2023 | 2022 | ||
Note | £m | £m | |
Revenue | 1 | ||
Cost of sales and overheads | 2 | ( | ( |
Other operating income 1 | 2 | ||
Other operating expenses 1 | 2 | ( | ( |
Net impairment losses on financial assets | ( | ( | |
Operating profit prior to exceptional items | 1,2 | ||
Exceptional items | 4 | ||
Operating profit | 2 | ||
Finance income | 5 | ||
Finance charge | 5 | ( | ( |
Profit before taxation | |||
Taxation charge | 6 | ( | ( |
Profit for the year | |||
Attributable to: | |||
Equity holders of the Parent | |||
Non-controlling interests | |||
Earnings per share | 8 | ||
Pence | Pence | ||
Basic | |||
Diluted |
2023 | 2022 | ||
Note | £m | £m | |
Profit for the year | |||
Items that will not be reclassified to profit or loss: | |||
Actuarial (losses)/gains on defined benefit pension schemes | 26 | ( | |
Tax on retirement benefit obligations that will not be reclassified | 19 | ( | |
Total items that will not be reclassified to profit or loss | ( | ||
Items that may be reclassified subsequently to profit or loss: | |||
Exchange (losses)/gains on translation of overseas operations | ( | ||
Movements on hedges of net investments | 18 | ( | |
Movements on cash flow hedges | ( | ||
Total items that may be reclassified subsequently to profit or loss | ( | ||
Other comprehensive (expense)/income for the year | ( | ||
Total comprehensive income for the year | |||
Attributable to: | |||
Equity holders of the parent | |||
Non-controlling interests | |||
2023 | 2022 | ||
Note | £m | £m | |
Non-current assets | |||
Goodwill | 9 | ||
Other intangible assets | 10 | ||
Property, plant and equipment | 11 | ||
Right-of-use assets | 12 | ||
Deferred tax assets | 19 | ||
Trade and other receivables | 14 | ||
Current assets | |||
Inventories | 13 | ||
Current tax assets | |||
Trade and other receivables | 14 | ||
Cash and bank balances | 15 | ||
Assets held for sale | 16 | ||
Total assets | |||
Current liabilities | |||
Trade and other payables | 20 | ||
Current tax liabilities | |||
Borrowings | 17 | ||
Lease liabilities | 12 | ||
Derivative financial instruments | 18 | ||
Provisions | 21 | ||
Net current assets/(liabilities) | ( | ||
Non-current liabilities | |||
Lease liabilities | 12 | ||
Retirement benefit obligations | 26 | ||
Deferred tax liabilities | 19 | ||
Provisions | 21 | ||
Other payables | 20 | ||
Total liabilities | |||
Net assets | |||
Equity | |||
Share capital | 22 | ||
Share premium account | |||
Own shares | ( | ( | |
Other reserves | |||
Translation reserves | |||
Retained earnings | |||
Equity attributable to equity holders of the parent | |||
Non-controlling interests | |||
Total equity |
2023 | 2022 | ||
Note | £m | £m | |
Net cash from operating activities | 23 | ||
Investing activities | |||
Purchases of property, plant and equipment | ( | ( | |
Proceeds on disposal of property, plant and equipment, right-of-use and intangible assets | |||
Purchases of other intangible assets | ( | ( | |
Interest received | |||
Net cash used in investing activities | ( | ( | |
Financing activities | |||
Interest paid | ( | ( | |
Dividends paid | 7 | ( | ( |
Principal elements of lease payments | ( | ( | |
Drawdown of bank loans | |||
Repayments of bank loans | ( | ( | |
Own shares purchased | ( | ||
Net cash used in financing activities | ( | ( | |
Net increase/(decrease) in cash and cash equivalents | ( | ||
Cash and cash equivalents at beginning of year | |||
Effect of foreign exchange rate changes | ( | ||
Cash and cash equivalents at end of year | 23 |
Equity | |||||||||
attributable | |||||||||
Share | to equity | Non- | |||||||
Share | premium | Own | Other | Translation | Retained | holders of | controlling | Total | |
capital | account | shares | reserves | reserves | earnings | the parent | interests | equity | |
£m | £m | £m | £m | £m | £m | £m | £m | £m | |
1 January 2022 | ( | ||||||||
Profit for the year | |||||||||
Exchange differences on translation | |||||||||
of overseas operations | ( | ||||||||
Movements on hedges of net | |||||||||
investments | ( | ( | ( | ||||||
Movements on cash flow hedges | ( | ( | ( | ||||||
Actuarial gains on defined benefit | |||||||||
pension schemes net of deferred tax | |||||||||
Total comprehensive income for the year | ( | ||||||||
Acquired in the year/settlement of share awards | ( | ( | |||||||
Share-based payments | |||||||||
Deferred tax on share-based | |||||||||
payment transactions | ( | ( | ( | ||||||
Dividends | ( | ( | ( | ||||||
31 December 2022 | ( | ||||||||
Profit for the year | |||||||||
Exchange differences on translation | |||||||||
of overseas operations | ( | ( | ( | ( | |||||
Movements on hedges of net | |||||||||
investments | |||||||||
Movements on cash flow hedges | |||||||||
Actuarial losses on defined benefit | |||||||||
pension schemes net of deferred tax | ( | ( | ( | ||||||
Total comprehensive income | |||||||||
for the year | ( | ||||||||
Shares acquired in the year | ( | ( | ( | ||||||
Settlement of share awards | ( | ( | |||||||
Share-based payments | |||||||||
Deferred tax on share-based | |||||||||
payment transactions | |||||||||
Dividends | ( | ( | ( | ||||||
31 December 2023 | ( |
Software | 10%-33% |
Non-compete agreements | 20%-33% |
Customer relationships | 7%-10% |
Freehold buildings | 2% |
Leasehold improvements | over the projected life of the lease |
Fixtures and fittings | 10%-20% |
Plant and machinery | 5%-20% |
Motor vehicles | 20%-33% |
Central | ||||
costs and | ||||
ADE | AGI | eliminations | Consolidated | |
2023 | 2023 | 2023 | 2023 | |
Group | £m | £m | £m | £m |
Revenue | ||||
Total revenue | 355.5 | 447.0 | – | 802.5 |
Result | ||||
Headline operating profit prior to share-based payments | ||||
and unallocated central costs | 71.2 | 80.8 | – | 152.0 |
Share-based payments (including social charges) 1 | (1.7) | (1.5) | (2.7) | (5.9) |
Unallocated central costs | – | – | (18.5) | (18.5) |
Headline operating profit/(loss) | 69.5 | 79.3 | (21.2) | 127.6 |
Amortisation of acquired intangible assets | (6.4) | (1.7) | – | (8.1) |
Acquisition costs | – | – | (0.3) | (0.3) |
Operating profit/(loss) prior to exceptional items | 63.1 | 77.6 | (21.5) | 119.2 |
Exceptional items | – | – | – | – |
Segment result | 63.1 | 77.6 | (21.5) | 119.2 |
Finance income | 0.8 | |||
Finance costs | (8.3) | |||
Profit before taxation | 111.7 | |||
Taxation | (24.9) | |||
Profit for the year | 86.8 |
Emerging | ||||
Western Europe | North America | markets | Total ADE | |
2023 | 2023 | 2023 | 2023 | |
Aerospace, Defence & Energy | £m | £m | £m | £m |
Revenue | ||||
Total revenue | 162.8 | 185.1 | 7.6 | 355.5 |
Result | ||||
Headline operating profit prior to share-based payments | 36.2 | 35.2 | (0.2) | 71.2 |
Share-based payments (including social charges) | (0.8) | (0.9) | – | (1.7) |
Headline operating profit/(loss) | 35.4 | 34.3 | (0.2) | 69.5 |
Amortisation of acquired intangible assets | (0.4) | (6.0) | – | (6.4) |
Segment result | 35.0 | 28.3 | (0.2) | 63.1 |
Emerging | ||||
Western Europe | North America | markets | Total AGI | |
2023 | 2023 | 2023 | 2023 | |
Automotive & General Industrial | £m | £m | £m | £m |
Revenue | ||||
Total revenue | 254.6 | 102.4 | 90.0 | 447.0 |
Result | ||||
Headline operating profit prior to share-based payments | 54.7 | 10.1 | 16.0 | 80.8 |
Share-based payments (including social charges) | (1.0) | (0.1) | (0.4) | (1.5) |
Headline operating profit | 53.7 | 10.0 | 15.6 | 79.3 |
Amortisation of acquired intangible assets | (0.4) | (0.9) | (0.4) | (1.7) |
Segment result | 53.3 | 9.1 | 15.2 | 77.6 |
Central costs and | ||||
ADE | AGI | eliminations | Consolidated | |
2022 | 2022 | 2022 | 2022 | |
Group | £m | £m | £m | £m |
Revenue | ||||
Total revenue | 312.7 | 430.9 | – | 743.6 |
Result | ||||
Headline operating profit prior to share-based payments and unallocated central costs | 52.1 | 81.1 | – | 133.2 |
Share-based payments (including social charges) | (1.3) | (0.3) | – | (1.6) |
Unallocated central costs | – | – | (19.4) | (19.4) |
Headline operating profit/(loss) | 50.8 | 80.8 | (19.4) | 112.2 |
Amortisation of acquired intangible assets | (6.9) | (2.4) | – | (9.3) |
Acquisition costs | – | – | (0.9) | (0.9) |
Operating profit/(loss) prior to exceptional items | 43.9 | 78.4 | (20.3) | 102.0 |
Exceptional items | 0.1 | (0.2) | 0.1 | – |
Segment result | 44.0 | 78.2 | (20.2) | 102.0 |
Finance income | 0.4 | |||
Finance costs | (7.1) | |||
Profit before taxation | 95.3 | |||
Taxation | (21.0) | |||
Profit for the year | 74.3 |
Western | North | Emerging | ||
Europe | America | markets | Total ADE | |
2022 | 2022 | 2022 | 2022 | |
Aerospace, Defence & Energy | £m | £m | £m | £m |
Revenue | ||||
Total revenue | 137.1 | 168.6 | 7.0 | 312.7 |
Result | ||||
Headline operating profit prior to share-based payments | 24.5 | 27.4 | 0.2 | 52.1 |
Share-based payments (including social charges) | (0.4) | (0.9) | – | (1.3) |
Headline operating profit | 24.1 | 26.5 | 0.2 | 50.8 |
Amortisation of acquired intangible assets | (0.4) | (6.5) | – | (6.9) |
Operating profit prior to exceptional items | 23.7 | 20.0 | 0.2 | 43.9 |
Exceptional items | 0.7 | (0.6) | – | 0.1 |
Segment result | 24.4 | 19.4 | 0.2 | 44.0 |
Western | North | Emerging | ||
Europe | America | markets | Total AGI | |
2022 | 2022 | 2022 | 2022 | |
Automotive & General Industrial | £m | £m | £m | £m |
Revenue | ||||
Total revenue | 241.6 | 103.0 | 86.3 | 430.9 |
Result | ||||
Headline operating profit prior to share-based payments | 51.6 | 12.1 | 17.4 | 81.1 |
Share-based payments (including social charges) | (0.6) | 0.2 | 0.1 | (0.3) |
Headline operating profit | 51.0 | 12.3 | 17.5 | 80.8 |
Amortisation of acquired intangible assets | (0.5) | (1.5) | (0.4) | (2.4) |
Operating profit prior to exceptional items | 50.5 | 10.8 | 17.1 | 78.4 |
Exceptional items | 0.2 | (0.3) | (0.1) | (0.2) |
Segment result | 50.7 | 10.5 | 17.0 | 78.2 |
Central costs | ||||
ADE | AGI | and eliminations | Consolidated | |
2023 | 2023 | 2023 | 2023 | |
Group | £m | £m | £m | £m |
Gross capital additions | 35.9 | 48.5 | 10.1 | 94.5 |
Depreciation and amortisation | 32.4 | 46.6 | 3.1 | 82.1 |
Balance sheet | ||||
Segment assets | 530.0 | 551.9 | 54.8 | 1,136.7 |
Segment liabilities | (95.9) | (145.7) | (102.8) | (344.4) |
Segment net assets/(liabilities) | 434.1 | 406.2 | (48.0) | 792.3 |
Western | North | Emerging | ||
Europe | America | markets | Total ADE | |
2023 | 2023 | 2023 | 2023 | |
Aerospace, Defence & Energy | £m | £m | £m | £m |
Gross capital additions | 12.0 | 23.7 | 0.2 | 35.9 |
Depreciation and amortisation | 12.7 | 19.1 | 0.6 | 32.4 |
Balance sheet | ||||
Segment assets | 178.6 | 346.8 | 4.6 | 530.0 |
Segment liabilities | (39.8) | (55.3) | (0.8) | (95.9) |
Segment net assets | 138.8 | 291.5 | 3.8 | 434.1 |
Western | North | Emerging | ||
Europe | America | markets | Total AGI | |
2023 | 2023 | 2023 | 2023 | |
Automotive & General Industrial | £m | £m | £m | £m |
Gross capital additions | 21.0 | 10.2 | 17.3 | 48.5 |
Depreciation and amortisation | 22.2 | 12.0 | 12.4 | 46.6 |
Balance sheet | ||||
Segment assets | 241.9 | 161.2 | 148.8 | 551.9 |
Segment liabilities | (93.9) | (20.6) | (31.2) | (145.7) |
Segment net assets | 148.0 | 140.6 | 117.6 | 406.2 |
Central costs | ||||
ADE | AGI | and eliminations | Consolidated | |
2022 | 2022 | 2022 | 2022 | |
Group | £m | £m | £m | £m |
Gross capital additions | 30.8 | 38.2 | 10.6 | 79.6 |
Depreciation and amortisation | 34.1 | 47.0 | 3.2 | 84.3 |
Balance sheet | ||||
Segment assets | 526.9 | 569.8 | 71.0 | 1,167.7 |
Segment liabilities | (96.0) | (134.9) | (154.8) | (385.7) |
Segment net assets/(liabilities) | 430.9 | 434.9 | (83.8) | 782.0 |
Western | North | Emerging | ||
Europe | America | markets | Total ADE | |
2022 | 2022 | 2022 | 2022 | |
Aerospace, Defence & Energy | £m | £m | £m | £m |
Gross capital additions | 10.2 | 20.4 | 0.2 | 30.8 |
Depreciation and amortisation | 12.5 | 20.9 | 0.7 | 34.1 |
Balance sheet | ||||
Segment assets | 183.1 | 337.7 | 6.1 | 526.9 |
Segment liabilities | (51.6) | (43.5) | (0.9) | (96.0) |
Segment net assets | 131.5 | 294.2 | 5.2 | 430.9 |
Western | North | Emerging | ||
Europe | America | markets | Total AGI | |
2022 | 2022 | 2022 | 2022 | |
Automotive & General Industrial | £m | £m | £m | £m |
Gross capital additions | 20.1 | 10.0 | 8.1 | 38.2 |
Depreciation and amortisation | 22.5 | 13.2 | 11.3 | 47.0 |
Balance sheet | ||||
Segment assets | 248.4 | 177.4 | 144.0 | 569.8 |
Segment liabilities | (79.4) | (21.2) | (34.3) | (134.9) |
Segment net assets | 169.0 | 156.2 | 109.7 | 434.9 |
Revenue from | ||||
external customers | Non-current assets | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
USA | 271.7 | 258.2 | 426.1 | 450.6 |
France | 116.9 | 90.8 | 63.3 | 64.4 |
Germany | 82.3 | 79.0 | 69.2 | 71.3 |
UK | 66.3 | 55.6 | 96.7 | 88.1 |
Sweden | 50.9 | 48.1 | 34.7 | 35.2 |
Netherlands | 34.9 | 32.8 | 22.7 | 23.1 |
Others | 179.5 | 179.1 | 183.4 | 187.9 |
802.5 | 743.6 | 896.1 | 920.6 |
2023 | 2022 | |
£m | £m | |
Revenue | 802.5 | 743.6 |
Cost of sales | (500.6) | (473.9) |
Gross profit | 301.9 | 269.7 |
Distribution costs | (21.8) | (21.1) |
Administration expenses | (172.0) | (151.2) |
Other operating income | 12.6 | 9.2 |
Other operating expenses | (1.3) | (4.5) |
Net impairment losses on financial assets | (0.2) | (0.1) |
Operating profit prior to exceptional items | 119.2 | 102.0 |
Exceptional items (see note 4) | – | – |
Operating profit | 119.2 | 102.0 |
2023 | 2022 | |
£m | £m | |
Net foreign exchange loss | 0.2 | 0.1 |
Inventory expensed | 76.8 | 69.2 |
Depreciation of property, plant and equipment | 59.4 | 60.2 |
Depreciation of right-of-use assets | 12.9 | 13.0 |
Amortisation of other intangible assets | 9.8 | 11.1 |
Gain on disposal of property, plant and equipment recognised in operating profit | (3.4) | (1.7) |
Gain on disposal of right-of-use assets | (0.2) | (0.1) |
Repairs and maintenance | 27.2 | 23.5 |
Employee costs (see note 3) | 307.5 | 276.5 |
Pension scheme administration expenses | 0.5 | 0.6 |
Utility costs | 98.3 | 95.6 |
Government assistance support received | (6.4) | (2.6) |
Acquisition costs | 0.3 | 0.9 |
Impairment loss on trade receivables | 0.2 | 0.1 |
Impairment of property, plant and equipment and other assets - recognised in operating profit | 0.9 | 4.8 |
2023 | 2022 | |
£m | £m | |
Fees payable to the auditor for the audit of the annual accounts | 1.2 | 0.9 |
Fees payable to the auditor and its associates for other services: | ||
The audit of the Group’s subsidiaries | 1.2 | 1.2 |
Total audit fees | 2.4 | 2.1 |
Audit related assurance services | 0.1 | 0.1 |
Total fees payable to the auditor | 2.5 | 2.2 |
2023 | 2022 | |
Number | Number | |
ADE: | ||
Western Europe | 765 | 740 |
North America | 910 | 868 |
Emerging markets | 65 | 73 |
AGI: | ||
Western Europe | 1,469 | 1,490 |
North America | 590 | 626 |
Emerging markets | 808 | 815 |
Shared services | 292 | 278 |
Head office | 45 | 43 |
4,944 | 4,933 |
2023 | 2022 | |
£m | £m | |
Their aggregate remuneration comprised: | ||
Wages and salaries | 262.8 | 235.6 |
Social security costs | 36.1 | 32.6 |
Pension costs | 8.6 | 8.3 |
307.5 | 276.5 |
2023 | 2022 | |
£m | £m | |
Severance and redundancy provision release | – | (0.8) |
Net impairment reversal | – | (0.1) |
Site closure costs | – | 1.0 |
Losses on sales of property, plant and equipment recognised in exceptional items | – | 0.1 |
Environmental provisions credit | – | (0.2) |
Total exceptional items | – | – |
2023 | 2022 | |
£m | £m | |
Interest on bank loans and overdrafts | 2.7 | 2.3 |
Interest on lease liabilities | 2.3 | 1.8 |
Total interest expense | 5.0 | 4.1 |
Net interest on the defined benefit pension liabilities | 0.4 | 0.1 |
Other finance charges | 2.9 | 2.9 |
Total finance charge | 8.3 | 7.1 |
Interest received on bank deposits | 0.5 | 0.1 |
Other interest receivable | 0.3 | 0.3 |
Total finance income | 0.8 | 0.4 |
Net finance charge | 7.5 | 6.7 |
2023 | 2022 | |
£m | £m | |
Current taxation – charge for the year | 26.0 | 21.3 |
Current taxation – adjustments in respect of previous years | (2.7) | (0.6) |
Deferred tax (see note 19) | 1.6 | 0.3 |
Total taxation charge | 24.9 | 21.0 |
2023 | 2022 | |
£m | £m | |
Profit before taxation | 111.7 | 95.3 |
Tax at the weighted average country tax rate of 25.4% (2022: 24.8%) | 28.4 | 23.6 |
Tax effect of expenses not deductible in determining taxable profit | 1.1 | 1.7 |
Impact of recognition or derecognition of deferred tax balances | 0.5 | (2.0) |
Tax effect of other adjustments in respect of previous years: | ||
Current tax | (2.7) | (0.6) |
Deferred tax | 0.1 | (3.4) |
Effect of financing activities between jurisdictions | 0.3 | (0.6) |
Impact of trade and minimum corporate taxes | 0.3 | 0.5 |
Effect of changes in statutory tax rates on deferred tax assets and liabilities | 0.3 | 0.9 |
Other tax risk provision movements | (3.4) | 0.9 |
Tax expense for the year | 24.9 | 21.0 |
2023 | 2022 | |
£m | £m | |
Amounts recognised as distributions to equity holders in the year: | ||
Final dividend for the year ended 31 December 2021 of | – | 26.3 |
Interim dividend for the year ended 31 December 2022 of | – | 12.2 |
Final dividend for the year ended 31 December 2022 of | 28.5 | – |
Interim dividend for the year ended 31 December 2023 of | 12.7 | – |
41.2 | 38.5 | |
Proposed final dividend for the year ended 31 December 2023 of | 30.3 | – |
2023 | 2022 | |
£m | £m | |
Earnings | ||
Earnings for the purpose of basic earnings per share being net profit attributable to equity holders of the parent | 85.6 | 73.7 |
Number | Number | |
Number of shares | ||
Weighted average number of ordinary shares for the purpose of basic earnings per share | 189,877,099 | 190,779,615 |
Effect of dilutive potential ordinary shares: | ||
Shares subject to performance conditions | 661,721 | 384,848 |
Shares subject to vesting conditions | 344,050 | 191,502 |
Weighted average number of ordinary shares for the purpose of diluted earnings per share | 190,882,870 | 191,355,965 |
Pence | Pence | |
Earnings per share: | ||
Basic | 45.1 | 38.6 |
Diluted | 44.8 | 38.5 |
2023 | 2022 | |
£m | £m | |
Headline earnings | ||
Net profit attributable to equity holders of the parent | 85.6 | 73.7 |
Add back: | ||
Amortisation of acquired intangible assets (net of tax) | 6.1 | 7.0 |
Acquisition costs (net of tax) | 0.2 | 0.7 |
Headline earnings | 91.9 | 81.4 |
Pence | Pence | |
Headline earnings per share: | ||
Basic | 48.4 | 42.7 |
Diluted | 48.1 | 42.5 |
2023 | 2022 | |
£m | £m | |
Cost | ||
At 1 January | 288.9 | 274.5 |
Exchange differences | (6.6) | 14.1 |
Recognised on acquisition of businesses | – | 0.3 |
At 31 December | 282.3 | 288.9 |
Accumulated impairment | ||
At 1 January | 61.1 | 60.6 |
Exchange differences | (0.3) | 0.5 |
At 31 December | 60.8 | 61.1 |
Carrying amount | 221.5 | 227.8 |
2023 | 2022 | |
£m | £m | |
ADE: | ||
Western Europe | 27.2 | 27.2 |
North America | 97.2 | 100.9 |
AGI: | ||
Western Europe | 27.8 | 28.2 |
North America | 57.1 | 59.4 |
Emerging Markets | 12.2 | 12.1 |
221.5 | 227.8 |
Goodwill | Long-term | Post-tax | Pre-tax | |
carrying value | growth rate | discount rate | discount rate | |
2023 | 2023 | 2023 | 2023 | |
£m | % | % | % | |
Cash generating units | ||||
North America ADE | 97.2 | 2.2 | 10.4 | 13.0 |
North America AGI | 57.1 | 2.2 | 10.4 | 12.9 |
Customer | Non-compete | |||
Software | relationships | agreements | Total | |
£m | £m | £m | £m | |
Cost | ||||
At 1 January 2022 | 46.6 | 138.2 | 3.8 | 188.6 |
Exchange differences | 0.5 | 16.3 | – | 16.8 |
Additions | 9.8 | – | – | 9.8 |
Eliminated on disposals | (3.3) | – | – | (3.3) |
At 1 January 2023 | 53.6 | 154.5 | 3.8 | 211.9 |
Exchange differences | (0.3) | (7.6) | – | (7.9) |
Additions | 8.3 | – | – | 8.3 |
Eliminated on disposals | (0.7) | – | – | (0.7) |
At 31 December 2023 | 60.9 | 146.9 | 3.8 | 211.6 |
Amortisation | ||||
At 1 January 2022 | 25.4 | 52.0 | 3.1 | 80.5 |
Exchange differences | 0.4 | 6.3 | – | 6.7 |
Charge for the year | 1.7 | 9.3 | 0.1 | 11.1 |
Eliminated on disposals | (3.3) | – | – | (3.3) |
At 1 January 2023 | 24.2 | 67.6 | 3.2 | 95.0 |
Exchange differences | (0.1) | (3.6) | – | (3.7) |
Charge for the year | 1.7 | 7.8 | 0.3 | 9.8 |
Eliminated on disposals | (0.7) | – | – | (0.7) |
At 31 December 2023 | 25.1 | 71.8 | 3.5 | 100.4 |
Carrying amount | ||||
At 31 December 2023 | 35.8 | 75.1 | 0.3 | 111.2 |
At 31 December 2022 | 29.4 | 86.9 | 0.6 | 116.9 |
Land and buildings | |||||||
Long | Short | Plant | Fixtures | Assets | |||
leasehold | leasehold | and | and | under | |||
Freehold | improvements | improvements | machinery | fittings | construction | Total | |
£m | £m | £m | £m | £m | £m | £m | |
Cost or valuation | |||||||
At 1 January 2022 | 248.4 | 10.0 | 19.8 | 989.4 | 26.8 | 55.0 | 1,349.4 |
Additions | 0.1 | 0.1 | 0.1 | 4.9 | 0.5 | 52.2 | 57.9 |
Exchange differences | 17.5 | 0.2 | 1.9 | 71.2 | 1.9 | 5.0 | 97.7 |
Recategorisation | 10.1 | (0.5) | 0.8 | 39.5 | 2.0 | (51.9) | – |
Eliminated on disposals | (3.6) | (0.4) | (1.2) | (17.2) | (1.2) | (1.2) | (24.8) |
At 1 January 2023 | 272.5 | 9.4 | 21.4 | 1,087.8 | 30.0 | 59.1 | 1,480.2 |
Additions | 0.1 | 1.3 | 0.3 | 3.3 | 0.6 | 66.1 | 71.7 |
Exchange differences | (7.4) | (0.3) | (0.9) | (31.3) | (0.9) | (2.4) | (43.2) |
Transfer to assets held for sale | (1.4) | – | – | – | – | – | (1.4) |
Recategorisation | (1.6) | 7.0 | 0.3 | 52.1 | (5.7) | (52.1) | – |
Eliminated on disposals | (10.4) | (0.6) | (0.1) | (29.8) | (2.8) | (0.2) | (43.9) |
At 31 December 2023 | 251.8 | 16.8 | 21.0 | 1,082.1 | 21.2 | 70.5 | 1,463.4 |
Accumulated depreciation and impairment | |||||||
At 1 January 2022 | 119.9 | 6.0 | 10.1 | 702.0 | 22.0 | 0.1 | 860.1 |
Charge for the year | 7.0 | 1.0 | 1.5 | 49.1 | 1.6 | – | 60.2 |
Impairment losses incurred | 1.2 | – | 0.1 | 3.3 | 0.1 | – | 4.7 |
Exchange differences | 8.3 | 0.1 | 0.9 | 49.9 | 1.5 | – | 60.7 |
Recategorisation | (0.5) | 0.2 | – | 0.3 | – | – | – |
Eliminated on disposals | (2.6) | (0.4) | (1.2) | (16.4) | (1.2) | – | (21.8) |
At 1 January 2023 | 133.3 | 6.9 | 11.4 | 788.2 | 24.0 | 0.1 | 963.9 |
Charge for the year | 6.8 | 0.9 | 1.4 | 48.6 | 1.7 | – | 59.4 |
Impairment losses incurred | 0.1 | – | – | 0.8 | – | – | 0.9 |
Exchange differences | (3.4) | (0.3) | (0.4) | (22.5) | (0.7) | (0.1) | (27.4) |
Transfer to assets held for sale | (0.9) | – | – | – | – | – | (0.9) |
Recategorisation | (5.7) | 5.9 | (1.2) | 6.3 | (5.3) | – | – |
Eliminated on disposals | (4.1) | (0.6) | (0.1) | (29.9) | (2.7) | – | (37.4) |
At 31 December 2023 | 126.1 | 12.8 | 11.1 | 791.5 | 17.0 | – | 958.5 |
Carrying amount | |||||||
At 31 December 2023 | 125.7 | 4.0 | 9.9 | 290.6 | 4.2 | 70.5 | 504.9 |
At 31 December 2022 | 139.2 | 2.5 | 10.0 | 299.6 | 6.0 | 59.0 | 516.3 |
2023 | 2022 | |
£m | £m | |
ADE: | ||
Western Europe | – | – |
North America | 0.2 | 0.1 |
Emerging Markets | 0.3 | – |
AGI: | ||
Western Europe | – | – |
North America | 0.4 | 4.6 |
0.9 | 4.7 |
Land, buildings, | ||||
fixtures and | Plant and | |||
fittings | machinery | Vehicles | Total | |
£m | £m | £m | £m | |
Cost or valuation | ||||
At 1 January 2022 | 125.3 | 20.6 | 17.8 | 163.7 |
Additions | 9.0 | 1.3 | 1.6 | 11.9 |
Eliminated on disposals | (1.2) | (0.8) | (1.5) | (3.5) |
Exchange differences | 9.3 | 1.5 | 1.2 | 12.0 |
At 1 January 2023 | 142.4 | 22.6 | 19.1 | 184.1 |
Additions | 9.2 | 1.9 | 3.4 | 14.5 |
Eliminated on disposals | (10.0) | (2.7) | (3.4) | (16.1) |
Exchange differences | (3.7) | (0.7) | (0.8) | (5.2) |
At 31 December 2023 | 137.9 | 21.1 | 18.3 | 177.3 |
Accumulated depreciation | ||||
At 1 January 2022 | 76.2 | 16.2 | 13.7 | 106.1 |
Charge for the year | 8.4 | 2.2 | 2.4 | 13.0 |
Eliminated on disposals | (0.9) | (0.8) | (1.3) | (3.0) |
Exchange differences | 6.1 | 1.3 | 1.0 | 8.4 |
At 1 January 2023 | 89.8 | 18.9 | 15.8 | 124.5 |
Charge for the year | 9.0 | 1.7 | 2.2 | 12.9 |
Eliminated on disposals | (9.4) | (2.7) | (3.2) | (15.3) |
Exchange differences | (2.2) | (0.5) | (0.6) | (3.3) |
At 31 December 2023 | 87.2 | 17.4 | 14.2 | 118.8 |
Carrying amount | ||||
At 31 December 2023 | 50.7 | 3.7 | 4.1 | 58.5 |
At 31 December 2022 | 52.6 | 3.7 | 3.3 | 59.6 |
2023 | 2022 | |
Maturity analysis – contractual undiscounted cash flows | £m | £m |
Less than one year | 12.3 | 14.3 |
One to five years | 33.4 | 33.9 |
More than five years | 53.4 | 55.7 |
Total undiscounted cash flows | 99.1 | 103.9 |
2023 | 2022 | |
£m | £m | |
At 1 January | 66.0 | 64.5 |
Additions | 14.6 | 11.7 |
Disposals | (0.8) | (0.7) |
Principal and interest repayments | (13.1) | (13.8) |
Exchange differences | (2.4) | 4.3 |
At 31 December | 64.3 | 66.0 |
Current | 11.8 | 12.3 |
Non-current | 52.5 | 53.7 |
2023 | 2022 | |
Amounts recognised in the consolidated income statement | £m | £m |
Depreciation charge | 12.9 | 13.0 |
Interest on lease liabilities | 2.3 | 1.8 |
Expenses relating to short-term leases | 0.9 | 1.1 |
Expenses relating to leases of low value assets | 0.8 | 0.7 |
Gain on disposal of right-of-use assets | (0.2) | (0.1) |
2023 | 2022 | |
£m | £m | |
Raw materials | 26.7 | 23.9 |
Work-in-progress | 2.6 | 4.1 |
Finished goods and goods for resale | 0.9 | 0.9 |
Less: obsolescence provision | (0.7) | (1.1) |
29.5 | 27.8 |
2023 | 2022 | |
£m | £m | |
Amounts falling due within one year: | ||
Amounts receivable for the supply of services | 130.8 | 135.8 |
Allowance for expected credit loss | (2.8) | (2.9) |
Net trade receivables | 128.0 | 132.9 |
Other receivables | 10.3 | 11.7 |
Prepayments | 10.1 | 9.8 |
148.4 | 154.4 | |
Amounts falling due after more than one year: | ||
Trade and other receivables | 1.3 | 1.5 |
2023 | 2022 | |
£m | £m | |
Trade receivables within terms | 97.9 | 100.9 |
Ageing of past due but not impaired receivables: | ||
31-60 days | 15.1 | 17.0 |
61-90 days | 11.5 | 10.3 |
91-120 days | 2.3 | 3.2 |
Greater than 120 days | 1.2 | 1.5 |
128.0 | 132.9 |
2023 | 2022 | |
£m | £m | |
At 1 January | 2.9 | 2.8 |
Impairment losses recognised | 1.0 | 1.3 |
Amounts written off as uncollectable | (0.2) | (0.2) |
Impairment losses reversed | (0.8) | (1.2) |
Exchange differences | (0.1) | 0.2 |
At 31 December | 2.8 | 2.9 |
2023 | 2022 | |
£m | £m | |
Less than 3 months | 0.2 | 0.3 |
3-12 months | 1.8 | 2.2 |
Over 12 months | 3.8 | 4.0 |
5.8 | 6.5 |
2023 | 2022 | |
£m | £m | |
US dollar | 24.4 | 10.6 |
Euro | 3.5 | 7.3 |
Sterling | 3.7 | 3.1 |
Chinese yuan | 11.0 | 10.3 |
Swedish krona | 0.8 | 1.9 |
Other | 1.8 | 4.0 |
Total cash and bank balances 1 | 45.2 | 37.2 |
2023 | 2022 | |
£m | £m | |
AGI: | ||
Western Europe | – | 0.3 |
ADE: | ||
Western Europe | 0.5 | – |
0.5 | 0.3 |
2023 | 2022 | |
£m | £m | |
Revolving Credit Facility | 32.1 | 69.6 |
Bank overdrafts | 0.5 | 1.0 |
Total borrowings | 32.6 | 70.6 |
Weighted average interest rate paid | 5.3% | 4.2% |
Analysis of Revolving Credit Facility drawdowns by currency: | ||
US dollar | – | 12.0 |
Euro | 32.1 | 34.6 |
Sterling | – | 23.0 |
32.1 | 69.6 | |
Analysis of bank overdrafts by currency: | ||
US dollar | – | 1.0 |
Euro | 0.2 | – |
Swiss Franc | 0.3 | – |
0.5 | 1.0 |
Less than | |||||
1 year | 1-2 years | 2-5 years | 5+ years | Total | |
2023 | 2023 | 2023 | 2023 | 2023 | |
£m | £m | £m | £m | £m | |
Non-interest bearing financial liabilities | 65.8 | 0.1 | – | – | 65.9 |
Bank loans and overdrafts | 32.6 | – | – | – | 32.6 |
Lease liabilities | 12.3 | 10.6 | 22.8 | 53.4 | 99.1 |
110.7 | 10.7 | 22.8 | 53.4 | 197.6 |
Less than | |||||
1 year | 1-2 years | 2-5 years | 5+ years | Total | |
2022 | 2022 | 2022 | 2022 | 2022 | |
£m | £m | £m | £m | £m | |
Non-interest-bearing financial liabilities | 72.2 | 0.2 | – | – | 72.4 |
Bank loans and overdrafts | 70.6 | – | – | – | 70.6 |
Lease liabilities | 14.3 | 11.6 | 22.3 | 55.7 | 103.9 |
Derivative financial instruments | 0.3 | – | – | – | 0.3 |
157.4 | 11.8 | 22.3 | 55.7 | 247. 2 |
At fair value | |||||
At amortised | through profit | At fair value | |||
cost | or loss | through OCI | Total | ||
Fair value | 2023 | 2023 | 2023 | 2023 | |
Financial assets | hierarchy | £m | £m | £m | £m |
Trade and other receivables | 133.9 | – | – | 133.9 | |
Cash and bank balances | 45.2 | – | – | 45.2 | |
179.1 | – | – | 179.1 |
At fair value | |||||
At amortised | through profit | At fair value | |||
cost | or loss | through OCI | Total | ||
Fair value | 2022 | 2022 | 2022 | 2022 | |
Financial assets | hierarchy | £m | £m | £m | £m |
Trade and other receivables | 141.4 | – | – | 141.4 | |
Cash and bank balances | 37.2 | – | – | 37.2 | |
178.6 | – | – | 178.6 |
At fair value | |||||
At amortised | through profit | At fair value | |||
cost | or loss | through OCI | Total | ||
Fair value | 2023 | 2023 | 2023 | 2023 | |
Financial liabilities | hierarchy | £m | £m | £m | £m |
Borrowings – loans and overdrafts | 32.6 | – | – | 32.6 | |
Lease liabilities | 64.3 | – | – | 64.3 | |
Trade and other payables | 62.2 | – | – | 62.2 | |
159.1 | – | – | 159.1 |
At fair value | |||||
At amortised | through profit | At fair value | |||
cost | or loss | through OCI | Total | ||
Fair value | 2022 | 2022 | 2022 | 2022 | |
Financial liabilities | hierarchy | £m | £m | £m | £m |
Borrowings – loans and overdrafts | 70.6 | – | – | 70.6 | |
Lease liabilities | 66.0 | – | – | 66.0 | |
Trade and other payables | 69.0 | – | – | 69.0 | |
Other non-current liabilities | Level 2/3 | 0.1 | – | – | 0.1 |
Derivative financial instruments | Level 2 | – | – | 0.3 | 0.3 |
205.7 | – | 0.3 | 206.0 |
2023 | 2023 | 2022 | 2022 | |
EUR Net investment hedge | £m | €m | £m | €m |
Carrying amount of the hedging instruments | 32.1 | 37.0 | 43.5 | 49.0 |
Carrying amount of the hedged items (net assets | ||||
of subsidiaries) and denominations | 32.1 | 37.0 | 43.5 | 49.0 |
Hedge ratio | 1:1 | – | 1:1 | – |
Change in hedging instruments carrying amount as a result | ||||
of foreign currency movements from 1 January 2023 | 0.9 | – | (2.1) | – |
Change in value of hedged item used to determine | ||||
hedge effectiveness | (0.9) | – | 2.1 | – |
Retirement | |||||
Accelerated tax | benefit | ||||
depreciation | Tax losses | obligations | Other | Total | |
£m | £m | £m | £m | £m | |
At 1 January 2022 | 50.0 | (1.8) | (3.2) | (0.2) | 44.8 |
Charge/(credit) to the consolidated income | |||||
statement | 0.5 | (0.1) | 0.2 | (1.2) | (0.6) |
Debit to equity | – | – | 0.2 | 0.3 | 0.5 |
Transfers | 1.7 | (1.7) | – | – | – |
Exchange differences | 4.3 | (0.1) | (0.2) | (0.1) | 3.9 |
Effect of change in tax rate in the income | |||||
statement | 1.0 | – | – | (0.1) | 0.9 |
At 1 January 2023 | 57.5 | (3.7) | (3.0) | (1.3) | 49.5 |
Charge/(credit) to the consolidated | |||||
income statement | 5.9 | 0.3 | 0.2 | (5.1) | 1.3 |
Credit to equity | – | – | – | (0.1) | (0.1) |
Exchange differences | (2.3) | 0.1 | – | 0.4 | (1.8) |
Effect of change in tax rate in the income | |||||
statement | 0.3 | – | – | – | 0.3 |
At 31 December 2023 | 61.4 | (3.3) | (2.8) | (6.1) | 49.2 |
2023 | 2022 | |
£m | £m | |
Deferred tax liabilities | 51.8 | 51.0 |
Deferred tax assets | (2.6) | (1.5) |
49.2 | 49.5 |
2023 | 2022 | |
£m | £m | |
Working capital amounts falling due within one year: | ||
Trade payables | 20.8 | 30.8 |
Other taxes and social security | 19.8 | 20.7 |
Other payables | 6.1 | 4.9 |
Trade accruals 1 | 64.7 | 55.8 |
111.4 | 112.2 | |
Other amounts falling due within one year: | ||
Interest payable | 2.7 | 1.7 |
Capital payables | 4.6 | 5.6 |
Capital accruals | 4.0 | 5.4 |
11.3 | 12.7 | |
Total amounts falling due within one year: | 122.7 | 124.9 |
Working capital amounts falling due after more than one year: | ||
Other payables | 0.9 | 1.1 |
Restructuring | Legal and | ||||
Restructuring | environmental | Environmental | operational | Total | |
£m | £m | £m | £m | £m | |
At 1 January 2023 | 1.6 | 2.4 | 8.9 | 5.2 | 18.1 |
Increase in provision | 0.8 | 0.2 | 1.1 | 3.4 | 5.5 |
Release of provision | (0.4) | (0.1) | – | (0.5) | (1.0) |
Utilisation of provision | (1.5) | (0.1) | (2.5) | (2.8) | (6.9) |
Exchange difference | – | (0.2) | (0.5) | – | (0.7) |
At 31 December 2023 | 0.5 | 2.2 | 7.0 | 5.3 | 15.0 |
Included in current liabilities | 12.0 | ||||
Included in non-current liabilities | 3.0 | ||||
15.0 |
2023 | 2022 | ||
£m | £m | ||
Authorised: 248,947,368 | (2022: 248,947,368) ordinary shares of 17 3 / 11 p each | 43.0 | 43.0 |
Issued and fully paid: 191,456,172 (2022: 191,456,172) ordinary shares of | 17 3 / 11 p each | 33.1 | 33.1 |
2023 | 2022 | |
£m | £m | |
Profit for the year | 86.8 | 74.3 |
Adjustments for: | ||
Finance income | (0.8) | (0.4) |
Finance costs | 8.3 | 7.1 |
Taxation charge | 24.9 | 21.0 |
Operating profit | 119.2 | 102.0 |
Adjustments for: | ||
Depreciation of property, plant and equipment | 59.4 | 60.2 |
Depreciation of right-of-use assets | 12.9 | 13.0 |
Amortisation of other intangible assets | 9.8 | 11.1 |
Profit on disposal of property, plant and equipment recognised in operating profit | (3.4) | (1.7) |
Loss on disposal of property, plant and equipment recognised in exceptional items | – | 0.1 |
Profit on disposal of right-of-use assets | (0.2) | (0.1) |
Share-based payments | 5.1 | 1.7 |
Impairment reversal of property, plant and equipment and other assets recognised | ||
in exceptional items | – | (0.1) |
Impairment of property, plant and equipment and other assets recognised in operating profit | 0.9 | 4.8 |
EBITDA (See APM definition on page 153) | 203.7 | 191.0 |
Increase in inventories | (1.7) | (8.5) |
Decrease/(increase) in receivables | 6.2 | (37.4) |
(Decrease)/increase in payables | (1.0) | 12.6 |
Decrease in provisions | (3.1) | (3.7) |
Cash generated by operations | 204.1 | 154.0 |
Net income taxes paid | (9.0) | (15.4) |
Settlement of derivatives | (0.3) | 0.8 |
Refund of post settlement pension surplus | – | 1.8 |
Net exchange differences | (3.2) | 1.7 |
Net cash from operating activities | 191.6 | 142.9 |
2023 | 2022 | |
£m | £m | |
Cash and cash equivalents comprise: | ||
Cash and bank balances | 45.2 | 37.2 |
Bank overdrafts (included in borrowings) | (0.5) | (1.0) |
44.7 | 36.2 |
BIP | BIP | Other Plans | Other Plans | ||
2023 | 2022 | 2023 | 2022 | ||
At 1 January | 5,337,784 | 4,499,730 | 484,211 | 311,335 | |
Granted during the year | 2,867,954 | 2,086,698 | 298,682 | 242,384 | |
Exercised during the year | (206,935) | (75,460) | (139,947) | (61,377) | |
Expired during the year | (1,996,812) | (1,173,18 | 4) | (18,041) | (8,131) |
At 31 December | 6,001,991 | 5,337,784 | 624,905 | 484,211 | |
Average fair value of share awards granted during the year at date of grant (pence) | 555.1 | 549.5 | 608.3 | 583.8 | |
Fair value of awards granted during the year (£) | 15,919,411 | 11,4 | 6 5, 911 | 1,816,981 | 1,414,922 |
BIP | BIP | Other Plans | Other Plans | ||
2023 | 2022 | 2023 | 2022 | ||
Weighted average share price (pence) | 608.3 | 592.7 | 634.3 | 616.6 | |
Weighted average exercise price (pence) | nil | nil | nil | nil | |
Expected life (years) | 3.0 | 3.0 | 0.1-3.0 | 3.0 | |
Expected dividend yields (%) | 3.0 | 2.5 | 3.0 | 0.0-2.5 | |
Weighted average remaining contractual life of shares | |||||
outstanding (years) | 1.2 | 1.0 | 1.1 | 1.7 | |
Average fair value of share awards granted during the year | |||||
at date of grant (pence) | 555.1 | 549.5 | 608.3 | 583.8 | |
Fair value of awards granted during the year (£) | 15,919,411 | 11,4 | 6 5, 911 | 1,816,981 | 1,414,922 |
2023 | 2022 | |
£m | £m | |
Short-term employee benefits | 3.5 | 2.5 |
Share based payments | 1.8 | 0.2 |
Pensions | 0.2 | 0.2 |
5.5 | 2.9 |
2023 | 2022 | |
£m | £m | |
UK Scheme | – | – |
Non-UK Schemes | 11.1 | 10.9 |
11.1 | 10.9 |
2023 | 2022 | |
£m | £m | |
UK Scheme | 0.4 | 0.5 |
Non-UK Schemes 1 | 0.8 | 0.7 |
1.2 | 1.2 |
2023 | 2023 | 2022 | 2022 | |
Increase | Decrease | Increase | Decrease | |
£m | £m | £m | £m | |
0.5% change in discount rate | (3.6) | 4.0 | (4.1) | 4.5 |
0.5% change in price inflation (and associated assumptions) | 1.4 | (1.3) | 1.6 | (1.5) |
One year change in life expectancy at age 65 | 2.6 | (2.6) | 2.2 | (2.2) |
2023 | 2022 | |
£m | £m | |
Defined benefit obligation at start of year | 64.4 | 101.9 |
Interest expense | 2.9 | 1.8 |
Actuarial gains arising from changes in demographic assumptions | (3.2) | (0.5) |
Actuarial losses/(gains) arising from changes in financial assumptions | 1.5 | (35.4) |
Experience losses | 0.3 | 3.3 |
Benefits paid, death in service insurance premiums and expenses | (3.1) | (6.8) |
Past service (credit)/cost | (0.1) | 0.1 |
Defined benefit obligation at end of year | 62.7 | 64.4 |
2023 | 2022 | |
£m | £m | |
Fair value of assets at start of year | 67.4 | 115 .9 |
Interest income | 3.1 | 2.0 |
Return on scheme assets excluding interest income | 0.3 | (43.7) |
Scheme administration expenses | (0.5) | (0.4) |
Contributions by employer | 0.4 | 0.4 |
Benefits paid, death in service insurance premiums and expenses | (3.1) | (6.8) |
Fair value of assets at end of year | 67.6 | 67.4 |
2023 | 2022 | |
£m | £m | |
Past service (credit)/cost | (0.1) | 0.1 |
Scheme administration expenses | 0.5 | 0.4 |
0.4 | 0.5 |
2023 | 2023 | 2022 | 2022 | |
Quoted | Unquoted | Quoted | Unquoted | |
£m | £m | £m | £m | |
Bonds | 13.6 | 2.9 | 12.8 | 6.0 |
Liability Driven Investment | 21.9 | – | 15.4 | – |
Diversified credit funds | 15.4 | 3.7 | 12.0 | 11.8 |
Cash and cash equivalents | 10.1 | – | 9.4 | – |
61.0 | 6.6 | 49.6 | 17.8 |
2023 | 2022 | |
% per annum | % per annum | |
RPI inflation | 3.20 | 3.25 |
CPI inflation | 2.90 | 2.95 |
Salary increases | n/a | n/a |
Rate of discount | 4.50 | 4.70 |
Allowance for pension in payment increases of 3% or RPI if lower | 2.18 | 2.12 |
Allowance for revaluation of deferred pensions | 2.90 | 2.95 |
2023 | 2022 | |||
S | PxA YoB | S | PxA YoB | |
CMI 2021 | 1.5% | CMI 2020 1 | .5% | |
Actuarial tables used | long-term trend | long-term trend | ||
Life expectancy for members currently aged 65 | 19.8 | 21.3 |
2023 | 2022 | |||
S | PxA YoB | S | PxA YoB | |
CMI 2021 | 1.5% | CMI 2020 1 | .5% | |
Actuarial tables used | long-term trend | long-term trend | ||
Life expectancy at age 65 for members currently aged 45 | 20.7 | 22.9 |
2023 | 2022 | |
All members | All members | |
commute 75% | commute 75% | |
of maximum | of maximum | |
Cashcommutation: | permitted | permitted |
2023 | 2022 | |
£m | £m | |
Present value of defined benefit obligation | 62.7 | 64.4 |
Fair value of plan assets | (67.6) | (67.4) |
Scheme surplus | (4.9) | (3.0) |
Adjustment relating to asset ceilings and minimum funding requirements | 4.9 | 3.0 |
Net defined benefit asset before deferred tax | – | – |
2023 | 2022 | |
£m | £m | |
Restriction due to asset ceiling at beginning of period | 3.0 | 14.0 |
Interest on asset restriction | 0.2 | 0.2 |
Other changes in asset restriction | 1.7 | (11.2) |
Restriction due to asset ceiling at end of period | 4.9 | 3.0 |
2023 | 2022 | |
£m | £m | |
Return on scheme assets excluding interest income | 0.3 | (43.7) |
Actuarial (losses)/gains arising from changes in financial assumptions | (1.5) | 35.4 |
Actuarial gains arising from changes in demographic assumptions | 3.2 | 0.5 |
Experience losses on liabilities | (0.3) | (3.3) |
(Loss)/gain due to change in asset restriction | (1.7) | 11.2 |
Total gain recognised in other comprehensive income | – | 0.1 |
2023 | 2022 | |
£m | £m | |
Defined benefit obligation at start of year | 16.2 | 24.0 |
Current service cost | 0.4 | 0.5 |
Interest expense | 0.5 | 0.2 |
Actuarial losses arising from changes in demographic assumptions | – | 0.5 |
Actuarial losses/(gains) arising from changes in financial assumptions | 0.1 | (4.1) |
Experience losses/(gains) on liabilities | 0.4 | (1.5) |
Benefits paid, death in service insurance premiums and expenses | (0.6) | (1.6) |
Employee contributions | 0.1 | 0.1 |
Settlements | – | (3.8) |
Exchange rate loss | 0.2 | 1.9 |
Defined benefit obligation at end of year | 17.3 | 16.2 |
2023 | 2022 | |
£m | £m | |
Fair value of assets at start of year | 5.3 | 12.2 |
Interest income | 0.1 | 0.1 |
Return on scheme assets excluding interest income | 0.4 | (1.7) |
Scheme administration expenses | – | (0.2) |
Contributions by employer | 0.2 | 0.1 |
Contributions by employees | 0.1 | 0.1 |
Benefits paid, death in service insurance premiums and expenses | – | (0.9) |
Settlements | – | (5.4) |
Exchange rate gain | 0.1 | 1.0 |
Fair value of assets at end of year | 6.2 | 5.3 |
2023 | 2022 | |
£m | £m | |
Current service cost | 0.4 | 0.5 |
Net interest on the defined benefit liability | 0.4 | 0.1 |
Scheme administration expenses | – | 0.2 |
Settlements | – | (0.1) |
Total expense | 0.8 | 0.7 |
2023 | 2023 | 2022 | 2022 | |
Quoted | Unquoted | Quoted | Unquoted | |
£m | £m | £m | £m | |
Cash and cash equivalents | – | – | 1.7 | – |
Collective Foundation receivables | – | 6.2 | – | 5.3 |
Total | – | 6.2 | 1.7 | 5.3 |
Salary | Rate of | Pension | ||
increases | discount | Inflation | increases | |
% per annum | % per annum | % per annum | % per annum | |
USA | n/a | n/a | n/a | n/a |
France | 3.0 | 4.0 | 2.0 | 1.0 |
Germany | 2.5 | 3.5 | n/a | 2.3 |
Italy | 2.5 | 3.3 | 2.5-3.0 | n/a |
Turkey | 21.0 | 24.5 | 21.0 | n/a |
Liechtenstein | 2.5 | 1.5 | n/a | n/a |
Switzerland | n/a | 2.3 | n/a | n/a |
2023 | 2022 | |
£m | £m | |
Present value of defined benefit obligation | 17.3 | 16.2 |
Fair value of plan assets | (6.2) | (5.3) |
Deficit in the schemes | 11.1 | 10.9 |
Adjustment relating to asset ceilings and minimum funding requirements | – | – |
Net defined benefit liability, before deferred tax | 11.1 | 10.9 |
£m | £m | |
Return on scheme assets excluding interest income | 0.4 | (1.7) |
Actuarial (losses)/ gains arising from changes in financial assumptions | (0.1) | 4.1 |
Actuarial loss arising from changes in demographic assumptions | – | (0.5) |
Experience (losses)/gains on liabilities | (0.4) | 1.5 |
Gain due to change in asset restriction | – | 2.3 |
Total gain recognised in other comprehensive income | (0.1) | 5.7 |
2023 | 2022 | |||
Increase | Decrease | Increase | Decrease | |
£m | £m | £m | £m | |
0.25% change in discount rate | (0.5) | 0.6 | (0.5) | 0.5 |
0.25% change in price inflation (and associated assumptions) | 0.3 | (0.3) | 0.3 | (0.3) |