Year ended 31 December 2024 | Year ended 31 December 2023 | ||||||
Adjusting | Adjusting | ||||||
Adjusted | items 1 | Reported | Adjusted | items 1 | Reported | ||
Notes | $ million | $ million | $ million | $ million | $ million | $ million | |
Revenue | 3 | ||||||
Cost of sales | ( | ( | ( | ( | |||
Gross profit | |||||||
Product development | 3 | ( | ( | ( | ( | ||
Selling and marketing | ( | ( | ( | ( | |||
Administration | ( | ( | ( | ( | ( | ( | |
Operating profit | ( | ( | |||||
Adjusting items: | |||||||
Acquired intangible asset amortisation | ( | ( | ( | ( | |||
Share-based payment | 31 | ( | ( | ( | ( | ||
Other adjusting items | 5 | ( | ( | ( | ( | ||
( | ( | ( | ( | ||||
Finance income | 6 | ||||||
Finance costs | 7 | ( | ( | ( | ( | ||
Profit before tax | 4 | ( | ( | ||||
Tax (charge) /credit | 10 | ( | ( | ( | |||
Profit for the year attributable to owners of the parent Company | ( | ( | |||||
Earnings per share (cents) | 11 | ||||||
Basic | |||||||
Diluted |
2024 | 2023 | ||
Notes | $ million | $ million | |
Profit for the year attributable to owners of the parent Company | |||
Other comprehensive (loss)/income | |||
Items that may subsequently be reclassified to profit or loss: | |||
– Exchange differences on retranslation of foreign operations | ( | ||
Items that will not subsequently be reclassified to profit or loss: | |||
– Re-measurement of the net defined benefit pension asset | 9 | ( | ( |
– Income tax effect of re-measurement of the net defined benefit pension asset | 10 | ( | ( |
– Re-measurement of the deferred compensation liability | 9 | ( | |
( | ( | ||
Other comprehensive loss | ( | ( | |
Total comprehensive income for the year attributable to owners of the parent Company |
2024 | 2023 | ||
Notes | $ million | $ million | |
Assets | |||
Non-current assets | |||
Intangible assets | 13 | ||
Property, plant and equipment | 14 | ||
Right-of-use assets | 15 | ||
Trade and other receivables | 19 | ||
Assets recognised from costs to obtain a contract | 20 | ||
Defined benefit pension plan surplus | 9 | ||
Deferred tax asset | 26 | ||
Current assets | |||
Inventories | 18 | ||
Trade and other receivables | 19 | ||
Assets recognised from costs to obtain a contract | 20 | ||
Current tax asset | |||
Cash and cash equivalents | 21 | ||
Total assets | |||
Liabilities | |||
Current liabilities | |||
Trade and other payables | 22 | ( | ( |
Contract liabilities | 24 | ( | ( |
Lease liabilities | 25 | ( | ( |
Other financial liabilities | 22 | ( | |
Current tax liability | ( | ( | |
Provisions | 27 | ( | ( |
( | ( | ||
Non-current liabilities | |||
Trade and other payables | 22 | ( | ( |
Contract liabilities | 24 | ( | ( |
Lease liabilities | 25 | ( | ( |
Defined benefit pension plan deficit | 9 | ( | ( |
Provisions | 27 | ( | ( |
( | ( | ||
Total liabilities | ( | ( | |
Net assets | |||
Capital and reserves | 29 | ||
Share capital | |||
Share premium account | |||
Capital redemption reserve | |||
Other reserves | |||
Translation reserve | |||
Retained earnings | |||
Total equity attributable to owners of the parent Company |
Attributable to the equity holders of the parent Company | ||||||||
$ million | ||||||||
Share | Capital | |||||||
Share | premium | redemption | Other | Translation | Retained | Total | ||
Notes | capital | account | reserve | reserves | reserve | earnings | equity | |
At 1 January 2023 | ||||||||
Profit for the year | ||||||||
Other comprehensive income/(loss) 1 | ( | ( | ||||||
Total comprehensive income | ||||||||
Share-based payment | 31 | |||||||
Tax charge on share incentives | 10 | ( | ( | |||||
Equity dividends | 12 | ( | ( | |||||
Share repurchase | 29 | ( | ( | ( | ||||
Exchange adjustment | ( | |||||||
At 1 January 2024 | ||||||||
Profit for the year | ||||||||
Other comprehensive loss 2 | ( | ( | ( | |||||
Total comprehensive income/(loss) | ( | |||||||
Share-based payment | 31 | |||||||
Tax credit on share incentives | 10 | |||||||
Equity dividends | 12 | |||||||
Exchange adjustment | ( | ( | ( | |||||
At 31 December 2024 |
2024 | 2023 | ||
Notes | $ million | $ million | |
Cash flows from operating activities | |||
Cash flow from operations | 32 | ||
Tax paid | ( | ( | |
Net cash inflow from operating activities | |||
Cash flows from investing activities | |||
Interest received | |||
Capitalised development costs | ( | ||
Purchase of property, plant and equipment | 14 | ( | ( |
Proceeds from the sale of property, plant and equipment | |||
Lease payments received from finance leases | 15 | ||
Acquisition of business | 33 | ( | |
Net cash used in investing activities | ( | ( | |
Cash flows from financing activities | |||
Lease liability principal repayments | 25 | ( | ( |
Lease liability interest paid | 25 | ( | ( |
Dividend paid | 12 | ( | |
Share purchase into Employee Share Ownership Trust | 29 | ||
Share repurchase | 29 | ( | |
Net cash used in financing activities | ( | ( | |
Net increase/(decrease) in cash and cash equivalents | ( | ||
Cash and cash equivalents at the beginning of the year | |||
Effect of foreign exchange rate changes | ( | ||
Cash and cash equivalents at the end of the year | 21 |
Useful life | |
Customer lists | 2 to 7 years |
Current technology | 5 to 7 years |
Brand names | 3 years |
Licences | 3 to 5 years |
Freehold buildings | 50 years |
Plant and machinery | 3 to 8 years |
Fixtures, fittings and equipment: | |
- Building installations | 20 years or lease period if lower |
- Fittings and equipment | 3 to 8 years |
- Motor vehicles | 3 to 5 years |
- Business systems software | 4 years |
Effective for annual periods | ||
International Accounting Standards (IAS/IFRS) | beginning on or after | |
SASB | Amendments to the SASB standards to enhance their international applicability | 1 January 2025 |
IAS 21 | Lack of exchangeability | 1 January 2025 |
IFRS 9/IFRS 7 | Amendments to the Classification and Measurement of Financial Instruments | 1 January 2026 |
IFRS | Annual Improvements to IFRS Accounting Standards — Volume 11 | 1 January 2026 |
IFRS 18 | Presentation and Disclosures in Financial Statements | 1 January 2027 |
IFRS 19 | Subsidiaries without Public Accountability: Disclosures | 1 January 2027 |
2024 | |||||
$ million | |||||
Lifecycle | |||||
Service | Networks & | ||||
Notes | Assurance | Security | Corporate | Total | |
Revenue | |||||
Nature of products and services | |||||
Sale of hardware and software | 78.0 | 205.9 | — | 283.9 | |
Maintenance and support services | 103.0 | 73.3 | — | 176.3 | |
181.0 | 279.2 | — | 460.2 | ||
Primary geographical markets | |||||
Americas | 127.6 | 145.7 | — | 273.3 | |
Asia Pacific | 33.8 | 92.5 | — | 126.3 | |
Europe, Middle East and Africa | 19.6 | 41.0 | — | 60.6 | |
181.0 | 279.2 | — | 460.2 | ||
Inter-segment revenue is eliminated. | |||||
Profit before tax | |||||
Adjusted operating profit | 14.6 | 44.9 | (13.3) | 46.2 | |
Other adjusting items | 5 | (1.2) | (1.3) | (18.6) | (21.1) |
Total reportable segment profit | 13.4 | 43.6 | (31.9) | 25.1 | |
Unallocated amounts: | |||||
– Acquired intangible asset amortisation | (5.2) | ||||
– Share-based payment | 31 | (9.6) | |||
Operating profit | 10.3 | ||||
Finance income | 6 | 4.5 | |||
Finance costs | 7 | (1.0) | |||
Profit before tax | 13.8 | ||||
Other information | |||||
Product development | 46.5 | 52.5 | — | 99.0 | |
Intangible asset amortisation – other | — | — | — | — | |
Depreciation of property, plant and equipment | 14 | 3.2 | 5.2 | 0.1 | 8.5 |
Depreciation of right-of-use assets | 15 | 2.5 | 3.9 | 0.3 | 6.7 |
2023 | |||||
$ million | |||||
Lifecycle | |||||
Service | Networks & | ||||
Notes | Assurance | Security | Corporate | Total | |
Revenue | |||||
Nature of products and services | |||||
Sale of hardware and software | 86.7 | 203.6 | — | 290.3 | |
Maintenance and support services | 112.4 | 71.6 | — | 184.0 | |
199.1 | 275.2 | — | 474.3 | ||
Primary geographical markets | |||||
Americas | 133.1 | 135.0 | — | 268.1 | |
Asia Pacific | 49.3 | 104.6 | — | 153.9 | |
Europe, Middle East and Africa | 16.7 | 35.6 | — | 52.3 | |
199.1 | 275.2 | — | 474.3 | ||
Inter-segment revenue is eliminated. | |||||
Profit before tax | |||||
Adjusted operating profit | 16.9 | 39.0 | (10.7) | 45.2 | |
Other adjusting items | 5 | (6.1) | (7.3) | (0.8) | (14.2) |
Total reportable segment profit | 10.8 | 31.7 | (11.5) | 31.0 | |
Unallocated amounts: | |||||
– Acquired intangible asset amortisation | (5.0) | ||||
– Share-based payment | 31 | (7.6) | |||
Operating profit | 18.4 | ||||
Finance income | 6 | 5.4 | |||
Finance costs | 7 | (0.9) | |||
Profit before tax | 22.9 | ||||
Other information | |||||
Product development | 52.0 | 50.4 | — | 102.4 | |
Intangible asset amortisation – other | 0.1 | — | — | 0.1 | |
Depreciation of property, plant and equipment | 14 | 4.4 | 6.0 | 0.1 | 10.5 |
Depreciation of right-of-use assets | 15 | 3.2 | 3.4 | 0.3 | 6.9 |
2024 | 2023 | |
$ million | $ million | |
Non-current assets 1 | ||
Americas | 224.7 | 225.1 |
Asia Pacific | 7.3 | 6.8 |
Europe, Middle East and Africa | 3.7 | 7.4 |
235.7 | 239.3 |
2024 | 2023 | ||
Notes | $ million | $ million | |
Employee benefit costs | 8 | 263.4 | 255.9 |
Costs of inventories recognised as an expense | 77.9 | 65.9 | |
(Reversals)/write-down of inventories to net realisable value | 18 | (0.8) | 2.9 |
Amortisation of intangible assets | 13 | 5.2 | 5.1 |
Depreciation of property, plant and equipment | 14 | 8.5 | 10.5 |
Depreciation of right-of-use assets | 15 | 6.7 | 6.9 |
Amortisation of assets recognised from costs to obtain a contract | 20 | 0.4 | 0.5 |
Expenses relating to short-term leases and leases of low-value assets | 25 | 0.6 | 0.6 |
Product development costs | 99.0 | 102.4 | |
Net foreign exchange loss | 0.5 | 0.9 |
2024 | 2023 | |
$ million | $ million | |
Audit services | ||
Parent Company | 1.1 | 1.0 |
Subsidiaries | 0.7 | 0.7 |
1.8 | 1.7 | |
Non-audit fees | ||
Interim review | — | 0.1 |
Total fees | 1.8 | 1.8 |
2024 | 2023 | |
$ million | $ million | |
Restructuring | 2.5 | 13.5 |
Acquisition related transactions | 18.6 | 0.7 |
21.1 | 14.2 |
2024 | 2023 | |
$ million | $ million | |
R&D engineering plan | — | 0.7 |
Finance transformation | 1.2 | 1.1 |
Organisational restructure | 0.8 | 8.8 |
Facilities downsize | 0.5 | 2.9 |
2.5 | 13.5 |
2024 | 2023 | ||
Note | $ million | $ million | |
Bank interest receivable | 4.1 | 4.8 | |
Net defined benefit pension plan interest | 9 | 0.4 | 0.6 |
4.5 | 5.4 |
2024 | 2023 | ||
Note | $ million | $ million | |
Lease liability interest | 25 | 1.0 | 0.9 |
2024 | 2023 | |
Number | Number | |
Assembly | 353 | 388 |
Product development | 500 | 500 |
Selling and marketing | 468 | 513 |
Administration | 207 | 220 |
1,528 | 1,621 |
2024 | 2023 | ||
Note | $ million | $ million | |
Remuneration | 223.9 | 219.3 | |
Social security costs | 18.9 | 18.7 | |
Pension and other related costs | 10.5 | 10.2 | |
Expense of share–based payment | 31 | 10.1 | 7.7 |
263.4 | 255.9 |
2024 | 2023 | |
$ million | $ million | |
Schemes in net asset position | ||
UK defined benefit pension plan – Staff Plan | — | 12.9 |
UK defined benefit pension plan – Cash Plan | 0.5 | — |
Withholding tax payable | — | (4.5) |
0.5 | 8.4 | |
Schemes in net liability position | ||
UK defined benefit pension plan – Cash Plan | — | (1.7) |
UK unfunded plan | (0.5) | (0.5) |
US deferred compensation plan | (10.5) | (9.2) |
(11.0) | (11.4) | |
Net pension plan deficit on the balance sheet | (10.5) | (3.0) |
2024 | 2023 | |
$ million | $ million | |
Staff Plan | ||
Unquoted: | ||
- Insured annuities | 1.4 | 1.5 |
- Cash and other | 10.6 | 17.8 |
Insurance policy with PIC | 155.5 | 167.9 |
Fair value of plan assets | 167.5 | 187.2 |
Present value of defined benefit pension plan obligations | (158.1) | (174.3) |
Surplus in the plan | 9.4 | 12.9 |
Impact of asset ceiling | (9.4) | — |
Withholding tax payable | — | (4.5) |
Surplus in the plan on the balance sheet | — | 8.4 |
Cash Plan | ||
Quoted: | ||
– Equities | 6.7 | 6.0 |
- Government bonds | 1.5 | 1.9 |
Unquoted: | ||
– Cash and other | 2.0 | 1.9 |
Fair value of plan assets | 10.2 | 9.8 |
Present value of defined benefit pension plan obligations | (9.7) | (11.5) |
Surplus/(deficit) in the plan | 0.5 | (1.7) |
Total net surplus recognised | 0.5 | 6.7 |
Unfunded plan | ||
Present value of unfunded obligations | (0.5) | (0.5) |
Deferred compensation plan | ||
Present value of deferred compensation obligations | (10.5) | (9.2) |
Net pension plan deficit on the balance sheet | (10.5) | (3.0) |
2024 | 2023 | |
$ million | $ million | |
Non-investment Plan administration expenses | 1.3 | — |
Current service cost | — | — |
Amount charged to operating costs | 1.3 | — |
Net interest on the net defined benefit pension surplus | (0.4) | (0.6) |
Net charge/(credit) to the income statement | 0.9 | (0.6) |
2024 | 2023 | |
$ million | $ million | |
Re-measurement loss on plans’ assets | (10.7) | (0.3) |
Costs of managing plan assets paid by Company | 0.7 | (1.4) |
Actuarial loss arising from experience | (4.0) | (1.7) |
Actuarial gain arising from the demographic assumptions | (0.1) | 3.2 |
Actuarial (loss)/gain arising from changes in financial assumptions | 14.5 | (4.6) |
Impact of asset ceiling | (9.4) | — |
Withholding tax payable | 4.5 | 0.7 |
Re-measurement of the net defined benefit pension surplus | (4.5) | (4.1) |
2024 | 2023 | |
$ million | $ million | |
At 1 January | 185.8 | 176.8 |
Current service cost | — | — |
Interest cost | 8.0 | 8.6 |
Benefit payments | (12.9) | (11.9) |
Actuarial loss arising from experience | 4.0 | 1.7 |
Actuarial loss/(gain) arising from the demographic assumptions | 0.1 | (3.2) |
Actuarial (gain)/loss arising from changes in financial assumptions | (14.5) | 4.6 |
Exchange adjustment | (2.7) | 9.2 |
Present value of funded defined benefit pension plans’ obligations | 167.8 | 185.8 |
2024 | 2023 | |
$ million | $ million | |
At 1 January | 197.0 | 190.0 |
Interest income on plans’ assets | 8.5 | 9.3 |
Employer contributions | — | — |
Benefit payments | (12.9) | (11.9) |
Non-investment Plan administration expenses | (1.3) | — |
Re-measurement loss on plans’ assets | (10.7) | (0.3) |
Exchange adjustment | (2.9) | 9.9 |
Fair value of plans’ assets | 177.7 | 197.0 |
Withholding tax payable | — | (4.5) |
Fair value of plans’ assets less irrecoverable element of pension plan surplus | 177.7 | 192.5 |
2024 | 2023 | |
% | % | |
Inflation – RPI | 3.2 | 3.1 |
Inflation – CPI (pre-2030) | RPI less 1.0% pa | RPI less 1.0% pa |
Inflation – CPI (post-2030) | RPI less 0.1% pa | RPI less 0.1% pa |
Rate of increase in pensionable salaries | CPI | CPI |
Rate of increase for pensions in payment pre-2001 service | 3.7 | 3.6 |
Rate of increase for pensions in payment 2001 to 5 April 2005 service | 3.1 | 3.0 |
Rate of increase for pensions post-5 April 2005 service | 2.1 | 2.1 |
Rate of increase in deferred pensions | CPI | CPI |
Rate used to discount plan liabilities | 5.4 | 4.5 |
2024 | 2023 | |
Weighted average duration of the defined benefit obligation (years) | 10 | 11 |
Maturity analysis of benefit payments (non-discounted amounts) ($ million) | ||
Maturity ≤ 1 year | 11.0 | 11.0 |
Maturity > 1 ≤ 5 years | 45.6 | 46.2 |
Maturity > 5 ≤ 10 years | 56.0 | 57.7 |
Maturity > 10 ≤ 20 years | 93.7 | 98.4 |
Maturity > 20 ≤ 30 years | 60.2 | 64.7 |
Maturity > 30 years | 35.0 | 39.6 |
2024 | 2023 | |
$ million | $ million | |
Tax charge in the income statement | ||
Current income tax | ||
UK tax | 2.4 | 3.9 |
Foreign tax | 8.7 | 6.4 |
Amounts underprovided/(overprovided) in prior years | 0.7 | (0.8) |
Total current income tax charge | 11.8 | 9.5 |
Deferred tax | ||
Recognition of deferred tax assets | — | (0.2) |
Reversal of temporary differences | (10.1) | (10.8) |
Adjustments in respect of prior years | (0.8) | (0.8) |
Total deferred tax credit | (10.9) | (11.8) |
Tax charge/(credit) in the income statement | 0.9 | (2.3) |
2024 | 2023 | |
$ million | $ million | |
Deferred tax on share incentives | (1.3) | 1.7 |
Current tax on share incentives | — | — |
Tax (credit)/charge on share incentives | (1.3) | 1.7 |
Deferred tax charge/(credit) on defined benefit pension plan | 0.6 | 0.1 |
Deferred tax credit on deferred compensation plan | — | (0.1) |
Year ended 31 December 2024 | |||
Adjusted | Adjusting | Reported | |
$ million | $ million | $ million | |
Accounting profit before tax | 49.7 | (35.9) | 13.8 |
Accounting profit multiplied by the UK standard rate of corporation tax of 25 per cent | 12.4 | (9.0) | 3.4 |
Differences in overseas rates | (0.7) | 0.2 | (0.5) |
Non-taxable income (offshore income in Hong Kong entity) | (1.1) | (0.1) | (1.2) |
Net state tax credits generated in current year | (0.1) | — | (0.1) |
Utilisation of temporary differences not previously recognised | (0.6) | — | (0.6) |
US Research and Experimental tax credit | (2.0) | — | (2.0) |
Withholding tax | 0.9 | — | 0.9 |
Hong Kong income tax credit | — | — | — |
Permanent differences | (3.5) | 4.6 | 1.1 |
Tax underprovided in prior years | (0.1) | — | (0.1) |
Total tax charge reported in the income statement | 5.2 | (4.3) | 0.9 |
Year ended 31 December 2023 | |||
Adjusted | Adjusting | Reported | |
$ million | $ million | $ million | |
Accounting profit before tax | 49.7 | (26.8) | 22.9 |
Accounting profit multiplied by the UK standard rate of corporation tax of 23.5 per cent | 11.7 | (6.3) | 5.4 |
Differences in overseas rates | 0.5 | — | 0.5 |
Non-taxable income (offshore income in Hong Kong entity) | (0.9) | — | (0.9) |
Net state tax credits generated in current year | (0.2) | — | (0.2) |
Utilisation of temporary differences not previously recognised | (0.6) | — | (0.6) |
US Research and Experimental tax credit | (2.3) | — | (2.3) |
Withholding tax | 0.4 | (1.0) | (0.6) |
Hong Kong income tax credit | — | — | — |
Permanent differences | (3.2) | 0.2 | (3.0) |
Tax underprovided in prior years | — | (0.6) | (0.6) |
Total tax credit reported in the income statement | 5.4 | (7.7) | (2.3) |
2024 | 2023 | |
$ million | $ million | |
Profit for the year attributable to owners of the parent Company | 12.9 | 25.2 |
Number | Number | |
million | million | |
Weighted average number of Ordinary Shares in issue – basic | 574.6 | 586.7 |
Dilutive potential of employee share incentives | 5.0 | 4.1 |
Weighted average number of Ordinary Shares in issue – diluted | 579.6 | 590.8 |
Cents | Cents | |
Earnings per share | ||
Basic | 2.25 | 4.30 |
Diluted | 2.22 | 4.26 |
2024 | 2023 | ||||
Notes | $ million | EPS (cents) | $ million | EPS (cents) | |
Profit for the year attributable to owners of the parent Company | 12.9 | 2.25 | 25.2 | 4.30 | |
Acquired intangible asset amortisation | 5.2 | 5.0 | |||
Share-based payment | 31 | 9.6 | 7.6 | ||
Other adjusting items | 5 | 21.1 | 14.2 | ||
Tax effect on the above items | 10 | (4.2) | (6.1) | ||
Prior year tax (credit)/charge | 10 | (0.1) | (1.6) | ||
Adjusted basic | 44.5 | 7.75 | 44.3 | 7.55 | |
Adjusted diluted | 7.67 | 7.50 |
2024 | 2023 | |
$ million | $ million | |
Declared and paid in the year | ||
Equity dividend on Ordinary Shares | ||
Final dividend 2022 of 4.94 cents (4.12 pence) per Ordinary Share (2021 4.37 cents (3.34 pence)) | — | 31.1 |
Interim dividend 2023 of 2.76 cents (2.14 pence) per Ordinary Share (2022 2.63 cents (2.16 pence)) | — | 15.4 |
46.5 |
$ million | ||||||||
Customer | Current | Brand | ||||||
Note | Goodwill | lists | technology | names | Other 1 | Licences | Total | |
Cost, net of accumulated | ||||||||
amortisation and impairment losses | ||||||||
At 1 January 2023 | 183.1 | 4.7 | 14.0 | 0.1 | — | 0.1 | 202.0 | |
Additions in the year | 3.9 | 2.0 | 2.3 | — | 1.2 | — | 9.4 | |
Amortisation for the year | 4 | — | (1.3) | (3.7) | — | — | (0.1) | (5.1) |
Exchange adjustment | 0.3 | — | 0.1 | (0.1) | — | — | 0.3 | |
At 1 January 2024 | 187.3 | 5.4 | 12.7 | — | 1.2 | — | 206.6 | |
Additions in the year | — | — | — | — | 3.3 | — | 3.3 | |
Amortisation for the year | 4 | — | (1.5) | (3.7) | — | — | — | (5.2) |
Exchange adjustment | (1.2) | — | — | — | — | — | (1.2) | |
At 31 December 2024 | 186.1 | 3.9 | 9.0 | — | 4.5 | — | 203.5 | |
At 31 December 2023 | ||||||||
Cost (gross carrying amount) | 625.1 | 25.7 | 59.2 | 2.6 | 4.8 | — | 717.4 | |
Amortisation and accumulated | ||||||||
impairment losses | (437.8) | (20.3) | (46.5) | (2.6) | (3.6) | — | (510.8) | |
Net carrying amount | 187.3 | 5.4 | 12.7 | — | 1.2 | — | 206.6 | |
At 31 December 2024 | ||||||||
Cost (gross carrying amount) | 600.1 | 25.7 | 59.2 | 2.6 | 4.5 | — | 692.1 | |
Amortisation and accumulated | ||||||||
impairment losses | (414.0) | (21.8) | (50.2) | (2.6) | — | — | (488.6) | |
Net carrying amount | 186.1 | 3.9 | 9.0 | — | 4.5 | — | 203.5 |
2024 | 2023 | |
$ million | $ million | |
Lifecycle Service Assurance | 114.1 | 114.3 |
Networks & Security | 72.0 | 73.0 |
186.1 | 187.3 |
2024 | 2023 | |
% | % | |
Lifecycle Service Assurance | 14.9 | 13.1 |
Networks & Security | 14.4 | 12.7 |
$ million | |||||
Fixtures, | |||||
Land and | Plant and | fittings and | |||
Note | buildings | machinery | equipment | Total | |
Cost, net of accumulated depreciation and accumulated impairment | |||||
At 1 January 2023 | 3.8 | 12.4 | 4.4 | 20.6 | |
Additions | — | 5.3 | 1.2 | 6.5 | |
Disposals | (0.1) | (0.1) | (0.2) | (0.4) | |
Impairment 1 | — | (0.3) | (0.1) | (0.4) | |
Inter-class transfers | — | 0.1 | (0.1) | — | |
Depreciation charge for the year | (1.6) | (7.0) | (1.9) | (10.5) | |
At 1 January 2024 | 2.1 | 10.4 | 3.3 | 15.8 | |
Additions | 1.1 | 4.3 | 1.9 | 7.3 | |
Depreciation charge for the year | 4 | (1.0) | (5.7) | (1.8) | (8.5) |
At 31 December 2024 | 2.2 | 9.1 | 3.4 | 14.7 | |
At 31 December 2023 | |||||
Cost | 22.8 | 87.0 | 40.0 | 149.8 | |
Accumulated depreciation and accumulated impairment | (20.7) | (76.6) | (36.7) | (134.0) | |
Net carrying amount | 2.1 | 10.4 | 3.3 | 15.8 | |
At 31 December 2024 | |||||
Cost | 23.8 | 87.4 | 40.7 | 151.9 | |
Accumulated depreciation and accumulated impairment | (21.6) | (78.3) | (37.3) | (137.2) | |
Net carrying amount | 2.2 | 9.1 | 3.4 | 14.7 |
$ million | ||||
Land and | Motor | |||
Note | buildings | vehicles | Total | |
Cost, net of accumulated depreciation and accumulated impairment | ||||
At 1 January 2023 | 19.3 | 0.2 | 19.5 | |
Additions | 4.9 | 0.2 | 5.1 | |
Re-measurement | 2.1 | — | 2.1 | |
Impairment 1 | (2.5) | — | (2.5) | |
Depreciation charge for the year | 4 | (6.7) | (0.2) | (6.9) |
Exchange adjustment | (0.1) | — | (0.1) | |
At 1 January 2024 | 17.0 | 0.2 | 17.2 | |
Additions | 6.0 | 0.1 | 6.1 | |
Re-measurement | 1.1 | — | 1.1 | |
Depreciation charge for the year | 4 | (6.6) | (0.1) | (6.7) |
Exchange adjustment | (0.2) | — | (0.2) | |
At 31 December 2024 | 17.3 | 0.2 | 17.5 | |
At 31 December 2023 | ||||
Cost | 66.7 | 0.8 | 67.5 | |
Accumulated depreciation and accumulated impairment | (49.7) | (0.6) | (50.3) | |
Net carrying amount | 17.0 | 0.2 | 17.2 | |
At 31 December 2024 | ||||
Cost | 64.3 | 0.9 | 65.2 | |
Accumulated depreciation and accumulated impairment | (47.0) | (0.7) | (47.7) | |
Net carrying amount | 17.3 | 0.2 | 17.5 |
2024 | 2023 | |
$ million | $ million | |
Maturity analysis – contractual undiscounted cash flows | ||
Less than one year | — | 0.3 |
One to two years | — | — |
Two to three years | — | — |
Total undiscounted lease payments receivable | — | 0.3 |
Net investment in the lease | — | 0.3 |
2024 | 2023 | |
$ million | $ million | |
Current | — | 0.3 |
Non-current | — | — |
— | 0.3 |
2024 | 2023 | |
$ million | $ million | |
Raw materials | 14.3 | 29.2 |
Work in progress | 1.3 | 2.5 |
Finished goods | 19.9 | 11.8 |
35.5 | 43.5 |
2024 | 2023 | |
$ million | $ million | |
Non-current | ||
Other receivables | 4.3 | 4.6 |
Prepayments | 2.4 | 0.4 |
6.7 | 5.0 | |
Current | ||
Trade receivables | 117.3 | 113.3 |
Other receivables | 6.7 | 7.5 |
Prepayments | 10.9 | 12.9 |
134.9 | 133.7 | |
141.6 | 138.7 |
2024 | 2023 | |
$ million | $ million | |
At 1 January | 2.0 | 1.4 |
Charge for the year | 0.5 | 1.1 |
Released in the year | (0.6) | (0.5) |
At 31 December | 1.9 | 2.0 |
2024 | 2023 | |
$ million | $ million | |
Non-current | 0.7 | 0.3 |
Current | 1.9 | 1.0 |
2.6 | 1.3 |
2024 | 2023 | |
$ million | $ million | |
Cash at bank and in hand | 140.7 | 103.6 |
Short-term bank deposits | 1.1 | 4.5 |
141.8 | 108.1 |
2024 | 2023 | ||
Note | $ million | $ million | |
Current | |||
Trade payables | 21.2 | 19.3 | |
Other taxes and social security costs | 5.5 | 3.2 | |
Other payables | — | 0.1 | |
Accruals | 51.1 | 42.2 | |
Government grants | 23 | 0.9 | 1.1 |
78.7 | 65.9 | ||
Non-current | |||
Other payables | 0.2 | 0.2 | |
78.9 | 66.1 |
2024 | 2023 | |
$ million | $ million | |
Other financial liabilities | 0.1 | — |
2024 | 2023 | |
$ million | $ million | |
At 1 January | 1.1 | 1.2 |
Received during the year | — | 0.1 |
Released to the income statement | (0.1) | (0.3) |
Exchange adjustment | (0.1) | 0.1 |
At 31 December | 0.9 | 1.1 |
2024 | 2023 | ||
Note | $ million | $ million | |
Trade receivables | 19 | 117.3 | 113.3 |
Contract liabilities | |||
Current | |||
Payments received on account | 5.9 | 7.4 | |
Deferred income | 62.8 | 59.2 | |
68.7 | 66.6 | ||
Non-current | |||
Deferred income | 29.2 | 33.7 | |
Total contract liabilities | 97.9 | 100.3 | |
Revenue recognised in the period from amounts included in contract liabilities | |||
at the beginning of the period | 66.6 | 75.5 |
2024 | 2023 | |
$ million | $ million | |
Within one year | 56.3 | 13.3 |
Greater than one year | 23.1 | 33.7 |
79.4 | 47.0 |
$ million | |||
Land and | Motor | ||
buildings | vehicles | Total | |
At 1 January 2023 | 21.9 | 0.2 | 22.1 |
Additions | 4.8 | 0.2 | 5.0 |
Re-measurement | 2.1 | — | 2.1 |
Repayments | (8.6) | (0.2) | (8.8) |
Interest | 0.9 | — | 0.9 |
Exchange adjustment | — | 0.1 | 0.1 |
At 1 January 2024 | 21.1 | 0.3 | 21.4 |
Additions | 6.0 | 0.1 | 6.1 |
Re-measurement | 1.1 | — | 1.1 |
Repayments | (9.1) | (0.2) | (9.3) |
Interest | 1.0 | — | 1.0 |
At 31 December 2024 | 20.1 | 0.2 | 20.3 |
2024 | 2023 | |
$ million | $ million | |
Current | 7.6 | 10.7 |
Non-current | 12.7 | 10.7 |
20.3 | 21.4 |
2024 | 2023 | |
$ million | $ million | |
Maturity analysis – contractual undiscounted cash flows | ||
Less than one year | 8.2 | 10.8 |
One to five years | 13.1 | 9.3 |
More than five years | 0.6 | 1.7 |
Total undiscounted lease liabilities at 31 December | 21.9 | 21.8 |
2024 | 2023 | ||
Note | $ million | $ million | |
Amounts recognised in the income statement | |||
Interest on lease liabilities | 7 | 1.0 | 0.9 |
Expenses relating to short-term leases | 0.4 | 0.3 | |
Expenses relating to leases of low-value assets, excluding leases of short-term | |||
low-value assets | 0.2 | 0.3 | |
Amounts recognised in the cash flow statement | |||
Lease liability principal repayment | 8.2 | 7.9 | |
Lease liability interest paid | 1.0 | 0.9 |
2024 | 2023 | |||
$ million | $ million | |||
Potential future lease | Potential future lease | |||
Lease liabilities | payments not included | Lease liabilities | payments not included | |
recognised | in lease liabilities | recognised | in lease liabilities | |
(discounted) | (discounted) | (discounted) | (discounted) | |
Buildings | 4.2 | 16.9 | 4.2 | 23.3 |
$ million | ||||||
Temporary | Tax | Tax | UK pension | |||
Notes | differences | losses | credits | plans | Total | |
At 1 January 2023 | 23.8 | 2.8 | 5.7 | 0.5 | 32.8 | |
Charged/(credited) in the year | 10 | 11.4 | 0.3 | 0.1 | — | 11.8 |
Deferred tax on defined benefit pension plan | 10 | — | — | — | (0.1) | (0.1) |
Deferred tax on deferred compensation plan | 10 | 0.1 | — | — | — | 0.1 |
Deferred tax on share incentives recognised in equity | 10 | (1.7) | — | — | — | (1.7) |
Exchange adjustment | 0.3 | (0.1) | — | 0.1 | 0.3 | |
At 1 January 2024 | 33.9 | 3.0 | 5.8 | 0.5 | 43.2 | |
Charged/(credited) in the year | 10 | 11.7 | (1.0) | 0.2 | — | 10.9 |
Deferred tax on defined benefit pension plan | 10 | — | — | — | (0.6) | (0.6) |
Deferred tax on deferred compensation plan | 10 | — | — | — | — | — |
Deferred tax on share incentives recognised in equity | 10 | 1.3 | — | — | — | 1.3 |
Exchange adjustment | (0.2) | — | — | 0.1 | (0.1) | |
At 31 December 2024 | 46.7 | 2.0 | 6.0 | — | 54.7 | |
Amounts on the balance sheet: | ||||||
At 31 December 2023 | ||||||
Deferred tax asset | 33.9 | 3.0 | 5.8 | 0.5 | 43.2 | |
Deferred tax liability | — | — | — | — | — | |
33.9 | 3.0 | 5.8 | 0.5 | 43.2 | ||
At 31 December 2024 | ||||||
Deferred tax asset | 46.7 | 2.0 | 6.0 | — | 54.7 | |
Deferred tax liability | — | — | — | — | — | |
46.7 | 2.0 | 6.0 | — | 54.7 |
$ million | ||||
Lease | Restructuring | Other | ||
provisions | provisions | provisions | Total | |
At 1 January 2023 | 3.4 | 1.3 | 3.7 | 8.4 |
Charged in the year | 0.2 | 1.6 1 | — | 1.8 |
Utilised in the year | (0.1) | (1.9) | (0.3) | (2.3) |
Exchange difference | — | — | 0.1 | 0.1 |
At 1 January 2024 | 3.5 | 1.0 | 3.5 | 8.0 |
Charged in the year | 0.2 | 0.2 | — | 0.4 |
Released in the year | (0.3) | — | — | (0.3) |
Utilised in the year | — | (1.0) | — | (1.0) |
Exchange difference | — | — | (0.1) | (0.1) |
At 31 December 2024 | 3.4 | 0.2 | 3.4 | 7.0 |
2024 | 2023 | |
$ million | $ million | |
Current | 3.7 | 5.0 |
Non-current | 3.3 | 3.0 |
7.0 | 8.0 |
2024 | 2023 | |||
Measurement category under IFRS 9 | Notes | $ million | $ million | |
Non-current trade and other receivables 1 | Financial assets at amortised cost | 19 | 4.3 | 4.6 |
Cash and cash equivalents | Financial assets at amortised cost | 21 | 141.8 | 108.1 |
Current trade and other receivables | Financial assets at amortised cost | 19 | 124.0 | 120.8 |
Financial assets | 270.1 | 233.5 | ||
Non-current other payables | Financial liabilities at amortised cost | 22 | 0.2 | 0.2 |
Current trade payables, other payables | ||||
and accruals | Financial liabilities at amortised cost | 22 | 72.3 | 61.6 |
Current other financial liabilities 2 | Derivatives designated at FVTPL | 22 | 0.1 | — |
Lease liabilities, current and non-current | Financial liabilities at amortised cost | 25 | 20.3 | 21.4 |
Contractual provisions | Financial liabilities at amortised cost | 27 | 3.4 | 3.5 |
Financial liabilities | 96.3 | 86.7 |
2024 | 2023 | ||||
Effective | Effective | ||||
interest rate | interest rate | ||||
Note | % | $ million | % | $ million | |
Floating rate | |||||
Cash at bank | 21 | 140.7 | 103.6 | ||
Fixed rate | |||||
Fixed deposits | 21 | 4.65 | 1.1 | 0.80 | 4.5 |
2024 | 2023 | |||||
Gross | Gross | |||||
trade | Net trade | trade | Net trade | |||
receivables | Provision | receivables | receivables | Provision | receivables | |
$ million | $ million | $ million | $ million | $ million | $ million | |
Not past due | 101.2 | — | 101.2 | 95.7 | — | 95.7 |
Past due: | ||||||
– Less than 30 days overdue | 8.6 | — | 8.6 | 9.3 | (0.2) | 9.1 |
– 30 to 60 days | 3.1 | — | 3.1 | 3.0 | — | 3.0 |
– Over 60 days | 6.3 | (1.9) | 4.4 | 7.3 | (1.8) | 5.5 |
Trade receivables | 119.2 | (1.9) | 117.3 | 115.3 | (2.0) | 113.3 |
The Group closely monitors amounts due from customers and performs activities such as credit checks and reviews of payment |
2024 | 2023 | |
$ million | $ million | |
Sale of US Dollars against Pound Sterling | 5.9 | 3.1 |
Number of | ||
Ordinary | ||
Shares 1 | ||
million | $ million | |
At 1 January 2023 | 611.7 | 24.7 |
Share repurchase/share buyback | (33.1) | (1.4) |
Exchange adjustment | 1.3 | |
At 1 January 2024 | 578.6 | 24.6 |
Exchange adjustment | (0.4) | |
At 31 December 2024 | 578.6 | 24.2 |
2005 | Employee | Spirent Long-Term | ||
Incentive Plan 1 | Incentive Plan 2 | |||
Weighted | Weighted | |||
Number | average | Number | average | |
of share | exercise | of share | exercise | |
incentives | price | incentives | price | |
million | pence | million | pence | |
Incentives outstanding at 1 January 2023 | 0.3 | 89 | 8.2 | — |
Exercised | — | 8 9 | (2.7) | — |
Granted | — | — | 6.2 | — |
Forfeited | — | — | (0.9) | — |
Incentives outstanding at 31 December 2023 | 0.3 | 89 | 10.8 | — |
Exercised | 0.3 | 89 | (4.6) | — |
Granted | — | — | 7.5 | — |
Forfeited | — | — | (1.2) | — |
Incentives outstanding at 31 December 2024 | 0.3 | 89 | 12.5 | — |
Incentives exercisable | ||||
At 31 December 2023 | 0.3 | 89 | 10.8 | — |
At 31 December 2024 | — | — | 12.5 | — |
2024 | 2023 | ||||||||
Weighted | Weighted | ||||||||
Weighted | Number of | average | Weighted | Number of | average | ||||
average | share | remaining | average | share | remaining | ||||
Exercise | Exercise | exercise | incentives | contractual | exercise | incentives | contractual | ||
period (as at | price | price | outstanding | life | price | outstanding | life | ||
Share plan | 31 December) | pence | pence | million | years | pence | million | years | |
2005 | Employee | ||||||||
Incentive Plan | — | — | — | 89 | 0.3 | 1.2 | |||
Spirent Long-Term | 15.03.25– | ||||||||
Incentive Plan | 15.03.27 | — | — | 12.5 | 1.1 | — | 10.8 | 1.0 | |
12.5 | 11.1 |
2024 | 2023 | |
$ million | $ million | |
Charged to adjusting items | ||
Spirent Long-Term Incentive Plan 1 | 9.5 | 7.2 |
Spirent All-Employee Share Purchase Plans (ESPP) 2 | 0.1 | 0.4 |
9.6 | 7.6 | |
Charged to administration expenses | ||
Executive deferred bonus plan | 0.5 | 0.1 |
10.1 | 7.7 |
2024 | 2023 | |
Weighted average share price (pence) | 178.0 | 178.7 |
Weighted average exercise price (pence) | 0.0 | 0.0 |
Weighted average fair value (pence) | 171.1 | 171.7 |
Expected volatility (%) | 40.3-59.9 | 31.3-40.3 |
Option life (years): | ||
– Performance Shares | 1.0-3.0 | 1.0-3.0 |
– Options and SARs | 10.0 | 10.0 |
Risk free rate (%) | 3.89-4.93 | 3.30-5.15 |
Dividend yield (%) | 2.0 | 2.0 |
2024 | 2023 | |
$ million | $ million | |
Profit before tax | 13.8 | 22.9 |
Adjustments for: | ||
Finance income | (4.5) | (5.4) |
Finance costs | 1.0 | 0.9 |
Intangible asset amortisation | 5.2 | 5.1 |
Depreciation of property, plant and equipment | 8.5 | 10.5 |
Depreciation of right-of-use assets | 6.7 | 6.9 |
Impairment of property, plant and equipment | — | 0.4 |
Impairment of right-of-use assets | — | 2.5 |
Share-based payment | 10.1 | 7.7 |
Changes in working capital: | ||
Decrease/(increase) in inventories | 7.8 | (2.0) |
(Increase)/decrease in receivables | (5.2) | 27.7 |
Increase/(decrease) in payables | 16.2 | (29.9) |
Decrease in contract liabilities | (1.8) | (0.7) |
Decrease in provisions | (1.0) | (0.4) |
Defined benefit pension plan employer contributions net of plan administration expenses paid | ||
by the plan | 0.9 | (1.7) |
Deferred compensation plan | 0.8 | 1.9 |
Non-cash movements | (1.5) | (0.6) |
Cash flow from operations | 57.0 | 45.8 |
2023 | |||
$ million | |||
Fair value | |||
Book value | adjustment | Fair value | |
Intangible assets | — | 4.3 | 4.3 |
Property, plant and equipment | 0.2 | — | 0.2 |
Inventories | 1.4 | — | 1.4 |
Contract liabilities | (2.0) | — | (2.0) |
Total identifiable net assets | (0.4) | 4.3 | 3.9 |
Goodwill on acquisition | 3.9 | ||
Total consideration | 7.8 | ||
Satisfied by Cash consideration | 7.8 | ||
Cash flows | |||
Cash consideration | 7.8 |
2024 | 2023 | |
$000 | $000 | |
Short-term employee benefits | 3,959.3 | 2,639.1 |
Share-based payment | 394.9 | 850.6 |
4,354.2 | 3,489.7 |