Notes to the Financial Statements continued for the year ended 30 September 2025
23 Financial instruments Loans and borrowings
Group 2025 £m
Company 2025 £m
Group 2024 £m
Company 2024 £m
Non-current Variable rate: Revolving credit facility
(3.3)
—
(61.5)
—
Total loans and borrowings (excluding lease liabilities)
(3.3)
—
(61.5)
—
Current Cash
12.5
— —
29.8
9.8
—
Bank overdraft
(13.6)
—
Net cash/(debt) (excluding lease liabilities) 1
9.2
—
(45.3)
9.8
Non-current Lease liabilities Current Lease liabilities
(15.4)
—
(21.9)
—
(4.1)
—
(5.7)
—
Net (debt)/cash 1
(10.3)
—
(72.9)
9.8
Lease liabilities of £3.0m classified as held for sale in Note 16 have been excluded from the net debt calculation.
1 R evenue at constant currency, Adjusted EBITDA and net debt excluding lease liabilities are Alternative Performance Measures (APMs) and not IFRS measures. See Appendix 1 for an explanation of APMs and adjusting items, including a reconciliation to statutory information. Reconciliation of movements in liabilities to cash flows arising from financing activities
2025 £m
2024 £m
Group
Revolving credit facility/bank term loan: Drawdown on facility
21.1
57.8
(80.3)
Repayment of facility
(75.0)
0.2 0.8
Release of deferred arrangement fees
0.6
Foreign exchange movement
(3.8)
Movement in borrowings
(58.2)
(20.4)
IFRS 16 lease liability: New leases entered into
4.5
8.9
(2.8) (6.8) (3.0)
Disposals
(0.7)
Principal element of lease payments Lease liabilities held for sale (see Note 16)
(10.2)
(0.4)
Movement in lease liabilities
(8.1)
(2.4)
Financial risk management The Group has exposure to the following risks from its use of financial instruments: • Credit risk
• Liquidity risk • Currency risk • Interest rate risk The Board has overall responsibility for establishing appropriate management of exposure to risk. The Audit Committee oversees how management identifies and addresses risks to the Group. Capital management The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net cash/(debt) 2 divided by total capital. Net cash/(debt) 1 is calculated as total borrowings as shown in the Consolidated Balance Sheet, less cash and cash equivalents. Total capital is calculated as equity, as shown in the Consolidated Balance Sheet, plus net debt 1 . As at 30 September 2025 the Group’s gearing ratio was nil (2024: 17.8%). 1 R evenue at constant currency, Adjusted EBITDA and net debt excluding lease liabilities are Alternative Performance Measures (APMs) and not IFRS measures. 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 144
Made with FlippingBook Online newsletter maker