangement.
\n
The US Schemes provide a benefit based upon an employee\u2019s service and earnings. The level of benefits remains the same, both prior to,
\n
and while in payment. Overall, the US Schemes\u2019 duration is around nine years.
\n
The qualified MUSE DB Scheme\u2019s assets are held in a trust separately from the Group\u2019s assets. For the SERP, the Group holds an asset
\n
to meet the obligations; however, due to its nature this is accounted for as a Group asset, rather than an asset of the SERP. Responsibility
\n
for the governance of the US Schemes, including investment decisions and contribution schedules, lies with a management committee,
\n
all of whose members are appointed by the Group.
\n
The funding requirements in the USA, ERISA, require schemes to be fully funded at all times, and if not to target full funding within a
\n
period of 15 years.
\n
The most recent full actuarial valuation of the MUSE DB Scheme was undertaken as at 1 January 2025 and the Scheme was 100% funded
\n
on this basis.
\n
On the Defined Benefit Obligation (DBO) basis used for IAS 19 purposes, the Scheme was 99% funded with a shortfall as at
\n
31 December 2025 of \u00a31.0 million (2024: \u00a30.2 million surplus).
\n
No further significant contributions to the MUSE DB Scheme are anticipated in the medium term.
\n
European schemes
\n
In Europe (excluding the UK), the Group operates a number of retirement schemes, with the bulk of the obligations relating to
\n
arrangements for employees in Germany. In line with local practice, these arrangements are not funded in advance, with benefits being
\n
met by the Group as they fall due.
\n \n
31 December 2025
Rest of
UK
USA
Europe
the World
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Summary of net surplus/(obligations)
Present value of unfunded defined benefit obligations
\u2013
(3.5)
(23.9)
(4.5)
(31.9)
Present value of funded defined benefit obligations
(315.6)
(94.2)
(0.7)
(8.3)
(418.8)
Fair value of plan assets
327.1
93.2
\u2013
8.4
428.7
Net surplus/(obligations)
11.5
(4.5)
(24.6)
(4.4)
(22.0)
Represented by:
Surpluses
11.5
\u2013
\u2013
0.9
12.4
Obligations
\u2013
(4.5)
(24.6)
(5.3)
(34.4)
Movements in present value of defined benefit obligation
At 1 January 2025
(318.1)
(105.3)
(26.1)
(12.8)
(462.3)
Current service cost
\u2013
\u2013
(0.8)
(2.0)
(2.8)
Interest cost
(16.7)
(5.3)
(0.9)
(0.2)
(23.1)
Actuarial gain/(loss)
Experience gain/(loss) on plan obligations
(4.3)
(0.9)
0.2
(0.3)
(5.3)
Changes in financial assumptions \u2013 gain/(loss)
4.6
(2.3)
2.0
0.2
4.5
Changes in demographic assumptions \u2013 loss
(2.8)
\u2013
\u2013
\u2013
(2.8)
Benefits paid
21.7
8.6
1.7
1.2
33.2
Curtailments and settlements
\u2013
\u2013
\u2013
0.1
0.1
Business disposal
\u2013
\u2013
0.5
0.6
1.1
Exchange adjustments
\u2013
7.5
(1.2)
0.4
6.7
At 31 December 2025
(315.6)
(97.7)
(24.6)
(12.8)
(450.7)
Movements in fair value of plan assets
At 1 January 2025
330.4
101.5
0.2
8.7
440.8
Interest on plan assets
17.4
5.0
\u2013
0.3
22.7
Remeasurement gain
1.3
2.0
\u2013
0.2
3.5
Contributions by employer
\u2013
0.5
1.6
1.4
3.5
Benefits paid
(21.7)
(8.6)
(1.7)
(1.2)
(33.2)
Administrative cost
(0.3)
\u2013
\u2013
\u2013
(0.3)
Business disposal
\u2013
\u2013
(0.2)
(0.4)
(0.6)
Exchange adjustments
\u2013
(7.2)
0.1
(0.6)
(7.7)
At 31 December 2025
327.1
93.2
\u2013
8.4
428.7
Actual return on assets
18.7
7.0
\u2013
0.5
26.2
Fair value of plan assets by category
Equities
\u2013
4.6
\u2013
\u2013
4.6
Growth assets
1
29.3
\u2013
\u2013
\u2013
29.3
Bonds
44.4
85.5
\u2013
\u2013
129.9
Liability-driven investments (LDI)
2
164.0
\u2013
\u2013
\u2013
164.0
Matching insurance policies
88.2
1.3
\u2013
6.4
95.9
Other
1.2
1.8
\u2013
2.0
5.0
327.1
93.2
\u2013
8.4
428.7
\n
1.
Growth assets include investment in Multi-Asset Funds as well as UK property.
\n
2.
The LDI assets are pooled funds in the UK that provide a leveraged return linked to long duration fixed interest and index-linked government bonds valued at the bid price of the units.
\n
This provides interest rate and inflation hedging equivalent in size to circa 100% of the invested assets of the UK Schemes measured on the \u2018Long-Term Objective\u2019 basis (Gilts +50 bps)
\n
(excluding matching insurance policies).
\n \n
Rest of
UK
USA
Europe
the World
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Estimate of employer contributions to be paid into the plans
during the 12-month period beginning 1 January 2026
\u2013
0.5
1.8
1.3
3.6
\n\n \n
31 December 2024
Rest of
UK
USA
Europe
the World
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Summary of net surplus/(obligations)
Present value of unfunded defined benefit obligations
\u2013
(4.0)
(24.9)
(3.9)
(32.8)
Present value of funded defined benefit obligations
(318.1)
(101.3)
(1.2)
(8.9)
(429.5)
Fair value of plan assets
330.4
101.5
0.2
8.7
440.8
Net surplus/(obligations)
12.3
(3.8)
(25.9)
(4.1)
(21.5)
Represented by:
Surpluses
12.3
0.1
\u2013
0.6
13.0
Obligations
\u2013
(3.9)
(25.9)
(4.7)
(34.5)
Movements in present value of defined benefit obligation
At 1 January 2024
(362.8)
(112.2)
(28.4)
(12.7)
(516.1)
Current service cost
\u2013
\u2013
(0.7)
(1.4)
(2.1)
Interest cost
(15.8)
(5.2)
(1.0)
(0.3)
(22.3)
Actuarial gain/(loss)
Experience gain/(loss) on plan obligations
2.8
(0.8)
0.3
(0.3)
2.0
Changes in financial assumptions \u2013 gain/(loss)
33.0
5.8
0.7
(0.4)
39.1
Changes in demographic assumptions \u2013 gain
1.3
\u2013
\u2013
0.1
1.4
Benefits paid
23.4
8.8
1.7
1.1
35.0
Effect of curtailment or settlement
\u2013
\u2013
0.1
0.1
0.2
Exchange adjustments
\u2013
(1.7)
1.2
1.0
0.5
At 31 December 2024
(318.1)
(105.3)
(26.1)
(12.8)
(462.3)
Movements in fair value of plan assets
At 1 January 2024
375.3
106.7
0.2
8.7
490.9
Interest on plan assets
16.5
4.9
\u2013
0.3
21.7
Remeasurement gain/(loss)
(37.7)
(3.5)
(0.1)
0.1
(41.2)
Contributions by employer
\u2013
0.5
1.7
1.6
3.8
Benefits paid
(23.4)
(8.8)
(1.7)
(1.1)
(35.0)
Administrative cost
(0.3)
\u2013
\u2013
\u2013
(0.3)
Effect of curtailment or settlement
\u2013
\u2013
\u2013
(0.1)
(0.1)
Exchange adjustments
\u2013
1.7
0.1
(0.8)
1.0
At 31 December 2024
330.4
101.5
0.2
8.7
440.8
Actual return on assets
(21.2)
1.4
(0.1)
0.4
(19.5)
Fair value of plan assets by category
Equities
\u2013
4.8
\u2013
\u2013
4.8
Growth assets
1
43.8
\u2013
\u2013
\u2013
43.8
Bonds
28.8
94.7
\u2013
\u2013
123.5
Liability-driven investments (LDI)
2
166.4
\u2013
\u2013
\u2013
166.4
Matching insurance policies
90.1
1.4
0.2
6.2
97.9
Other
1.3
0.6
\u2013
2.5
4.4
330.4
101.5
0.2
8.7
440.8
\n
1.
Growth assets include investment in Global Diversified and Multi-Asset Funds as well as UK property.
\n
2.
The LDI assets are pooled funds in the UK that provide a leveraged return linked to long duration fixed interest and index-linked government bonds valued at the bid price of the units.
\n
This provides interest rate and inflation hedging equivalent in size to circa 100% of the invested assets of the UK Schemes.
Actuarial assumptions
\n
The actual liability in respect of global employee benefits will not be known until the last payments have been made. In placing a current
\n
estimate on the Group\u2019s past service benefit obligations, a number of assumptions about the future are required. For defined benefit
\n
schemes, the Directors make annual estimates and assumptions in respect of discount rates, future changes in salaries, employee turnover,
\n
inflation rates, life expectancy and several other assumptions. In making these estimates and assumptions, the Directors consider advice
\n
provided by external advisors, such as actuaries.
\n
The assumptions used are best estimate assumptions chosen from a reasonable range and which may not be borne out in practice.
\n
The principal assumptions are the discount rate and inflation assumptions which are long-term and measured on external factors, based
\n
upon each plan\u2019s duration. In addition to these, the mortality assumption in the UK and the USA is material to the cost of the promised
\n
benefits. In both the UK and Europe, where relevant, the assumed increases in salaries and pensions in payment are derived from
\n
assumed future inflation.
\n
The rates shown below are single equivalents for the obligations as a whole derived from discounting along the yield curve. In line with
\n
IAS 19, in determining the value of the annuity contract held in the UK we have reflected the same methodology as used to value the
\n
corresponding obligations, reflecting the actual cash flow profile and duration of the insured obligations, rather than those of the Schemes
\n
as a whole.
\n
Actuarial assumptions were:
\n\n \n
Rest of
UK
USA
Europe
the World
%
%
%
%
2025
Discount rate
5.47
5.17
4.20
5.22
Salary increase
n/a
n/a
2.00
4.30
Inflation (UK: RPI/CPI)
2.79/2.22
n/a
2.00
n/a
Pensions increase
1
3.00/2.73/3.53
n/a
2.00
n/a
Mortality \u2013 post-retirement:
Life expectancy of a male aged 60 in accounting year (years)
25.56
25.10
25.62
n/a
Life expectancy of a male aged 60 in accounting year +20 (years)
27.08
26.00
28.38
n/a
2024
Discount rate
5.45
5.47
3.50
4.66
Salary increase
n/a
n/a
2.00
4.50
Inflation (UK: RPI/CPI)
3.15/2.52
n/a
2.00
n/a
Pensions increase
1
3.00/3.02/3.66
n/a
2.00
n/a
Mortality \u2013 post-retirement:
Life expectancy of a male aged 60 in accounting year (years)
25.51
25.00
25.48
n/a
Life expectancy of a male aged 60 in accounting year +20 (years)
27.02
25.90
28.25
n/a
\n
1.
Pension increases in the UK reflect both fixed-rate and RPI-related increases to different elements of members\u2019 pensions.
\n
The accounting assumptions noted above are used to calculate the year-end net pension liability in accordance with the relevant accounting
\n
standard, \u2018IAS 19 \u2013 Employee Benefits\u2019. Changes in these assumptions have no impact on the Group\u2019s cash payments to its arrangements.
\n
The payments due are calculated based on local funding requirements, or in the case of the Group\u2019s unfunded arrangements on the
\n
incidence of benefit payments falling due.
The table below demonstrates the sensitivity of the defined benefit obligations to changes in the significant assumptions used for
the schemes.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0 \u00a0
Increase in
\u00a0
Increase in
\u00a0
\u00a0 \u00a0
de\ufb01ned bene\ufb01t
Increase in
de\ufb01ned bene\ufb01t
Increase in
\u00a0 \u00a0
obligation
net de\ufb01cit
obligation
net de\ufb01cit
\u00a0
Change in assumption
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Discount rate
Decrease by 0.1%
4.3
3.7
4.6
4.1
Discount rate
1
Decrease by 0.5%
22.2
19.3
23.9
21.0
Inflation
Increase by 0.1%
1.4
1.3
1.5
1.5
Inflation
1
Increase by 0.5%
7.0
6.6
7.8
7.3
Mortality \u2013 post-retirement
1
Pensioners live 1 year longer
16.5
11.0
18.1
11.6
Exchange rates
GBP weakens against USD by 10%
10.9
0.5
11.7
0.4
\u00a0
GBP weakens against EUR by 10%
2.7
2.7
2.9
2.9
\n
1.
Sensitivities included as reasonably possible changes under IAS 1.
These sensitivities have been calculated to show the movement in the net balance sheet in isolation, and assume no other changes in
market conditions at the accounting date. This is unlikely in practice \u2013 for example, a change in discount rate is unlikely to occur without
any movement in the value of the assets held by the Group\u2019s Schemes, particularly in the UK and USA where liability movements are
effectively hedged.
Risks
The net pension liability is a snapshot view which can be significantly influenced by short-term market factors. The calculation of the
surplus or deficit depends, therefore, on factors which are beyond the control of the Group \u2013 principally the value at the balance sheet
date of assets in which the Schemes have invested and long-term interest rates which are used to discount future liabilities. The funding of
the Schemes is based on long-term trends and assumptions relating to market growth, as advised by qualified actuaries and investment
advisors.
The most significant risks to which the Group is exposed are:
Investment returns
: The Group\u2019s net balance sheet and contribution requirements are heavily dependent upon the return on the
assets invested in by the Schemes.
Longevity:
The cost to the Group of the pensions promised to members is dependent upon the expected term of these payments.
To the extent that members live longer than expected, this will increase the cost of these arrangements.
Inflation rate risk:
In the UK, the pension promises are, in the main, linked to inflation, and higher inflation will lead to higher liabilities.
The above risks have been mitigated for a significant proportion of the UK Schemes\u2019 pensioner population through the purchase of an
insurance policy, the payments from which exactly match the promises made to employees. Remaining investment risks have also been
mitigated to a significant extent by a diversification of the return-seeking assets and backing uninsured pensioner liabilities via bonds and
various hedging instruments. In the UK, the bonds and LDI mandates target an interest rate hedge against movements in government
bond yields (including providing protection against changes to future inflation expectations) for an amount equal to approximately 100% of
the liabilities valued on the \u2018Long-Term Objective\u2019 basis. In the USA, the bond mandates provide an interest rate hedge of approximately
100% of the liabilities for funded plans.
In addition, the IAS 19 defined benefit obligation is linked to yields on AA-rated corporate bonds; however some of the Group\u2019s
arrangements invest in a number of other assets which will move in a different manner from these bonds. Therefore, changes in market
conditions may lead to volatility in the Group\u2019s balance sheet and in other comprehensive income, and to a lesser extent in the IAS 19
pension expense in the Group\u2019s income statement.
Regulatory risk:
The Group also closely monitors the external legal and regulatory pension environment to ensure continued
compliance with all relevant requirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00765": { "value": "25. Provisions and contingent liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Closure and
\u00a0 \u00a0 \u00a0
\u00a0
restructuring
Legal and other
Environmental
\u00a0
\u00a0
provisions
provisions
provisions
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2025
7.4
6.3
6.7
20.4
Provisions made during the year
3.6
0.7
0.8
5.1
Provisions used during the year
(3.1)
(0.3)
(0.6)
(4.0)
Provisions reversed during the year
(1.6)
(0.8)
(0.5)
(2.9)
Business disposal
\u2013
(0.2)
\u2013
(0.2)
Effect of movements in foreign exchange
(0.3)
(0.2)
0.1
(0.4)
Balance at 31 December 2025
6.0
5.5
6.5
18.0
Current
4.4
1.3
2.4
8.1
Non-current
1.6
4.2
4.1
9.9
\u00a0
6.0
5.5
6.5
18.0
Closure and restructuring provisions
Closure and restructuring provisions relate to the Group\u2019s restructuring programmes and represent committed expenditure at the balance
sheet date. The amounts provided are based on the costs of terminating relevant contracts, under the contract terms, and management\u2019s
best estimate of other associated restructuring costs including professional fees. Of the total, \u00a34.5 million of the provisions are expected to
be utilised in the next one to two years.
We have a provision for a multi-employer pension obligation for a site which was closed during 2021. The cash outflows relating to the
pension obligation may continue for up to 15 years, subject to any settlement being reached in advance of that date.
Legal and other provisions
Legal and other provisions mainly comprise amounts provided against open legal and contractual disputes arising in the normal course of
business and long-service costs. Provisions are made for the expected costs associated with such matters, based on past experience of
similar items and other known factors, taking into account professional advice received, and represent management\u2019s best estimate of the
most likely outcome. The timing of utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the
outcome of various court proceedings and associated negotiations.
Where obligations are not capable of being reliably estimated, or if a material outflow of economic resources is considered not probable,
it is classified as a contingent liability. The Group is of the opinion that any associated claims that might be brought can be defeated
successfully and, therefore, the possibility of any material outflow in settlement is assessed as remote.
Subsidiary undertakings within the Group have given unsecured guarantees of \u00a316.3 million (2024: \u00a39.5 million) in the ordinary course
of business.
Environmental provisions
Environmental provisions are made for quantifiable environmental liabilities arising from known environmental issues. The amounts
provided are based on the best estimate of the costs required to remedy these issues. The provisions are expected to be utilised in the
next five to ten years.
Tax contingent liabilities
The Group is subject to periodic tax audits by various fiscal authorities covering corporate, employee and sales taxes in the various
jurisdictions in which it operates. We have provided for estimates of the Group\u2019s likely exposures where these can be reliably estimated.
These are disclosed in notes 8 and 15.
Environmental and other contingent liabilities
Due to the international footprint of the Group and the nature of its manufacturing operations it is subject to a wide range of local health
and safety, environmental and employment laws and regulations. At any point in time the Group has a number of ongoing environmental
or employment cases for which there is uncertainty due to the wide range of possible outcomes and associated costs. Possible outcomes
include the case being settled, withdrawn or dismissed.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00567": { "value": "25. Provisions and contingent liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Closure and
\u00a0 \u00a0 \u00a0
\u00a0
restructuring
Legal and other
Environmental
\u00a0
\u00a0
provisions
provisions
provisions
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2025
7.4
6.3
6.7
20.4
Provisions made during the year
3.6
0.7
0.8
5.1
Provisions used during the year
(3.1)
(0.3)
(0.6)
(4.0)
Provisions reversed during the year
(1.6)
(0.8)
(0.5)
(2.9)
Business disposal
\u2013
(0.2)
\u2013
(0.2)
Effect of movements in foreign exchange
(0.3)
(0.2)
0.1
(0.4)
Balance at 31 December 2025
6.0
5.5
6.5
18.0
Current
4.4
1.3
2.4
8.1
Non-current
1.6
4.2
4.1
9.9
\u00a0
6.0
5.5
6.5
18.0
Closure and restructuring provisions
Closure and restructuring provisions relate to the Group\u2019s restructuring programmes and represent committed expenditure at the balance
sheet date. The amounts provided are based on the costs of terminating relevant contracts, under the contract terms, and management\u2019s
best estimate of other associated restructuring costs including professional fees. Of the total, \u00a34.5 million of the provisions are expected to
be utilised in the next one to two years.
We have a provision for a multi-employer pension obligation for a site which was closed during 2021. The cash outflows relating to the
pension obligation may continue for up to 15 years, subject to any settlement being reached in advance of that date.
Legal and other provisions
Legal and other provisions mainly comprise amounts provided against open legal and contractual disputes arising in the normal course of
business and long-service costs. Provisions are made for the expected costs associated with such matters, based on past experience of
similar items and other known factors, taking into account professional advice received, and represent management\u2019s best estimate of the
most likely outcome. The timing of utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the
outcome of various court proceedings and associated negotiations.
Where obligations are not capable of being reliably estimated, or if a material outflow of economic resources is considered not probable,
it is classified as a contingent liability. The Group is of the opinion that any associated claims that might be brought can be defeated
successfully and, therefore, the possibility of any material outflow in settlement is assessed as remote.
Subsidiary undertakings within the Group have given unsecured guarantees of \u00a316.3 million (2024: \u00a39.5 million) in the ordinary course
of business.
Environmental provisions
Environmental provisions are made for quantifiable environmental liabilities arising from known environmental issues. The amounts
provided are based on the best estimate of the costs required to remedy these issues. The provisions are expected to be utilised in the
next five to ten years.
Tax contingent liabilities
The Group is subject to periodic tax audits by various fiscal authorities covering corporate, employee and sales taxes in the various
jurisdictions in which it operates. We have provided for estimates of the Group\u2019s likely exposures where these can be reliably estimated.
These are disclosed in notes 8 and 15.
Environmental and other contingent liabilities
Due to the international footprint of the Group and the nature of its manufacturing operations it is subject to a wide range of local health
and safety, environmental and employment laws and regulations. At any point in time the Group has a number of ongoing environmental
or employment cases for which there is uncertainty due to the wide range of possible outcomes and associated costs. Possible outcomes
include the case being settled, withdrawn or dismissed.
26. Capital commitments
In 2025, commitments for property, plant and equipment and computer software expenditure for which no provision has been made in
these accounts amount to \u00a31.8 million (2024: \u00a313.8 million) for the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00501": { "value": "25. Provisions and contingent liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Closure and
\u00a0 \u00a0 \u00a0
\u00a0
restructuring
Legal and other
Environmental
\u00a0
\u00a0
provisions
provisions
provisions
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2025
7.4
6.3
6.7
20.4
Provisions made during the year
3.6
0.7
0.8
5.1
Provisions used during the year
(3.1)
(0.3)
(0.6)
(4.0)
Provisions reversed during the year
(1.6)
(0.8)
(0.5)
(2.9)
Business disposal
\u2013
(0.2)
\u2013
(0.2)
Effect of movements in foreign exchange
(0.3)
(0.2)
0.1
(0.4)
Balance at 31 December 2025
6.0
5.5
6.5
18.0
Current
4.4
1.3
2.4
8.1
Non-current
1.6
4.2
4.1
9.9
\u00a0
6.0
5.5
6.5
18.0
Closure and restructuring provisions
Closure and restructuring provisions relate to the Group\u2019s restructuring programmes and represent committed expenditure at the balance
sheet date. The amounts provided are based on the costs of terminating relevant contracts, under the contract terms, and management\u2019s
best estimate of other associated restructuring costs including professional fees. Of the total, \u00a34.5 million of the provisions are expected to
be utilised in the next one to two years.
We have a provision for a multi-employer pension obligation for a site which was closed during 2021. The cash outflows relating to the
pension obligation may continue for up to 15 years, subject to any settlement being reached in advance of that date.
Legal and other provisions
Legal and other provisions mainly comprise amounts provided against open legal and contractual disputes arising in the normal course of
business and long-service costs. Provisions are made for the expected costs associated with such matters, based on past experience of
similar items and other known factors, taking into account professional advice received, and represent management\u2019s best estimate of the
most likely outcome. The timing of utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the
outcome of various court proceedings and associated negotiations.
Where obligations are not capable of being reliably estimated, or if a material outflow of economic resources is considered not probable,
it is classified as a contingent liability. The Group is of the opinion that any associated claims that might be brought can be defeated
successfully and, therefore, the possibility of any material outflow in settlement is assessed as remote.
Subsidiary undertakings within the Group have given unsecured guarantees of \u00a316.3 million (2024: \u00a39.5 million) in the ordinary course
of business.
Environmental provisions
Environmental provisions are made for quantifiable environmental liabilities arising from known environmental issues. The amounts
provided are based on the best estimate of the costs required to remedy these issues. The provisions are expected to be utilised in the
next five to ten years.
Tax contingent liabilities
The Group is subject to periodic tax audits by various fiscal authorities covering corporate, employee and sales taxes in the various
jurisdictions in which it operates. We have provided for estimates of the Group\u2019s likely exposures where these can be reliably estimated.
These are disclosed in notes 8 and 15.
Environmental and other contingent liabilities
Due to the international footprint of the Group and the nature of its manufacturing operations it is subject to a wide range of local health
and safety, environmental and employment laws and regulations. At any point in time the Group has a number of ongoing environmental
or employment cases for which there is uncertainty due to the wide range of possible outcomes and associated costs. Possible outcomes
include the case being settled, withdrawn or dismissed.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00500": { "value": "25. Provisions and contingent liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Closure and
\u00a0 \u00a0 \u00a0
\u00a0
restructuring
Legal and other
Environmental
\u00a0
\u00a0
provisions
provisions
provisions
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2025
7.4
6.3
6.7
20.4
Provisions made during the year
3.6
0.7
0.8
5.1
Provisions used during the year
(3.1)
(0.3)
(0.6)
(4.0)
Provisions reversed during the year
(1.6)
(0.8)
(0.5)
(2.9)
Business disposal
\u2013
(0.2)
\u2013
(0.2)
Effect of movements in foreign exchange
(0.3)
(0.2)
0.1
(0.4)
Balance at 31 December 2025
6.0
5.5
6.5
18.0
Current
4.4
1.3
2.4
8.1
Non-current
1.6
4.2
4.1
9.9
\u00a0
6.0
5.5
6.5
18.0
Closure and restructuring provisions
Closure and restructuring provisions relate to the Group\u2019s restructuring programmes and represent committed expenditure at the balance
sheet date. The amounts provided are based on the costs of terminating relevant contracts, under the contract terms, and management\u2019s
best estimate of other associated restructuring costs including professional fees. Of the total, \u00a34.5 million of the provisions are expected to
be utilised in the next one to two years.
We have a provision for a multi-employer pension obligation for a site which was closed during 2021. The cash outflows relating to the
pension obligation may continue for up to 15 years, subject to any settlement being reached in advance of that date.
Legal and other provisions
Legal and other provisions mainly comprise amounts provided against open legal and contractual disputes arising in the normal course of
business and long-service costs. Provisions are made for the expected costs associated with such matters, based on past experience of
similar items and other known factors, taking into account professional advice received, and represent management\u2019s best estimate of the
most likely outcome. The timing of utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the
outcome of various court proceedings and associated negotiations.
Where obligations are not capable of being reliably estimated, or if a material outflow of economic resources is considered not probable,
it is classified as a contingent liability. The Group is of the opinion that any associated claims that might be brought can be defeated
successfully and, therefore, the possibility of any material outflow in settlement is assessed as remote.
Subsidiary undertakings within the Group have given unsecured guarantees of \u00a316.3 million (2024: \u00a39.5 million) in the ordinary course
of business.
Environmental provisions
Environmental provisions are made for quantifiable environmental liabilities arising from known environmental issues. The amounts
provided are based on the best estimate of the costs required to remedy these issues. The provisions are expected to be utilised in the
next five to ten years.
Tax contingent liabilities
The Group is subject to periodic tax audits by various fiscal authorities covering corporate, employee and sales taxes in the various
jurisdictions in which it operates. We have provided for estimates of the Group\u2019s likely exposures where these can be reliably estimated.
These are disclosed in notes 8 and 15.
Environmental and other contingent liabilities
Due to the international footprint of the Group and the nature of its manufacturing operations it is subject to a wide range of local health
and safety, environmental and employment laws and regulations. At any point in time the Group has a number of ongoing environmental
or employment cases for which there is uncertainty due to the wide range of possible outcomes and associated costs. Possible outcomes
include the case being settled, withdrawn or dismissed.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00502": { "value": "26. Capital commitments
In 2025, commitments for property, plant and equipment and computer software expenditure for which no provision has been made in
these accounts amount to \u00a31.8 million (2024: \u00a313.8 million) for the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00503": { "value": "27. Related parties
Identification of related parties
The Group has related party relationships with its subsidiaries (a list of all related undertakings and associates is shown in note 6 to the
Company financial statements), and with its Directors, executive officers and their close family members.
Transactions with key management personnel
The Company has written service contracts or letters of appointment with each of its Directors, under which the Directors receive a
salary or a fee and other emoluments.
The key management of the Group and Parent Company consists of the Board of Directors (including non-executive Directors) and
members of the Executive Committee.
The compensation for the Executive and non-executive Directors and members of the Executive Committee charged in the year was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Short-term employee benefits
6.0
6.2
Employer national insurance contributions
0.6
0.5
Pension and other post-employment costs
0.3
0.3
Share-based payment expense
0.6
1.1
Non-executive Directors\u2019 fees and benefits
0.6
0.5
Total compensation of key management personnel
8.1
8.6
\n
Other related party transactions
During the year the Group incurred an annual fee of \u00a318,000 (2024: \u00a318,000) to Dunelm Energy for administrative support, a company in
which Ian Marchant, the Group Chairman, has an interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00504": { "value": "Transactions with key management personnel
The Company has written service contracts or letters of appointment with each of its Directors, under which the Directors receive a
salary or a fee and other emoluments.
The key management of the Group and Parent Company consists of the Board of Directors (including non-executive Directors) and
members of the Executive Committee.
The compensation for the Executive and non-executive Directors and members of the Executive Committee charged in the year was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Short-term employee benefits
6.0
6.2
Employer national insurance contributions
0.6
0.5
Pension and other post-employment costs
0.3
0.3
Share-based payment expense
0.6
1.1
Non-executive Directors\u2019 fees and benefits
0.6
0.5
Total compensation of key management personnel
8.1
8.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00787": { "value": "28. Non-controlling interests
Non-controlling interests represent the portion of equity of subsidiaries which is not owned by the Parent Company. The total profit
attributable to non-controlling interests for the year ended 31 December 2025 is \u00a37.7 million (2024: \u00a38.5 million), \u00a37.3 million (2024:
\u00a37.5 million) relates to the subsidiaries listed below, the remaining amount relates to other subsidiaries which are not considered material.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Name of entity
Registered address
Ownership %
Morgan AM&T (Shangai) Co., Ltd
4250 Long Wu Road, Shanghai, 200241, China
30%
Murugappa Morgan Thermal Ceramics Ltd
PO Box 1570, Dare House Extension, V Floor, No. 2,
49%
\u00a0
NSC Bose Road, Chennai, Tamil Nadu, 600001, India
\u00a0
Ciria India Limited
P-11 Pandav Nagar, Mayur Vihar Phase 1, Delhi, 110091, India
30%
Shin-Nippon Thermal Ceramics Corporation
Portus Center Building 12F, 4-45-1 Ebisujimacho, Sakai-Ku,
50%
\u00a0
Sakai-Shi, Osaka, 590-0985, Japan
\u00a0
Yixing Morgan Thermal Ceramics Co Ltd
2 Beidan Road, Taodu Industrial Park, Dingshu Town,
49%
\u00a0
Yixing City, Jiangsu Province, 214222, China
\u00a0
Morgan Kailong (Jingmen) Thermal Ceramics Co Ltd
20-1 Quankou Road, Jingmen City, Hubei Province,
30%
\u00a0
448032, China
\u00a0
The summarised financial information of the material non-controlling interests is shown below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Morgan Kailong
\u00a0 \u00a0
Murugappa
\u00a0
Shin-Nippon
Yixing Morgan
(Jingmen)
\u00a0
Morgan AM&T
Morgan
\u00a0
Thermal
Thermal
Thermal
\u00a0
(Shanghai)
Thermal
Ciria India
Ceramics
Ceramics
Ceramics
\u00a0
Co., Ltd
Ceramics Ltd
Limited
Corporation
Co Ltd
Co Ltd
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit after tax
5.7
3.4
1.6
1.9
2.6
3.7
Profit for the year attributable
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
to non-controlling interest
1.7
1.7
0.5
1.0
1.3
1.1
Dividends paid to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
non-controlling interest
1.8
0.6
0.4
1.3
0.6
1.0
Non-current assets
5.0
9.8
0.1
0.7
7.3
11.7
Current assets
33.7
10.6
5.0
8.7
7.7
8.0
Current liabilities
(13.4)
(3.8)
(1.4)
(3.0)
(3.0)
(4.9)
Total net assets
25.3
16.6
3.7
6.4
12.0
14.8
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Morgan Kailong
\u00a0 \u00a0
Murugappa
\u00a0
Shin-Nippon
Yixing Morgan
(Jingmen)
\u00a0
Morgan AM&T
Morgan
\u00a0
Thermal
Thermal
Thermal
\u00a0
(Shanghai)
Thermal
Ciria India
Ceramics
Ceramics
Ceramics
\u00a0
Co., Ltd
Ceramics Ltd
Limited
Corporation
Co Ltd
Co Ltd
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit after tax
6.1
4.6
2.3
1.9
1.3
3.3
Profit for the year attributable
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
to non-controlling interest
1.9
2.2
0.7
1.0
0.7
1.0
Dividends paid to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
non-controlling interest
2.3
0.7
0.7
1.8
1.0
1.0
Non-current assets
5.1
9.0
\u2013
\u2013
8.4
12.3
Current assets
34.3
11.3
5.7
10.5
6.3
7.6
Current liabilities
(13.0)
(3.8)
(1.8)
(3.0)
(3.7)
(5.0)
Total net assets
26.4
16.5
3.9
7.5
11.0
14.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00505": { "value": "29. Subsequent events There were no reportable subsequent events following the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00788": { "value": "6. Investment in subsidiary undertakings
(continued)
In December 2025, management conducted a review of the Company\u2019s investment in subsidiary undertakings and identified impairment
losses of \u00a3nil (2024: \u00a3nil). In addition, management identified \u00a3nil (2024: \u00a3nil) impairment losses against loans.
The impairment assessment of shares in Group undertakings uses the 2025 results in an EBITDA* multiple valuation, which is sensitive
to changes in the principal assumptions. A 2% increase in either EBITDA* or the multiple would increase the carrying value of the share in
Group undertakings by \u00a33.3 million at 31 December 2025. A 2% decrease would result in a decrease in the carrying value of the shares in
Group undertakings by \u00a33.3 million. Management considers these changes in assumptions to be reasonably possible.
In accordance with Section 409 of the Companies Act 2006, a full list of related undertakings as at 31 December 2025 is disclosed below.
Related undertakings include subsidiary undertakings, all significant holdings (being 20% or more interest), associated undertakings, joint
ventures and qualifying partnerships. Unless otherwise stated the Group\u2019s shareholding represents Ordinary shares held indirectly by
the Company.
\n\n \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
% shareholding
Country of
owned by
Name of undertaking
incorporation
Registered of\ufb01ce address
the Group
Carbo San Luis S.A.
10
Argentina
Talcahuano 736, 4th Floor, Buenos Aires, C1013AAP, Argentina
100.00%
Morgan Technical Ceramics
Australia
4 Redwood Drive, Clayton, VIC 3168, Australia
100.00%
Australia Pty Ltd
14
Morganite Australia Pty Ltd
13
Australia
Riverwood Business Park, Unit 4, 92-100 Belmore Rd, Riverwood
100.00%
NSW 2210, Australia
Morgan Mechanical Carbon
Australia
Riverwood Business Park, Unit 4, 92\u2013100 Belmore Rd, Riverwood,
100.00%
Australasia Pty Ltd
1,5
NSW 2210, Australia
Morgan Advanced Materials
Belgium
1210 Saint-Josse-Ten-Noode, Boulevard Saint-Lazare, 4-10,
100.00%
Belgium BV
Brussels, Belgium
Morganite Brasil Ltda
14
Brazil
Rua Jose Versolato, 111-Sala 3608, Torre B \u2013 Centro, Sao Bernardo
100.00%
do Campo, Sao Paulo, Brazil
Morgan Advanced Materials
Canada
1185 Walkers Line, Burlington, ON L7M 1L1, Canada
100.00%
Canada Inc.
10
Carbo Chile S.A.
14
Chile
Avenida San Eugenio 12462, Sitio 3, Loteo Estrella del Sur,
100.00%
Santiago, Chile
Dalian Morgan Ceramics
China
Zhenxing Road, Pulandian Economic Development Zone,
100.00%
Company Ltd
17
Dalian, Liaoning Province, 116200, China
Morgan Haldenwanger Technical
China
Hongwei New Village No. 92, Dingshu Town, Yixing City, Jiangsu
100.00%
Ceramics (Wuxi) Co. Ltd
17
Province, 214221, China
Morgan Technical Ceramics
China
Room 09, 28th Floor (2809), 288 LongShan Road,
100.00%
(Suzhou) Co. Ltd
10
Kanhu Plaza, Suzhou New District, Suzhou, 215163, China
Morgan Thermal Ceramics
China
18 Kang An Road, Kang Qiao Industrial Zone, Shanghai, Pudong
100.00%
(Shanghai) Co. Ltd
1,17
New District, 201315, China
Morgan International Trading
China
Room 6015, 6th Floor, Great Wall Mansion, No.333 Fute Xi Yi
100.00%
(Shanghai) Co. Ltd
1,17
Road, China (Shanghai) Pilot Free Trade Zone, Shanghai, China
Shanghai Morgan Advanced Material
China
4250 Long Wu Road, Shanghai, 200241, China
100.00%
and Technology Co. Ltd
1,11
Morgan AM&T (Shanghai) Co. Ltd
4,16
China
4250 Long Wu Road, Shanghai, 200241, China
70.00%
Morgan Kailong (Jingmen) Thermal
China
20-1 Quankou Road, Jingmen City, Hubei Province, 448032, China
70.00%
Ceramics Co. Ltd
4,17
Dalian Morgan Refractory Co. Ltd
4,17,19
China
Zhenxing Road, Pulandian Economic Development Zone, Dalian,
70.00%
Liaoning Province, 116200, China
Yixing Morgan Thermal Ceramics
China
2 Beidan Road, Taodu Industrial Park, Dingshu Town, Yixing City,
51.00%
Co. Ltd
5,17
Jiangsu Province, 214222, China
Morgan Carbon France S.A.S
14
France
6 Rue du R\u00e9servoir, 68420 Eguisheim, France
100.00%
Thermal Ceramics de France S.A.S
14
France
Centre de Vie BP 75, 3 Rue du 18 Juin 1827,
100.00%
42162 Andr\u00e9zieux-Bouth\u00e9on, France
Thermal Ceramics S.A.
8,14
France
Centre de Vie BP 75, 3 Rue du 18 Juin 1827,
100.00%
42162 Andr\u00e9zieux-Bouth\u00e9on, France
Morgan Advanced Materials
Germany
Teplitzerstra\u00dfe 27, 84478 Waldkraiburg, Germany
100.00%
Haldenwanger GmbH
15
\n \n
% shareholding
Country of
owned by
Name of undertaking
incorporation
Registered of\ufb01ce address
the Group
Morgan Electrical Carbon
Germany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
Deutschland GmbH
14
Morgan Deutschland Holding GmbH
14
Germany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
Morgan Thermal Ceramics Porextherm
Germany
Heisinger Stra\u00dfe 8/10, 87437 Kempten (Allg\u00e4u), Germany
100.00%
GmbH
14
Morgan Holding GmbH
14
Germany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
The Morgan Crucible
Germany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
Management GmbH
14
Wesgo Ceramics GmbH
14
Germany
Willi-Grasser-Stra\u00dfe 11, 91056 Erlangen, Germany
100.00%
Refractarios Nacionales S.A
14
Guatemala
Km. 34.5, Carretera al Pac\u00edfico, Pal\u00edn, Escuintla, Guatemala
100.00%
Morgan AM&T Hong Kong
Hong Kong
Flat/RM 1003, 10F, Boss Commercial Centre, 28 Ferry Street,
100.00%
Company Ltd
14
Yaumatie, Kowloon, Hong Kong
Morgan Materials Hungary Limited
Hungary
Csillagvir\u00e1g utca 7, Budapest, 1106, Hungary
100.00%
Liability Company
14
Morgan Advanced Materials India
India
P-11, Pandav Nagar, Mayur Vihar Phase 1, Delhi, 110091, India
100.00%
Private Ltd
14
Ciria India Limited
17
India
P-11, Pandav Nagar, Mayur Vihar Phase 1, Delhi, 110091, India
70.00%
Murugappa Morgan Thermal
India
PO Box 1570, Dare House Extension, V Floor, No. 2, NSC Bose
51.00%
Ceramics Ltd
5,11
Road, Chennai, Tamil Nadu, 600001, India
Thermal Ceramics Italiana S.R.L
16
Italy
Via Vittori Pisani 20, 20124, Milan, Italy
100.00%
Morgan Carbon Italia S.R.L
14
Italy
Via Vittori Pisani 20, 20124, Milan, Italy
100.00%
Morganite Carbon Co. Ltd
14
Japan
5-10-23 Kamikoshien, Nishinomiya-city, Hyogo-pref. 663-8114.,
100.00%
Japan
Shin-Nippon Thermal
Japan
Portus Center Building 12F, 4-45-1 Ebisujimacho, Sakai-ku,
50.00%
Ceramics Corporation
6,14
Sakai-shi, Osaka 590-0985, Japan
Morgan Co., Ltd
1,9
Korea
27 Nongongjoongang-ro 46 gil, Nongong-eup, Dalseong-gun,
100.00%
Daegu-si, Korea
Morganite Luxembourg S.A
14
Luxembourg
BP 15, Capellen, L-8301, Luxembourg
100.00%
Grafitos y Maquinados S.A. de C.V.
2,18
Mexico
Cerrada de la Paz No. 101, Fraccionamiento Industrial La Paz,
100.00%
Mineral de la Reforma, Hidalgo, CP. 42181, Mexico
Grupo Industrial Morgan
Mexico
Cerrada de la Paz No. 101, Fraccionamiento Industrial La Paz,
100.00%
S.A. de C.V.
2,18
Mineral de la Reforma, 42181 Hidalgo, 42092, Mexico
Morgan Technical Ceramics
Mexico
Av. Fulton 20, Fraccionamiento Industrial Valle de Oro,
100.00%
S.A. de C.V.
18
San Juan del Rio, Queretaro, CP. 76802, Mexico
Morgan Holding Netherlands B.V.
14
Netherlands
Oude Veiling 3, Zwaag, 1689 AA, The Netherlands
100.00%
Morgan Terrassen B.V.
14
Netherlands
Oude Veiling 3, Zwaag, 1689 AA, The Netherland
100.00%
Morgan AM&T B.V.
14
Netherlands
Oude Veiling 3, Zwaag, 1689 AA, The Netherland
100.00%
Morgan Carbon Polska Spolka z
Poland
ul. Iskry 26, 01-472 Warszawa, Poland
100.00%
ograniczona odpowiedzialnoscia
14
Thermal Ceramics Polska Sp.zoo
14
Poland
Ul. Aleja Walentego Rozdzienskiego nr 1, Lok. KTW 1, P.2, Miejsc,
100.00%
KOD 40-202, Katowice, Poczta Katowice, Poland
Morgan Ceramics Asia Pte Ltd
2,14
Singapore
150 Kampong Ampat, #05-06A, KA Centre, 368324, Singapore
100.00%
Morganite Ujantshi (Pty) Ltd
14
South Africa
149 South Rand Road, Tulisa Park, Johannesburg 2197, South Africa
74.90%
Thermal Ceramics South Africa
South Africa
149 South Rand Road, Tulisa Park, Johannesburg 2197, South Africa
100.00%
(Pty) Ltd
14
Morganite South Africa (Pty) Ltd
14
South Africa
149 South Rand Road, Tulisa Park, Johannesburg 2197, South Africa
100.00%
Thermal Ceramics Espa\u00f1a S.L
14
Spain
Av. de Europa, 106, 12006, Castell\u00f3n, Spain
100.00%
Morganite Espa\u00f1ola S.A
14
Spain
Av. de Europa, 106, 12006, Castell\u00f3n, Spain
100.00%
Morgan Matroc S.A
14,19
Spain
Roger de Lluria 104 5\u00ba-2\u00aa, 08037 Barcelona, Spain
100.00%
\n \n
% shareholding
Country of
owned by
Name of undertaking
incorporation
Registered of\ufb01ce address
the Group
Morgan Advanced Materials
Taiwan
25 Hsin-Yeh Street, Hsiao Kang, Kaohsiung 81208, Taiwan
100.00%
(Taiwan) Co. Ltd
14
Morganite Thermal Ceramics
Taiwan
c/o Baker & McKenzie, 15/f, 168 Tun Hwa North Road,
88.00%
(Taiwan) Ltd
14
Taipei 105, Taiwan
Morgan Holdings
Thailand
98 Sathorn Square Office Tower, 37th Floor, North Sathorn Road,
99.99%
(Thailand) Ltd
2,13
Silom, Bangrak, Bangkok, 10500, Thailand
MKGS Morgan Karbon Grafit
Turkey
Mahmutbey M. Tasocagi Yolu C. No. 3, Agaoglu MyOffice 212 Is
100.00%
Sanayi Anonim Sirketi
14
Mrk. B-BI. K:1 D:7, Bagcilar, Istanbul, 34218, Turkey
Morgan Advanced Materials
United Arab
Plot No. KHIA4\u201307A, Khalifa Industrial Zone Abu Dhabi (KIZAD),
100.00%
Industries Ltd
14
Emirates
Abu Dhabi, United Arab Emirates
Certech International Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
MCCo Limited
6,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
MNA Finance Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan Electro Ceramics Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan Europe Holding Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan European Finance Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan Finance Management Limited
14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan Holdings Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan International
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Holding Limited
1,14
Kingdom
Morgan North America
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Holding Limited
14
Kingdom
Morgan Technical Ceramics Limited
14
United
Morgan Advanced Materials \u2013 Technical Ceramics, Morgan Drive,
100.00%
Kingdom
Stourport-on-Severn, Worcestershire DY13 8DW, UK
Morgan Trans Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morganite Carbon Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morganite Crucible Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morganite Electrical Carbon Limited
14
United
Upper Fforest Way, Morriston, Swansea, West Glamorgan,
100.00%
Kingdom
SA6 8PP, UK
Morganite Special Carbons Limited
2,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Petty France Investment
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Nominees Limited
1,14
Kingdom
TCG Guardian 1 Limited
14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
99.01%
Kingdom
TCG Guardian 2 Limited
14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
99.01%
Kingdom
Terrassen Holdings Limited
7,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
\n \n
% shareholding
Country of
owned by
Name of undertaking
incorporation
Registered of\ufb01ce address
the Group
The Morgan Crucible
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Company Limited
14
Kingdom
Thermal Ceramics Limited
6,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Thermal Ceramics UK Limited
14
United
Tebay Road, Bromborough, Wirral, Merseyside, CH62 3PH, UK
100.00%
Kingdom
Clearpower Ltd
3,12
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
99.01%
Kingdom
Certech, Inc.
10
United States
550 Stewart Road, Hanover Township, PA 18706, USA
100.00%
Graphite Die Mold, Inc.
10
United States
18 Air Line Park, Durham, Connecticut 06422-1000, USA
100.00%
Morgan Advanced Ceramics, Inc.
10
United States
2425 Whipple Road, Hayward, California 94544, USA
100.00%
Morgan Advanced Materials and
United States
441 Hall Avenue, St Marys, Pennsylvania 15857, USA
100.00%
Technology Inc.
10
Morganite Industries Inc.
10
United States
4000 West Chase Boulevard, Suite 170, Raleigh,
100.00%
North Carolina 27607, USA
National Electrical Carbon
United States
251 Forrester Drive, Greenville, SC 29607, USA
100.00%
Products, Inc.
10
Thermal Ceramics Inc.
10
United States
2102 Old Savannah Road, Augusta, GA 30906, United States
100.00%
Thermal Ceramics de
Venezuela
Zona Ind. El Recreo, Av. 87 N\u00b0105\u2013121, Flor Amarillo,
100.00%
Venezuela C.A
14
Valencia Edo. Carabobo, Venezuela
\n
1.
Directly owned by Morgan Advanced Materials plc.
\n
2.
99.99% owned by Morgan Advanced Materials plc.
\n
3.
99.01% owned by Morgan Advanced Materials plc.
\n
4.
70% owned by Morgan Advanced Materials plc.
\n
5.
51% owned by Morgan Advanced Materials plc.
\n
6.
50% owned by Morgan Advanced Materials plc.
\n
7.
8.18% owned by Morgan Advanced Materials plc.
\n
8.
1.98% owned by Morgan Advanced Materials plc.
\n
9.
Ownership held in Common and Preference shares.
\n
10. Ownership held in Common stock/shares.
\n
11. Ownership held in Equity shares.
\n
12. Ownership held in Ordinary A, B and C and Preference A and B shares.
\n
13. Ownership held in Ordinary and Preference shares.
\n
14. Ownership held in Ordinary shares.
\n
15. Ownership held in Partnership shares.
\n
16. Ownership held in Quotas.
\n
17. Ownership held in Registered Capital.
\n
18. Ownership held in Series A and Series B shares.
\n
19. In liquidation.
UK incorporated subsidiaries which have taken exemption from audit per Section 479A of the Companies Act 2006 for the year ended
31 December 2025 are listed below.
Morgan Advanced Materials plc will guarantee the debts and liabilities of the companies claiming the statutory audit exemption at the
balance sheet date in accordance with Section 479C of the Companies Act 2006. The Company has assessed the probability of loss
under the guarantee as remote.
\n\n \u00a0 \u00a0 \u00a0
Registered
Name of undertaking
number
Certech International Limited
01893781
Clearpower Limited
06247523
MCCO Limited
03246886
MNA Finance Limited
10423297
Morgan Electro Ceramics Limited
00112286
Morgan Europe Holding Limited
02540399
Morgan European Finance Limited
09910922
Morgan Finance Management Limited
10423619
Morgan Holdings Limited
01956134
Morgan International Holding Limited
10677668
Morgan North America Holding Limited
08789720
Morgan Trans Limited
02557161
Morganite Carbon Limited
00679647
Morganite Crucible Limited
02133533
Morganite Special Ceramics Limited
01034654
Petty France Investments Nominees Limited
01296533
TCG Guardian 1 Limited
05564034
TCG Guardian 2 Limited
05564065
Terrassen Holdings Limited
01352995
The Morgan Crucible Company Limited
07328730
Thermal Ceramics Limited
01274806
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00785": { "value": "6. Investment in subsidiary undertakings
(continued)
In December 2025, management conducted a review of the Company\u2019s investment in subsidiary undertakings and identified impairment
losses of \u00a3nil (2024: \u00a3nil). In addition, management identified \u00a3nil (2024: \u00a3nil) impairment losses against loans.
The impairment assessment of shares in Group undertakings uses the 2025 results in an EBITDA* multiple valuation, which is sensitive
to changes in the principal assumptions. A 2% increase in either EBITDA* or the multiple would increase the carrying value of the share in
Group undertakings by \u00a33.3 million at 31 December 2025. A 2% decrease would result in a decrease in the carrying value of the shares in
Group undertakings by \u00a33.3 million. Management considers these changes in assumptions to be reasonably possible.
In accordance with Section 409 of the Companies Act 2006, a full list of related undertakings as at 31 December 2025 is disclosed below.
Related undertakings include subsidiary undertakings, all significant holdings (being 20% or more interest), associated undertakings, joint
ventures and qualifying partnerships. Unless otherwise stated the Group\u2019s shareholding represents Ordinary shares held indirectly by
the Company.
\n\n \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
% shareholding
Country of
owned by
Name of undertaking
incorporation
Registered of\ufb01ce address
the Group
Carbo San Luis S.A.
10
Argentina
Talcahuano 736, 4th Floor, Buenos Aires, C1013AAP, Argentina
100.00%
Morgan Technical Ceramics
Australia
4 Redwood Drive, Clayton, VIC 3168, Australia
100.00%
Australia Pty Ltd
14
Morganite Australia Pty Ltd
13
Australia
Riverwood Business Park, Unit 4, 92-100 Belmore Rd, Riverwood
100.00%
NSW 2210, Australia
Morgan Mechanical Carbon
Australia
Riverwood Business Park, Unit 4, 92\u2013100 Belmore Rd, Riverwood,
100.00%
Australasia Pty Ltd
1,5
NSW 2210, Australia
Morgan Advanced Materials
Belgium
1210 Saint-Josse-Ten-Noode, Boulevard Saint-Lazare, 4-10,
100.00%
Belgium BV
Brussels, Belgium
Morganite Brasil Ltda
14
Brazil
Rua Jose Versolato, 111-Sala 3608, Torre B \u2013 Centro, Sao Bernardo
100.00%
do Campo, Sao Paulo, Brazil
Morgan Advanced Materials
Canada
1185 Walkers Line, Burlington, ON L7M 1L1, Canada
100.00%
Canada Inc.
10
Carbo Chile S.A.
14
Chile
Avenida San Eugenio 12462, Sitio 3, Loteo Estrella del Sur,
100.00%
Santiago, Chile
Dalian Morgan Ceramics
China
Zhenxing Road, Pulandian Economic Development Zone,
100.00%
Company Ltd
17
Dalian, Liaoning Province, 116200, China
Morgan Haldenwanger Technical
China
Hongwei New Village No. 92, Dingshu Town, Yixing City, Jiangsu
100.00%
Ceramics (Wuxi) Co. Ltd
17
Province, 214221, China
Morgan Technical Ceramics
China
Room 09, 28th Floor (2809), 288 LongShan Road,
100.00%
(Suzhou) Co. Ltd
10
Kanhu Plaza, Suzhou New District, Suzhou, 215163, China
Morgan Thermal Ceramics
China
18 Kang An Road, Kang Qiao Industrial Zone, Shanghai, Pudong
100.00%
(Shanghai) Co. Ltd
1,17
New District, 201315, China
Morgan International Trading
China
Room 6015, 6th Floor, Great Wall Mansion, No.333 Fute Xi Yi
100.00%
(Shanghai) Co. Ltd
1,17
Road, China (Shanghai) Pilot Free Trade Zone, Shanghai, China
Shanghai Morgan Advanced Material
China
4250 Long Wu Road, Shanghai, 200241, China
100.00%
and Technology Co. Ltd
1,11
Morgan AM&T (Shanghai) Co. Ltd
4,16
China
4250 Long Wu Road, Shanghai, 200241, China
70.00%
Morgan Kailong (Jingmen) Thermal
China
20-1 Quankou Road, Jingmen City, Hubei Province, 448032, China
70.00%
Ceramics Co. Ltd
4,17
Dalian Morgan Refractory Co. Ltd
4,17,19
China
Zhenxing Road, Pulandian Economic Development Zone, Dalian,
70.00%
Liaoning Province, 116200, China
Yixing Morgan Thermal Ceramics
China
2 Beidan Road, Taodu Industrial Park, Dingshu Town, Yixing City,
51.00%
Co. Ltd
5,17
Jiangsu Province, 214222, China
Morgan Carbon France S.A.S
14
France
6 Rue du R\u00e9servoir, 68420 Eguisheim, France
100.00%
Thermal Ceramics de France S.A.S
14
France
Centre de Vie BP 75, 3 Rue du 18 Juin 1827,
100.00%
42162 Andr\u00e9zieux-Bouth\u00e9on, France
Thermal Ceramics S.A.
8,14
France
Centre de Vie BP 75, 3 Rue du 18 Juin 1827,
100.00%
42162 Andr\u00e9zieux-Bouth\u00e9on, France
Morgan Advanced Materials
Germany
Teplitzerstra\u00dfe 27, 84478 Waldkraiburg, Germany
100.00%
Haldenwanger GmbH
15
\n\n\n \n
% shareholding
Country of
owned by
Name of undertaking
incorporation
Registered of\ufb01ce address
the Group
Morgan Electrical Carbon
Germany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
Deutschland GmbH
14
Morgan Deutschland Holding GmbH
14
Germany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
Morgan Thermal Ceramics Porextherm
Germany
Heisinger Stra\u00dfe 8/10, 87437 Kempten (Allg\u00e4u), Germany
100.00%
GmbH
14
Morgan Holding GmbH
14
Germany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
The Morgan Crucible
Germany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
Management GmbH
14
Wesgo Ceramics GmbH
14
Germany
Willi-Grasser-Stra\u00dfe 11, 91056 Erlangen, Germany
100.00%
Refractarios Nacionales S.A
14
Guatemala
Km. 34.5, Carretera al Pac\u00edfico, Pal\u00edn, Escuintla, Guatemala
100.00%
Morgan AM&T Hong Kong
Hong Kong
Flat/RM 1003, 10F, Boss Commercial Centre, 28 Ferry Street,
100.00%
Company Ltd
14
Yaumatie, Kowloon, Hong Kong
Morgan Materials Hungary Limited
Hungary
Csillagvir\u00e1g utca 7, Budapest, 1106, Hungary
100.00%
Liability Company
14
Morgan Advanced Materials India
India
P-11, Pandav Nagar, Mayur Vihar Phase 1, Delhi, 110091, India
100.00%
Private Ltd
14
Ciria India Limited
17
India
P-11, Pandav Nagar, Mayur Vihar Phase 1, Delhi, 110091, India
70.00%
Murugappa Morgan Thermal
India
PO Box 1570, Dare House Extension, V Floor, No. 2, NSC Bose
51.00%
Ceramics Ltd
5,11
Road, Chennai, Tamil Nadu, 600001, India
Thermal Ceramics Italiana S.R.L
16
Italy
Via Vittori Pisani 20, 20124, Milan, Italy
100.00%
Morgan Carbon Italia S.R.L
14
Italy
Via Vittori Pisani 20, 20124, Milan, Italy
100.00%
Morganite Carbon Co. Ltd
14
Japan
5-10-23 Kamikoshien, Nishinomiya-city, Hyogo-pref. 663-8114.,
100.00%
Japan
Shin-Nippon Thermal
Japan
Portus Center Building 12F, 4-45-1 Ebisujimacho, Sakai-ku,
50.00%
Ceramics Corporation
6,14
Sakai-shi, Osaka 590-0985, Japan
Morgan Co., Ltd
1,9
Korea
27 Nongongjoongang-ro 46 gil, Nongong-eup, Dalseong-gun,
100.00%
Daegu-si, Korea
Morganite Luxembourg S.A
14
Luxembourg
BP 15, Capellen, L-8301, Luxembourg
100.00%
Grafitos y Maquinados S.A. de C.V.
2,18
Mexico
Cerrada de la Paz No. 101, Fraccionamiento Industrial La Paz,
100.00%
Mineral de la Reforma, Hidalgo, CP. 42181, Mexico
Grupo Industrial Morgan
Mexico
Cerrada de la Paz No. 101, Fraccionamiento Industrial La Paz,
100.00%
S.A. de C.V.
2,18
Mineral de la Reforma, 42181 Hidalgo, 42092, Mexico
Morgan Technical Ceramics
Mexico
Av. Fulton 20, Fraccionamiento Industrial Valle de Oro,
100.00%
S.A. de C.V.
18
San Juan del Rio, Queretaro, CP. 76802, Mexico
Morgan Holding Netherlands B.V.
14
Netherlands
Oude Veiling 3, Zwaag, 1689 AA, The Netherlands
100.00%
Morgan Terrassen B.V.
14
Netherlands
Oude Veiling 3, Zwaag, 1689 AA, The Netherland
100.00%
Morgan AM&T B.V.
14
Netherlands
Oude Veiling 3, Zwaag, 1689 AA, The Netherland
100.00%
Morgan Carbon Polska Spolka z
Poland
ul. Iskry 26, 01-472 Warszawa, Poland
100.00%
ograniczona odpowiedzialnoscia
14
Thermal Ceramics Polska Sp.zoo
14
Poland
Ul. Aleja Walentego Rozdzienskiego nr 1, Lok. KTW 1, P.2, Miejsc,
100.00%
KOD 40-202, Katowice, Poczta Katowice, Poland
Morgan Ceramics Asia Pte Ltd
2,14
Singapore
150 Kampong Ampat, #05-06A, KA Centre, 368324, Singapore
100.00%
Morganite Ujantshi (Pty) Ltd
14
South Africa
149 South Rand Road, Tulisa Park, Johannesburg 2197, South Africa
74.90%
Thermal Ceramics South Africa
South Africa
149 South Rand Road, Tulisa Park, Johannesburg 2197, South Africa
100.00%
(Pty) Ltd
14
Morganite South Africa (Pty) Ltd
14
South Africa
149 South Rand Road, Tulisa Park, Johannesburg 2197, South Africa
100.00%
Thermal Ceramics Espa\u00f1a S.L
14
Spain
Av. de Europa, 106, 12006, Castell\u00f3n, Spain
100.00%
Morganite Espa\u00f1ola S.A
14
Spain
Av. de Europa, 106, 12006, Castell\u00f3n, Spain
100.00%
Morgan Matroc S.A
14,19
Spain
Roger de Lluria 104 5\u00ba-2\u00aa, 08037 Barcelona, Spain
100.00%
\n\n\n \n
% shareholding
Country of
owned by
Name of undertaking
incorporation
Registered of\ufb01ce address
the Group
Morgan Advanced Materials
Taiwan
25 Hsin-Yeh Street, Hsiao Kang, Kaohsiung 81208, Taiwan
100.00%
(Taiwan) Co. Ltd
14
Morganite Thermal Ceramics
Taiwan
c/o Baker & McKenzie, 15/f, 168 Tun Hwa North Road,
88.00%
(Taiwan) Ltd
14
Taipei 105, Taiwan
Morgan Holdings
Thailand
98 Sathorn Square Office Tower, 37th Floor, North Sathorn Road,
99.99%
(Thailand) Ltd
2,13
Silom, Bangrak, Bangkok, 10500, Thailand
MKGS Morgan Karbon Grafit
Turkey
Mahmutbey M. Tasocagi Yolu C. No. 3, Agaoglu MyOffice 212 Is
100.00%
Sanayi Anonim Sirketi
14
Mrk. B-BI. K:1 D:7, Bagcilar, Istanbul, 34218, Turkey
Morgan Advanced Materials
United Arab
Plot No. KHIA4\u201307A, Khalifa Industrial Zone Abu Dhabi (KIZAD),
100.00%
Industries Ltd
14
Emirates
Abu Dhabi, United Arab Emirates
Certech International Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
MCCo Limited
6,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
MNA Finance Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan Electro Ceramics Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan Europe Holding Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan European Finance Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan Finance Management Limited
14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan Holdings Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan International
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Holding Limited
1,14
Kingdom
Morgan North America
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Holding Limited
14
Kingdom
Morgan Technical Ceramics Limited
14
United
Morgan Advanced Materials \u2013 Technical Ceramics, Morgan Drive,
100.00%
Kingdom
Stourport-on-Severn, Worcestershire DY13 8DW, UK
Morgan Trans Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morganite Carbon Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morganite Crucible Limited
1,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morganite Electrical Carbon Limited
14
United
Upper Fforest Way, Morriston, Swansea, West Glamorgan,
100.00%
Kingdom
SA6 8PP, UK
Morganite Special Carbons Limited
2,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Petty France Investment
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Nominees Limited
1,14
Kingdom
TCG Guardian 1 Limited
14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
99.01%
Kingdom
TCG Guardian 2 Limited
14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
99.01%
Kingdom
Terrassen Holdings Limited
7,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
\n\n\n \n
% shareholding
Country of
owned by
Name of undertaking
incorporation
Registered of\ufb01ce address
the Group
The Morgan Crucible
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Company Limited
14
Kingdom
Thermal Ceramics Limited
6,14
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Thermal Ceramics UK Limited
14
United
Tebay Road, Bromborough, Wirral, Merseyside, CH62 3PH, UK
100.00%
Kingdom
Clearpower Ltd
3,12
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
99.01%
Kingdom
Certech, Inc.
10
United States
550 Stewart Road, Hanover Township, PA 18706, USA
100.00%
Graphite Die Mold, Inc.
10
United States
18 Air Line Park, Durham, Connecticut 06422-1000, USA
100.00%
Morgan Advanced Ceramics, Inc.
10
United States
2425 Whipple Road, Hayward, California 94544, USA
100.00%
Morgan Advanced Materials and
United States
441 Hall Avenue, St Marys, Pennsylvania 15857, USA
100.00%
Technology Inc.
10
Morganite Industries Inc.
10
United States
4000 West Chase Boulevard, Suite 170, Raleigh,
100.00%
North Carolina 27607, USA
National Electrical Carbon
United States
251 Forrester Drive, Greenville, SC 29607, USA
100.00%
Products, Inc.
10
Thermal Ceramics Inc.
10
United States
2102 Old Savannah Road, Augusta, GA 30906, United States
100.00%
Thermal Ceramics de
Venezuela
Zona Ind. El Recreo, Av. 87 N\u00b0105\u2013121, Flor Amarillo,
100.00%
Venezuela C.A
14
Valencia Edo. Carabobo, Venezuela
\n
1.
Directly owned by Morgan Advanced Materials plc.
\n
2.
99.99% owned by Morgan Advanced Materials plc.
\n
3.
99.01% owned by Morgan Advanced Materials plc.
\n
4.
70% owned by Morgan Advanced Materials plc.
\n
5.
51% owned by Morgan Advanced Materials plc.
\n
6.
50% owned by Morgan Advanced Materials plc.
\n
7.
8.18% owned by Morgan Advanced Materials plc.
\n
8.
1.98% owned by Morgan Advanced Materials plc.
\n
9.
Ownership held in Common and Preference shares.
\n
10. Ownership held in Common stock/shares.
\n
11. Ownership held in Equity shares.
\n
12. Ownership held in Ordinary A, B and C and Preference A and B shares.
\n
13. Ownership held in Ordinary and Preference shares.
\n
14. Ownership held in Ordinary shares.
\n
15. Ownership held in Partnership shares.
\n
16. Ownership held in Quotas.
\n
17. Ownership held in Registered Capital.
\n
18. Ownership held in Series A and Series B shares.
\n
19. In liquidation.
UK incorporated subsidiaries which have taken exemption from audit per Section 479A of the Companies Act 2006 for the year ended
31 December 2025 are listed below.
Morgan Advanced Materials plc will guarantee the debts and liabilities of the companies claiming the statutory audit exemption at the
balance sheet date in accordance with Section 479C of the Companies Act 2006. The Company has assessed the probability of loss
under the guarantee as remote.
\n\n \u00a0 \u00a0 \u00a0
Registered
Name of undertaking
number
Certech International Limited
01893781
Clearpower Limited
06247523
MCCO Limited
03246886
MNA Finance Limited
10423297
Morgan Electro Ceramics Limited
00112286
Morgan Europe Holding Limited
02540399
Morgan European Finance Limited
09910922
Morgan Finance Management Limited
10423619
Morgan Holdings Limited
01956134
Morgan International Holding Limited
10677668
Morgan North America Holding Limited
08789720
Morgan Trans Limited
02557161
Morganite Carbon Limited
00679647
Morganite Crucible Limited
02133533
Morganite Special Ceramics Limited
01034654
Petty France Investments Nominees Limited
01296533
TCG Guardian 1 Limited
05564034
TCG Guardian 2 Limited
05564065
Terrassen Holdings Limited
01352995
The Morgan Crucible Company Limited
07328730
Thermal Ceramics Limited
01274806
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