Balance sheet

for the year ended 31 October 2025

	2025		2024
	£m	£m	£m	£m
Non-current assets
Goodwill	99.6		98.5
Development costs	20.2		18.6
Other intangible assets	43.7		10.0
Property, plant and equipment	354.7		287.8
Derirative financial instruments	1.9		-
Retirement benefit surplus	-		0.1
Deferred tax	11.2		7.3
		531.3		422.3
Current assets
Inventories	143.2		127.1
Trade and other receivables	110.5		91.0
Cash and cash equivalents	65.3		45.0
Derivative financial instruments	2.5		0.9
		321.5		264.0
Assets classified as held for sale		10.3		5.8
Total assets		863.1		692.1
Current liabilities
Borrowings	(47.2)		(43.0)
Lease liabilities	(3.1)		(2.1)
Government grants	(0.4)		-
Contract liabilities	(38.4)		(26.6)
Trade and other payables	(99.4)		(85.1)
Provisions	(8.1)		(3.2)
Current tax	(3.9)		(8.8)
Derivative financial instruments	(0.8)		(1.5)
Retirement benefit obligations	(0.1)		-
		(201.4)		(170.3)
Non-current liabilities
Borrowings	(91.6)		(43.7)
Lease liabilities	(12.4)		(8.9)
Government grants	(48.0)		(24.0)
Contract liabilities	(85.6)		(51.6)
Provisions	(13.5)		(16.7)
Deferred tax	(28.5)		(17.6)
Derivative financial instruments	-		(2.9)
Preference shares	(0.1)		(0.1)
		(279.7)		(165.5)
Total liabilities		(481.1)		(335.8)
Net assets		382.0		356.3
Equity
Share capital		2.7		2.7
Share premium account		309.2		309.0
Special capital reserve		13.0		13.0
Translation reserve		(21.4)		(20.7)
Retained earnings		78.5		52.3
Total equity		382.0		356.3