| Schedule of cash generated from operations |
| | | | | | | | | | | | | 2026 | | 2025 | | 2024 | | | Note | | £’000 | | £’000 | | £’000 | Loss before income tax | | | | (46,985) | | (39,664) | | (130,724) | Adjustments for: | | | | | | | | | Depreciation | | 13, 14, 15 | | 20,631 | | 17,002 | | 16,526 | Amortization | | 16 | | 211,813 | | 196,373 | | 190,123 | Profit on disposal of intangible assets | | 8 | | (46,881) | | (48,742) | | (37,422) | Net finance costs | | 9 | | 69,620 | | 21,234 | | 61,371 | Non-cash employee benefit expense - equity-settled share-based payments | | 28 | | 243 | | 658 | | 875 | Foreign exchange losses on operating activities | | | | 3,638 | | 3,594 | | 2,041 | Reclassified from hedging reserve | | | | (159) | | (1,322) | | — | Changes in working capital: | | | | | | | | | Inventories | | | | 832 | | (9,510) | | (378) | Prepayments | | | | 509 | | 113 | | (1,726) | Contract assets – accrued revenue | | | | (7,635) | | 20,250 | | 3,554 | Trade receivables(1) | | | | 25,278 | | (86,244) | | 2,358 | Other receivables | | | | 12,577 | | (10,959) | | 7,193 | Contract liabilities – deferred revenue | | | | 2,088 | | 7,430 | | 27,692 | Trade and other payables(1) | | | | (26,403) | | 28,995 | | (18,904) | Provisions | | | | (2,982) | | 8,290 | | (5,118) | Cash generated from operations | | | | 216,184 | | 107,498 | | 117,461 |
| (1) | These amounts exclude non-cash movements and movements in respect of items reported elsewhere in the consolidated statement of cash flows, primarily in investing activities (where the timing of acquisitions and disposals and related cash flows can differ), resulting in: |
| ● | a decrease in changes to trade receivables of £19,672,000 (2025: increase of £25,974,000; 2024: increase of £13,817,000); and |
| ● | a decrease in changes to trade and other payables of £64,226,000 (2025: increase of £110,686,000; 2024: increase of £46,215,000). |
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| Schedule of reconciliation of the movement in the Group's net debt |
| | | | | | | | | | | Non-current | | Current | | Cash and cash | | | | | borrowings | | borrowings | | equivalents | | Total | | | £’000 | | £’000 | | £’000 | | £’000 | Net debt at 1 July 2024 | | 511,047 | | 35,574 | | (73,549) | | 473,072 | Net cash flows | | — | | 93,921 | | (7,609) | | 86,312 | Other changes | | (39,192) | | 35,624 | | (4,947) | | (8,515) | Net debt at 30 June 2025 | | 471,855 | | 165,119 | | (86,105) | | 550,869 | Net cash flows | | 89,477 | | (88,385) | | 15,551 | | 16,643 | Other changes | | 16,222 | | 34,666 | | 3,308 | | 54,196 | Net debt at 30 June 2026 | | 577,554 | | 111,400 | | (67,246) | | 621,708 |
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