{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "pzcussonsplc": "http://pzcussonsplc.com/xbrl/2025", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://pzcussonsplc.com/xbrl/2025/XB3CXKKKED7OMV80FY35-2025-05-31.xsd" ] }, "facts": { "fact-15": { "value": "513800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-16": { "value": "527900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-17": { "value": "307000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-18": { "value": "396800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-19": { "value": "206800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-20": { "value": "131100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-21": { "value": "85400000.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:SellingAndDistributionExpense", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-22": { "value": "82800000.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:SellingAndDistributionExpense", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-23": { "value": "106400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-24": { "value": "139300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-25": { "value": "5600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-26": { "value": "7300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-27": { "value": "20600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-28": { "value": "-83700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-29": { "value": "3900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-30": { "value": "12200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-31": { "value": "18000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-32": { "value": "24200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-33": { "value": "-14100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-34": { "value": "-12000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-35": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:NetMonetaryGainLossArisingFromHyperinflationaryEconomies", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-36": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:NetMonetaryGainLossArisingFromHyperinflationaryEconomies", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-37": { "value": "6500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-38": { "value": "-95900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-39": { "value": "11700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-40": { "value": "-24100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-41": { "value": "-5200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-42": { "value": "-71800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-43": { "value": "-5800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-44": { "value": "-57000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-45": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-46": { "value": "-14800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-47": { "value": "-5200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-48": { "value": "-71800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-49": { "value": "-0.0138", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-50": { "value": "-0.136", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-51": { "value": "-0.0138", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-52": { "value": "-0.136", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-53": { "value": "-5200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-54": { "value": "-71800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-55": { "value": "-4600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-56": { "value": "-6800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-57": { "value": "-1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-58": { "value": "-1700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-59": { "value": "-3400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-60": { "value": "-5100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-61": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-62": { "value": "-69400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-63": { "value": "-1000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-64": { "value": "-20000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-65": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-66": { "value": "-600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-67": { "value": "-600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-68": { "value": "-90000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-69": { "value": "-4000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-70": { "value": "-95100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-71": { "value": "-9200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-72": { "value": "-166900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-73": { "value": "-10100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-74": { "value": "-133300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-75": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-76": { "value": "-33600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-77": { "value": "-9200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-78": { "value": "-166900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-3": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:HyperinflationAdjustment", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-1": { "value": "4300000.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:HyperinflationAdjustment", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-4": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:DeferredTaxation", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-2": { "value": "1300000.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:DeferredTaxation", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-79": { "value": "253900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-80": { "value": "279300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-81": { "value": "43400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-82": { "value": "42800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-83": { "value": "10000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-84": { "value": "6600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-85": { "value": "13600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-86": { "value": "10200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-87": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInJointVentures", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-88": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentsInJointVentures", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-89": { "value": "2100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-90": { "value": "32100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-91": { "value": "15800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-92": { "value": "22200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-93": { "value": "4800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsNoncurrent", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-94": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsNoncurrent", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-95": { "value": "27400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-96": { "value": "32100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-97": { "value": "371000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-98": { "value": "425900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-99": { "value": "70000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-100": { "value": "68500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-101": { "value": "119200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-102": { "value": "99000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-103": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-104": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-105": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-106": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-107": { "value": "45100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-108": { "value": "51300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-109": { "value": "234800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-110": { "value": "219000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-111": { "value": "9400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-112": { "value": "4700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-113": { "value": "244200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-114": { "value": "223700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-115": { "value": "615200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-116": { "value": "649600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-117": { "value": "4300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-118": { "value": "4300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-119": { "value": "32000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-120": { "value": "34500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-121": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-122": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-123": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfCashFlowHedges", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-124": { "value": "-400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfCashFlowHedges", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-125": { "value": "-158400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-126": { "value": "-159600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-127": { "value": "399600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-128": { "value": "425300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-129": { "value": "5700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-130": { "value": "6500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-131": { "value": "219700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-132": { "value": "242300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-133": { "value": "-6200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-134": { "value": "-7100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-135": { "value": "213500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-136": { "value": "235200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-137": { "value": "102400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-138": { "value": "160300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-139": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-140": { "value": "2600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-141": { "value": "12600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-142": { "value": "9700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-143": { "value": "34100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-144": { "value": "39800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-145": { "value": "11700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-146": { "value": "12200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-147": { "value": "161400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-148": { "value": "224600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-149": { "value": "54700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-150": { "value": "6300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-151": { "value": "155100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-152": { "value": "158700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-153": { "value": "2300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-154": { "value": "2400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-155": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-156": { "value": "500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-157": { "value": "27500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-158": { "value": "21700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-159": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-160": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-161": { "value": "240300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-162": { "value": "189800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-163": { "value": "401700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-164": { "value": "414400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-165": { "value": "615200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-166": { "value": "649600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-5": { "value": "The Consolidated Financial Statements from pages 108 to 163 were approved by the Board of Directors and authorised for issue on 16 September 2025. They were signed on its behalf by: J Myers S Pollard 16 September 2025 PZ Cussons plc Registered number 00019457", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-167": { "value": "4300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-168": { "value": "-36900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-169": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-170": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-171": { "value": "-89000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-172": { "value": "511700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-173": { "value": "4600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-174": { "value": "26500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-175": { "value": "422100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-176": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-177": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-178": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-179": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-180": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-181": { "value": "-57000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-182": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-183": { "value": "-14800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-184": { "value": "-71800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-185": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-186": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-187": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-188": { "value": "-600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-189": { "value": "-70600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-190": { "value": "-5100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-191": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-192": { "value": "-18800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-193": { "value": "-95100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-194": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-195": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-196": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-197": { "value": "-600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-198": { "value": "-70600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-199": { "value": "-62100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-200": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-201": { "value": "-33600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-202": { "value": "-166900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-203": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-204": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-205": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-206": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-207": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-208": { "value": "21900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-209": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-210": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-211": { "value": "21900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-212": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-213": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-214": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-215": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-216": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-217": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-218": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-219": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-220": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-221": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-222": { "value": "2400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-223": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-224": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-225": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-226": { "value": "-2400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-227": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-228": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-229": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-230": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-231": { "value": "2400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-232": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-233": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-234": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-235": { "value": "-24300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-236": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-237": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-238": { "value": "-20000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-239": { "value": "4300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-240": { "value": "-34500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-241": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-242": { "value": "-400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-243": { "value": "-159600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-244": { "value": "425300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-245": { "value": "6500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-246": { "value": "-7100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-247": { "value": "235200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-248": { "value": "4300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-249": { "value": "-34500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-250": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-251": { "value": "-400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-252": { "value": "-159600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-253": { "value": "425300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-254": { "value": "6500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-255": { "value": "-7100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-256": { "value": "235200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-257": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-258": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-259": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-260": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-261": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-262": { "value": "-5800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-263": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-264": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-265": { "value": "-5200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-266": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-267": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-268": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-269": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-270": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-271": { "value": "-5700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-272": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-273": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-274": { "value": "-4000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-275": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-276": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-277": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-278": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-279": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-280": { "value": "-11500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-281": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-282": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-283": { "value": "-9200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-284": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-285": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-286": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-287": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-288": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-289": { "value": "15100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-290": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-291": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-292": { "value": "15100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-293": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-294": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-295": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-296": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-297": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-298": { "value": "3400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-299": { "value": "-800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-300": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-301": { "value": "2600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-302": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-303": { "value": "2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-304": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-305": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-306": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-307": { "value": "-2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-308": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-309": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-310": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-311": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-312": { "value": "2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-313": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-314": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-315": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-316": { "value": "-14200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-317": { "value": "-800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-318": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-319": { "value": "-12500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-320": { "value": "4300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-321": { "value": "-32000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-322": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-323": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:GBP" } }, "fact-324": { "value": "-158400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-325": { "value": "399600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-326": { "value": "5700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-327": { "value": "-6200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-328": { "value": "213500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-7": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:HyperinflationAdjustment", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-6": { "value": "4300000.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:HyperinflationAdjustment", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-329": { "value": "49200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-330": { "value": "47700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-331": { "value": "14900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-332": { "value": "21500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-333": { "value": "10800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-334": { "value": "13300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-335": { "value": "23500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-336": { "value": "12900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-337": { "value": "2200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-338": { "value": "9000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-339": { "value": "6900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-340": { "value": "6100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-341": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-342": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-343": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-344": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-345": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:RentalIncomeClassifiedAsInvestingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-346": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:RentalIncomeClassifiedAsInvestingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-347": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAdvancesAndLoansMadeToRelatedParties", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-348": { "value": "4000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAdvancesAndLoansMadeToRelatedParties", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-349": { "value": "2500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-350": { "value": "12700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-351": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-352": { "value": "12400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-353": { "value": "15100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-354": { "value": "21900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-355": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:AcquisitionOfNonControllingInterestsClassifiedAsFinancingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-356": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:AcquisitionOfNonControllingInterestsClassifiedAsFinancingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-357": { "value": "3500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-358": { "value": "2400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-359": { "value": "165700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-360": { "value": "206000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-361": { "value": "156000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-362": { "value": "121400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-363": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:FinancingFeesPaidOnCommittedCreditFacilityClassifiedAsFinancingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-364": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "pzcussonsplc:FinancingFeesPaidOnCommittedCreditFacilityClassifiedAsFinancingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-365": { "value": "-28700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-366": { "value": "-109700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-367": { "value": "-4500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-368": { "value": "-84400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-369": { "value": "-1700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-370": { "value": "-120700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-371": { "value": "51300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-372": { "value": "256400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-373": { "value": "45100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2025-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-374": { "value": "51300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-378": { "value": "
GENERAL INFORMATION
PZ Cussons plc is a public limited company registered in England and Wales which is listed on the London Stock Exchange and is domiciled and
incorporated in the UK under the Companies Act 2006. The address of the registered office is given on page 175. PZ Cussons plc is the parent
company and ultimate parent of the Group.
The principal activities of the Group are the manufacturing and distribution of hygiene, baby and beauty products.
These Consolidated Financial Statements are presented in Pound Sterling (GBP) and, unless otherwise indicated, have been presented in \u00a3 million
to one decimal place.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-8": { "value": "PZ Cussons plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-375": { "value": "PZ Cussons plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-9": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-10": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-12": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-376": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-11": { "value": "PZ Cussons plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-13": { "value": "The principal activities of the Group are the manufacturing and distribution of hygiene, baby and beauty products.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-377": { "value": "
1. ACCOUNTING POLICIES
The Consolidated Financial Statements are prepared in accordance with UK-adopted International Accounting Standards including interpretations
issued by the IFRS Interpretations Committee and with the requirements of the Companies Act 2006 as applicable to companies reporting under
those standards.
The financial statements have been prepared on a historical cost basis, except for the following:
\u2022 Certain financial assets and liabilities (including derivative instruments) \u2013 measured at fair value
\u2022 Defined benefit pension plans \u2013 plan assets measured at fair value
\u2022 Hyperinflationary accounting in Ghana.
The preparation of financial statements, in conformity with IFRSs, requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
year. Although these estimates are based on management\u2019s best knowledge of the amounts, events or actions, actual results may ultimately differ
from those estimates. Key sources of estimation uncertainty are described on pages 124 to 125.
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, liquidity position and available borrowing facilities are described within the Financial Review. In addition,
note 19 of the Consolidated Financial Statements includes policies in relation to the Group\u2019s financial instruments and risk management and policies
for managing credit risk, liquidity risk, market risk, foreign exchange risk, price risk, cash flow and interest rate risk, and capital risk. The Group meets
its funding requirements through internal cash generation and borrowings. Borrowings are amounts drawn under both committed and uncommitted
borrowing facilities. The Group has a \u00a3325.0 million (2024: \u00a3325.0 million) committed credit facility which is available for general corporate purposes.
As at 31 May 2025, the Group had headroom on the committed facility of \u00a3167.5 million (2024: \u00a3164.0 million) and net debt of \u00a3112.0 million (2024:
\u00a3115.3 million) comprising cash of \u00a345.1 million (2024: \u00a351.3 million) and borrowings of \u00a3157.1 million (2024: \u00a3166.6 million). In assessing going
concern, the Group has prepared both base case and severe but plausible cash flow forecasts for a period of 18 months until the end of November
2026 (the going concern review period), which is at least 12 months from the date of approval of the financial statements. The Group\u2019s base case
forecasts are based on the Board-approved budget and the first year of the current five-year plan, and indicate forecasted continued compliance with
its banking covenants and sufficient liquidity throughout the going concern review period. In the 2024 Annual Report and Accounts, the Directors
disclosed that, should mitigations prove insufficient, the impact of Naira exchange rate volatility on forecast interest cover covenant compliance
represented a material uncertainty that may have cast significant doubt upon the Group\u2019s ability to continue as a going concern. In FY25, the Naira
exchange rate has been more stable and the Group was in compliance with all of its covenants throughout the year. Management has prepared a base
case forecast for the going concern period and, consistent with the approach taken at 31 May 2024, has modelled the following severe but plausible
downside scenarios: 5% reduction in Group revenue, Group gross margin decline of 200bps and a 10% decline in the Naira exchange rate of USD/
NGN 1,700 used in the base case forecast. None of these severe but plausible scenarios, either separately or in combination, forecast a breach in
the interest cover covenant prior to management action and there remain mitigating actions available to management should they be required.
Therefore, while the Group remains exposed to fluctuations in the Naira exchange rate, the Directors have determined that this no longer
represents a material uncertainty. The Directors consider it appropriate to continue to adopt the going concern basis in preparing the
Consolidated Financial Statements.
(a) New and amended accounting standards adopted by the Group
The following amended standards and interpretations were adopted by the Group during the year ending 31 May 2025:
\u2022 Classification of liabilities as current or non-current and non-current liabilities with covenants (Amendments to IAS 1 Presentation of financial statements).
\u2022 Lease liability in a sale and leaseback (Amendments to IFRS 16 Leases).
\u2022 Supplier financing arrangements (Amendments to IAS 7 Statement of cash flows and IFRS 7 Financial Instruments).
These amended standards have not had a significant impact on the Consolidated Financial Statements.
On 23 May 2023, the International Accounting Standards Board issued International Tax Reform Pillar Two Model Rules \u2013 Amendments to IAS 12. The
Group continues to apply the mandatory temporary exception to the accounting for deferred taxation arising from the jurisdictional implementation
of the Pillar Two rules set out therein.
(b) New accounting standards and interpretations in issue but not yet effective
The following new and amended standards have been issued which are not yet effective:
\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates issued in August 2023 and effective from 1 January 2025.
\u2022 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures issued in May 2024 and effective from 1 January 2026.
\u2022 Annual improvements to the following IFRS Accounting Standards \u2013 amendments to: IFRS 1 First-time Adoption of International Financial Reporting
Standards, IFRS 10 Consolidated Financial Statements and IAS 7 Statement of Cash flows, issued in July 2024 and effective from 1 January 2026.
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures issued in May 2024 and effective from 1 January 2027.
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements issued in April 2024 and effective from 1 January 2027.
The Group continues to assess the expected impact of standards not effective until 1 January 2027, all other new and amended standards are not
expected to have a significant impact on the Group\u2019s Consolidated Financial Statements.
(c) Accounting policies
Basis of consolidation
The Consolidated Financial Statements incorporate the financial statements of PZ Cussons plc and entities controlled by PZ Cussons plc (its
subsidiaries) made up to 31 May each year. The Group controls an entity when the Group 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 financial and operational policies of the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control
ceases. Any resulting gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.
The total profits or losses of subsidiaries are included in the Consolidated Income Statement and the interest of non-controlling interests is stated
as the non-controlling interest\u2019s proportion of the fair values of the assets and liabilities recognised. Comprehensive income attributable to the non-
controlling interests is attributed to the non-controlling interests even if this results in the non-controlling interests recognising a deficit balance.
The interest of non-controlling interests in the acquiree is initially measured at the non-controlling interest\u2019s proportion of the net fair value of the
assets, liabilities and contingent liabilities recognised. Where non-controlling interests are acquired, the excess of cost over the value of the non-
controlling interest acquired is recorded in equity.
Where necessary, the financial statements of subsidiaries are adjusted to conform to the Group\u2019s accounting policies. Intra-group transactions and
balances, and any unrealised gains or losses on transactions between Group companies, are eliminated on consolidation.
Business combinations and goodwill
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration
transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the
acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses.
The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are,
with limited exceptions, recognised at their fair values at the acquisition date.
Where acquisitions are achieved in stages, commonly referred to as \u2018stepped acquisitions\u2019, and result in control being obtained by the Group as part
of a transaction, the Group re-assesses the fair value of any existing investment as part of determining the fair value of consideration. In determining
the fair value of the Group\u2019s existing interest, reference is given to the fair value of consideration paid to increase the Group\u2019s interest in the existing
investment as well as considering the specific fair values of assets and liabilities transferred to gain control. Any increase or impairment of the Group\u2019s
existing investment is credited/charged to the Consolidated Income Statement.
Goodwill arising on a business combination represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the
identifiable assets, liabilities and contingent liabilities of the subsidiary recognised at the date of acquisition. Goodwill arising on the acquisition of a
subsidiary is separately presented on the Group\u2019s balance sheet.
If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly
identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at
the acquisition date. If the re-assessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred,
then the gain is recognised in the Consolidated Income Statement.
Goodwill is subsequently measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually, or more frequently
if there are indicators of impairment. The method used for impairment testing is to allocate goodwill to appropriate cash generating units (CGUs)
based on the smallest identifiable group of assets that generate independent cash inflows, and to estimate the recoverable amounts of the CGUs as
the higher of the asset\u2019s fair values less costs of disposal and the value-in-use. For the purposes of goodwill impairment testing, goodwill related to
each of the Beauty brands is aggregated together into the Beauty group of CGUs as this is the manner in which the core assets are used to generate
cash flows and is the lowest level at which goodwill is monitored by management. An impairment arises if the recoverable amount of the CGU is less
than the carrying amount, in which case the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and
then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. Impairment losses recognised for goodwill
cannot be reversed in a subsequent period. On disposal of a subsidiary or an equity method investment, the attributable amount of goodwill is
included in the determination of the profit or loss on disposal.
Investments in joint ventures Under IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Interests in joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its joint ventures. At each reporting date, the Group determines whether there is objective evidence that the investment in joint ventures is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognises the loss within \u2018Share of results of joint venture\u2019 in the Consolidated Income Statement. Revenue Revenue comprises sales of goods after the deduction of discounts, trade spend, rebates and sales-related taxes. It does not include intra-group sales. Trade promotions, which consist primarily of customer pricing allowances, placement/listing fees and promotional allowances, are governed by agreements with our trade customers (retailers and distributors). Discounts can either be immediately deducted from the sales value on the invoice or settled later through credit notes. Rebates are generally in the form of credit notes. Amounts provided for discounts payable at the end of a period require estimation; historical data and accumulated experience is used to estimate the provision using the most likely amount method and in most cases the discount can be estimated with a high level of accuracy using known facts. These amounts are reported within Trade and other payables. Any differences between actual amounts settled and the amounts provided are not material and recognised in the subsequent reporting period. Customer contracts generally contain a single performance obligation and revenue is recognised when control of the products has transferred to our customer as there are no longer any unfulfilled obligations to the customer. This is generally on delivery to the customer but depending on specific customer terms, this can be at the time of dispatch, delivery or upon formal customer acceptance. This is considered the appropriate point where the performance obligations in our contracts are satisfied as the Group no longer has control over the inventory. Estimating the amount of variable consideration associated with discounts and assessing whether other consideration payable to customers (e.g. marketing investment payments) represents payment for a distinct good or service require a degree of estimation and judgement applied by management. Trade promotions The Group provides for amounts payable to trade customers for promotional activity. Where a promotional activity spans across the year-end, an accrual is reflected in the Consolidated Financial Statements based on our expectation of customer and consumer uptake during the promotional period and the extent to which temporary promotional activity has occurred. Where promotions, rebates or discounts give rise to variable consideration, the Group accounts for this by using the \u2018most likely amount\u2019 method and this is generally estimated using known facts with a high degree of accuracy. Revenue is constrained to the extent that variable consideration has been taken into account for the period and that no reversal in consideration is expected. Foreign currencies The financial statements of each Group entity are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the Consolidated Financial Statements, the results and financial position of each entity are presented in Pound Sterling, which is the functional currency of the Company, and the presentational currency for the Consolidated Financial Statements. In preparing the financial statements of the individual entities, transactions in currencies other than the entity\u2019s functional currency are recorded at the actual rate of exchange prevailing on the dates of the transactions, or at average rates of exchange if they represent a suitable approximation to the actual rate. At each balance sheet date, monetary assets and liabilities denominated in currencies other than the functional currency of the local entity are translated at the appropriate rates prevailing on the balance sheet date. Foreign exchange gains and losses arising from the settlement of these transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Income Statement except when deferred in equity as qualifying hedges or permanent as equity balances. In preparing the Consolidated Financial Statements, the balances in individual Group companies are translated from their functional currency into the Group reporting currency (Pound Sterling). Apart from the financial statements of Group companies in hyperinflationary economies (see below), the income statement, the cash flow statement and all other movements in assets and liabilities are translated at average exchange rates for the year as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and liabilities are translated at year-end exchange rates. Cumulative foreign currency translation differences arising on the translation and consolidation of foreign operations\u2019 income statements and balance sheets denominated in foreign currencies are recorded as a separate component of equity. To determine the existence of hyperinflation, the Group assesses the qualitative and quantitative characteristics of the economic environment of the country, such as the cumulative inflation rate over the previous three years. The financial statements of a Group company whose functional currency is that of a hyperinflationary economy are adjusted for inflation and then translated into Pound Sterling using the balance sheet exchange rate. See further details below. On disposal of a foreign operation the cumulative translation differences will be transferred to the income statement in the period of the disposal as part of the gain or loss on disposal. Repayments of permanent as equity balances are not considered full or partial disposals, since the parent company continues to own the same percentage of the subsidiary and as a result there is no recycling of exchange differences from other comprehensive income to the Consolidated Income Statement. Hyperinflationary economies Ghana was designated as a hyperinflationary economy from 1 December 2023. As a result, IAS 29 Financial Reporting in Hyperinflationary Economies has been applied from 1 June 2023 to the Group\u2019s Ghanaian subsidiary undertaking. The application of IAS 29 includes: \u2022 Adjustment to historical cost non-monetary assets and liabilities for the change in purchasing power caused by inflation from the date of initial recognition to the current balance sheet date \u2022 Adjustment to the income statement for inflation during the current reporting period \u2022 Translation of income statement at the period-end foreign exchange rate instead of an average rate \u2022 Adjustment to the income statement to reflect the impact of inflation and exchange rate movement on holding monetary assets and liabilities in local currency. The Ghanaian Combined Consumer Price Index (CPI) was 260.5% for May 2025 (for May 2024: 220.0%). The cumulative effect arising from the re-statement of the opening non-monetary items is recognised in other comprehensive income. This impact for the year ended 31 May 2025 was \u00a31.9 million (2024: \u00a34.3 million). In the year ended 31 May 2025, the application of IAS 29 resulted in a \u00a32.5 million (2024: \u00a33.7 million) increase of total assets, a \u00a30.2 million (2024: \u00a30.6 million) increase in the operating profit and the recognition of a \u00a3nil (2024: \u00a30.2 million) monetary loss. The comparative information in the FY24 Consolidated Financial Statements was not re-stated as it was presented in a stable currency (Pound Sterling). Finance income Finance income includes interest receivable on cash and cash equivalents, interest receivable on loans to joint venture, net finance income in relation to defined benefit pension schemes, finance income in relation to leases and the change in the fair value of deferred consideration on business combinations. Finance expense Finance expense includes interest expense in relation to financial liabilities (which includes the unwind of the discount rate applied to lease liabilities), finance expense on defined benefit pension schemes, amortisation of fees incurred in arranging financing and the change in the fair value of deferred purchase consideration on business combinations. Adjusting items Adjusting items are material in value or related to significant one-off changes in the structure or value of the business. Certain adjusting items may be recognised across multiple years if, for example, they are deemed to be part of a significant transformation project which would not be expected to recur. Such projects are required to be agreed upfront with a clear scope, timeline and budget. The Directors apply judgement in assessing the presentation of such items as adjusting items. The Directors believe that the separate disclosure of these items is relevant to an understanding of the Group\u2019s financial performance by providing an alternative and meaningful basis upon which to analyse underlying business performance and make year-on-year comparisons. The same measures are used by management for planning, budgeting and reporting purposes, and for the internal assessment of operating performance across the Group. These alternative performance measures should be viewed as supplemental to, but not as a substitute for, measures presented in the consolidated financial information relating to the Group, which are prepared in accordance with IFRS. Further, they may not be comparable with similarly titled measures reported by other companies due to differences in the way they are calculated.
Taxation
Taxation on the profit or loss for the year comprises current and deferred taxation. Taxation is recognised in the Consolidated Income Statement
except to the extent that it relates to items recognised in other comprehensive income, in which case it is recognised within that statement.
Current taxation is the expected taxation payable on the taxable income for the year, using taxation rates enacted or substantively enacted at the
financial year-end date, and any adjustment to taxation payable in respect of previous years.
Deferred taxation is provided on temporary differences between the carrying amounts of assets and liabilities recognised for financial reporting
purposes and the amounts used for taxation purposes, on an undiscounted basis. The amount of deferred taxation provided is based on the expected
manner of realisation or settlement of the carrying amounts of assets and liabilities, using taxation rates enacted or substantively enacted at the
financial year-end date.
Deferred taxation liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in joint ventures,
except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse
in the foreseeable future.
The Group has previously adopted the amendment to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction and as a
result recognises a separate deferred taxation asset in relation to its lease liabilities and a deferred taxation liability in relation to its right-of-use assets,
even if balances qualify for offset under paragraph 74 of IAS 12.
On 23 May 2023, the International Accounting Standards Board issued International Tax Reform Pillar Two Model Rules \u2013 Amendments to IAS 12.
The Group continues to apply the mandatory temporary exception to the accounting for deferred taxation arising from implementation of the Pillar
Two rules set out therein.
Deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current taxation assets against current taxation
liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current taxation liabilities
on a net basis.
A deferred taxation asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can
be used. The Group maintains adequate provisions for potential liabilities that may arise from periods that remain open and not yet agreed by tax
authorities. The ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of agreements with
relevant tax authorities. In assessing uncertain tax treatments, management is required to make judgements in determination of the facts and
circumstances in respect of the tax position taken, together with estimates of amounts that may be required to be paid in ultimate settlement with
the tax authorities. As the Group operates in a multi-national tax environment, the nature of the uncertain tax positions is often complex and subject
to change. Original estimates are refined as and when additional information becomes known.
Property, plant and equipment
Property, plant and equipment is stated at historical cost less accumulated depreciation and impairment with the exception of freehold land
which is shown at cost less accumulated impairment. Except for freehold land and assets in the course of construction, the cost of property, plant
and equipment is depreciated on a straight-line basis over the period of the expected useful life of the asset. For this purpose, expected lives are
determined within the following limits:
Freehold buildings at rates not less than 2% per annum
Plant and machinery not less than 8% per annum
Fixtures, fittings and vehicles not less than 20% per annum
In the case of major projects, depreciation is provided from the date the project is brought into use.
An asset is derecognised from the Consolidated Balance Sheet when it is sold or retired and no future economic benefits are expected from that
asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying
amount of the asset and is recognised in the Consolidated Income Statement when the asset is derecognised.\u2003
Residual values and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date.
Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not
be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Property,
plant and equipment that has been impaired is reviewed for possible reversal of the impairment at each subsequent balance sheet date.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the value that would have been determined had an impairment loss not been recognised in prior years. Impairment loss or reversal of impairment is recognised in the Consolidated Income Statement as part of administrative expense. Investment properties On acquisition, an investment property is initially recognised at cost. Investment property is subsequently recognised at cost less accumulated impairment and is presented as a separate line on the Consolidated Balance Sheet. Gains or losses on disposal are recognised within administrative expenses in the Consolidated Income Statement. Other intangible assets Other intangible assets comprise brands and software. Brands An acquired brand is only recognised on the Consolidated Balance Sheet where it is supported by a registered trademark, where brand earnings are separately identifiable or the brand could be sold separately from the rest of the business. Brands acquired as part of a business combination are recorded in the Consolidated Balance Sheet at fair value at the date of acquisition. Trademarks, patents and purchased brands are recorded at cost less accumulated impairment. The Directors believe that acquired brands have indefinite lives because, having considered all relevant factors, there is no foreseeable limit to the period over which the brands are expected to generate net cash inflows for the Group. Further, the Directors have the intention and the ability to maintain the brands. In forming this conclusion the Directors have not taken into consideration planned future expenditure in excess of that required to maintain the asset at that standard of performance. In accordance with IAS 36 Impairment of Assets, as the brands have indefinite lives they are tested for impairment annually, and more frequently where there is an indication that the asset may be impaired. The method used for impairment testing is similar to that used for goodwill whereby the brand is allocated to a CGU based on the smallest identifiable group of assets that generate independent cash inflows. The recoverable amount of the CGU is determined as the higher of the asset\u2019s fair value less costs of disposal and the value-in-use. An impairment arises if the recoverable amount of the CGU is less than the carrying amount. Any impairment is recognised immediately in the Consolidated Income Statement. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the Consolidated Income Statement. Software Expenditure on research activities is recognised in the Consolidated Income Statement as an expense as incurred. Expenditure on development activities directly attributable to the design and testing of identifiable software products and systems are capitalised if the product or systems meet the following criteria: \u2022 The completion of the development is technically and commercially feasible to complete \u2022 Adequate technical resources are sufficiently available to complete development \u2022 It can be demonstrated that future economic benefits are probable \u2022 The expenditure attributable to the development can be measured reliably. Development activities involve a plan or design for the production of new or substantially improved products or systems. Directly attributable costs that are capitalised as part of the software product or system include employee costs. Other development expenditures that do not meet these criteria as well as ongoing maintenance costs are recognised as an expense as incurred. Development costs for software are carried at cost less accumulated amortisation and are amortised on a straight-line basis over their useful lives (not exceeding ten years) at the point at which they come into use. Leases Lessee accounting 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 and leases of low-value assets where the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. The use of these exemptions does not have a material impact. Right-of-use assets At commencement date, right-of-use assets are measured at cost, which comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. After initial recognition right-of-use assets are depreciated on a straight-line basis over the shorter period of lease term and useful life of the underlying asset. They are also assessed for impairment where indicators of impairment exist. Lease liabilities Lease liabilities are initially measured at the present value of the lease payments, excluding those paid at the commencement date, discounted at the rate implicit in the lease, or if that cannot be readily determined, at the Group\u2019s incremental borrowing rate specific to the term, country, currency and start date of the lease. Lease payments included in the measurement of the lease liability comprise: \u2022 Fixed lease payments (including in substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date \u2022 The exercise price of a purchase option if the Group is reasonably certain to exercise that option \u2022 Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. Variable lease payments that do not depend on an index or rate are recognised as an expense in the period in which the event or condition that triggers those payments occurs. The carrying value of the lease liability is subsequently increased to reflect interest on the lease liability and reduced by the lease payment made. The carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Lease liabilities are presented as a separate line in the Consolidated Balance Sheet, within current and non-current liabilities. As a practical expedient, IFRS 16 Leases permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Group has not used this practical expedient. Lessor accounting When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all the risks and rewards incidental to ownership of the underlying asset. If this is the case the lease is a classified as a finance lease, otherwise as an operating lease. Operating leases If a lease is classified as an operating lease, the Group does not derecognise the underlying asset from its balance sheet and continues to recognise depreciation and impairment losses on the asset. Rental income arising from operating leases is accounted for on a straight-line basis over the lease term and is included in administrative expense in the Consolidated Income Statement. Finance leases If a lease is classified as a finance lease, the Group derecognises the underlying asset from its balance sheet and recognises a lease receivable at an amount equal to the net investment in the lease. The net investment in the lease is the present value of the lease payments and any unguaranteed residual value of the underlying asset, discounted at the interest rate implicit in the lease. The Group recognises finance income over the lease term, based on a pattern reflecting a constant periodic rate of return on the net investment in the lease. The Group presents the lease receivable in Trade and other receivables on the Consolidated Balance Sheet. Inventories Inventories are stated at the lower of cost and estimated net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated based on standard costs based on normal operating conditions with price and usage variances apportioned using the periodic unit pricing method. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Where net realisable value is lower than cost, provision for impairment is made which is charged to cost of sales in the Consolidated Income Statement. Assets held for sale Non-current assets and groups of assets and liabilities which comprise disposal groups are classified as \u2018held for sale\u2019 when their carrying amount will be recoverable principally through a sale transaction rather than through continuing use. To be classified as a \u2018held for sale\u2019 asset or disposal group, the sale must be highly probable and the assets must be available for sale immediately in their present condition. In addition, all of the following criteria must also be met: \u2022 Management is committed to the plan to sell \u2022 The assets are being actively marketed \u2022 Actions required to complete the plan should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn \u2022 A sale has been agreed or is expected to be concluded within 12 months of the balance sheet date. Immediately prior to classification as held for sale, the value of the assets or groups of assets is re-measured in accordance with the requirements of IFRS 5 Non-current Assets Held for Sale and Discontinued Items. Subsequently, assets and disposal groups classified as held for sale are measured at the lower of book value or fair value less disposal costs. Assets held for sale are neither depreciated nor amortised. Cash, cash equivalents and bank overdrafts Cash and cash equivalents include cash at bank and in hand, call and short-term deposits and other highly liquid investments with original maturities of three months or less which are readily convertible into known amounts of cash and insignificant risk of changes in value. Bank overdrafts are repayable on demand and form part of the Group\u2019s cash management arrangements. Financial instruments Financial assets and financial liabilities are recognised on the Consolidated Balance Sheet when the Group becomes a party to the contractual provisions of the instrument. Derivative financial instruments The Group uses derivative financial instruments such as forward foreign exchange contracts and interest rate caps to manage its exposures to risks associated with foreign currency and interest rate fluctuations. These instruments are measured at fair value. Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the Consolidated Income Statement. Derivatives designated as cash flow hedges Derivatives designated as the hedging instruments are classified at inception of hedge relationship as cash flow hedges. There are no fair value hedges or net investment hedges in the Group. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated in the hedging reserve. Ineffective portions are recognised in profit or loss immediately. When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other transactions, the amounts accumulated in the hedging reserve are recycled to the Consolidated Income Statement in the period (or periods) when the hedged item affects the Consolidated Income Statement. Financial assets At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. The Group classifies its financial assets in the following measurement categories: \u2022 Those to be measured subsequently at fair value (either through other comprehensive income or profit or loss) \u2022 Those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group\u2019s financial assets are subsequently measured at either amortised cost or fair value through profit or loss, depending on their classification. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (a) Trade receivables Trade and other receivables are initially measured at transaction price, and subsequently at amortised cost. The amortised cost for trade and other receivables is generally equivalent to the invoiced amount less allowance for expected credit losses (ECL). The ECL is based on the difference between the contractual cash flows due in accordance with the contract and the present value of all the cash flows that the Group expects to receive. The Group has elected to use the simplified approach in calculating ECL and recognises a loss allowance based on lifetime ECLs at each reporting date (i.e. the expected credit losses that will result from all possible default events over the expected life of the financial instrument). The Group has applied the practical expedient to calculate ECLs using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Trade receivables are fully impaired and subsequently written off when all possible routes through which amounts can be recovered have been exhausted. The Group recognises any impairment gain or loss in the Consolidated Income Statement with a corresponding adjustment to the financial asset\u2019s carrying amount through a loss allowance account.
(b) Loans to joint ventures
The Group\u2019s loans to the joint venture (presented in the Consolidated Balance Sheet as part of the \u2018net investment in joint ventures\u2019) are measured
initially at fair value and are subsequently held at amortised cost less an ECL allowance. The loans are assessed for an ECL allowance as follows:
\u2022 Where there has been a significant increase in credit risk since initial recognition \u2013 the Group measures ECL based on lifetime ECLs i.e. all credit
losses expected from possible default events over the remaining life of the loan, irrespective of the timing of the default.
\u2022 Where there has not been a significant increase in credit risk since initial recognition \u2013 the Group measures the loss allowance at an amount equal
to 12-month ECL i.e. the portion of lifetime ECL that is expected to result from default events on the loan that are possible within 12 months after
the reporting date.
In assessing whether the credit risk has increased significantly on the loan to the joint venture since initial recognition, the Group compares the risk
of a default occurring on the loan at the reporting date with the risk of a default occurring on the loan at the date of initial recognition. In making
this assessment, the Group considers, in particular, the financial and operational performance of a joint venture, changes to the financial forecasts or
increases in credit risk on other receivables. Any associated loss allowance related to loans to joint ventures is recorded in administration expense in
the Consolidated Income Statement.
Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity
instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
(a) Interest-bearing loans and borrowings
Interest-bearing bank loans, borrowings and overdrafts are initially recorded at fair value, net of directly related fees, and are subsequently measured
at amortised cost using the effective interest rate method.
Gains and losses arising on the repurchase, settlement or other cancellation of interest-bearing loans and borrowings are recognised in finance
income and finance costs, respectively.
(b) Trade payables
Trade payables are initially recognised at fair value, normally being the invoiced amounts, and subsequently measured at amortised cost, using the
effective interest rate method.
(c) Trade payables under vendor financing arrangements
The Group may from time to time enter into arrangements with a bank or banking partners under which the bank offers vendors the option to receive
early settlement of its trade receivables. Vendors using such arrangement pay a fee to the bank. The Group does not pay any fees and does not
provide any additional collateral or guarantee to the bank. Based on the Group\u2019s assessment, the liabilities under the vendor advance arrangement
are closely related to operating purchase activities with no significant change in the nature or function of the liabilities. These liabilities are therefore
classified as trade payables with separate disclosures in the notes to the Consolidated Financial Statements. The credit period does not exceed 12
months and are not discounted.
Share capital and reserves
The types of reserves presented in the Consolidated Statement of Changes in Equity are:
\u2022 Treasury shares: When shares recognised as equity are repurchased, the amount of the consideration paid, including directly attributable costs,
is recognised as a charge to equity. Repurchased shares are classified as treasury shares and are presented as a deduction from equity attributable
to Company\u2019s equity holders. When Treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity
attributable to Company\u2019s equity holders.
\u2022 Capital redemption reserve: Includes amounts in respect of the redemption of certain of the Company\u2019s ordinary shares.
\u2022 Hedging reserve: Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are
recognised in the hedging reserve through other comprehensive income.
\u2022 Currency translation reserve: The currency translation reserve recognises the cumulative effect of foreign exchange differences arising on
translation of the Group\u2019s overseas operations from their local functional currency to the Group\u2019s presentational currency.
\u2022 Retained earnings for the Group are made up of accumulated reserves.
\u2022 Other reserves relate to the Group\u2019s share-based payment schemes.
\u2022 Non-controlling interests: The non-controlling interest's proportion of the fair values of the assets and liabilities recognised.
Retirement benefit and similar obligations The Group operates retirement benefit schemes in the UK and for certain overseas operations. In the UK, these comprise defined benefit schemes, each of which was closed to future accrual on 31 May 2008, and defined contribution schemes. Overseas schemes are predominantly defined contribution schemes, with the exception of PZ Cussons Indonesia, which operates a defined benefit scheme. The Group accounts for its main defined benefit scheme under IAS 19 Employee Benefits. The deficit/surplus of the defined benefit pension scheme is recognised in the Consolidated Balance Sheet (with surpluses only recognised to the extent that the Group has an unconditional right to a refund) and represents the difference between the fair value of the plan assets and the present value of the defined benefit obligation at the balance sheet date. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Pension charges/income recognised in the Consolidated Income Statement consists of administration charges for the scheme, past service costs and a cost/income based on the net interest expense/income on net pension scheme liabilities/surpluses. Net interest is calculated by applying a discount rate to the net defined benefit liability or asset. Past service cost is recognised in profit or loss when the plan amendment or curtailment occurs, or when the Group recognises related restructuring costs or termination benefits, if earlier. Re-measurements comprising actuarial gains and losses, the effect of the asset ceiling and the return on plan assets (excluding interest) are included directly in other comprehensive income. Payments to defined contribution retirement benefit schemes are charged as an expense when employees have rendered service entitling them to the contributions. Share-based payments The Group operates a number of long-term incentive schemes which provide share awards to Executive Directors and certain senior employees. The Group also operates a Share Incentive Plan (SIP) scheme which is open to UK employees. The awards under these plans are measured at the fair value at the date of grant and are expensed over the vesting period based on the expected outcome of the performance, where they apply, and service conditions. At each balance sheet date, the estimate of the number of awards that are expected to vest is assessed, and the impact of the revision, if any, is recognised in the Consolidated Income Statement, with a corresponding adjustment to equity. Dividend distributions Dividend distributions which are subject to shareholder approval are recognised as a liability in the period in which the approval is given. Interim dividends, which do not require shareholder approval, are recognised when paid. Consideration of climate change In preparing the Consolidated Financial Statements, management has considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosures on pages 26 to 29. There has been no material impact identified on the financial reporting judgements and estimates. In particular, management considered the impact of climate change in respect of the following areas: \u2022 Assessment of impairment of goodwill, other intangibles and tangible assets \u2022 Assessment of impairment of financial assets \u2022 Going concern and viability disclosures \u2022 Impact on useful economic lives of assets \u2022 Preparation of budgets and cash flow forecasts. Given the low value of short to medium-term risk to these areas assessed in the TCFD report, no climate change-related impact was identified. The viability assessment on pages 40 to 41 includes an assessment of severe but plausible scenarios, including climate change risks, with the potential to impact future performance, but none of these are considered likely to give rise to a trading deterioration of the magnitude indicated by the stress- testing or to threaten the viability of the business over the five-year assessment period. Management is, however, aware of the changing nature of risks associated with climate change and will regularly assess these risks against judgements and estimates made in preparation of the Consolidated Financial Statements.
Accounting estimates and judgements
The Group\u2019s material accounting policies under IFRS have been set by management with the approval of the Audit and Risk Committee. The
application of these policies requires management to make assumptions and estimates about future events. The resulting accounting estimates will,
by definition, differ from the actual results. Estimates and judgements are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key sources of estimation uncertainty
Pensions
The cost of defined benefit pension schemes and the present value of the pension obligation are determined using actuarial assumptions in those
valuations. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the
complexity of the valuation, the underlying assumptions and its long-term nature, a defined benefit obligation is highly sensitive to changes in
these assumptions. All assumptions are reviewed at each reporting date. Significant differences in actual experience or significant changes in key
assumptions could affect the retirement benefit surplus/obligations and the net interest expense. In determining the discount rate, management
considers the interest rates of corporate bonds with at least an \u2018AA\u2019 rating or above and having terms to maturity approximating to the terms
of the related pension obligation to be appropriate. The mortality rate is based on publicly available mortality tables for the specific countries.
Those mortality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension increases are
based on expected future inflation rates for the respective countries. See note 23 for details of key estimates and assumptions applied in valuing
the pension schemes.
Current taxation
Current taxation liabilities/assets relate to the expected amount of taxation to be paid/received as a result of the operating performance of the
Group\u2019s entities. In calculating the appropriate taxation charge, assumptions and judgements are made regarding application and interpretation
of local laws.
In situations where tax impacts are subject to uncertain treatment, interpretation of local rule or regulation, or otherwise remain to be agreed
with relevant tax authorities, an estimate of any resulting financial impact may be recorded in the Consolidated Financial Statements. Any such
management estimates are made in accordance with IFRS requirements, including IAS 12 Income Taxes and IFRIC 23 Uncertainty over Income Tax
Treatments when considering income tax and IAS 37 Provisions, Contingent Liabilities and Contingent Assets in relation to non-income taxes. Due to
the uncertainty associated with such tax items, there is a possibility that on conclusion of open tax matters at a future date, the final outcome may
differ significantly from the original amounts recorded. Where the eventual taxation paid or reclaimed is different to the amounts originally estimated,
the difference will be charged or credited to the income statement in the period in which it is determined.
Included within the current taxation liability of the Group are current taxation estimates with net carrying values as at 31 May 2025 of \u00a323.1 million
(2024: \u00a324.7 million), of which \u00a321.7 million (2024: \u00a323.2 million) relates to a single estimate arising due to a difference in technical standpoint
between PZ Cussons plc and a tax authority on a subjective and complex piece of legislation. Due to the known difference in technical standpoint,
this potential taxation liability has been provided for in full as the range of possible outcomes could be a liability up to the full value of the provided
amount, however the potential future settlement remains a cash risk.
In addition to the provision items indicated above, as at 31 May 2025, the Group had further contingent taxation liabilities of \u00a318.5 million (2024:
\u00a314.4 million) and contingent assets of \u00a30.5 million (2024: \u00a31.2 million). The largest item relates to an overseas court verdict that found against
the Group and the possible cross-over risk into later years, all of which have been appealed by the Group. Other primary risks include the historical
impact of licensing arrangements and more speculative claims made by overseas tax authorities, with external third-party opinions supporting the
recognition of such items as having less than a probable risk of crystallisation. Such positions have been disclosed as contingent assets/liabilities in
accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
Deferred taxation assets \u2013 temporary differences
Deferred taxation is provided on temporary differences between the carrying amounts of assets and liabilities recognised for financial reporting
purposes and the amounts used for taxation purposes, on an undiscounted basis. The amount of deferred taxation provided is based on the expected
manner of realisation or settlement of the carrying amounts of assets and liabilities, using tax rates enacted or substantively enacted at the financial
year-end date.
Assessment of impairment of goodwill and other indefinite life assets
Goodwill and brands have all arisen from business combinations and all have indefinite useful lives and, in accordance with IAS 36 Impairment of
Assets, are subject to annual impairment testing (which the Group carries out at the year-end date), or more frequently if there are indicators of
impairment. The method used for impairment testing is to allocate assets (including goodwill and brands) to appropriate CGUs based on the smallest
identifiable group of assets that generate independent cash inflows, and to estimate the recoverable amounts of the CGUs as the higher of the asset\u2019s
fair values less costs of disposal and the value-in-use. For the purposes of goodwill impairment testing, goodwill related to each of the Beauty brands
is aggregated together into the Beauty group of CGUs as this is manner in which the core assets are used to generate cash flows and is the lowest
level at which goodwill is monitored by management. Value-in-use is determined using cash flow projections from approved budgets and plans which
are then extrapolated based on estimated long-term growth rates applicable to the markets and geographies in which the CGUs operate.
The cash flow projections are discounted based on a pre-tax weighted average cost of capital for comparable companies operating in similar markets
and geographies as the Group adjusted for risks specific to the particular CGU. The assumptions used in the cash flow projections, and associated
sensitivities, are described and set out in note 10.
Critical areas of judgment
Assessment of useful lives of acquired brands
The Directors are required to assess whether the useful lives of acquired brands are finite or indefinite. Under IAS 38 Intangible Assets, an intangible
asset should be regarded as having an indefinite useful life when, based on all of the relevant factors, there is no foreseeable limit to the period over
which the asset is expected to generate net cash inflows for the entity.
Deferred tax assets \u2013 unused tax losses
A deferred taxation asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be
used. Deferred taxation assets are recognised for unused tax losses to the extent that it is probable that future taxable profits will be available against
which they can be used. At 31 May 2025, the Group recorded a deferred taxation asset of \u00a326.8 million (2024: \u00a336.8 million) on recognised but
unused tax losses. The Group has concluded that the deferred taxation assets will be recoverable as it is probable that the related taxation benefit
will be realised in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-430": { "value": "The Consolidated Financial Statements are prepared in accordance with UK-adopted International Accounting Standards including interpretations issued by the IFRS Interpretations Committee and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-379": { "value": "The Consolidated Financial Statements are prepared in accordance with UK-adopted International Accounting Standards including interpretations issued by the IFRS Interpretations Committee and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared on a historical cost basis, except for the following: \u2022 Certain financial assets and liabilities (including derivative instruments) \u2013 measured at fair value \u2022 Defined benefit pension plans \u2013 plan assets measured at fair value \u2022 Hyperinflationary accounting in Ghana. The preparation of financial statements, in conformity with IFRSs, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting year. Although these estimates are based on management\u2019s best knowledge of the amounts, events or actions, actual results may ultimately differ from those estimates. Key sources of estimation uncertainty are described on pages 124 to 125. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-381": { "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, liquidity position and available borrowing facilities are described within the Financial Review. In addition, note 19 of the Consolidated Financial Statements includes policies in relation to the Group\u2019s financial instruments and risk management and policies for managing credit risk, liquidity risk, market risk, foreign exchange risk, price risk, cash flow and interest rate risk, and capital risk. The Group meets its funding requirements through internal cash generation and borrowings. Borrowings are amounts drawn under both committed and uncommitted borrowing facilities. The Group has a \u00a3325.0 million (2024: \u00a3325.0 million) committed credit facility which is available for general corporate purposes. As at 31 May 2025, the Group had headroom on the committed facility of \u00a3167.5 million (2024: \u00a3164.0 million) and net debt of \u00a3112.0 million (2024: \u00a3115.3 million) comprising cash of \u00a345.1 million (2024: \u00a351.3 million) and borrowings of \u00a3157.1 million (2024: \u00a3166.6 million). In assessing going concern, the Group has prepared both base case and severe but plausible cash flow forecasts for a period of 18 months until the end of November 2026 (the going concern review period), which is at least 12 months from the date of approval of the financial statements. The Group\u2019s base case forecasts are based on the Board-approved budget and the first year of the current five-year plan, and indicate forecasted continued compliance with its banking covenants and sufficient liquidity throughout the going concern review period. In the 2024 Annual Report and Accounts, the Directors disclosed that, should mitigations prove insufficient, the impact of Naira exchange rate volatility on forecast interest cover covenant compliance represented a material uncertainty that may have cast significant doubt upon the Group\u2019s ability to continue as a going concern. In FY25, the Naira exchange rate has been more stable and the Group was in compliance with all of its covenants throughout the year. Management has prepared a base case forecast for the going concern period and, consistent with the approach taken at 31 May 2024, has modelled the following severe but plausible downside scenarios: 5% reduction in Group revenue, Group gross margin decline of 200bps and a 10% decline in the Naira exchange rate of USD/ NGN 1,700 used in the base case forecast. None of these severe but plausible scenarios, either separately or in combination, forecast a breach in the interest cover covenant prior to management action and there remain mitigating actions available to management should they be required. Therefore, while the Group remains exposed to fluctuations in the Naira exchange rate, the Directors have determined that this no longer represents a material uncertainty. The Directors consider it appropriate to continue to adopt the going concern basis in preparing the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-431": { "value": "(a) New and amended accounting standards adopted by the Group The following amended standards and interpretations were adopted by the Group during the year ending 31 May 2025: \u2022 Classification of liabilities as current or non-current and non-current liabilities with covenants (Amendments to IAS 1 Presentation of financial statements). \u2022 Lease liability in a sale and leaseback (Amendments to IFRS 16 Leases). \u2022 Supplier financing arrangements (Amendments to IAS 7 Statement of cash flows and IFRS 7 Financial Instruments). These amended standards have not had a significant impact on the Consolidated Financial Statements. On 23 May 2023, the International Accounting Standards Board issued International Tax Reform Pillar Two Model Rules \u2013 Amendments to IAS 12. The Group continues to apply the mandatory temporary exception to the accounting for deferred taxation arising from the jurisdictional implementation of the Pillar Two rules set out therein. (b) New accounting standards and interpretations in issue but not yet effective The following new and amended standards have been issued which are not yet effective: \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates issued in August 2023 and effective from 1 January 2025. \u2022 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures issued in May 2024 and effective from 1 January 2026. \u2022 Annual improvements to the following IFRS Accounting Standards \u2013 amendments to: IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 10 Consolidated Financial Statements and IAS 7 Statement of Cash flows, issued in July 2024 and effective from 1 January 2026. \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures issued in May 2024 and effective from 1 January 2027. \u2022 IFRS 18 Presentation and Disclosure in Financial Statements issued in April 2024 and effective from 1 January 2027. The Group continues to assess the expected impact of standards not effective until 1 January 2027, all other new and amended standards are not expected to have a significant impact on the Group\u2019s Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-380": { "value": "(a) New and amended accounting standards adopted by the Group The following amended standards and interpretations were adopted by the Group during the year ending 31 May 2025: \u2022 Classification of liabilities as current or non-current and non-current liabilities with covenants (Amendments to IAS 1 Presentation of financial statements). \u2022 Lease liability in a sale and leaseback (Amendments to IFRS 16 Leases). \u2022 Supplier financing arrangements (Amendments to IAS 7 Statement of cash flows and IFRS 7 Financial Instruments). These amended standards have not had a significant impact on the Consolidated Financial Statements. On 23 May 2023, the International Accounting Standards Board issued International Tax Reform Pillar Two Model Rules \u2013 Amendments to IAS 12. The Group continues to apply the mandatory temporary exception to the accounting for deferred taxation arising from the jurisdictional implementation of the Pillar Two rules set out therein. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-384": { "value": "(b) New accounting standards and interpretations in issue but not yet effective The following new and amended standards have been issued which are not yet effective: \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates issued in August 2023 and effective from 1 January 2025. \u2022 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures issued in May 2024 and effective from 1 January 2026. \u2022 Annual improvements to the following IFRS Accounting Standards \u2013 amendments to: IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 10 Consolidated Financial Statements and IAS 7 Statement of Cash flows, issued in July 2024 and effective from 1 January 2026. \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures issued in May 2024 and effective from 1 January 2027. \u2022 IFRS 18 Presentation and Disclosure in Financial Statements issued in April 2024 and effective from 1 January 2027. The Group continues to assess the expected impact of standards not effective until 1 January 2027, all other new and amended standards are not expected to have a significant impact on the Group\u2019s Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-383": { "value": "Basis of consolidation The Consolidated Financial Statements incorporate the financial statements of PZ Cussons plc and entities controlled by PZ Cussons plc (its subsidiaries) made up to 31 May each year. The Group controls an entity when the Group 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 financial and operational policies of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Any resulting gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value. The total profits or losses of subsidiaries are included in the Consolidated Income Statement and the interest of non-controlling interests is stated as the non-controlling interest\u2019s proportion of the fair values of the assets and liabilities recognised. Comprehensive income attributable to the non- controlling interests is attributed to the non-controlling interests even if this results in the non-controlling interests recognising a deficit balance. The interest of non-controlling interests in the acquiree is initially measured at the non-controlling interest\u2019s proportion of the net fair value of the assets, liabilities and contingent liabilities recognised. Where non-controlling interests are acquired, the excess of cost over the value of the non- controlling interest acquired is recorded in equity. Where necessary, the financial statements of subsidiaries are adjusted to conform to the Group\u2019s accounting policies. Intra-group transactions and balances, and any unrealised gains or losses on transactions between Group companies, are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-484": { "value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are, with limited exceptions, recognised at their fair values at the acquisition date. Where acquisitions are achieved in stages, commonly referred to as \u2018stepped acquisitions\u2019, and result in control being obtained by the Group as part of a transaction, the Group re-assesses the fair value of any existing investment as part of determining the fair value of consideration. In determining the fair value of the Group\u2019s existing interest, reference is given to the fair value of consideration paid to increase the Group\u2019s interest in the existing investment as well as considering the specific fair values of assets and liabilities transferred to gain control. Any increase or impairment of the Group\u2019s existing investment is credited/charged to the Consolidated Income Statement. Goodwill arising on a business combination represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary recognised at the date of acquisition. Goodwill arising on the acquisition of a subsidiary is separately presented on the Group\u2019s balance sheet. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the re-assessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in the Consolidated Income Statement. Goodwill is subsequently measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually, or more frequently if there are indicators of impairment. The method used for impairment testing is to allocate goodwill to appropriate cash generating units (CGUs) based on the smallest identifiable group of assets that generate independent cash inflows, and to estimate the recoverable amounts of the CGUs as the higher of the asset\u2019s fair values less costs of disposal and the value-in-use. For the purposes of goodwill impairment testing, goodwill related to each of the Beauty brands is aggregated together into the Beauty group of CGUs as this is the manner in which the core assets are used to generate cash flows and is the lowest level at which goodwill is monitored by management. An impairment arises if the recoverable amount of the CGU is less than the carrying amount, in which case the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. Impairment losses recognised for goodwill cannot be reversed in a subsequent period. On disposal of a subsidiary or an equity method investment, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Other intangible assets Other intangible assets comprise brands and software. Brands An acquired brand is only recognised on the Consolidated Balance Sheet where it is supported by a registered trademark, where brand earnings are separately identifiable or the brand could be sold separately from the rest of the business. Brands acquired as part of a business combination are recorded in the Consolidated Balance Sheet at fair value at the date of acquisition. Trademarks, patents and purchased brands are recorded at cost less accumulated impairment. The Directors believe that acquired brands have indefinite lives because, having considered all relevant factors, there is no foreseeable limit to the period over which the brands are expected to generate net cash inflows for the Group. Further, the Directors have the intention and the ability to maintain the brands. In forming this conclusion the Directors have not taken into consideration planned future expenditure in excess of that required to maintain the asset at that standard of performance. In accordance with IAS 36 Impairment of Assets, as the brands have indefinite lives they are tested for impairment annually, and more frequently where there is an indication that the asset may be impaired. The method used for impairment testing is similar to that used for goodwill whereby the brand is allocated to a CGU based on the smallest identifiable group of assets that generate independent cash inflows. The recoverable amount of the CGU is determined as the higher of the asset\u2019s fair value less costs of disposal and the value-in-use. An impairment arises if the recoverable amount of the CGU is less than the carrying amount. Any impairment is recognised immediately in the Consolidated Income Statement. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the Consolidated Income Statement. Software Expenditure on research activities is recognised in the Consolidated Income Statement as an expense as incurred. Expenditure on development activities directly attributable to the design and testing of identifiable software products and systems are capitalised if the product or systems meet the following criteria: \u2022 The completion of the development is technically and commercially feasible to complete \u2022 Adequate technical resources are sufficiently available to complete development \u2022 It can be demonstrated that future economic benefits are probable \u2022 The expenditure attributable to the development can be measured reliably. Development activities involve a plan or design for the production of new or substantially improved products or systems. Directly attributable costs that are capitalised as part of the software product or system include employee costs. Other development expenditures that do not meet these criteria as well as ongoing maintenance costs are recognised as an expense as incurred. Development costs for software are carried at cost less accumulated amortisation and are amortised on a straight-line basis over their useful lives (not exceeding ten years) at the point at which they come into use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-466": { "value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are, with limited exceptions, recognised at their fair values at the acquisition date. Where acquisitions are achieved in stages, commonly referred to as \u2018stepped acquisitions\u2019, and result in control being obtained by the Group as part of a transaction, the Group re-assesses the fair value of any existing investment as part of determining the fair value of consideration. In determining the fair value of the Group\u2019s existing interest, reference is given to the fair value of consideration paid to increase the Group\u2019s interest in the existing investment as well as considering the specific fair values of assets and liabilities transferred to gain control. Any increase or impairment of the Group\u2019s existing investment is credited/charged to the Consolidated Income Statement. Goodwill arising on a business combination represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary recognised at the date of acquisition. Goodwill arising on the acquisition of a subsidiary is separately presented on the Group\u2019s balance sheet. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the re-assessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in the Consolidated Income Statement. Goodwill is subsequently measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually, or more frequently if there are indicators of impairment. The method used for impairment testing is to allocate goodwill to appropriate cash generating units (CGUs) based on the smallest identifiable group of assets that generate independent cash inflows, and to estimate the recoverable amounts of the CGUs as the higher of the asset\u2019s fair values less costs of disposal and the value-in-use. For the purposes of goodwill impairment testing, goodwill related to each of the Beauty brands is aggregated together into the Beauty group of CGUs as this is the manner in which the core assets are used to generate cash flows and is the lowest level at which goodwill is monitored by management. An impairment arises if the recoverable amount of the CGU is less than the carrying amount, in which case the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. Impairment losses recognised for goodwill cannot be reversed in a subsequent period. On disposal of a subsidiary or an equity method investment, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-432": { "value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are, with limited exceptions, recognised at their fair values at the acquisition date. Where acquisitions are achieved in stages, commonly referred to as \u2018stepped acquisitions\u2019, and result in control being obtained by the Group as part of a transaction, the Group re-assesses the fair value of any existing investment as part of determining the fair value of consideration. In determining the fair value of the Group\u2019s existing interest, reference is given to the fair value of consideration paid to increase the Group\u2019s interest in the existing investment as well as considering the specific fair values of assets and liabilities transferred to gain control. Any increase or impairment of the Group\u2019s existing investment is credited/charged to the Consolidated Income Statement. Goodwill arising on a business combination represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary recognised at the date of acquisition. Goodwill arising on the acquisition of a subsidiary is separately presented on the Group\u2019s balance sheet. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the re-assessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in the Consolidated Income Statement. Goodwill is subsequently measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually, or more frequently if there are indicators of impairment. The method used for impairment testing is to allocate goodwill to appropriate cash generating units (CGUs) based on the smallest identifiable group of assets that generate independent cash inflows, and to estimate the recoverable amounts of the CGUs as the higher of the asset\u2019s fair values less costs of disposal and the value-in-use. For the purposes of goodwill impairment testing, goodwill related to each of the Beauty brands is aggregated together into the Beauty group of CGUs as this is the manner in which the core assets are used to generate cash flows and is the lowest level at which goodwill is monitored by management. An impairment arises if the recoverable amount of the CGU is less than the carrying amount, in which case the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. Impairment losses recognised for goodwill cannot be reversed in a subsequent period. On disposal of a subsidiary or an equity method investment, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-382": { "value": "Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are, with limited exceptions, recognised at their fair values at the acquisition date. Where acquisitions are achieved in stages, commonly referred to as \u2018stepped acquisitions\u2019, and result in control being obtained by the Group as part of a transaction, the Group re-assesses the fair value of any existing investment as part of determining the fair value of consideration. In determining the fair value of the Group\u2019s existing interest, reference is given to the fair value of consideration paid to increase the Group\u2019s interest in the existing investment as well as considering the specific fair values of assets and liabilities transferred to gain control. Any increase or impairment of the Group\u2019s existing investment is credited/charged to the Consolidated Income Statement. Goodwill arising on a business combination represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary recognised at the date of acquisition. Goodwill arising on the acquisition of a subsidiary is separately presented on the Group\u2019s balance sheet. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the re-assessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in the Consolidated Income Statement. Goodwill is subsequently measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually, or more frequently if there are indicators of impairment. The method used for impairment testing is to allocate goodwill to appropriate cash generating units (CGUs) based on the smallest identifiable group of assets that generate independent cash inflows, and to estimate the recoverable amounts of the CGUs as the higher of the asset\u2019s fair values less costs of disposal and the value-in-use. For the purposes of goodwill impairment testing, goodwill related to each of the Beauty brands is aggregated together into the Beauty group of CGUs as this is the manner in which the core assets are used to generate cash flows and is the lowest level at which goodwill is monitored by management. An impairment arises if the recoverable amount of the CGU is less than the carrying amount, in which case the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. Impairment losses recognised for goodwill cannot be reversed in a subsequent period. On disposal of a subsidiary or an equity method investment, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-387": { "value": "
Investments in joint ventures
Under IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures depending on the
contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Group has assessed the nature of its
joint arrangements and determined them to be joint ventures. Interests in joint ventures are accounted for using the equity method.
Under the equity method of accounting, interests in joint ventures are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s
share of the post-acquisition profits or losses and movements in other comprehensive income.
When the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that,
in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognise further losses, unless it has incurred
obligations or made payments on behalf of the joint ventures.
After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its joint
ventures. At each reporting date, the Group determines whether there is objective evidence that the investment in joint ventures is impaired. If there
is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its
carrying value, and then recognises the loss within \u2018Share of results of joint venture\u2019 in the Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-435": { "value": "Investments in joint ventures Under IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Interests in joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its joint ventures. At each reporting date, the Group determines whether there is objective evidence that the investment in joint ventures is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value, and then recognises the loss within \u2018Share of results of joint venture\u2019 in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-385": { "value": "
Revenue
Revenue comprises sales of goods after the deduction of discounts, trade spend, rebates and sales-related taxes. It does not include intra-group
sales. Trade promotions, which consist primarily of customer pricing allowances, placement/listing fees and promotional allowances, are governed by
agreements with our trade customers (retailers and distributors).
Discounts can either be immediately deducted from the sales value on the invoice or settled later through credit notes. Rebates are generally in the
form of credit notes. Amounts provided for discounts payable at the end of a period require estimation; historical data and accumulated experience
is used to estimate the provision using the most likely amount method and in most cases the discount can be estimated with a high level of accuracy
using known facts. These amounts are reported within Trade and other payables. Any differences between actual amounts settled and the amounts
provided are not material and recognised in the subsequent reporting period.
Customer contracts generally contain a single performance obligation and revenue is recognised when control of the products has transferred to our
customer as there are no longer any unfulfilled obligations to the customer. This is generally on delivery to the customer but depending on specific
customer terms, this can be at the time of dispatch, delivery or upon formal customer acceptance. This is considered the appropriate point where
the performance obligations in our contracts are satisfied as the Group no longer has control over the inventory. Estimating the amount of variable
consideration associated with discounts and assessing whether other consideration payable to customers (e.g. marketing investment payments)
represents payment for a distinct good or service require a degree of estimation and judgement applied by management.
Trade promotions
The Group provides for amounts payable to trade customers for promotional activity. Where a promotional activity spans across the year-end, an
accrual is reflected in the Consolidated Financial Statements based on our expectation of customer and consumer uptake during the promotional
period and the extent to which temporary promotional activity has occurred.
Where promotions, rebates or discounts give rise to variable consideration, the Group accounts for this by using the \u2018most likely amount\u2019 method and
this is generally estimated using known facts with a high degree of accuracy. Revenue is constrained to the extent that variable consideration has been
taken into account for the period and that no reversal in consideration is expected.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-433": { "value": "Revenue Revenue comprises sales of goods after the deduction of discounts, trade spend, rebates and sales-related taxes. It does not include intra-group sales. Trade promotions, which consist primarily of customer pricing allowances, placement/listing fees and promotional allowances, are governed by agreements with our trade customers (retailers and distributors). Discounts can either be immediately deducted from the sales value on the invoice or settled later through credit notes. Rebates are generally in the form of credit notes. Amounts provided for discounts payable at the end of a period require estimation; historical data and accumulated experience is used to estimate the provision using the most likely amount method and in most cases the discount can be estimated with a high level of accuracy using known facts. These amounts are reported within Trade and other payables. Any differences between actual amounts settled and the amounts provided are not material and recognised in the subsequent reporting period. Customer contracts generally contain a single performance obligation and revenue is recognised when control of the products has transferred to our customer as there are no longer any unfulfilled obligations to the customer. This is generally on delivery to the customer but depending on specific customer terms, this can be at the time of dispatch, delivery or upon formal customer acceptance. This is considered the appropriate point where the performance obligations in our contracts are satisfied as the Group no longer has control over the inventory. Estimating the amount of variable consideration associated with discounts and assessing whether other consideration payable to customers (e.g. marketing investment payments) represents payment for a distinct good or service require a degree of estimation and judgement applied by management. Trade promotions The Group provides for amounts payable to trade customers for promotional activity. Where a promotional activity spans across the year-end, an accrual is reflected in the Consolidated Financial Statements based on our expectation of customer and consumer uptake during the promotional period and the extent to which temporary promotional activity has occurred. Where promotions, rebates or discounts give rise to variable consideration, the Group accounts for this by using the \u2018most likely amount\u2019 method and this is generally estimated using known facts with a high degree of accuracy. Revenue is constrained to the extent that variable consideration has been taken into account for the period and that no reversal in consideration is expected. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-386": { "value": "
Foreign currencies
The financial statements of each Group entity are prepared in the currency of the primary economic environment in which the entity operates (its
functional currency). For the purpose of the Consolidated Financial Statements, the results and financial position of each entity are presented in
Pound Sterling, which is the functional currency of the Company, and the presentational currency for the Consolidated Financial Statements.
In preparing the financial statements of the individual entities, transactions in currencies other than the entity\u2019s functional currency are recorded at
the actual rate of exchange prevailing on the dates of the transactions, or at average rates of exchange if they represent a suitable approximation to
the actual rate. At each balance sheet date, monetary assets and liabilities denominated in currencies other than the functional currency of the local
entity are translated at the appropriate rates prevailing on the balance sheet date. Foreign exchange gains and losses arising from the settlement of
these transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated
Income Statement except when deferred in equity as qualifying hedges or permanent as equity balances.
In preparing the Consolidated Financial Statements, the balances in individual Group companies are translated from their functional currency into the
Group reporting currency (Pound Sterling). Apart from the financial statements of Group companies in hyperinflationary economies (see below), the
income statement, the cash flow statement and all other movements in assets and liabilities are translated at average exchange rates for the year as
a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and liabilities are translated at year-end exchange rates.
Cumulative foreign currency translation differences arising on the translation and consolidation of foreign operations\u2019 income statements and balance
sheets denominated in foreign currencies are recorded as a separate component of equity.
To determine the existence of hyperinflation, the Group assesses the qualitative and quantitative characteristics of the economic environment of the
country, such as the cumulative inflation rate over the previous three years. The financial statements of a Group company whose functional currency
is that of a hyperinflationary economy are adjusted for inflation and then translated into Pound Sterling using the balance sheet exchange rate.
See further details below.
On disposal of a foreign operation the cumulative translation differences will be transferred to the income statement in the period of the disposal
as part of the gain or loss on disposal. Repayments of permanent as equity balances are not considered full or partial disposals, since the parent
company continues to own the same percentage of the subsidiary and as a result there is no recycling of exchange differences from other
comprehensive income to the Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-434": { "value": "The financial statements of each Group entity are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the Consolidated Financial Statements, the results and financial position of each entity are presented in Pound Sterling, which is the functional currency of the Company, and the presentational currency for the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-390": { "value": "
Hyperinflationary economies
Ghana was designated as a hyperinflationary economy from 1 December 2023. As a result, IAS 29 Financial Reporting in Hyperinflationary Economies
has been applied from 1 June 2023 to the Group\u2019s Ghanaian subsidiary undertaking. The application of IAS 29 includes:
\u2022 Adjustment to historical cost non-monetary assets and liabilities for the change in purchasing power caused by inflation from the date of initial
recognition to the current balance sheet date
\u2022 Adjustment to the income statement for inflation during the current reporting period
\u2022 Translation of income statement at the period-end foreign exchange rate instead of an average rate
\u2022 Adjustment to the income statement to reflect the impact of inflation and exchange rate movement on holding monetary assets and liabilities
in local currency.
The Ghanaian Combined Consumer Price Index (CPI) was 260.5% for May 2025 (for May 2024: 220.0%). The cumulative effect arising from the
re-statement of the opening non-monetary items is recognised in other comprehensive income. This impact for the year ended 31 May 2025 was
\u00a31.9 million (2024: \u00a34.3 million). In the year ended 31 May 2025, the application of IAS 29 resulted in a \u00a32.5 million (2024: \u00a33.7 million) increase of
total assets, a \u00a30.2 million (2024: \u00a30.6 million) increase in the operating profit and the recognition of a \u00a3nil (2024: \u00a30.2 million) monetary loss. The
comparative information in the FY24 Consolidated Financial Statements was not re-stated as it was presented in a stable currency (Pound Sterling).
", "dimensions": { "concept": "pzcussonsplc:DescriptionOfAccountingPolicyForHyperinflationaryEconomies", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-388": { "value": "
Finance income
Finance income includes interest receivable on cash and cash equivalents, interest receivable on loans to joint venture, net finance income in
relation to defined benefit pension schemes, finance income in relation to leases and the change in the fair value of deferred consideration on
business combinations.
Finance expense
Finance expense includes interest expense in relation to financial liabilities (which includes the unwind of the discount rate applied to lease liabilities),
finance expense on defined benefit pension schemes, amortisation of fees incurred in arranging financing and the change in the fair value of deferred
purchase consideration on business combinations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-467": { "value": "Finance income Finance income includes interest receivable on cash and cash equivalents, interest receivable on loans to joint venture, net finance income in relation to defined benefit pension schemes, finance income in relation to leases and the change in the fair value of deferred consideration on business combinations. Finance expense Finance expense includes interest expense in relation to financial liabilities (which includes the unwind of the discount rate applied to lease liabilities), finance expense on defined benefit pension schemes, amortisation of fees incurred in arranging financing and the change in the fair value of deferred purchase consideration on business combinations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-436": { "value": "Finance expense Finance expense includes interest expense in relation to financial liabilities (which includes the unwind of the discount rate applied to lease liabilities), finance expense on defined benefit pension schemes, amortisation of fees incurred in arranging financing and the change in the fair value of deferred purchase consideration on business combinations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-389": { "value": "
Adjusting items
Adjusting items are material in value or related to significant one-off changes in the structure or value of the business. Certain adjusting items may
be recognised across multiple years if, for example, they are deemed to be part of a significant transformation project which would not be expected
to recur. Such projects are required to be agreed upfront with a clear scope, timeline and budget. The Directors apply judgement in assessing the
presentation of such items as adjusting items.
The Directors believe that the separate disclosure of these items is relevant to an understanding of the Group\u2019s financial performance by providing
an alternative and meaningful basis upon which to analyse underlying business performance and make year-on-year comparisons. The same
measures are used by management for planning, budgeting and reporting purposes, and for the internal assessment of operating performance
across the Group.
These alternative performance measures should be viewed as supplemental to, but not as a substitute for, measures presented in the consolidated
financial information relating to the Group, which are prepared in accordance with IFRS. Further, they may not be comparable with similarly titled
measures reported by other companies due to differences in the way they are calculated.
", "dimensions": { "concept": "pzcussonsplc:DescriptionOfAccountingPolicyForAdjustingItems", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-438": { "value": "Taxation Taxation on the profit or loss for the year comprises current and deferred taxation. Taxation is recognised in the Consolidated Income Statement except to the extent that it relates to items recognised in other comprehensive income, in which case it is recognised within that statement. Current taxation is the expected taxation payable on the taxable income for the year, using taxation rates enacted or substantively enacted at the financial year-end date, and any adjustment to taxation payable in respect of previous years. Deferred taxation is provided on temporary differences between the carrying amounts of assets and liabilities recognised for financial reporting purposes and the amounts used for taxation purposes, on an undiscounted basis. The amount of deferred taxation provided is based on the expected manner of realisation or settlement of the carrying amounts of assets and liabilities, using taxation rates enacted or substantively enacted at the financial year-end date. Deferred taxation liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The Group has previously adopted the amendment to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction and as a result recognises a separate deferred taxation asset in relation to its lease liabilities and a deferred taxation liability in relation to its right-of-use assets, even if balances qualify for offset under paragraph 74 of IAS 12. On 23 May 2023, the International Accounting Standards Board issued International Tax Reform Pillar Two Model Rules \u2013 Amendments to IAS 12. The Group continues to apply the mandatory temporary exception to the accounting for deferred taxation arising from implementation of the Pillar Two rules set out therein. Deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current taxation assets against current taxation liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current taxation liabilities on a net basis. A deferred taxation asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be used. The Group maintains adequate provisions for potential liabilities that may arise from periods that remain open and not yet agreed by tax authorities. The ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of agreements with relevant tax authorities. In assessing uncertain tax treatments, management is required to make judgements in determination of the facts and circumstances in respect of the tax position taken, together with estimates of amounts that may be required to be paid in ultimate settlement with the tax authorities. As the Group operates in a multi-national tax environment, the nature of the uncertain tax positions is often complex and subject to change. Original estimates are refined as and when additional information becomes known. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-392": { "value": "Taxation Taxation on the profit or loss for the year comprises current and deferred taxation. Taxation is recognised in the Consolidated Income Statement except to the extent that it relates to items recognised in other comprehensive income, in which case it is recognised within that statement. Current taxation is the expected taxation payable on the taxable income for the year, using taxation rates enacted or substantively enacted at the financial year-end date, and any adjustment to taxation payable in respect of previous years. Deferred taxation is provided on temporary differences between the carrying amounts of assets and liabilities recognised for financial reporting purposes and the amounts used for taxation purposes, on an undiscounted basis. The amount of deferred taxation provided is based on the expected manner of realisation or settlement of the carrying amounts of assets and liabilities, using taxation rates enacted or substantively enacted at the financial year-end date. Deferred taxation liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The Group has previously adopted the amendment to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction and as a result recognises a separate deferred taxation asset in relation to its lease liabilities and a deferred taxation liability in relation to its right-of-use assets, even if balances qualify for offset under paragraph 74 of IAS 12. On 23 May 2023, the International Accounting Standards Board issued International Tax Reform Pillar Two Model Rules \u2013 Amendments to IAS 12. The Group continues to apply the mandatory temporary exception to the accounting for deferred taxation arising from implementation of the Pillar Two rules set out therein. Deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current taxation assets against current taxation liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current taxation liabilities on a net basis. A deferred taxation asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be used. The Group maintains adequate provisions for potential liabilities that may arise from periods that remain open and not yet agreed by tax authorities. The ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of agreements with relevant tax authorities. In assessing uncertain tax treatments, management is required to make judgements in determination of the facts and circumstances in respect of the tax position taken, together with estimates of amounts that may be required to be paid in ultimate settlement with the tax authorities. As the Group operates in a multi-national tax environment, the nature of the uncertain tax positions is often complex and subject to change. Original estimates are refined as and when additional information becomes known. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-437": { "value": "Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation and impairment with the exception of freehold land which is shown at cost less accumulated impairment. Except for freehold land and assets in the course of construction, the cost of property, plant and equipment is depreciated on a straight-line basis over the period of the expected useful life of the asset. For this purpose, expected lives are determined within the following limits: Freehold buildings at rates not less than 2% per annum Plant and machinery not less than 8% per annum Fixtures, fittings and vehicles not less than 20% per annum In the case of major projects, depreciation is provided from the date the project is brought into use. An asset is derecognised from the Consolidated Balance Sheet when it is sold or retired and no future economic benefits are expected from that asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Consolidated Income Statement when the asset is derecognised.\u2003Residual values and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date. Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Property, plant and equipment that has been impaired is reviewed for possible reversal of the impairment at each subsequent balance sheet date. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the value that would have been determined had an impairment loss not been recognised in prior years. Impairment loss or reversal of impairment is recognised in the Consolidated Income Statement as part of administrative expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-391": { "value": "Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation and impairment with the exception of freehold land which is shown at cost less accumulated impairment. Except for freehold land and assets in the course of construction, the cost of property, plant and equipment is depreciated on a straight-line basis over the period of the expected useful life of the asset. For this purpose, expected lives are determined within the following limits: Freehold buildings at rates not less than 2% per annum Plant and machinery not less than 8% per annum Fixtures, fittings and vehicles not less than 20% per annum In the case of major projects, depreciation is provided from the date the project is brought into use. An asset is derecognised from the Consolidated Balance Sheet when it is sold or retired and no future economic benefits are expected from that asset. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Consolidated Income Statement when the asset is derecognised.\u2003Residual values and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date. Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Property, plant and equipment that has been impaired is reviewed for possible reversal of the impairment at each subsequent balance sheet date.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable
amount, to the extent that the increased carrying amount does not exceed the value that would have been determined had an impairment
loss not been recognised in prior years. Impairment loss or reversal of impairment is recognised in the Consolidated Income Statement as part
of administrative expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-393": { "value": "
Investment properties
On acquisition, an investment property is initially recognised at cost. Investment property is subsequently recognised at cost less accumulated
impairment and is presented as a separate line on the Consolidated Balance Sheet. Gains or losses on disposal are recognised within administrative
expenses in the Consolidated Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-395": { "value": "
Other intangible assets
Other intangible assets comprise brands and software.
Brands
An acquired brand is only recognised on the Consolidated Balance Sheet where it is supported by a registered trademark, where brand earnings are
separately identifiable or the brand could be sold separately from the rest of the business. Brands acquired as part of a business combination are
recorded in the Consolidated Balance Sheet at fair value at the date of acquisition. Trademarks, patents and purchased brands are recorded at cost
less accumulated impairment.
The Directors believe that acquired brands have indefinite lives because, having considered all relevant factors, there is no foreseeable limit to the
period over which the brands are expected to generate net cash inflows for the Group. Further, the Directors have the intention and the ability to
maintain the brands. In forming this conclusion the Directors have not taken into consideration planned future expenditure in excess of that required
to maintain the asset at that standard of performance.
In accordance with IAS 36 Impairment of Assets, as the brands have indefinite lives they are tested for impairment annually, and more frequently
where there is an indication that the asset may be impaired. The method used for impairment testing is similar to that used for goodwill whereby the
brand is allocated to a CGU based on the smallest identifiable group of assets that generate independent cash inflows. The recoverable amount of the
CGU is determined as the higher of the asset\u2019s fair value less costs of disposal and the value-in-use. An impairment arises if the recoverable amount of
the CGU is less than the carrying amount. Any impairment is recognised immediately in the Consolidated Income Statement.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount,
but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been
recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the Consolidated Income Statement.
Software
Expenditure on research activities is recognised in the Consolidated Income Statement as an expense as incurred. Expenditure on development
activities directly attributable to the design and testing of identifiable software products and systems are capitalised if the product or systems meet
the following criteria:
\u2022 The completion of the development is technically and commercially feasible to complete
\u2022 Adequate technical resources are sufficiently available to complete development
\u2022 It can be demonstrated that future economic benefits are probable
\u2022 The expenditure attributable to the development can be measured reliably.
Development activities involve a plan or design for the production of new or substantially improved products or systems. Directly attributable costs
that are capitalised as part of the software product or system include employee costs. Other development expenditures that do not meet these
criteria as well as ongoing maintenance costs are recognised as an expense as incurred. Development costs for software are carried at cost less
accumulated amortisation and are amortised on a straight-line basis over their useful lives (not exceeding ten years) at the point at which they come
into use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-394": { "value": "
Leases
Lessee accounting
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 and leases of low-value
assets where the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. The use of these
exemptions does not have a material impact.
Right-of-use assets
At commencement date, right-of-use assets are measured at cost, which comprises the initial measurement of the corresponding lease liability,
lease payments made at or before the commencement day and any initial direct costs.
After initial recognition right-of-use assets are depreciated on a straight-line basis over the shorter period of lease term and useful life of the
underlying asset. They are also assessed for impairment where indicators of impairment exist.
Lease liabilities
Lease liabilities are initially measured at the present value of the lease payments, excluding those paid at the commencement date, discounted at the
rate implicit in the lease, or if that cannot be readily determined, at the Group\u2019s incremental borrowing rate specific to the term, country, currency
and start date of the lease. Lease payments included in the measurement of the lease liability comprise:
\u2022 Fixed lease payments (including in substance fixed payments), less any lease incentives receivable
\u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date
\u2022 The exercise price of a purchase option if the Group is reasonably certain to exercise that option
\u2022 Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. Variable lease
payments that do not depend on an index or rate are recognised as an expense in the period in which the event or condition that triggers those
payments occurs.
The carrying value of the lease liability is subsequently increased to reflect interest on the lease liability and reduced by the lease payment made.
The carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the lease payments
(e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment
of an option to purchase the underlying asset. Lease liabilities are presented as a separate line in the Consolidated Balance Sheet, within current
and non-current liabilities.
As a practical expedient, IFRS 16 Leases permits a lessee not to separate non-lease components, and instead account for any lease and associated
non-lease components as a single arrangement. The Group has not used this practical expedient.
Lessor accounting
When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all the risks and rewards incidental to
ownership of the underlying asset. If this is the case the lease is a classified as a finance lease, otherwise as an operating lease.
Operating leases
If a lease is classified as an operating lease, the Group does not derecognise the underlying asset from its balance sheet and continues to recognise
depreciation and impairment losses on the asset.
Rental income arising from operating leases is accounted for on a straight-line basis over the lease term and is included in administrative expense in
the Consolidated Income Statement.
Finance leases
If a lease is classified as a finance lease, the Group derecognises the underlying asset from its balance sheet and recognises a lease receivable at an
amount equal to the net investment in the lease. The net investment in the lease is the present value of the lease payments and any unguaranteed
residual value of the underlying asset, discounted at the interest rate implicit in the lease. The Group recognises finance income over the lease term,
based on a pattern reflecting a constant periodic rate of return on the net investment in the lease. The Group presents the lease receivable in Trade
and other receivables on the Consolidated Balance Sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-396": { "value": "
Inventories
Inventories are stated at the lower of cost and estimated net realisable value. Cost comprises direct materials and, where applicable, direct labour
costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated based
on standard costs based on normal operating conditions with price and usage variances apportioned using the periodic unit pricing method. Net
realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and
distribution. Where net realisable value is lower than cost, provision for impairment is made which is charged to cost of sales in the Consolidated
Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-397": { "value": "
Assets held for sale
Non-current assets and groups of assets and liabilities which comprise disposal groups are classified as \u2018held for sale\u2019 when their carrying amount will
be recoverable principally through a sale transaction rather than through continuing use. To be classified as a \u2018held for sale\u2019 asset or disposal group,
the sale must be highly probable and the assets must be available for sale immediately in their present condition. In addition, all of the following
criteria must also be met:
\u2022 Management is committed to the plan to sell
\u2022 The assets are being actively marketed
\u2022 Actions required to complete the plan should indicate that it is unlikely that significant changes to the plan will be made or that the plan will
be withdrawn
\u2022 A sale has been agreed or is expected to be concluded within 12 months of the balance sheet date.
Immediately prior to classification as held for sale, the value of the assets or groups of assets is re-measured in accordance with the requirements of
IFRS 5 Non-current Assets Held for Sale and Discontinued Items. Subsequently, assets and disposal groups classified as held for sale are measured at
the lower of book value or fair value less disposal costs. Assets held for sale are neither depreciated nor amortised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-439": { "value": "Assets held for sale Non-current assets and groups of assets and liabilities which comprise disposal groups are classified as \u2018held for sale\u2019 when their carrying amount will be recoverable principally through a sale transaction rather than through continuing use. To be classified as a \u2018held for sale\u2019 asset or disposal group, the sale must be highly probable and the assets must be available for sale immediately in their present condition. In addition, all of the following criteria must also be met: \u2022 Management is committed to the plan to sell \u2022 The assets are being actively marketed \u2022 Actions required to complete the plan should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn \u2022 A sale has been agreed or is expected to be concluded within 12 months of the balance sheet date. Immediately prior to classification as held for sale, the value of the assets or groups of assets is re-measured in accordance with the requirements of IFRS 5 Non-current Assets Held for Sale and Discontinued Items. Subsequently, assets and disposal groups classified as held for sale are measured at the lower of book value or fair value less disposal costs. Assets held for sale are neither depreciated nor amortised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-398": { "value": "
Cash, cash equivalents and bank overdrafts
Cash and cash equivalents include cash at bank and in hand, call and short-term deposits and other highly liquid investments with original maturities
of three months or less which are readily convertible into known amounts of cash and insignificant risk of changes in value.
Bank overdrafts are repayable on demand and form part of the Group\u2019s cash management arrangements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-399": { "value": "
Financial instruments
Financial assets and financial liabilities are recognised on the Consolidated Balance Sheet when the Group becomes a party to the contractual
provisions of the instrument.
Derivative financial instruments
The Group uses derivative financial instruments such as forward foreign exchange contracts and interest rate caps to manage its exposures to
risks associated with foreign currency and interest rate fluctuations. These instruments are measured at fair value. Changes in the fair value of any
derivative instruments that do not qualify for hedge accounting are recognised immediately in the Consolidated Income Statement.
Derivatives designated as cash flow hedges
Derivatives designated as the hedging instruments are classified at inception of hedge relationship as cash flow hedges. There are no fair value hedges
or net investment hedges in the Group.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other
comprehensive income and accumulated in the hedging reserve. Ineffective portions are recognised in profit or loss immediately.
When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in
the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other
transactions, the amounts accumulated in the hedging reserve are recycled to the Consolidated Income Statement in the period (or periods) when
the hedged item affects the Consolidated Income Statement.
Financial assets
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss
(FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are
expensed in profit or loss.
The Group classifies its financial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value (either through other comprehensive income or profit or loss)
\u2022 Those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group\u2019s
financial assets are subsequently measured at either amortised cost or fair value through profit or loss, depending on their classification.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks
and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has
the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(a) Trade receivables
Trade and other receivables are initially measured at transaction price, and subsequently at amortised cost. The amortised cost for trade and other
receivables is generally equivalent to the invoiced amount less allowance for expected credit losses (ECL). The ECL is based on the difference between
the contractual cash flows due in accordance with the contract and the present value of all the cash flows that the Group expects to receive. The
Group has elected to use the simplified approach in calculating ECL and recognises a loss allowance based on lifetime ECLs at each reporting date (i.e.
the expected credit losses that will result from all possible default events over the expected life of the financial instrument). The Group has applied
the practical expedient to calculate ECLs using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are
specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the
reporting date.
Trade receivables are fully impaired and subsequently written off when all possible routes through which amounts can be recovered have been
exhausted. The Group recognises any impairment gain or loss in the Consolidated Income Statement with a corresponding adjustment to the financial
asset\u2019s carrying amount through a loss allowance account.
(b) Loans to joint ventures The Group\u2019s loans to the joint venture (presented in the Consolidated Balance Sheet as part of the \u2018net investment in joint ventures\u2019) are measured initially at fair value and are subsequently held at amortised cost less an ECL allowance. The loans are assessed for an ECL allowance as follows: \u2022 Where there has been a significant increase in credit risk since initial recognition \u2013 the Group measures ECL based on lifetime ECLs i.e. all credit losses expected from possible default events over the remaining life of the loan, irrespective of the timing of the default. \u2022 Where there has not been a significant increase in credit risk since initial recognition \u2013 the Group measures the loss allowance at an amount equal to 12-month ECL i.e. the portion of lifetime ECL that is expected to result from default events on the loan that are possible within 12 months after the reporting date. In assessing whether the credit risk has increased significantly on the loan to the joint venture since initial recognition, the Group compares the risk of a default occurring on the loan at the reporting date with the risk of a default occurring on the loan at the date of initial recognition. In making this assessment, the Group considers, in particular, the financial and operational performance of a joint venture, changes to the financial forecasts or increases in credit risk on other receivables. Any associated loss allowance related to loans to joint ventures is recorded in administration expense in the Consolidated Income Statement. Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. (a) Interest-bearing loans and borrowings Interest-bearing bank loans, borrowings and overdrafts are initially recorded at fair value, net of directly related fees, and are subsequently measured at amortised cost using the effective interest rate method. Gains and losses arising on the repurchase, settlement or other cancellation of interest-bearing loans and borrowings are recognised in finance income and finance costs, respectively. (b) Trade payables Trade payables are initially recognised at fair value, normally being the invoiced amounts, and subsequently measured at amortised cost, using the effective interest rate method. (c) Trade payables under vendor financing arrangements The Group may from time to time enter into arrangements with a bank or banking partners under which the bank offers vendors the option to receive early settlement of its trade receivables. Vendors using such arrangement pay a fee to the bank. The Group does not pay any fees and does not provide any additional collateral or guarantee to the bank. Based on the Group\u2019s assessment, the liabilities under the vendor advance arrangement are closely related to operating purchase activities with no significant change in the nature or function of the liabilities. These liabilities are therefore classified as trade payables with separate disclosures in the notes to the Consolidated Financial Statements. The credit period does not exceed 12 months and are not discounted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-441": { "value": "Derivative financial instruments The Group uses derivative financial instruments such as forward foreign exchange contracts and interest rate caps to manage its exposures to risks associated with foreign currency and interest rate fluctuations. These instruments are measured at fair value. Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the Consolidated Income Statement. Derivatives designated as cash flow hedges Derivatives designated as the hedging instruments are classified at inception of hedge relationship as cash flow hedges. There are no fair value hedges or net investment hedges in the Group. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated in the hedging reserve. Ineffective portions are recognised in profit or loss immediately. When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other transactions, the amounts accumulated in the hedging reserve are recycled to the Consolidated Income Statement in the period (or periods) when the hedged item affects the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-485": { "value": "Derivative financial instruments The Group uses derivative financial instruments such as forward foreign exchange contracts and interest rate caps to manage its exposures to risks associated with foreign currency and interest rate fluctuations. These instruments are measured at fair value. Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the Consolidated Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-486": { "value": "Derivatives designated as cash flow hedges Derivatives designated as the hedging instruments are classified at inception of hedge relationship as cash flow hedges. There are no fair value hedges or net investment hedges in the Group. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated in the hedging reserve. Ineffective portions are recognised in profit or loss immediately. When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other transactions, the amounts accumulated in the hedging reserve are recycled to the Consolidated Income Statement in the period (or periods) when the hedged item affects the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-440": { "value": "Financial assets At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. The Group classifies its financial assets in the following measurement categories: \u2022 Those to be measured subsequently at fair value (either through other comprehensive income or profit or loss) \u2022 Those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group\u2019s financial assets are subsequently measured at either amortised cost or fair value through profit or loss, depending on their classification. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (a) Trade receivables Trade and other receivables are initially measured at transaction price, and subsequently at amortised cost. The amortised cost for trade and other receivables is generally equivalent to the invoiced amount less allowance for expected credit losses (ECL). The ECL is based on the difference between the contractual cash flows due in accordance with the contract and the present value of all the cash flows that the Group expects to receive. The Group has elected to use the simplified approach in calculating ECL and recognises a loss allowance based on lifetime ECLs at each reporting date (i.e. the expected credit losses that will result from all possible default events over the expected life of the financial instrument). The Group has applied the practical expedient to calculate ECLs using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Trade receivables are fully impaired and subsequently written off when all possible routes through which amounts can be recovered have been exhausted. The Group recognises any impairment gain or loss in the Consolidated Income Statement with a corresponding adjustment to the financial asset\u2019s carrying amount through a loss allowance account. (b) Loans to joint ventures The Group\u2019s loans to the joint venture (presented in the Consolidated Balance Sheet as part of the \u2018net investment in joint ventures\u2019) are measured initially at fair value and are subsequently held at amortised cost less an ECL allowance. The loans are assessed for an ECL allowance as follows: \u2022 Where there has been a significant increase in credit risk since initial recognition \u2013 the Group measures ECL based on lifetime ECLs i.e. all credit losses expected from possible default events over the remaining life of the loan, irrespective of the timing of the default. \u2022 Where there has not been a significant increase in credit risk since initial recognition \u2013 the Group measures the loss allowance at an amount equal to 12-month ECL i.e. the portion of lifetime ECL that is expected to result from default events on the loan that are possible within 12 months after the reporting date. In assessing whether the credit risk has increased significantly on the loan to the joint venture since initial recognition, the Group compares the risk of a default occurring on the loan at the reporting date with the risk of a default occurring on the loan at the date of initial recognition. In making this assessment, the Group considers, in particular, the financial and operational performance of a joint venture, changes to the financial forecasts or increases in credit risk on other receivables. Any associated loss allowance related to loans to joint ventures is recorded in administration expense in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-487": { "value": "(a) Trade receivables Trade and other receivables are initially measured at transaction price, and subsequently at amortised cost. The amortised cost for trade and other receivables is generally equivalent to the invoiced amount less allowance for expected credit losses (ECL). The ECL is based on the difference between the contractual cash flows due in accordance with the contract and the present value of all the cash flows that the Group expects to receive. The Group has elected to use the simplified approach in calculating ECL and recognises a loss allowance based on lifetime ECLs at each reporting date (i.e. the expected credit losses that will result from all possible default events over the expected life of the financial instrument). The Group has applied the practical expedient to calculate ECLs using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Trade receivables are fully impaired and subsequently written off when all possible routes through which amounts can be recovered have been exhausted. The Group recognises any impairment gain or loss in the Consolidated Income Statement with a corresponding adjustment to the financial asset\u2019s carrying amount through a loss allowance account. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-488": { "value": "(b) Loans to joint ventures The Group\u2019s loans to the joint venture (presented in the Consolidated Balance Sheet as part of the \u2018net investment in joint ventures\u2019) are measured initially at fair value and are subsequently held at amortised cost less an ECL allowance. The loans are assessed for an ECL allowance as follows: \u2022 Where there has been a significant increase in credit risk since initial recognition \u2013 the Group measures ECL based on lifetime ECLs i.e. all credit losses expected from possible default events over the remaining life of the loan, irrespective of the timing of the default. \u2022 Where there has not been a significant increase in credit risk since initial recognition \u2013 the Group measures the loss allowance at an amount equal to 12-month ECL i.e. the portion of lifetime ECL that is expected to result from default events on the loan that are possible within 12 months after the reporting date. In assessing whether the credit risk has increased significantly on the loan to the joint venture since initial recognition, the Group compares the risk of a default occurring on the loan at the reporting date with the risk of a default occurring on the loan at the date of initial recognition. In making this assessment, the Group considers, in particular, the financial and operational performance of a joint venture, changes to the financial forecasts or increases in credit risk on other receivables. Any associated loss allowance related to loans to joint ventures is recorded in administration expense in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-442": { "value": "Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. (a) Interest-bearing loans and borrowings Interest-bearing bank loans, borrowings and overdrafts are initially recorded at fair value, net of directly related fees, and are subsequently measured at amortised cost using the effective interest rate method. Gains and losses arising on the repurchase, settlement or other cancellation of interest-bearing loans and borrowings are recognised in finance income and finance costs, respectively. (b) Trade payables Trade payables are initially recognised at fair value, normally being the invoiced amounts, and subsequently measured at amortised cost, using the effective interest rate method. (c) Trade payables under vendor financing arrangements The Group may from time to time enter into arrangements with a bank or banking partners under which the bank offers vendors the option to receive early settlement of its trade receivables. Vendors using such arrangement pay a fee to the bank. The Group does not pay any fees and does not provide any additional collateral or guarantee to the bank. Based on the Group\u2019s assessment, the liabilities under the vendor advance arrangement are closely related to operating purchase activities with no significant change in the nature or function of the liabilities. These liabilities are therefore classified as trade payables with separate disclosures in the notes to the Consolidated Financial Statements. The credit period does not exceed 12 months and are not discounted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-489": { "value": "(a) Interest-bearing loans and borrowings Interest-bearing bank loans, borrowings and overdrafts are initially recorded at fair value, net of directly related fees, and are subsequently measured at amortised cost using the effective interest rate method. Gains and losses arising on the repurchase, settlement or other cancellation of interest-bearing loans and borrowings are recognised in finance income and finance costs, respectively", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-490": { "value": "(b) Trade payables Trade payables are initially recognised at fair value, normally being the invoiced amounts, and subsequently measured at amortised cost, using the effective interest rate method. (c) Trade payables under vendor financing arrangements The Group may from time to time enter into arrangements with a bank or banking partners under which the bank offers vendors the option to receive early settlement of its trade receivables. Vendors using such arrangement pay a fee to the bank. The Group does not pay any fees and does not provide any additional collateral or guarantee to the bank. Based on the Group\u2019s assessment, the liabilities under the vendor advance arrangement are closely related to operating purchase activities with no significant change in the nature or function of the liabilities. These liabilities are therefore classified as trade payables with separate disclosures in the notes to the Consolidated Financial Statements. The credit period does not exceed 12 months and are not discounted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-400": { "value": "Share capital and reserves The types of reserves presented in the Consolidated Statement of Changes in Equity are: \u2022 Treasury shares: When shares recognised as equity are repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a charge to equity. Repurchased shares are classified as treasury shares and are presented as a deduction from equity attributable to Company\u2019s equity holders. When Treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity attributable to Company\u2019s equity holders. \u2022 Capital redemption reserve: Includes amounts in respect of the redemption of certain of the Company\u2019s ordinary shares. \u2022 Hedging reserve: Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised in the hedging reserve through other comprehensive income. \u2022 Currency translation reserve: The currency translation reserve recognises the cumulative effect of foreign exchange differences arising on translation of the Group\u2019s overseas operations from their local functional currency to the Group\u2019s presentational currency. \u2022 Retained earnings for the Group are made up of accumulated reserves. \u2022 Other reserves relate to the Group\u2019s share-based payment schemes. \u2022 Non-controlling interests: The non-controlling interest's proportion of the fair values of the assets and liabilities recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-443": { "value": "\u2022 Treasury shares: When shares recognised as equity are repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a charge to equity. Repurchased shares are classified as treasury shares and are presented as a deduction from equity attributable to Company\u2019s equity holders. When Treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity attributable to Company\u2019s equity holders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-404": { "value": "
Retirement benefit and similar obligations
The Group operates retirement benefit schemes in the UK and for certain overseas operations. In the UK, these comprise defined benefit schemes,
each of which was closed to future accrual on 31 May 2008, and defined contribution schemes. Overseas schemes are predominantly defined
contribution schemes, with the exception of PZ Cussons Indonesia, which operates a defined benefit scheme.
The Group accounts for its main defined benefit scheme under IAS 19 Employee Benefits. The deficit/surplus of the defined benefit pension scheme
is recognised in the Consolidated Balance Sheet (with surpluses only recognised to the extent that the Group has an unconditional right to a refund)
and represents the difference between the fair value of the plan assets and the present value of the defined benefit obligation at the balance sheet
date. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of
high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating
to the terms of the related pension obligation. Pension charges/income recognised in the Consolidated Income Statement consists of administration
charges for the scheme, past service costs and a cost/income based on the net interest expense/income on net pension scheme liabilities/surpluses.
Net interest is calculated by applying a discount rate to the net defined benefit liability or asset. Past service cost is recognised in profit or loss
when the plan amendment or curtailment occurs, or when the Group recognises related restructuring costs or termination benefits, if earlier.
Re-measurements comprising actuarial gains and losses, the effect of the asset ceiling and the return on plan assets (excluding interest) are included
directly in other comprehensive income. Payments to defined contribution retirement benefit schemes are charged as an expense when employees
have rendered service entitling them to the contributions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-402": { "value": "
Share-based payments
The Group operates a number of long-term incentive schemes which provide share awards to Executive Directors and certain senior employees.
The Group also operates a Share Incentive Plan (SIP) scheme which is open to UK employees.
The awards under these plans are measured at the fair value at the date of grant and are expensed over the vesting period based on the expected
outcome of the performance, where they apply, and service conditions. At each balance sheet date, the estimate of the number of awards that
are expected to vest is assessed, and the impact of the revision, if any, is recognised in the Consolidated Income Statement, with a corresponding
adjustment to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-401": { "value": "
Dividend distributions
Dividend distributions which are subject to shareholder approval are recognised as a liability in the period in which the approval is given. Interim
dividends, which do not require shareholder approval, are recognised when paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-403": { "value": "
Consideration of climate change
In preparing the Consolidated Financial Statements, management has considered the impact of climate change, particularly in the context of the
risks identified in the TCFD disclosures on pages 26 to 29. There has been no material impact identified on the financial reporting judgements and
estimates. In particular, management considered the impact of climate change in respect of the following areas:
\u2022 Assessment of impairment of goodwill, other intangibles and tangible assets
\u2022 Assessment of impairment of financial assets
\u2022 Going concern and viability disclosures
\u2022 Impact on useful economic lives of assets
\u2022 Preparation of budgets and cash flow forecasts.
Given the low value of short to medium-term risk to these areas assessed in the TCFD report, no climate change-related impact was identified.
The viability assessment on pages 40 to 41 includes an assessment of severe but plausible scenarios, including climate change risks, with the potential
to impact future performance, but none of these are considered likely to give rise to a trading deterioration of the magnitude indicated by the stress-
testing or to threaten the viability of the business over the five-year assessment period. Management is, however, aware of the changing nature of
risks associated with climate change and will regularly assess these risks against judgements and estimates made in preparation of the Consolidated
Financial Statements.
", "dimensions": { "concept": "pzcussonsplc:DescriptionOfAccountingPolicyForConsiderationOfClimateChange", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-405": { "value": "Accounting estimates and judgements The Group\u2019s material accounting policies under IFRS have been set by management with the approval of the Audit and Risk Committee. The application of these policies requires management to make assumptions and estimates about future events. The resulting accounting estimates will, by definition, differ from the actual results. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Pensions The cost of defined benefit pension schemes and the present value of the pension obligation are determined using actuarial assumptions in those valuations. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. Significant differences in actual experience or significant changes in key assumptions could affect the retirement benefit surplus/obligations and the net interest expense. In determining the discount rate, management considers the interest rates of corporate bonds with at least an \u2018AA\u2019 rating or above and having terms to maturity approximating to the terms of the related pension obligation to be appropriate. The mortality rate is based on publicly available mortality tables for the specific countries. Those mortality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension increases are based on expected future inflation rates for the respective countries. See note 23 for details of key estimates and assumptions applied in valuing the pension schemes. Current taxation Current taxation liabilities/assets relate to the expected amount of taxation to be paid/received as a result of the operating performance of the Group\u2019s entities. In calculating the appropriate taxation charge, assumptions and judgements are made regarding application and interpretation of local laws. In situations where tax impacts are subject to uncertain treatment, interpretation of local rule or regulation, or otherwise remain to be agreed with relevant tax authorities, an estimate of any resulting financial impact may be recorded in the Consolidated Financial Statements. Any such management estimates are made in accordance with IFRS requirements, including IAS 12 Income Taxes and IFRIC 23 Uncertainty over Income Tax Treatments when considering income tax and IAS 37 Provisions, Contingent Liabilities and Contingent Assets in relation to non-income taxes. Due to the uncertainty associated with such tax items, there is a possibility that on conclusion of open tax matters at a future date, the final outcome may differ significantly from the original amounts recorded. Where the eventual taxation paid or reclaimed is different to the amounts originally estimated, the difference will be charged or credited to the income statement in the period in which it is determined. Included within the current taxation liability of the Group are current taxation estimates with net carrying values as at 31 May 2025 of \u00a323.1 million (2024: \u00a324.7 million), of which \u00a321.7 million (2024: \u00a323.2 million) relates to a single estimate arising due to a difference in technical standpoint between PZ Cussons plc and a tax authority on a subjective and complex piece of legislation. Due to the known difference in technical standpoint, this potential taxation liability has been provided for in full as the range of possible outcomes could be a liability up to the full value of the provided amount, however the potential future settlement remains a cash risk. In addition to the provision items indicated above, as at 31 May 2025, the Group had further contingent taxation liabilities of \u00a318.5 million (2024: \u00a314.4 million) and contingent assets of \u00a30.5 million (2024: \u00a31.2 million). The largest item relates to an overseas court verdict that found against the Group and the possible cross-over risk into later years, all of which have been appealed by the Group. Other primary risks include the historical impact of licensing arrangements and more speculative claims made by overseas tax authorities, with external third-party opinions supporting the recognition of such items as having less than a probable risk of crystallisation. Such positions have been disclosed as contingent assets/liabilities in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Deferred taxation assets \u2013 temporary differences Deferred taxation is provided on temporary differences between the carrying amounts of assets and liabilities recognised for financial reporting purposes and the amounts used for taxation purposes, on an undiscounted basis. The amount of deferred taxation provided is based on the expected manner of realisation or settlement of the carrying amounts of assets and liabilities, using tax rates enacted or substantively enacted at the financial year-end date. Assessment of impairment of goodwill and other indefinite life assets Goodwill and brands have all arisen from business combinations and all have indefinite useful lives and, in accordance with IAS 36 Impairment of Assets, are subject to annual impairment testing (which the Group carries out at the year-end date), or more frequently if there are indicators of impairment. The method used for impairment testing is to allocate assets (including goodwill and brands) to appropriate CGUs based on the smallest identifiable group of assets that generate independent cash inflows, and to estimate the recoverable amounts of the CGUs as the higher of the asset\u2019s fair values less costs of disposal and the value-in-use. For the purposes of goodwill impairment testing, goodwill related to each of the Beauty brands is aggregated together into the Beauty group of CGUs as this is manner in which the core assets are used to generate cash flows and is the lowest level at which goodwill is monitored by management. Value-in-use is determined using cash flow projections from approved budgets and plans which are then extrapolated based on estimated long-term growth rates applicable to the markets and geographies in which the CGUs operate. The cash flow projections are discounted based on a pre-tax weighted average cost of capital for comparable companies operating in similar markets and geographies as the Group adjusted for risks specific to the particular CGU. The assumptions used in the cash flow projections, and associated sensitivities, are described and set out in note 10. Critical areas of judgment Assessment of useful lives of acquired brands The Directors are required to assess whether the useful lives of acquired brands are finite or indefinite. Under IAS 38 Intangible Assets, an intangible asset should be regarded as having an indefinite useful life when, based on all of the relevant factors, there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. Deferred tax assets \u2013 unused tax losses A deferred taxation asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be used. Deferred taxation assets are recognised for unused tax losses to the extent that it is probable that future taxable profits will be available against which they can be used. At 31 May 2025, the Group recorded a deferred taxation asset of \u00a326.8 million (2024: \u00a336.8 million) on recognised but unused tax losses. The Group has concluded that the deferred taxation assets will be recoverable as it is probable that the related taxation benefit will be realised in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-444": { "value": "Key sources of estimation uncertainty Pensions The cost of defined benefit pension schemes and the present value of the pension obligation are determined using actuarial assumptions in those valuations. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. Significant differences in actual experience or significant changes in key assumptions could affect the retirement benefit surplus/obligations and the net interest expense. In determining the discount rate, management considers the interest rates of corporate bonds with at least an \u2018AA\u2019 rating or above and having terms to maturity approximating to the terms of the related pension obligation to be appropriate. The mortality rate is based on publicly available mortality tables for the specific countries. Those mortality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension increases are based on expected future inflation rates for the respective countries. See note 23 for details of key estimates and assumptions applied in valuing the pension schemes. Current taxation Current taxation liabilities/assets relate to the expected amount of taxation to be paid/received as a result of the operating performance of the Group\u2019s entities. In calculating the appropriate taxation charge, assumptions and judgements are made regarding application and interpretation of local laws. In situations where tax impacts are subject to uncertain treatment, interpretation of local rule or regulation, or otherwise remain to be agreed with relevant tax authorities, an estimate of any resulting financial impact may be recorded in the Consolidated Financial Statements. Any such management estimates are made in accordance with IFRS requirements, including IAS 12 Income Taxes and IFRIC 23 Uncertainty over Income Tax Treatments when considering income tax and IAS 37 Provisions, Contingent Liabilities and Contingent Assets in relation to non-income taxes. Due to the uncertainty associated with such tax items, there is a possibility that on conclusion of open tax matters at a future date, the final outcome may differ significantly from the original amounts recorded. Where the eventual taxation paid or reclaimed is different to the amounts originally estimated, the difference will be charged or credited to the income statement in the period in which it is determined. Included within the current taxation liability of the Group are current taxation estimates with net carrying values as at 31 May 2025 of \u00a323.1 million (2024: \u00a324.7 million), of which \u00a321.7 million (2024: \u00a323.2 million) relates to a single estimate arising due to a difference in technical standpoint between PZ Cussons plc and a tax authority on a subjective and complex piece of legislation. Due to the known difference in technical standpoint, this potential taxation liability has been provided for in full as the range of possible outcomes could be a liability up to the full value of the provided amount, however the potential future settlement remains a cash risk. In addition to the provision items indicated above, as at 31 May 2025, the Group had further contingent taxation liabilities of \u00a318.5 million (2024: \u00a314.4 million) and contingent assets of \u00a30.5 million (2024: \u00a31.2 million). The largest item relates to an overseas court verdict that found against the Group and the possible cross-over risk into later years, all of which have been appealed by the Group. Other primary risks include the historical impact of licensing arrangements and more speculative claims made by overseas tax authorities, with external third-party opinions supporting the recognition of such items as having less than a probable risk of crystallisation. Such positions have been disclosed as contingent assets/liabilities in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Deferred taxation assets \u2013 temporary differences Deferred taxation is provided on temporary differences between the carrying amounts of assets and liabilities recognised for financial reporting purposes and the amounts used for taxation purposes, on an undiscounted basis. The amount of deferred taxation provided is based on the expected manner of realisation or settlement of the carrying amounts of assets and liabilities, using tax rates enacted or substantively enacted at the financial year-end date. Assessment of impairment of goodwill and other indefinite life assets Goodwill and brands have all arisen from business combinations and all have indefinite useful lives and, in accordance with IAS 36 Impairment of Assets, are subject to annual impairment testing (which the Group carries out at the year-end date), or more frequently if there are indicators of impairment. The method used for impairment testing is to allocate assets (including goodwill and brands) to appropriate CGUs based on the smallest identifiable group of assets that generate independent cash inflows, and to estimate the recoverable amounts of the CGUs as the higher of the asset\u2019s fair values less costs of disposal and the value-in-use. For the purposes of goodwill impairment testing, goodwill related to each of the Beauty brands is aggregated together into the Beauty group of CGUs as this is manner in which the core assets are used to generate cash flows and is the lowest level at which goodwill is monitored by management. Value-in-use is determined using cash flow projections from approved budgets and plans which are then extrapolated based on estimated long-term growth rates applicable to the markets and geographies in which the CGUs operate. The cash flow projections are discounted based on a pre-tax weighted average cost of capital for comparable companies operating in similar markets and geographies as the Group adjusted for risks specific to the particular CGU. The assumptions used in the cash flow projections, and associated sensitivities, are described and set out in note 10. Critical areas of judgment Assessment of useful lives of acquired brands The Directors are required to assess whether the useful lives of acquired brands are finite or indefinite. Under IAS 38 Intangible Assets, an intangible asset should be regarded as having an indefinite useful life when, based on all of the relevant factors, there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. Deferred tax assets \u2013 unused tax losses A deferred taxation asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be used. Deferred taxation assets are recognised for unused tax losses to the extent that it is probable that future taxable profits will be available against which they can be used. At 31 May 2025, the Group recorded a deferred taxation asset of \u00a326.8 million (2024: \u00a336.8 million) on recognised but unused tax losses. The Group has concluded that the deferred taxation assets will be recoverable as it is probable that the related taxation benefit will be realised in the foreseeable future.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-406": { "value": "
2. SEGMENTAL ANALYSIS
The segmental information presented in this note is consistent with management reporting provided to the Executive Committee, which is the
Chief Operating Decision-Maker (CODM). The CODM reviews the Group\u2019s internal reporting to assess performance and allocate resources. The
CODM considers the business from a geographic perspective, with Europe & the Americas, Asia Pacific and Africa being the operating segments.
In accordance with IFRS 8 Operating Segments, the Executive Committee has identified these as the reportable segments.
The CODM assesses the performance based on operating profit before adjusting items. Revenue and operating profit of the Europe & the Americas
and Asia Pacific segments arise from the sale of Hygiene, Beauty and Baby products. Revenue and operating profit from the Africa segment also arise
from the sale of Hygiene, Beauty and Baby products as well as Electrical products. The prices between Group companies for intra-group sales of
materials, manufactured goods, and charges for franchise fees and royalties are on an arm\u2019s length basis.
Central includes expenditure associated with the global headquarters and above market functions net of recharges to our regions. Reporting used by
the CODM to assess performance does contain information about brand-specific performance. Global segmentation between the portfolio of brands
is not part of the regular internally reported financial information.
(a) Reportable segments
Europe & the
Americas
Asia Pacific
Africa
Central
Eliminations
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross segment revenue
202.5
175.3
140.9
40.2
(45.1)
513.8
Inter-segment revenue
(3.1)
(1.8)
\u2014
(40.2)
45.1
\u2014
Revenue
199.4
173.5
140.9
\u2014
\u2014
513.8
Segmental operating profit/(loss) before adjusting items and
share of results of joint venture
36.8
25.2
16.3
(30.5)
\u2014
47.8
Share of results of joint venture
\u2014
\u2014
7.1
\u2014
\u2014
7.1
Segmental operating profit/(loss) before adjusting items
36.8
25.2
23.4
(30.5)
\u2014
54.9
Adjusting items
14.1
(0.1)
(4.5)
(43.8)
\u2014
(34.3)
Segmental operating profit/(loss)
50.9
25.1
18.9
(74.3)
\u2014
20.6
Finance income
3.9
Finance expense
(18.0)
Net monetary gain arising from hyperinflationary economies
\u2014
Profit before taxation
6.5
Europe & the
Americas
Asia Pacific
Africa
Central
Eliminations
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross segment revenue
204.1
179.2
151.7
34.2
(41.3)
527.9
Inter-segment revenue
(3.4)
(4.0)
\u2014
(33.9)
41.3
\u2014
Revenue
200.7
175.2
151.7
0.3
\u2014
527.9
Segmental operating profit/(loss) before adjusting items and
share of results of joint venture
32.6
28.0
19.6
(32.6)
\u2014
47.6
Share of results of joint venture
\u2014
\u2014
10.7
\u2014
\u2014
10.7
Segmental operating profit/(loss) before adjusting items
32.6
28.0
30.3
(32.6)
\u2014
58.3
Adjusting items
(31.9)
(1.0)
(81.0)
(28.1)
\u2014
(142.0)
Segmental operating profit/(loss)
0.7
27.0
(50.7)
(60.7)
\u2014
(83.7)
Finance income
12.2
Finance expense
(24.2)
Net monetary loss arising from hyperinflationary economies
(0.2)
Loss before taxation
(95.9)
Segment assets and liabilities are not disclosed because they are not reported to nor reviewed by the CODM.
UK revenue for 2025 was \u00a3182.1 million (2024: \u00a3179.6 million), Nigeria revenue for 2025 was \u00a3105.5 million (2024: \u00a3126.0 million), Australia and New
Zealand revenue for 2025 was \u00a388.5 million (2024: \u00a394.9 million) and Indonesia revenue for 2025 was \u00a368.5 million (2024: \u00a363.9 million). UK non-current
assets at 31 May 2025 were \u00a3283.8 million (2024: \u00a3337.2 million), Nigeria non-current assets at 31 May 2025 were \u00a323.4 million (2024: \u00a330.4 million),
Australia and New Zealand non-current assets at 31 May 2025 were \u00a332.0 million (2024: \u00a335.2 million) and Indonesia non-current assets at 31 May 2025
were \u00a315.0 million (2024: \u00a311.6 million).
The Group analyses its revenue by the following categories:
2025
2024
\u00a3m
\u00a3m
Hygiene
285.5
289.1
Baby
106.6
106.9
Beauty
65.4
68.3
Electricals
47.0
56.6
Other
9.3
7.0
513.8
527.9
No single customer generates revenue greater than 10% of the consolidated revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-445": { "value": "2. SEGMENTAL ANALYSIS The segmental information presented in this note is consistent with management reporting provided to the Executive Committee, which is the Chief Operating Decision-Maker (CODM). The CODM reviews the Group\u2019s internal reporting to assess performance and allocate resources. The CODM considers the business from a geographic perspective, with Europe & the Americas, Asia Pacific and Africa being the operating segments. In accordance with IFRS 8 Operating Segments, the Executive Committee has identified these as the reportable segments. The CODM assesses the performance based on operating profit before adjusting items. Revenue and operating profit of the Europe & the Americas and Asia Pacific segments arise from the sale of Hygiene, Beauty and Baby products. Revenue and operating profit from the Africa segment also arise from the sale of Hygiene, Beauty and Baby products as well as Electrical products. The prices between Group companies for intra-group sales of materials, manufactured goods, and charges for franchise fees and royalties are on an arm\u2019s length basis. Central includes expenditure associated with the global headquarters and above market functions net of recharges to our regions. Reporting used by the CODM to assess performance does contain information about brand-specific performance. Global segmentation between the portfolio of brands is not part of the regular internally reported financial information. (a) Reportable segments
Europe & the
Americas
Asia Pacific
Africa
Central
Eliminations
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross segment revenue
202.5
175.3
140.9
40.2
(45.1)
513.8
Inter-segment revenue
(3.1)
(1.8)
\u2014
(40.2)
45.1
\u2014
Revenue
199.4
173.5
140.9
\u2014
\u2014
513.8
Segmental operating profit/(loss) before adjusting items and
share of results of joint venture
36.8
25.2
16.3
(30.5)
\u2014
47.8
Share of results of joint venture
\u2014
\u2014
7.1
\u2014
\u2014
7.1
Segmental operating profit/(loss) before adjusting items
36.8
25.2
23.4
(30.5)
\u2014
54.9
Adjusting items
14.1
(0.1)
(4.5)
(43.8)
\u2014
(34.3)
Segmental operating profit/(loss)
50.9
25.1
18.9
(74.3)
\u2014
20.6
Finance income
3.9
Finance expense
(18.0)
Net monetary gain arising from hyperinflationary economies
\u2014
Profit before taxation
6.5
Europe & the
Americas
Asia Pacific
Africa
Central
Eliminations
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross segment revenue
204.1
179.2
151.7
34.2
(41.3)
527.9
Inter-segment revenue
(3.4)
(4.0)
\u2014
(33.9)
41.3
\u2014
Revenue
200.7
175.2
151.7
0.3
\u2014
527.9
Segmental operating profit/(loss) before adjusting items and
share of results of joint venture
32.6
28.0
19.6
(32.6)
\u2014
47.6
Share of results of joint venture
\u2014
\u2014
10.7
\u2014
\u2014
10.7
Segmental operating profit/(loss) before adjusting items
32.6
28.0
30.3
(32.6)
\u2014
58.3
Adjusting items
(31.9)
(1.0)
(81.0)
(28.1)
\u2014
(142.0)
Segmental operating profit/(loss)
0.7
27.0
(50.7)
(60.7)
\u2014
(83.7)
Finance income
12.2
Finance expense
(24.2)
Net monetary loss arising from hyperinflationary economies
(0.2)
Loss before taxation
(95.9)
Segment assets and liabilities are not disclosed because they are not reported to nor reviewed by the CODM. UK revenue for 2025 was \u00a3182.1 million (2024: \u00a3179.6 million), Nigeria revenue for 2025 was \u00a3105.5 million (2024: \u00a3126.0 million), Australia and New Zealand revenue for 2025 was \u00a388.5 million (2024: \u00a394.9 million) and Indonesia revenue for 2025 was \u00a368.5 million (2024: \u00a363.9 million). UK non-current assets at 31 May 2025 were \u00a3283.8 million (2024: \u00a3337.2 million), Nigeria non-current assets at 31 May 2025 were \u00a323.4 million (2024: \u00a330.4 million), Australia and New Zealand non-current assets at 31 May 2025 were \u00a332.0 million (2024: \u00a335.2 million) and Indonesia non-current assets at 31 May 2025 were \u00a315.0 million (2024: \u00a311.6 million). The Group analyses its revenue by the following categories:
2025
2024
\u00a3m
\u00a3m
Hygiene
285.5
289.1
Baby
106.6
106.9
Beauty
65.4
68.3
Electricals
47.0
56.6
Other
9.3
7.0
513.8
527.9
No single customer generates revenue greater than 10% of the consolidated revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-468": { "value": "(a) Reportable segments
Europe & the
Americas
Asia Pacific
Africa
Central
Eliminations
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross segment revenue
202.5
175.3
140.9
40.2
(45.1)
513.8
Inter-segment revenue
(3.1)
(1.8)
\u2014
(40.2)
45.1
\u2014
Revenue
199.4
173.5
140.9
\u2014
\u2014
513.8
Segmental operating profit/(loss) before adjusting items and
share of results of joint venture
36.8
25.2
16.3
(30.5)
\u2014
47.8
Share of results of joint venture
\u2014
\u2014
7.1
\u2014
\u2014
7.1
Segmental operating profit/(loss) before adjusting items
36.8
25.2
23.4
(30.5)
\u2014
54.9
Adjusting items
14.1
(0.1)
(4.5)
(43.8)
\u2014
(34.3)
Segmental operating profit/(loss)
50.9
25.1
18.9
(74.3)
\u2014
20.6
Finance income
3.9
Finance expense
(18.0)
Net monetary gain arising from hyperinflationary economies
\u2014
Profit before taxation
6.5
Europe & the
Americas
Asia Pacific
Africa
Central
Eliminations
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross segment revenue
204.1
179.2
151.7
34.2
(41.3)
527.9
Inter-segment revenue
(3.4)
(4.0)
\u2014
(33.9)
41.3
\u2014
Revenue
200.7
175.2
151.7
0.3
\u2014
527.9
Segmental operating profit/(loss) before adjusting items and
share of results of joint venture
32.6
28.0
19.6
(32.6)
\u2014
47.6
Share of results of joint venture
\u2014
\u2014
10.7
\u2014
\u2014
10.7
Segmental operating profit/(loss) before adjusting items
32.6
28.0
30.3
(32.6)
\u2014
58.3
Adjusting items
(31.9)
(1.0)
(81.0)
(28.1)
\u2014
(142.0)
Segmental operating profit/(loss)
0.7
27.0
(50.7)
(60.7)
\u2014
(83.7)
Finance income
12.2
Finance expense
(24.2)
Net monetary loss arising from hyperinflationary economies
(0.2)
Loss before taxation
(95.9)
Segment assets and liabilities are not disclosed because they are not reported to nor reviewed by the CODM. UK revenue for 2025 was \u00a3182.1 million (2024: \u00a3179.6 million), Nigeria revenue for 2025 was \u00a3105.5 million (2024: \u00a3126.0 million), Australia and New Zealand revenue for 2025 was \u00a388.5 million (2024: \u00a394.9 million) and Indonesia revenue for 2025 was \u00a368.5 million (2024: \u00a363.9 million). UK non-current assets at 31 May 2025 were \u00a3283.8 million (2024: \u00a3337.2 million), Nigeria non-current assets at 31 May 2025 were \u00a323.4 million (2024: \u00a330.4 million), Australia and New Zealand non-current assets at 31 May 2025 were \u00a332.0 million (2024: \u00a335.2 million) and Indonesia non-current assets at 31 May 2025 were \u00a315.0 million (2024: \u00a311.6 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-407": { "value": "
3. ADJUSTING ITEMS
Adjusting item expense/(income) comprised:
2025
2024
\u00a3m
\u00a3m
Simplification and transformation
1
8.7
10.1
Acquisition and disposal-related items
2
1.7
(1.4)
Impairment charge (net of impairment reversal)
1
18.8
24.4
Foreign exchange losses on Nigerian Naira devaluation
3
\u2014
104.1
Foreign exchange losses on Nigerian Naira devaluation on joint venture
4
\u2014
3.4
Foreign exchange losses arising on loans previously classified as permanent as equity
1
3.9
\u2014
Foreign exchange losses arising on loans previously classified as permanent as equity to joint venture undertaking
4
1.5
\u2014
Adjusting items before taxation
34.6
140.6
Taxation
2.7
(30.6)
Adjusting items after taxation
37.3
110.0
1 Included in administrative expense in the Consolidated Income Statement.
2 \u00a31.4 million is included in administrative expenses and \u00a30.3 million is Included in finance income in the Consolidated Income Statement.
3 In the year ended 31 May 2024, \u00a379.0 million is included in cost of sales and \u00a325.1 million is included in administrative expense in the Consolidated Income Statement. The amount in administrative
expense included charges of \u00a30.2 million and \u00a31.4 million relating to the de-designation of permanent as equity loans to a joint venture and fellow subsidiary undertakings respectively.
4 Included in share of results of joint venture in the Consolidated Income Statement.
Simplification and transformation
For the year ended 31 May 2025, these costs primarily relate to the strategic review of our Africa business and the St.Tropez brand. For the year
ended 31 May 2024, these costs primarily relate to the following projects which started in 2022: three-year finance transformation project, HR
simplification project and supply chain transformation project which completed during 2025.
Acquisition and disposal-related items
For the year ended 31 May 2025, the expense relates to the re-measurement of the deferred consideration for the Childs Farm acquisition and costs
incurred in relation to the sale of the Group\u2019s joint venture undertaking (notes 14 and 15) expected to be completed during the year ending 31 May
2026. In the year ended 31 May 2025, the Group made the final settlement payment of the deferred consideration for the Childs Farm acquisition.
For the year ended 31 May 2024, the income relates to the re-measurement of the deferred consideration for the Childs Farm acquisition.
Impairment charge (net of impairment reversal)
The current year charge relates to the impairment of the Beauty group of CGUs goodwill of \u00a335.3m which is partially offset by the \u00a316.5m impairment
reversal of the Sanctuary Spa brand intangible (note 10). For the year ended 31 May 2024, the impairment charge relates to the impairment of the
Sanctuary Spa brand of \u00a324.4m (note 10).
Foreign exchange losses arising on Nigerian Naira devaluation (including on joint venture)
For the year ended 31 May 2024, this primarily relates to realised and unrealised foreign exchange losses resulting from the Nigerian Naira
devaluation during the financial year on USD denominated liabilities which existed at 31 May 2023.
As outlined in footnotes 3 and 4 above, this also includes a net charge of \u00a30.4 million relating to the de-designation of permanent as equity loans
to a joint venture undertaking and with subsidiary undertakings.
Foreign exchange losses arising on loans previously designated as permanent as equity (including to joint venture)
For the year ended 31 May 2025, this primarily relates to realised and unrealised foreign exchange losses resulting from movements in the Nigerian
Naira on loans with the joint venture undertaking and subsidiary undertakings which were de-designated from permanent as equity in the year ended
31 May 2024.
The closing NGN/GBP rate at 31 May 2025 was 2,136 (2024: 1,893), and the average NGN/GBP for the current year was 2,015 (2024: 1,257).
", "dimensions": { "concept": "pzcussonsplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-408": { "value": "
4. LOSS FOR THE YEAR
Loss for the year has been arrived at after (crediting)/charging:
2025
2024
\u00a3m
\u00a3m
Net foreign exchange losses
7.8
124.6
Research and development costs
1.1
0.5
Depreciation of property, plant and equipment
5.1
7.0
Depreciation of investment properties
0.1
0.1
Depreciation of right-of-use assets
2.8
3.2
Profit on disposal of property, plant and equipment
\u2014
(1.8)
Profit on disposal of other assets
(1.1)
\u2014
Amortisation of intangible assets
4.1
7.1
Impairment of intangible assets, net of impairment reversal (note 10)
18.8
24.4
Auditor remuneration
An analysis of Auditor remuneration is provided below:
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s annual financial statements and consolidation
2.0
2.3
Fees payable to the Company\u2019s Auditor and their associates for other services to the Group:
\u2013 audit of the Company\u2019s subsidiaries
2.0
1.7
Fees payable to the Company\u2019s previous Auditor and their associates for other services to the Group:
\u2013 audit of the Company\u2019s subsidiaries
\u2014
0.4
Total audit fees
4.0
4.4
Fees payable to the Company\u2019s Auditor and its associates for other services:
\u2013 Other assurance services
1
0.2
0.3
Total fees for non-audit services
0.2
0.3
Total auditor's remuneration
4.2
4.7
1 Fees for permitted non-audit services paid to the Company\u2019s Auditor included \u00a30.2 million (2024: \u00a30.3 million) for the review of the Group\u2019s interim statement released in February 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-469": { "value": "4. LOSS FOR THE YEAR Loss for the year has been arrived at after (crediting)/charging:
2025
2024
\u00a3m
\u00a3m
Net foreign exchange losses
7.8
124.6
Research and development costs
1.1
0.5
Depreciation of property, plant and equipment
5.1
7.0
Depreciation of investment properties
0.1
0.1
Depreciation of right-of-use assets
2.8
3.2
Profit on disposal of property, plant and equipment
\u2014
(1.8)
Profit on disposal of other assets
(1.1)
\u2014
Amortisation of intangible assets
4.1
7.1
Impairment of intangible assets, net of impairment reversal (note 10)
18.8
24.4
Auditor remuneration An analysis of Auditor remuneration is provided below:
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s annual financial statements and consolidation
2.0
2.3
Fees payable to the Company\u2019s Auditor and their associates for other services to the Group:
\u2013 audit of the Company\u2019s subsidiaries
2.0
1.7
Fees payable to the Company\u2019s previous Auditor and their associates for other services to the Group:
\u2013 audit of the Company\u2019s subsidiaries
\u2014
0.4
Total audit fees
4.0
4.4
Fees payable to the Company\u2019s Auditor and its associates for other services:
\u2013 Other assurance services
1
0.2
0.3
Total fees for non-audit services
0.2
0.3
Total auditor's remuneration
4.2
4.7
1 Fees for permitted non-audit services paid to the Company\u2019s Auditor included \u00a30.2 million (2024: \u00a30.3 million) for the review of the Group\u2019s interim statement released in February 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-446": { "value": "4. LOSS FOR THE YEAR Loss for the year has been arrived at after (crediting)/charging:
2025
2024
\u00a3m
\u00a3m
Net foreign exchange losses
7.8
124.6
Research and development costs
1.1
0.5
Depreciation of property, plant and equipment
5.1
7.0
Depreciation of investment properties
0.1
0.1
Depreciation of right-of-use assets
2.8
3.2
Profit on disposal of property, plant and equipment
\u2014
(1.8)
Profit on disposal of other assets
(1.1)
\u2014
Amortisation of intangible assets
4.1
7.1
Impairment of intangible assets, net of impairment reversal (note 10)
18.8
24.4
Auditor remuneration An analysis of Auditor remuneration is provided below:
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s annual financial statements and consolidation
2.0
2.3
Fees payable to the Company\u2019s Auditor and their associates for other services to the Group:
\u2013 audit of the Company\u2019s subsidiaries
2.0
1.7
Fees payable to the Company\u2019s previous Auditor and their associates for other services to the Group:
\u2013 audit of the Company\u2019s subsidiaries
\u2014
0.4
Total audit fees
4.0
4.4
Fees payable to the Company\u2019s Auditor and its associates for other services:
\u2013 Other assurance services
1
0.2
0.3
Total fees for non-audit services
0.2
0.3
Total auditor's remuneration
4.2
4.7
1 Fees for permitted non-audit services paid to the Company\u2019s Auditor included \u00a30.2 million (2024: \u00a30.3 million) for the review of the Group\u2019s interim statement released in February 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-491": { "value": "Loss for the year has been arrived at after (crediting)/charging:
2025
2024
\u00a3m
\u00a3m
Net foreign exchange losses
7.8
124.6
Research and development costs
1.1
0.5
Depreciation of property, plant and equipment
5.1
7.0
Depreciation of investment properties
0.1
0.1
Depreciation of right-of-use assets
2.8
3.2
Profit on disposal of property, plant and equipment
\u2014
(1.8)
Profit on disposal of other assets
(1.1)
\u2014
Amortisation of intangible assets
4.1
7.1
Impairment of intangible assets, net of impairment reversal (note 10)
18.8
24.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-492": { "value": "Auditor remuneration An analysis of Auditor remuneration is provided below:
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s annual financial statements and consolidation
2.0
2.3
Fees payable to the Company\u2019s Auditor and their associates for other services to the Group:
\u2013 audit of the Company\u2019s subsidiaries
2.0
1.7
Fees payable to the Company\u2019s previous Auditor and their associates for other services to the Group:
\u2013 audit of the Company\u2019s subsidiaries
\u2014
0.4
Total audit fees
4.0
4.4
Fees payable to the Company\u2019s Auditor and its associates for other services:
\u2013 Other assurance services
1
0.2
0.3
Total fees for non-audit services
0.2
0.3
Total auditor's remuneration
4.2
4.7
1 Fees for permitted non-audit services paid to the Company\u2019s Auditor included \u00a30.2 million (2024: \u00a30.3 million) for the review of the Group\u2019s interim statement released in February 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-410": { "value": "
5. EMPLOYEES
The average monthly number of employees (including Executive Directors) was as follows:
2025
2024
number
number
Production
1,379
1,621
Selling and distribution
647
599
Administration
385
347
2,411
2,567
Costs incurred in respect of the above were as follows:
2025
2024
\u00a3m
\u00a3m
Wages and salaries
64.6
69.2
Social security costs
5.7
5.1
Pension costs
3.3
3.5
Share-based payments
2.6
1.9
76.2
79.7
Pension costs (note 23) consist of:
2025
2024
\u00a3m
\u00a3m
Defined benefit schemes
1.3
1.3
Defined contribution schemes
1.8
1.9
Nigerian gratuity scheme
0.2
0.3
3.3
3.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-409": { "value": "
6. NET FINANCE EXPENSE
2025
2024
\u00a3m
\u00a3m
Interest receivable on cash and cash equivalents held
(2.4)
(8.9)
Finance income on defined benefit pension schemes
(1.5)
(1.9)
Change in fair value of deferred consideration
\u2014
(1.4)
Finance income
(3.9)
(12.2)
Interest payable on borrowings
15.5
22.2
Finance expense on defined benefit pension schemes
0.6
0.6
Interest expense on lease liabilities
0.6
0.5
Change in fair value of deferred consideration
0.3
\u2014
Amortisation of financing fees
1.0
0.9
Finance expense
18.0
24.2
Net finance expense
14.1
12.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-502": { "value": "6. NET FINANCE EXPENSE
2025
2024
\u00a3m
\u00a3m
Interest receivable on cash and cash equivalents held
(2.4)
(8.9)
Finance income on defined benefit pension schemes
(1.5)
(1.9)
Change in fair value of deferred consideration
\u2014
(1.4)
Finance income
(3.9)
(12.2)
Interest payable on borrowings
15.5
22.2
Finance expense on defined benefit pension schemes
0.6
0.6
Interest expense on lease liabilities
0.6
0.5
Change in fair value of deferred consideration
0.3
\u2014
Amortisation of financing fees
1.0
0.9
Finance expense
18.0
24.2
Net finance expense
14.1
12.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-498": { "value": "6. NET FINANCE EXPENSE
2025
2024
\u00a3m
\u00a3m
Interest receivable on cash and cash equivalents held
(2.4)
(8.9)
Finance income on defined benefit pension schemes
(1.5)
(1.9)
Change in fair value of deferred consideration
\u2014
(1.4)
Finance income
(3.9)
(12.2)
Interest payable on borrowings
15.5
22.2
Finance expense on defined benefit pension schemes
0.6
0.6
Interest expense on lease liabilities
0.6
0.5
Change in fair value of deferred consideration
0.3
\u2014
Amortisation of financing fees
1.0
0.9
Finance expense
18.0
24.2
Net finance expense
14.1
12.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-470": { "value": "6. NET FINANCE EXPENSE
2025
2024
\u00a3m
\u00a3m
Interest receivable on cash and cash equivalents held
(2.4)
(8.9)
Finance income on defined benefit pension schemes
(1.5)
(1.9)
Change in fair value of deferred consideration
\u2014
(1.4)
Finance income
(3.9)
(12.2)
Interest payable on borrowings
15.5
22.2
Finance expense on defined benefit pension schemes
0.6
0.6
Interest expense on lease liabilities
0.6
0.5
Change in fair value of deferred consideration
0.3
\u2014
Amortisation of financing fees
1.0
0.9
Finance expense
18.0
24.2
Net finance expense
14.1
12.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-447": { "value": "6. NET FINANCE EXPENSE
2025
2024
\u00a3m
\u00a3m
Interest receivable on cash and cash equivalents held
(2.4)
(8.9)
Finance income on defined benefit pension schemes
(1.5)
(1.9)
Change in fair value of deferred consideration
\u2014
(1.4)
Finance income
(3.9)
(12.2)
Interest payable on borrowings
15.5
22.2
Finance expense on defined benefit pension schemes
0.6
0.6
Interest expense on lease liabilities
0.6
0.5
Change in fair value of deferred consideration
0.3
\u2014
Amortisation of financing fees
1.0
0.9
Finance expense
18.0
24.2
Net finance expense
14.1
12.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-493": { "value": "6. NET FINANCE EXPENSE
2025
2024
\u00a3m
\u00a3m
Interest receivable on cash and cash equivalents held
(2.4)
(8.9)
Finance income on defined benefit pension schemes
(1.5)
(1.9)
Change in fair value of deferred consideration
\u2014
(1.4)
Finance income
(3.9)
(12.2)
Interest payable on borrowings
15.5
22.2
Finance expense on defined benefit pension schemes
0.6
0.6
Interest expense on lease liabilities
0.6
0.5
Change in fair value of deferred consideration
0.3
\u2014
Amortisation of financing fees
1.0
0.9
Finance expense
18.0
24.2
Net finance expense
14.1
12.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-411": { "value": "
7. TAXATION
2025
2024
\u00a3m
\u00a3m
Current taxation
UK corporation tax
\u2013 current year
2.7
5.2
\u2013 adjustments in respect of prior years
(1.6)
3.5
1.1
8.7
Overseas corporation tax
\u2013 current year
11.9
11.6
\u2013 adjustments in respect of prior years
(0.2)
(0.8)
11.7
10.8
Total current taxation charge
12.8
19.5
Deferred taxation
Origination and reversal of temporary timing differences
1.5
(38.0)
Adjustments in respect of prior years
(2.6)
(6.4)
Effect of rate change adjustments
\u2014
0.8
Total deferred taxation credit
(1.1)
(43.6)
Total taxation charge/(credit)
11.7
(24.1)
Analysed as:
Taxation on profit before adjusting items
9.0
6.5
Taxation on adjusting items
2.7
(30.6)
11.7
(24.1)
The effective tax rate (ETR) in relation to continuing operations for the year is 180.0% (2024: 25.1%). Before adjusting items, the ETR is 21.9% (2024:
14.5%), primarily due to the impacts of the minimum tax regime in Nigeria and the material impairments on brand and goodwill. The statutory ETR
of 180.0% is driven primarily by the \u00a335.3 million Goodwill impairment of Beauty brands that is non-deductible for UK corporation tax purposes, and
which originated from business combination accounting under IFRS 3 requiring relevant assets and liabilities to be recorded at fair value at the date of
acquisition. Absent the impairment of Goodwill, the statutory ETR for FY25 would be 28.0%.
UK corporation tax is calculated at 25% (2024: 25%) of the estimated assessable profit for the year. Taxation for other jurisdictions is calculated at the
rates prevailing in the respective jurisdictions. The Group has chosen to use the UK corporation tax rate for the reconciliation of the tax charge for the
year to the profit before taxation as this is the seat for the central management and control of the Group.
2025
2024
\u00a3m
\u00a3m
Profit/(loss) before taxation
6.5
(95.9)
Taxation at the UK corporation tax rate of 25% (2024: 25%)
1.6
(24.0)
Adjusted for:
Effect of non-deductible expenses
13.6
6.4
Effect of non-taxable income
(2.9)
(3.7)
Effect of rate changes on deferred taxation (all territories)
\u2014
0.8
Taxation effect of share of results of joint venture
(1.8)
(2.4)
Other taxes suffered outside of the UK
3.0
2.1
Net adjustment to amount carried in respect of uncertain tax positions
1.0
2.4
Movements in deferred taxation assets not recognised
0.1
1.7
Adjustments in respect of prior years
(4.4)
(3.7)
Differences in overseas rates
1.5
(3.7)
Taxation charge/(credit) for the year
11.7
(24.1)
Primary reconciling differences between taxation at UK corporation tax rate and the actual taxation charge for the year include the following:
\u2022 Net increase to the amount carried in respect of uncertain tax positions \u00a31.0 million (2024: \u00a32.4 million increase).
\u2022 Effect of non-deductible expenses of \u00a313.6 million (2024: \u00a36.4 million) include items considered non-deductible across the Group\u2019s various
operating entities, including disallowances in respect of related party transactions and impairments on intangibles, in particular a \u00a335.3 million
(2024: \u00a3nil) impairment of goodwill relating to the Group's Beauty brands.
\u2022 Effect of non-taxable income of \u00a32.9 million (2024: \u00a33.7 million) include items considered non-taxable across the Group's various operating entities
including non-taxable income in respect of related party transactions.
\u2022 Other taxes suffered outside the UK increased the annual taxation charge by \u00a33.0 million (2024: \u00a32.1 million) and included unrelievable withholding
taxes incurred on dividends received in the UK. It also includes local levies and the minimum rate of tax payable in Nigeria as a proportion of
revenue and as a result of there being no taxable profits on which corporation tax would be assessable due to the availability of losses during
the period.
\u2022 Differences in foreign tax rates during the year of \u00a31.5 million (2024: \u00a33.7 million credit) reflecting the Group profitability profile in
overseas jurisdictions.
Taxation on items taken directly to equity and other comprehensive income was a credit of \u00a30.7 million (2024: \u00a314.9 million credit) and primarily
relates to deferred taxation on the re-measurement of retirement and other long-term benefit obligations.
The Group operates in a multi-national tax environment where the nature of uncertain tax positions is often complex and subject to change,
and necessarily involves a degree of estimation and judgement in respect of certain items whose tax treatment cannot be finally determined
until resolution.
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%. The legislation
implements a domestic top-up tax and a multi-national top-up tax effective for accounting periods on or after 31 December 2023, and effective for
the Group from 1 June 2024. The Group has continued to apply the exception allowed by an amendment to IAS 12 Income Taxes to recognising and
disclosing information about deferred tax assets and liabilities relating to top-up income taxes. The Group is not currently within the scope of the
Pillar Two rules.
21. DEFERRED TAX
Deferred tax is provided under the balance sheet liability method using the applicable jurisdiction tax rate at which the balances are expected to
unwind. Movements in deferred tax assets and liabilities during the year were:
Revaluation
Property, Retirement of property,
plant and benefit plant and Unremitted Business Accruals and Other timing
equipment obligations equipment earnings combinations
provisions
Tax losses
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 June 2023
(9.9)
(6.6)
(4.8)
(1.8)
(45.2)
3.8
3.6
(8.5)
(69.4)
(Charge)/Credit to income
(2.0)
0.2
4.8
1.8
6.1
(1.0)
29.5
4.2
43.6
statement
Credit/(Charge) to other
comprehensive income
\u2014
1.7
\u2014
\u2014
\u2014
\u2014
13.6
(0.5)
14.8
Exchange differences
4.7
(0.4)
\u2014
\u2014
(0.1)
(1.3)
(9.9)
0.4
(6.6)
At 31 May 2024
(7.2)
(5.1)
\u2014
\u2014
(39.2)
1.5
36.8
(4.4)
(17.6)
Credit/(charge) to income
0.8
\u2014
\u2014
\u2014
(4.1)
(0.6)
(8.0)
12.9
1.0
statement
Credit/(charge) to other
comprehensive income
\u2014
1.2
\u2014
\u2014
0.9
\u2014
\u2014
(1.6)
0.5
Exchange differences
0.1
(0.1)
\u2014
\u2014
\u2014
(0.2)
(2.0)
\u2014
(2.2)
At 31 May 2025
(6.3)
(4.0)
\u2014
\u2014
(42.4)
0.7
26.8
6.9
(18.3)
Deferred taxation assets are recognised for tax loss carry forwards to the extent that the realisation of the related tax benefit through future taxable
profits is probable.
At 31 May 2025 the Group recorded a deferred taxation asset of \u00a326.8 million (2024: \u00a336.8 million) on recognised but unused tax losses with the
balance primarily relating to the impact of the Naira devaluation and resulting operating losses. Given the probability of ongoing profitability together
with other supporting items, deferred tax assets occurring as a result of such tax losses are recognised in full.
A further \u00a37.0 million (2024: \u00a38.0 million) of unrecognised tax losses are not expected to expire or be disposed of, together with \u00a312.7 million (2024:
\u00a313.8 million) of unrecognised capital losses relating to the disposal of the five:am business. There is also an additional unrecognised deferred
taxation asset of \u00a30.1 million (2024: \u00a32.0 million) relating to timing differences other than unrecognised tax losses. This amount relates to property,
plant and equipment differences, unused temporary differences, and accruals and provisions, and it is not probable that these timing differences will
reverse in the foreseeable future.
Other temporary differences include a liability for brands and goodwill of \u00a37.4 million (2024: \u00a36.7 million), an asset for corporate interest restriction
of \u00a317.8 million (2024: \u00a34.1 million) and an asset for share-based payments of \u00a30.4 million (2024: \u00a30.5 million). A deferred tax liability of \u00a31.2 million
(2024: \u00a30.9 million) in respect of unremitted earnings in Indonesia has been recognised on the basis that unremitted earnings would be liable to
overseas withholding taxes if anticipated to be distributed as dividends. As at 31 May 2025, the aggregate amount of gross temporary differences
associated with investments in subsidiaries and joint ventures for which deferred taxation liabilities have not been recognised totals approximately
\u00a324.2 million (2024: \u00a322.5 million).
Following the amendments to IAS 12 in relation to Deferred Tax related to Assets and Liabilities arising from a Single Transaction, the Group has
recognised a separate deferred tax asset in relation to its lease liability of \u00a33.5 million (2024: \u00a32.7 million) and a deferred tax liability in relation to its
right-of-use assets of \u00a33.1 million (2024: \u00a32.4 million). There was no impact on the statement of financial position because the balances qualify for
offset under paragraph 74 of IAS 12.
After offsetting deferred taxation assets and liabilities where appropriate within jurisdictions (as permitted by IAS 12 Income Taxes), the net deferred
taxation liability comprises:
2025
2024
\u00a3m
\u00a3m
Deferred tax assets
15.8
22.2
Deferred tax liabilities
(34.1)
(39.8)
(18.3)
(17.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-471": { "value": "
8. DIVIDENDS
2025
2024
\u00a3m
\u00a3m
Amounts recognised as distributions to ordinary shareholders in the year comprise:
Final dividend for the year ended 31 May 2024 of 2.10p (2023: 3.73p) per ordinary share
8.8
15.6
Interim dividend for the year ended 31 May 2025 of 1.50p (2024: 1.50p) per ordinary share
6.3
6.3
15.1
21.9
After the balance sheet date, a final dividend for the year ended 31 May 2025 was proposed by the Directors of 2.10p per ordinary share. This results
in a total proposed dividend of \u00a315.1 million (2024: \u00a315.1 million). Subject to approval by shareholders at the Annual General Meeting, the dividend
will be paid on 27 November 2025 to the shareholders on the register on 31 October 2025. The proposed dividend has not been included as a liability
in the Consolidated Financial Statements as at 31 May 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-413": { "value": "8. DIVIDENDS
2025
2024
\u00a3m
\u00a3m
Amounts recognised as distributions to ordinary shareholders in the year comprise:
Final dividend for the year ended 31 May 2024 of 2.10p (2023: 3.73p) per ordinary share
8.8
15.6
Interim dividend for the year ended 31 May 2025 of 1.50p (2024: 1.50p) per ordinary share
6.3
6.3
15.1
21.9
After the balance sheet date, a final dividend for the year ended 31 May 2025 was proposed by the Directors of 2.10p per ordinary share. This results in a total proposed dividend of \u00a315.1 million (2024: \u00a315.1 million). Subject to approval by shareholders at the Annual General Meeting, the dividend will be paid on 27 November 2025 to the shareholders on the register on 31 October 2025. The proposed dividend has not been included as a liability in the Consolidated Financial Statements as at 31 May 2025.
24. SHARE CAPITAL AND INVESTMENT IN TREASURY SHARES
(a) Share capital
2025
2024
Number
Number
000
\u00a3m
000
\u00a3m
Authorised, allotted, issued and fully paid:
Ordinary shares of 1p each
428,725
4.3
428,725
4.3
Total called up share capital
428,725
4.3
428,725
4.3
The Company has one class of ordinary shares which carry no right to fixed income.
(b) Treasury shares
Treasury shares represent the shares in the Company held by the employee share trusts which comprise the Employee Share Option Trust (ESOT)
and the Share Incentive Plan (SIP) trust. The ESOT was established to purchase shares to satisfy awards under the Group\u2019s incentive schemes and
the SIP trust was established to purchase and hold shares on behalf of employees participating in the SIP. During the year, the ESOT purchased
no shares (2024: nil). The ESOT waives any dividends payable on shares to the extent of 0.01p per share. Further details of these schemes are
provided in note 25.
Movements in treasury shares were:
SIP trust
ESOT number number
At 1 June 2023
9,996,496
98,920
Issued to satisfy options
(659,230)
\u2014
Transfers
(103,523)
103,523
At 31 May 2024
9,233,743
202,443
Issued to satisfy options
(688,843)
\u2014
Transfers
(173,509)
173,509
At 31 May 2025
8,371,391
375,952
The transfer of shares between the trusts relate to matching awards provided by the Group under the SIP (see note 25) which are sourced from the
ESOT. The cost of shares held in the ESOT and SIP trust as at 31 May 2025 was \u00a332.0 million (2024: \u00a334.5 million) and the market value was \u00a37.6
million (2024: \u00a310.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-448": { "value": "0.021", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-450": { "value": "15100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-449": { "value": "15100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-412": { "value": "
9. LOSS PER SHARE
Earnings per share (EPS) represents the amount of earnings attributable to each ordinary share in issue. Basic EPS is calculated by dividing the profit/
(loss) after taxation attributable to owners of the Parent by the weighted average number of ordinary shares in issue during the year, excluding
treasury shares owned by employee trusts.
For diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares.
The Group\u2019s dilutive potential ordinary shares relate to awards granted under the Group\u2019s share incentive schemes which are described in the
share-based payments note (note 25). The basic and diluted EPS are equal as a result of the Group incurring a loss for the year.
The average number of shares is reconciled to the basic weighted average and diluted weighted average number of shares as set out below:
2025
2024
number
number
000
000
Average number of ordinary shares in issue during the year
428,725
428,725
Less: weighted average number of treasury shares
(9,268)
(9,693)
Basic weighted average shares in issue during the year
419,457
419,032
Dilutive effect of share incentive schemes
1,294
1,064
Diluted weighted average shares in issue during the year
420,751
420,096
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-414": { "value": "
10. GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
Software
Brands
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 June 2023
66.6
66.6
267.2
400.4
Additions
\u2014
0.4
\u2014
0.4
Exchange differences
\u2014
(1.5)
\u2014
(1.5)
At 31 May 2024
66.6
65.5
267.2
399.3
Additions
\u2014
0.4
\u2014
0.4
Exchange differences
\u2014
(0.1)
(2.8)
(2.9)
At 31 May 2025
66.6
65.8
264.4
396.8
Accumulated amortisation and impairment
At 1 June 2023
10.2
41.1
36.4
87.7
Amortisation charge
\u2014
7.1
\u2014
7.1
Impairment charge
\u2014
\u2014
24.4
24.4
Exchange differences
1.7
(1.0)
0.1
0.8
At 31 May 2024
11.9
47.2
60.9
120.0
Amortisation charge
\u2014
4.1
\u2014
4.1
Impairment charge
35.3
\u2014
\u2014
35.3
Impairment reversal
\u2014
\u2014
(16.5)
(16.5)
At 31 May 2025
47.2
51.3
44.4
142.9
Net book value
At 31 May 2025
19.4
14.5
220.0
253.9
At 31 May 2024
54.7
18.3
206.3
279.3
Amortisation and impairment are charged to administrative expense in the Consolidated Income Statement. Cumulative impairment of goodwill as at
31 May 2025 was \u00a345.5 million (2024: \u00a310.2 million) and cumulative impairment of brands as at 31 May 2025 was \u00a344.3 million (2024: \u00a360.8 million).
Software includes the Group\u2019s enterprise resource planning system (SAP), which is internally developed, and the carrying value of this asset as at
31 May 2025 is \u00a311.3 million (2024: \u00a313.7 million), with five years of amortisation remaining. In prior years, SAP was expected to be fully amortised
by the end of FY27, based on an initial plan to transition to a new release. Following a review during FY25, this plan has been revised and SAP is now
expected to remain in use until the end of FY30 in line with the manufacturer's support period. As a result, the remaining useful life of the asset has
been extended from two years to five years and the annual amortisation charge has been reduced to \u00a32.4 million from \u00a34.9 million.
Other than software, intangible assets comprise goodwill and brands. Goodwill and brands have all arisen from previous business combinations and
all have indefinite useful lives and, in accordance with IAS 36 Impairment of Assets, are subject to annual impairment testing (which the Group carries
out at the year-end date), or more frequently if there are indicators of impairment.
The method used for impairment testing is to allocate assets to appropriate CGUs based on the smallest identifiable group of assets that generate
independent cash inflows, and to estimate the recoverable amounts of the CGUs as the higher of the assets\u2019 fair values less costs of disposal and the
value-in-use. Impairment testing is a two-step approach commencing with the testing of brands with an indefinite useful life. Each brand is considered
its own CGU for this purpose. The second step is to test goodwill for impairment. For the purposes of this test, goodwill acquired is allocated to the
CGUs or groups of CGUs expected to benefit from the synergies of the business combination. For this purpose goodwill related to each of the beauty
brands is aggregated together into the Beauty group of CGUs as this is the manner in which the core assets are used to generate cash flows and is the
lowest level at which goodwill is monitored by management.
Value-in-use is determined using cash flow projections from approved budgets and plans which are then extrapolated based on estimated long-term
growth rates applicable to the markets and geographies in which the CGUs operate. The cash flow projections are discounted based on a pre-tax
weighted average cost of capital for comparable companies operating in similar markets and geographies as the Group adjusted for risks specific to
the particular CGU.
Goodwill of \u00a319.4 million (2024: \u00a354.7 million) comprises \u00a35.1 million (2024: \u00a340.4 million) in relation to the acquisitions of the Group\u2019s Beauty
brands (Charles Worthington, Fudge, Sanctuary Spa and St.Tropez), \u00a313.5 million (2024: \u00a313.5 million) in relation to the acquisition of Childs Farm and
\u00a30.8 million (2024: \u00a30.8 million) in relation to other acquisitions. Goodwill for the Beauty brands is assessed at the Group of CGUs comprising these
brands (see table below) as this represents the lowest level at which goodwill is monitored by management.
The carrying value of goodwill and each brand is set out in the table below. For the impairment testing of brands, each brand is allocated to a single
CGU. For the impairment testing of goodwill, Childs Farm goodwill is allocated to the same CGU as the brand and, as noted above, Beauty goodwill is
allocated to the group of CGUs comprising the Beauty brands:
Goodwill
Brands
Goodwill
Brands
2025
2025
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Charles Worthington
9.6
9.6
Fudge
24.6
24.6
Sanctuary Spa
51.0
34.5
St.Tropez
58.4
58.4
Beauty
5.1
143.6
40.4
127.1
Original Source
\u2014
9.8
\u2014
9.8
Rafferty's Garden
\u2014
31.1
\u2014
33.9
Childs Farm
13.5
35.5
13.5
35.5
Other
0.8
\u2014
0.8
\u2014
19.4
220.0
54.7
206.3
In performing the impairment testing, the Group used the five-year plan ending 31 May 2030. Assumptions in the budgets and plans used for the
value-in-use cash flow projections include future revenue volume and price growth rates, associated future levels of marketing support, the cost base
of manufacture and supply, and directly associated overheads. These assumptions are based on historical trends and future market expectations
specific to each CGU and the markets and geographies in which each CGU operates.
The key assumptions applied in determining value-in-use are the long-term growth rate and the discount rate, both of which are determined with
reference to the markets and geographies in which the CGU (or group of CGUs) operates, and revenue growth and gross margin.
The compound annual growth rates, long-term growth rates and discount rates applied in the value-in-use calculations used in impairment tests were:
Long-term Long-term Pre-tax Pre-tax
CAGR
1
CAGR
1
growth rate growth rate discount rate discount rate
2025
2024
2025
2024
2025
2024
Charles Worthington
2.5%
6.1%
2.0%
2.0%
13.0%
11.5%
Fudge
0.7%
2.3%
2.0%
2.0%
13.5%
11.7%
Sanctuary Spa
3.1%
2.8%
2.0%
2.0%
13.0%
11.5%
St.Tropez
1.3%
3.3%
2.0%
2.0%
13.5%
12.0%
Beauty group of CGUs (goodwill assessment)
2.0%
3.2%
2.0%
2.0%
13.3%
11.6%
Original Source
10.2%
9.9%
2.0%
2.0%
13.1%
11.6%
Rafferty's Garden
2.5%
4.5%
2.0%
2.5%
13.1%
11.8%
Childs Farm (brand and goodwill assessment)
11.2%
19.6%
2.0%
2.0%
13.0%
11.7%
1 CAGR refers to the compound annual revenue growth rate over the five-year plan period.
The results of the brand impairment tests as at 31 May 2025 were as follows:
Sanctuary Spa
In the year ended 31 May 2025, there was an impairment reversal of \u00a316.5 million (2024: charge of \u00a324.4 million) relating to the Sanctuary Spa brand,
charged to administrative expense in the Consolidated Income Statement and included in the Europe & the Americas segment. The recoverable
amount reflected improved brand performance that exceeded prior year expectations driven by gift set sales and the launch of a new range. The
recoverable amount of the CGU was determined to be \u00a351.6 million based on a value-in-use calculation, which when compared to a carrying value
of \u00a335.1 million (of which the brand represented \u00a334.5 million) resulted in an impairment reversal of \u00a316.5 million. The long-term growth rate and
discount rate used in the value-in-use calculations were 2.0% and 13.0% respectively.
Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for
Sanctuary Spa. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross
margin within the five-year forecast period would reduce the impairment reversal by \u00a38.2 million, a 200bps decline in the annual revenue growth
rate over the five-year plan period, which results in a five-year compound annual revenue growth rate of 1.1%, would reduce the impairment reversal
by \u00a310.0 million and a 100bps increase in the discount rate would reduce the impairment reversal by \u00a35.7 million. A reduction of 3.4% in compound
annual revenue growth rate over the five-year plan would result in \u00a3nil impairment reversal. The same impact would be caused by a decline of 5.1% in
gross margin or an increase of 3.8% in discount rate.
St.Tropez
For the St.Tropez brand, the recoverable amount of the CGU was determined to be \u00a363.4 million based on a value-in-use calculation, which is in
excess of the carrying value of \u00a363.0 million (of which the brand represented \u00a358.4 million) despite an unexpected revenue decline in the US during
the year ended 31 May 2025.
Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for
St.Tropez. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross margin
within the five-year forecast period would result in an impairment charge of \u00a38.6 million, a 200bps decline in annual revenue growth rate within the
five-year forecast period, which results in a five-year compound annual revenue growth rate of (0.5)%, would result in an impairment charge of
\u00a312.4 million and a 100bps increase in the discount rate would result in an impairment charge of \u00a36.8 million. A reduction of 0.1% in compound
annual revenue growth rate over the five-year plan would result in zero headroom. The same impact would be caused by a decline of 0.1% in gross
margin or an increase of 0.1% in discount rate.
Rafferty\u2019s Garden
For the Rafferty\u2019s Garden brand, the recoverable amount of the CGU was determined to be \u00a333.5 million based on a value-in-use calculation, which is
in excess of the carrying value of \u00a331.9 million (of which the brand represented \u00a331.1 million) despite cost-of living pressures in Australia.
Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for
Rafferty\u2019s Garden. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in
gross margin within the five-year forecast period would result in an impairment charge of \u00a36.6 million, a 200bps decline in annual revenue growth
rate within the five-year forecast period, which results in a five-year compound annual revenue growth rate of 0.5%, would result in an impairment
charge of \u00a35.9 million and a 100bps increase in the discount rate would result in an impairment charge of \u00a32.6 million. A reduction of 0.4% in
compound annual revenue growth rate over the five-year plan would result in zero headroom. The same impact would be caused by a decline
of 0.5% in gross margin or an increase of 0.4% in discount rate.
Charles Worthington
For the Charles Worthington brand, the recoverable amount of the applicable CGU which was based on a value-in-use calculation was determined to
be \u00a311.5 million which is in excess of the carrying value of \u00a39.7 million (of which the brand represented \u00a39.6 million).
Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for
Charles Worthington. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in
gross margin within the five-year forecast period would reduce the headroom by \u00a31.5 million, a 200bps decline in annual revenue growth rate within
the five-year forecast period, which results in a five-year compound annual revenue growth rate of 0.5%, would result in an impairment charge of
\u00a30.2 million and a 100bps increase in the discount rate would reduce the headroom by \u00a31.3 million. A reduction of 1.8% in compound annual revenue
growth rate over the five-year plan would result in zero headroom. The same impact would be caused by a decline of 2.9% in gross margin or an
increase of 1.5% in discount rate.
Fudge
For the Fudge brand, the recoverable amount of the applicable CGU which was based on a value-in-use calculation was determined to be \u00a327.7
million which is in excess of the carrying value of \u00a324.8 million (of which the brand represented \u00a324.6 million).
Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for
Fudge. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross margin
within the five-year forecast period would result in an impairment charge of \u00a30.3 million, a 200bps decline in annual revenue growth rate within the
five-year forecast period, which results in a five-year compound annual revenue growth rate of (1.3)%, would result in an impairment charge of \u00a31.9
million and a 100bps increase in the discount rate would result in zero headroom. A reduction of 1.2% in compound annual revenue growth rate over
the five-year plan would result in zero headroom. The same impact would be caused by a decline of 2.3% in gross margin or an increase of 1% in
discount rate.
Childs Farm
For the Childs Farm brand, the recoverable amount of the applicable CGU which was based on a value-in-use calculation was determined to be \u00a364.0
million which is in excess of the carrying value of \u00a355.9 million (of which goodwill represented \u00a313.5 million and the brand represented \u00a335.5 million).
Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for
Childs Farm. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross
margin within the five-year forecast period would reduce the headroom by \u00a36.5 million, a 500bps decline in annual revenue growth rate within
the five-year forecast period, which results in a five-year compound annual revenue growth rate of 6.4%, would result in an impairment charge to
goodwill of \u00a314.6 million and a 100bps increase in the discount rate would reduce the headroom by \u00a37.5 million. A reduction of 1.7% in compound
annual revenue growth rate over the five-year plan would result in zero headroom. The same impact would be caused by a decline of 3% in gross
margin or an increase of 1.1% in discount rate.
Beauty group of CGUs \u2013 goodwill
In the year ended 31 May 2025, there was an impairment charge of \u00a335.3 million (2024: \u00a3nil) relating to the goodwill of the Beauty group of CGUs,
charged to administrative expense in the Consolidated Income Statement and included in the Central segment. The recoverable amount of goodwill
mainly reflected the reduction in the recoverable amount of the St.Tropez brand intangible due to a revenue decline in the US. The recoverable
amount of the CGU was determined to be \u00a3154.2 million based on a value-in-use calculation, which when compared to carrying value resulted
in an impairment charge of \u00a335.3 million. The long-term growth rate and discount rate used in the value-in-use calculations were 2.0% and
13.3% respectively.
The remaining goodwill of the Beauty group of CGUs of \u00a35.1 million reflects headroom of \u00a31.8 million on the Charles Worthington brand intangible,
\u00a32.9 million on the Fudge brand intangible and \u00a30.4 million on the St.Tropez brand intangible. Please see the sensitivity analysis provided within
this note in relation to those brand intangibles. To the extent that an impairment that exceeded the headroom on the brand intangibles for Charles
Worthington, Fudge and St.Tropez were identified, this would lead to additional impairment of the goodwill of the Beauty group of CGUs.
Other CGUs
For the remaining CGUs, the recoverable amounts of the respective applicable CGUs, which were determined based on value-in-use calculations,
exceeded the carrying values. Sensitivity analysis on the value-in-use calculations did not identify potential impairment in relation to a reasonably
possible downside in the assumptions used for the projections.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-472": { "value": "10. GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
Software
Brands
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 June 2023
66.6
66.6
267.2
400.4
Additions
\u2014
0.4
\u2014
0.4
Exchange differences
\u2014
(1.5)
\u2014
(1.5)
At 31 May 2024
66.6
65.5
267.2
399.3
Additions
\u2014
0.4
\u2014
0.4
Exchange differences
\u2014
(0.1)
(2.8)
(2.9)
At 31 May 2025
66.6
65.8
264.4
396.8
Accumulated amortisation and impairment
At 1 June 2023
10.2
41.1
36.4
87.7
Amortisation charge
\u2014
7.1
\u2014
7.1
Impairment charge
\u2014
\u2014
24.4
24.4
Exchange differences
1.7
(1.0)
0.1
0.8
At 31 May 2024
11.9
47.2
60.9
120.0
Amortisation charge
\u2014
4.1
\u2014
4.1
Impairment charge
35.3
\u2014
\u2014
35.3
Impairment reversal
\u2014
\u2014
(16.5)
(16.5)
At 31 May 2025
47.2
51.3
44.4
142.9
Net book value
At 31 May 2025
19.4
14.5
220.0
253.9
At 31 May 2024
54.7
18.3
206.3
279.3
Amortisation and impairment are charged to administrative expense in the Consolidated Income Statement. Cumulative impairment of goodwill as at 31 May 2025 was \u00a345.5 million (2024: \u00a310.2 million) and cumulative impairment of brands as at 31 May 2025 was \u00a344.3 million (2024: \u00a360.8 million). Software includes the Group\u2019s enterprise resource planning system (SAP), which is internally developed, and the carrying value of this asset as at 31 May 2025 is \u00a311.3 million (2024: \u00a313.7 million), with five years of amortisation remaining. In prior years, SAP was expected to be fully amortised by the end of FY27, based on an initial plan to transition to a new release. Following a review during FY25, this plan has been revised and SAP is now expected to remain in use until the end of FY30 in line with the manufacturer's support period. As a result, the remaining useful life of the asset has been extended from two years to five years and the annual amortisation charge has been reduced to \u00a32.4 million from \u00a34.9 million. Other than software, intangible assets comprise goodwill and brands. Goodwill and brands have all arisen from previous business combinations and all have indefinite useful lives and, in accordance with IAS 36 Impairment of Assets, are subject to annual impairment testing (which the Group carries out at the year-end date), or more frequently if there are indicators of impairment. The method used for impairment testing is to allocate assets to appropriate CGUs based on the smallest identifiable group of assets that generate independent cash inflows, and to estimate the recoverable amounts of the CGUs as the higher of the assets\u2019 fair values less costs of disposal and the value-in-use. Impairment testing is a two-step approach commencing with the testing of brands with an indefinite useful life. Each brand is considered its own CGU for this purpose. The second step is to test goodwill for impairment. For the purposes of this test, goodwill acquired is allocated to the CGUs or groups of CGUs expected to benefit from the synergies of the business combination. For this purpose goodwill related to each of the beauty brands is aggregated together into the Beauty group of CGUs as this is the manner in which the core assets are used to generate cash flows and is the lowest level at which goodwill is monitored by management. Value-in-use is determined using cash flow projections from approved budgets and plans which are then extrapolated based on estimated long-term growth rates applicable to the markets and geographies in which the CGUs operate. The cash flow projections are discounted based on a pre-tax weighted average cost of capital for comparable companies operating in similar markets and geographies as the Group adjusted for risks specific to the particular CGU. Goodwill of \u00a319.4 million (2024: \u00a354.7 million) comprises \u00a35.1 million (2024: \u00a340.4 million) in relation to the acquisitions of the Group\u2019s Beauty brands (Charles Worthington, Fudge, Sanctuary Spa and St.Tropez), \u00a313.5 million (2024: \u00a313.5 million) in relation to the acquisition of Childs Farm and \u00a30.8 million (2024: \u00a30.8 million) in relation to other acquisitions. Goodwill for the Beauty brands is assessed at the Group of CGUs comprising these brands (see table below) as this represents the lowest level at which goodwill is monitored by management. The carrying value of goodwill and each brand is set out in the table below. For the impairment testing of brands, each brand is allocated to a single CGU. For the impairment testing of goodwill, Childs Farm goodwill is allocated to the same CGU as the brand and, as noted above, Beauty goodwill is allocated to the group of CGUs comprising the Beauty brands:
Goodwill
Brands
Goodwill
Brands
2025
2025
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Charles Worthington
9.6
9.6
Fudge
24.6
24.6
Sanctuary Spa
51.0
34.5
St.Tropez
58.4
58.4
Beauty
5.1
143.6
40.4
127.1
Original Source
\u2014
9.8
\u2014
9.8
Rafferty's Garden
\u2014
31.1
\u2014
33.9
Childs Farm
13.5
35.5
13.5
35.5
Other
0.8
\u2014
0.8
\u2014
19.4
220.0
54.7
206.3
In performing the impairment testing, the Group used the five-year plan ending 31 May 2030. Assumptions in the budgets and plans used for the value-in-use cash flow projections include future revenue volume and price growth rates, associated future levels of marketing support, the cost base of manufacture and supply, and directly associated overheads. These assumptions are based on historical trends and future market expectations specific to each CGU and the markets and geographies in which each CGU operates. The key assumptions applied in determining value-in-use are the long-term growth rate and the discount rate, both of which are determined with reference to the markets and geographies in which the CGU (or group of CGUs) operates, and revenue growth and gross margin. The compound annual growth rates, long-term growth rates and discount rates applied in the value-in-use calculations used in impairment tests were:
Long-term Long-term Pre-tax Pre-tax
CAGR
1
CAGR
1
growth rate growth rate discount rate discount rate
2025
2024
2025
2024
2025
2024
Charles Worthington
2.5%
6.1%
2.0%
2.0%
13.0%
11.5%
Fudge
0.7%
2.3%
2.0%
2.0%
13.5%
11.7%
Sanctuary Spa
3.1%
2.8%
2.0%
2.0%
13.0%
11.5%
St.Tropez
1.3%
3.3%
2.0%
2.0%
13.5%
12.0%
Beauty group of CGUs (goodwill assessment)
2.0%
3.2%
2.0%
2.0%
13.3%
11.6%
Original Source
10.2%
9.9%
2.0%
2.0%
13.1%
11.6%
Rafferty's Garden
2.5%
4.5%
2.0%
2.5%
13.1%
11.8%
Childs Farm (brand and goodwill assessment)
11.2%
19.6%
2.0%
2.0%
13.0%
11.7%
1 CAGR refers to the compound annual revenue growth rate over the five-year plan period. The results of the brand impairment tests as at 31 May 2025 were as follows: Sanctuary Spa In the year ended 31 May 2025, there was an impairment reversal of \u00a316.5 million (2024: charge of \u00a324.4 million) relating to the Sanctuary Spa brand, charged to administrative expense in the Consolidated Income Statement and included in the Europe & the Americas segment. The recoverable amount reflected improved brand performance that exceeded prior year expectations driven by gift set sales and the launch of a new range. The recoverable amount of the CGU was determined to be \u00a351.6 million based on a value-in-use calculation, which when compared to a carrying value of \u00a335.1 million (of which the brand represented \u00a334.5 million) resulted in an impairment reversal of \u00a316.5 million. The long-term growth rate and discount rate used in the value-in-use calculations were 2.0% and 13.0% respectively. Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for Sanctuary Spa. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross margin within the five-year forecast period would reduce the impairment reversal by \u00a38.2 million, a 200bps decline in the annual revenue growth rate over the five-year plan period, which results in a five-year compound annual revenue growth rate of 1.1%, would reduce the impairment reversal by \u00a310.0 million and a 100bps increase in the discount rate would reduce the impairment reversal by \u00a35.7 million. A reduction of 3.4% in compound annual revenue growth rate over the five-year plan would result in \u00a3nil impairment reversal. The same impact would be caused by a decline of 5.1% in gross margin or an increase of 3.8% in discount rate. St.Tropez For the St.Tropez brand, the recoverable amount of the CGU was determined to be \u00a363.4 million based on a value-in-use calculation, which is in excess of the carrying value of \u00a363.0 million (of which the brand represented \u00a358.4 million) despite an unexpected revenue decline in the US during the year ended 31 May 2025. Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for St.Tropez. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross margin within the five-year forecast period would result in an impairment charge of \u00a38.6 million, a 200bps decline in annual revenue growth rate within the five-year forecast period, which results in a five-year compound annual revenue growth rate of (0.5)%, would result in an impairment charge of \u00a312.4 million and a 100bps increase in the discount rate would result in an impairment charge of \u00a36.8 million. A reduction of 0.1% in compound annual revenue growth rate over the five-year plan would result in zero headroom. The same impact would be caused by a decline of 0.1% in gross margin or an increase of 0.1% in discount rate. Rafferty\u2019s Garden For the Rafferty\u2019s Garden brand, the recoverable amount of the CGU was determined to be \u00a333.5 million based on a value-in-use calculation, which is in excess of the carrying value of \u00a331.9 million (of which the brand represented \u00a331.1 million) despite cost-of living pressures in Australia. Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for Rafferty\u2019s Garden. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross margin within the five-year forecast period would result in an impairment charge of \u00a36.6 million, a 200bps decline in annual revenue growth rate within the five-year forecast period, which results in a five-year compound annual revenue growth rate of 0.5%, would result in an impairment charge of \u00a35.9 million and a 100bps increase in the discount rate would result in an impairment charge of \u00a32.6 million. A reduction of 0.4% in compound annual revenue growth rate over the five-year plan would result in zero headroom. The same impact would be caused by a decline of 0.5% in gross margin or an increase of 0.4% in discount rate. Charles Worthington For the Charles Worthington brand, the recoverable amount of the applicable CGU which was based on a value-in-use calculation was determined to be \u00a311.5 million which is in excess of the carrying value of \u00a39.7 million (of which the brand represented \u00a39.6 million). Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for Charles Worthington. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross margin within the five-year forecast period would reduce the headroom by \u00a31.5 million, a 200bps decline in annual revenue growth rate within the five-year forecast period, which results in a five-year compound annual revenue growth rate of 0.5%, would result in an impairment charge of \u00a30.2 million and a 100bps increase in the discount rate would reduce the headroom by \u00a31.3 million. A reduction of 1.8% in compound annual revenue growth rate over the five-year plan would result in zero headroom. The same impact would be caused by a decline of 2.9% in gross margin or an increase of 1.5% in discount rate. Fudge For the Fudge brand, the recoverable amount of the applicable CGU which was based on a value-in-use calculation was determined to be \u00a327.7 million which is in excess of the carrying value of \u00a324.8 million (of which the brand represented \u00a324.6 million). Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for Fudge. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross margin within the five-year forecast period would result in an impairment charge of \u00a30.3 million, a 200bps decline in annual revenue growth rate within the five-year forecast period, which results in a five-year compound annual revenue growth rate of (1.3)%, would result in an impairment charge of \u00a31.9 million and a 100bps increase in the discount rate would result in zero headroom. A reduction of 1.2% in compound annual revenue growth rate over the five-year plan would result in zero headroom. The same impact would be caused by a decline of 2.3% in gross margin or an increase of 1% in discount rate. Childs Farm For the Childs Farm brand, the recoverable amount of the applicable CGU which was based on a value-in-use calculation was determined to be \u00a364.0 million which is in excess of the carrying value of \u00a355.9 million (of which goodwill represented \u00a313.5 million and the brand represented \u00a335.5 million). Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for Childs Farm. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross margin within the five-year forecast period would reduce the headroom by \u00a36.5 million, a 500bps decline in annual revenue growth rate within the five-year forecast period, which results in a five-year compound annual revenue growth rate of 6.4%, would result in an impairment charge to goodwill of \u00a314.6 million and a 100bps increase in the discount rate would reduce the headroom by \u00a37.5 million. A reduction of 1.7% in compound annual revenue growth rate over the five-year plan would result in zero headroom. The same impact would be caused by a decline of 3% in gross margin or an increase of 1.1% in discount rate. Beauty group of CGUs \u2013 goodwill In the year ended 31 May 2025, there was an impairment charge of \u00a335.3 million (2024: \u00a3nil) relating to the goodwill of the Beauty group of CGUs, charged to administrative expense in the Consolidated Income Statement and included in the Central segment. The recoverable amount of goodwill mainly reflected the reduction in the recoverable amount of the St.Tropez brand intangible due to a revenue decline in the US. The recoverable amount of the CGU was determined to be \u00a3154.2 million based on a value-in-use calculation, which when compared to carrying value resulted in an impairment charge of \u00a335.3 million. The long-term growth rate and discount rate used in the value-in-use calculations were 2.0% and 13.3% respectively. The remaining goodwill of the Beauty group of CGUs of \u00a35.1 million reflects headroom of \u00a31.8 million on the Charles Worthington brand intangible, \u00a32.9 million on the Fudge brand intangible and \u00a30.4 million on the St.Tropez brand intangible. Please see the sensitivity analysis provided within this note in relation to those brand intangibles. To the extent that an impairment that exceeded the headroom on the brand intangibles for Charles Worthington, Fudge and St.Tropez were identified, this would lead to additional impairment of the goodwill of the Beauty group of CGUs. Other CGUs For the remaining CGUs, the recoverable amounts of the respective applicable CGUs, which were determined based on value-in-use calculations, exceeded the carrying values. Sensitivity analysis on the value-in-use calculations did not identify potential impairment in relation to a reasonably possible downside in the assumptions used for the projections.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-451": { "value": "10. GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
Software
Brands
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 June 2023
66.6
66.6
267.2
400.4
Additions
\u2014
0.4
\u2014
0.4
Exchange differences
\u2014
(1.5)
\u2014
(1.5)
At 31 May 2024
66.6
65.5
267.2
399.3
Additions
\u2014
0.4
\u2014
0.4
Exchange differences
\u2014
(0.1)
(2.8)
(2.9)
At 31 May 2025
66.6
65.8
264.4
396.8
Accumulated amortisation and impairment
At 1 June 2023
10.2
41.1
36.4
87.7
Amortisation charge
\u2014
7.1
\u2014
7.1
Impairment charge
\u2014
\u2014
24.4
24.4
Exchange differences
1.7
(1.0)
0.1
0.8
At 31 May 2024
11.9
47.2
60.9
120.0
Amortisation charge
\u2014
4.1
\u2014
4.1
Impairment charge
35.3
\u2014
\u2014
35.3
Impairment reversal
\u2014
\u2014
(16.5)
(16.5)
At 31 May 2025
47.2
51.3
44.4
142.9
Net book value
At 31 May 2025
19.4
14.5
220.0
253.9
At 31 May 2024
54.7
18.3
206.3
279.3
Amortisation and impairment are charged to administrative expense in the Consolidated Income Statement. Cumulative impairment of goodwill as at 31 May 2025 was \u00a345.5 million (2024: \u00a310.2 million) and cumulative impairment of brands as at 31 May 2025 was \u00a344.3 million (2024: \u00a360.8 million). Software includes the Group\u2019s enterprise resource planning system (SAP), which is internally developed, and the carrying value of this asset as at 31 May 2025 is \u00a311.3 million (2024: \u00a313.7 million), with five years of amortisation remaining. In prior years, SAP was expected to be fully amortised by the end of FY27, based on an initial plan to transition to a new release. Following a review during FY25, this plan has been revised and SAP is now expected to remain in use until the end of FY30 in line with the manufacturer's support period. As a result, the remaining useful life of the asset has been extended from two years to five years and the annual amortisation charge has been reduced to \u00a32.4 million from \u00a34.9 million. Other than software, intangible assets comprise goodwill and brands. Goodwill and brands have all arisen from previous business combinations and all have indefinite useful lives and, in accordance with IAS 36 Impairment of Assets, are subject to annual impairment testing (which the Group carries out at the year-end date), or more frequently if there are indicators of impairment. The method used for impairment testing is to allocate assets to appropriate CGUs based on the smallest identifiable group of assets that generate independent cash inflows, and to estimate the recoverable amounts of the CGUs as the higher of the assets\u2019 fair values less costs of disposal and the value-in-use. Impairment testing is a two-step approach commencing with the testing of brands with an indefinite useful life. Each brand is considered its own CGU for this purpose. The second step is to test goodwill for impairment. For the purposes of this test, goodwill acquired is allocated to the CGUs or groups of CGUs expected to benefit from the synergies of the business combination. For this purpose goodwill related to each of the beauty brands is aggregated together into the Beauty group of CGUs as this is the manner in which the core assets are used to generate cash flows and is the lowest level at which goodwill is monitored by management. Value-in-use is determined using cash flow projections from approved budgets and plans which are then extrapolated based on estimated long-term growth rates applicable to the markets and geographies in which the CGUs operate. The cash flow projections are discounted based on a pre-tax weighted average cost of capital for comparable companies operating in similar markets and geographies as the Group adjusted for risks specific to the particular CGU. Goodwill of \u00a319.4 million (2024: \u00a354.7 million) comprises \u00a35.1 million (2024: \u00a340.4 million) in relation to the acquisitions of the Group\u2019s Beauty brands (Charles Worthington, Fudge, Sanctuary Spa and St.Tropez), \u00a313.5 million (2024: \u00a313.5 million) in relation to the acquisition of Childs Farm and \u00a30.8 million (2024: \u00a30.8 million) in relation to other acquisitions. Goodwill for the Beauty brands is assessed at the Group of CGUs comprising these brands (see table below) as this represents the lowest level at which goodwill is monitored by management. The carrying value of goodwill and each brand is set out in the table below. For the impairment testing of brands, each brand is allocated to a single CGU. For the impairment testing of goodwill, Childs Farm goodwill is allocated to the same CGU as the brand and, as noted above, Beauty goodwill is allocated to the group of CGUs comprising the Beauty brands:
Goodwill
Brands
Goodwill
Brands
2025
2025
2024
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Charles Worthington
9.6
9.6
Fudge
24.6
24.6
Sanctuary Spa
51.0
34.5
St.Tropez
58.4
58.4
Beauty
5.1
143.6
40.4
127.1
Original Source
\u2014
9.8
\u2014
9.8
Rafferty's Garden
\u2014
31.1
\u2014
33.9
Childs Farm
13.5
35.5
13.5
35.5
Other
0.8
\u2014
0.8
\u2014
19.4
220.0
54.7
206.3
In performing the impairment testing, the Group used the five-year plan ending 31 May 2030. Assumptions in the budgets and plans used for the value-in-use cash flow projections include future revenue volume and price growth rates, associated future levels of marketing support, the cost base of manufacture and supply, and directly associated overheads. These assumptions are based on historical trends and future market expectations specific to each CGU and the markets and geographies in which each CGU operates. The key assumptions applied in determining value-in-use are the long-term growth rate and the discount rate, both of which are determined with reference to the markets and geographies in which the CGU (or group of CGUs) operates, and revenue growth and gross margin. The compound annual growth rates, long-term growth rates and discount rates applied in the value-in-use calculations used in impairment tests were:
Long-term Long-term Pre-tax Pre-tax
CAGR
1
CAGR
1
growth rate growth rate discount rate discount rate
2025
2024
2025
2024
2025
2024
Charles Worthington
2.5%
6.1%
2.0%
2.0%
13.0%
11.5%
Fudge
0.7%
2.3%
2.0%
2.0%
13.5%
11.7%
Sanctuary Spa
3.1%
2.8%
2.0%
2.0%
13.0%
11.5%
St.Tropez
1.3%
3.3%
2.0%
2.0%
13.5%
12.0%
Beauty group of CGUs (goodwill assessment)
2.0%
3.2%
2.0%
2.0%
13.3%
11.6%
Original Source
10.2%
9.9%
2.0%
2.0%
13.1%
11.6%
Rafferty's Garden
2.5%
4.5%
2.0%
2.5%
13.1%
11.8%
Childs Farm (brand and goodwill assessment)
11.2%
19.6%
2.0%
2.0%
13.0%
11.7%
1 CAGR refers to the compound annual revenue growth rate over the five-year plan period. The results of the brand impairment tests as at 31 May 2025 were as follows: Sanctuary Spa In the year ended 31 May 2025, there was an impairment reversal of \u00a316.5 million (2024: charge of \u00a324.4 million) relating to the Sanctuary Spa brand, charged to administrative expense in the Consolidated Income Statement and included in the Europe & the Americas segment. The recoverable amount reflected improved brand performance that exceeded prior year expectations driven by gift set sales and the launch of a new range. The recoverable amount of the CGU was determined to be \u00a351.6 million based on a value-in-use calculation, which when compared to a carrying value of \u00a335.1 million (of which the brand represented \u00a334.5 million) resulted in an impairment reversal of \u00a316.5 million. The long-term growth rate and discount rate used in the value-in-use calculations were 2.0% and 13.0% respectively. Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for Sanctuary Spa. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross margin within the five-year forecast period would reduce the impairment reversal by \u00a38.2 million, a 200bps decline in the annual revenue growth rate over the five-year plan period, which results in a five-year compound annual revenue growth rate of 1.1%, would reduce the impairment reversal by \u00a310.0 million and a 100bps increase in the discount rate would reduce the impairment reversal by \u00a35.7 million. A reduction of 3.4% in compound annual revenue growth rate over the five-year plan would result in \u00a3nil impairment reversal. The same impact would be caused by a decline of 5.1% in gross margin or an increase of 3.8% in discount rate. St.Tropez For the St.Tropez brand, the recoverable amount of the CGU was determined to be \u00a363.4 million based on a value-in-use calculation, which is in excess of the carrying value of \u00a363.0 million (of which the brand represented \u00a358.4 million) despite an unexpected revenue decline in the US during the year ended 31 May 2025. Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for St.Tropez. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross margin within the five-year forecast period would result in an impairment charge of \u00a38.6 million, a 200bps decline in annual revenue growth rate within the five-year forecast period, which results in a five-year compound annual revenue growth rate of (0.5)%, would result in an impairment charge of \u00a312.4 million and a 100bps increase in the discount rate would result in an impairment charge of \u00a36.8 million. A reduction of 0.1% in compound annual revenue growth rate over the five-year plan would result in zero headroom. The same impact would be caused by a decline of 0.1% in gross margin or an increase of 0.1% in discount rate. Rafferty\u2019s Garden For the Rafferty\u2019s Garden brand, the recoverable amount of the CGU was determined to be \u00a333.5 million based on a value-in-use calculation, which is in excess of the carrying value of \u00a331.9 million (of which the brand represented \u00a331.1 million) despite cost-of living pressures in Australia. Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for Rafferty\u2019s Garden. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross margin within the five-year forecast period would result in an impairment charge of \u00a36.6 million, a 200bps decline in annual revenue growth rate within the five-year forecast period, which results in a five-year compound annual revenue growth rate of 0.5%, would result in an impairment charge of \u00a35.9 million and a 100bps increase in the discount rate would result in an impairment charge of \u00a32.6 million. A reduction of 0.4% in compound annual revenue growth rate over the five-year plan would result in zero headroom. The same impact would be caused by a decline of 0.5% in gross margin or an increase of 0.4% in discount rate. Charles Worthington For the Charles Worthington brand, the recoverable amount of the applicable CGU which was based on a value-in-use calculation was determined to be \u00a311.5 million which is in excess of the carrying value of \u00a39.7 million (of which the brand represented \u00a39.6 million). Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for Charles Worthington. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross margin within the five-year forecast period would reduce the headroom by \u00a31.5 million, a 200bps decline in annual revenue growth rate within the five-year forecast period, which results in a five-year compound annual revenue growth rate of 0.5%, would result in an impairment charge of \u00a30.2 million and a 100bps increase in the discount rate would reduce the headroom by \u00a31.3 million. A reduction of 1.8% in compound annual revenue growth rate over the five-year plan would result in zero headroom. The same impact would be caused by a decline of 2.9% in gross margin or an increase of 1.5% in discount rate. Fudge For the Fudge brand, the recoverable amount of the applicable CGU which was based on a value-in-use calculation was determined to be \u00a327.7 million which is in excess of the carrying value of \u00a324.8 million (of which the brand represented \u00a324.6 million). Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for Fudge. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross margin within the five-year forecast period would result in an impairment charge of \u00a30.3 million, a 200bps decline in annual revenue growth rate within the five-year forecast period, which results in a five-year compound annual revenue growth rate of (1.3)%, would result in an impairment charge of \u00a31.9 million and a 100bps increase in the discount rate would result in zero headroom. A reduction of 1.2% in compound annual revenue growth rate over the five-year plan would result in zero headroom. The same impact would be caused by a decline of 2.3% in gross margin or an increase of 1% in discount rate. Childs Farm For the Childs Farm brand, the recoverable amount of the applicable CGU which was based on a value-in-use calculation was determined to be \u00a364.0 million which is in excess of the carrying value of \u00a355.9 million (of which goodwill represented \u00a313.5 million and the brand represented \u00a335.5 million). Management has determined gross margin, discount rate and compound annual revenue growth rate to be the key assumptions in the forecasts for Childs Farm. Sensitivity analysis has been carried out in the year ended 31 May 2025 and a reasonably possible change of 250bps decline in gross margin within the five-year forecast period would reduce the headroom by \u00a36.5 million, a 500bps decline in annual revenue growth rate within the five-year forecast period, which results in a five-year compound annual revenue growth rate of 6.4%, would result in an impairment charge to goodwill of \u00a314.6 million and a 100bps increase in the discount rate would reduce the headroom by \u00a37.5 million. A reduction of 1.7% in compound annual revenue growth rate over the five-year plan would result in zero headroom. The same impact would be caused by a decline of 3% in gross margin or an increase of 1.1% in discount rate. Beauty group of CGUs \u2013 goodwill In the year ended 31 May 2025, there was an impairment charge of \u00a335.3 million (2024: \u00a3nil) relating to the goodwill of the Beauty group of CGUs, charged to administrative expense in the Consolidated Income Statement and included in the Central segment. The recoverable amount of goodwill mainly reflected the reduction in the recoverable amount of the St.Tropez brand intangible due to a revenue decline in the US. The recoverable amount of the CGU was determined to be \u00a3154.2 million based on a value-in-use calculation, which when compared to carrying value resulted in an impairment charge of \u00a335.3 million. The long-term growth rate and discount rate used in the value-in-use calculations were 2.0% and 13.3% respectively. The remaining goodwill of the Beauty group of CGUs of \u00a35.1 million reflects headroom of \u00a31.8 million on the Charles Worthington brand intangible, \u00a32.9 million on the Fudge brand intangible and \u00a30.4 million on the St.Tropez brand intangible. Please see the sensitivity analysis provided within this note in relation to those brand intangibles. To the extent that an impairment that exceeded the headroom on the brand intangibles for Charles Worthington, Fudge and St.Tropez were identified, this would lead to additional impairment of the goodwill of the Beauty group of CGUs. Other CGUs For the remaining CGUs, the recoverable amounts of the respective applicable CGUs, which were determined based on value-in-use calculations, exceeded the carrying values. Sensitivity analysis on the value-in-use calculations did not identify potential impairment in relation to a reasonably possible downside in the assumptions used for the projections.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-415": { "value": "
11. PROPERTY, PLANT AND EQUIPMENT
Fixtures, Assets in the
Land and Plant and fittings and course of
buildings machinery vehicles
construction
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 June 2023
75.5
119.7
51.0
3.3
249.5
Additions
\u2014
\u2014
\u2014
5.7
5.7
Disposals
(4.6)
(9.6)
(0.6)
\u2014
(14.8)
Transfers
0.3
4.1
1.4
(5.8)
\u2014
Hyperinflationary adjustment
1
1.2
\u2014
\u2014
\u2014
1.2
Exchange differences
(22.7)
(34.0)
(4.9)
(0.5)
(62.1)
At 31 May 2024
49.7
80.2
46.9
2.7
179.5
Additions
\u2014
0.1
0.2
6.0
6.3
Disposals
\u2014
(1.6)
(7.8)
\u2014
(9.4)
Transfers
0.3
2.7
0.8
(3.8)
\u2014
Hyperinflationary adjustment
1
0.7
\u2014
\u2014
\u2014
0.7
Exchange differences
(0.8)
(2.9)
(0.5)
(0.1)
(4.3)
At 31 May 2025
49.9
78.5
39.6
4.8
172.8
Accumulated depreciation and impairment
At 1 June 2023
34.4
99.8
47.4
\u2014
181.6
Depreciation charge
1.0
4.7
1.3
\u2014
7.0
Disposals
(2.6)
(9.5)
(0.7)
\u2014
(12.8)
Exchange differences
(7.4)
(27.2)
(4.5)
\u2014
(39.1)
At 31 May 2024
25.4
67.8
43.5
\u2014
136.7
Depreciation charge
0.7
3.2
1.2
\u2014
5.1
Disposals
\u2014
(1.6)
(7.8)
\u2014
(9.4)
Exchange differences
(0.2)
(2.3)
(0.5)
\u2014
(3.0)
At 31 May 2025
25.9
67.1
36.4
\u2014
129.4
Net book value
At 31 May 2025
24.0
11.4
3.2
4.8
43.4
At 31 May 2024
24.3
12.4
3.4
2.7
42.8
1 Represents a hyperinflation adjustment in relation to Ghana.
Depreciation is charged to administrative expenses except for plant and machinery which is charged to cost of sales in the Consolidated Income
Statement. As at 31 May 2025, the Group had entered into commitments for the purchase of property, plant and equipment amounting to \u00a30.7
million (2024: \u00a30.4 million). As at 31 May 2025, the Group\u2019s share in the capital commitments of its joint venture was \u00a3nil (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-416": { "value": "
12. INVESTMENT PROPERTIES
The movement in the year in the carrying value of investments properties is set out below:
2025
2024
\u00a3m
\u00a3m
Cost
At 1 June
7.2
7.2
Additions
0.2
0.3
Transfers
1
\u2014
(0.9)
Hyperinflation impact
2
2.7
3.6
Exchange differences
0.5
(3.0)
At 31 May
10.6
7.2
Accumulated depreciation and impairment
At 1 June
0.6
0.8
Depreciation charge
0.1
0.1
Exchange differences
(0.1)
(0.3)
Transfers
3
\u2014
\u2014
At 31 May
0.6
0.6
Net book value
At 31 May
10.0
6.6
1 Transfers to assets held for sale.
2 Relates to hyperinflation in Ghana.
3 Transfers to property, plant and equipment.
Investment properties, principally office buildings and land, are held for long-term rental yields and are not occupied by the Group. The Group
classifies rental inflows as operating cash flows. The Group engages external, independent and qualified valuers to determine the fair value of the
Group\u2019s investment properties at the end of every financial year. The fair value of the investment properties at 31 May 2025 is \u00a330.0 million (2024:
\u00a319.5 million). The main Level 3 inputs used by the Group are derived and evaluated as follows: discount rates, terminal yields, expected vacancy
rates and rental growth rates which are estimated by the external surveyors or management based on comparable transactions and industry data.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-452": { "value": "
13. RIGHT-OF-USE ASSETS
The Group has lease contracts for various items of property, motor vehicles and other equipment used in its operations. Leases of property generally
have lease terms between 3 and 12 years, while motor vehicles and other equipment generally have lease terms between one and four years.
The Group also has certain leases of vehicles with lease terms of 12 months or less and leases of equipment with low value. The Group applies the
\u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases.
The maturity analysis of future lease payments is provided in note 19.
Information about the Group\u2019s right-of-use assets is outlined below:
Land and Motor Other
buildings vehicles
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Additions
5.9
\u2014
0.6
6.5
Depreciation charge in the year
(2.3)
(0.3)
(0.2)
(2.8)
Net book value at 31 May 2025
12.6
0.1
0.9
13.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-417": { "value": "13. RIGHT-OF-USE ASSETS The Group has lease contracts for various items of property, motor vehicles and other equipment used in its operations. Leases of property generally have lease terms between 3 and 12 years, while motor vehicles and other equipment generally have lease terms between one and four years. The Group also has certain leases of vehicles with lease terms of 12 months or less and leases of equipment with low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases. The maturity analysis of future lease payments is provided in note 19. Information about the Group\u2019s right-of-use assets is outlined below:
Land and Motor Other
buildings vehicles
equipment
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Additions
5.9
\u2014
0.6
6.5
Depreciation charge in the year
(2.3)
(0.3)
(0.2)
(2.8)
Net book value at 31 May 2025
12.6
0.1
0.9
13.6
PZ Cussons", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-418": { "value": "
14. NET INVESTMENT IN JOINT VENTURE
Joint ventures are contractual arrangements over which the Group exercises joint control with partners and where the parties have rights to the net
assets of the arrangement, irrespective of the Group\u2019s shareholding in the entity.
The Group\u2019s joint venture relates to a 50% interest in PZ Wilmar Limited, a manufacturing business based in Nigeria. In the Group\u2019s Consolidated
Financial Statements, the interest in PZ Wilmar Limited is accounted for using the equity method.
The movement in the year in the carrying value of the net investment in the joint venture is set out below:
PZ Wilmar Limited
Long-term Equity method
loans
accounting
Total
\u00a3m
\u00a3m
\u00a3m
At 1 June 2023
40.3
11.7
52.0
Share of results of joint venture
\u2014
7.3
7.3
Loan repayments
(8.7)
\u2014
(8.7)
De-designation of permanent as equity loans
(30.6)
\u2014
(30.6)
Exchange differences
(1.0)
(19.0)
(20.0)
At 31 May 2024
\u2014
\u2014
\u2014
Share of results of joint venture
\u2014
5.6
5.6
Exchange differences
\u2014
(1.0)
(1.0)
Reclassification to assets held for sale
\u2014
(4.6)
(4.6)
At 31 May 2025
\u2014
\u2014
\u2014
The long-term loans are denominated in US Dollars, interest-free and repayable in part or in full on demand. On 31 May 2025, the Group\u2019s investment
in the PZ Wilmar Limited joint venture was reclassified to assets held for sale (note 15). During the prior year, the long-term loans were de-designated
from permanent as equity (notes 1 and 3). Exchange differences on the long-term loans were recorded within other comprehensive income when the
loans were determined to be permanent as equity. From the date of de-designation, the exchange differences were recorded in the Consolidated
Income Statement.
Set out below is the summarised financial information for PZ Wilmar Limited:
2025
2024
\u00a3m
\u00a3m
Assets
Non-current assets
25.7
25.8
Current assets
Cash and cash equivalents
4.5
14.5
Other current assets
51.2
35.7
55.7
50.2
Total assets
81.4
76.0
Liabilities
Non-current liabilities
(47.7)
(54.1)
Current liabilities
(24.4)
(22.9)
Total liabilities
(72.1)
(77.0)
Net assets/(liabilities)
9.3
(1.0)
In the year ended 31 May 2024, the Group\u2019s share of losses in the joint venture exceeded its interests in the joint venture and accordingly, the Group
did not recognise further losses in that year.
2025
2024
\u00a3m
\u00a3m
Revenue
189.6
202.6
Profit before taxation
15.8
21.5
Profit after taxation
11.1
14.6
Proportion of Group's ownership interest in the joint venture
50%
50%
Share of results of joint venture
5.6
7.3
The loans issued to PZ Wilmar Limited have been assessed for impairment in accordance with IFRS 9 Financial Instruments and management has
concluded that no impairment of these loans is required.
28. SUBSIDIARIES AND JOINT VENTURES
Details of the Company\u2019s subsidiaries as at 31 May 2025 are outlined below. PZ Cussons (Holdings) Limited and PZ Cussons (International) Limited are
directly owned by PZ Cussons plc; all other subsidiaries are indirectly held.
Parent
Country of company\u2019s Proportion of
Company
Operation
incorporation interest voting interest Registered office address
PZ Cussons (Holdings) Pty Limited
Holding company Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
PZ Cussons Australia Pty Limited
Manufacturing
Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
PZ Cussons Beauty Australia
Holding company Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
(Holdings) Pty Limited
Rafferty\u2019s Garden Pty Limited
Dormant
Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
United Laboratories Limited
Dormant
Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
PZ Cussons (New Zealand) Pty Limited Distribution
Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
Paterson Services (Shanghai) Limited
Active
China
100%
100%
Suite 635, 6th Floor, No.2000 Pudong Ave. China
(Shanghai) Pilot Free Trade Zone
Bronson Holdings Limited
Holding company England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
Milk Ventures (UK) Limited
Holding company
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
PZ Cussons (Holdings) Limited
Holding company England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
PZ Cussons (International Finance) Provision of Manchester Business Park, 3500 Aviator Way,
Limited services to Group
England
100%
100%
Manchester, M22 5TG
companies
Provision of Manchester Business Park, 3500 Aviator Way,
PZ Cussons (International) Limited services to Group
England
100%
100%
Manchester, M22 5TG
companies
PZ Cussons (UK) Limited
Manufacturing
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
Distribution Manchester Business Park, 3500 Aviator Way,
PZ Cussons Beauty LLP1 & Holding
England
100%
\u2013
Manchester, M22 5TG
partnership
Seven Scent Limited
Manufacturing
England
100%
100%
Agecroft Commerce Park, Lamplight Way, Swinton,
Manchester, M27 8UJ
St. Tropez Acquisition Co. Limited
Holding company England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
St. Tropez Holdings Limited
Holding company
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
St. Tropez Operations Limited
Dormant
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
Thermocool Engineering
Dormant
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Company Limited Manchester, M22 5TG
PZ Cussons Acquisition Co Limited
3
Holding company England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, United Kingdom, M22 5TG
Tadley Holdings Limited
Holding company England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, United Kingdom, M22 5TG
Childs Farm Ltd
Distribution
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, United Kingdom, M22 5TG
PZ Cussons Ghana PLC
3
Distribution
Ghana
100%
100%
Plot 27/3-27/7, Sanyo Road, Tema, P. O. Box 628
Community 1, Tema
Provision of 1/F., Hing Lung Comm. Bldg., 68-74 Bonham Strand,
Parnon (Hong Kong) Limited services to Group
Hong Kong
100%
100%
Sheung Wan
companies
PZ Cussons (Hong Kong) Limited
Dormant
Hong Kong
100%
100%
Level 54, Hopewell Centre, 183 Queen\u2019s Road East
Provision of 604, 'C' Wing Raylon Arcade Ram Mandir Road \u2013 Kondvita
PZ Cussons India PVT Limited services to Group
India
100%
100%
Road, Bhim Nagar, Andheri East, Mumbai 400093
companies
Parent
Country of Company\u2019s Proportion of
Company
Operation
incorporation interest voting interest Registered Office address
PT PZ Cussons Indonesia
Manufacturing
Indonesia
100%
100%
Jalan Halim Perdana Kusuma No. 144, Kebon Besar,
Batuceper, Tangerang, Banten, Indonesia
PZ Cussons (Europe) Limited
Dormant
Ireland
100%
100%
The Greenway Ardilaun Court, 112-114 St Stephen\u2019s
Green, Dublin, DO2 TD28, Ireland
Childs Farm Europe Ltd
Dormant
Ireland
100.00%
100.00%
4th Floor, 103/104 O'Connell Street, Limerick V94 AT85,
Co. Limerick, Ireland
PZ Cussons East Africa Limited
Manufacturing
Kenya
99.99%
99.99%
Baba Dogo Road, Ruaraka, Nairobi, Kenya
Food For Life International Limited
Dormant
Nigeria
99.99%
99.99%
45/47 Town Planning Way, Ilupeju, Lagos
Harefield Industrial Nigeria Limited
Distribution
Nigeria
99.99%
99.99%
45/47 Town Planning Way, Ilupeju, Lagos
HPZ Limited2
Manufacturing
Nigeria
74.99%
74.99%
45/47 Town Planning Way, Ilupeju, Lagos
Nutricima Limited
Dormant
Nigeria
99.99%
99.99%
45/47 Town Planning Way, Ilupeju, Lagos
PZ Cussons Nigeria PLC
Manufacturing
Nigeria
73.27%
73.27%
45/47 Town Planning Way, Ilupeju, Lagos
Roberts Pharmaceuticals Limited
Dormant
Nigeria
100%
100%
45/47 Town Planning Way, Ilupeju, Lagos
PZ Cussons Polska S.A.
Distribution
Poland
100%
100%
Ul. Chocimska 17, 00-791 Warszawa
Provision of
PZ Cussons Singapore Private Limited services to Group
Singapore
100%
100%
5 Shenton Way, UIC Building #10-01, Singapore 068808
companies
Provision of 35 Moo 4, Tessamphan Road, Ban Chang Sub-District,
Guardian Holdings Company Limited services to Group
Thailand
49.00%
49.00%
Mueang Pathum Thani District, Pathum Thani Province
companies
PZ Cussons (Thailand) Limited
Manufacturing
Thailand
99.99%
99.99%
35 Moo 4, Tessamphan Road, Ban Chang Sub-District,
Mueang Pathum Thani District, Pathum Thani Province
PZ Cussons Middle East and South
Dormant
UAE
100%
100%
PO Box 17233,
Jebel Ali, Dubai
Asia FZE
St. Tropez Inc.
Distribution
USA
100%
100%
101
Greenwich St. Suite #11c New York, NY 10006
Childs Farm, Inc.
Distribution
USA
100%
100%
101
Greenwich St. Suite #11c New York, NY 10006
1 PZ Cussons (Holdings) Limited has a 100 percent economic interest in PZ Cussons Beauty LLP as the Corporate Member but does not hold any voting rights.
2 The equity interest in HPZ Limited is owned by PZ Cussons Nigeria PLC.
3 The Group has acquired the minority interest in PZ Cussons Acquisition Co Limited and PZ Cussons Ghana PLC during FY25. In FY24, the ownership interest was 91.87% and 95.68% respectively.
In addition, Paterson Zochonis Employee Trust (registered in Jersey) and Share Incentive Plan Trust (constituted under the laws of England and Wales)
are deemed to be subsidiaries. The trusts hold shares in the Company for the purpose of the Group\u2019s incentive schemes (note 24).
Country of
Joint venture company
Operation
incorporation
Parent company\u2019s interest
Registered office address
PZ Wilmar Limited
Manufacturing
Nigeria
50%
45/47 Town Planning Way, Ilupeju, Lagos
With the exception of Paterson Services (Shanghai) Limited and Childs Farm Inc. with an accounting reference date of 31 December, all subsidiary
entities have an accounting reference date of 31 May.
Non-controlling interests
The two subsidiaries that have non-controlling interests that are material to the Group are HPZ Limited and PZ Cussons Nigeria plc. Total
net liabilities held in these two material subsidiaries at 31 May 2025 were \u00a34.9 million and \u00a34.5 million respectively (2024: \u00a34.7 million and
\u00a38.9 million respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-453": { "value": "14. NET INVESTMENT IN JOINT VENTURE Joint ventures are contractual arrangements over which the Group exercises joint control with partners and where the parties have rights to the net assets of the arrangement, irrespective of the Group\u2019s shareholding in the entity. The Group\u2019s joint venture relates to a 50% interest in PZ Wilmar Limited, a manufacturing business based in Nigeria. In the Group\u2019s Consolidated Financial Statements, the interest in PZ Wilmar Limited is accounted for using the equity method. The movement in the year in the carrying value of the net investment in the joint venture is set out below:
PZ Wilmar Limited
Long-term Equity method
loans
accounting
Total
\u00a3m
\u00a3m
\u00a3m
At 1 June 2023
40.3
11.7
52.0
Share of results of joint venture
\u2014
7.3
7.3
Loan repayments
(8.7)
\u2014
(8.7)
De-designation of permanent as equity loans
(30.6)
\u2014
(30.6)
Exchange differences
(1.0)
(19.0)
(20.0)
At 31 May 2024
\u2014
\u2014
\u2014
Share of results of joint venture
\u2014
5.6
5.6
Exchange differences
\u2014
(1.0)
(1.0)
Reclassification to assets held for sale
\u2014
(4.6)
(4.6)
At 31 May 2025
\u2014
\u2014
\u2014
The long-term loans are denominated in US Dollars, interest-free and repayable in part or in full on demand. On 31 May 2025, the Group\u2019s investment in the PZ Wilmar Limited joint venture was reclassified to assets held for sale (note 15). During the prior year, the long-term loans were de-designated from permanent as equity (notes 1 and 3). Exchange differences on the long-term loans were recorded within other comprehensive income when the loans were determined to be permanent as equity. From the date of de-designation, the exchange differences were recorded in the Consolidated Income Statement. Set out below is the summarised financial information for PZ Wilmar Limited:
2025
2024
\u00a3m
\u00a3m
Assets
Non-current assets
25.7
25.8
Current assets
Cash and cash equivalents
4.5
14.5
Other current assets
51.2
35.7
55.7
50.2
Total assets
81.4
76.0
Liabilities
Non-current liabilities
(47.7)
(54.1)
Current liabilities
(24.4)
(22.9)
Total liabilities
(72.1)
(77.0)
Net assets/(liabilities)
9.3
(1.0)
In the year ended 31 May 2024, the Group\u2019s share of losses in the joint venture exceeded its interests in the joint venture and accordingly, the Group did not recognise further losses in that year.
2025
2024
\u00a3m
\u00a3m
Revenue
189.6
202.6
Profit before taxation
15.8
21.5
Profit after taxation
11.1
14.6
Proportion of Group's ownership interest in the joint venture
50%
50%
Share of results of joint venture
5.6
7.3
The loans issued to PZ Wilmar Limited have been assessed for impairment in accordance with IFRS 9 Financial Instruments and management has concluded that no impairment of these loans is required. 28. SUBSIDIARIES AND JOINT VENTURES Details of the Company\u2019s subsidiaries as at 31 May 2025 are outlined below. PZ Cussons (Holdings) Limited and PZ Cussons (International) Limited are directly owned by PZ Cussons plc; all other subsidiaries are indirectly held.
Parent
Country of company\u2019s Proportion of
Company
Operation
incorporation interest voting interest Registered office address
PZ Cussons (Holdings) Pty Limited
Holding company Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
PZ Cussons Australia Pty Limited
Manufacturing
Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
PZ Cussons Beauty Australia
Holding company Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
(Holdings) Pty Limited
Rafferty\u2019s Garden Pty Limited
Dormant
Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
United Laboratories Limited
Dormant
Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
PZ Cussons (New Zealand) Pty Limited Distribution
Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
Paterson Services (Shanghai) Limited
Active
China
100%
100%
Suite 635, 6th Floor, No.2000 Pudong Ave. China
(Shanghai) Pilot Free Trade Zone
Bronson Holdings Limited
Holding company England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
Milk Ventures (UK) Limited
Holding company
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
PZ Cussons (Holdings) Limited
Holding company England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
PZ Cussons (International Finance) Provision of Manchester Business Park, 3500 Aviator Way,
Limited services to Group
England
100%
100%
Manchester, M22 5TG
companies
Provision of Manchester Business Park, 3500 Aviator Way,
PZ Cussons (International) Limited services to Group
England
100%
100%
Manchester, M22 5TG
companies
PZ Cussons (UK) Limited
Manufacturing
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
Distribution Manchester Business Park, 3500 Aviator Way,
PZ Cussons Beauty LLP1 & Holding
England
100%
\u2013
Manchester, M22 5TG
partnership
Seven Scent Limited
Manufacturing
England
100%
100%
Agecroft Commerce Park, Lamplight Way, Swinton,
Manchester, M27 8UJ
St. Tropez Acquisition Co. Limited
Holding company England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
St. Tropez Holdings Limited
Holding company
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
St. Tropez Operations Limited
Dormant
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
Thermocool Engineering
Dormant
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Company Limited Manchester, M22 5TG
PZ Cussons Acquisition Co Limited
3
Holding company England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, United Kingdom, M22 5TG
Tadley Holdings Limited
Holding company England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, United Kingdom, M22 5TG
Childs Farm Ltd
Distribution
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, United Kingdom, M22 5TG
PZ Cussons Ghana PLC
3
Distribution
Ghana
100%
100%
Plot 27/3-27/7, Sanyo Road, Tema, P. O. Box 628
Community 1, Tema
Provision of 1/F., Hing Lung Comm. Bldg., 68-74 Bonham Strand,
Parnon (Hong Kong) Limited services to Group
Hong Kong
100%
100%
Sheung Wan
companies
PZ Cussons (Hong Kong) Limited
Dormant
Hong Kong
100%
100%
Level 54, Hopewell Centre, 183 Queen\u2019s Road East
Provision of 604, 'C' Wing Raylon Arcade Ram Mandir Road \u2013 Kondvita
PZ Cussons India PVT Limited services to Group
India
100%
100%
Road, Bhim Nagar, Andheri East, Mumbai 400093
companies
Parent
Country of Company\u2019s Proportion of
Company
Operation
incorporation interest voting interest Registered Office address
PT PZ Cussons Indonesia
Manufacturing
Indonesia
100%
100%
Jalan Halim Perdana Kusuma No. 144, Kebon Besar,
Batuceper, Tangerang, Banten, Indonesia
PZ Cussons (Europe) Limited
Dormant
Ireland
100%
100%
The Greenway Ardilaun Court, 112-114 St Stephen\u2019s
Green, Dublin, DO2 TD28, Ireland
Childs Farm Europe Ltd
Dormant
Ireland
100.00%
100.00%
4th Floor, 103/104 O'Connell Street, Limerick V94 AT85,
Co. Limerick, Ireland
PZ Cussons East Africa Limited
Manufacturing
Kenya
99.99%
99.99%
Baba Dogo Road, Ruaraka, Nairobi, Kenya
Food For Life International Limited
Dormant
Nigeria
99.99%
99.99%
45/47 Town Planning Way, Ilupeju, Lagos
Harefield Industrial Nigeria Limited
Distribution
Nigeria
99.99%
99.99%
45/47 Town Planning Way, Ilupeju, Lagos
HPZ Limited2
Manufacturing
Nigeria
74.99%
74.99%
45/47 Town Planning Way, Ilupeju, Lagos
Nutricima Limited
Dormant
Nigeria
99.99%
99.99%
45/47 Town Planning Way, Ilupeju, Lagos
PZ Cussons Nigeria PLC
Manufacturing
Nigeria
73.27%
73.27%
45/47 Town Planning Way, Ilupeju, Lagos
Roberts Pharmaceuticals Limited
Dormant
Nigeria
100%
100%
45/47 Town Planning Way, Ilupeju, Lagos
PZ Cussons Polska S.A.
Distribution
Poland
100%
100%
Ul. Chocimska 17, 00-791 Warszawa
Provision of
PZ Cussons Singapore Private Limited services to Group
Singapore
100%
100%
5 Shenton Way, UIC Building #10-01, Singapore 068808
companies
Provision of 35 Moo 4, Tessamphan Road, Ban Chang Sub-District,
Guardian Holdings Company Limited services to Group
Thailand
49.00%
49.00%
Mueang Pathum Thani District, Pathum Thani Province
companies
PZ Cussons (Thailand) Limited
Manufacturing
Thailand
99.99%
99.99%
35 Moo 4, Tessamphan Road, Ban Chang Sub-District,
Mueang Pathum Thani District, Pathum Thani Province
PZ Cussons Middle East and South
Dormant
UAE
100%
100%
PO Box 17233,
Jebel Ali, Dubai
Asia FZE
St. Tropez Inc.
Distribution
USA
100%
100%
101
Greenwich St. Suite #11c New York, NY 10006
Childs Farm, Inc.
Distribution
USA
100%
100%
101
Greenwich St. Suite #11c New York, NY 10006
1 PZ Cussons (Holdings) Limited has a 100 percent economic interest in PZ Cussons Beauty LLP as the Corporate Member but does not hold any voting rights. 2 The equity interest in HPZ Limited is owned by PZ Cussons Nigeria PLC. 3 The Group has acquired the minority interest in PZ Cussons Acquisition Co Limited and PZ Cussons Ghana PLC during FY25. In FY24, the ownership interest was 91.87% and 95.68% respectively. In addition, Paterson Zochonis Employee Trust (registered in Jersey) and Share Incentive Plan Trust (constituted under the laws of England and Wales) are deemed to be subsidiaries. The trusts hold shares in the Company for the purpose of the Group\u2019s incentive schemes (note 24).
Country of
Joint venture company
Operation
incorporation
Parent company\u2019s interest
Registered office address
PZ Wilmar Limited
Manufacturing
Nigeria
50%
45/47 Town Planning Way, Ilupeju, Lagos
With the exception of Paterson Services (Shanghai) Limited and Childs Farm Inc. with an accounting reference date of 31 December, all subsidiary entities have an accounting reference date of 31 May. Non-controlling interests The two subsidiaries that have non-controlling interests that are material to the Group are HPZ Limited and PZ Cussons Nigeria plc. Total net liabilities held in these two material subsidiaries at 31 May 2025 were \u00a34.9 million and \u00a34.5 million respectively (2024: \u00a34.7 million and \u00a38.9 million respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-420": { "value": "
15. ASSETS HELD FOR SALE
Assets held for sale of \u00a39.4 million as at 31 May 2025 (2024: \u00a34.7 million) were measured at book value and related to land and buildings which
are being disposed of as part of the ongoing supply chain simplification and transformation programme (\u00a34.8 million), and an investment in a joint
venture (\u00a34.6 million). The sale agreement for the Group\u2019s 50% stake in the PZ Wilmar joint venture was signed after year-end and completion,
which remains conditional on relevant approvals, is expected to take place in the last quarter of calendar 2025. See note 14 for further details on the
investment in the joint venture. Assets held for sale are expected to be sold within 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-454": { "value": "15. ASSETS HELD FOR SALE Assets held for sale of \u00a39.4 million as at 31 May 2025 (2024: \u00a34.7 million) were measured at book value and related to land and buildings which are being disposed of as part of the ongoing supply chain simplification and transformation programme (\u00a34.8 million), and an investment in a joint venture (\u00a34.6 million). The sale agreement for the Group\u2019s 50% stake in the PZ Wilmar joint venture was signed after year-end and completion, which remains conditional on relevant approvals, is expected to take place in the last quarter of calendar 2025. See note 14 for further details on the investment in the joint venture. Assets held for sale are expected to be sold within 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-419": { "value": "
16. INVENTORIES
2025
2024
\u00a3m
\u00a3m
Raw materials and consumables
11.9
11.5
Work in progress
4.7
3.4
Finished goods and goods for resale
53.4
53.6
70.0
68.5
During the year, the cost of inventories recognised as an expense, and included in cost of sales, amounted to \u00a3289.5 million (2024: \u00a3287.9 million)
which included \u00a33.0 million (2024: \u00a35.7 million) for the write-down to net realisable value for slow-moving and obsolete inventories. Inventories are
stated after provision to write-down to net realisable value of \u00a33.2 million (2024: \u00a34.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-421": { "value": "
17. TRADE AND OTHER RECEIVABLES
2025
2024
\u00a3m
\u00a3m
Trade receivables
76.7
77.5
Less: loss allowance
(1.9)
(2.6)
Net trade receivables
74.8
74.9
Lease receivables
1.2
1.3
Amounts owed by joint venture
27.1
31.7
Other receivables
12.6
14.9
Prepayments
5.6
8.3
121.3
131.1
Classified within:
Current assets
119.2
99.0
Non-current assets
2.1
32.1
121.3
131.1
The Directors consider the carrying amount of trade and other receivables approximates to their fair value due to their short-term nature.
During the year ended 31 May 2024, long-term loans of \u00a330.6 million were de-designated from permanent as equity (note 14). From the date of
de-designation, the exchange differences were recorded in the Consolidated Income Statement. The long-term loans are denominated in US Dollars,
interest-free and repayable in part or in full on demand. At the year ended 31 May 2025, the loans of \u00a326.4 million became short-term loans following
the sale agreement being reached for the PZ Wilmar joint venture.
Lease receivables on an undiscounted basis comprise \u00a30.2 million receivable in less than one year, \u00a30.2 million receivable in one to two years,
\u00a30.7 million receivable in two to five years and \u00a31.0 million receivable in more than five years. The impact of discounting is \u00a30.9 million.
Movement in the trade receivables loss allowance was:
2025
2024
\u00a3m
\u00a3m
At 1 June
(2.6)
(4.4)
Increase in loss allowance
(0.8)
(1.9)
Allowance used during the year
0.1
0.6
Allowance released during the year
1.4
2.0
Exchange differences
\u2014
1.1
At 31 May
(1.9)
(2.6)
See note 19 for an analysis of the ageing and credit risk profile of trade receivables.
Net trade receivables are denominated in the following currencies:
2025
2024
\u00a3m
\u00a3m
Pound Sterling
29.0
27.0
US Dollar
11.7
11.6
Nigerian Naira
3.5
4.7
Australian Dollar
12.5
12.1
Indonesian Rupiah
12.8
14.6
Other currencies
5.3
4.9
74.8
74.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-499": { "value": "17. TRADE AND OTHER RECEIVABLES
2025
2024
\u00a3m
\u00a3m
Trade receivables
76.7
77.5
Less: loss allowance
(1.9)
(2.6)
Net trade receivables
74.8
74.9
Lease receivables
1.2
1.3
Amounts owed by joint venture
27.1
31.7
Other receivables
12.6
14.9
Prepayments
5.6
8.3
121.3
131.1
Classified within:
Current assets
119.2
99.0
Non-current assets
2.1
32.1
121.3
131.1
The Directors consider the carrying amount of trade and other receivables approximates to their fair value due to their short-term nature. During the year ended 31 May 2024, long-term loans of \u00a330.6 million were de-designated from permanent as equity (note 14). From the date of de-designation, the exchange differences were recorded in the Consolidated Income Statement. The long-term loans are denominated in US Dollars, interest-free and repayable in part or in full on demand. At the year ended 31 May 2025, the loans of \u00a326.4 million became short-term loans following the sale agreement being reached for the PZ Wilmar joint venture. Lease receivables on an undiscounted basis comprise \u00a30.2 million receivable in less than one year, \u00a30.2 million receivable in one to two years, \u00a30.7 million receivable in two to five years and \u00a31.0 million receivable in more than five years. The impact of discounting is \u00a30.9 million. Movement in the trade receivables loss allowance was:
2025
2024
\u00a3m
\u00a3m
At 1 June
(2.6)
(4.4)
Increase in loss allowance
(0.8)
(1.9)
Allowance used during the year
0.1
0.6
Allowance released during the year
1.4
2.0
Exchange differences
\u2014
1.1
At 31 May
(1.9)
(2.6)
See note 19 for an analysis of the ageing and credit risk profile of trade receivables. Net trade receivables are denominated in the following currencies:
2025
2024
\u00a3m
\u00a3m
Pound Sterling
29.0
27.0
US Dollar
11.7
11.6
Nigerian Naira
3.5
4.7
Australian Dollar
12.5
12.1
Indonesian Rupiah
12.8
14.6
Other currencies
5.3
4.9
74.8
74.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-494": { "value": "17. TRADE AND OTHER RECEIVABLES
2025
2024
\u00a3m
\u00a3m
Trade receivables
76.7
77.5
Less: loss allowance
(1.9)
(2.6)
Net trade receivables
74.8
74.9
Lease receivables
1.2
1.3
Amounts owed by joint venture
27.1
31.7
Other receivables
12.6
14.9
Prepayments
5.6
8.3
121.3
131.1
Classified within:
Current assets
119.2
99.0
Non-current assets
2.1
32.1
121.3
131.1
The Directors consider the carrying amount of trade and other receivables approximates to their fair value due to their short-term nature. During the year ended 31 May 2024, long-term loans of \u00a330.6 million were de-designated from permanent as equity (note 14). From the date of de-designation, the exchange differences were recorded in the Consolidated Income Statement. The long-term loans are denominated in US Dollars, interest-free and repayable in part or in full on demand. At the year ended 31 May 2025, the loans of \u00a326.4 million became short-term loans following the sale agreement being reached for the PZ Wilmar joint venture. Lease receivables on an undiscounted basis comprise \u00a30.2 million receivable in less than one year, \u00a30.2 million receivable in one to two years, \u00a30.7 million receivable in two to five years and \u00a31.0 million receivable in more than five years. The impact of discounting is \u00a30.9 million. Movement in the trade receivables loss allowance was:
2025
2024
\u00a3m
\u00a3m
At 1 June
(2.6)
(4.4)
Increase in loss allowance
(0.8)
(1.9)
Allowance used during the year
0.1
0.6
Allowance released during the year
1.4
2.0
Exchange differences
\u2014
1.1
At 31 May
(1.9)
(2.6)
See note 19 for an analysis of the ageing and credit risk profile of trade receivables. Net trade receivables are denominated in the following currencies:
2025
2024
\u00a3m
\u00a3m
Pound Sterling
29.0
27.0
US Dollar
11.7
11.6
Nigerian Naira
3.5
4.7
Australian Dollar
12.5
12.1
Indonesian Rupiah
12.8
14.6
Other currencies
5.3
4.9
74.8
74.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-473": { "value": "17. TRADE AND OTHER RECEIVABLES
2025
2024
\u00a3m
\u00a3m
Trade receivables
76.7
77.5
Less: loss allowance
(1.9)
(2.6)
Net trade receivables
74.8
74.9
Lease receivables
1.2
1.3
Amounts owed by joint venture
27.1
31.7
Other receivables
12.6
14.9
Prepayments
5.6
8.3
121.3
131.1
Classified within:
Current assets
119.2
99.0
Non-current assets
2.1
32.1
121.3
131.1
The Directors consider the carrying amount of trade and other receivables approximates to their fair value due to their short-term nature. During the year ended 31 May 2024, long-term loans of \u00a330.6 million were de-designated from permanent as equity (note 14). From the date of de-designation, the exchange differences were recorded in the Consolidated Income Statement. The long-term loans are denominated in US Dollars, interest-free and repayable in part or in full on demand. At the year ended 31 May 2025, the loans of \u00a326.4 million became short-term loans following the sale agreement being reached for the PZ Wilmar joint venture. Lease receivables on an undiscounted basis comprise \u00a30.2 million receivable in less than one year, \u00a30.2 million receivable in one to two years, \u00a30.7 million receivable in two to five years and \u00a31.0 million receivable in more than five years. The impact of discounting is \u00a30.9 million. Movement in the trade receivables loss allowance was:
2025
2024
\u00a3m
\u00a3m
At 1 June
(2.6)
(4.4)
Increase in loss allowance
(0.8)
(1.9)
Allowance used during the year
0.1
0.6
Allowance released during the year
1.4
2.0
Exchange differences
\u2014
1.1
At 31 May
(1.9)
(2.6)
See note 19 for an analysis of the ageing and credit risk profile of trade receivables. Net trade receivables are denominated in the following currencies:
2025
2024
\u00a3m
\u00a3m
Pound Sterling
29.0
27.0
US Dollar
11.7
11.6
Nigerian Naira
3.5
4.7
Australian Dollar
12.5
12.1
Indonesian Rupiah
12.8
14.6
Other currencies
5.3
4.9
74.8
74.9
21. DEFERRED TAX Deferred tax is provided under the balance sheet liability method using the applicable jurisdiction tax rate at which the balances are expected to unwind. Movements in deferred tax assets and liabilities during the year were:
Revaluation
Property, Retirement of property,
plant and benefit plant and Unremitted Business Accruals and Other timing
equipment obligations equipment earnings combinations
provisions
Tax losses
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 June 2023
(9.9)
(6.6)
(4.8)
(1.8)
(45.2)
3.8
3.6
(8.5)
(69.4)
(Charge)/Credit to income
(2.0)
0.2
4.8
1.8
6.1
(1.0)
29.5
4.2
43.6
statement
Credit/(Charge) to other
comprehensive income
\u2014
1.7
\u2014
\u2014
\u2014
\u2014
13.6
(0.5)
14.8
Exchange differences
4.7
(0.4)
\u2014
\u2014
(0.1)
(1.3)
(9.9)
0.4
(6.6)
At 31 May 2024
(7.2)
(5.1)
\u2014
\u2014
(39.2)
1.5
36.8
(4.4)
(17.6)
Credit/(charge) to income
0.8
\u2014
\u2014
\u2014
(4.1)
(0.6)
(8.0)
12.9
1.0
statement
Credit/(charge) to other
comprehensive income
\u2014
1.2
\u2014
\u2014
0.9
\u2014
\u2014
(1.6)
0.5
Exchange differences
0.1
(0.1)
\u2014
\u2014
\u2014
(0.2)
(2.0)
\u2014
(2.2)
At 31 May 2025
(6.3)
(4.0)
\u2014
\u2014
(42.4)
0.7
26.8
6.9
(18.3)
Deferred taxation assets are recognised for tax loss carry forwards to the extent that the realisation of the related tax benefit through future taxable profits is probable. At 31 May 2025 the Group recorded a deferred taxation asset of \u00a326.8 million (2024: \u00a336.8 million) on recognised but unused tax losses with the balance primarily relating to the impact of the Naira devaluation and resulting operating losses. Given the probability of ongoing profitability together with other supporting items, deferred tax assets occurring as a result of such tax losses are recognised in full. A further \u00a37.0 million (2024: \u00a38.0 million) of unrecognised tax losses are not expected to expire or be disposed of, together with \u00a312.7 million (2024: \u00a313.8 million) of unrecognised capital losses relating to the disposal of the five:am business. There is also an additional unrecognised deferred taxation asset of \u00a30.1 million (2024: \u00a32.0 million) relating to timing differences other than unrecognised tax losses. This amount relates to property, plant and equipment differences, unused temporary differences, and accruals and provisions, and it is not probable that these timing differences will reverse in the foreseeable future. Other temporary differences include a liability for brands and goodwill of \u00a37.4 million (2024: \u00a36.7 million), an asset for corporate interest restriction of \u00a317.8 million (2024: \u00a34.1 million) and an asset for share-based payments of \u00a30.4 million (2024: \u00a30.5 million). A deferred tax liability of \u00a31.2 million (2024: \u00a30.9 million) in respect of unremitted earnings in Indonesia has been recognised on the basis that unremitted earnings would be liable to overseas withholding taxes if anticipated to be distributed as dividends. As at 31 May 2025, the aggregate amount of gross temporary differences associated with investments in subsidiaries and joint ventures for which deferred taxation liabilities have not been recognised totals approximately \u00a324.2 million (2024: \u00a322.5 million). Following the amendments to IAS 12 in relation to Deferred Tax related to Assets and Liabilities arising from a Single Transaction, the Group has recognised a separate deferred tax asset in relation to its lease liability of \u00a33.5 million (2024: \u00a32.7 million) and a deferred tax liability in relation to its right-of-use assets of \u00a33.1 million (2024: \u00a32.4 million). There was no impact on the statement of financial position because the balances qualify for offset under paragraph 74 of IAS 12. After offsetting deferred taxation assets and liabilities where appropriate within jurisdictions (as permitted by IAS 12 Income Taxes), the net deferred taxation liability comprises:
2025
2024
\u00a3m
\u00a3m
Deferred tax assets
15.8
22.2
Deferred tax liabilities
(34.1)
(39.8)
(18.3)
(17.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-455": { "value": "
2025
2024
\u00a3m
\u00a3m
Trade receivables
76.7
77.5
Less: loss allowance
(1.9)
(2.6)
Net trade receivables
74.8
74.9
Lease receivables
1.2
1.3
Amounts owed by joint venture
27.1
31.7
Other receivables
12.6
14.9
Prepayments
5.6
8.3
121.3
131.1
Classified within:
Current assets
119.2
99.0
Non-current assets
2.1
32.1
121.3
131.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-422": { "value": "
18. CASH AND CASH EQUIVALENTS AND NET DEBT
Cash and cash equivalents include cash at bank and in hand, short-term deposits and other highly liquid investments with original maturities of three
months or less which are readily convertible into known amounts of cash with insignificant risk of changes in value.
Borrowings comprise bank overdrafts, short-term uncommitted loans and amounts drawn under the Group\u2019s committed credit facility. Bank
overdrafts are repayable on demand and form a part of the Group\u2019s cash management activities. Further details on the Group\u2019s committed credit
facility are provided in note 19.
The Group defines net debt as cash and cash equivalents net of borrowings, and net debt including lease liabilities as cash and cash equivalents net of
borrowings and lease liabilities.
Group net debt comprises the following:
Foreign
exchange
1 June 2024
Net cash flow
movements
Other
1
31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash at bank and in hand
49.4
(9.7)
(1.6)
\u2014
38.1
Short-term deposits
1.9
5.2
(0.1)
\u2014
7.0
Cash and cash equivalents
2
51.3
(4.5)
(1.7)
\u2014
45.1
Current borrowings
(6.3)
6.2
0.1
(54.7)
(54.7)
Non-current borrowings
(160.3)
3.5
\u2014
54.4
(102.4)
Net debt
(115.3)
5.2
(1.6)
(0.3)
(112.0)
Lease liabilities
(12.1)
3.3
0.2
(6.3)
(14.9)
Net debt including lease liabilities
(127.4)
8.5
(1.4)
(6.6)
(126.9)
Foreign
exchange
1 June 2023
Net cash flow
movements
Other
1
31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash at bank and in hand
127.4
(22.7)
(55.3)
\u2014
49.4
Short-term deposits
129.0
(61.7)
(65.4)
\u2014
1.9
Cash and cash equivalents
2
256.4
(84.4)
(120.7)
\u2014
51.3
Current asset investment
0.5
(0.5)
\u2014
\u2014
\u2014
Current borrowings
\u2014
(6.4)
0.1
\u2014
(6.3)
Non-current borrowings
(251.2)
91.0
\u2014
(0.1)
(160.3)
Net cash/(debt)
5.7
(0.3)
(120.6)
(0.1)
(115.3)
Lease liabilities
(13.0)
2.9
0.2
(2.2)
(12.1)
Net debt including lease liabilities
(7.3)
2.6
(120.4)
(2.3)
(127.4)
1 Other includes a current to non-current borrowings reclassification, lease additions, the increase in the lease liability arising from the unwinding of interest element and the movement in the
unamortised fees on borrowings.
2 At 31 May 2025, the Group had restricted cash of \u00a31.3 million (2024: \u00a30.7 million). At 31 May 2025, \u00a320.2 million (2024: \u00a320.0 million) of the cash and cash equivalents were held by the Group\u2019s
Nigerian subsidiaries.
19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (a) Financial instruments The carrying amounts of each class of financial instruments were: Financial assets
2025
2024
\u00a3m
\u00a3m
Derivatives designated as hedging instruments
Forward foreign exchange contracts
0.3
\u2014
Derivatives not designated as hedging instruments
Forward foreign exchange contracts
0.1
\u2014
Financial assets at amortised cost
Cash and cash equivalents
45.1
51.3
Net trade and other receivables
87.4
89.8
Lease receivables
1.2
1.3
Trade receivables owed by joint venture
0.7
1.1
Loan receivables owed by joint venture
26.4
30.6
161.2
174.1
Classified within:
Current assets
159.1
142.0
Non-current assets
2.1
32.1
161.2
174.1
Financial liabilities
2025
2024
\u00a3m
\u00a3m
Current interest-bearing borrowings at amortised cost
Borrowings
54.7
6.3
Non-current interest-bearing borrowings at amortised cost
Borrowings
102.4
160.3
Derivatives designated as hedging instruments
Forward foreign exchange contracts
0.2
0.3
Derivatives not designated as hedging instruments
Forward foreign exchange contracts
0.2
0.2
Other financial liabilities at fair value through profit or loss
Other payables
1
\u2014
4.5
Other financial liabilities at amortised cost
Trade and other payables
2
149.3
151.9
Lease liabilities
14.9
12.1
321.7
335.6
Classified within:
Current liabilities
206.1
163.0
Non-current liabilities
115.6
172.6
321.7
335.6
1 Relates to deferred consideration on the acquisition of Childs Farm (note 20). 2 Excludes other taxation and social security
Borrowings are amounts drawn under both committed and uncommitted borrowing facilities. The Group has a \u00a3325.0 million committed credit
facility which is available for general corporate purposes. The credit facility incorporates both a term loan, of up to \u00a3125.0 million, with the balance
as a revolving credit facility (RCF) structure. Entered into in November 2022, the term loan is a two-year facility and the RCF a four-year facility, with
both facilities retaining two, one-year extension options. The first option for both RCF and term loan was executed in October 2023 and the second
term loan extension was executed in March 2025 reducing to \u00a370 million from 8 November 2026. Drawings under the term loan are permitted in GBP,
and under the RCF in GBP, Euros or USD, at interest rates at a margin of 1.30\u20132.10% above SONIA, EURIBOR or SOFR, dependent on leverage and the
attainment of specified sustainability performance targets.
Non-current borrowings as at 31 May 2025 are presented net of \u00a30.1 million (2024: \u00a30.7 million) of unamortised financing fees. As at 31 May 2025,
this facility was \u00a3157.5 million drawn (2024: \u00a3161.0 million).
Borrowings as at 31 May 2025, which are presented net of \u00a30.4 million (2024: \u00a30.7 million) of unamortised financing fees, comprise \u00a3125.0 million
(2024: \u00a3125.0 million) of term loans which are denominated in GBP at an interest rate of 6.18% (2024: 6.81%), and \u00a332.5 million (2024: \u00a336.0 million)
of borrowings under the RCF which are denominated in GBP at interest rates at between 6.04\u20136.10% (2024: 6.78\u20136.79%).
In addition, the Group retains other unsecured and uncommitted facilities that are primarily used for trade-related activities in Nigeria where ordinary
trading activities are required to be supported by letters of credit (or similar). As at 31 May 2025, these amounted to \u00a3122.1 million (2024: \u00a3161.6
million) of which \u00a333.7 million, or 28% were used (2024: \u00a340.3 million or 25%). The utilisation amount has decreased during the reporting period as
a result of the improvement in access to foreign currency which in turn has facilitated the settlement of USD liabilities. As at the reporting date, there
were no bank overdrafts (2024: \u00a3nil).
Changes in liabilities arising from financing activities were as follows:
Foreign
exchange
1 June 2024
Net cash flow
movements
Other
31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current borrowings
1
(160.3)
3.5
\u2014
54.4
(102.4)
Current borrowings
1
(6.3)
6.2
0.1
(54.7)
(54.7)
Lease liabilities
(12.1)
3.3
0.2
(6.3)
(14.9)
Foreign
exchange
1 June 2023
Net cash flow
movements
Other
31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current borrowings
1
(251.2)
91.0
\u2014
(0.1)
(160.3)
Current borrowings
2
\u2014
(6.4)
0.1
\u2014
(6.3)
Lease liabilities
(13.0)
2.9
0.2
(2.2)
(12.1)
1 Relates to committed banking facilities.
2 Relates to uncommitted short-term facilities.
(b) Risk management
The Group\u2019s activities expose it to a variety of financial risks, including market risk (arising from movements in foreign currency exchange rates,
commodity prices and interest rates), credit risk and liquidity risk.
Overall risk management is led by senior management and executed according to Group policy with the intention to minimise adverse impacts on the
Group\u2019s financial performance through the execution of agreed risk management strategies. Management of these risks, along with the day-to-day
management of treasury activities, is performed by the Group Treasury function as defined within the Board-approved policy framework.
Where appropriate, the Group uses derivative financial instruments to hedge certain risk exposures. The use of financial derivatives and the
management of all financial risks is governed by the Group Treasury policy as approved by the Board of Directors. The Group does not enter into
any financial derivative contracts for trading or speculative purposes. All hedging activity is carried out by the Group Treasury function who hedge
financial risks according to forecasts provided by the Group\u2019s subsidiary undertakings.
The Group also enters into contracts with suppliers for its principal raw material requirements and associated input costs. Commodity and associated
input and manufacturing costs such as energy are part of the Group\u2019s normal purchasing activities.
A. Market risk
The Group\u2019s principal market risks are in relation to foreign currency exchange rates, the prices of certain commodities and interest rates. In managing
market risks, the Group aims to minimise the impact of short-term fluctuations on the Group\u2019s financial performance. However, over the longer term,
permanent changes in market rates will have an impact on consolidated results.
(i) Foreign currency risk
Foreign currency risk is the risk that the carrying value of Group assets, liabilities or future cash flows will fluctuate due to changes in foreign currency
exchange rates. The Group is exposed to foreign currency exchange translation and transaction risks as follows:
\u2022 Foreign currency exchange translation risks arise due to the translation of monetary assets and liabilities denominated in currencies other than
the functional currency of the subsidiary into functional currency, with the foreign exchange gain/(loss) recorded in the income statement. Further
translation differences arise on the translation of net assets of its non-GBP functional currency subsidiary undertakings into GBP being the Group\u2019s
presentation currency, with the foreign exchange gain/(loss) recorded in other comprehensive income.
\u2022 Foreign currency exchange transaction risk occurs due to changes in the value of cash flows in a currency other than the functional currency of the
subsidiary undertaking.
The most significant foreign exchange transaction risk exposures for the Group are the purchase of inventories (predominantly raw materials) and
services denominated in USD and Euros. Group policy is to reduce this risk where possible, mainly in relation to its GBP and AUD functional currency
subsidiaries, by using forward foreign exchange derivative contracts as hedging instruments that are typically designated as cash flow hedges. In these
cases, the Group negotiates the terms of the derivative to match the critical terms of the hedged item normally including covering the period from
initial forecasting of the hedged item purchase commitment to the point of settlement. There remains no effective and functioning market to hedge
USD liabilities in Nigeria.
Hedge accounting is typically applied to remove any timing mismatch between the hedging instrument and hedged item, with the effective portion
of the change in fair value of the hedging instrument initially accounted for in the hedging reserve through other comprehensive income. If the firm
commitment or forecast transaction that is the subject of a cash flow hedge results in the recognition of a non-financial asset or liability, then, at the
time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive
income and accumulated in the hedging reserve are removed directly from equity and included in the initial measurement of the asset or liability. If
the hedged item is transaction-related the foreign currency \u2018basis spread\u2019 is reclassified to profit or loss when the hedged item affects profit or loss.
Those reclassified amounts are recognised in the Consolidated Income Statement in the same line as the hedged item.
Hedge ineffectiveness may arise from items including changes in forecast transactions, misalignment in critical terms, or if credit dominates the
relationship between hedged item and hedging instrument. Where there is ineffectiveness and hedge accounting criteria are not met, the change in
the fair value of the derivative is accounted for through profit or loss. There was no ineffectiveness during the reporting period in relation to the use
of forward foreign exchange contracts.
The notional amounts of forward foreign exchange contracts outstanding as at the reporting date, along with the weighted average hedge rates of
these contracts and average spot rates for the reporting period, are as follows:
Notional
Fair value
Weighted
Local currency average hedge GBP equivalent Average spot Asset Liability
2025
million
Currency pair
rate \u00a3m rate \u00a3m \u00a3m
Sell USD
(13.8)
GBP:USD
1.35
10.2
1.29
\u2014
\u2014
Buy EUR
6.4
GBP:EUR
1.18
(5.4)
1.19
0.1
(0.1)
Sell AUD
(8.7)
GBP:AUD
2.05
4.2
1.99
0.1
\u2014
Buy USD
24.1
AUD:USD
0.64
(17.8)
0.65
0.2
(0.2)
Buy IDR
207,317.0
GBP:IDR
21,647
(9.6)
20,742
\u2014
(0.1)
0.4
(0.4)
Notional
Fair value
Weighted
Currency average hedge GBP equivalent Average spot Asset Liability
2024
million
Currency pair
rate \u00a3m rate \u00a3m \u00a3m
Sell USD
(6.9)
GBP:USD
1.27
5.4
1.27
\u2014
\u2014
Buy EUR
7.7
GBP:EUR
1.16
(6.6)
1.16
\u2014
(0.1)
Sell AUD
(4.2)
GBP:AUD
1.92
2.2
1.92
\u2014
\u2014
Buy USD
23.1
AUD:USD
0.66
(18.3)
0.66
\u2014
(0.2)
Buy IDR
134,365.4
GBP:IDR
20,103
(6.7)
19,550
\u2014
(0.2)
\u2014
(0.5)
As at 31 May 2025, the aggregate net amount of fair value movements of forward foreign exchange contracts currently deferred in the cash flow
hedging reserve was a loss of \u00a30.2 million (2024: \u00a30.4 million). It is anticipated that the purchases of the hedged items that these forward exchange
contracts were entered into for, will take place during the next financial year and these will be sold within 12 months of purchase.
The movement in the hedging reserve during the year was as follows:
2025
2024
\u00a3m
\u00a3m
At 1 June
(0.4)
0.2
Fair value gains/(losses), net of taxation
0.2
(0.6)
At 31 May
(0.2)
(0.4)
The aggregate amount under forward foreign exchange contracts taken directly to profit or loss was a gain of \u00a30.8 million (2024: \u00a30.9 million gain).
The majority of the Group\u2019s monetary assets and liabilities are denominated in the functional currency of the relevant subsidiary. The following
sensitivity analysis illustrates the impact of a 10.0% strengthening of the Group\u2019s transactional currencies against local functional currencies, with all
other variables held constant.
The impact on the Group\u2019s (loss)/profit before taxation is due to foreign exchange (losses)/gains arising on the revaluation of monetary assets and
liabilities denominated in a currency other than the functional currency of the subsidiary. The aggregate net foreign exchange losses recognised in
profit or loss were \u00a37.8 million (2024: \u00a3124.6 million) and are primarily as a result of the devaluation of the Nigerian Naira and the revaluation of
foreign currency (USD) liabilities.
The impact on the Group\u2019s other comprehensive income is due to changes in the fair value of forward exchange contracts designated as cash flow
hedges and the permanent as equity loans to a joint venture and with fellow subsidiary undertakings prior to their de-designation in the current year
(notes 1, 3 and 14).
The Group\u2019s exposure to foreign currency changes for all other currencies is not material. A similar but opposite impact would be felt on both profit or
loss and other comprehensive income if the Group\u2019s main transactional currencies weakened against local functional currencies by a similar amount:
2025
2024
Impact Impact on Impact on Impact on
on profit pre-tax loss before pre-tax
\u00a3m before tax equity tax equity
US Dollar
(1.4)
1.5
2.5
1.6
Nigerian Naira
3.8
\u2014
0.6
\u2014
Chinese Renminbi
\u2014
\u2014
(0.2)
\u2014
The table above shows the foreign currency risk in relation to non-functional currency financial instruments in subsidiaries\u2019 financial statements at
the balance sheet date. The inclusion of Chinese Renminbi is a reflection that historically the Group\u2019s Nigeria subsidiaries held Renminbi liabilities in
relation to the purchase of electrical goods and raw materials from China.
In addition, the Group is also exposed to foreign currency risk on the translation of overseas subsidiaries\u2019 results into GBP for the Consolidated
Financial Statements through the use of the average rate for the income statement and the closing rate for net assets. The impact on the Group\u2019s
profit before tax and total equity if the applicable rate used to translate the results of the Group\u2019s principal foreign operations into GBP were adjusted
to show a 10.0% strengthening of Sterling is shown below. A similar but opposite impact would be felt if Sterling weakened against the other
currencies by a similar percentage.
2025
2024
Impact on
Impact on
Impact on
Impact on
Impact on
Impact on
adjusted
operating
total
adjusted
operating
total
\u00a3m
operating profit
profit
equity
operating profit
loss
equity
Nigerian Naira
(1.7)
(1.4)
(5.6)
(2.4)
4.7
(5.1)
Indonesian Rupiah
(1.0)
(1.0)
(0.5)
(1.1)
(1.1)
(0.6)
Australian Dollar
(1.3)
(1.2)
(0.8)
(1.2)
(1.2)
(2.7)
Other
(0.6)
(0.6)
(2.2)
(0.6)
(0.3)
(2.3)
In the table above, the most significant balance sheet item impacting total equity for the Nigerian Naira is the cash and cash equivalents held by the
Nigerian subsidiaries (note 18).
(ii) Commodity pricing risk Commodity risk is the risk that changes in underlying raw material prices have an adverse impact on the Group\u2019s financial performance. The Group\u2019s policy is to minimise the pricing volatility accompanied by unfavourable changes in commodity prices by entering into fixed price supplier contracts in line with its commercial strategy. The Group does not enter into any commodity derivatives. (iii) Interest rate risk Interest rate risk is the risk that a change in interest rates will have an adverse impact on the Group\u2019s financial performance. The Group\u2019s main interest rate risk arises from cash and cash equivalents and borrowings. To manage interest rate risk, the Group manages its proportion of fixed to floating rate borrowings within limits approved by the Board, primarily through issuing fixed and floating rate borrowings, and by utilising interest rate swaps, where appropriate. The following table sets out the sensitivity to reasonably possible changes in the Nigerian interest rates on cash and cash equivalents held by the Group\u2019s Nigerian operations, and reasonably possible changes in SONIA (Sterling Overnight Index Average) interest rates on that portion of loans and borrowings at 31 May 2025 (see note 18). With all other variables held constant, the Group\u2019s profit before taxation is affected as follows:
Effect on profit/(loss) before tax
Increase/decrease
2025
2024
in basis points
\u00a3m
\u00a3m
Nigerian Naira rates
+50
0.1
0.1
-50
(0.1)
(0.1)
Effect on profit/(loss) before tax
Increase/decrease
2025
2024
in basis points
\u00a3m
\u00a3m
GBP rates
+50
(0.8)
(0.8)
-50
0.8
0.8
B. Credit risk The Group is exposed to counterparty credit risk from its financing and investing activities with banks and financial institutions, including cash deposits, the use of derivatives and other financial instruments, from its operating activities (primarily trade receivables) and its loans to its joint venture (note 14). The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets. Financing and investing activities The Group maintains a policy on financial counterparty credit risk exposures that limits the maximum exposure on the investment of surplus cash and use of derivative instruments with reference to a minimum credit rating as maintained by Standard & Poor\u2019s (S&P), Moody\u2019s or Fitch, with further limits established for levels of exposure at various ratings levels. The level of exposure and the credit worthiness of the Group\u2019s banking counterparties are regularly reviewed to ensure compliance with this policy. Cash held with lower rated banks reflects the impact of perceived sovereign ceilings operating within those countries. Cash and cash equivalents and net financial derivatives by counterparty credit rating at the end of the reporting period is as follows (ratings per S&P unless unavailable, in which case the Fitch rating is used):
2025
2024
Cash and cash Financial Cash and cash Financial
equivalents derivatives equivalents derivatives
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AA-
4.1
0.2
6.8
\u2014
A+ to A-
19.6
0.2
20.8
\u2014
BBB+ to BBB-
0.4
\u2014
0.9
\u2014
BB+ to BB-
\u2014
\u2014
2.6
\u2014
B+ to B-
20.8
\u2014
20.2
\u2014
not rated
0.2
\u2014
\u2014
\u2014
45.1
0.4
51.3
\u2014
All financial derivative contracts are held in financial institutions with credit ratings of at least A-.
The amounts classified B+ to B- counterparty credit rating relate to cash and cash equivalents held predominantly in Nigeria where the sovereign
credit rating is B- thereby limiting the rating of banks incorporated within the country.
There are no significant concentrations of credit risk within the Group arising from the use of derivatives or other financial instruments.
Trade receivables
The Group trades only with creditworthy third parties. Under the Group policy, customers are subject to credit verification procedures to establish
appropriate credit terms and trade receivable balances are monitored on an ongoing basis.
An allowance for loss is estimated by management based on the expected credit loss model approach. The creation and release of provisions for
receivables is charged/credited to administrative expenses in the Consolidated Income Statement. Receivables are written off when all possible routes
through which amounts can be recovered have been exhausted.
Trade receivables consist of a broad cross-section of the international customer base for which there is no significant history of default. The credit
risk of customers is assessed taking into account the local market environment, customers\u2019 financial positions, past experiences and other relevant
factors. Individual customer credit limits are imposed based on these factors, and payment terms are generally 30-45 days, with a range from 7 to 120
days which reflects the differing nature of trading in the Group\u2019s geographical segments.
No other receivables are deemed to be impaired.
The ageing and credit risk profile of trade receivables based on the Group\u2019s provision matrix at the end of the reporting period was:
Expected credit
Gross trade
Lifetime expected
Net trade
loss rate
receivables
credit loss
 receivables
At 31 May 2025
%
\u00a3m
\u00a3m
\u00a3m
Not past due
0.0%
65.2
\u2014
65.2
Past due 0-30 days
1.4%
7.0
(0.1)
6.9
Past due 31-60 days
12.5%
0.8
(0.1)
0.7
Past due 61-90 days
9.1%
1.1
(0.1)
1.0
Past due 91-180 days
11.1%
0.9
(0.1)
0.8
Past due >180 days
88.2%
1.7
(1.5)
0.2
76.7
(1.9)
74.8
Specific provision
\u2014
Net trade receivables
74.8
Expected credit
Gross trade
Lifetime expected
Net trade
loss rate
receivables
credit loss
receivables
At 31 May 2024
%
\u00a3m
\u00a3m
\u00a3m
Not past due
0.1%
67.4
(0.1)
67.3
Past due 0-30 days
3.6%
5.5
(0.2)
5.3
Past due 31-60 days
9.1%
1.1
(0.1)
1.0
Past due 61-90 days
30.0%
1.0
(0.3)
0.7
Past due 91-180 days
33.3%
0.9
(0.3)
0.6
Past due >180 days
100.0%
1.6
(1.6)
\u2014
77.5
(2.6)
74.9
Specific provision
\u2014
Net trade receivables
74.9
C. Liquidity risk
The Group is exposed to the risk that it is unable to meet its financial commitments as they fall due. Under the terms of the \u00a3325.0 million committed
credit facility, the Group must meet certain financial covenants. The covenants are described in the capital risk management section below.
The Group manages liquidity risk through the Group Treasury function, with cash flow forecasts prepared and reviewed on a monthly basis. In
addition, longer-term cash flow forecasts of up to 12 months are prepared as part of the Group\u2019s monthly forecasting and periodic budget cycles, with
performance against free cash flow and net working capital targets monitored each month and providing longer-term cash flow and net debt visibility.
The Group\u2019s net debt level can vary from month to month depending on seasonal trading patterns including the holding of inventory, timing of
receipts from customers and payments to suppliers, and the timing of any capital and restructuring projects.
Set out below is the maturity profile of the Group\u2019s financial liabilities which is based on the contractual undiscounted cash flows prepared using
forward interest rates where applicable, showing items at the earliest date on which the liability could be required to be paid (for borrowings under
committed facilities, the maturity is based on the maturity of the facility). The table includes both interest and principal cash flows. To the extent that
interest flows based on floating rate, the undiscounted amount is derived from interest rates at the reporting date. Derivatives are presented on a
notional basis in GBP.
<3 months
3-12 months
1-2 years
2-5 years
>5 years
Total
At 31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
(143.3)
(11.8)
(0.6)
\u2014
\u2014
(155.7)
Forward foreign exchange contracts
(33.2)
(23.6)
\u2014
\u2014
\u2014
(56.8)
Borrowings
\u2014
(54.7)
(69.9)
(32.5)
\u2014
(157.1)
Lease liabilities
(0.7)
(2.1)
(2.7)
(6.9)
(4.0)
(16.4)
<3 months
3-12 months
1-2 years
2-5 years
>5 years
Total
At 31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
(158.7)
\u2014
(2.6)
\u2014
\u2014
(161.3)
Forward foreign exchange contracts
(31.5)
(24.1)
\u2014
\u2014
\u2014
(55.6)
Borrowings
(8.7)
\u2014
(125.0)
(36.0)
\u2014
(169.7)
Lease liabilities
(0.8)
(2.0)
(1.6)
(4.4)
(5.1)
(13.9)
The forward foreign exchange contracts disclosed in the tables above are the gross undiscounted cash outflows. Those amounts may be settled gross
or net. The following table shows the corresponding reconciliation of those amounts to their carrying values:
<3 months
3-12 months
1-2 years
2-5 years
>5 years
Total
At 31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Inflows
33.4
23.4
\u2014
\u2014
\u2014
56.8
Outflows
(33.2)
(23.6)
\u2014
\u2014
\u2014
(56.8)
Net
0.2
(0.2)
\u2014
\u2014
\u2014
\u2014
Carrying amounts:
Asset
0.3
0.1
\u2014
\u2014
\u2014
0.4
Liability
(0.1)
(0.3)
\u2014
\u2014
\u2014
(0.4)
0.2
(0.2)
\u2014
\u2014
\u2014
\u2014
<3 months
3-12 months
1-2 years
2-5 years
>5 years
Total
At 31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Inflows
31.4
23.7
\u2014
\u2014
\u2014
55.1
Outflows
(31.5)
(24.1)
\u2014
\u2014
\u2014
(55.6)
Net
(0.1)
(0.4)
\u2014
\u2014
\u2014
(0.5)
Carrying amounts:
Asset
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Liability
(0.1)
(0.4)
\u2014
\u2014
\u2014
(0.5)
(0.1)
(0.4)
\u2014
\u2014
\u2014
(0.5)
Capital risk management
The objective of the Group when considering total capital is to protect the value of capital investments and to generate returns on shareholder funds.
Total capital is defined as including bank borrowings and equity, including, when applicable, derivatives used for the purposes of hedging currency and
interest exposure on the borrowings, but excluding the cash flow hedging reserve.
In support of its objectives, the Group may undertake actions to adjust its capital structure. Actions may include, but are not limited to, raising
or prepaying of borrowings together with related derivative instruments, issuance of additional share capital, payment of dividends or share
repurchase programmes.
The Group\u2019s \u00a3325.0 million credit facility is subject to financial covenants. The principal covenants on the facility are a leverage ratio of \u22643.0x and
interest cover of \u22654.0x which are measured on a rolling 12-month basis at half-year and year-end. The Group considers net debt to be an important
performance measure as it forms the basis of the leverage ratio (defined as Total Net Debt to EBITDA) in the facility agreement. As at 31 May 2025,
the Group\u2019s net debt including lease liabilities was \u00a3126.9 million (2024: \u00a3127.4 million), net of \u00a345.1 million (2024: \u00a351.3 million) cash and
cash equivalents as described in note 18. Interest cover is defined in the facility agreements as the ratio of Adjusted EBITDA to net finance
(expense)/income.
The committed credit facility also includes other customary provisions relating to events of default, including non-payment of principal, interest or
fees, misrepresentations, breach of covenants, creditor process, cross-default to other indebtedness of the borrowers and its subsidiaries.
During the year, and as at the reporting date, the Group was in compliance with all financial and other covenants.
Fair values
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. In determining fair value, the Group uses various methods including market, income and cost approaches. Based on these
approaches, the Group uses certain assumptions that market participations would use in pricing the asset or liability, including assumptions about
risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, market corroborated, or generally
unobservable inputs. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values.
Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following categories:
\u2022 Level 1: Derived from quoted prices in active markets for identical assets or liabilities.
\u2022 Level 2: Derived from observable inputs other than Level 1, including quoted prices for similar assets or liabilities, quoted prices in less active
markets, or other observable inputs that can be corroborated by observable market data.
\u2022 Level 3: Derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable
inputs). This may include pricing models, discounted cash flow or similar methodologies as well as instruments for which the determination of fair
value requires significant management judgement or estimation.
There were no transfers between Level 1, 2 and 3 during the current or prior year.
At the end of the reporting period, the Group held the following financial assets and liabilities at fair value:
Level 1
Level 2
Level 3
Total
At 31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets held at fair value
Derivative financial assets
\u2014
0.4
\u2014
0.4
Liabilities held at fair value
Derivative financial liabilities
\u2014
0.4
\u2014
0.4
Other payables
\u2014
\u2014
\u2014
\u2014
Level 1
Level 2
Level 3
Total
At 31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets held at fair value
Derivative financial assets
\u2014
\u2014
\u2014
\u2014
Liabilities held at fair value
Derivative financial liabilities
\u2014
0.5
\u2014
0.5
Other payables
\u2014
\u2014
4.5
4.5
The following is a description of the valuation methodologies and assumptions used for estimating the fair values:
\u2022 Derivative financial instruments \u2013 Derivative financial instruments comprise forward foreign exchange contracts. Fair value is calculated using
observable market data where it is available, including spot rates and observable forward points, as discounted to reflect the time value of money.
Counterparty credit is monitored. No adjustment to the fair value for credit risk is made due to materiality.
\u2022 Other payables \u2013 Other payables held at fair value at 31 May 2024 relate to deferred purchase consideration on the acquisition of Childs Farm (note
20), which was estimated by applying an appropriate discount rate to the expected future payments. The key assumptions take into consideration
the probability of meeting each performance target and the discount factor. Should the target not be met, no consideration would be payable, and
should the discount rate applied be changed, the fair value of the deferred purchase consideration would change, but the amount of consideration
that would ultimately be paid would not necessarily change.
For the financial assets and liabilities not held at fair value, there was no material difference between their carrying values and their fair values, except
for non-current borrowings which are presented net of unamortised issuance costs of \u00a30.8 million (2024: \u00a30.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-474": { "value": "18. CASH AND CASH EQUIVALENTS AND NET DEBT Cash and cash equivalents include cash at bank and in hand, short-term deposits and other highly liquid investments with original maturities of three months or less which are readily convertible into known amounts of cash with insignificant risk of changes in value. Borrowings comprise bank overdrafts, short-term uncommitted loans and amounts drawn under the Group\u2019s committed credit facility. Bank overdrafts are repayable on demand and form a part of the Group\u2019s cash management activities. Further details on the Group\u2019s committed credit facility are provided in note 19. The Group defines net debt as cash and cash equivalents net of borrowings, and net debt including lease liabilities as cash and cash equivalents net of borrowings and lease liabilities. Group net debt comprises the following:
Foreign
exchange
1 June 2024
Net cash flow
movements
Other
1
31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash at bank and in hand
49.4
(9.7)
(1.6)
\u2014
38.1
Short-term deposits
1.9
5.2
(0.1)
\u2014
7.0
Cash and cash equivalents
2
51.3
(4.5)
(1.7)
\u2014
45.1
Current borrowings
(6.3)
6.2
0.1
(54.7)
(54.7)
Non-current borrowings
(160.3)
3.5
\u2014
54.4
(102.4)
Net debt
(115.3)
5.2
(1.6)
(0.3)
(112.0)
Lease liabilities
(12.1)
3.3
0.2
(6.3)
(14.9)
Net debt including lease liabilities
(127.4)
8.5
(1.4)
(6.6)
(126.9)
Foreign
exchange
1 June 2023
Net cash flow
movements
Other
1
31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash at bank and in hand
127.4
(22.7)
(55.3)
\u2014
49.4
Short-term deposits
129.0
(61.7)
(65.4)
\u2014
1.9
Cash and cash equivalents
2
256.4
(84.4)
(120.7)
\u2014
51.3
Current asset investment
0.5
(0.5)
\u2014
\u2014
\u2014
Current borrowings
\u2014
(6.4)
0.1
\u2014
(6.3)
Non-current borrowings
(251.2)
91.0
\u2014
(0.1)
(160.3)
Net cash/(debt)
5.7
(0.3)
(120.6)
(0.1)
(115.3)
Lease liabilities
(13.0)
2.9
0.2
(2.2)
(12.1)
Net debt including lease liabilities
(7.3)
2.6
(120.4)
(2.3)
(127.4)
1 Other includes a current to non-current borrowings reclassification, lease additions, the increase in the lease liability arising from the unwinding of interest element and the movement in the unamortised fees on borrowings. 2 At 31 May 2025, the Group had restricted cash of \u00a31.3 million (2024: \u00a30.7 million). At 31 May 2025, \u00a320.2 million (2024: \u00a320.0 million) of the cash and cash equivalents were held by the Group\u2019s Nigerian subsidiaries. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-456": { "value": "18. CASH AND CASH EQUIVALENTS AND NET DEBT Cash and cash equivalents include cash at bank and in hand, short-term deposits and other highly liquid investments with original maturities of three months or less which are readily convertible into known amounts of cash with insignificant risk of changes in value. Borrowings comprise bank overdrafts, short-term uncommitted loans and amounts drawn under the Group\u2019s committed credit facility. Bank overdrafts are repayable on demand and form a part of the Group\u2019s cash management activities. Further details on the Group\u2019s committed credit facility are provided in note 19. The Group defines net debt as cash and cash equivalents net of borrowings, and net debt including lease liabilities as cash and cash equivalents net of borrowings and lease liabilities. Group net debt comprises the following:
Foreign
exchange
1 June 2024
Net cash flow
movements
Other
1
31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash at bank and in hand
49.4
(9.7)
(1.6)
\u2014
38.1
Short-term deposits
1.9
5.2
(0.1)
\u2014
7.0
Cash and cash equivalents
2
51.3
(4.5)
(1.7)
\u2014
45.1
Current borrowings
(6.3)
6.2
0.1
(54.7)
(54.7)
Non-current borrowings
(160.3)
3.5
\u2014
54.4
(102.4)
Net debt
(115.3)
5.2
(1.6)
(0.3)
(112.0)
Lease liabilities
(12.1)
3.3
0.2
(6.3)
(14.9)
Net debt including lease liabilities
(127.4)
8.5
(1.4)
(6.6)
(126.9)
Foreign
exchange
1 June 2023
Net cash flow
movements
Other
1
31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash at bank and in hand
127.4
(22.7)
(55.3)
\u2014
49.4
Short-term deposits
129.0
(61.7)
(65.4)
\u2014
1.9
Cash and cash equivalents
2
256.4
(84.4)
(120.7)
\u2014
51.3
Current asset investment
0.5
(0.5)
\u2014
\u2014
\u2014
Current borrowings
\u2014
(6.4)
0.1
\u2014
(6.3)
Non-current borrowings
(251.2)
91.0
\u2014
(0.1)
(160.3)
Net cash/(debt)
5.7
(0.3)
(120.6)
(0.1)
(115.3)
Lease liabilities
(13.0)
2.9
0.2
(2.2)
(12.1)
Net debt including lease liabilities
(7.3)
2.6
(120.4)
(2.3)
(127.4)
1 Other includes a current to non-current borrowings reclassification, lease additions, the increase in the lease liability arising from the unwinding of interest element and the movement in the unamortised fees on borrowings. 2 At 31 May 2025, the Group had restricted cash of \u00a31.3 million (2024: \u00a30.7 million). At 31 May 2025, \u00a320.2 million (2024: \u00a320.0 million) of the cash and cash equivalents were held by the Group\u2019s Nigerian subsidiaries. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-457": { "value": "
19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
(a) Financial instruments
The carrying amounts of each class of financial instruments were:
Financial assets
2025
2024
\u00a3m
\u00a3m
Derivatives designated as hedging instruments
Forward foreign exchange contracts
0.3
\u2014
Derivatives not designated as hedging instruments
Forward foreign exchange contracts
0.1
\u2014
Financial assets at amortised cost
Cash and cash equivalents
45.1
51.3
Net trade and other receivables
87.4
89.8
Lease receivables
1.2
1.3
Trade receivables owed by joint venture
0.7
1.1
Loan receivables owed by joint venture
26.4
30.6
161.2
174.1
Classified within:
Current assets
159.1
142.0
Non-current assets
2.1
32.1
161.2
174.1
Financial liabilities
2025
2024
\u00a3m
\u00a3m
Current interest-bearing borrowings at amortised cost
Borrowings
54.7
6.3
Non-current interest-bearing borrowings at amortised cost
Borrowings
102.4
160.3
Derivatives designated as hedging instruments
Forward foreign exchange contracts
0.2
0.3
Derivatives not designated as hedging instruments
Forward foreign exchange contracts
0.2
0.2
Other financial liabilities at fair value through profit or loss
Other payables
1
\u2014
4.5
Other financial liabilities at amortised cost
Trade and other payables
2
149.3
151.9
Lease liabilities
14.9
12.1
321.7
335.6
Classified within:
Current liabilities
206.1
163.0
Non-current liabilities
115.6
172.6
321.7
335.6
1 Relates to deferred consideration on the acquisition of Childs Farm (note 20).
2 Excludes other taxation and social security .
Borrowings are amounts drawn under both committed and uncommitted borrowing facilities. The Group has a \u00a3325.0 million committed credit facility which is available for general corporate purposes. The credit facility incorporates both a term loan, of up to \u00a3125.0 million, with the balance as a revolving credit facility (RCF) structure. Entered into in November 2022, the term loan is a two-year facility and the RCF a four-year facility, with both facilities retaining two, one-year extension options. The first option for both RCF and term loan was executed in October 2023 and the second term loan extension was executed in March 2025 reducing to \u00a370 million from 8 November 2026. Drawings under the term loan are permitted in GBP, and under the RCF in GBP, Euros or USD, at interest rates at a margin of 1.30\u20132.10% above SONIA, EURIBOR or SOFR, dependent on leverage and the attainment of specified sustainability performance targets. Non-current borrowings as at 31 May 2025 are presented net of \u00a30.1 million (2024: \u00a30.7 million) of unamortised financing fees. As at 31 May 2025, this facility was \u00a3157.5 million drawn (2024: \u00a3161.0 million). Borrowings as at 31 May 2025, which are presented net of \u00a30.4 million (2024: \u00a30.7 million) of unamortised financing fees, comprise \u00a3125.0 million (2024: \u00a3125.0 million) of term loans which are denominated in GBP at an interest rate of 6.18% (2024: 6.81%), and \u00a332.5 million (2024: \u00a336.0 million) of borrowings under the RCF which are denominated in GBP at interest rates at between 6.04\u20136.10% (2024: 6.78\u20136.79%). In addition, the Group retains other unsecured and uncommitted facilities that are primarily used for trade-related activities in Nigeria where ordinary trading activities are required to be supported by letters of credit (or similar). As at 31 May 2025, these amounted to \u00a3122.1 million (2024: \u00a3161.6 million) of which \u00a333.7 million, or 28% were used (2024: \u00a340.3 million or 25%). The utilisation amount has decreased during the reporting period as a result of the improvement in access to foreign currency which in turn has facilitated the settlement of USD liabilities. As at the reporting date, there were no bank overdrafts (2024: \u00a3nil). Changes in liabilities arising from financing activities were as follows:
Foreign
exchange
1 June 2024
Net cash flow
movements
Other
31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current borrowings
1
(160.3)
3.5
\u2014
54.4
(102.4)
Current borrowings
1
(6.3)
6.2
0.1
(54.7)
(54.7)
Lease liabilities
(12.1)
3.3
0.2
(6.3)
(14.9)
Foreign
exchange
1 June 2023
Net cash flow
movements
Other
31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current borrowings
1
(251.2)
91.0
\u2014
(0.1)
(160.3)
Current borrowings
2
\u2014
(6.4)
0.1
\u2014
(6.3)
Lease liabilities
(13.0)
2.9
0.2
(2.2)
(12.1)
1 Relates to committed banking facilities. 2 Relates to uncommitted short-term facilities. (b) Risk management The Group\u2019s activities expose it to a variety of financial risks, including market risk (arising from movements in foreign currency exchange rates, commodity prices and interest rates), credit risk and liquidity risk. Overall risk management is led by senior management and executed according to Group policy with the intention to minimise adverse impacts on the Group\u2019s financial performance through the execution of agreed risk management strategies. Management of these risks, along with the day-to-day management of treasury activities, is performed by the Group Treasury function as defined within the Board-approved policy framework. Where appropriate, the Group uses derivative financial instruments to hedge certain risk exposures. The use of financial derivatives and the management of all financial risks is governed by the Group Treasury policy as approved by the Board of Directors. The Group does not enter into any financial derivative contracts for trading or speculative purposes. All hedging activity is carried out by the Group Treasury function who hedge financial risks according to forecasts provided by the Group\u2019s subsidiary undertakings. The Group also enters into contracts with suppliers for its principal raw material requirements and associated input costs. Commodity and associated input and manufacturing costs such as energy are part of the Group\u2019s normal purchasing activities. A. Market risk The Group\u2019s principal market risks are in relation to foreign currency exchange rates, the prices of certain commodities and interest rates. In managing market risks, the Group aims to minimise the impact of short-term fluctuations on the Group\u2019s financial performance. However, over the longer term, permanent changes in market rates will have an impact on consolidated results. (i) Foreign currency risk Foreign currency risk is the risk that the carrying value of Group assets, liabilities or future cash flows will fluctuate due to changes in foreign currency exchange rates. The Group is exposed to foreign currency exchange translation and transaction risks as follows: \u2022 Foreign currency exchange translation risks arise due to the translation of monetary assets and liabilities denominated in currencies other than the functional currency of the subsidiary into functional currency, with the foreign exchange gain/(loss) recorded in the income statement. Further translation differences arise on the translation of net assets of its non-GBP functional currency subsidiary undertakings into GBP being the Group\u2019s presentation currency, with the foreign exchange gain/(loss) recorded in other comprehensive income. \u2022 Foreign currency exchange transaction risk occurs due to changes in the value of cash flows in a currency other than the functional currency of the subsidiary undertaking. The most significant foreign exchange transaction risk exposures for the Group are the purchase of inventories (predominantly raw materials) and services denominated in USD and Euros. Group policy is to reduce this risk where possible, mainly in relation to its GBP and AUD functional currency subsidiaries, by using forward foreign exchange derivative contracts as hedging instruments that are typically designated as cash flow hedges. In these cases, the Group negotiates the terms of the derivative to match the critical terms of the hedged item normally including covering the period from initial forecasting of the hedged item purchase commitment to the point of settlement. There remains no effective and functioning market to hedge USD liabilities in Nigeria. Hedge accounting is typically applied to remove any timing mismatch between the hedging instrument and hedged item, with the effective portion of the change in fair value of the hedging instrument initially accounted for in the hedging reserve through other comprehensive income. If the firm commitment or forecast transaction that is the subject of a cash flow hedge results in the recognition of a non-financial asset or liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income and accumulated in the hedging reserve are removed directly from equity and included in the initial measurement of the asset or liability. If the hedged item is transaction-related the foreign currency \u2018basis spread\u2019 is reclassified to profit or loss when the hedged item affects profit or loss. Those reclassified amounts are recognised in the Consolidated Income Statement in the same line as the hedged item. Hedge ineffectiveness may arise from items including changes in forecast transactions, misalignment in critical terms, or if credit dominates the relationship between hedged item and hedging instrument. Where there is ineffectiveness and hedge accounting criteria are not met, the change in the fair value of the derivative is accounted for through profit or loss. There was no ineffectiveness during the reporting period in relation to the use of forward foreign exchange contracts. The notional amounts of forward foreign exchange contracts outstanding as at the reporting date, along with the weighted average hedge rates of these contracts and average spot rates for the reporting period, are as follows:
Notional
Fair value
Weighted
Local currency average hedge GBP equivalent Average spot Asset Liability
2025
million
Currency pair
rate \u00a3m rate \u00a3m \u00a3m
Sell USD
(13.8)
GBP:USD
1.35
10.2
1.29
\u2014
\u2014
Buy EUR
6.4
GBP:EUR
1.18
(5.4)
1.19
0.1
(0.1)
Sell AUD
(8.7)
GBP:AUD
2.05
4.2
1.99
0.1
\u2014
Buy USD
24.1
AUD:USD
0.64
(17.8)
0.65
0.2
(0.2)
Buy IDR
207,317.0
GBP:IDR
21,647
(9.6)
20,742
\u2014
(0.1)
0.4
(0.4)
Notional
Fair value
Weighted
Currency average hedge GBP equivalent Average spot Asset Liability
2024
million
Currency pair
rate \u00a3m rate \u00a3m \u00a3m
Sell USD
(6.9)
GBP:USD
1.27
5.4
1.27
\u2014
\u2014
Buy EUR
7.7
GBP:EUR
1.16
(6.6)
1.16
\u2014
(0.1)
Sell AUD
(4.2)
GBP:AUD
1.92
2.2
1.92
\u2014
\u2014
Buy USD
23.1
AUD:USD
0.66
(18.3)
0.66
\u2014
(0.2)
Buy IDR
134,365.4
GBP:IDR
20,103
(6.7)
19,550
\u2014
(0.2)
\u2014
(0.5)
As at 31 May 2025, the aggregate net amount of fair value movements of forward foreign exchange contracts currently deferred in the cash flow hedging reserve was a loss of \u00a30.2 million (2024: \u00a30.4 million). It is anticipated that the purchases of the hedged items that these forward exchange contracts were entered into for, will take place during the next financial year and these will be sold within 12 months of purchase. The movement in the hedging reserve during the year was as follows:
2025
2024
\u00a3m
\u00a3m
At 1 June
(0.4)
0.2
Fair value gains/(losses), net of taxation
0.2
(0.6)
At 31 May
(0.2)
(0.4)
The aggregate amount under forward foreign exchange contracts taken directly to profit or loss was a gain of \u00a30.8 million (2024: \u00a30.9 million gain). The majority of the Group\u2019s monetary assets and liabilities are denominated in the functional currency of the relevant subsidiary. The following sensitivity analysis illustrates the impact of a 10.0% strengthening of the Group\u2019s transactional currencies against local functional currencies, with all other variables held constant. The impact on the Group\u2019s (loss)/profit before taxation is due to foreign exchange (losses)/gains arising on the revaluation of monetary assets and liabilities denominated in a currency other than the functional currency of the subsidiary. The aggregate net foreign exchange losses recognised in profit or loss were \u00a37.8 million (2024: \u00a3124.6 million) and are primarily as a result of the devaluation of the Nigerian Naira and the revaluation of foreign currency (USD) liabilities. The impact on the Group\u2019s other comprehensive income is due to changes in the fair value of forward exchange contracts designated as cash flow hedges and the permanent as equity loans to a joint venture and with fellow subsidiary undertakings prior to their de-designation in the current year (notes 1, 3 and 14). The Group\u2019s exposure to foreign currency changes for all other currencies is not material. A similar but opposite impact would be felt on both profit or loss and other comprehensive income if the Group\u2019s main transactional currencies weakened against local functional currencies by a similar amount:
2025
2024
Impact Impact on Impact on Impact on
on profit pre-tax loss before pre-tax
\u00a3m before tax equity tax equity
US Dollar
(1.4)
1.5
2.5
1.6
Nigerian Naira
3.8
\u2014
0.6
\u2014
Chinese Renminbi
\u2014
\u2014
(0.2)
\u2014
The table above shows the foreign currency risk in relation to non-functional currency financial instruments in subsidiaries\u2019 financial statements at the balance sheet date. The inclusion of Chinese Renminbi is a reflection that historically the Group\u2019s Nigeria subsidiaries held Renminbi liabilities in relation to the purchase of electrical goods and raw materials from China. In addition, the Group is also exposed to foreign currency risk on the translation of overseas subsidiaries\u2019 results into GBP for the Consolidated Financial Statements through the use of the average rate for the income statement and the closing rate for net assets. The impact on the Group\u2019s profit before tax and total equity if the applicable rate used to translate the results of the Group\u2019s principal foreign operations into GBP were adjusted to show a 10.0% strengthening of Sterling is shown below. A similar but opposite impact would be felt if Sterling weakened against the other currencies by a similar percentage.
2025
2024
Impact on
Impact on
Impact on
Impact on
Impact on
Impact on
adjusted
operating
total
adjusted
operating
total
\u00a3m
operating profit
profit
equity
operating profit
loss
equity
Nigerian Naira
(1.7)
(1.4)
(5.6)
(2.4)
4.7
(5.1)
Indonesian Rupiah
(1.0)
(1.0)
(0.5)
(1.1)
(1.1)
(0.6)
Australian Dollar
(1.3)
(1.2)
(0.8)
(1.2)
(1.2)
(2.7)
Other
(0.6)
(0.6)
(2.2)
(0.6)
(0.3)
(2.3)
In the table above, the most significant balance sheet item impacting total equity for the Nigerian Naira is the cash and cash equivalents held by the Nigerian subsidiaries (note 18). (ii) Commodity pricing risk Commodity risk is the risk that changes in underlying raw material prices have an adverse impact on the Group\u2019s financial performance. The Group\u2019s policy is to minimise the pricing volatility accompanied by unfavourable changes in commodity prices by entering into fixed price supplier contracts in line with its commercial strategy. The Group does not enter into any commodity derivatives. (iii) Interest rate risk Interest rate risk is the risk that a change in interest rates will have an adverse impact on the Group\u2019s financial performance. The Group\u2019s main interest rate risk arises from cash and cash equivalents and borrowings. To manage interest rate risk, the Group manages its proportion of fixed to floating rate borrowings within limits approved by the Board, primarily through issuing fixed and floating rate borrowings, and by utilising interest rate swaps, where appropriate. The following table sets out the sensitivity to reasonably possible changes in the Nigerian interest rates on cash and cash equivalents held by the Group\u2019s Nigerian operations, and reasonably possible changes in SONIA (Sterling Overnight Index Average) interest rates on that portion of loans and borrowings at 31 May 2025 (see note 18). With all other variables held constant, the Group\u2019s profit before taxation is affected as follows:
Effect on profit/(loss) before tax
Increase/decrease
2025
2024
in basis points
\u00a3m
\u00a3m
Nigerian Naira rates
+50
0.1
0.1
-50
(0.1)
(0.1)
Effect on profit/(loss) before tax
Increase/decrease
2025
2024
in basis points
\u00a3m
\u00a3m
GBP rates
+50
(0.8)
(0.8)
-50
0.8
0.8
B. Credit risk The Group is exposed to counterparty credit risk from its financing and investing activities with banks and financial institutions, including cash deposits, the use of derivatives and other financial instruments, from its operating activities (primarily trade receivables) and its loans to its joint venture (note 14). The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets. Financing and investing activities The Group maintains a policy on financial counterparty credit risk exposures that limits the maximum exposure on the investment of surplus cash and use of derivative instruments with reference to a minimum credit rating as maintained by Standard & Poor\u2019s (S&P), Moody\u2019s or Fitch, with further limits established for levels of exposure at various ratings levels. The level of exposure and the credit worthiness of the Group\u2019s banking counterparties are regularly reviewed to ensure compliance with this policy. Cash held with lower rated banks reflects the impact of perceived sovereign ceilings operating within those countries. Cash and cash equivalents and net financial derivatives by counterparty credit rating at the end of the reporting period is as follows (ratings per S&P unless unavailable, in which case the Fitch rating is used):
2025
2024
Cash and cash Financial Cash and cash Financial
equivalents derivatives equivalents derivatives
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AA-
4.1
0.2
6.8
\u2014
A+ to A-
19.6
0.2
20.8
\u2014
BBB+ to BBB-
0.4
\u2014
0.9
\u2014
BB+ to BB-
\u2014
\u2014
2.6
\u2014
B+ to B-
20.8
\u2014
20.2
\u2014
not rated
0.2
\u2014
\u2014
\u2014
45.1
0.4
51.3
\u2014
All financial derivative contracts are held in financial institutions with credit ratings of at least A-. The amounts classified B+ to B- counterparty credit rating relate to cash and cash equivalents held predominantly in Nigeria where the sovereign credit rating is B- thereby limiting the rating of banks incorporated within the country. There are no significant concentrations of credit risk within the Group arising from the use of derivatives or other financial instruments. Trade receivables The Group trades only with creditworthy third parties. Under the Group policy, customers are subject to credit verification procedures to establish appropriate credit terms and trade receivable balances are monitored on an ongoing basis. An allowance for loss is estimated by management based on the expected credit loss model approach. The creation and release of provisions for receivables is charged/credited to administrative expenses in the Consolidated Income Statement. Receivables are written off when all possible routes through which amounts can be recovered have been exhausted. Trade receivables consist of a broad cross-section of the international customer base for which there is no significant history of default. The credit risk of customers is assessed taking into account the local market environment, customers\u2019 financial positions, past experiences and other relevant factors. Individual customer credit limits are imposed based on these factors, and payment terms are generally 30-45 days, with a range from 7 to 120 days which reflects the differing nature of trading in the Group\u2019s geographical segments. No other receivables are deemed to be impaired. The ageing and credit risk profile of trade receivables based on the Group\u2019s provision matrix at the end of the reporting period was:
Expected credit
Gross trade
Lifetime expected
Net trade
loss rate
receivables
credit loss
 receivables
At 31 May 2025
%
\u00a3m
\u00a3m
\u00a3m
Not past due
0.0%
65.2
\u2014
65.2
Past due 0-30 days
1.4%
7.0
(0.1)
6.9
Past due 31-60 days
12.5%
0.8
(0.1)
0.7
Past due 61-90 days
9.1%
1.1
(0.1)
1.0
Past due 91-180 days
11.1%
0.9
(0.1)
0.8
Past due >180 days
88.2%
1.7
(1.5)
0.2
76.7
(1.9)
74.8
Specific provision
\u2014
Net trade receivables
74.8
Expected credit
Gross trade
Lifetime expected
Net trade
loss rate
receivables
credit loss
receivables
At 31 May 2024
%
\u00a3m
\u00a3m
\u00a3m
Not past due
0.1%
67.4
(0.1)
67.3
Past due 0-30 days
3.6%
5.5
(0.2)
5.3
Past due 31-60 days
9.1%
1.1
(0.1)
1.0
Past due 61-90 days
30.0%
1.0
(0.3)
0.7
Past due 91-180 days
33.3%
0.9
(0.3)
0.6
Past due >180 days
100.0%
1.6
(1.6)
\u2014
77.5
(2.6)
74.9
Specific provision
\u2014
Net trade receivables
74.9
C. Liquidity risk The Group is exposed to the risk that it is unable to meet its financial commitments as they fall due. Under the terms of the \u00a3325.0 million committed credit facility, the Group must meet certain financial covenants. The covenants are described in the capital risk management section below. The Group manages liquidity risk through the Group Treasury function, with cash flow forecasts prepared and reviewed on a monthly basis. In addition, longer-term cash flow forecasts of up to 12 months are prepared as part of the Group\u2019s monthly forecasting and periodic budget cycles, with performance against free cash flow and net working capital targets monitored each month and providing longer-term cash flow and net debt visibility. The Group\u2019s net debt level can vary from month to month depending on seasonal trading patterns including the holding of inventory, timing of receipts from customers and payments to suppliers, and the timing of any capital and restructuring projects. Set out below is the maturity profile of the Group\u2019s financial liabilities which is based on the contractual undiscounted cash flows prepared using forward interest rates where applicable, showing items at the earliest date on which the liability could be required to be paid (for borrowings under committed facilities, the maturity is based on the maturity of the facility). The table includes both interest and principal cash flows. To the extent that interest flows based on floating rate, the undiscounted amount is derived from interest rates at the reporting date. Derivatives are presented on a notional basis in GBP.
<3 months
3-12 months
1-2 years
2-5 years
>5 years
Total
At 31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
(143.3)
(11.8)
(0.6)
\u2014
\u2014
(155.7)
Forward foreign exchange contracts
(33.2)
(23.6)
\u2014
\u2014
\u2014
(56.8)
Borrowings
\u2014
(54.7)
(69.9)
(32.5)
\u2014
(157.1)
Lease liabilities
(0.7)
(2.1)
(2.7)
(6.9)
(4.0)
(16.4)
<3 months
3-12 months
1-2 years
2-5 years
>5 years
Total
At 31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
(158.7)
\u2014
(2.6)
\u2014
\u2014
(161.3)
Forward foreign exchange contracts
(31.5)
(24.1)
\u2014
\u2014
\u2014
(55.6)
Borrowings
(8.7)
\u2014
(125.0)
(36.0)
\u2014
(169.7)
Lease liabilities
(0.8)
(2.0)
(1.6)
(4.4)
(5.1)
(13.9)
The forward foreign exchange contracts disclosed in the tables above are the gross undiscounted cash outflows. Those amounts may be settled gross or net. The following table shows the corresponding reconciliation of those amounts to their carrying values:
<3 months
3-12 months
1-2 years
2-5 years
>5 years
Total
At 31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Inflows
33.4
23.4
\u2014
\u2014
\u2014
56.8
Outflows
(33.2)
(23.6)
\u2014
\u2014
\u2014
(56.8)
Net
0.2
(0.2)
\u2014
\u2014
\u2014
\u2014
Carrying amounts:
Asset
0.3
0.1
\u2014
\u2014
\u2014
0.4
Liability
(0.1)
(0.3)
\u2014
\u2014
\u2014
(0.4)
0.2
(0.2)
\u2014
\u2014
\u2014
\u2014
<3 months
3-12 months
1-2 years
2-5 years
>5 years
Total
At 31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Inflows
31.4
23.7
\u2014
\u2014
\u2014
55.1
Outflows
(31.5)
(24.1)
\u2014
\u2014
\u2014
(55.6)
Net
(0.1)
(0.4)
\u2014
\u2014
\u2014
(0.5)
Carrying amounts:
Asset
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Liability
(0.1)
(0.4)
\u2014
\u2014
\u2014
(0.5)
(0.1)
(0.4)
\u2014
\u2014
\u2014
(0.5)
Capital risk management The objective of the Group when considering total capital is to protect the value of capital investments and to generate returns on shareholder funds. Total capital is defined as including bank borrowings and equity, including, when applicable, derivatives used for the purposes of hedging currency and interest exposure on the borrowings, but excluding the cash flow hedging reserve. In support of its objectives, the Group may undertake actions to adjust its capital structure. Actions may include, but are not limited to, raising or prepaying of borrowings together with related derivative instruments, issuance of additional share capital, payment of dividends or share repurchase programmes. The Group\u2019s \u00a3325.0 million credit facility is subject to financial covenants. The principal covenants on the facility are a leverage ratio of \u22643.0x and interest cover of \u22654.0x which are measured on a rolling 12-month basis at half-year and year-end. The Group considers net debt to be an important performance measure as it forms the basis of the leverage ratio (defined as Total Net Debt to EBITDA) in the facility agreement. As at 31 May 2025, the Group\u2019s net debt including lease liabilities was \u00a3126.9 million (2024: \u00a3127.4 million), net of \u00a345.1 million (2024: \u00a351.3 million) cash and cash equivalents as described in note 18. Interest cover is defined in the facility agreements as the ratio of Adjusted EBITDA to net finance (expense)/income. The committed credit facility also includes other customary provisions relating to events of default, including non-payment of principal, interest or fees, misrepresentations, breach of covenants, creditor process, cross-default to other indebtedness of the borrowers and its subsidiaries. During the year, and as at the reporting date, the Group was in compliance with all financial and other covenants. Fair values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Group uses various methods including market, income and cost approaches. Based on these approaches, the Group uses certain assumptions that market participations would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, market corroborated, or generally unobservable inputs. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following categories: \u2022 Level 1: Derived from quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: Derived from observable inputs other than Level 1, including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data. \u2022 Level 3: Derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). This may include pricing models, discounted cash flow or similar methodologies as well as instruments for which the determination of fair value requires significant management judgement or estimation. There were no transfers between Level 1, 2 and 3 during the current or prior year. At the end of the reporting period, the Group held the following financial assets and liabilities at fair value:
Level 1
Level 2
Level 3
Total
At 31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets held at fair value
Derivative financial assets
\u2014
0.4
\u2014
0.4
Liabilities held at fair value
Derivative financial liabilities
\u2014
0.4
\u2014
0.4
Other payables
\u2014
\u2014
\u2014
\u2014
Level 1
Level 2
Level 3
Total
At 31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets held at fair value
Derivative financial assets
\u2014
\u2014
\u2014
\u2014
Liabilities held at fair value
Derivative financial liabilities
\u2014
0.5
\u2014
0.5
Other payables
\u2014
\u2014
4.5
4.5
The following is a description of the valuation methodologies and assumptions used for estimating the fair values: \u2022 Derivative financial instruments \u2013 Derivative financial instruments comprise forward foreign exchange contracts. Fair value is calculated using observable market data where it is available, including spot rates and observable forward points, as discounted to reflect the time value of money. Counterparty credit is monitored. No adjustment to the fair value for credit risk is made due to materiality. \u2022 Other payables \u2013 Other payables held at fair value at 31 May 2024 relate to deferred purchase consideration on the acquisition of Childs Farm (note 20), which was estimated by applying an appropriate discount rate to the expected future payments. The key assumptions take into consideration the probability of meeting each performance target and the discount factor. Should the target not be met, no consideration would be payable, and should the discount rate applied be changed, the fair value of the deferred purchase consideration would change, but the amount of consideration that would ultimately be paid would not necessarily change. For the financial assets and liabilities not held at fair value, there was no material difference between their carrying values and their fair values, except for non-current borrowings which are presented net of unamortised issuance costs of \u00a30.8 million (2024: \u00a30.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-475": { "value": "Financial assets
2025
2024
\u00a3m
\u00a3m
Derivatives designated as hedging instruments
Forward foreign exchange contracts
0.3
\u2014
Derivatives not designated as hedging instruments
Forward foreign exchange contracts
0.1
\u2014
Financial assets at amortised cost
Cash and cash equivalents
45.1
51.3
Net trade and other receivables
87.4
89.8
Lease receivables
1.2
1.3
Trade receivables owed by joint venture
0.7
1.1
Loan receivables owed by joint venture
26.4
30.6
161.2
174.1
Classified within:
Current assets
159.1
142.0
Non-current assets
2.1
32.1
161.2
174.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-476": { "value": "Financial liabilities
2025
2024
\u00a3m
\u00a3m
Current interest-bearing borrowings at amortised cost
Borrowings
54.7
6.3
Non-current interest-bearing borrowings at amortised cost
Borrowings
102.4
160.3
Derivatives designated as hedging instruments
Forward foreign exchange contracts
0.2
0.3
Derivatives not designated as hedging instruments
Forward foreign exchange contracts
0.2
0.2
Other financial liabilities at fair value through profit or loss
Other payables
1
\u2014
4.5
Other financial liabilities at amortised cost
Trade and other payables
2
149.3
151.9
Lease liabilities
14.9
12.1
321.7
335.6
Classified within:
Current liabilities
206.1
163.0
Non-current liabilities
115.6
172.6
321.7
335.6
1 Relates to deferred consideration on the acquisition of Childs Farm (note 20). 2 Excludes other taxation and social security . Borrowings are amounts drawn under both committed and uncommitted borrowing facilities. The Group has a \u00a3325.0 million committed credit facility which is available for general corporate purposes. The credit facility incorporates both a term loan, of up to \u00a3125.0 million, with the balance as a revolving credit facility (RCF) structure. Entered into in November 2022, the term loan is a two-year facility and the RCF a four-year facility, with both facilities retaining two, one-year extension options. The first option for both RCF and term loan was executed in October 2023 and the second term loan extension was executed in March 2025 reducing to \u00a370 million from 8 November 2026. Drawings under the term loan are permitted in GBP, and under the RCF in GBP, Euros or USD, at interest rates at a margin of 1.30\u20132.10% above SONIA, EURIBOR or SOFR, dependent on leverage and the attainment of specified sustainability performance targets. Non-current borrowings as at 31 May 2025 are presented net of \u00a30.1 million (2024: \u00a30.7 million) of unamortised financing fees. As at 31 May 2025, this facility was \u00a3157.5 million drawn (2024: \u00a3161.0 million). Borrowings as at 31 May 2025, which are presented net of \u00a30.4 million (2024: \u00a30.7 million) of unamortised financing fees, comprise \u00a3125.0 million (2024: \u00a3125.0 million) of term loans which are denominated in GBP at an interest rate of 6.18% (2024: 6.81%), and \u00a332.5 million (2024: \u00a336.0 million) of borrowings under the RCF which are denominated in GBP at interest rates at between 6.04\u20136.10% (2024: 6.78\u20136.79%). In addition, the Group retains other unsecured and uncommitted facilities that are primarily used for trade-related activities in Nigeria where ordinary trading activities are required to be supported by letters of credit (or similar). As at 31 May 2025, these amounted to \u00a3122.1 million (2024: \u00a3161.6 million) of which \u00a333.7 million, or 28% were used (2024: \u00a340.3 million or 25%). The utilisation amount has decreased during the reporting period as a result of the improvement in access to foreign currency which in turn has facilitated the settlement of USD liabilities. As at the reporting date, there were no bank overdrafts (2024: \u00a3nil). Changes in liabilities arising from financing activities were as follows:
Foreign
exchange
1 June 2024
Net cash flow
movements
Other
31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current borrowings
1
(160.3)
3.5
\u2014
54.4
(102.4)
Current borrowings
1
(6.3)
6.2
0.1
(54.7)
(54.7)
Lease liabilities
(12.1)
3.3
0.2
(6.3)
(14.9)
Foreign
exchange
1 June 2023
Net cash flow
movements
Other
31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-current borrowings
1
(251.2)
91.0
\u2014
(0.1)
(160.3)
Current borrowings
2
\u2014
(6.4)
0.1
\u2014
(6.3)
Lease liabilities
(13.0)
2.9
0.2
(2.2)
(12.1)
1 Relates to committed banking facilities. 2 Relates to uncommitted short-term facilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-477": { "value": "A. Market risk The Group\u2019s principal market risks are in relation to foreign currency exchange rates, the prices of certain commodities and interest rates. In managing market risks, the Group aims to minimise the impact of short-term fluctuations on the Group\u2019s financial performance. However, over the longer term, permanent changes in market rates will have an impact on consolidated results. (i) Foreign currency risk Foreign currency risk is the risk that the carrying value of Group assets, liabilities or future cash flows will fluctuate due to changes in foreign currency exchange rates. The Group is exposed to foreign currency exchange translation and transaction risks as follows: \u2022 Foreign currency exchange translation risks arise due to the translation of monetary assets and liabilities denominated in currencies other than the functional currency of the subsidiary into functional currency, with the foreign exchange gain/(loss) recorded in the income statement. Further translation differences arise on the translation of net assets of its non-GBP functional currency subsidiary undertakings into GBP being the Group\u2019s presentation currency, with the foreign exchange gain/(loss) recorded in other comprehensive income. \u2022 Foreign currency exchange transaction risk occurs due to changes in the value of cash flows in a currency other than the functional currency of the subsidiary undertaking. The most significant foreign exchange transaction risk exposures for the Group are the purchase of inventories (predominantly raw materials) and services denominated in USD and Euros. Group policy is to reduce this risk where possible, mainly in relation to its GBP and AUD functional currency subsidiaries, by using forward foreign exchange derivative contracts as hedging instruments that are typically designated as cash flow hedges. In these cases, the Group negotiates the terms of the derivative to match the critical terms of the hedged item normally including covering the period from initial forecasting of the hedged item purchase commitment to the point of settlement. There remains no effective and functioning market to hedge USD liabilities in Nigeria. Hedge accounting is typically applied to remove any timing mismatch between the hedging instrument and hedged item, with the effective portion of the change in fair value of the hedging instrument initially accounted for in the hedging reserve through other comprehensive income. If the firm commitment or forecast transaction that is the subject of a cash flow hedge results in the recognition of a non-financial asset or liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income and accumulated in the hedging reserve are removed directly from equity and included in the initial measurement of the asset or liability. If the hedged item is transaction-related the foreign currency \u2018basis spread\u2019 is reclassified to profit or loss when the hedged item affects profit or loss. Those reclassified amounts are recognised in the Consolidated Income Statement in the same line as the hedged item. Hedge ineffectiveness may arise from items including changes in forecast transactions, misalignment in critical terms, or if credit dominates the relationship between hedged item and hedging instrument. Where there is ineffectiveness and hedge accounting criteria are not met, the change in the fair value of the derivative is accounted for through profit or loss. There was no ineffectiveness during the reporting period in relation to the use of forward foreign exchange contracts. The notional amounts of forward foreign exchange contracts outstanding as at the reporting date, along with the weighted average hedge rates of these contracts and average spot rates for the reporting period, are as follows:
Notional
Fair value
Weighted
Local currency average hedge GBP equivalent Average spot Asset Liability
2025
million
Currency pair
rate \u00a3m rate \u00a3m \u00a3m
Sell USD
(13.8)
GBP:USD
1.35
10.2
1.29
\u2014
\u2014
Buy EUR
6.4
GBP:EUR
1.18
(5.4)
1.19
0.1
(0.1)
Sell AUD
(8.7)
GBP:AUD
2.05
4.2
1.99
0.1
\u2014
Buy USD
24.1
AUD:USD
0.64
(17.8)
0.65
0.2
(0.2)
Buy IDR
207,317.0
GBP:IDR
21,647
(9.6)
20,742
\u2014
(0.1)
0.4
(0.4)
Notional
Fair value
Weighted
Currency average hedge GBP equivalent Average spot Asset Liability
2024
million
Currency pair
rate \u00a3m rate \u00a3m \u00a3m
Sell USD
(6.9)
GBP:USD
1.27
5.4
1.27
\u2014
\u2014
Buy EUR
7.7
GBP:EUR
1.16
(6.6)
1.16
\u2014
(0.1)
Sell AUD
(4.2)
GBP:AUD
1.92
2.2
1.92
\u2014
\u2014
Buy USD
23.1
AUD:USD
0.66
(18.3)
0.66
\u2014
(0.2)
Buy IDR
134,365.4
GBP:IDR
20,103
(6.7)
19,550
\u2014
(0.2)
\u2014
(0.5)
As at 31 May 2025, the aggregate net amount of fair value movements of forward foreign exchange contracts currently deferred in the cash flow hedging reserve was a loss of \u00a30.2 million (2024: \u00a30.4 million). It is anticipated that the purchases of the hedged items that these forward exchange contracts were entered into for, will take place during the next financial year and these will be sold within 12 months of purchase. The movement in the hedging reserve during the year was as follows:
2025
2024
\u00a3m
\u00a3m
At 1 June
(0.4)
0.2
Fair value gains/(losses), net of taxation
0.2
(0.6)
At 31 May
(0.2)
(0.4)
The aggregate amount under forward foreign exchange contracts taken directly to profit or loss was a gain of \u00a30.8 million (2024: \u00a30.9 million gain). The majority of the Group\u2019s monetary assets and liabilities are denominated in the functional currency of the relevant subsidiary. The following sensitivity analysis illustrates the impact of a 10.0% strengthening of the Group\u2019s transactional currencies against local functional currencies, with all other variables held constant. The impact on the Group\u2019s (loss)/profit before taxation is due to foreign exchange (losses)/gains arising on the revaluation of monetary assets and liabilities denominated in a currency other than the functional currency of the subsidiary. The aggregate net foreign exchange losses recognised in profit or loss were \u00a37.8 million (2024: \u00a3124.6 million) and are primarily as a result of the devaluation of the Nigerian Naira and the revaluation of foreign currency (USD) liabilities. The impact on the Group\u2019s other comprehensive income is due to changes in the fair value of forward exchange contracts designated as cash flow hedges and the permanent as equity loans to a joint venture and with fellow subsidiary undertakings prior to their de-designation in the current year (notes 1, 3 and 14). The Group\u2019s exposure to foreign currency changes for all other currencies is not material. A similar but opposite impact would be felt on both profit or loss and other comprehensive income if the Group\u2019s main transactional currencies weakened against local functional currencies by a similar amount:
2025
2024
Impact Impact on Impact on Impact on
on profit pre-tax loss before pre-tax
\u00a3m before tax equity tax equity
US Dollar
(1.4)
1.5
2.5
1.6
Nigerian Naira
3.8
\u2014
0.6
\u2014
Chinese Renminbi
\u2014
\u2014
(0.2)
\u2014
The table above shows the foreign currency risk in relation to non-functional currency financial instruments in subsidiaries\u2019 financial statements at the balance sheet date. The inclusion of Chinese Renminbi is a reflection that historically the Group\u2019s Nigeria subsidiaries held Renminbi liabilities in relation to the purchase of electrical goods and raw materials from China. In addition, the Group is also exposed to foreign currency risk on the translation of overseas subsidiaries\u2019 results into GBP for the Consolidated Financial Statements through the use of the average rate for the income statement and the closing rate for net assets. The impact on the Group\u2019s profit before tax and total equity if the applicable rate used to translate the results of the Group\u2019s principal foreign operations into GBP were adjusted to show a 10.0% strengthening of Sterling is shown below. A similar but opposite impact would be felt if Sterling weakened against the other currencies by a similar percentage.
2025
2024
Impact on
Impact on
Impact on
Impact on
Impact on
Impact on
adjusted
operating
total
adjusted
operating
total
\u00a3m
operating profit
profit
equity
operating profit
loss
equity
Nigerian Naira
(1.7)
(1.4)
(5.6)
(2.4)
4.7
(5.1)
Indonesian Rupiah
(1.0)
(1.0)
(0.5)
(1.1)
(1.1)
(0.6)
Australian Dollar
(1.3)
(1.2)
(0.8)
(1.2)
(1.2)
(2.7)
Other
(0.6)
(0.6)
(2.2)
(0.6)
(0.3)
(2.3)
In the table above, the most significant balance sheet item impacting total equity for the Nigerian Naira is the cash and cash equivalents held by the Nigerian subsidiaries (note 18).
(ii) Commodity pricing risk
Commodity risk is the risk that changes in underlying raw material prices have an adverse impact on the Group\u2019s financial performance.
The Group\u2019s policy is to minimise the pricing volatility accompanied by unfavourable changes in commodity prices by entering into fixed price supplier
contracts in line with its commercial strategy.
The Group does not enter into any commodity derivatives.
(iii) Interest rate risk
Interest rate risk is the risk that a change in interest rates will have an adverse impact on the Group\u2019s financial performance.
The Group\u2019s main interest rate risk arises from cash and cash equivalents and borrowings.
To manage interest rate risk, the Group manages its proportion of fixed to floating rate borrowings within limits approved by the Board, primarily
through issuing fixed and floating rate borrowings, and by utilising interest rate swaps, where appropriate.
The following table sets out the sensitivity to reasonably possible changes in the Nigerian interest rates on cash and cash equivalents held by the
Group\u2019s Nigerian operations, and reasonably possible changes in SONIA (Sterling Overnight Index Average) interest rates on that portion of loans and
borrowings at 31 May 2025 (see note 18). With all other variables held constant, the Group\u2019s profit before taxation is affected as follows:
Effect on profit/(loss) before tax
Increase/decrease
2025
2024
in basis points
\u00a3m
\u00a3m
Nigerian Naira rates
+50
0.1
0.1
-50
(0.1)
(0.1)
Effect on profit/(loss) before tax
Increase/decrease
2025
2024
in basis points
\u00a3m
\u00a3m
GBP rates
+50
(0.8)
(0.8)
-50
0.8
0.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-478": { "value": "
B. Credit risk
The Group is exposed to counterparty credit risk from its financing and investing activities with banks and financial institutions, including cash
deposits, the use of derivatives and other financial instruments, from its operating activities (primarily trade receivables) and its loans to its joint
venture (note 14). The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets.
Financing and investing activities
The Group maintains a policy on financial counterparty credit risk exposures that limits the maximum exposure on the investment of surplus cash
and use of derivative instruments with reference to a minimum credit rating as maintained by Standard & Poor\u2019s (S&P), Moody\u2019s or Fitch, with
further limits established for levels of exposure at various ratings levels. The level of exposure and the credit worthiness of the Group\u2019s banking
counterparties are regularly reviewed to ensure compliance with this policy. Cash held with lower rated banks reflects the impact of perceived
sovereign ceilings operating within those countries.
Cash and cash equivalents and net financial derivatives by counterparty credit rating at the end of the reporting period is as follows (ratings per S&P
unless unavailable, in which case the Fitch rating is used):
2025
2024
Cash and cash Financial Cash and cash Financial
equivalents derivatives equivalents derivatives
\u00a3m
\u00a3m
\u00a3m
\u00a3m
AA-
4.1
0.2
6.8
\u2014
A+ to A-
19.6
0.2
20.8
\u2014
BBB+ to BBB-
0.4
\u2014
0.9
\u2014
BB+ to BB-
\u2014
\u2014
2.6
\u2014
B+ to B-
20.8
\u2014
20.2
\u2014
not rated
0.2
\u2014
\u2014
\u2014
45.1
0.4
51.3
\u2014
All financial derivative contracts are held in financial institutions with credit ratings of at least A-. The amounts classified B+ to B- counterparty credit rating relate to cash and cash equivalents held predominantly in Nigeria where the sovereign credit rating is B- thereby limiting the rating of banks incorporated within the country. There are no significant concentrations of credit risk within the Group arising from the use of derivatives or other financial instruments. Trade receivables The Group trades only with creditworthy third parties. Under the Group policy, customers are subject to credit verification procedures to establish appropriate credit terms and trade receivable balances are monitored on an ongoing basis. An allowance for loss is estimated by management based on the expected credit loss model approach. The creation and release of provisions for receivables is charged/credited to administrative expenses in the Consolidated Income Statement. Receivables are written off when all possible routes through which amounts can be recovered have been exhausted. Trade receivables consist of a broad cross-section of the international customer base for which there is no significant history of default. The credit risk of customers is assessed taking into account the local market environment, customers\u2019 financial positions, past experiences and other relevant factors. Individual customer credit limits are imposed based on these factors, and payment terms are generally 30-45 days, with a range from 7 to 120 days which reflects the differing nature of trading in the Group\u2019s geographical segments. No other receivables are deemed to be impaired. The ageing and credit risk profile of trade receivables based on the Group\u2019s provision matrix at the end of the reporting period was:
Expected credit
Gross trade
Lifetime expected
Net trade
loss rate
receivables
credit loss
 receivables
At 31 May 2025
%
\u00a3m
\u00a3m
\u00a3m
Not past due
0.0%
65.2
\u2014
65.2
Past due 0-30 days
1.4%
7.0
(0.1)
6.9
Past due 31-60 days
12.5%
0.8
(0.1)
0.7
Past due 61-90 days
9.1%
1.1
(0.1)
1.0
Past due 91-180 days
11.1%
0.9
(0.1)
0.8
Past due >180 days
88.2%
1.7
(1.5)
0.2
76.7
(1.9)
74.8
Specific provision
\u2014
Net trade receivables
74.8
Expected credit
Gross trade
Lifetime expected
Net trade
loss rate
receivables
credit loss
receivables
At 31 May 2024
%
\u00a3m
\u00a3m
\u00a3m
Not past due
0.1%
67.4
(0.1)
67.3
Past due 0-30 days
3.6%
5.5
(0.2)
5.3
Past due 31-60 days
9.1%
1.1
(0.1)
1.0
Past due 61-90 days
30.0%
1.0
(0.3)
0.7
Past due 91-180 days
33.3%
0.9
(0.3)
0.6
Past due >180 days
100.0%
1.6
(1.6)
\u2014
77.5
(2.6)
74.9
Specific provision
\u2014
Net trade receivables
74.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-479": { "value": "C. Liquidity risk The Group is exposed to the risk that it is unable to meet its financial commitments as they fall due. Under the terms of the \u00a3325.0 million committed credit facility, the Group must meet certain financial covenants. The covenants are described in the capital risk management section below. The Group manages liquidity risk through the Group Treasury function, with cash flow forecasts prepared and reviewed on a monthly basis. In addition, longer-term cash flow forecasts of up to 12 months are prepared as part of the Group\u2019s monthly forecasting and periodic budget cycles, with performance against free cash flow and net working capital targets monitored each month and providing longer-term cash flow and net debt visibility. The Group\u2019s net debt level can vary from month to month depending on seasonal trading patterns including the holding of inventory, timing of receipts from customers and payments to suppliers, and the timing of any capital and restructuring projects. Set out below is the maturity profile of the Group\u2019s financial liabilities which is based on the contractual undiscounted cash flows prepared using forward interest rates where applicable, showing items at the earliest date on which the liability could be required to be paid (for borrowings under committed facilities, the maturity is based on the maturity of the facility). The table includes both interest and principal cash flows. To the extent that interest flows based on floating rate, the undiscounted amount is derived from interest rates at the reporting date. Derivatives are presented on a notional basis in GBP.
<3 months
3-12 months
1-2 years
2-5 years
>5 years
Total
At 31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
(143.3)
(11.8)
(0.6)
\u2014
\u2014
(155.7)
Forward foreign exchange contracts
(33.2)
(23.6)
\u2014
\u2014
\u2014
(56.8)
Borrowings
\u2014
(54.7)
(69.9)
(32.5)
\u2014
(157.1)
Lease liabilities
(0.7)
(2.1)
(2.7)
(6.9)
(4.0)
(16.4)
<3 months
3-12 months
1-2 years
2-5 years
>5 years
Total
At 31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade and other payables
(158.7)
\u2014
(2.6)
\u2014
\u2014
(161.3)
Forward foreign exchange contracts
(31.5)
(24.1)
\u2014
\u2014
\u2014
(55.6)
Borrowings
(8.7)
\u2014
(125.0)
(36.0)
\u2014
(169.7)
Lease liabilities
(0.8)
(2.0)
(1.6)
(4.4)
(5.1)
(13.9)
The forward foreign exchange contracts disclosed in the tables above are the gross undiscounted cash outflows. Those amounts may be settled gross or net. The following table shows the corresponding reconciliation of those amounts to their carrying values:
<3 months
3-12 months
1-2 years
2-5 years
>5 years
Total
At 31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Inflows
33.4
23.4
\u2014
\u2014
\u2014
56.8
Outflows
(33.2)
(23.6)
\u2014
\u2014
\u2014
(56.8)
Net
0.2
(0.2)
\u2014
\u2014
\u2014
\u2014
Carrying amounts:
Asset
0.3
0.1
\u2014
\u2014
\u2014
0.4
Liability
(0.1)
(0.3)
\u2014
\u2014
\u2014
(0.4)
0.2
(0.2)
\u2014
\u2014
\u2014
\u2014
<3 months
3-12 months
1-2 years
2-5 years
>5 years
Total
At 31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Inflows
31.4
23.7
\u2014
\u2014
\u2014
55.1
Outflows
(31.5)
(24.1)
\u2014
\u2014
\u2014
(55.6)
Net
(0.1)
(0.4)
\u2014
\u2014
\u2014
(0.5)
Carrying amounts:
Asset
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Liability
(0.1)
(0.4)
\u2014
\u2014
\u2014
(0.5)
(0.1)
(0.4)
\u2014
\u2014
\u2014
(0.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-480": { "value": "Capital risk management The objective of the Group when considering total capital is to protect the value of capital investments and to generate returns on shareholder funds. Total capital is defined as including bank borrowings and equity, including, when applicable, derivatives used for the purposes of hedging currency and interest exposure on the borrowings, but excluding the cash flow hedging reserve. In support of its objectives, the Group may undertake actions to adjust its capital structure. Actions may include, but are not limited to, raising or prepaying of borrowings together with related derivative instruments, issuance of additional share capital, payment of dividends or share repurchase programmes. The Group\u2019s \u00a3325.0 million credit facility is subject to financial covenants. The principal covenants on the facility are a leverage ratio of \u22643.0x and interest cover of \u22654.0x which are measured on a rolling 12-month basis at half-year and year-end. The Group considers net debt to be an important performance measure as it forms the basis of the leverage ratio (defined as Total Net Debt to EBITDA) in the facility agreement. As at 31 May 2025, the Group\u2019s net debt including lease liabilities was \u00a3126.9 million (2024: \u00a3127.4 million), net of \u00a345.1 million (2024: \u00a351.3 million) cash and cash equivalents as described in note 18. Interest cover is defined in the facility agreements as the ratio of Adjusted EBITDA to net finance (expense)/income. The committed credit facility also includes other customary provisions relating to events of default, including non-payment of principal, interest or fees, misrepresentations, breach of covenants, creditor process, cross-default to other indebtedness of the borrowers and its subsidiaries. During the year, and as at the reporting date, the Group was in compliance with all financial and other covenants. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-495": { "value": "Fair values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Group uses various methods including market, income and cost approaches. Based on these approaches, the Group uses certain assumptions that market participations would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, market corroborated, or generally unobservable inputs. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following categories: \u2022 Level 1: Derived from quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: Derived from observable inputs other than Level 1, including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data. \u2022 Level 3: Derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). This may include pricing models, discounted cash flow or similar methodologies as well as instruments for which the determination of fair value requires significant management judgement or estimation. There were no transfers between Level 1, 2 and 3 during the current or prior year. At the end of the reporting period, the Group held the following financial assets and liabilities at fair value:
Level 1
Level 2
Level 3
Total
At 31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets held at fair value
Derivative financial assets
\u2014
0.4
\u2014
0.4
Liabilities held at fair value
Derivative financial liabilities
\u2014
0.4
\u2014
0.4
Other payables
\u2014
\u2014
\u2014
\u2014
Level 1
Level 2
Level 3
Total
At 31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets held at fair value
Derivative financial assets
\u2014
\u2014
\u2014
\u2014
Liabilities held at fair value
Derivative financial liabilities
\u2014
0.5
\u2014
0.5
Other payables
\u2014
\u2014
4.5
4.5
The following is a description of the valuation methodologies and assumptions used for estimating the fair values: \u2022 Derivative financial instruments \u2013 Derivative financial instruments comprise forward foreign exchange contracts. Fair value is calculated using observable market data where it is available, including spot rates and observable forward points, as discounted to reflect the time value of money. Counterparty credit is monitored. No adjustment to the fair value for credit risk is made due to materiality. \u2022 Other payables \u2013 Other payables held at fair value at 31 May 2024 relate to deferred purchase consideration on the acquisition of Childs Farm (note 20), which was estimated by applying an appropriate discount rate to the expected future payments. The key assumptions take into consideration the probability of meeting each performance target and the discount factor. Should the target not be met, no consideration would be payable, and should the discount rate applied be changed, the fair value of the deferred purchase consideration would change, but the amount of consideration that would ultimately be paid would not necessarily change. For the financial assets and liabilities not held at fair value, there was no material difference between their carrying values and their fair values, except for non-current borrowings which are presented net of unamortised issuance costs of \u00a30.8 million (2024: \u00a30.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-481": { "value": "Fair values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Group uses various methods including market, income and cost approaches. Based on these approaches, the Group uses certain assumptions that market participations would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, market corroborated, or generally unobservable inputs. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following categories: \u2022 Level 1: Derived from quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: Derived from observable inputs other than Level 1, including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data. \u2022 Level 3: Derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). This may include pricing models, discounted cash flow or similar methodologies as well as instruments for which the determination of fair value requires significant management judgement or estimation. There were no transfers between Level 1, 2 and 3 during the current or prior year. At the end of the reporting period, the Group held the following financial assets and liabilities at fair value:
Level 1
Level 2
Level 3
Total
At 31 May 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets held at fair value
Derivative financial assets
\u2014
0.4
\u2014
0.4
Liabilities held at fair value
Derivative financial liabilities
\u2014
0.4
\u2014
0.4
Other payables
\u2014
\u2014
\u2014
\u2014
Level 1
Level 2
Level 3
Total
At 31 May 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets held at fair value
Derivative financial assets
\u2014
\u2014
\u2014
\u2014
Liabilities held at fair value
Derivative financial liabilities
\u2014
0.5
\u2014
0.5
Other payables
\u2014
\u2014
4.5
4.5
The following is a description of the valuation methodologies and assumptions used for estimating the fair values: \u2022 Derivative financial instruments \u2013 Derivative financial instruments comprise forward foreign exchange contracts. Fair value is calculated using observable market data where it is available, including spot rates and observable forward points, as discounted to reflect the time value of money. Counterparty credit is monitored. No adjustment to the fair value for credit risk is made due to materiality. \u2022 Other payables \u2013 Other payables held at fair value at 31 May 2024 relate to deferred purchase consideration on the acquisition of Childs Farm (note 20), which was estimated by applying an appropriate discount rate to the expected future payments. The key assumptions take into consideration the probability of meeting each performance target and the discount factor. Should the target not be met, no consideration would be payable, and should the discount rate applied be changed, the fair value of the deferred purchase consideration would change, but the amount of consideration that would ultimately be paid would not necessarily change. For the financial assets and liabilities not held at fair value, there was no material difference between their carrying values and their fair values, except for non-current borrowings which are presented net of unamortised issuance costs of \u00a30.8 million (2024: \u00a30.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-423": { "value": "
20. TRADE AND OTHER PAYABLES
2025
2024
\u00a3m
\u00a3m
Current
Trade payables
72.5
66.8
Trade obligations with banks
\u2014
12.8
Other taxation and social security
6.4
4.9
Other payables
4.9
5.6
Accruals
71.3
68.6
155.1
158.7
Non-current
Other payables
0.6
2.6
0.6
2.6
Refer to note 19 for further information on financial instruments classified by category/fair value hierarchy level and management of liquidity risk.
The Group maintains arrangements under which vendors are offered the option to receive earlier payment of the Group\u2019s trade payables. Vendors
utilising the arrangements pay a credit fee to the issuing bank. The Group does not pay any credit fees and does not provide any additional collateral
or guarantee to the bank. Current trade payables include \u00a36.9 million (2024: \u00a35.3 million) under such arrangements.
Trade obligations with banks relate to common practice in Nigeria whereby the bank undertakes to settle certain trade creditors on the Group\u2019s
behalf and receives subsequent settlement from the Group trading entities. The Group does not benefit from payment terms with the bank that are
extended beyond those contractually agreed with the supplier, and neither does the supplier benefit from early payment terms. Accordingly, such
liabilities continue to be recognised within trade payables and cash flows are presented as operating.
Deferred consideration for the acquisition of Childs Farm in 2022 was settled with final payment made in the year ended 31 May 2025. In the year
ended 31 May 2024, the deferred consideration was included within other payables, of which \u00a32.0 million was classified as current and \u00a32.5 million
was non-current. The liability was re-measured and settled during the year and a \u00a30.3 million increase (2024: \u00a31.4 million reduction) was recognised
in finance expense.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-496": { "value": "20. TRADE AND OTHER PAYABLES
2025
2024
\u00a3m
\u00a3m
Current
Trade payables
72.5
66.8
Trade obligations with banks
\u2014
12.8
Other taxation and social security
6.4
4.9
Other payables
4.9
5.6
Accruals
71.3
68.6
155.1
158.7
Non-current
Other payables
0.6
2.6
0.6
2.6
Refer to note 19 for further information on financial instruments classified by category/fair value hierarchy level and management of liquidity risk. The Group maintains arrangements under which vendors are offered the option to receive earlier payment of the Group\u2019s trade payables. Vendors utilising the arrangements pay a credit fee to the issuing bank. The Group does not pay any credit fees and does not provide any additional collateral or guarantee to the bank. Current trade payables include \u00a36.9 million (2024: \u00a35.3 million) under such arrangements. Trade obligations with banks relate to common practice in Nigeria whereby the bank undertakes to settle certain trade creditors on the Group\u2019s behalf and receives subsequent settlement from the Group trading entities. The Group does not benefit from payment terms with the bank that are extended beyond those contractually agreed with the supplier, and neither does the supplier benefit from early payment terms. Accordingly, such liabilities continue to be recognised within trade payables and cash flows are presented as operating. Deferred consideration for the acquisition of Childs Farm in 2022 was settled with final payment made in the year ended 31 May 2025. In the year ended 31 May 2024, the deferred consideration was included within other payables, of which \u00a32.0 million was classified as current and \u00a32.5 million was non-current. The liability was re-measured and settled during the year and a \u00a30.3 million increase (2024: \u00a31.4 million reduction) was recognised in finance expense. 21. DEFERRED TAX Deferred tax is provided under the balance sheet liability method using the applicable jurisdiction tax rate at which the balances are expected to unwind. Movements in deferred tax assets and liabilities during the year were:
Revaluation
Property, Retirement of property,
plant and benefit plant and Unremitted Business Accruals and Other timing
equipment obligations equipment earnings combinations
provisions
Tax losses
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 June 2023
(9.9)
(6.6)
(4.8)
(1.8)
(45.2)
3.8
3.6
(8.5)
(69.4)
(Charge)/Credit to income
(2.0)
0.2
4.8
1.8
6.1
(1.0)
29.5
4.2
43.6
statement
Credit/(Charge) to other
comprehensive income
\u2014
1.7
\u2014
\u2014
\u2014
\u2014
13.6
(0.5)
14.8
Exchange differences
4.7
(0.4)
\u2014
\u2014
(0.1)
(1.3)
(9.9)
0.4
(6.6)
At 31 May 2024
(7.2)
(5.1)
\u2014
\u2014
(39.2)
1.5
36.8
(4.4)
(17.6)
Credit/(charge) to income
0.8
\u2014
\u2014
\u2014
(4.1)
(0.6)
(8.0)
12.9
1.0
statement
Credit/(charge) to other
comprehensive income
\u2014
1.2
\u2014
\u2014
0.9
\u2014
\u2014
(1.6)
0.5
Exchange differences
0.1
(0.1)
\u2014
\u2014
\u2014
(0.2)
(2.0)
\u2014
(2.2)
At 31 May 2025
(6.3)
(4.0)
\u2014
\u2014
(42.4)
0.7
26.8
6.9
(18.3)
Deferred taxation assets are recognised for tax loss carry forwards to the extent that the realisation of the related tax benefit through future taxable profits is probable. At 31 May 2025 the Group recorded a deferred taxation asset of \u00a326.8 million (2024: \u00a336.8 million) on recognised but unused tax losses with the balance primarily relating to the impact of the Naira devaluation and resulting operating losses. Given the probability of ongoing profitability together with other supporting items, deferred tax assets occurring as a result of such tax losses are recognised in full. A further \u00a37.0 million (2024: \u00a38.0 million) of unrecognised tax losses are not expected to expire or be disposed of, together with \u00a312.7 million (2024: \u00a313.8 million) of unrecognised capital losses relating to the disposal of the five:am business. There is also an additional unrecognised deferred taxation asset of \u00a30.1 million (2024: \u00a32.0 million) relating to timing differences other than unrecognised tax losses. This amount relates to property, plant and equipment differences, unused temporary differences, and accruals and provisions, and it is not probable that these timing differences will reverse in the foreseeable future. Other temporary differences include a liability for brands and goodwill of \u00a37.4 million (2024: \u00a36.7 million), an asset for corporate interest restriction of \u00a317.8 million (2024: \u00a34.1 million) and an asset for share-based payments of \u00a30.4 million (2024: \u00a30.5 million). A deferred tax liability of \u00a31.2 million (2024: \u00a30.9 million) in respect of unremitted earnings in Indonesia has been recognised on the basis that unremitted earnings would be liable to overseas withholding taxes if anticipated to be distributed as dividends. As at 31 May 2025, the aggregate amount of gross temporary differences associated with investments in subsidiaries and joint ventures for which deferred taxation liabilities have not been recognised totals approximately \u00a324.2 million (2024: \u00a322.5 million). Following the amendments to IAS 12 in relation to Deferred Tax related to Assets and Liabilities arising from a Single Transaction, the Group has recognised a separate deferred tax asset in relation to its lease liability of \u00a33.5 million (2024: \u00a32.7 million) and a deferred tax liability in relation to its right-of-use assets of \u00a33.1 million (2024: \u00a32.4 million). There was no impact on the statement of financial position because the balances qualify for offset under paragraph 74 of IAS 12. After offsetting deferred taxation assets and liabilities where appropriate within jurisdictions (as permitted by IAS 12 Income Taxes), the net deferred taxation liability comprises:
2025
2024
\u00a3m
\u00a3m
Deferred tax assets
15.8
22.2
Deferred tax liabilities
(34.1)
(39.8)
(18.3)
(17.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-458": { "value": "20. TRADE AND OTHER PAYABLES
2025
2024
\u00a3m
\u00a3m
Current
Trade payables
72.5
66.8
Trade obligations with banks
\u2014
12.8
Other taxation and social security
6.4
4.9
Other payables
4.9
5.6
Accruals
71.3
68.6
155.1
158.7
Non-current
Other payables
0.6
2.6
0.6
2.6
Refer to note 19 for further information on financial instruments classified by category/fair value hierarchy level and management of liquidity risk. The Group maintains arrangements under which vendors are offered the option to receive earlier payment of the Group\u2019s trade payables. Vendors utilising the arrangements pay a credit fee to the issuing bank. The Group does not pay any credit fees and does not provide any additional collateral or guarantee to the bank. Current trade payables include \u00a36.9 million (2024: \u00a35.3 million) under such arrangements. Trade obligations with banks relate to common practice in Nigeria whereby the bank undertakes to settle certain trade creditors on the Group\u2019s behalf and receives subsequent settlement from the Group trading entities. The Group does not benefit from payment terms with the bank that are extended beyond those contractually agreed with the supplier, and neither does the supplier benefit from early payment terms. Accordingly, such liabilities continue to be recognised within trade payables and cash flows are presented as operating. Deferred consideration for the acquisition of Childs Farm in 2022 was settled with final payment made in the year ended 31 May 2025. In the year ended 31 May 2024, the deferred consideration was included within other payables, of which \u00a32.0 million was classified as current and \u00a32.5 million was non-current. The liability was re-measured and settled during the year and a \u00a30.3 million increase (2024: \u00a31.4 million reduction) was recognised in finance expense. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-500": { "value": "
2025
2024
\u00a3m
\u00a3m
Current
Trade payables
72.5
66.8
Trade obligations with banks
\u2014
12.8
Other taxation and social security
6.4
4.9
Other payables
4.9
5.6
Accruals
71.3
68.6
155.1
158.7
Non-current
Other payables
0.6
2.6
0.6
2.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-503": { "value": "
2025
2024
\u00a3m
\u00a3m
Current
Trade payables
72.5
66.8
Trade obligations with banks
\u2014
12.8
Other taxation and social security
6.4
4.9
Other payables
4.9
5.6
Accruals
71.3
68.6
155.1
158.7
Non-current
Other payables
0.6
2.6
0.6
2.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-501": { "value": "21. DEFERRED TAX Deferred tax is provided under the balance sheet liability method using the applicable jurisdiction tax rate at which the balances are expected to unwind. Movements in deferred tax assets and liabilities during the year were:
Revaluation
Property, Retirement of property,
plant and benefit plant and Unremitted Business Accruals and Other timing
equipment obligations equipment earnings combinations
provisions
Tax losses
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 June 2023
(9.9)
(6.6)
(4.8)
(1.8)
(45.2)
3.8
3.6
(8.5)
(69.4)
(Charge)/Credit to income
(2.0)
0.2
4.8
1.8
6.1
(1.0)
29.5
4.2
43.6
statement
Credit/(Charge) to other
comprehensive income
\u2014
1.7
\u2014
\u2014
\u2014
\u2014
13.6
(0.5)
14.8
Exchange differences
4.7
(0.4)
\u2014
\u2014
(0.1)
(1.3)
(9.9)
0.4
(6.6)
At 31 May 2024
(7.2)
(5.1)
\u2014
\u2014
(39.2)
1.5
36.8
(4.4)
(17.6)
Credit/(charge) to income
0.8
\u2014
\u2014
\u2014
(4.1)
(0.6)
(8.0)
12.9
1.0
statement
Credit/(charge) to other
comprehensive income
\u2014
1.2
\u2014
\u2014
0.9
\u2014
\u2014
(1.6)
0.5
Exchange differences
0.1
(0.1)
\u2014
\u2014
\u2014
(0.2)
(2.0)
\u2014
(2.2)
At 31 May 2025
(6.3)
(4.0)
\u2014
\u2014
(42.4)
0.7
26.8
6.9
(18.3)
Deferred taxation assets are recognised for tax loss carry forwards to the extent that the realisation of the related tax benefit through future taxable profits is probable. At 31 May 2025 the Group recorded a deferred taxation asset of \u00a326.8 million (2024: \u00a336.8 million) on recognised but unused tax losses with the balance primarily relating to the impact of the Naira devaluation and resulting operating losses. Given the probability of ongoing profitability together with other supporting items, deferred tax assets occurring as a result of such tax losses are recognised in full. A further \u00a37.0 million (2024: \u00a38.0 million) of unrecognised tax losses are not expected to expire or be disposed of, together with \u00a312.7 million (2024: \u00a313.8 million) of unrecognised capital losses relating to the disposal of the five:am business. There is also an additional unrecognised deferred taxation asset of \u00a30.1 million (2024: \u00a32.0 million) relating to timing differences other than unrecognised tax losses. This amount relates to property, plant and equipment differences, unused temporary differences, and accruals and provisions, and it is not probable that these timing differences will reverse in the foreseeable future. Other temporary differences include a liability for brands and goodwill of \u00a37.4 million (2024: \u00a36.7 million), an asset for corporate interest restriction of \u00a317.8 million (2024: \u00a34.1 million) and an asset for share-based payments of \u00a30.4 million (2024: \u00a30.5 million). A deferred tax liability of \u00a31.2 million (2024: \u00a30.9 million) in respect of unremitted earnings in Indonesia has been recognised on the basis that unremitted earnings would be liable to overseas withholding taxes if anticipated to be distributed as dividends. As at 31 May 2025, the aggregate amount of gross temporary differences associated with investments in subsidiaries and joint ventures for which deferred taxation liabilities have not been recognised totals approximately \u00a324.2 million (2024: \u00a322.5 million). Following the amendments to IAS 12 in relation to Deferred Tax related to Assets and Liabilities arising from a Single Transaction, the Group has recognised a separate deferred tax asset in relation to its lease liability of \u00a33.5 million (2024: \u00a32.7 million) and a deferred tax liability in relation to its right-of-use assets of \u00a33.1 million (2024: \u00a32.4 million). There was no impact on the statement of financial position because the balances qualify for offset under paragraph 74 of IAS 12. After offsetting deferred taxation assets and liabilities where appropriate within jurisdictions (as permitted by IAS 12 Income Taxes), the net deferred taxation liability comprises:
2025
2024
\u00a3m
\u00a3m
Deferred tax assets
15.8
22.2
Deferred tax liabilities
(34.1)
(39.8)
(18.3)
(17.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-459": { "value": "21. DEFERRED TAX Deferred tax is provided under the balance sheet liability method using the applicable jurisdiction tax rate at which the balances are expected to unwind. Movements in deferred tax assets and liabilities during the year were:
Revaluation
Property, Retirement of property,
plant and benefit plant and Unremitted Business Accruals and Other timing
equipment obligations equipment earnings combinations
provisions
Tax losses
differences
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 June 2023
(9.9)
(6.6)
(4.8)
(1.8)
(45.2)
3.8
3.6
(8.5)
(69.4)
(Charge)/Credit to income
(2.0)
0.2
4.8
1.8
6.1
(1.0)
29.5
4.2
43.6
statement
Credit/(Charge) to other
comprehensive income
\u2014
1.7
\u2014
\u2014
\u2014
\u2014
13.6
(0.5)
14.8
Exchange differences
4.7
(0.4)
\u2014
\u2014
(0.1)
(1.3)
(9.9)
0.4
(6.6)
At 31 May 2024
(7.2)
(5.1)
\u2014
\u2014
(39.2)
1.5
36.8
(4.4)
(17.6)
Credit/(charge) to income
0.8
\u2014
\u2014
\u2014
(4.1)
(0.6)
(8.0)
12.9
1.0
statement
Credit/(charge) to other
comprehensive income
\u2014
1.2
\u2014
\u2014
0.9
\u2014
\u2014
(1.6)
0.5
Exchange differences
0.1
(0.1)
\u2014
\u2014
\u2014
(0.2)
(2.0)
\u2014
(2.2)
At 31 May 2025
(6.3)
(4.0)
\u2014
\u2014
(42.4)
0.7
26.8
6.9
(18.3)
Deferred taxation assets are recognised for tax loss carry forwards to the extent that the realisation of the related tax benefit through future taxable profits is probable. At 31 May 2025 the Group recorded a deferred taxation asset of \u00a326.8 million (2024: \u00a336.8 million) on recognised but unused tax losses with the balance primarily relating to the impact of the Naira devaluation and resulting operating losses. Given the probability of ongoing profitability together with other supporting items, deferred tax assets occurring as a result of such tax losses are recognised in full. A further \u00a37.0 million (2024: \u00a38.0 million) of unrecognised tax losses are not expected to expire or be disposed of, together with \u00a312.7 million (2024: \u00a313.8 million) of unrecognised capital losses relating to the disposal of the five:am business. There is also an additional unrecognised deferred taxation asset of \u00a30.1 million (2024: \u00a32.0 million) relating to timing differences other than unrecognised tax losses. This amount relates to property, plant and equipment differences, unused temporary differences, and accruals and provisions, and it is not probable that these timing differences will reverse in the foreseeable future. Other temporary differences include a liability for brands and goodwill of \u00a37.4 million (2024: \u00a36.7 million), an asset for corporate interest restriction of \u00a317.8 million (2024: \u00a34.1 million) and an asset for share-based payments of \u00a30.4 million (2024: \u00a30.5 million). A deferred tax liability of \u00a31.2 million (2024: \u00a30.9 million) in respect of unremitted earnings in Indonesia has been recognised on the basis that unremitted earnings would be liable to overseas withholding taxes if anticipated to be distributed as dividends. As at 31 May 2025, the aggregate amount of gross temporary differences associated with investments in subsidiaries and joint ventures for which deferred taxation liabilities have not been recognised totals approximately \u00a324.2 million (2024: \u00a322.5 million). Following the amendments to IAS 12 in relation to Deferred Tax related to Assets and Liabilities arising from a Single Transaction, the Group has recognised a separate deferred tax asset in relation to its lease liability of \u00a33.5 million (2024: \u00a32.7 million) and a deferred tax liability in relation to its right-of-use assets of \u00a33.1 million (2024: \u00a32.4 million). There was no impact on the statement of financial position because the balances qualify for offset under paragraph 74 of IAS 12. After offsetting deferred taxation assets and liabilities where appropriate within jurisdictions (as permitted by IAS 12 Income Taxes), the net deferred taxation liability comprises:
2025
2024
\u00a3m
\u00a3m
Deferred tax assets
15.8
22.2
Deferred tax liabilities
(34.1)
(39.8)
(18.3)
(17.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-424": { "value": "
22. PROVISIONS
Warranty
provisions
\u00a3m
At 1 June 2023
0.4
Exchange differences
(0.2)
At 31 May 2024
0.2
Additions
0.1
At 31 May 2025
0.3
Warranty provisions relate to the Group\u2019s electricals business in Africa.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-461": { "value": "22. PROVISIONS
Warranty
provisions
\u00a3m
At 1 June 2023
0.4
Exchange differences
(0.2)
At 31 May 2024
0.2
Additions
0.1
At 31 May 2025
0.3
Warranty provisions relate to the Group\u2019s electricals business in Africa. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-425": { "value": "23. RETIREMENT BENEFITS AND OTHER LONG-TERM EMPLOYEE OBLIGATIONS The Group operates retirement benefit schemes in the UK and overseas as described below. UK retirement benefit schemes The Group operates four defined benefit pension schemes in the UK, each of which were closed to future accrual on 31 May 2008. The schemes are as follows: \u2022 PZ Cussons Retirement Benefits Plan (Main plan) \u2013 for UK-based employees excluding PZ Cussons plc Executive Directors \u2022 PZ Cussons Directors\u2019 Retirement Benefits Plan (Directors\u2019 plan) \u2013 for PZ Cussons plc Executive Directors \u2022 PZ Cussons Pension Fund and Life Assurance Scheme for Staff Employed Outside the UK (Expatriate plan) \u2013 for all eligible expatriate employees based outside the UK \u2022 PZ Cussons Employer Financial Retirement Benefits Scheme (Unfunded plan) \u2013 an unfunded, unapproved retirement scheme for certain former PZ Cussons plc Directors. The UK Plans operate under trust law and responsibility for their governance lies with a Board of Trustees composed of representatives of the Group, plan participants and an independent trustee, who act on behalf of members in accordance with the terms of the Trust Deed and Rules and relevant legislation. Current and deferred members of these schemes are provided with defined benefits based on service and final salary. The Main plan, Directors\u2019 plan and Expatriate plan are funded schemes and the assets of the schemes are administered by trustees and are held in trust funds independent of the Group. The most recent triennial actuarial valuations of these schemes was as at 31 May 2024, and were performed by an independent professional actuary. Each scheme was determined to be in surplus and therefore there are no company contributions required to be paid before the next valuation. In June 2023, in the case of Virgin Media vs NTL Pension Trustees II Limited, the High Court judged that amendments made to the Virgin Media scheme were invalid because they were not accompanied by the correct actuarial confirmation. On 25 July 2024, the Court of Appeal upheld the June 2023 High Court decision. The Court\u2019s decision could have wider-ranging implications, affecting other schemes that were contracted-out on a salary- related basis, and made amendments between April 1997 and April 2016. On 5 June 2025, the UK Government announced a plan to introduce legislation to address the uncertainty arising from the Virgin Media judgment. The proposed legislation will allow affected pension schemes to retrospectively obtain written actuarial confirmation that historic benefit changes meeting the necessary standards. The recent announcement has confirmed that the scope of the risk will reduce but the Group awaits further details on the legislation before investigating any possible implications for the Group\u2019s UK pension schemes. Therefore, the Group considers that the amount of any potential impact on the UK schemes\u2019 defined benefit obligation cannot yet be measured with sufficient reliability and consequently no allowance for this has been made in calculating the defined benefit obligations at the reporting date. The UK\u2019s main schemes expose the Group to the following risks:
Risk
Description
Mitigation
Investment risk
The present value of the defined benefit pension schemes\u2019
As part of the financing of the funded schemes, they invest in
liabilities is calculated using a discount rate (investment return) assets with higher return expectations than lower risk bonds
determined by direct reference to high-quality corporate bond that are the best match for the schemes\u2019 liabilities. To control
yields (for IAS 19 Employee Benefits purposes) and gilt yields (for the resulting investment risk, the funded schemes invest in
statutory funding and long-term funding purposes). If the return diversified portfolios of growth assets with the balances invested
on scheme assets is less than these discount rates, the funding in liability-matching bond assets designed to control interest rate
position of the schemes will fall. risk (see below). The split between growth assets and liability-
matching bond assets for each funded scheme is regularly
monitored to ensure investment risk is not excessive given the
statutory funding assumptions and the schemes\u2019 long-term
funding objectives.
Interest risk
A decrease in the corporate bond yield and/or gilt yield will
The funded schemes make use of liability-driven investment
increase the present value of the schemes\u2019 liabilities under techniques to protect them against the majority of the interest
the IAS 19 Employee Benefits and statutory/long-term rate risk inherent in their liabilities. This is achieved by investing
funding bases respectively. in gilts and investment grade corporate bonds such that changes
in the schemes\u2019 liabilities due to falling gilt and/or corporate
bond yields are offset by similar movements in the value of the
schemes\u2019 overall assets.
Reflecting the funded schemes\u2019 focus on controlling interest
risk relative to their statutory and long-term funding bases, the
schemes\u2019 liability matching bond portfolios are predominantly
invested in gilts, with the balance invested in investment grade
corporate bonds to increase the expected return on the plans\u2019
assets in a risk-controlled way. In doing so, the exposures to
investment grade corporate bonds also help mitigate the
interest rate risk inherent in the schemes\u2019 IAS 19 Employee
Benefits liabilities.
Inflation risk
A decrease in the corporate bond yield and/or gilt yield will
The schemes\u2019 liability-matching bond assets are also designed
increase the present value of the schemes\u2019 liabilities under to hedge the majority of the inflation rate risk inherent in
the IAS 19 Employee Benefits and statutory/long-term funding the schemes\u2019 liabilities. This is achieved by investing in
bases respectively. index-linked gilts.
Longevity risk
The value of the schemes\u2019 liabilities is calculated by reference
To help control longevity, risk all the schemes are closed to future
to the best estimate of the life expectancy of each scheme\u2019s benefit accrual.
participants. An increase in life expectancy of the schemes\u2019
participants will increase the schemes\u2019 liabilities. The schemes consider additional approaches to mitigating
longevity risk, for example by buying annuities with an insurance
company to cover the schemes\u2019 liabilities.
A summary of the amounts recognised in the Consolidated Balance Sheet for the UK schemes described above is as follows:
2025
2024
Assets
Obligations
Total
Assets
Obligations
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Main plan
135.4
(120.2)
15.2
150.9
(130.3)
20.6
Directors' plan
27.4
(15.2)
12.2
29.0
(17.5)
11.5
Expatriate plan
78.4
(39.5)
38.9
86.3
(44.1)
42.2
Unfunded plan
\u2014
(2.8)
(2.8)
\u2014
(3.2)
(3.2)
241.2
(177.7)
63.5
266.2
(195.1)
71.1
Restrictions due to asset ceiling
(38.9)
(42.2)
Net asset
24.6
28.9
Classified as/within:
Retirement benefit surplus
27.4
32.1
Retirement benefit and other long-term employee obligations
(2.8)
(3.2)
24.6
28.9
The trust deeds for the Main plan and Directors\u2019 plan provide the Group with an unconditional right to a refund of surplus assets assuming the full
settlement of plan liabilities in the event of a plan wind-up. Furthermore, in the ordinary course of business the trustee has no rights to unilaterally
wind up, or otherwise augment the benefits due to members of the scheme. Based on these rights, any net surpluses in these two UK schemes are
recognised in full.
The trust deed for the Expatriate plan provides the trustees with an unconditional right to wind up the scheme and distribute the surplus to members.
Therefore, the surplus on the Expatriate plan has not been recognised in the Consolidated Balance Sheet (shown as a restriction due to asset ceiling in
the table above).
Movements in the fair value of plan assets were as follows:
2025
2024
\u00a3m
\u00a3m
At 1 June
266.2
272.4
Recognised in Consolidated Income Statement:
\u2013 administrative expense
(1.0)
(1.3)
\u2013 finance income
11.3
11.8
Recognised in Consolidated Statement of Other Comprehensive Income:
\u2013 return on plan assets (excluding finance income)
(18.4)
0.2
Not recognised within comprehensive income due to asset ceiling:
\u2013 finance income
2.2
2.4
\u2013 return on plan assets (excluding finance income)
(5.6)
(4.7)
Employer contributions to the Unfunded plan
0.2
0.2
Benefits paid
(13.7)
(14.8)
At 31 May
241.2
266.2
Employer contributions to the Unfunded plan related to payments during the year to former Directors amounting to \u00a30.2 million (2024: \u00a30.2 million).
The assets in the schemes are as follows:
2025
2024
\u00a3m
\u00a3m
Equities
2.5
3.1
Bonds
226.2
247.6
Cash and cash equivalents
12.5
15.5
241.2
266.2
Equity relates to quoted shares of PZ Cussons Plc. The schemes invest in pooled investment vehicles (PIVs) for their bond investment. These PIVs are
unquoted, however the underlying bonds held are quoted in active markets. All other assets are unquoted.
The UK schemes\u2019 investment strategy is set by the respective trustees after taking appropriate advice from their investment consultant. The trustee\u2019s
primary objective is to invest the scheme\u2019s assets in the best interest of the members and beneficiaries. Within this framework the trustee has agreed
a number of objectives to help guide them in their strategic management of the assets and control of the various investment risks to which the
scheme is exposed.
Movements in the present value of the plan defined benefit obligations were as follows:
2025
2024
\u00a3m
\u00a3m
At 1 June
(195.1)
(192.5)
Recognised in Consolidated Income Statement:
\u2013 finance expense
(9.8)
(10.0)
Recognised in Consolidated Statement of Other Comprehensive Income:
\u2013 re-measurement gain due to changes in demographic assumptions
3.3
1.1
\u2013 re-measurement gain/(loss) due to changes in financial assumptions
18.6
(8.4)
\u2013 re-measurement loss due to experience adjustments
(8.4)
(0.1)
Benefits paid
13.7
14.8
At 31 May
(177.7)
(195.1)
The weighted average duration of the total defined benefit obligation is approximately 11 years (2024: 12 years). This represents the average time
until the expected benefit payments are settled.
Amounts recognised in the Consolidated Income Statement comprised:
2025
2024
\u00a3m
\u00a3m
Administrative expense
(1.0)
(1.3)
Finance income
1.5
1.8
0.5
0.5
Amounts recognised within Consolidated Statement of Other Comprehensive Income comprised:
2025
2024
\u00a3m
\u00a3m
Relating to plan assets:
\u2013 return on plan assets (excluding finance income)
(18.4)
0.2
Relating to plan defined benefit obligations:
\u2013 re-measurement gain due to changes in demographic assumptions
3.3
1.1
\u2013 re-measurement gain/(loss) due to changes in financial assumptions
18.6
(8.4)
\u2013 re-measurement loss due to experience adjustments
(8.4)
(0.1)
(4.9)
(7.2)
The key financial assumptions used by the actuary to value the scheme obligations were as follows:
2025
2024
Rate of increase in retirement benefits in payment
\u2013 pensions in payment
2.7%
3.1%
\u2013 deferred pensions
2.4%
2.7%
Discount rate
5.8%
5.2%
Inflation (RPI)
2.9%
3.3%
The mortality assumptions used were as follows:
2025
2024
years
years
Weighted average life expectancy on post-retirement mortality table used to determine benefit obligations
\u2013 Member age 65 (current life expectancy)
21.9
22.5
\u2013 Member age 45 (life expectancy at age 65)
23.0
23.9
The ages shown above are weighted average across the schemes based on the scheme\u2019s defined benefit obligation as at 31 May 2025, and the prior
year ages are presented on the same basis.
The sensitivities on the key actuarial assumptions as at the end of the year in relation to the schemes were:
Change in assumption
Change in obligation
Discount rate
Decrease of 0.25%
Increase of 2.6%
Inflation (RPI)
Increase of 0.25%
Increase of 2.4%
Mortality
Increase in life expectancy of 1 year
Increase of 3.2%
The sensitivities shown above are approximate. Each sensitivity considers each change in isolation and is calculated using the same methodology
as used for the calculation of the defined benefit obligation at the end of the year. The inflation sensitivity includes the impact of changes to the
assumptions for the revaluation and pension increases. In practice it is unlikely that the changes would occur in isolation.
During the year ending 31 May 2026, the Group expects to make cash contributions of \u00a3nil (2025: \u00a3nil) to funded defined benefit schemes,
and \u00a30.2 million (2025: \u00a30.2 million) to unfunded schemes.
Overseas retirement benefit schemes
Outside of the UK, the Group operates a number of defined benefit pension schemes, all of which are unfunded, and the movement in the liability
positions of these schemes during the year was as follows:
2025
2024
\u00a3m
\u00a3m
At 1 June
(9.0)
(9.3)
Recognised in Consolidated Income Statement:
\u2013 administrative expenses
(1.2)
(1.1)
\u2013 finance expenses
(0.6)
(0.6)
Recognised in consolidated other comprehensive income:
\u2013 re-measurement gain
0.3
0.4
Benefits paid
0.9
0.6
Exchange differences
0.7
1.0
At 31 May
(8.9)
(9.0)
The most significant overseas defined benefit scheme is operated by the Group\u2019s Indonesian subsidiary. This is a final salary pension plan, defined
in Indonesian law, which provides benefits to members in the form of a guaranteed level of pension payable for life. The level of benefits provided
depends on members\u2019 length of service and their salary in the final years leading up to retirement. The scheme\u2019s obligations have been valued using a
discount rate of 7.0% (2024: 7.0%) and a salary inflation rate of 8.0% (2024: 8.0%). The scheme\u2019s obligation included in the above table is \u00a38.3 million
(2024: \u00a38.4 million).
The sensitivities on the key actuarial assumptions as at the end of the year in relation to the overseas schemes were:
Change in assumption
Change in obligation
Discount rate
Decrease of 1.0%
Increase of 7.9%
Salary rate
Increase of 1.0%
Increase of 7.6%
Defined contribution pension schemes and other long-term employee obligations
The Group operates a defined contribution pension scheme for current employees in the UK and at a number of overseas subsidiaries. The amount
recognised as an expense in the Consolidated Income Statement in relation to these schemes was \u00a31.8 million (2024: \u00a31.9 million).
The most significant other long-term employee obligation relates to the gratuity scheme operated by the Group\u2019s Nigerian subsidiary. This scheme
operates under an agreement established in 2006 between PZ Cussons Nigeria plc and its employees, and is only eligible for employees who joined
the company before 1 January 2007. The scheme is funded directly by the company, and the amount recognised as an expense in the Consolidated
Income Statement in relation to this scheme is \u00a30.2 million (2024: \u00a30.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-460": { "value": "
UK retirement benefit schemes
The Group operates four defined benefit pension schemes in the UK, each of which were closed to future accrual on 31 May 2008. The schemes are
as follows:
\u2022 PZ Cussons Retirement Benefits Plan (Main plan) \u2013 for UK-based employees excluding PZ Cussons plc Executive Directors
\u2022 PZ Cussons Directors\u2019 Retirement Benefits Plan (Directors\u2019 plan) \u2013 for PZ Cussons plc Executive Directors
\u2022 PZ Cussons Pension Fund and Life Assurance Scheme for Staff Employed Outside the UK (Expatriate plan) \u2013 for all eligible expatriate employees
based outside the UK
\u2022 PZ Cussons Employer Financial Retirement Benefits Scheme (Unfunded plan) \u2013 an unfunded, unapproved retirement scheme for certain former
PZ Cussons plc Directors.
The UK Plans operate under trust law and responsibility for their governance lies with a Board of Trustees composed of representatives of the
Group, plan participants and an independent trustee, who act on behalf of members in accordance with the terms of the Trust Deed and Rules
and relevant legislation.
Current and deferred members of these schemes are provided with defined benefits based on service and final salary. The Main plan, Directors\u2019
plan and Expatriate plan are funded schemes and the assets of the schemes are administered by trustees and are held in trust funds independent
of the Group. The most recent triennial actuarial valuations of these schemes was as at 31 May 2024, and were performed by an independent
professional actuary. Each scheme was determined to be in surplus and therefore there are no company contributions required to be paid
before the next valuation.
In June 2023, in the case of Virgin Media vs NTL Pension Trustees II Limited, the High Court judged that amendments made to the Virgin Media
scheme were invalid because they were not accompanied by the correct actuarial confirmation. On 25 July 2024, the Court of Appeal upheld the June
2023 High Court decision. The Court\u2019s decision could have wider-ranging implications, affecting other schemes that were contracted-out on a salary-
related basis, and made amendments between April 1997 and April 2016.
On 5 June 2025, the UK Government announced a plan to introduce legislation to address the uncertainty arising from the Virgin Media judgment.
The proposed legislation will allow affected pension schemes to retrospectively obtain written actuarial confirmation that historic benefit changes
meeting the necessary standards.
The recent announcement has confirmed that the scope of the risk will reduce but the Group awaits further details on the legislation before
investigating any possible implications for the Group\u2019s UK pension schemes. Therefore, the Group considers that the amount of any potential impact
on the UK schemes\u2019 defined benefit obligation cannot yet be measured with sufficient reliability and consequently no allowance for this has been
made in calculating the defined benefit obligations at the reporting date.
The UK\u2019s main schemes expose the Group to the following risks:
Risk
Description
Mitigation
Investment risk
The present value of the defined benefit pension schemes\u2019
As part of the financing of the funded schemes, they invest in
liabilities is calculated using a discount rate (investment return) assets with higher return expectations than lower risk bonds
determined by direct reference to high-quality corporate bond that are the best match for the schemes\u2019 liabilities. To control
yields (for IAS 19 Employee Benefits purposes) and gilt yields (for the resulting investment risk, the funded schemes invest in
statutory funding and long-term funding purposes). If the return diversified portfolios of growth assets with the balances invested
on scheme assets is less than these discount rates, the funding in liability-matching bond assets designed to control interest rate
position of the schemes will fall. risk (see below). The split between growth assets and liability-
matching bond assets for each funded scheme is regularly
monitored to ensure investment risk is not excessive given the
statutory funding assumptions and the schemes\u2019 long-term
funding objectives.
Interest risk
A decrease in the corporate bond yield and/or gilt yield will
The funded schemes make use of liability-driven investment
increase the present value of the schemes\u2019 liabilities under techniques to protect them against the majority of the interest
the IAS 19 Employee Benefits and statutory/long-term rate risk inherent in their liabilities. This is achieved by investing
funding bases respectively. in gilts and investment grade corporate bonds such that changes
in the schemes\u2019 liabilities due to falling gilt and/or corporate
bond yields are offset by similar movements in the value of the
schemes\u2019 overall assets.
Reflecting the funded schemes\u2019 focus on controlling interest
risk relative to their statutory and long-term funding bases, the
schemes\u2019 liability matching bond portfolios are predominantly
invested in gilts, with the balance invested in investment grade
corporate bonds to increase the expected return on the plans\u2019
assets in a risk-controlled way. In doing so, the exposures to
investment grade corporate bonds also help mitigate the
interest rate risk inherent in the schemes\u2019 IAS 19 Employee
Benefits liabilities.
Inflation risk
A decrease in the corporate bond yield and/or gilt yield will
The schemes\u2019 liability-matching bond assets are also designed
increase the present value of the schemes\u2019 liabilities under to hedge the majority of the inflation rate risk inherent in
the IAS 19 Employee Benefits and statutory/long-term funding the schemes\u2019 liabilities. This is achieved by investing in
bases respectively. index-linked gilts.
Longevity risk
The value of the schemes\u2019 liabilities is calculated by reference
To help control longevity, risk all the schemes are closed to future
to the best estimate of the life expectancy of each scheme\u2019s benefit accrual.
participants. An increase in life expectancy of the schemes\u2019
participants will increase the schemes\u2019 liabilities. The schemes consider additional approaches to mitigating
longevity risk, for example by buying annuities with an insurance
company to cover the schemes\u2019 liabilities.
The assets in the schemes are as follows:
2025
2024
\u00a3m
\u00a3m
Equities
2.5
3.1
Bonds
226.2
247.6
Cash and cash equivalents
12.5
15.5
241.2
266.2
Equity relates to quoted shares of PZ Cussons Plc. The schemes invest in pooled investment vehicles (PIVs) for their bond investment. These PIVs are unquoted, however the underlying bonds held are quoted in active markets. All other assets are unquoted. The UK schemes\u2019 investment strategy is set by the respective trustees after taking appropriate advice from their investment consultant. The trustee\u2019s primary objective is to invest the scheme\u2019s assets in the best interest of the members and beneficiaries. Within this framework the trustee has agreed a number of objectives to help guide them in their strategic management of the assets and control of the various investment risks to which the scheme is exposed. Movements in the present value of the plan defined benefit obligations were as follows:
2025
2024
\u00a3m
\u00a3m
At 1 June
(195.1)
(192.5)
Recognised in Consolidated Income Statement:
\u2013 finance expense
(9.8)
(10.0)
Recognised in Consolidated Statement of Other Comprehensive Income:
\u2013 re-measurement gain due to changes in demographic assumptions
3.3
1.1
\u2013 re-measurement gain/(loss) due to changes in financial assumptions
18.6
(8.4)
\u2013 re-measurement loss due to experience adjustments
(8.4)
(0.1)
Benefits paid
13.7
14.8
At 31 May
(177.7)
(195.1)
The weighted average duration of the total defined benefit obligation is approximately 11 years (2024: 12 years). This represents the average time until the expected benefit payments are settled. Amounts recognised in the Consolidated Income Statement comprised:
2025
2024
\u00a3m
\u00a3m
Administrative expense
(1.0)
(1.3)
Finance income
1.5
1.8
0.5
0.5
Amounts recognised within Consolidated Statement of Other Comprehensive Income comprised:
2025
2024
\u00a3m
\u00a3m
Relating to plan assets:
\u2013 return on plan assets (excluding finance income)
(18.4)
0.2
Relating to plan defined benefit obligations:
\u2013 re-measurement gain due to changes in demographic assumptions
3.3
1.1
\u2013 re-measurement gain/(loss) due to changes in financial assumptions
18.6
(8.4)
\u2013 re-measurement loss due to experience adjustments
(8.4)
(0.1)
(4.9)
(7.2)
The key financial assumptions used by the actuary to value the scheme obligations were as follows:
2025
2024
Rate of increase in retirement benefits in payment
\u2013 pensions in payment
2.7%
3.1%
\u2013 deferred pensions
2.4%
2.7%
Discount rate
5.8%
5.2%
Inflation (RPI)
2.9%
3.3%
The mortality assumptions used were as follows:
2025
2024
years
years
Weighted average life expectancy on post-retirement mortality table used to determine benefit obligations
\u2013 Member age 65 (current life expectancy)
21.9
22.5
\u2013 Member age 45 (life expectancy at age 65)
23.0
23.9
The ages shown above are weighted average across the schemes based on the scheme\u2019s defined benefit obligation as at 31 May 2025, and the prior year ages are presented on the same basis. The sensitivities on the key actuarial assumptions as at the end of the year in relation to the schemes were:
Change in assumption
Change in obligation
Discount rate
Decrease of 0.25%
Increase of 2.6%
Inflation (RPI)
Increase of 0.25%
Increase of 2.4%
Mortality
Increase in life expectancy of 1 year
Increase of 3.2%
The sensitivities shown above are approximate. Each sensitivity considers each change in isolation and is calculated using the same methodology as used for the calculation of the defined benefit obligation at the end of the year. The inflation sensitivity includes the impact of changes to the assumptions for the revaluation and pension increases. In practice it is unlikely that the changes would occur in isolation. During the year ending 31 May 2026, the Group expects to make cash contributions of \u00a3nil (2025: \u00a3nil) to funded defined benefit schemes, and \u00a30.2 million (2025: \u00a30.2 million) to unfunded schemes. Overseas retirement benefit schemes Outside of the UK, the Group operates a number of defined benefit pension schemes, all of which are unfunded, and the movement in the liability positions of these schemes during the year was as follows:
2025
2024
\u00a3m
\u00a3m
At 1 June
(9.0)
(9.3)
Recognised in Consolidated Income Statement:
\u2013 administrative expenses
(1.2)
(1.1)
\u2013 finance expenses
(0.6)
(0.6)
Recognised in consolidated other comprehensive income:
\u2013 re-measurement gain
0.3
0.4
Benefits paid
0.9
0.6
Exchange differences
0.7
1.0
At 31 May
(8.9)
(9.0)
The most significant overseas defined benefit scheme is operated by the Group\u2019s Indonesian subsidiary. This is a final salary pension plan, defined in Indonesian law, which provides benefits to members in the form of a guaranteed level of pension payable for life. The level of benefits provided depends on members\u2019 length of service and their salary in the final years leading up to retirement. The scheme\u2019s obligations have been valued using a discount rate of 7.0% (2024: 7.0%) and a salary inflation rate of 8.0% (2024: 8.0%). The scheme\u2019s obligation included in the above table is \u00a38.3 million (2024: \u00a38.4 million). The sensitivities on the key actuarial assumptions as at the end of the year in relation to the overseas schemes were:
Change in assumption
Change in obligation
Discount rate
Decrease of 1.0%
Increase of 7.9%
Salary rate
Increase of 1.0%
Increase of 7.6%
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-462": { "value": "Defined contribution pension schemes and other long-term employee obligations The Group operates a defined contribution pension scheme for current employees in the UK and at a number of overseas subsidiaries. The amount recognised as an expense in the Consolidated Income Statement in relation to these schemes was \u00a31.8 million (2024: \u00a31.9 million). The most significant other long-term employee obligation relates to the gratuity scheme operated by the Group\u2019s Nigerian subsidiary. This scheme operates under an agreement established in 2006 between PZ Cussons Nigeria plc and its employees, and is only eligible for employees who joined the company before 1 January 2007. The scheme is funded directly by the company, and the amount recognised as an expense in the Consolidated Income Statement in relation to this scheme is \u00a30.2 million (2024: \u00a30.3 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-463": { "value": "(a) Share capital
2025
2024
Number
Number
000
\u00a3m
000
\u00a3m
Authorised, allotted, issued and fully paid:
Ordinary shares of 1p each
428,725
4.3
428,725
4.3
Total called up share capital
428,725
4.3
428,725
4.3
The Company has one class of ordinary shares which carry no right to fixed income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-464": { "value": "(b) Treasury shares Treasury shares represent the shares in the Company held by the employee share trusts which comprise the Employee Share Option Trust (ESOT) and the Share Incentive Plan (SIP) trust. The ESOT was established to purchase shares to satisfy awards under the Group\u2019s incentive schemes and the SIP trust was established to purchase and hold shares on behalf of employees participating in the SIP. During the year, the ESOT purchased no shares (2024: nil). The ESOT waives any dividends payable on shares to the extent of 0.01p per share. Further details of these schemes are provided in note 25. Movements in treasury shares were:
SIP trust
ESOT number number
At 1 June 2023
9,996,496
98,920
Issued to satisfy options
(659,230)
\u2014
Transfers
(103,523)
103,523
At 31 May 2024
9,233,743
202,443
Issued to satisfy options
(688,843)
\u2014
Transfers
(173,509)
173,509
At 31 May 2025
8,371,391
375,952
The transfer of shares between the trusts relate to matching awards provided by the Group under the SIP (see note 25) which are sourced from the ESOT. The cost of shares held in the ESOT and SIP trust as at 31 May 2025 was \u00a332.0 million (2024: \u00a334.5 million) and the market value was \u00a37.6 million (2024: \u00a310.4 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-426": { "value": "
25. SHARE-BASED PAYMENTS
The Group operates a number of long-term incentive schemes which provide share awards to Executive Directors and certain senior employees.
These schemes are designed to align the interests of the participants with those of the Group\u2019s shareholders. The Group also operates a SIP scheme
which is open to UK employees.
The incentive schemes are described below.
Long-Term Incentive Plan (LTIP)
The PZ Cussons Long-Term Incentive Plan 2020 (LTIP 2020 plan) was approved by shareholders and adopted at the 2020 Annual General Meeting.
The LTIP 2020 plan provides for the grant of restricted share unit (RSU) awards for the senior employees and Executive Directors, to function like
restricted stock. These share awards are nil-cost shares which vest in full subject only to continued employment, with no performance conditions. The fair
value of the awards is determined to be the market price of the underlying shares on the date of the grant. There are no cash settlement alternatives. The
Group accounts for the restricted share awards as equity-settled awards. In the current year, 4,033,454 restricted share awards (2024: 2,488,823 awards)
were granted equating to a total fair value of \u00a33.8 million (2024: \u00a33.6 million) which will be recognised over the vesting period. Under the LTIP 2020
plan, Executive Directors and certain senior employees are also eligible to participate in the PSP, which provides for the grant of conditional rights
to receive nil-cost shares (performance shares) subject to continued employment over a three-year vesting period and the satisfaction of certain
performance criteria established by the Remuneration Committee. The fair value of the awards is determined to be the market price of the underlying
shares on the date of the grant. There are no cash settlement alternatives. The Group accounts for the performance share awards as equity-settled
awards. The last grant of performance share awards took place in February 2023 and will vest in September 2025. 5,985 dividend share units were
awarded and exercised during the current year, attached to performance share awards granted in previous years.
The total expense recognised in the Consolidated Income Statement in the year in respect of both the performance share awards and the restricted
share awards was \u00a32.4 million (2024: \u00a31.6 million).
Deferred Bonus Share Plan
This plan is limited to the Executive Directors and requires a minimum of 40% of any annual bonus (25% for awards granted prior to September 2024)
earned to be deferred into shares (deferred bonus shares). The deferral period is two years (three years for awards granted prior to September 2024)
unless the Remuneration Committee determines otherwise and the shares vest in full subject only to continued employment, with no performance
conditions. The fair value of the deferred bonus share awards is determined to be the market price of the underlying shares on the date of the
grant. The Group accounts for the deferred bonus share awards as equity-settled awards. In the current year, 441,587 deferred bonus share awards
(2024: 173,836 awards) were granted equating to a total fair value of \u00a30.4 million (2024: \u00a30.2 million) which will be recognised over the vesting
period. The expense recognised in the Consolidated Income Statement in the year in respect of deferred bonus share awards was \u00a30.1 million
(2024: \u00a30.3 million).
SIP
The Group launched the SIP in October 2021. Available to UK employees, this plan aligns employees with the business strategy and investors by
encouraging equity participation through the wider employee population. Under the plan, employees can opt to make a salary deduction on a
monthly basis to subscribe for shares which the Group matches up to a maximum of \u00a3100 per employee per month. These matched share awards
vest subject to continued employment over a three-year vesting period and a number of conditions associated with withdrawal. The fair value of
the matched share awards is determined to be the market price of the shares on the date of matching. There are no cash settlement alternatives.
The Group accounts for the matched share awards as equity-settled awards. In the current year, 198,097 matched share awards (2024: 125,802
awards) were granted equating to a total fair value of \u00a30.2 million (2024: \u00a30.2 million) which will be recognised over the vesting period. The expense
recognised in the Consolidated Income Statement in the year in respect of matched share awards was \u00a30.1 million (2024: \u00a30.1 million).
Set out below are the movements in the options and awards under each of the schemes:
Performance
Restricted
Deferred
shares
shares
bonus shares
SIP
Total
number
number
number
number
number
Options/awards outstanding as at 1 June 2023
3,619,963
1,587,947
205,952
96,460
5,510,322
Options/awards issued
18,463
2,488,823
173,836
125,802
2,806,924
Options/awards exercised
(209,476)
(449,754)
\u2014
(3,278)
(662,508)
Options/awards lapsed/forefeited
1
(1,061,785)
(402,045)
\u2014
(19,819)
(1,483,649)
Options/awards outstanding as at 31 May 2024
2,367,165
3,224,971
379,788
199,165
6,171,089
Options/awards issued
5,985
4,033,454
441,587
198,097
4,679,123
Options/awards exercised
(91,733)
(466,782)
(129,173)
(519)
(688,207)
Options/awards lapsed/forfeited
(1,056,785)
(887,873)
\u2014
(25,313)
(1,969,971)
Options/awards outstanding as at 31 May 2025
1,224,632
5,903,770
692,202
371,430
8,192,034
1 Of the options and awards which lapsed/forfeited in the year ended 31 May 2025 for the performance shares and restricted shares, 1,113,363 (2024: 1,256,950) related to the previous scheme
approved in 2014.
The vesting dates of the outstanding options and awards as at 31 May 2025 is:
Performance
Restricted
Deferred
shares
shares
bonus shares
SIP
Total
number
number
number
number
number
31 May 2025
\u2014
\u2014
\u2014
23,193
23,193
31 May 2026
1,224,632
441,698
89,222
50,492
1,806,044
31 May 2027
\u2014
1,919,624
602,980
106,343
2,628,947
31 May 2028
\u2014
3,542,448
\u2014
191,402
3,733,850
Total
1,224,632
5,903,770
692,202
371,430
8,192,034
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-427": { "value": "
26. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Note
2025
2024
\u00a3m
\u00a3m
Profit/(loss) before taxation
1
6.5
(95.9)
Net finance expense and net monetary loss arising from hyperinflationary economies
14.1
12.2
Operating profit/(loss)
20.6
(83.7)
Depreciation
10, 11, 12
8.0
10.2
Amortisation
10
4.1
7.1
Impairment of intangible assets
10
35.3
24.4
Impairment reversal of intangible assets
10
(16.5)
\u2014
Impairment of current asset investment
\u2014
0.5
Impairment reversal of current asset investment
(0.5)
\u2014
Profit on sale of assets
4
(1.1)
(1.8)
Difference between pension charge and cash contributions
1.1
1.7
Share-based payments
2.6
1.9
Rental income classified as investing cash flows
(1.1)
\u2014
Share of results of joint venture
(5.6)
(7.3)
Operating cash flows before movements in working capital
46.9
(47.0)
Movements in working capital:
Inventories
(5.6)
2.3
Trade and other receivables
1.6
15.3
Trade and other payables
5.6
77.5
Provisions
0.7
(0.4)
Cash generated from operations
49.2
47.7
1 Wholly derived from continuing operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-428": { "value": "
27. RELATED PARTY TRANSACTIONS
Key management personnel
The key management personnel of the Group comprise the members of the PZ Cussons plc Board of Directors and their compensation was as follows:
2025
2024
\u00a3m
\u00a3m
Short-term employee benefits
2.4
2.2
Post-employment benefits
0.1
0.1
Share-based payments
1.2
0.7
3.7
3.0
Transactions with joint ventures
Certain Group subsidiary undertakings enter into related party transactions with PZ Wilmar Limited, a joint venture interest which was set up under
the terms of a joint venture agreement with Wilmar International Limited. Set out below are details of related party transactions during the year with
PZ Wilmar Limited as well as balances as at 31 May 2025:
\u2022 At 31 May 2025, outstanding loans receivable from PZ Wilmar Limited amounted to \u00a326.4 million (2024: \u00a330.6 million). The loan is matched
by another loan of the same amount and terms from the Group\u2019s fellow joint venture partner. During the year, PZ Wilmar Limited made one
repayment to the Group of \u00a32.5 million (2024: two repayments totalling \u00a38.7 million). These loans are denominated in USD, interest-free and
repayable in part or in full on demand, subject to a 12-month notice period.
\u2022 At 31 May 2025, the outstanding trade receivable balance due from PZ Wilmar Limited was \u00a30.7 million (2024: \u00a31.1 million). All trading balances
are settled in cash, and there were no provisions for doubtful related party receivables at 31 May 2025 (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-465": { "value": "27. RELATED PARTY TRANSACTIONS Key management personnel The key management personnel of the Group comprise the members of the PZ Cussons plc Board of Directors and their compensation was as follows:
2025
2024
\u00a3m
\u00a3m
Short-term employee benefits
2.4
2.2
Post-employment benefits
0.1
0.1
Share-based payments
1.2
0.7
3.7
3.0
Transactions with joint ventures Certain Group subsidiary undertakings enter into related party transactions with PZ Wilmar Limited, a joint venture interest which was set up under the terms of a joint venture agreement with Wilmar International Limited. Set out below are details of related party transactions during the year with PZ Wilmar Limited as well as balances as at 31 May 2025: \u2022 At 31 May 2025, outstanding loans receivable from PZ Wilmar Limited amounted to \u00a326.4 million (2024: \u00a330.6 million). The loan is matched by another loan of the same amount and terms from the Group\u2019s fellow joint venture partner. During the year, PZ Wilmar Limited made one repayment to the Group of \u00a32.5 million (2024: two repayments totalling \u00a38.7 million). These loans are denominated in USD, interest-free and repayable in part or in full on demand, subject to a 12-month notice period. \u2022 At 31 May 2025, the outstanding trade receivable balance due from PZ Wilmar Limited was \u00a30.7 million (2024: \u00a31.1 million). All trading balances are settled in cash, and there were no provisions for doubtful related party receivables at 31 May 2025 (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-482": { "value": "Key management personnel The key management personnel of the Group comprise the members of the PZ Cussons plc Board of Directors and their compensation was as follows:
2025
2024
\u00a3m
\u00a3m
Short-term employee benefits
2.4
2.2
Post-employment benefits
0.1
0.1
Share-based payments
1.2
0.7
3.7
3.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-483": { "value": "28. SUBSIDIARIES AND JOINT VENTURES Details of the Company\u2019s subsidiaries as at 31 May 2025 are outlined below. PZ Cussons (Holdings) Limited and PZ Cussons (International) Limited are directly owned by PZ Cussons plc; all other subsidiaries are indirectly held.
Parent
Country of company\u2019s Proportion of
Company
Operation
incorporation interest voting interest Registered office address
PZ Cussons (Holdings) Pty Limited
Holding company Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
PZ Cussons Australia Pty Limited
Manufacturing
Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
PZ Cussons Beauty Australia
Holding company Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
(Holdings) Pty Limited
Rafferty\u2019s Garden Pty Limited
Dormant
Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
United Laboratories Limited
Dormant
Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
PZ Cussons (New Zealand) Pty Limited Distribution
Australia
100%
100%
Level 3, 510
Church Street Cremorne Victoria 3121
Paterson Services (Shanghai) Limited
Active
China
100%
100%
Suite 635, 6th Floor, No.2000 Pudong Ave. China
(Shanghai) Pilot Free Trade Zone
Bronson Holdings Limited
Holding company England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
Milk Ventures (UK) Limited
Holding company
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
PZ Cussons (Holdings) Limited
Holding company England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
PZ Cussons (International Finance) Provision of Manchester Business Park, 3500 Aviator Way,
Limited services to Group
England
100%
100%
Manchester, M22 5TG
companies
Provision of Manchester Business Park, 3500 Aviator Way,
PZ Cussons (International) Limited services to Group
England
100%
100%
Manchester, M22 5TG
companies
PZ Cussons (UK) Limited
Manufacturing
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
Distribution Manchester Business Park, 3500 Aviator Way,
PZ Cussons Beauty LLP1 & Holding
England
100%
\u2013
Manchester, M22 5TG
partnership
Seven Scent Limited
Manufacturing
England
100%
100%
Agecroft Commerce Park, Lamplight Way, Swinton,
Manchester, M27 8UJ
St. Tropez Acquisition Co. Limited
Holding company England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
St. Tropez Holdings Limited
Holding company
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
St. Tropez Operations Limited
Dormant
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, M22 5TG
Thermocool Engineering
Dormant
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Company Limited Manchester, M22 5TG
PZ Cussons Acquisition Co Limited
3
Holding company England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, United Kingdom, M22 5TG
Tadley Holdings Limited
Holding company England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, United Kingdom, M22 5TG
Childs Farm Ltd
Distribution
England
100%
100%
Manchester Business Park, 3500 Aviator Way,
Manchester, United Kingdom, M22 5TG
PZ Cussons Ghana PLC
3
Distribution
Ghana
100%
100%
Plot 27/3-27/7, Sanyo Road, Tema, P. O. Box 628
Community 1, Tema
Provision of 1/F., Hing Lung Comm. Bldg., 68-74 Bonham Strand,
Parnon (Hong Kong) Limited services to Group
Hong Kong
100%
100%
Sheung Wan
companies
PZ Cussons (Hong Kong) Limited
Dormant
Hong Kong
100%
100%
Level 54, Hopewell Centre, 183 Queen\u2019s Road East
Provision of 604, 'C' Wing Raylon Arcade Ram Mandir Road \u2013 Kondvita
PZ Cussons India PVT Limited services to Group
India
100%
100%
Road, Bhim Nagar, Andheri East, Mumbai 400093
companies
Parent
Country of Company\u2019s Proportion of
Company
Operation
incorporation interest voting interest Registered Office address
PT PZ Cussons Indonesia
Manufacturing
Indonesia
100%
100%
Jalan Halim Perdana Kusuma No. 144, Kebon Besar,
Batuceper, Tangerang, Banten, Indonesia
PZ Cussons (Europe) Limited
Dormant
Ireland
100%
100%
The Greenway Ardilaun Court, 112-114 St Stephen\u2019s
Green, Dublin, DO2 TD28, Ireland
Childs Farm Europe Ltd
Dormant
Ireland
100.00%
100.00%
4th Floor, 103/104 O'Connell Street, Limerick V94 AT85,
Co. Limerick, Ireland
PZ Cussons East Africa Limited
Manufacturing
Kenya
99.99%
99.99%
Baba Dogo Road, Ruaraka, Nairobi, Kenya
Food For Life International Limited
Dormant
Nigeria
99.99%
99.99%
45/47 Town Planning Way, Ilupeju, Lagos
Harefield Industrial Nigeria Limited
Distribution
Nigeria
99.99%
99.99%
45/47 Town Planning Way, Ilupeju, Lagos
HPZ Limited2
Manufacturing
Nigeria
74.99%
74.99%
45/47 Town Planning Way, Ilupeju, Lagos
Nutricima Limited
Dormant
Nigeria
99.99%
99.99%
45/47 Town Planning Way, Ilupeju, Lagos
PZ Cussons Nigeria PLC
Manufacturing
Nigeria
73.27%
73.27%
45/47 Town Planning Way, Ilupeju, Lagos
Roberts Pharmaceuticals Limited
Dormant
Nigeria
100%
100%
45/47 Town Planning Way, Ilupeju, Lagos
PZ Cussons Polska S.A.
Distribution
Poland
100%
100%
Ul. Chocimska 17, 00-791 Warszawa
Provision of
PZ Cussons Singapore Private Limited services to Group
Singapore
100%
100%
5 Shenton Way, UIC Building #10-01, Singapore 068808
companies
Provision of 35 Moo 4, Tessamphan Road, Ban Chang Sub-District,
Guardian Holdings Company Limited services to Group
Thailand
49.00%
49.00%
Mueang Pathum Thani District, Pathum Thani Province
companies
PZ Cussons (Thailand) Limited
Manufacturing
Thailand
99.99%
99.99%
35 Moo 4, Tessamphan Road, Ban Chang Sub-District,
Mueang Pathum Thani District, Pathum Thani Province
PZ Cussons Middle East and South
Dormant
UAE
100%
100%
PO Box 17233,
Jebel Ali, Dubai
Asia FZE
St. Tropez Inc.
Distribution
USA
100%
100%
101
Greenwich St. Suite #11c New York, NY 10006
Childs Farm, Inc.
Distribution
USA
100%
100%
101
Greenwich St. Suite #11c New York, NY 10006
1 PZ Cussons (Holdings) Limited has a 100 percent economic interest in PZ Cussons Beauty LLP as the Corporate Member but does not hold any voting rights. 2 The equity interest in HPZ Limited is owned by PZ Cussons Nigeria PLC. 3 The Group has acquired the minority interest in PZ Cussons Acquisition Co Limited and PZ Cussons Ghana PLC during FY25. In FY24, the ownership interest was 91.87% and 95.68% respectively. In addition, Paterson Zochonis Employee Trust (registered in Jersey) and Share Incentive Plan Trust (constituted under the laws of England and Wales) are deemed to be subsidiaries. The trusts hold shares in the Company for the purpose of the Group\u2019s incentive schemes (note 24).
Country of
Joint venture company
Operation
incorporation
Parent company\u2019s interest
Registered office address
PZ Wilmar Limited
Manufacturing
Nigeria
50%
45/47 Town Planning Way, Ilupeju, Lagos
With the exception of Paterson Services (Shanghai) Limited and Childs Farm Inc. with an accounting reference date of 31 December, all subsidiary entities have an accounting reference date of 31 May. Non-controlling interests The two subsidiaries that have non-controlling interests that are material to the Group are HPZ Limited and PZ Cussons Nigeria plc. Total net liabilities held in these two material subsidiaries at 31 May 2025 were \u00a34.9 million and \u00a34.5 million respectively (2024: \u00a34.7 million and \u00a38.9 million respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-497": { "value": "Non-controlling interests The two subsidiaries that have non-controlling interests that are material to the Group are HPZ Limited and PZ Cussons Nigeria plc. Total net liabilities held in these two material subsidiaries at 31 May 2025 were \u00a34.9 million and \u00a34.5 million respectively (2024: \u00a34.7 million and \u00a38.9 million respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-429": { "value": "
29. EVENTS AFTER THE REPORTING PERIOD
On 18 June 2025, the Group announced it had signed an agreement to sell its 50% equity interest in PZ Wilmar Limited, a Nigerian edible oils
business, to Wilmar International Limited, the joint venture partner, for cash consideration of $70 million (\u00a351 million). Consideration will be paid in
US Dollars. After taxes, fees and other costs, net proceeds are expected to be approximately $64 million (\u00a347 million). Completion is expected to take
place in the last quarter of calendar year 2025.
In April 2024, PZ Cussons announced its intention to sell the St.Tropez brand, as part of a broader plan to refocus its portfolio. On 26 June 2025, the
Group announced that following an extensive auction process which resulted in a number of offers being received, the decision was made to retain
St.Tropez and set a new strategic direction for the brand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } }, "fact-14": { "value": "Manchester Business Park 3500 Aviator Way Manchester M22 5TG", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:XB3CXKKKED7OMV80FY35", "period": "2024-06-01T00:00:00/2025-06-01T00:00:00" } } } }