£million (unless otherwise stated) Note 2023 | 2022 | ||
Revenue | 3 | ||
Cost of sales | ( | ( | |
Gross profit | |||
Distribution costs | ( | ( | |
Administrative expenses | ( | ( | |
Operating profit/(loss) | ( | ||
Analysed as: | |||
Adjusted operating profit | 3 | ||
Restructuring costs | 7 | ( | ( |
Pension restructuring costs | 7 | ( | ( |
Asset impairments and measurement losses | 7 | ( | ( |
Amortisation of intangible assets arising on business combinations | 7 | ( | ( |
Acquisition and disposal related costs | 7 | ( | ( |
Finance income | 5 | ||
Finance costs | 5 | ( | ( |
Loss before taxation | ( | ( | |
Taxation | 8 | ( | ( |
Loss for the year attributable to the owners of the Company | ( | ( | |
EPS attributable to owners of the Company (pence) | |||
Basic | 10 | ( | ( |
Diluted | 10 | ( | ( |
£million 2023 | 2022 | |
Loss for the year | ( | ( |
Other comprehensive (loss) / income for the year after tax | ||
Items that are or may be reclassified subsequently to the income statement: | ||
Exchange differences on translation of foreign operations | ( | |
Tax on exchange differences | ( | |
Gain/(loss) on hedge of net investment in foreign operations | ( | |
Gain/(loss) on cash flow hedges taken to equity less amounts recycled | ||
to the incomestatement | ( | |
Deferred tax loss on movement in cash flow hedges | ( | ( |
Items that will never be reclassified to the income statement: | ||
Remeasurement of defined benefit pension schemes | ( | |
Tax on remeasurement of defined benefit pension schemes | ( | |
Total comprehensive loss for the year attributable to the owners of the Company | ( | ( |
£million Note 2023 | 2022 | ||
ASSETS | |||
Non-current assets | |||
Right-of-use assets | 12 | ||
Property, plant and equipment | 13 | ||
Goodwill | 14 | ||
Other intangible assets | 15 | ||
Deferred tax assets | 8 | ||
Derivative financial instruments | 21 | ||
Pensions | 22 | ||
Total non-current assets | |||
Current assets | |||
Inventories | 16 | ||
Trade and other receivables | 17 | ||
Income taxes receivable | |||
Derivative financial instruments | 21 | ||
Assets classified as held for sale | 4 | ||
Cash and cash equivalents | |||
Total current assets | |||
Total assets | |||
LIABILITIES | |||
Current liabilities | |||
Borrowings | 20 | ||
Liabilities directly associated with assets classified as held for sale | 4 | ||
Lease liabilities | 20, 30 | ||
Derivative financial instruments | 21 | ||
Trade and other payables | 18 | ||
Income taxes payable | |||
Provisions | 19 | ||
Total current liabilities | |||
Non-current liabilities | |||
Borrowings | 20 | ||
Lease liabilities | 20, 30 | ||
Derivative financial instruments | 21 | ||
Deferred tax liability | 8 | ||
Pensions | 22 | ||
Provisions and other non-current liabilities | 18, 19 | ||
Total non-current liabilities |
£million Note 2023 | 2022 | ||
Total liabilities | |||
Net assets | |||
EQUITY | |||
Share capital | 23 | ||
Share premium | |||
Translation reserve | |||
Other reserves | 24 | ||
Retained earnings | |||
Total equity |
Share | Share | Translation | Other | Retained | ||||
capital | premium | Reserve | reserves | earnings | Sub-total | NCI | Total | |
At 31 December 2021 | ||||||||
Loss for the year | ( | ( | ( | |||||
Other comprehensive income | ||||||||
Exchange differences on translation of foreign operations | ||||||||
Tax on exchange differences | ( | ( | ( | |||||
Loss on hedge of net investment in foreign operations | ( | ( | ( | |||||
Loss on cash flow hedges taken to equity less amounts recycled to the income statement | ( | ( | ( | |||||
Deferred tax on movement in cash flow hedges | ( | ( | ( | |||||
Remeasurement of defined benefit pension schemes | ( | ( | ( | |||||
Tax on remeasurement of defined benefit pension schemes | ||||||||
Total comprehensive income/(loss) | ( | ( | ( | ( | ||||
Transactions with owners recorded directly in equity | ||||||||
Equity dividends paid by the Company | ( | ( | ( | |||||
Share-based payments | ||||||||
Deferred tax on share-based payments | ( | ( | ( | |||||
New shares issued | ||||||||
Other movements | ( | ( | ( | |||||
Dividend to non-controlling interest | ( | ( | ||||||
At 31 December 2022 | ||||||||
At 31 December 2022 | ||||||||
Loss for the year | ( | ( | ( | |||||
Other comprehensive income/(expense) | ||||||||
Exchange differences on translation of foreign operations | ( | ( | ( | |||||
Tax on exchange differences | ||||||||
Gain on hedge of net investment in foreign operations | ||||||||
Gain on cash flow hedges taken to equity less amounts recycled to the income statement | ||||||||
Deferred tax on movement in cash flow hedges | ( | ( | ( | |||||
Remeasurement of defined benefit pension schemes | ||||||||
Tax on remeasurement of defined benefit pension schemes | ( | ( | ( | |||||
Total comprehensive (loss)/income | ( | ( | ( | ( | ||||
Transactions with owners recorded directly in equity | ||||||||
Equity dividends paid by the Company | ( | ( | ( | |||||
Share-based payments | ||||||||
Deferred tax on share-based payments | ( | ( | ( | |||||
New shares issued | ||||||||
Other movements | ( | ( | ( | |||||
At 31 December 2023 |
£million Note 2023 | 2022 | ||
Cash flows from operating activities | |||
Loss for the year | ( | ( | |
Taxation | 8 | ||
Net finance costs | |||
Restructuring costs and non underlying asset impairments and remeasurements | 7 | ||
Acquisition and disposal related costs | 7 | ||
Adjusted operating profit | |||
Adjustments for: | |||
Depreciation | 12, 13 | ||
Amortisation of intangible assets | 15 | ||
Share based payment expense | |||
Scheme funded pension administration costs | |||
Other items | ( | ||
Decrease/(increase) in inventories | ( | ||
Decrease/(increase) in receivables | ( | ||
(Decrease)/increase in payables and provisions | ( | ||
Adjusted operating cash flow | |||
Reimbursement of pension surplus | |||
Restructuring and acquisition related costs | ( | ( | |
Net cash generated from operations | |||
Net income taxes paid | ( | ( | |
Net cash flow from operating activities | |||
Cash flows from investing activities | |||
Purchase of property, plant and equipment | 13 | ( | ( |
Proceeds from sale of property, plant and equipment and government grants received | |||
Capitalised development expenditure | 15 | ( | ( |
Purchase of other intangibles | 15 | ( | ( |
Acquisition of business | ( | ||
Net cash flow used in investing activities | ( | ( |
£million Note 2023 | 2022 | ||
Cash flows from financing activities | |||
Issue of share capital | 23 | ||
Interest paid | ( | ( | |
Repayment of borrowings | ( | ( | |
Proceeds from borrowings | |||
Capital payment of lease liabilities | ( | ( | |
Other items | ( | ( | |
Dividends paid to minority shareholders | ( | ||
Dividends paid by the Company | 9 | ( | ( |
Net cash flow (used in)/from financing activities | ( | ||
Cash transferred to held for sale | ( | ||
Net increase/(decrease) in cash and cash equivalents | ( | ||
Cash and cash equivalents at beginning of year | 26 | ||
Exchange differences | 26 | ( | |
Cash and cash equivalents at end of year | 26 | ||
Cash and cash equivalents comprise: | |||
Cash at bank and in hand | |||
Bank overdrafts | ( | ( | |
Cash and cash equivalents at end of year | |||
Cash and cash equivalents included within assets classified as held for sale | |||
Cash and cash equivalents at end of year including those within assets classified | |||
as held for sale |
Global | Sensors and | Total | ||||
Power and | Manufacturing | Specialist | Operating | |||
Connectivity | Solutions | Components | Segments | Corporate | Total | |
Sales to external customers | 169.7 | 299.2 | 145.0 | 613.9 | – | 613.9 |
Adjusted operating profit | 14.3 | 27.6 | 19.0 | 60.9 | (8.1) | 52.8 |
Add back: adjustments made to operating profit (note 7) | (4 4.1) | |||||
Operating loss | 8.7 | |||||
Net finance costs | (9.8) | |||||
Loss before taxation | (1.1) |
Global | Sensors and | Total | ||||
Power and | Manufacturing | Specialist | Operating | |||
Connectivity | Solutions | Components | Segments | Corporate | Total | |
Sales to external customers | 154.2 | 323.0 | 139.8 | 617.0 | – | 617.0 |
Adjusted operating profit | 7.9 | 25.2 | 21.8 | 54.9 | ( 7.8) | 47.1 |
Add back: adjustments made to operating profit (note 7) | (50.5) | |||||
Operating profit | (3.4) | |||||
Net finance costs | (6.7) | |||||
Loss before taxation | (10.1) |
Assets | Liabilities | |||
£million | 2023 | 2022 | 2023 | 2022 |
Power and Connectivity | 186.7 | 231.0 | 37.5 | 48.1 |
Global Manufacturing Solutions | 148.3 | 210.0 | 75.0 | 118.9 |
Sensors and Specialist Components | 147.3 | 148.6 | 29.5 | 31.0 |
Segment assets and liabilities | 482.3 | 589.6 | 142.0 | 198.0 |
Pensions | 25.3 | 31.3 | 3.1 | 2.9 |
Unallocated | 147.5 | 86.3 | 239.5 | 209.3 |
Total assets/liabilities | 655.1 | 707.2 | 384.6 | 410.2 |
Capital expenditure | Depreciation and amortisation | |||
£million | 2023 | 2022 | 2023 | 2022 |
Power and Connectivity | 10.5 | 5.4 | 5.5 | 5.5 |
Global Manufacturing Solutions | 8.2 | 2.4 | 4.4 | 4.6 |
Sensors and Specialist Components | 5.8 | 6.5 | 6.6 | 6.0 |
Total | 24.5 | 14.3 | 16.5 | 16.1 |
£million 2023 | 2022 1 | |
United Kingdom | 144.7 | 130.0 |
Rest of Europe | 95.7 | 104.3 |
North America | 225.1 | 235.2 |
Asia | 145.5 | 144.7 |
Rest of the World | 2.9 | 2.8 |
613.9 | 617.0 |
£million 2023 | 2022 | |
United Kingdom | 80.3 | 103.6 |
Rest of Europe | 0.1 | 0.2 |
North America | 157.2 | 162.6 |
Central and South America | 4.9 | 5.0 |
Asia | 8.1 | 11.8 |
250.6 | 283.2 |
£million 2023 | 2022 | |
Healthcare | 146.3 | 172.1 |
Aerospace and defence | 123.5 | 95.3 |
Automation and electrification | 221.4 | 237.0 |
Distribution | 122.7 | 112.6 |
613.9 | 617.0 |
£million Net | |
ASSETS | |
Derivative financial instruments | 0.2 |
Inventories | 29.5 |
Trade and other receivables | 14.7 |
Cash and cash equivalents | 3.6 |
Assets classified as held for sale | 48.0 |
LIABILITIES | |
Lease liabilities | 2.6 |
Derivative financial instruments | 0.8 |
Trade and other payables | 21.4 |
Income taxes payable | 0.1 |
Provisions | 1.9 |
Deferred tax liability | 1.3 |
Liabilities directly associated with assets classified as held for sale | 28.1 |
Held for sale net assets | 19.9 |
£million 2023 | 2022 | |
Interest income | 0.1 | 0.1 |
Net interest income on pension schemes in surplus | 1.5 | 2.2 |
Finance income | 1.6 | 2.3 |
Interest expense | 9.9 | 7.1 |
Interest on lease liabilities | 0.8 | 0.8 |
Net interest expense on pension schemes in deficit | 0.1 | 0.1 |
Amortisation of arrangement fees | 0.6 | 1.0 |
Finance costs | 11.4 | 9.0 |
Net finance costs | 9.8 | 6.7 |
£million 2023 | 2022 | |
Depreciation of property, plant and equipment | 10.0 | 9.6 |
Depreciation of right-of-use assets | 4.0 | 4.3 |
Amortisation of intangible assets | 7.2 | 8.2 |
Impairment of goodwill (excluded from adjusted operating profit, note 14) | – | 17.7 |
Impairment of other assets (excluded from adjusted operating profit) | – | 5.4 |
Measurement loss of assets classified as held for sale excluded from operating profit (see note4) | 32.5 | – |
Net foreign exchange losses recognised within operating profit | 2.2 | 1.1 |
Cost of inventories recognised as an expense | 466.9 | 481.5 |
Research and development | 11.0 | 10.1 |
Staff costs (see note 11) | 180.6 | 164.5 |
Restructuring costs (excluded from adjusted operating profit) | 2.0 | 6.4 |
Pension restructuring costs (excluded from adjusted operating profit) | 1.9 | 13.8 |
Acquisition and disposal related costs (excluded from adjusted operating profit) | 3.1 | 1.2 |
Remuneration of Group Auditor: | ||
– audit of these financial statements | 1.0 | 0.8 |
– audit of financial statements of subsidiaries of the Company | 1.0 | 0.8 |
– assurance and other services | 0.1 | 0.1 |
Government grants | (0.2) | (0.1) |
Share-based payments | 3.1 | 4.8 |
2023 | 2022 | |||
Operating | Operating | |||
£million | profit | Tax | profit | Tax |
As reported | 8.7 | (5.7) | (3.4) | (3.1) |
Restructuring costs | ||||
Restructuring costs | (2.0) | 0.7 | (6.4) | 1.2 |
(2.0) | 0.7 | (6.4) | 1.2 | |
Pension restructuring costs | ||||
Pension restructuring costs | (1.9) | 0.7 | (2.0) | 0.4 |
Pension enhanced transfer value exercise | – | – | (11.8) | 2.2 |
(1.9) | 0.7 | (13.8) | 2.6 | |
Asset impairments and measurement losses | ||||
Goodwill impairment | – | – | (17.7 ) | – |
Asset impairments | – | – | (5.4) | 1.0 |
Measurement loss on assets classified as held for sale | (32.5) | – | – | – |
(32.5) | – | (23.1) | 1.0 | |
Amortisation of intangible assets arising | ||||
on business combinations | ||||
Amortisation of intangible assets arising | ||||
on business combinations | (4.6) | 1.6 | (6.0) | 0.3 |
(4.6) | 1.6 | (6.0) | 0.3 | |
Acquisition and disposal related costs | ||||
Torotel integration costs | (0.4) | 0.1 | (0.1) | – |
Ferranti Power and Control acquisition and integration costs | (1.3) | 0.2 | (1.1) | 0.2 |
Disposal costs | (1.2) | 0.2 | – | – |
Other | (0.2) | – | – | – |
(3.1) | 0.5 | (1.2) | 0.2 | |
Total items excluded from adjusted measure | (4 4.1) | 3.5 | (50.5) | 5.3 |
Adjusted measure | 52.8 | (9.2) | 47.1 | (8.4) |
£million 2023 | 2022 | |
Current tax | ||
Current income tax charge | 11.1 | 9.1 |
Adjustments in respect of current income tax of previous year | 1.9 | (0.5) |
Total current tax charge | 13.0 | 8.6 |
Deferred tax | ||
Relating to origination and reversal of temporary differences | (2.9) | (3.4) |
Change in tax rate | – | (1.2) |
Adjustments in respect of deferred tax of previous years | (4.4) | (0.9) |
Total deferred tax credit | (7.3) | (5.5) |
Total tax charge in the income statement | 5.7 | 3.1 |
£million 2023 | 2022 | |
Loss before tax from continuing operations | (1.1) | (10.1) |
Loss before tax multiplied by the standard rate of corporation tax in the UK of 23.5% (2022: 19%) | (0.2) | (1.9) |
Effects of: | ||
Impact on deferred tax arising from changes in tax rates | 0.1 | (1.2) |
Overseas tax rate differences | (0.5) | 0.8 |
Items not deductible for tax purposes or income not taxable | 9.6 | 8.8 |
Adjustment to current tax in respect of prior periods | 0.1 | (0.5) |
Current year tax losses and other items not recognised | (0.8) | (2.0) |
Adjustments in respect of deferred tax of previous years | (2.6) | (0.9) |
Total tax charge reported in the income statement | 5.7 | 3.1 |
Transferred | ||||||
to assets | ||||||
and liabilities | As at | |||||
As at 1 Jan | Continuing | Recognised in | classified as | Net exchange | 31 December | |
2023 | operations | equity/OCI | held for sale | translation | 2023 | |
Intangible assets | (12.4) | 1.2 | – | 2.7 | – | (8.5) |
Property, plant and equipment | 0.8 | (1.2) | – | (1.0) | – | (1.4) |
Deferred development costs | (0.5) | 0.2 | – | – | – | (0.3) |
Retirement benefit obligations | (10.4) | 2.1 | (0.1) | – | – | (8.4) |
Inventories | 0.9 | (0.2) | – | – | 0.1 | 0.8 |
Tax losses | 10.7 | 2.6 | – | – | (0.2) | 13.1 |
Unremitted overseas earnings | (1.8) | 1.0 | – | – | – | (0.8) |
Share-based payments | 0.7 | – | (0.1) | – | 0.1 | 0.7 |
Cash flow hedges | 0.1 | – | (0.7) | – | – | (0.6) |
Short-term temporary differences | 12.7 | 1.6 | – | (0.4) | (0.1) | 13.8 |
Net deferred tax asset/(liability) | 0.8 | 7.3 | (0.9) | 1.3 | (0.1) | 8.4 |
Deferred tax assets | 13.2 | 15.4 | ||||
Deferred tax liabilities | (12.4) | ( 7.0) | ||||
Net deferred tax asset/(liability) | 0.8 | 8.4 |
As at | ||||||
As at 1 Jan | Continuing | Recognised on | Recognised in | Net exchange | 31 December | |
2022 | operations | acquisition | equity/OCI | translation | 2022 | |
Intangible assets | (11.4) | 0.9 | (1.2) | – | (0.7) | (12.4) |
Property, plant and equipment | 1.5 | (0.6) | – | – | (0.1) | 0.8 |
Deferred development costs | (0.5) | 0.2 | – | – | (0.2) | (0.5) |
Retirement benefit obligations | (18.9) | 1.8 | – | 6.5 | 0.2 | (10.4) |
Inventories | 1.1 | (0.5) | – | – | 0.3 | 0.9 |
Tax losses | 9.3 | 0.9 | – | – | 0.5 | 10.7 |
Unremitted overseas earnings | (2.3) | 0.5 | – | – | – | (1.8) |
Share-based payments | 1.9 | (0.2) | – | (1.0) | – | 0.7 |
Cash flow hedges | 0.5 | – | – | (0.4) | – | 0.1 |
Short-term temporary differences | 9.9 | 2.5 | – | (1.6) | 1.9 | 12.7 |
Net deferred tax asset/(liability) | (8.9) | 5.5 | (1.2) | 3.5 | 1.9 | 0.8 |
Deferred tax assets | 11.3 | 13.2 | ||||
Deferred tax liabilities | (20.2) | (12.4) | ||||
Net deferred tax asset/(liability) | (8.9) | 0.8 |
Deferred tax | Description |
Intangible assets | Deferred tax relating to intangible assets created on acquisitions by the Group. This |
excludes any internally generated intangibles relating to product development costs. | |
Property, plant and equipment | Deferred tax relating to temporary differences in the value of property, plant and |
equipment between Group accounting and local accounting and/or tax returns. | |
Deferred development costs | Deferred tax relating to deferred development costs. |
Retirement benefit obligations | Deferred tax relating to retirement benefit obligations. |
Inventories | Deferred tax relating to temporary differences between the local book value and Group |
consolidated value of inventory. | |
Tax losses | Deferred tax relating to recognised tax losses carried forwards for offset against future |
profits of the Group. Included within tax losses as at 31 December 2023 is an asset of | |
£6.6 million (2022: £2.2 million) in respect of capitalised US R&D expenses. | |
Unremitted overseas earnings | Deferred tax relating to the repatriation of subsidiary profits to the Group's ultimate |
holding company. | |
Share based payments | Deferred tax relating to share based payment. |
Cash flow hedges | Deferred tax relating to derivatives designated as cash flow hedges. |
Short term temporary differences | Deferred tax relating to temporary differences between Group accounts and local |
accounts or tax return arising where a tax deduction is received on payment of an | |
amount either between Group companies or to external unconnected third parties | |
rather than on an accounting basis. This includes product development costs. |
Expiring | Expiring | |||
within | within | |||
5 years | 6–10 years | Unlimited | Total | |
Losses for which no deferred tax asset has been recognised | 0.6 | – | 71.2 | 71.8 |
Expiring | Expiring | |||
within | within | |||
5 years | 6–10 years | Unlimited | Total | |
Losses for which no deferred tax asset has been recognised | 0.6 | – | 71.6 | 72.2 |
2023 | 2022 | |||
pence | 2023 | pence | 2022 | |
per share | £million | per share | £million | |
Final dividend paid for prior year | 4.30 | 7.5 | 3.80 | 6.7 |
Interim dividend declared for current year | 2.00 | 3.5 |
Pence 2023 | 2022 | |
Loss per share | ||
Basic | (3.9) | ( 7.5) |
Diluted | (3.9) | ( 7.5) |
£million (unless otherwise stated) 2023 | 2022 | |
Loss for the year attributable to owners of the Company | (6.8) | (13.2) |
Restructuring costs | 2.0 | 6.4 |
Pension restructuring costs | 1.9 | 13.8 |
Asset impairments and measurement losses | 32.5 | 23.1 |
Amortisation of intangible assets arising on business combinations | 4.6 | 6.0 |
Acquisition and disposal related costs | 3.1 | 1.2 |
Tax effect of above items (see note 7) | (3.5) | (5.3) |
Adjusted earnings | 33.8 | 32.0 |
Adjusted earnings per share (pence) | 19.2 | 18.2 |
Adjusted diluted earnings per share (pence) | 19.0 | 18.0 |
million 2023 | 2022 | |
Basic | 175.6 | 175.8 |
Adjustment for share awards | 2.6 | 2.0 |
Diluted | 178.2 | 17 7.8 |
Number 2023 | 2022 | |
By function | ||
Production | 4,357 | 4,352 |
Sales and distribution | 311 | 296 |
Administration | 328 | 324 |
4,996 | 4,972 | |
By division | ||
Power and Connectivity | 1,645 | 1,650 |
Global Manufacturing Solutions | 1,605 | 1,567 |
Sensors and Specialist Components | 1,746 | 1,755 |
Total | 4,996 | 4,972 |
£million 2023 | 2022 | |
Wages and salaries | 135.6 | 124.8 |
Social security charges | 36.8 | 30.5 |
Employers’ pension costs | 3.5 | 3.2 |
Defined benefit pension costs | 1.6 | 1.2 |
Share based payments expense | 3.1 | 4.8 |
180.6 | 164.5 |
£million 2023 | 2022 | |
Emoluments | 2.4 | 2.1 |
£million 2023 | 2022 | |
Short-term benefits | 3.5 | 3.5 |
Pension and other post-employment benefit expense | – | 0.2 |
Share based payments | 1.2 | 2.2 |
4.7 | 5.9 |
Land and | Right-of-use | ||
buildings | Other | assets | |
Cost | |||
At 1 January 2022 | 41.5 | 2.0 | 43.5 |
Additions | 2.3 | – | 2.3 |
Disposals | (0.5) | (0.1) | (0.6) |
Business acquired | 0.2 | – | 0.2 |
Net exchange adjustment | 2.7 | (0.4) | 2.3 |
At 1 January 2023 | 46.2 | 1.5 | 47.7 |
Additions | 5.0 | 0.6 | 5.6 |
Disposals | (6.1) | (0.4) | (6.5) |
Transferred to assets held for sale | (5.4) | – | (5.4) |
Net exchange adjustment | (1.5) | – | (1.5) |
At 31 December 2023 | 38.2 | 1.7 | 39.9 |
Depreciation | |||
At 1 January 2022 | 22.6 | 1.3 | 23.9 |
Depreciation charge | 4.0 | 0.3 | 4.3 |
Impairment reversal | (0.2) | – | (0.2) |
Disposals | (0.5) | (0.1) | (0.6) |
Net exchange adjustment | 0.9 | (0.2) | 0.7 |
At 1 January 2023 | 26.8 | 1.3 | 28.1 |
Depreciation charge | 3.7 | 0.3 | 4.0 |
Disposals | (6.1) | (0.4) | (6.5) |
Transferred to assets held for sale | (0.9) | – | (0.9) |
Net exchange adjustment | (0.6) | – | (0.6) |
At 31 December 2023 | 22.9 | 1.2 | 24.1 |
Net book value | |||
At 31 December 2023 | 15.3 | 0.5 | 15.8 |
At 31 December 2022 | 19.4 | 0.2 | 19.6 |
Land and | Plant and | ||
buildings | equipment | Total | |
Cost | |||
At 1 January 2022 | 24.2 | 171.8 | 196.0 |
Additions | 1.8 | 9.6 | 11.4 |
Disposals | (0.3) | (21.5) | (21.8) |
Business acquired | – | 0.4 | 0.4 |
Net exchange adjustment | 1.9 | 11.5 | 13.4 |
At 1 January 2023 | 27.6 | 171.8 | 199.4 |
Additions | 1.0 | 21.3 | 22.3 |
Disposals | (0.4) | (9.9) | (10.3) |
Transferred to assets held for sale | (1.9) | (20.4) | (22.3) |
Reclassification | 0.7 | (0.7) | – |
Net exchange adjustment | (1.1) | ( 7.1) | (8.2) |
At 31 December 2023 | 25.9 | 155.0 | 180.9 |
Depreciation and impairment | |||
At 1 January 2022 | 6.3 | 139.3 | 145.6 |
Depreciation charge | 1.2 | 8.4 | 9.6 |
Impairment | – | 1.5 | 1.5 |
Disposals | (0.5) | (21.5) | (22.0) |
Net exchange adjustment | 0.3 | 9.6 | 9.9 |
At 1 January 2023 | 7.3 | 137.3 | 144.6 |
Depreciation charge | 1.6 | 8.4 | 10.0 |
Disposals | (0.4) | (9.9) | (10.3) |
Transferred to assets held for sale | (1.2) | (18.0) | (19.2) |
Net exchange adjustment | (0.2) | (5.3) | (5.5) |
At 31 December 2023 | 7.1 | 112.5 | 119.6 |
Net book value | |||
At 31 December 2023 | 18.8 | 42.5 | 61.3 |
At 31 December 2022 | 20.3 | 34.5 | 54.8 |
Cost | |
At 1 January 2022 | 156.5 |
Additions | 5.0 |
Net exchange adjustment | 11.3 |
At 31 December 2022 | 172.8 |
Transferred to held for sale | (26.3) |
Net exchange adjustment | (5.7) |
At 31 December 2023 | 140.8 |
Impairment | |
At 1 January 2022 | – |
Impairment | 17.7 |
At 31 December 2022 | 17.7 |
Transferred to held for sale | (17.7) |
At 31 December 2023 | – |
Net book value | |
At 31 December 2023 | 140.8 |
At 31 December 2022 | 155.1 |
£million 2023 | 2022 | |
Power and Connectivity: | ||
Power Solutions | 63.7 | 65.6 |
IoT Solutions | 3.5 | 9.9 |
Global Manufacturing Solutions: | ||
Global Manufacturing Solutions | 16.7 | 19.5 |
Sensors and Specialist Components: | ||
Resistors | 32.3 | 34.2 |
Sensors | 24.6 | 25.9 |
140.8 | 155.1 |
2023 | 2022 | |||||
Pre-tax | Long term | Period of | Pre-tax | Long term | Period of | |
discount rate | growth rate | forecast (years) | discount rate | growth rate | forecast (years) | |
Power Solutions | 13.8% | 2.0% | 5 | 13.4% | 1.7% | 5 |
IoT Solutions | 14.1% | 1.9% | 5 | 14.3% | 1.6% | 5 |
Global Manufacturing Solutions | 16.5% | 3.1% | 5 | 13.8% | 1.9% | 5 |
Resistors | 13.8% | 1.9% | 5 | 13.5% | 1.6% | 5 |
Sensors | 13.6% | 2.0% | 5 | 13.2% | 1.7% | 5 |
Product | Patents, | |||
development | licences | Customer | ||
costs | and other | relationships | Total | |
Cost | ||||
At 1 January 2022 | 18.6 | 35.9 | 63.6 | 118.1 |
Additions | 2.3 | 0.6 | – | 2.9 |
Disposals | (0.1) | (0.3) | – | (0.4) |
Business acquired | – | 2.3 | 3.0 | 5.3 |
Net exchange adjustment | 1.4 | 0.9 | 2.6 | 4.9 |
At 1 January 2023 | 22.2 | 39.4 | 69.2 | 130.8 |
Additions | 1.6 | 0.6 | – | 2.2 |
Disposals | (0.3) | (0.2) | – | (0.5) |
Transferred to assets held for sale | (7.4) | (1.2) | (17.7) | (26.3) |
Net exchange adjustment | (0.9) | (0.2) | (1.4) | (2.5) |
At 31 December 2023 | 15.2 | 38.4 | 50.1 | 103.7 |
Amortisation | ||||
At 1 January 2022 | 10.6 | 33.6 | 22.2 | 66.4 |
Charge for the year | 1.2 | 2.8 | 4.2 | 8.2 |
Impairment | 0.3 | – | – | 0.3 |
Disposals | (0.1) | (0.3) | – | (0.4) |
Net exchange adjustment | 1.1 | 0.9 | 0.6 | 2.6 |
At 1 January 2023 | 13.1 | 37.0 | 27.0 | 77.1 |
Charge for the year | 1.8 | 1.5 | 3.9 | 7.2 |
Disposals | (0.3) | (0.2) | – | (0.5) |
Transferred to assets held for sale | (3.7) | (1.0) | (6.7) | (11.4) |
Net exchange adjustment | (0.6) | (0.4) | (0.4) | (1.4) |
At 31 December 2023 | 10.3 | 36.9 | 23.8 | 71.0 |
Net book value | ||||
At 31 December 2023 | 4.9 | 1.5 | 26.3 | 32.7 |
At 31 December 2022 | 9.1 | 2.4 | 42.2 | 53.7 |
Net book | Years | |
value | remaining | |
Stadium Group | 1.1 | 9.3 |
Aero Stanrew | 7.8 | 7.0 |
Torotel | 10.0 | 18.9 |
Precision Inc. | 4.9 | 8.7 |
Ferranti Power and Control | 2.5 | 11.0 |
At 31 December 2023 | 26.3 |
Net book | Years | |
value | remaining | |
Stadium Group | 13.4 | 10.3 |
Aero Stanrew | 8.9 | 8.0 |
Torotel | 7.9 | 19.9 |
Precision Inc. | 5.8 | 9.7 |
Covina | 3.5 | 11.2 |
Ferranti Power and Control | 2.7 | 12.0 |
At 31 December 2022 | 42.2 |
£million 2023 | 2022 | |
Raw materials | 86.9 | 130.9 |
Work in progress | 36.8 | 34.8 |
Finished goods | 19.8 | 23.5 |
143.5 | 189.2 |
£million | 2023 | 2022 |
Trade receivables | 72.3 | 101.3 |
Prepayments | 8.1 | 8.1 |
VAT and other taxes receivable | 3.4 | 3.4 |
Accrued income | 1.3 | 1.4 |
Contract assets | 0.8 | 1.7 |
Other receivables | 4.3 | 4.4 |
90.2 | 120.3 |
£million 2023 | 2022 | |
Current liabilities | ||
Trade payables | 68.5 | 97.0 |
Taxation and social security | 2.7 | 4.1 |
Accruals | 27.4 | 27.9 |
Deferred income | 21.0 | 31.3 |
Goods received not invoiced | 6.3 | 10.1 |
Other payables | 2.0 | 2.8 |
127.9 | 173.2 |
£million 2023 | 2022 | |
Non-current liabilities | ||
Accruals | 0.1 | 0.1 |
Legal, | ||||
warranty | ||||
£million | Property | Reorganisation | and other | Total |
At 1 January 2022 | 0.8 | 1.4 | 1.1 | 3.3 |
Utilised | – | (0.3) | (1.7) | (2.0) |
Released | (0.1) | – | (0.2) | (0.3) |
Transfer | – | (0.7) | 0.5 | (0.2) |
Arising during the year | – | – | 0.3 | 0.3 |
Businesses acquired | – | – | 3.0 | 3.0 |
Exchange differences | – | – | 0.1 | 0.1 |
At 1 January 2023 | 0.7 | 0.4 | 3.1 | 4.2 |
Utilised | – | (0.2) | (1.9) | (2.1) |
Arising during the year | 2.2 | – | 1.8 | 4.0 |
Transferred to held for sale | (1.9) | – | – | (1.9) |
Exchange differences | – | – | (0.1) | (0.1) |
At 31 December 2023 | 1.0 | 0.2 | 2.9 | 4.1 |
£million 2023 | 2022 | |
Non-current | 1.0 | 0.7 |
Current | 3.1 | 3.5 |
4.1 | 4.2 |
Currency of | |||||
£million Maturity | denomination | Current | Non-current | Total | |
At 31 December 2023 | |||||
£162.4 million multi-currency revolving credit facility | 2027 | GBP | 68.0 | 68.0 | |
2027 | USD | 40.8 | 40.8 | ||
Unsecured loan note | 2028 | GBP | 37.5 | 37.5 | |
Unsecured loan note | 2031 | GBP | 37.5 | 37.5 | |
Overdrafts | 1.2 | – | 1.2 | ||
Lease liabilities | 3.8 | 14.4 | 18.2 | ||
Loan arrangement fee | – | (1.9) | (1.9) | ||
Total | 5.0 | 196.3 | 201.3 | ||
At 31 December 2022 | |||||
£147.4 million multi-currency revolving credit facility | 2026 | GBP | 72.0 | 72.0 | |
2026 | USD | 31.6 | 31.6 | ||
Unsecured loan note | 2028 | GBP | 37.5 | 37.5 | |
Unsecured loan note | 2031 | GBP | 37.5 | 37.5 | |
Overdrafts | 3.7 | – | 3.7 | ||
Lease liabilities | 4.4 | 18.7 | 23.1 | ||
Loan arrangement fee | – | (2.0) | (2.0) | ||
Total | 8.1 | 195.3 | 203.4 |
Notional | ||||
Amount | Average | Fair value | ||
Foreign exchange (FX) hedges | (£m) | Hedged Rate | (£m) | Type of hedge |
31 December 2023 | ||||
USD:CNY | 61.1 | 6.76 | (1.9) | CFH – Forward rate |
USD:MXN | 44.9 | 20.29 | 4.9 | CFH – Forward rate |
USD:GBP | 21.7 | 1.03 | 0.6 | CFH – Forward rate |
EUR:GBP | 11.3 | 0.87 | – | CFH – Forward rate |
USD:MYR | 10.1 | 4.53 | – | CFH – Forward rate |
CNY:GBP | 7.2 | 0.12 | 0.2 | CFH – Forward rate |
CNY:EUR | 4.6 | 0.13 | 0.1 | CFH – Forward rate |
GBP:USD | 2.6 | 1.26 | – | CFH – Forward rate |
Total | 163.5 | 3.9 | ||
31 December 2022 | ||||
USD:CNY | 74.2 | 6.65 | (1.6) | CFH – Forward rate |
USD:MXN | 35.2 | 21.95 | 2.1 | CFH – Forward rate |
USD:GBP | 31.5 | 1.07 | (0.9) | CFH – Forward rate |
GBP:USD | 20.1 | 1.26 | 0.6 | CFH – Forward rate |
EUR:GBP | 17.0 | 0.87 | (0.5) | CFH – Forward rate |
HKD:CNY | 10.1 | 0.88 | (0.1) | CFH – Forward rate |
USD:MYR | 9.7 | 4.32 | (0.1) | CFH – Forward rate |
CNY:GBP | 6.8 | 8.57 | (0.4) | CFH – Forward rate |
CNY:EUR | 4.2 | 7.50 | (0.1) | CFH – Forward rate |
GBP:EUR | 1.9 | 1.15 | – | CFH – Forward rate |
GBP:SEK | 1.3 | 12.02 | (0.1) | CFH – Forward rate |
Total | 212.0 | (1.1) |
Notional | |||
amount | Fair value | Type | |
(£m) | (£m) | of hedge | |
31 December 2023 | |||
GBP | – | – | N/A |
– | – | ||
31 December 2022 | |||
GBP | 19.0 | 0.6 | CFH – SONIA |
19.0 | 0.6 |
£million GBP | USD | Euro | Other | Total | |
31 December 2023 | |||||
Trade and other receivables | – | 17.6 | 2.4 | 0.1 | 20.1 |
Cash and cash equivalents | – | 13.8 | 2.6 | 0.3 | 16.7 |
Borrowings | – | (40.8) | – | – | (40.8) |
Lease liabilities | – | – | – | (1.0) | (1.0) |
Trade and other payables | (0.5) | (14.2) | (1.5) | (0.9) | (17.2) |
Net Derivative financial instruments | 0.8 | – | 0.1 | 3.0 | 3.9 |
Total | 0.3 | (23.6) | 3.6 | 1.5 | (18.3) |
31 December 2022 | |||||
Trade and other receivables | – | 23.8 | 1.9 | 0.6 | 26.3 |
Cash and cash equivalents | – | 18.6 | 3.3 | 1.8 | 23.7 |
Borrowings | – | (32.7) | – | – | (32.7) |
Lease liabilities | – | – | – | (1.6) | (1.6) |
Trade and other payables | (0.7) | (23.0) | (1.3) | (2.8) | (27. 8) |
Net Derivative financial instruments | (1.8) | 1.2 | (0.1) | (0.4) | (1.1) |
Total | (2.5) | (12.1) | 3.8 | (2.4) | (13.2) |
£million 2023 | 2022 | |
US dollar | 1.7 | 1.8 |
Euro | 0.4 | 0.4 |
£million 2023 | 2022 | |
US dollar | 2.4 | (3.0) |
Euro | (0.4) | – |
Floating | Fixed | Non-interest | 2023 | |
rate | rate | bearing | total | |
Financial assets | ||||
Trade and other receivables | – | – | 72.3 | 72.3 |
Cash and cash equivalents | 14.7 | – | 59.4 | 74.1 |
Derivative financial instruments | – | – | 6.0 | 6.0 |
Total financial assets | 14.7 | – | 137.7 | 152.4 |
Financial liabilities | ||||
Borrowings (including overdrafts) | (110.0) | (75.0) | 1.9 | (183.1) |
Lease liabilities | – | (18.2) | – | (18.2) |
Trade and other payables | – | – | (102.3) | (102.3) |
Derivative financial instruments | – | – | (2.1) | (2.1) |
Total financial liabilities | (110.0) | (93.2) | (102.5) | (305.7) |
Floating | Fixed | Non-interest | 2022 | |
rate | rate | bearing | total | |
Financial assets | ||||
Trade and other receivables | – | – | 101.3 | 101.3 |
Cash and cash equivalents | 19.4 | – | 45.6 | 65.0 |
Derivative financial instruments | 0.6 | – | 3.3 | 3.9 |
Total financial assets | 20.0 | – | 150.2 | 170.2 |
Financial liabilities | ||||
Borrowings (including overdrafts) | (88.3) | (94.0) | 2.0 | (180.3) |
Lease liabilities | – | (23.1) | – | (23.1) |
Trade and other payables | – | – | (135.1) | (135.1) |
Derivative financial instruments | – | – | (4.4) | (4.4) |
Total financial liabilities | (88.3) | (117.1) | (137.5) | (342.9) |
£million 2023 | 2022 | |
Europe (including UK) | 22.6 | 40.2 |
North America | 35.2 | 35.3 |
Asia | 14.3 | 25.4 |
Rest of the World | 0.2 | 0.4 |
72.3 | 101.3 |
2023 | 2022 | |||
£million Gross | Impairment | Gross | Impairment | |
Not past due | 63.0 | – | 90.1 | – |
Past due 1 – 60 days | 7.4 | – | 9.9 | – |
Past due 61 – 120 days | 2.1 | (0.2) | 1.1 | – |
More than 120 days | 0.4 | (0.4) | 2.3 | (2.1) |
72.9 | (0.6) | 103.4 | (2.1) |
£million 2023 | 2022 | |
At 1 January | 2.1 | 2.1 |
Charged to income statement | 0.3 | 0.4 |
Utilised | (1.8) | (0.4) |
At 31 December | 0.6 | 2.1 |
£million 2023 | 2022 | |
Cash and cash equivalents | 74.1 | 65.0 |
Derivative financial instruments | 6.0 | 3.9 |
Carrying | Contractual | On | Under 3 | 3 to 12 | 1 to 2 | 2 to 3 | 3 to 4 | 4 to 5 | Over 5 | |
value | Cash Flows | demand | months | months | years | years | years | years | years | |
31 December 2023 | ||||||||||
Borrowings (excl overdrafts) | 181.9 | 219.9 | – | 1.6 | 6.8 | 8.4 | 8.4 | 114.1 | 39.7 | 40.9 |
Overdrafts | 1.2 | 1.2 | 1.2 | – | – | – | – | – | – | – |
Lease liabilities | 18.2 | 21.9 | – | 1.1 | 3.4 | 3.9 | 3.9 | 1.8 | 1.3 | 6.5 |
Trade and other payables | 102.3 | 102.3 | – | 100.4 | 1.9 | – | – | – | – | – |
Derivatives settled gross | 2.1 | 82.5 | – | 10.3 | 41.8 | 30.4 | – | – | – | – |
305.7 | 427.8 | 1.2 | 113.4 | 53.9 | 42.7 | 12.3 | 115.9 | 41.0 | 47.4 | |
31 December 2022 | ||||||||||
Borrowings (excl overdrafts) | 176.6 | 208.9 | – | 1.0 | 5.5 | 6.0 | 6.0 | 107.7 | 2.2 | 80.5 |
Overdrafts | 3.7 | 3.7 | 3.7 | – | – | – | – | – | – | – |
Lease liabilities | 23.1 | 26.8 | – | 1.2 | 3.8 | 4.8 | 3.7 | 3.2 | 2.1 | 8.0 |
Trade and other payables | 135.1 | 135.1 | – | 131.8 | 3.3 | – | – | – | – | – |
Derivatives settled gross | 4.4 | 148.3 | – | 28.4 | 75.8 | 4 4.1 | – | – | – | – |
Interest rate swaps | (0.6) | – | – | – | – | – | – | – | – | – |
342.3 | 522.8 | 3.7 | 162.4 | 88.4 | 54.9 | 9.7 | 110.9 | 4.3 | 88.5 |
At 31 December 2023 | At 31 December 2022 | |||||
Fair value | Carrying | Fair | Carrying | Fair | ||
£million | hierarchy | value | value | value | value | |
Held at amortised cost | ||||||
Cash and cash equivalents | n/a | 74.1 | 74.1 | 65.0 | 65.0 | |
Trade and other receivables | n/a | 72.3 | 72.3 | 101.3 | 101.3 | |
Trade and other payables | n/a | (102.3) | (102.3) | (135.1) | (135.1) | |
Borrowings (excluding unsecured loan notes) | 2 | (108.1) | (108.1) | (105.3) | (105.3) | |
Unsecured loan notes | 3 | (75.0) | (61.2) | (55.1) | (55.1) | |
Held at fair value | ||||||
Derivative financial instruments (assets) | 2 | 6.0 | 6.0 | 3.9 | 3.9 | |
Derivative financial instruments (liabilities) | 2 | (2.1) | (2.1) | (4.4) | (4.4) | |
Assets classified as held for sale and associated | ||||||
liabilities | 3 | 19.9 | 19.9 | – | – | – |
Held at depreciated cost | – | – | ||||
Investment properties | 3 | – | 0.7 | – | 0.7 | 0.7 |
£million At 31 December 2023 | At 31 December 2022 | |
TT Group (1993) | 25.3 | 31.3 |
USA schemes | (3.1) | (2.9) |
Net surplus | 22.2 | 28.4 |
TT Group | TT Group | |
2023 | 2022 | |
Discount rate | 4.80 | 5.00 |
Inflation rate (RPI) | 3.20 | 3.30 |
Increases to pensions in payment (LPI 5% pension increases) | 2.95 | 3.05 |
Increases to deferred pensions (CPI) | 2.70 | 2.65 |
£million 2023 | 2022 | |
Equities | 1.2 | 4.8 |
Government bonds | – | 15.4 |
Corporate bonds | – | 1.0 |
Cash and cash equivalents | 24.5 | 14.0 |
Insured assets | 336.9 | 357.9 |
Other | 0.9 | 3.7 |
Fair value of assets | 363.5 | 396.8 |
Present value of defined benefit obligation | (341.3) | (368.4) |
Net surplus recognised in the consolidated balance sheet | 22.2 | 28.4 |
£million 2023 | 2022 | |
Scheme administration costs | (1.9) | (1.2) |
Net loss on pension projects (excluded from adjusted operating profit) | (1.3) | (13.8) |
Net interest credit | 1.4 | 2.1 |
£million 2023 | 2022 | |
Defined benefit obligation at 1 January | 368.4 | 577.4 |
Past service charge and settlements | (5.5) | (20.3) |
Interest on obligation | 17.7 | 11.9 |
Remeasurements: | ||
Effect of changes in demographic assumptions | (9.7) | (0.5) |
Effect of changes in financial assumptions | 6.0 | (197.2) |
Effect of experience adjustments | (15.0) | 18.2 |
Benefits paid | (20.2) | (22.6) |
Exchange | (0.4) | 1.5 |
Defined benefit obligation at 31 December | 341.3 | 368.4 |
TT Group (1993) | 336.9 | 357.9 |
USA schemes | 4.4 | 10.5 |
341.3 | 368.4 |
£million 2023 | 2022 | |
Fair value of schemes’ assets at 1 January | 396.8 | 651.9 |
Interest income on defined benefit scheme assets | 19.1 | 14.0 |
Return on scheme assets, excluding interest income | (18.3) | (215.4) |
Contributions by employer | 0.2 | 1.3 |
Return of pension surplus | (5.0) | – |
Pension scheme expenses | (3.2) | (1.2) |
Settlements | (5.5) | (32.1) |
Benefits paid | (20.2) | (22.6) |
Exchange | (0.4) | 0.9 |
Fair value of schemes’ assets at 31 December | 363.5 | 396.8 |
£million 2023 | 2022 | ||
Issued and fully paid | |||
177,371,049 | (2022: 176,486,627) ordinary shares of 25p each | 44.3 | 4 4.1 |
Share Based | Employee | Share | ||||
Payment | Benefit | options | Hedging | Merger | ||
Reserve | Trust | reserve | Reserve | reserve | Total | |
At 1 January 2022 | 1.3 | (0.3) | 1.0 | 2.7 | 3.4 | 7.1 |
Share based payment charge | 4.8 | – | 4.8 | – | – | 4.8 |
Awards made to employees | (0.8) | 0.4 | (0.4) | – | – | (0.4) |
Deferred tax on share based payments | (1.0) | – | (1.0) | – | – | (1.0) |
Funding of employee benefit trust | – | (0.5) | (0.5) | – | – | (0.5) |
Loss on cash flow hedges taken to equity less | ||||||
amounts taken to income statement | – | – | – | (2.9) | – | (2.9) |
Deferred tax on movement in cash flow hedges | – | – | – | 0.2 | – | 0.2 |
Other movement | – | – | – | – | – | – |
At 1 January 2023 | 4.3 | (0.4) | 3.9 | – | 3.4 | 7.3 |
Share based payment charge | 3.1 | – | 3.1 | – | – | 3.1 |
Awards made to employees | (1.0) | 1.1 | 0.1 | – | – | 0.1 |
Deferred tax on share based payments | (0.1) | – | (0.1) | – | – | (0.1) |
Funding of employee benefit trust | – | (1.3) | (1.3) | – | – | (1.3) |
Loss on cash flow hedges taken to equity less | ||||||
amounts recycled to income statement | – | – | – | 3.5 | – | 3.5 |
Deferred tax on movement in cash flow hedges | – | – | – | (0.7) | – | (0.7) |
At 31 December 2023 | 6.3 | (0.6) | 5.7 | 2.8 | 3.4 | 11.9 |
2023 | 2022 | |
Number of | Number of | |
share awards | share awards | |
At 1 January | 3,958,289 | 5,379,293 |
Granted | 1,238,163 | 650,871 |
Forfeited/Lapsed | (2,931,224) | (1,614,554) |
Exercised/Vested | – | (457,321) |
At 31 December | 2,265,228 | 3,958,289 |
Exercisable at 31 December | – | – |
Number of | Fair value at | Share price at | Exercise | Expected | Vesting period | |
awards | grant date | grant date | price | volatility | (years) | |
2023 | ||||||
14 March 2023 | 758,233 | 135.1p | 183.0p | £nil | 38% | 3.0 |
2 October 2023 | 479,930 | 117.8p | 171.0p | £nil | 38% | 3.0 |
2022 | ||||||
14 March 2022 | 650,871 | 164.9p | 202.5p | £nil | 37% | 3.0 |
2023 | 2022 | |
Number of | Number of | |
share awards | share awards | |
At 1 January | 2,289,873 | 2,193,182 |
Granted | 1,530,984 | 1,219,914 |
Forfeited/Lapsed | (123,745) | (476,619) |
Exercised/Vested | (786,612) | (646,604) |
At 31 December | 2,910,500 | 2,289,873 |
Exercisable at 31 December | – | – |
Number of | Fair value at | Share price at | Exercise | Expected | Vesting period | |
awards | grant date | grant date | price | volatility | (years) | |
2023 | ||||||
16 March 2023 | 1,247,648 | 183.0p | 183.0p | £nil | 38% | 3.0 |
3 August 2023 | 56,460 | 153.0p | 153.0p | £nil | 38% | 3.0 |
2 October 2023 | 226,876 | 172.0p | 172.0p | £nil | 38% | 3.0 |
Number of | Fair value at | Share price at | Exercise | Expected | Vesting period | |
awards | grant date | grant date | price | volatility | (years) | |
2022 | ||||||
10 January 2022 | 14,053 | 264.0p | 264.0p | £nil | 37% | 3.0 |
14 March 2022 | 948,429 | 202.5p | 202.5p | £nil | 37% | 3.0 |
14 March 2022 | 107,413 | 202.5p | 202.5p | £nil | 37% | 3.0 |
6 June 2022 | 49,342 | 200.5p | 200.5p | £nil | 37% | 3.0 |
20 June 2022 | 60,677 | 187.0 p | 187.0p | £nil | 37% | 3.0 |
21 November 2022 | 40,000 | 170.0p | 170.0p | £nil | 37% | 3.0 |
2023 | 2022 | |
Number of | Number of | |
share awards | share awards | |
At 1 January | 3,749,876 | 2,465,154 |
Granted | 1,292,868 | 1,930,800 |
Forfeited/Lapsed | (908,159) | (601,348) |
Exercised | (682,620) | (44,730) |
At 31 December | 3,451,965 | 3,749,876 |
Exercisable at 31 December | 303,407 | 507,668 |
Market | Option | Fair | Options | |
price | price | value | outstanding | |
30 August 2020 | 187.0p | 151.0p | 84.0p | 304,474 |
7 September 2021 | 271.0p | 226.0p | 110.9p | 263,887 |
6 September 2022 | 149.3p | 119.5p | 67.5p | 1,625,595 |
5 September 2023 | 174.1p | 139.4p | 66.5p | 1,258,009 |
£million Net cash | Lease liabilities | Borrowings | Net debt | |
At 1 January 2022 | 67.2 | (22.6) | (147.1) | (102.5) |
Cash flow | (9.2) | – | – | (9.2) |
Businesses acquired | – | (0.2) | – | (0.2) |
Repayment of borrowings | – | – | 149.3 | 149.3 |
Proceeds from borrowings | – | – | (174.3) | (174.3) |
Payment of lease liabilities | – | 4.3 | – | 4.3 |
New leases | – | (2.3) | – | (2.3) |
Net movement in loan arrangement fees | – | – | 0.7 | 0.7 |
Exchange differences | 3.3 | (2.3) | (5.2) | (4.2) |
At 31 December 2022 | 61.3 | (23.1) | (176.6) | (138.4) |
Cash flow | 19.3 | – | – | 19.3 |
Transferred to held for sale | (3.6) | 2.6 | – | (1.0) |
Repayment of borrowings | – | – | 26.1 | 26.1 |
Proceeds from borrowings | – | – | (32.7) | (32.7) |
Payment of lease liabilities | – | 4.4 | – | 4.4 |
New leases | – | (3.4) | – | (3.4) |
Net movement in loan arrangement fees | – | – | (0.1) | (0.1) |
Exchange differences | (4.1) | 1.3 | 1.4 | (1.4) |
At 31 December 2023 | 72.9 | (18.2) | (181.9) | (127.2) |
Included within assets classified as held for sale and associated | ||||
liabilities | 3.6 | (2.6) | – | 1.0 |
At 31 December 2023 | 76.5 | (20.8) | (181.9) | (126.2) |
Liabilities | ||||
arising from | ||||
Interest rate | financing | |||
£million Lease liabilities | Borrowings | swaps | activities | |
At 1 January 2022 | (22.6) | (147.1) | (0.3) | (170.0) |
Cash movements | ||||
Cash flows | 5.1 | (17.9) | 0.1 | (12.7) |
Non cash movements | ||||
Fair value movements | – | – | 0.8 | 0.8 |
Business acquired | (0.2) | – | – | (0.2) |
Interest accrued | (0.8) | ( 7.1) | – | (7.9) |
Net movement in loan arrangement fees | – | 0.7 | – | 0.7 |
New leases | (2.3) | – | – | (2.3) |
Exchange differences | (2.3) | (5.2) | – | ( 7.5) |
At 1 January 2023 | (23.1) | (176.6) | 0.6 | (199.1) |
Cash movements | ||||
Cash flows | 5.2 | 3.3 | (0.6) | 7.9 |
Non cash movements | ||||
Transferred to held for sale | 2.6 | – | – | 2.6 |
Interest accrued | (0.8) | (9.9) | – | (10.7) |
Net movement in loan arrangement fees | – | (0.1) | – | (0.1) |
New leases | (3.4) | – | – | (3.4) |
Exchange differences | 1.3 | 1.4 | – | 2.7 |
At 31 December 2023 | (18.2) | (181.9) | – | (200.1) |
Included within liabilities associated with assets classified as held for sale | (2.6) | – | – | (2.6) |
At 31 December 2023 | (20.8) | (181.9) | – | (202.7) |
£million 2023 | 2021 | |
Contractual commitments for the purchase of property, plant and equipment | 2.7 | 3.1 |