24 Share-based payments continued Measurement of fair values continued
Weighted average fair value of options granted during the year
Weighted average fair value at measurement date
Weighted average exercise value at measurement date
Fair value at measurement date
Exercise price
Scheme
Grant date
CSOP scheme
August 2018–September 2019 £0.55–£0.63
£0.55 £1.79–£2.09 £0.51 £0.99–£2.15 £0.34 £1.09–£1.23
£1.79 £1.12 £1.23 £1.82
N/A
Sharesave scheme May 2021–July 2025
£0.39–£0.86 £0.34–£0.37
£0.52 £0.34
ESPP scheme ISO scheme LTIP scheme RSP scheme Deferred shares
May 2024–July 2025
September 2019
£0.54
£0.54 £1.30 £1.22 £1.46 £1.36
£1.82
N/A
March 2020–January 2025
£0.90–£2.31 £0.90–£2.85
£nil £nil £nil £nil
£nil £nil £nil £nil
£1.30 £1.29 £1.34 £1.36
May 2021–July 2025
October 2022–December 2024 £1.11–£1.55
Phantom schemes July 2021–January 2025
£1.36–£2.87
LTIP schemes that include market conditions have been valued using a Monte Carlo simulation. All other schemes without market conditions have been valued using the Black-Scholes model. The expected volatility has been based on an evaluation of the historical volatility of the Company’s share price, particularly over the historical period commensurate with the expected term. The expected term of the instruments has been based on historical experience and general option holder behaviour. For the options granted in the year ended 30 September 2025, dividend yield assumed at the time of option grant is 3.62% (2024: 4.52%). Reconciliation of outstanding share options The options outstanding at 30 September 2025 have an exercise price in the range of £nil to £2.15 (2024: £nil to £2.15) and a weighted average contractual life of seven years (2024: seven years). The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, outstanding share awards during the year:
2025 Number ’000
2024 Number ’000 11,220 10,474 (2,049) (6,083)
2025 WAEP
2024 WAEP
13,562
£0.33 £0.34 £0.28 £0.44
Outstanding at beginning of year/period
£0.61 £0.23 £0.23 £0.70
2,997 (1,156) (3,371)
Granted during the year/period Exercised during the year/period
Forfeited in the year/period
Outstanding at end of year/period
12,032
£0.31
13,562
£0.33
Exercisable at end of year/period
1,356
£0.53
1,690
£0.48
Number of instruments as at 30 September 2025
Number of instruments as at 1 October 2024 161,998 3,142,015 360,960
Instruments granted during the year
Options exercised in the year
Forfeitures in the year
Scheme
106,136
CSOP schemes
—
—
(55,862) (829,289) (165,403)
3,061,200
Sharesave/SAYE schemes
824,011 70,413
(75,537) (204,492)
61,478 16,482
ESPP schemes ISO schemes LTIP schemes RSP scheme
21,976
—
—
(5,494)
5,267,682 3,230,452
7,011,251 2,675,796
78,185
(158,772) (715,543)
(1,662,982)
1,922,037
(651,838)
279,200
Deferred shares Phantom schemes
186,641
92,559
—
— —
9,776
1,500
9,776
(1,500)
12,032,406
13,562,137 2,996,981 (1,155,844)
(3,370,868)
The liability for cash settled share-based payments at 30 September 2025 was £nil (2024: £nil).
NCC Group plc — Annual report and accounts for the year ended 30 September 2025 151
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