v3.25.4
Financial risk management (Tables)
 12 Months Ended
Dec. 31, 2025
Statements [Line Items]  
Summary of Net Debt Position
The Group’s net debt position is set out below:
 
  All figures in £ millions
   
     2025
    
     2024
  
Cash and cash equivalents
     
333
        543  
Overdrafts
     
–
        –  
Derivative financial instruments
     
13
        (7 ) 
Revolving Credit Facilities
 
 
(297
)
 
 
 
 –
 
 
 
 
 
 
 
 
 
 
Bonds
     
(706
)
      (955 ) 
Investment in finance lease receivable
     
66
 
      83  
Lease liabilities
     
(478
)
      (517 ) 
 
 
  
Net debt
     
(1,069
)
      (853 ) 
Summary of Sensitivity of The Carrying Value of Financial Instruments to Fluctuations in Interest Rates and Exchange Rates
As at 31 December 2025, the sensitivity of the carrying value of the Group’s financial instruments to fluctuations in interest rates and exchange rates is as follows:
 
  
  
 
 
 
 
 
  
 
 
 
 
 
 
2025
 
  All figures in £ millions
  
Carrying
value
 
 
Impact of 1%
increase in
interest rates
 
  
Impact of 1%
decrease in
interest rates
 
 
Impact of
10%
strengthening
in sterling
 
 
Impact of
10%
weakening
in sterling
 
Investments in listed and unlisted securities
    
125
 
 
 
–
 
 
 
–
 
 
 
(8
)
 
 
 
10
 
Other receivable
    
16
 
 
 
–
 
 
 
–
 
 
 
(1
)
 
 
2
 
Cash and cash equivalents
    
333
 
 
 
–
 
 
 
–
 
 
 
(23
)
 
 
27
 
Derivative financial instruments
    
13
 
 
 
2
 
 
 
(2
)
 
 
41
 
 
 
(56
)
 
Bonds
    
(706
)
 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 
Other borrowings
    
(775
)
 
 
–
 
 
 
–
 
 
 
16
 
 
 
(19
)
Investment in finance lease receivable
    
66
 
 
 
–
 
 
 
–
 
 
 
(6
)
 
 
7
 
Deferred and contingent consideration
    
(17
)
 
 
–
 
 
 
–
 
 
 
2
 
 
 
(2
)
Other net financial assets
    
465
 
 
 
–
 
 
 
–
 
 
 
(36
)
 
 
45
 
 
 
 
 
 
 
Total
    
(480
)
 
 
2
 
 
 
(2
)
 
 
(15
)
 
 
14
 
 
                              
2024
  
  All figures in £ millions
   
Carrying
value
    
   Impact of 1%
increase in
interest rates
     
   Impact of 1%
decrease in
interest rates
    
Impact of
10%
 strengthening
in sterling
    
Impact of
10%
 weakening
in sterling
  
Investments in unlisted securities
      141       –        –       (10 )      12  
Other receivable
      12       –        –       (1 )      1  
Cash and cash equivalents
      543       –        –       (32 )      40  
Derivative financial instruments
      (7 )      4        (4 )      22       (24 ) 
Bonds
      (955 )      –        –       23       (28 ) 
Other borrowings
      (517 )      –        –       19       (23 ) 
Investment in finance lease receivable
      83       –        –       (8 )      9  
Deferred and contingent consideration
      (22 )      –        –       2       (2 ) 
Other net financial assets
      412       –        –       (32 )      40  
           
Total
      (310 )      4        (4 )      (17 )      25  
Schedule of Contractual Undiscounted Cash Flows Analysed by Maturity and Currency
          
Analysed by maturity
          
Analysed by currency
  
  All figures in £ millions
  
Greater
than one
month
and less
than one
year
    
Later
than one
year but
less than
five years
    
Five
years
or more
    
Total
    
USD
    
GBP
    
Other
    
Total
  
At 31 December 2025
                
Bonds
 
 
32
 
 
 
478
 
 
 
425
 
 
 
935
 
 
 
–
 
 
 
935
 
 
 
–
 
 
 
935
 
Rate derivatives – inflows
 
 
(11
)
 
 
 
(39
)
 
 
 
(32
)
 
 
 
(82
)
 
 
 
–
 
 
 
(82
)
 
 
 
–
 
 
 
(82
)
 
Rate derivatives – outflows
 
 
9
 
 
 
32
 
 
 
26
 
 
 
67
 
 
 
–
 
 
 
67
 
 
 
–
 
 
 
67
 
FX forwards – inflows
 
 
(326
)
 
 
–
 
 
 
–
 
 
 
(326
)
 
 
–
 
 
 
(326
)
 
 
–
 
 
 
(326
)
FX forwards – outflows
 
 
324
 
 
 
–
 
 
 
–
 
 
 
324
 
 
 
324
 
 
 
–
 
 
 
–
 
 
 
324
 
 
 
 
 
 
 
 
 
 
Total
  
 
28
 
  
 
471
 
  
 
419
 
  
 
918
 
  
 
324
 
  
 
594
 
  
 
–
 
  
 
918
 
At 31 December 2024
 
 
 
 
 
 
 
 
Bonds
1
     250       –       705       955       –       705       250       955  
Rate derivatives – inflows
     (394 )     (3 )     (17 )     (414 )     (2 )     (163 )     (249 )     (414 ) 
Rate derivatives – outflows
     408       1       3       412       176       235       1       412  
FX forwards – inflows
     (1,034 )     –       –       (1,034 )     –       (1,034 )     –       (1,034 ) 
FX forwards – outflows
     1,049       –       –       1,049       1,049       –       –       1,049  
                 
Total
     279       (2 )      691       968       1,223       (257 )      2       968  
 
1.
The 2024 figures for bonds have been given on a discounted basis for the year ended 31 December 2025. If the same methodology had been applied for the year ended 31 December 2024, the total value of the bonds would be £1,219m, of which £284m is greater than one month and less than one year, £128m later than one year but less than five years, and £807m greater than five years. The currency split is sterling £967m and Euro £252m.