Investments in joint ventures and associates |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Investments in joint ventures and associates | 12. Investments in joint ventures and associates The amounts recognised in the balance sheet are as follows:
The amounts recognised in the income statement for the year ended 31 December 2025 were a profit of £1 m (2024: £2m; 2023: £1m). The Group has no material associates or joint ventures. The largest associate is a 49% interest in The Egyptian International Publishing Company-Longman, which had a carrying value of £6m as at 31 December 2025 (2024: £9m). During 2024, the Group sold part of its investment in its associate, Academy of Pop, for £4m, resulting in a gain of £2m. The remaining stake is now classified as a financial investment. There were no material transactions with associates or joint ventures during 2025 or 2024. |
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