v3.25.4
Intangible assets (Tables)
12 Months Ended
Dec. 31, 2025
Intangible assets  
Schedule of intangible assets

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Goodwill
GBPm

​

Market
related
GBPm

​

Customer
related
GBPm

​

Editorial
content
GBPm

​

Software
and
technology
GBPm

​

Other
GBPm

​

Total
acquired
intangible
assets
GBPm

​

​
Internally
developed
intangible
assets
GBPm

​

Total
intangible
assets
excluding
goodwill
GBPm

COST

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​

​

​

​

​

​

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​

​

​

​

​

​

​

​

As at 1 January 2024

 

8,023

​

2,540

 

1,979

 

658

​

835

​

2,426

 

8,438

 

4,343

 

12,781

Acquisitions

 

146

​

10

​

14

​

10

​

38

​

-

 

72

 

-

 

72

Additions

 

-

​

-

​

-

​

-

​

-

​

-

 

-

 

464

 

464

Disposals and other

 

(36)

​

(71)

​

(8)

​

(6)

​

(23)

​

(110)

 

(218)

 

(87)

 

(305)

Exchange translation differences

 

83

​

36

​

25

​

4

​

5

​

7

 

77

 

2

 

79

At 1 January 2025

 

8,216

​

2,515

 

2,010

 

666

​

855

​

2,323

 

8,369

 

4,722

 

13,091

Acquisitions

 

140

​

20

​

70

​

4

​

34

​

6

 

134

 

-

 

134

Additions

 

-

​

-

​

-

​

-

​

-

​

-

 

-

 

504

 

504

Disposals and other

 

-

​

-

​

-

​

-

​

(99)

​

(19)

 

(118)

 

(186)

 

(304)

Exchange translation differences

 

(426)

​

(158)

​

(117)

​

(24)

​

(34)

​

(80)

 

(413)

 

(160)

 

(573)

At 31 December 2025

 

7,930

 

2,377

 

1,963

 

646

 

756

 

2,230

 

7,972

 

4,880

 

12,852

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ACCUMULATED AMORTISATION

​

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​

​

As at 1 January 2024

 

-

 

1,731

​

1,323

​

607

​

600

 

2,416

 

6,677

 

2,866

 

9,543

Charge for the year

 

-

​

111

​

71

​

13

​

62

​

1

 

258

 

364

 

622

Disposals and other

 

-

​

(69)

​

(8)

​

(5)

​

(23)

​

(110)

 

(215)

 

(71)

 

(286)

Exchange translation differences

 

-

​

23

​

15

​

3

​

6

​

7

 

54

 

(6)

 

48

At 1 January 2025

 

-

 

1,796

​

1,401

​

618

​

645

 

2,314

 

6,774

 

3,153

 

9,927

Charge for the year

 

-

​

108

​

69

​

12

​

57

​

2

 

248

 

352

 

600

Disposals and other

 

-

​

-

​

-

​

-

​

(99)

​

(19)

 

(118)

 

(204)

 

(322)

Exchange translation differences

 

-

​

(114)

​

(82)

​

(22)

​

(31)

​

(80)

 

(329)

 

(96)

 

(425)

At 31 December 2025

 

-

​

1,790

​

1,388

​

608

​

572

​

2,217

 

6,575

 

3,205

 

9,780

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NET BOOK AMOUNT

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At 31 December 2024

 

8,216

 

719

 

609

 

48

 

210

 

9

 

1,595

 

1,569

 

3,164

At 31 December 2025

 

7,930

 

587

 

575

 

38

 

184

 

13

 

1,397

 

1,675

 

3,072

Schedule of breakdown of goodwill into cash generating units

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GOODWILL

  ​ ​ ​

2024
GBPm

  ​ ​ ​

2025
GBPm

Risk

 

4,004

 

3,902

Scientific, Technical & Medical

 

1,948

 

1,814

Legal

 

1,640

 

1,543

Exhibitions

 

624

 

631

Print & print-related

​

-

​

40

Total

 

8,216

 

7,930

Schedule of key assumptions used for each group of cash generating units

The key assumptions used for each group of CGUs are disclosed below:

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KEY ASSUMPTIONS

​

2024

​

2025

​

​

Pre-tax
discount
rate

​

  ​

Nominal
long-term
market
growth rate

​

  ​

Pre-tax
discount
rate

​

  ​

Nominal
long-term
market
growth rate

Risk

  ​ ​ ​

11.3%

​

​

4%

​

 

11.3%

​

​

4%

Scientific, Technical & Medical

 

10.6%

​

​

3%

​

 

10.6%

​

​

3%

Legal

 

10.9%

​

​

4%

​

 

10.9%

​

​

4%

Exhibitions

 

12.3%

​

​

4%

​

 

12.3%

​

​

4%

Print & print-related

​

-

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​

-

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13.8%

​

​

(9)%