22 Cash and cash equivalents and borrowings Cash and cash equivalents Cash and cash equivalents comprise:
Group 2025 £m
Company 2025 £m
Group 2024 £m
Company 2024 £m
12.5
— —
Cash and cash equivalents
29.8
9.8
—
Bank overdraft
(13.6)
—
Total cash at bank and in hand
12.5
—
16.2
9.8
Borrowings are analysed as follows:
Group 2025 £m
Company 2025 £m
Group 2024 £m
Company 2024 £m
Maturity
Non-current liabilities Revolving credit facility
3.3
—
2029
61.5
—
Total borrowings
3.3
—
61.5
—
The maturity profile is as follows:
Group 2025 £m
Company 2025 £m
Group 2024 £m
Company 2024 £m
3.3
—
Two to five years
61.5
—
The RCF is drawn in short to medium-term tranches of debt that are repayable within 12 months of drawdown. These tranches can be rolled over, provided certain conditions are met, including compliance with all loan terms. As at the year end, the Group has assessed its compliance with these conditions and considers it highly likely that it will continue to meet all requirements and be able to exercise its right to roll over the debt. The Directors believe the Group has both the ability and intent to roll over the drawn RCF amounts when due and, accordingly, have presented the RCF as a non-current liability in line with applicable IFRIC guidance. In April 2025, the Group entered into a four year £120m multi-currency revolving credit facility replacing the previous £162.5m multi-currency revolving credit facility. Key terms of the facility are: • A £120m multi-currency revolving credit facility maturing in April 2029. • An additional £50m uncommitted accordion option, subject to bank approval. • In line with the previous facility, a net leverage covenant of 3.0x with an additional acquisition spike to 3.5x for up to 12 months of the date of any acquisition. • The bank margin is payable on a ratchet mechanism, with a margin payable above SONIA and SOFR in the range of 1.35% to 2.35% (previously 1.00% to 2.25%) depending on the level of the Group’s leverage. The weighted average interest rate is 6.16% for the year ended 30 September 2025 (2024: 6.21%). • At the date of refinancing, unamortised arrangement fees relating to the previous RCF remained outstanding as the facility was refinanced before the end of its original term. The refinancing did not result in a substantial modification under IFRS 9. Accordingly, arrangement fees from the previous refinancing in December 2022 have been carried forward and are being amortised over the life of the new RCF term (four years to April 2029), together with new arrangement fees of £1.1m incurred directly with the lenders on refinancing. • Certain subsidiaries of the Group act as guarantors to the new facility to provide coverage based on aggregate Adjusted EBITDA 1 and gross assets. As at 30 September 2025, the Group had committed bank facilities of £120m (2024: £162.5m), of which £5.2m (2024: £62.4m) had been drawn, leaving £114.8m (2024: £100.1m) of undrawn facilities. Unamortised arrangement fees of £1.9m (2024: £0.9m) have been offset against the amounts drawn down, resulting in a carrying value of borrowings at 30 September 2025 of £3.3m (2024: £61.5m). The fair value of borrowings is not materially different to its amortised cost. 1 A djusted EBITDA is an Alternative Performance Measure (APM) and not an IFRS measure. See Appendix 1 for an explanation of APMs and adjusting items, including a reconciliation to statutory information.
NCC Group plc — Annual report and accounts for the year ended 30 September 2025 143
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