v3.25.4
Consolidated balance sheet - GBP (£)
£ in Millions
Dec. 31, 2025
Dec. 31, 2024
Non-current assets    
Property, plant and equipment £ 210 £ 216
Investment property 91 77
Intangible assets 3,009 3,026
Investments in joint ventures and associates 8 12
Deferred income tax assets 58 52
Financial assets – derivative financial instruments 14 20
Retirement benefit assets 518 491
Other financial assets 125 141
Income tax assets 0 4
Trade and other receivables 105 125
Total non-current assets 4,138 4,164
Current assets    
Intangible assets – product development 822 947
Inventories 66 74
Trade and other receivables 1,082 1,030
Financial assets – derivative financial instruments 2 31
Income tax assets 15 103
Cash and cash equivalents (excluding overdrafts) 333 543
Total current assets 2,320 2,728
Total assets 6,458 6,892
Non-current liabilities    
Financial liabilities – borrowings (1,419) (1,157)
Financial liabilities – derivative financial instruments (2) (4)
Deferred income tax liabilities (89) (63)
Retirement benefit obligations (36) (41)
Provisions for other liabilities and charges (12) (13)
Other liabilities (76) (83)
Non-current liabilities (1,634) (1,361)
Current liabilities    
Trade and other liabilities (1,043) (1,054)
Financial liabilities – borrowings (62) (315)
Financial liabilities – derivative financial instruments (1) (54)
Income tax liabilities (47) (32)
Provisions for other liabilities and charges (8) (23)
Total current liabilities (1,161) (1,478)
Total liabilities (2,795) (2,839)
Net assets 3,663 4,053
Equity    
Share capital 158 166
Share premium 2,658 2,649
Treasury shares (9) (7)
Capital redemption reserve 49 41
Fair value reserve (21) (14)
Translation reserve 184 376
Retained earnings 629 827
Total equity attributable to equity holders of the company 3,648 4,038
Non-controlling interest 15 15
Total equity £ 3,663 £ 4,053