v3.25.4
Net finance costs
 12 Months Ended
Dec. 31, 2025
Texts Block [Abstract]  
Net finance costs
6
. Net finance costs
 
  All figures in £ millions
   
   Notes
     
   2025
    
   2024
    
   2023
  
Interest payable on financial liabilities at amortised cost and associated derivatives
      
 
  (51
)
        (48 )       (34 )
Interest on lease liabilities
      34     
 
(20
)
      (22 )      (23 ) 
Interest on deferred and contingent consideration
      
 
(1
)
      (2 )      (4 ) 
Fair value movements on investments held at fair value
      15     
 
(7
)
      (11 )      –  
Net foreign exchange losses
      
 
(7
)
      (3 )      –  
Interest on provisions for uncertain tax positions
      
 
(3
)
      (7 )      –  
Fair value movement on derivatives
      
 
(9
)
      (19 )      (20 ) 
   
 
    
Finance costs
      
 
(98
) 
      (112 )      (81 ) 
   
 
    
Interest receivable on financial assets at amortised cost
      
 
14
 
      25       16  
Interest on lease receivables
      34     
 
3
 
      4       4  
Net finance income in respect of retirement benefits
      25     
 
25
 
      21       26  
Fair value movements on investments held at fair value
      15     
 
–
 
      –       13  
Net foreign exchange gains
      
 
–
 
      –       3  
Interest on provisions for uncertain tax positions
      
 
–
 
      5       4  
Fair value movement on derivatives
      
 
6
 
      26       10  
   
 
    
Finance income
      
 
48
 
      81       76  
   
 
    
Net finance costs
      
 
(50
)
      (31 )      (5 ) 
                                    
Net movement in the fair value of hedges is further explained in note 16. Derivatives
not
in a hedge relationship include fair value movements in the interest rate and cross-currency interest rate swaps.