Interim results

About this update from Aston Martin Lagonda Global Holdings Plc

[{"type":"text","content":"\n \n Aston Martin Lagonda Global Holdings plc \n (\"Aston Martin\", or \"AML\", or the \"Company\", or the \"Group\") \n Interim results for the six months ended 30 June 2025 \n                                                                                                                                                                                                                              \n   \n ·      H1'25 performance reflects, as expected, fewer Specials deliveries in addition to disruption caused by U.S. tariff implementation \n ·      Maintained a disciplined approach to production and deliveries ahead of a planned H2'25 ramp up \n ·      H1'25 Core ASP remained strong increasing 7% to £192k \n ·      Delivering benefits of transformation programme through improvements in SG&A, production and customer satisfaction \n ·      Total liquidity of c.£230m set to increase by c.£110m following forthcoming sale of AMR GP shares \n ·      Expect positive FCF generation in H2'25 and FY25 adjusted EBIT improving towards breakeven \n \n \n \n \n \n £m \n \n \n H1 2025 \n \n \n H1 2024 \n \n \n % change \n \n \n Q2 2025 \n \n \n Q2 2024 \n \n \n % change \n \n \n \n \n Total wholesale volumes 1 \n \n \n 1,922 \n \n \n 1,998 \n \n \n (4%) \n \n \n 972 \n \n \n 1,053 \n \n \n (8%) \n \n \n \n \n Revenue \n \n \n 454.4 \n \n \n 603.0 \n \n \n (25%) \n \n \n 220.5 \n \n \n 335.3 \n \n \n (34%) \n \n \n \n \n Gross profit \n \n \n 126.6 \n \n \n 232.9 \n \n \n (46%) \n \n \n 61.4 \n \n \n 133.2 \n \n \n (54%) \n \n \n \n \n Gross margin (%) \n \n \n 27.9% \n \n \n 38.6% \n \n \n (1,070 bps) \n \n \n 27.8% \n \n \n 39.7% \n \n \n (1,190 bps) \n \n \n \n \n Adjusted EBIT 2 \n \n \n (121.5) \n \n \n (99.8) \n \n \n (22%) \n \n \n (57.0) \n \n \n (42.7) \n \n \n (33%) \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Operating loss \n \n \n (134.7) \n \n \n (106.1) \n \n \n (27%) \n \n \n (67.4) \n \n \n (47.4) \n \n \n (42%) \n \n \n \n \n Loss before tax \n \n \n (140.8) \n \n \n (216.7) \n \n \n 35% \n \n \n (61.2) \n \n \n (77.9) \n \n \n 21% \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Net debt 2 \n \n \n (1,377.7) \n \n \n (1,193.8) \n \n \n (15%) \n \n \n (1,377.7) \n \n \n (1,193.8) \n \n \n (15%) \n \n \n \n \n 1 Number of vehicles including Specials; 2 For definition of alternative performance measures please see Appendix \n   \n Adrian Hallmark, Aston Martin Chief Executive commented: \n \"As guided, H1 2025 wholesale volumes were broadly in line with the prior year. Our financial performance reflected fewer planned Specials deliveries as we advance towards commencing initial customer deliveries of Valhalla, our first-ever mid-engine PHEV supercar, in Q4 2025. Retail volumes materially outpaced wholesales by over 40%, reflecting our disciplined approach to production and deliveries. We were encouraged by a strong core average selling price in H1 2025, increasing 7% compared to the prior year period. This demonstrates the positive impact of our recently launched range of models, including our V12 Vanquish, and ongoing strong demand for personalisation from our customers driving an 18% contribution to core revenue . \n \"The evolving and disruptive U.S. tariff situation was unhelpful to our operations in Q2. In response, we adjusted production and limited imports through April and May while awaiting confirmation of a trade agreement between the UK and the U.S., leveraging existing inventory held by our U.S. dealers in that period. We resumed shipments to the U.S. in June in anticipation of a finalised agreement which came into effect on 30 June 2025. We continue to actively engage the UK government to urge them to improve the quota mechanism to ensure fair access for the whole UK car industry to the 10% rate on an ongoing basis. \n \"Whilst we continue to navigate a complex operating environment, we are excited about the potential of our recently launched Vantage S which joins the DBX S, Vantage Roadster and Vanquish Volante. This gives customers even greater choice across our core range, in addition to our Specials, Valhalla and Valkyrie LM. The volume growth these new models will deliver in H2, combined with the benefits from our transformation programme, unlocking new revenue opportunities and enhancing operational performance, are expected to drive significantly improved financial performance in H2 compared with H1.\" \n Aston Martin's management team will host a webcast presentation and live Q&A at 8am (BST) today. Details can be found on page 6 of this announcement and online at www.astonmartin.com/corporate/investors \n   \n \n \n   \n FINANCIAL REVIEW \n Wholesale volume summary \n \n \n \n \n Number of vehicles   \n \n \n H1 2025 \n \n \n H1 2024 \n \n \n % change \n \n \n Q2 2025 \n \n \n Q2 2024 \n \n \n % change \n \n \n \n \n Total wholesale \n \n \n 1,922 \n \n \n 1,998 \n \n \n (4%) \n \n \n 972 \n \n \n 1,053 \n \n \n (8%) \n \n \n \n \n Core (excluding Specials) \n \n \n 1,904 \n \n \n 1,880 \n \n \n 1% \n \n \n 968 \n \n \n 980 \n \n \n (1%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n By region: \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n UK 3 \n \n \n 378 \n \n \n 295 \n \n \n 28% \n \n \n 202 \n \n \n 141 \n \n \n 43% \n \n \n \n \n Americas \n \n \n 647 \n \n \n 635 \n \n \n 2% \n \n \n 328 \n \n \n 332 \n \n \n (1%) \n \n \n \n \n EMEA ex. UK 3 \n \n \n 539 \n \n \n 674 \n \n \n (20%) \n \n \n 281 \n \n \n 391 \n \n \n (28%) \n \n \n \n \n APAC \n \n \n 358 \n \n \n 394 \n \n \n (9%) \n \n \n 161 \n \n \n 189 \n \n \n (15%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n By model: \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Sport/GT \n \n \n 1,395 \n \n \n 1,373 \n \n \n 2% \n \n \n 670 \n \n \n 723 \n \n \n (7%) \n \n \n \n \n SUV \n \n \n 509 \n \n \n 507 \n \n \n 0% \n \n \n 298 \n \n \n 257 \n \n \n 16% \n \n \n \n \n Specials \n \n \n 18 \n \n \n 118 \n \n \n (85%) \n \n \n 4 \n \n \n 73 \n \n \n (95%) \n \n \n \n \n Note: Sport/GT includes Vantage, DB11, DB12, DBS and Vanquish; 3 Includes UK and South Africa \n   \n As guided, H1 2025 total wholesale volumes of 1,922 were broadly in line with the prior year period (H1 2024: 1,998), despite the disruption caused by the U.S. tariff implementation. This reflected a disciplined approach to production and deliveries at the start of 2025, ahead of a planned ramp up in volumes in H2 2025. The limited number of Specials reflects the completion of previous programmes ahead of the eagerly awaited commencement of Valhalla deliveries expected in Q4 2025. Retail volumes in H1 2025, significantly outpaced wholesale volumes by over 40%. \n Aston Martin expects to realise the benefits from its full range of new core models and future derivatives as it progresses through H2 2025. These include Vantage Roadster, with deliveries recently commencing in Q2 2025, Vanquish Volante with deliveries commencing in Q3 2025 and the new DBX S and Vantage S with deliveries commencing in Q4 2025. This expanded range of core models is expected to enhance the quality and duration of the order book over time. Currently, the orderbook is stable for core vehicles, extending for up to five months. In addition, the orderbook for Valhalla extends for 12 months with customer specifications ongoing. A strong pipeline of future orders is building following extensive activation events at Monaco, Silverstone and Goodwood in recent weeks ahead of test drives commencing in October. \n Aston Martin's volumes remained well balanced across all regions in H1 2025, with the Americas and EMEA excluding UK collectively representing 62% of total wholesales. This was despite the challenges associated with the lower 10% U.S. tariff implementation only coming into effect on 30 June 2025, providing very limited time to wholesale U.S. vehicles. Volumes in APAC decreased 9%, with volumes in China broadly flat compared with H1 2024 reflecting a continued weak macroeconomic environment which is leading to supressed demand and is expected to continue at least in the near-term. UK wholesale volumes increased by 28% which was more than offset by a 20% decline in EMEA due to the timing of model transitions and deliveries. \n Revenue and Average Selling Price (ASP) summary \n \n \n \n \n £m \n \n \n H1 2025 \n \n \n H1 2024 \n \n \n % change \n \n \n Q2 2025 \n \n \n Q2 2024 \n \n \n % change \n \n \n \n \n Sale of vehicles \n \n \n 399.2 \n \n \n 548.8 \n \n \n (27%) \n \n \n 193.5 \n \n \n 309.2 \n \n \n (37%) \n \n \n \n \n          Total ASP (£k) \n \n \n 206 \n \n \n 274 \n \n \n (25%) \n \n \n 197 \n \n \n 293 \n \n \n (33%) \n \n \n \n \n          Core ASP (£k) \n \n \n 192 \n \n \n 180 \n \n \n 7% \n \n \n 191 \n \n \n 183 \n \n \n 4% \n \n \n \n \n Sale of parts \n \n \n 44.7 \n \n \n 42.8 \n \n \n 4% \n \n \n 22.8 \n \n \n 21.9 \n \n \n 4% \n \n \n \n \n Servicing of vehicles \n \n \n 5.7 \n \n \n 6.3 \n \n \n (10%) \n \n \n 1.9 \n \n \n 2.7 \n \n \n (30%) \n \n \n \n \n Brand and motorsport \n \n \n 4.8 \n \n \n 5.1 \n \n \n (6%) \n \n \n 2.3 \n \n \n 1.5 \n \n \n 53% \n \n \n \n \n Total revenue \n \n \n 454.4 \n \n \n 603.0 \n \n \n (25%) \n \n \n 220.5 \n \n \n 335.3 \n \n \n (34%) \n \n \n \n \n H1 2025 revenue decreased by 25% to £454m (H1 2024: £603m), primarily, as guided, due to the decrease in Specials volumes compared to the prior year period. While total ASP decreased by 25%, again reflecting fewer Specials, core ASP increased 7%, benefitting from the next generation core range of vehicles, including the V12 Vanquish. Demand for unique product personalisation continued to drive strong contribution to core revenue of 18%, broadly in line with the prior year period. \n Income statement summary \n \n \n \n \n £m \n \n \n H1 2025 \n \n \n H1 2024 \n \n \n Q2 2025 \n \n \n Q2 2024 \n \n \n \n \n Revenue \n \n \n 454.4 \n \n \n 603.0 \n \n \n 220.5 \n \n \n 335.3 \n \n \n \n \n Cost of sales \n \n \n (327.8) \n \n \n (370.1) \n \n \n (159.1) \n \n \n (202.1) \n \n \n \n \n Gross profit \n \n \n 126.6 \n \n \n 232.9 \n \n \n 61.4 \n \n \n 133.2 \n \n \n \n \n    Gross margin % \n \n \n 27.9% \n \n \n 38.6% \n \n \n 27.8% \n \n \n 39.7% \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Adjusted operating expenses \n \n \n (248.1) \n \n \n (332.7) \n \n \n (118.4) \n \n \n (175.9) \n \n \n \n \n of which depreciation & amortisation \n \n \n 118.5 \n \n \n 162.0 \n \n \n 58.4 \n \n \n 85.0 \n \n \n \n \n Adjusted EBIT 2 \n \n \n (121.5) \n \n \n (99.8) \n \n \n (57.0) \n \n \n (42.7) \n \n \n \n \n Adjusting operating items \n \n \n (13.2) \n \n \n (6.3) \n \n \n (10.4) \n \n \n (4.7) \n \n \n \n \n Operating loss \n \n \n (134.7) \n \n \n (106.1) \n \n \n (67.4) \n \n \n (47.4) \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Net financing (expense)/income \n \n \n (6.1) \n \n \n (110.6) \n \n \n 6.2 \n \n \n (30.5) \n \n \n \n \n of which adjusting financing income/(expense) \n \n \n 2.5 \n \n \n (22.3) \n \n \n (0.5) \n \n \n 4.4 \n \n \n \n \n Loss before tax \n \n \n (140.8) \n \n \n (216.7) \n \n \n (61.2) \n \n \n (77.9) \n \n \n \n \n Tax (charge)/credit \n \n \n (7.9) \n \n \n 9.1 \n \n \n (7.5) \n \n \n 9.2 \n \n \n \n \n Loss for the period \n \n \n (148.7) \n \n \n (207.6) \n \n \n (68.7) \n \n \n (68.7) \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Adjusted EBITDA 2 \n \n \n (3.0) \n \n \n 62.2 \n \n \n 1.4 \n \n \n 42.3 \n \n \n \n \n    Adjusted EBITDA margin 2 \n \n \n (0.7)% \n \n \n 10.3% \n \n \n 0.6% \n \n \n 12.6% \n \n \n \n \n Adjusted loss before tax 2 \n \n \n (130.1) \n \n \n (188.1) \n \n \n (50.3) \n \n \n (77.6) \n \n \n \n \n 2 Alternative Performance Measures are defined in Appendix \n   \n The lower revenue in H1 2025 as a result of the decrease in Specials deliveries impacted gross profit which decreased to £127m (H1 2024: £233m). In addition, H1 2025 gross profit was impacted by warranty costs and other investments made in product quality increasing by £20m to £38m (H1 2024: £18m). This includes the previously communicated investment in software and infotainment enhancements, which has resulted in recently elevated customer satisfaction. The combined effects of these meant that gross margin decreased to 28% (H1 2024: 39%). \n Adjusted EBITDA decreased by £65m in H1 2025 to £(3)m (H1 2024: £62m) with adjusted EBITDA margin declining to (1)% (H1 2024: 10%). This reflects the lower gross profit, which was partially offset by a 24% decrease in adjusted operating expenses (excluding D&A) to £130m (H1 2024: £171m). The £41m improvement in adjusted operating expenses (excluding D&A) aligns with the Group's focus on optimising the cost base as part of its ongoing transformation programme. The Group's previously announced organisational adjustments, to ensure the business is appropriately resourced for its future plans, are progressing as planned, with the Group on track to deliver a reduction in adjusted operating expenses (excluding D&A) in FY 2025. In addition, operating expenses benefited by £11m from the revaluation uplift of the secondary warrant option associated with the forthcoming sale of the Group's AMR GP investment. \n Adjusted EBIT decreased by 22% in H1 2025 to £(122)m (H1 2024: £(100)m) with depreciation and amortisation decreasing by 27% to £119m (H1 2024: £162m), primarily reflecting the fewer Specials. \n Adjusted net financing costs of £9m (H1 2024: £88m), decreased primarily due to the £78m year-on-year impact of non-cash U.S. dollar debt revaluations due to the weaker U.S. dollar. H1 2025 net adjusting finance income of £3m relates to movements in the fair value of outstanding warrants. The prior year period net adjusting finance expense of £22m comprised of a redemption premium associated with the refinancing of senior secured notes, partially offset by movements in fair value of outstanding warrants. \n The adjusted loss before tax reduced by £58m to £130m (H1 2024: £188m loss), largely reflecting the decrease in adjusted net finance costs. \n Cash flow and net debt summary \n \n \n \n \n £m \n \n \n H1 2025 \n \n \n H1 2024 \n \n \n Q2 2025 \n \n \n Q2 2024 \n \n \n \n \n Cash used in operating activities \n \n \n (81.0) \n \n \n (71.9) \n \n \n (49.9) \n \n \n (10.4) \n \n \n \n \n Cash used in investing activities (excl. interest) \n \n \n (170.6) \n \n \n (200.1) \n \n \n (80.8) \n \n \n (113.8) \n \n \n \n \n Net cash interest (paid)/received \n \n \n (69.4) \n \n \n (40.6) \n \n \n (70.0) \n \n \n 2.0 \n \n \n \n \n Free cash outflow 2 \n \n \n (321.0) \n \n \n (312.6) \n \n \n (200.7) \n \n \n (122.2) \n \n \n \n \n Cash inflow from financing and other investing activities (excl. interest) \n \n \n 91.0 \n \n \n 93.8 \n \n \n 95.9 \n \n \n 65.9 \n \n \n \n \n Decrease in net cash \n \n \n (230.0) \n \n \n (218.8) \n \n \n (104.8) \n \n \n (56.3) \n \n \n \n \n Effect of exchange rates on cash and cash equivalents \n \n \n (6.0) \n \n \n (0.9) \n \n \n (4.7) \n \n \n (0.6) \n \n \n \n \n Cash balance \n \n \n 123.6 \n \n \n 172.7 \n \n \n 123.6 \n \n \n 172.7 \n \n \n \n \n Available facilities \n \n \n 104.1 \n \n \n 74.1 \n \n \n 104.1 \n \n \n 74.1 \n \n \n \n \n Total cash and available facilities (\"liquidity\") \n \n \n 227.7 \n \n \n 246.8 \n \n \n 227.7 \n \n \n 246.8 \n \n \n \n \n 2 Alternative Performance Measures are defined in Appendix \n   \n Net cash outflow from operating activities increased by £9m in H1 2025 to £81m (H1 2024: £72m outflow), largely reflecting a £65m decrease in adjusted EBITDA, as explained above, offset by a reduced working capital outflow of £45m (H1 2024: £119m outflow). The largest drivers of working capital outflow in H1 2025 were: \n ·      £ 34m decrease in payables following reduction from peak production volumes in Q4 2024 (H1 2024: £39m decrease) \n ·    £47m increase in inventories (H1 2024: £51m increase) ahead of commencing new core derivatives and Valhalla production \n ·     which were partially offset by a £28m increase (H1 2024: £84m decrease) in deposits held, due to Valhalla deposit collections more than offsetting the deposit outflow from Valiant deliveries and a decrease in receivables of £8m (H1 2024: £55m decrease) relating to Q4 2024 wholesales \n Capital expenditure of £171m was slightly below the comparative period (H1 2024: £200m), with investment focused on the future product pipeline set to accelerate in H2 2025. \n Free cash outflow was broadly stable at £321m in H1 2025 (H1 2024: £313m outflow), reflecting the increase in net cash interest paid and increase in net cash outflow from operating activities more than offsetting the reduction in capital expenditure. Q2 2025 net cash interest paid of £70m compared with a £2m receipt in the prior year period, reflects the timing of interest paid earlier in Q1 2024 as part of the Group's refinancing. \n \n \n \n \n £m \n \n \n   \n \n \n 30 Jun-25 \n \n \n 31 Dec-24 \n \n \n 30 Jun-24 \n \n \n \n \n Loan notes \n \n \n \n \n \n (1,310.6) \n \n \n (1,378.9) \n \n \n (1,140.5) \n \n \n \n \n Inventory financing \n \n \n \n \n \n (38.0) \n \n \n (38.4) \n \n \n (38.9) \n \n \n \n \n Bank loans and overdrafts \n \n \n \n \n \n (58.7) \n \n \n (8.4) \n \n \n (88.1) \n \n \n \n \n Lease liabilities (IFRS 16) \n \n \n \n \n \n (94.0) \n \n \n (96.6) \n \n \n (99.0) \n \n \n \n \n Gross debt \n \n \n   \n \n \n (1,501.3) \n \n \n (1,522.3) \n \n \n (1,366.5) \n \n \n \n \n Cash balance \n \n \n \n \n \n 123.6 \n \n \n 359.6 \n \n \n 172.7 \n \n \n \n \n Net debt \n \n \n   \n \n \n (1,377.7) \n \n \n (1,162.7) \n \n \n (1,193.8) \n \n \n \n \n \n Compared with 31 December 2024, gross debt marginally decreased to £1,501m (31 December 2024: £1,522m) reflecting the translation benefit of GBP sterling strengthening compared to the U.S. dollar in relation to the Company's U.S. dollar denominated loan notes. As expected, total cash and available facilities decreased to £228m on 30 June 2025 (30 June 2024: £247m). In Q3 2025, the Group expects to enhance its liquidity position through the c.£110m gross proceeds from the forthcoming sale of its investment in the Aston Martin Aramco Formula One™ Team. \n Net debt of £1,378m as at 30 June 2025 increased from £1,163m as at 31 December 2024 primarily due to a decrease in the cash balance. The adjusted net leverage ratio of 6.7x (30 June 2024: 4.2x) reflects the increase in net debt and H1 2025 decline in adjusted EBITDA, as the Group prepares to deliver a significantly stronger H2 2025 performance. Through disciplined strategic delivery and profitable growth in the future, the Group expects to deleverage in line with its medium-term target. \n Outlook: \n The Group continues to expect to deliver a significantly stronger H2 2025 performance compared with H1 2025. Commencing with a quarterly sequential improvement in performance in Q3 2025, it is expected that Q4 2025 will be the primary driver of H2 2025. This is due to the benefits from initial Valhalla and Valkyrie LM deliveries and the contribution from the full range of core models including Vantage Roadster, Vanquish Volante, DBX S and Vantage S. Performance in Q3 2025, is expected to reflect broadly similar wholesale volumes with the negative mix impact of fewer Special deliveries compared to the prior year period. \n Whilst the impact of the recently announced U.S. tariffs on the global economy remains uncertain, several factors have been reflected in a slight revision to some of the Group's FY 2025 guidance. These include the impact from foreign exchange rates movements, increased investment in software and infotainment enhancements and the Group's decisive action to support its dealers in China to reduce stock levels prior to future market improvements. \n For UK automotive manufacturers, the introduction of a U.S. quota mechanism, published in the Federal Register on 23rd June 2025, and coming into effect on 30th June 2025, adds a further degree of complexity and limits the Group's ability to accurately forecast for this financial year and potentially quarterly from 2026 onwards. Under this mechanism, up to 100,000 UK vehicles can be imported into the U.S. at a 10% tariff in a calendar year, with volumes above that threshold subject to a 27.5% tariff.  The quota is currently based on a \"first come first served\" basis with 25,000 UK made vehicles able to qualify for the lower tariff rate each quarter from Q1 2026 and the equivalent amount pro-rated for the 2025 calendar year since being instated. \n The Company continues to closely monitor global events and will remain agile in responding to changes in the external environment . The Group also remains vigilant regarding broader risk factors that could influence its plans . These include, but are not limited to, further changes in customs duties (tariffs and quota mechanisms), political and macroeconomic volatility, including fluctuations in key foreign exchange rates, supply chain disruptions and delays to major car launches such as Valhalla. \n FY 2025 Guidance : \n ·      Continue to expect to deliver modest wholesale volume growth in FY 2025 compared with the prior year \n ·      Gross margin now expected to be broadly in line with FY 2024 \n ·        Adjusted EBIT now expected to improve towards breakeven \n ·      Adjusted operating expenses (excluding D&A) now expected to be below £300m \n ·      Capital investment in new product developments and technology access fees to support our growth strategy is still expected to be c. £400m \n ·      Free Cash Outflow still expected to materially improve in FY 2025 compared with the prior year (£392m outflow), with positive free cash flow generation in Q4 2025 driving positive H2 free cash flow generation \n ·        Net interest still expected at c. £145m 4 \n ·      Depreciation and amortisation now expected to be c. £340m \n The Group's medium-term outlook for FY 2027/28 remains unchanged: \n ·      Revenue : c. £2.5 billion \n ·      Gross margin: mid-40s% \n ·      Adjusted EBIT: c. £400 million \n ·      Adjusted EBIT margin: c. 15% \n ·      Free cash flow: to be sustainably positive \n ·      Net leverage ratio : below 1.0x \n ·      Expect to invest : c. £2bn over FY 2023-2027 in long-term growth and transition to electrification \n   \n 4 Assuming current exchange rates prevail for 2025 \n The financial information contained herein is unaudited. \n All metrics and commentary in this announcement exclude adjusting items unless stated otherwise and certain financial data within this announcement have been rounded. \n   \n Enquiries \n   \n Investors and Analysts \n James Arnold                        Head of Investor Relations                                   +44 (0) 7385 222347 \n                                                                                                                              [email protected] \n Ella South                              Investor Relations Analyst                                     +44 (0) 7776 545420 \n                                                                                                                               [email protected]  \n Media \n Kevin Watters                       Director of Communications                                 +44 (0) 7764 386683 \n                                                                                                                               [email protected] \n FGS Global \n James Leviton and Jenny Bahr                                                                             +44 (0) 20 7251 3801 \n   \n Results presentation and Q&A details \n                                                                                                                 \n ·      There will be a webcast presentation and Q&A for today at 08.00am BST: https://app.webinar.net/6NDLVEXqb3o \n ·      The presentation and Q&A can be accessed live via the corporate website: https://www.astonmartin.com/en/corporate/investors/results-and-presentations \n ·      A replay facility will be available via the above links later in the day \n   \n No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this release. This release contains certain forward-looking statements, which are based on current assumptions and estimates by the management of Aston Martin Lagonda Global Holdings plc (\"Aston Martin Lagonda\"). Past performance cannot be relied upon as a guide to future performance and should not be taken as a representation that trends or activities underlying past performance will continue in the future. Such statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from any expected future results in forward-looking statements. \n These risks may include, for example, changes in the global economic situation, and changes affecting individual markets and exchange rates. \n Aston Martin Lagonda provides no guarantee that future development and future results achieved will correspond to the forward-looking statements included here and accepts no liability if they should fail to do so. Aston Martin Lagonda undertakes no obligation to update these forward-looking statements and will not publicly release any revisions that may be made to these forward-looking statements, which may result from events or circumstances arising after the date of this release. \n This release is for informational purposes only and does not constitute or form part of any invitation or inducement to engage in investment activity, nor does it constitute an offer or invitation to buy any securities, in any jurisdiction including the United States, or a recommendation in respect of buying, holding or selling any securities. \n   \n APPENDICES \n Dealerships \n \n \n \n \n   \n \n \n 30 Jun-25 \n \n \n 31 Dec-24 \n \n \n 30 Jun-24 \n \n \n \n \n UK 3 \n \n \n 20 \n \n \n 20 \n \n \n 20 \n \n \n \n \n Americas \n \n \n 44 \n \n \n 45 \n \n \n 44 \n \n \n \n \n EMEA ex. UK 3 \n \n \n 55 \n \n \n 55 \n \n \n 54 \n \n \n \n \n APAC \n \n \n 37 \n \n \n 43 \n \n \n 41 \n \n \n \n \n Total \n \n \n 156 \n \n \n 163 \n \n \n 159 \n \n \n \n \n Number of countries \n \n \n 53 \n \n \n 53  \n \n \n 53 \n \n \n \n \n 3 Includes UK and South Africa \n Alternative Performance Measure \n \n \n \n \n £m \n \n \n H1 2025 \n \n \n H1 2024 \n \n \n \n \n Loss before tax \n \n \n (140.8) \n \n \n (216.7) \n \n \n \n \n Adjusting operating expense \n \n \n 13.2 \n \n \n 6.3 \n \n \n \n \n Adjusting finance expense \n \n \n 0.0 \n \n \n 35.7 \n \n \n \n \n Adjusting finance (income) \n \n \n (2.5) \n \n \n (13.4) \n \n \n \n \n Adjusted EBT \n \n \n (130.1) \n \n \n (188.1) \n \n \n \n \n Adjusted finance (income) \n \n \n (75.4) \n \n \n (4.1) \n \n \n \n \n Adjusted finance expense \n \n \n 84.0 \n \n \n 92.4 \n \n \n \n \n Adjusted EBIT \n \n \n (121.5) \n \n \n (99.8) \n \n \n \n \n Reported depreciation \n \n \n 35.2 \n \n \n 45.4 \n \n \n \n \n Reported amortisation \n \n \n 83.3 \n \n \n 116.6 \n \n \n \n \n Adjusted EBITDA \n \n \n (3.0) \n \n \n 62.2 \n \n \n \n \n In the reporting of financial information, the Directors have adopted various Alternative Performance Measures (APMs). APMs should be considered in addition to IFRS measurements. The Directors believe that these APMs assist in providing useful information on the underlying performance of the Group, enhance the comparability of information between reporting periods, and are used internally by the Directors to measure the Group's performance. \n -     Adjusted EBT is the loss before tax and adjusting items as shown on the Consolidated Income Statement \n -      Adjusted EBIT is loss from operating activities before adjusting items \n -      Adjusted EBITDA removes depreciation, loss/(profit) on sale of fixed assets and amortisation from adjusted EBIT \n -      Adjusted operating margin is adjusted EBIT divided by revenue \n -      Adjusted EBITDA margin is adjusted EBITDA (as defined above) divided by revenue \n -      Adjusted Earnings Per Share is loss after income tax before adjusting items, divided by the weighted average number of ordinary shares in issue during the reporting period \n -     Net Debt is current and non-current borrowings in addition to inventory financing arrangements, lease liabilities, less cash and cash equivalents and cash held not available for short-term use \n -     Adjusted net leverage is represented by the ratio of Net Debt to the last twelve months ('LTM') Adjusted EBITDA \n -      Free cash flow is represented by cash inflow/(outflow) from operating activities less the cash used in investing activities (excluding interest received and cash generated from disposals of investments) plus interest paid in the year less interest received. \n   \n About Aston Martin Lagonda: \n Aston Martin's vision is to be the world's most desirable, ultra-luxury British brand, creating the most exquisitely addictive performance cars. \n Founded in 1913 by Lionel Martin and Robert Bamford, Aston Martin is acknowledged as an iconic global brand synonymous with style, luxury, performance, and exclusivity. Aston Martin fuses the latest technology, time honoured craftsmanship and beautiful styling to produce a range of critically acclaimed luxury models including the Vantage, DB12, Vanquish, DBX and its first hypercar, the Aston Martin Valkyrie. Aligned with its Racing. Green. sustainability strategy, Aston Martin is developing alternatives to the Internal Combustion Engine with a blended drivetrain approach between 2025 and 2030, with a clear plan to have a line-up of electrified sports cars and SUVs. \n Based in Gaydon, England, Aston Martin Lagonda designs, creates, and exports cars which are sold in more than 50 countries around the world. Its sports cars are manufactured in Gaydon with its luxury DBX SUV range proudly manufactured in St Athan, Wales. \n Lagonda was founded in 1899 and came together with Aston Martin in 1947 when both were purchased by the late Sir David Brown, and the company is now listed on the London Stock Exchange as Aston Martin Lagonda Global Holdings plc. \n   \n   \n Principal risks and uncertainties \n   \n The principal risks and uncertainties that could substantially affect the Group's business and results were previously reported on pages 58 to 60 of the 2024 Annual Report and Accounts.  The Group's risk environment has been reassessed as of 30 June 2025 to consider any significant changes to the Group's previous risk assessment including any new and emerging risks and opportunities. \n   \n The only change to the principal risks previously disclosed within the 2024 Annual Report and Accounts is the removal of the 'achieving financial and cost-reduction targets' risk. This reflects the fact that this risk is directly linked to the other principal risks with all mitigating controls and activities encapsulated within the risk mitigation plans of the remaining principal risks. \n   \n Strategic risks   \n   \n Macro-economic and political instability:  Exposure to multiple political and economic factors could impact customer demand or affect the markets in which we operate. \n   \n The Group operates in the ultra-luxury segment (ULS) vehicle market and accordingly its performance is linked to market conditions and consumer demand in that market. Sales of ULS vehicles are affected by general economic conditions and can be materially affected by the economic cycle. Demand for luxury goods, including ULS vehicles, is volatile and depends to a large extent on the general economic, political, and social conditions in a given market. Furthermore, economic slowdowns in the past have significantly affected the automotive and related markets. Periods of deteriorating general economic conditions may result in a significant reduction in ULS vehicle sales, which may put downward pressure on the Group's product and service prices and volumes and negatively affect profitability. These effects may have a more pronounced effect on the Group's business, due to the relatively small scale of its operations and its limited product range. \n   \n During the first half of the year the implementation of increased U.S. import tariffs on vehicles manufactured outside of North America became a material risk. Increased tariffs can adversely affect demand for certain models, disrupt established distribution flows and increase the Group's cost base in a strategically critical market. To mitigate this the Group is actively engaging with policy and industry stakeholders, while also reviewing contingency plans, including supply chain adjustments and pricing strategies, to mitigate the potential impacts. \n   \n The Group is also exposed to changes in Government policy in areas such as vehicle electrification, trade and the environment, for example in relation to the trade between the United Kingdom and the European Union or through changes in emissions legislation. We continue to monitor macro-economic indicators and geopolitical development closely, maintaining a disciplined approach to scenario planning, cost and liquidity management. Whilst these external conditions remain uncertain, the Group is well positioned to respond with agility and resilience. \n   \n Brand / reputational damage:  Our brand and reputation are critical in securing demand for our vehicles and in developing additional revenue streams. \n   \n The Group's success depends on the preservation and enhancement of our brand and reputation with ultra-luxury consumers.  In the first half of the year, heightened public and regulatory scrutiny across ESG performance, AI ethics and supply chain transparency has intensified reputational risk exposure. Negative sentiment can amplify quickly across global media and social platforms, with potential to influence consumer behaviour and investor sentiment. \n   \n The Group continues to invest in brand stewardship, customer engagement, and ESG governance, while reinforcing internal controls and crisis response protocols. We also promote brand awareness and identity through our marketing activity, leveraging the global reach of the Aston Martin Aramco Formula One TM Team.  We continue to pursue our 'build to order' strategy, which combined with the positive impact of our fixed marketing activity is driving brand exclusivity.  \n   \n Technological advancement:  It is essential to maintain pace with technological development to meet evolving customer expectation, remain competitive and stay ahead of regulatory requirements. \n   \n To remain competitive the Group needs to consider the latest technologies (e.g. electrification, active safety, connected car, autonomous driving) for future use in its products and keep pace with the transition to electrified and lower emission powertrains. Strategic agreements with key suppliers, including Lucid and Mercedes Benz AG provide access to technology that may otherwise be too costly to develop internally. \n   \n Operational risks   \n   \n Talent acquisition and retention:  We may fail to attract, retain, engage and develop a productive workforce or develop key talent. \n   \n Attracting, developing and retaining world-class talent remains critical to delivering our strategic objectives, particularly as the industry undergoes rapid transformation across electrification, digitalisation, and AI integration. The global competition for specialist skills, notably in software, battery technology, and advance manufacturing continues to intensify, placing upward pressure on talent costs and increasing the risk of capability gaps. Failure to attract or retain the right talent could impact our innovation pipeline, execution pace, and cultural alignment \n   \n The Group remains focussed on building an agile, inclusive, and high-performance culture. We continue to monitor workforce sentiment through regular listening mechanisms, including the Great Place to Work survey, and maintain focus on strengthening strategic workforce planning to ensure the organisation is positioned to meet future capability needs. \n   \n Quality: Poor quality could damage our brand and reputation and adversely affect our ability to generate demand or achieve our financial targets. \n   \n The Group is committed to the highest standards of engineering, craftsmanship, and customer satisfaction. As an ultra-luxury automotive OEM, any deviation in quality, whether in vehicle components, software functionality, or aftersales performance, can materially impact brand reputation, customer loyalty, and financial performance. The increasing complexity of drivetrains connected systems and software updates increases the risk associated with quality. To mitigate this the Group continues to invest in quality governance which includes the Customer Perception Audit process, AML Parts Approval Process and a Quality led production ramp-up for new vehicle programmes managed through the Product Creation Delivery System. \n   \n Programme delivery:  Failure to implement major programmes on time, within budget and to the right technical and quality specification could jeopardise delivery of our strategy and have significant adverse financial and reputational consequences. \n   \n The Group faces significant risk related to the successful and timely delivery of its strategic and product development programmes. Given the complexity of designing and manufacturing ultra-luxury vehicles, delays, cost overruns, or performance failures could result from a variety of factors, including but not limited to, supply chain disruptions, unforeseen technological challenges, regulatory changes, and resource constraints. Additionally, the pace of innovation in the automotive industry, including the transition to electric vehicles and evolving consumer preferences, presents both opportunities and risks to our programmes timelines. Any significant deviation from projected delivery schedules or cost estimates could impact the Group's financial performance, reputation, and market position. The Group employ vehicle line Project Management teams to deliver significant programmes using our 'Mission' Product Creation and Delivery System.  \n   \n Cyber security and IT resilience:  Breach of cyber security could result in a system outage, impacting core operations and / or result in a major data loss leading to reputational damage and financial loss. \n   \n The Group is exposed to risks related to cybersecurity and the resilience of its IT systems, which are critical to both daily operations and long-term strategic objectives. Increasingly sophisticated cyber-attacks, data breaches, and system failures could result in significant disruption to business activities, financial loss, or damage to brand and reputation. As the automotive industry becomes more interconnected, with a growing reliance on digital platforms, connected vehicles, and advanced technologies, the risk of cyber threats escalates. \n   \n The Group is committed to maintaining a robust cybersecurity framework, improving threat detection and response capabilities, and ensuring compliance with evolving regulatory standards. \n   \n Supply chain disruption:  Supply chain disruption could result in production stoppages, delays, quality issues and increased costs. \n   \n The Group faces significant risks associated with the potential disruption to its global supply chain. Factors such as geopolitical instability, natural disasters, trade barriers, and fluctuations in demand can create vulnerabilities in the procurement of critical components and raw materials. These disruptions may result in delays, increased costs, and reduced flexibility, impacting production schedules and customer deliveries. The automotive sector, particularly in the luxury market, is heavily dependent on high-quality, specialised suppliers, and any disruption in the supply of these components could have a material impact on product quality and brand reputation. \n   \n The Group continues to invest in procedures and controls to monitor its supply chain and develop resilience. \n   \n Compliance risks   \n   \n Compliance with laws and regulations:  Non-compliance with laws or regulations could damage our corporate reputation and subject the Group to significant financial penalties and / or trading sanctions / restrictions. Non-compliance with product technical regulations and supply chain due diligence regulations could prevent the Group from competing in certain markets. \n   \n The Group is exposed to the risk of non-compliance with evolving laws, regulations, and standards across multiple jurisdictions in which it operates. This includes, but is not limited to, environmental, health and safety, product safety, data privacy, and anti-bribery regulations. As the automotive industry faces increasing regulatory scrutiny, particularly with regard to sustainability and emissions standards, the risk of failing to comply with these requirements could result in significant fines, penalties, legal costs, and reputational damage. Additionally, non-compliance may also hinder the Group's ability to operate in certain markets or impact product approvals. \n   \n The Group continues to invest in compliance activities, including experienced personnel, and the development of its risk management systems. \n   \n Climate Change risks \n Climate change : The impact of climate change could significantly affect demand for our vehicles, our ability to sell within certain markets or have financial consequences through increased carbon pricing, taxes and other regulatory restrictions on Internal Combustion Engine vehicles. \n The luxury automotive industry is exposed to risks arising from climate change and the transition to a low-carbon economy. Increasing regulatory pressures and global commitments to reduce carbon emissions may require substantial investment in sustainable technologies, such as electric vehicle development, alternative fuel systems, and carbon neutral manufacturing processes. Additionally, climate-related physical risks, such as extreme weather events or disruptions to supply chains due to environmental factors, could affect production capacity and operational efficiency. \n As consumer expectations shift towards more sustainable products, failure to adapt to these changes may impact brand reputation and market share. The Group is committed to integrating climate-related considerations into its strategic and operational decisions, focussing on reducing carbon emissions, enhancing energy efficiency, and innovating within the alternative powertrain space. \n However, the ongoing uncertainty surrounding future climate-related policies and environmental risks represents an ongoing challenge to the business's long-term performance and competitiveness. \n Financial risks \n   \n Liquidity: The Group may not be able to generate sufficient cash to fund its capital expenditure, service its debt or sustain its operations. \n   \n The Group's significant leverage and existing levels of debt may make it difficult to obtain additional debt financing should the need arise due to unforeseen economic shocks. Failure to collect planned deposits could place additional stress on the Group's liquidity. The Group's liquidity requirements arise primarily from its need to fund capital expenditure for product development, including the electrification of its product portfolio, and to service debt.  The Group is also subject to foreign exchange risks and opportunities and manages its exposure in accordance with the Group Hedging Policy. During the last six months the Group raised additional liquidity through an Equity Placing which raised c.£52.5m of liquidity and it has proposed to further enhance liquidity in H2 through the intended sale of its minority shareholding in the Aston Martin Aramco Formula One™ Team. \n   \n   \n   \n CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME \n \n \n \n \n \n \n \n \n \n \n 6 months ended \n 30 June 2025 \n \n \n 6 months ended \n 30 June 2024 \n \n \n 12 months ended \n 31 December 2024 \n \n \n \n \n \n \n \n Notes \n \n \n Adjusted \n \n \n Adjusting items* \n \n \n Total \n \n \n Adjusted \n \n \n Adjusting items* \n \n \n Total \n \n \n Adjusted \n \n \n Adjusting items* \n \n \n Total \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Revenue \n \n \n 3 \n \n \n 454.4 \n \n \n - \n \n \n 454.4 \n \n \n 603.0 \n \n \n - \n \n \n 603.0 \n \n \n 1,583.9 \n \n \n - \n \n \n 1,583.9 \n \n \n \n \n Cost of sales \n \n \n \n \n \n (327.8) \n \n \n - \n \n \n (327.8) \n \n \n (370.1) \n \n \n - \n \n \n (370.1) \n \n \n (1,000.0) \n \n \n - \n \n \n (1,000.0) \n \n \n \n \n Gross profit \n \n \n   \n \n \n 126.6 \n \n \n - \n \n \n 126.6 \n \n \n 232.9 \n \n \n - \n \n \n 232.9 \n \n \n 583.9 \n \n \n - \n \n \n 583.9 \n \n \n \n \n Selling and distribution expenses \n \n \n \n \n \n (54.1) \n \n \n - \n \n \n (54.1) \n \n \n (66.9) \n \n \n - \n \n \n (66.9) \n \n \n (135.4) \n \n \n - \n \n \n (135.4) \n \n \n \n \n Administrative expenses \n \n \n 4 \n \n \n (194.0) \n \n \n (13.2) \n \n \n (207.2) \n \n \n (265.8) \n \n \n (6.3) \n \n \n (272.1) \n \n \n (531.3) \n \n \n (16.7) \n \n \n (548.0) \n \n \n \n \n Operating loss \n \n \n \n \n \n (121.5) \n \n \n (13.2) \n \n \n (134.7) \n \n \n (99.8) \n \n \n (6.3) \n \n \n (106.1) \n \n \n (82.8) \n \n \n (16.7) \n \n \n (99.5) \n \n \n \n \n Finance income \n \n \n 4, 5 \n \n \n 75.4 \n \n \n 2.5 \n \n \n 77.9 \n \n \n 4.1 \n \n \n 13.4 \n \n \n 17.5 \n \n \n 7.1 \n \n \n 18.8 \n \n \n 25.9 \n \n \n \n \n Finance expense \n \n \n 4, 6 \n \n \n (84.0) \n \n \n - \n \n \n (84.0) \n \n \n (92.4) \n \n \n (35.7) \n \n \n (128.1) \n \n \n (179.8) \n \n \n (35.7) \n \n \n (215.5) \n \n \n \n \n Loss before tax \n \n \n   \n \n \n (130.1) \n \n \n (10.7) \n \n \n (140.8) \n \n \n (188.1) \n \n \n (28.6) \n \n \n (216.7) \n \n \n (255.5) \n \n \n (33.6) \n \n \n (289.1) \n \n \n \n \n Income tax (charge)/credit \n \n \n 4, 7 \n \n \n (7.9) \n \n \n - \n \n \n (7.9) \n \n \n 9.1 \n \n \n - \n \n \n 9.1 \n \n \n (34.4) \n \n \n - \n \n \n (34.4) \n \n \n \n \n Loss for the period \n \n \n   \n \n \n (138.0) \n \n \n (10.7) \n \n \n (148.7) \n \n \n (179.0) \n \n \n (28.6) \n \n \n (207.6) \n \n \n (289.9) \n \n \n (33.6) \n \n \n (323.5) \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss)/profit for the period attributable to: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Owners of the group \n \n \n \n \n \n \n \n \n \n \n \n (148.8) \n \n \n \n \n \n \n \n \n (207.8) \n \n \n \n \n \n \n \n \n (323.5) \n \n \n \n \n     Non-controlling interests \n \n \n \n \n \n \n \n \n \n \n \n 0.1 \n \n \n \n \n \n \n \n \n 0.2 \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (148.7) \n \n \n \n \n \n \n \n \n (207.6) \n \n \n \n \n \n \n \n \n (323.5) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Items that will never be reclassified to the Income Statement \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Remeasurement of defined benefit pension liability (note 15) \n \n \n   \n \n \n 0.1 \n \n \n   \n \n \n   \n \n \n 0.3 \n \n \n \n \n \n \n \n \n 10.2 \n \n \n \n \n Change in fair value of investments in equity instruments (note 12) \n \n \n   \n \n \n 25.0 \n \n \n   \n \n \n   \n \n \n 51.4 \n \n \n \n \n \n \n \n \n 51.4 \n \n \n \n \n Taxation on items that will never be reclassified to the Income Statement \n \n \n (6.3) \n \n \n   \n \n \n   \n \n \n (12.9) \n \n \n \n \n \n \n \n \n (11.9) \n \n \n \n \n Items that are or may be reclassified to the Income Statement \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign exchange translation differences \n \n \n   \n \n \n (1.6) \n \n \n   \n \n \n   \n \n \n (0.3) \n \n \n \n \n \n \n \n \n 0.8 \n \n \n \n \n Fair value adjustment on cash flow hedges \n \n \n 15.6 \n \n \n   \n \n \n   \n \n \n 3.8 \n \n \n   \n \n \n   \n \n \n - \n \n \n \n \n Amounts recycled to the Income Statement in respect of cash flow hedges \n \n \n (1.0) \n \n \n   \n \n \n   \n \n \n 0.2 \n \n \n   \n \n \n   \n \n \n (3.6) \n \n \n \n \n Taxation on items that may be reclassified to the Income Statement \n \n \n (3.7) \n \n \n   \n \n \n   \n \n \n (1.0) \n \n \n   \n \n \n   \n \n \n 0.9 \n \n \n \n \n Other comprehensive income for the period, net of income tax \n \n \n 28.1 \n \n \n   \n \n \n   \n \n \n 41.5 \n \n \n \n \n \n \n \n \n 47.8 \n \n \n \n \n Total comprehensive loss for the period \n \n \n (120.6) \n \n \n   \n \n \n   \n \n \n (166.1) \n \n \n \n \n \n \n \n \n (275.7) \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total comprehensive (loss)/income for the period attributable to: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Owners of the group \n \n \n \n \n \n   \n \n \n   \n \n \n (120.7) \n \n \n   \n \n \n   \n \n \n (166.3) \n \n \n \n \n \n \n \n \n (275.7) \n \n \n \n \n     Non-controlling interests \n \n \n \n \n \n   \n \n \n   \n \n \n 0.1 \n \n \n   \n \n \n   \n \n \n 0.2 \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n (120.6) \n \n \n   \n \n \n   \n \n \n (166.1) \n \n \n \n \n \n \n \n \n (275.7) \n \n \n \n \n Earnings per ordinary share \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Basic loss per share \n \n \n 8 \n \n \n   \n \n \n   \n \n \n (15.6p) \n \n \n \n \n \n \n \n \n (25.3p) \n \n \n \n \n \n \n \n \n (38.9p) \n \n \n \n \n     Diluted loss per share \n \n \n 8 \n \n \n   \n \n \n   \n \n \n (15.6p) \n \n \n \n \n \n \n \n \n (25.3p) \n \n \n \n \n \n \n \n \n (38.9p) \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n *    Adjusting items are detailed in note 4. \n \n \n   \n   \n CONSOLIDATED STATEMENT OF CHANGES IN EQUITY \n   \n \n \n \n \n   \n   \n \n \n Share Capital \n \n \n Share Premium \n \n \n Merger Reserve \n \n \n Capital Redemption \n Reserve \n \n \n Capital Reserve \n \n \n Translation Reserve \n \n \n Hedge Reserve \n \n \n Retained Earnings \n \n \n Non-controlling Interest \n \n \n Total Equity \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n At 1 January 2025 \n \n \n 93.6 \n \n \n 2,192.6 \n \n \n 143.9 \n \n \n 9.3 \n \n \n 6.6 \n \n \n 3.3 \n \n \n (1.9) \n \n \n (1,707.2) \n \n \n 12.7 \n \n \n 752.9 \n \n \n \n \n Total comprehensive (loss)/profit for the period \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss)/profit for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (148.8) \n \n \n 0.1 \n \n \n (148.7) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign currency translation differences \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.6) \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.6) \n \n \n \n \n Fair value movement - cash flow hedges \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 15.6 \n \n \n - \n \n \n - \n \n \n 15.6 \n \n \n \n \n Amounts recycled to the Income Statement - cash flow hedges \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.0) \n \n \n - \n \n \n - \n \n \n (1.0) \n \n \n \n \n Remeasurement of defined benefit liability \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.1 \n \n \n - \n \n \n 0.1 \n \n \n \n \n Change in fair value of investments in equity instruments held for sale (note 12) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 25.0 \n \n \n - \n \n \n 25.0 \n \n \n \n \n Tax charge on movements in other comprehensive income \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (3.7) \n \n \n (6.3) \n \n \n - \n \n \n (10.0) \n \n \n \n \n Total other comprehensive (loss)/income \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.6) \n \n \n 10.9 \n \n \n 18.8 \n \n \n - \n \n \n 28.1 \n \n \n \n \n Total comprehensive (loss)/income for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.6) \n \n \n 10.9 \n \n \n (130.0) \n \n \n 0.1 \n \n \n (120.6) \n \n \n \n \n Transactions with owners, recorded directly in equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of new shares (note 16) \n \n \n 7.5 \n \n \n - \n \n \n 43.7 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 51.2 \n \n \n \n \n Credit for the period under equity settled share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 1.2 \n \n \n - \n \n \n 1.2 \n \n \n \n \n Tax on items credited to equity \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Total transactions with owners \n \n \n 7.5 \n \n \n - \n \n \n 43.7 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 1.2 \n \n \n - \n \n \n 52.4 \n \n \n \n \n At 30 June 2025 \n \n \n 101.1 \n \n \n 2,192.6 \n \n \n 187.6 \n \n \n 9.3 \n \n \n 6.6 \n \n \n 1.7 \n \n \n 9.0 \n \n \n (1,836.0) \n \n \n 12.8 \n \n \n 684.7 \n \n \n \n \n   \n   \n \n   \n   \n CONSOLIDATED STATEMENT OF CHANGES IN EQUITY \n   \n \n \n \n \n   \n   \n \n \n Share Capital \n \n \n Share Premium \n \n \n Merger Reserve \n \n \n Capital Redemption \n Reserve \n \n \n Capital Reserve \n \n \n Translation Reserve \n \n \n Hedge Reserve \n \n \n Retained Earnings \n \n \n Non-controlling Interest \n \n \n Total Equity \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n At 1 January 2024 \n \n \n 82.4 \n \n \n 2,094.5 \n \n \n 143.9 \n \n \n 9.3 \n \n \n 6.6 \n \n \n 2.5 \n \n \n 0.8 \n \n \n (1,437.7) \n \n \n 20.8 \n \n \n 923.1 \n \n \n \n \n Total comprehensive (loss)/profit for the period \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Loss)/profit for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (207.8) \n \n \n 0.2 \n \n \n (207.6) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign currency translation differences \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.3) \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.3) \n \n \n \n \n Fair value movement - cash flow hedges \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 3.8 \n \n \n - \n \n \n - \n \n \n 3.8 \n \n \n \n \n Amounts recycled to the Income Statement - cash flow hedges \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.2 \n \n \n - \n \n \n - \n \n \n 0.2 \n \n \n \n \n Remeasurement of defined benefit liability \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.3 \n \n \n - \n \n \n 0.3 \n \n \n \n \n Change in fair value of investments in equity instruments (note 12) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 51.4 \n \n \n - \n \n \n 51.4 \n \n \n \n \n Tax charge on movements in other comprehensive income \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.0) \n \n \n (12.9) \n \n \n - \n \n \n (13.9) \n \n \n \n \n Total other comprehensive (loss)/income \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.3) \n \n \n 3.0 \n \n \n 38.8 \n \n \n - \n \n \n 41.5 \n \n \n \n \n Total comprehensive (loss)/income for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.3) \n \n \n 3.0 \n \n \n (169.0) \n \n \n 0.2 \n \n \n (166.1) \n \n \n \n \n Transactions with owners, recorded directly in equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of shares to Share Incentive Plan (notes 8, 16) \n \n \n 0.1 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.1) \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Credit for the period under equity settled share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 4.3 \n \n \n - \n \n \n 4.3 \n \n \n \n \n Tax on items credited to equity \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.2) \n \n \n - \n \n \n (0.2) \n \n \n \n \n Total transactions with owners \n \n \n 0.1 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 4.0 \n \n \n - \n \n \n 4.1 \n \n \n \n \n At 30 June 2024 \n \n \n 82.5 \n \n \n 2,094.5 \n \n \n 143.9 \n \n \n 9.3 \n \n \n 6.6 \n \n \n 2.2 \n \n \n 3.8 \n \n \n (1,602.7) \n \n \n 21.0 \n \n \n 761.1 \n \n \n \n \n   \n   \n \n   \n \n \n \n \n Group \n \n \n Share \n capital \n £m \n \n \n Share premium \n £m \n \n \n Merger reserve \n £m \n \n \n Capital redemption reserve \n £m \n \n \n Capital reserve \n £m \n \n \n Translation reserve \n £m \n \n \n Hedge reserves \n £m \n \n \n Retained earnings \n £m \n \n \n Non-controlling interest \n £m \n \n \n Total \n Equity \n £m \n \n \n \n \n At 1 January 2024 \n \n \n 82.4 \n \n \n 2,094.5 \n \n \n 143.9 \n \n \n 9.3 \n \n \n 6.6 \n \n \n 2.5 \n \n \n 0.8 \n \n \n (1,437.7) \n \n \n 20.8 \n \n \n 923.1 \n \n \n \n \n Total comprehensive (loss)/profit for the year \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss for the year \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (323.5) \n \n \n - \n \n \n (323.5) \n \n \n \n \n Other comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Foreign currency translation differences \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.8 \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.8 \n \n \n \n \n Fair value movement - cash flow hedges \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Amounts reclassified to the Income Statement - cash flow hedges \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (3.6) \n \n \n - \n \n \n - \n \n \n (3.6) \n \n \n \n \n Remeasurement of Defined Benefit liability \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 10.2 \n \n \n - \n \n \n 10.2 \n \n \n \n \n Change in fair value of investments in equity instruments (note 12) \n \n \n  - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 51.4 \n \n \n - \n \n \n 51.4 \n \n \n \n \n Tax credit/(charge) on movements in other comprehensive income \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.9 \n \n \n (11.9) \n \n \n - \n \n \n (11.0) \n \n \n \n \n Total other comprehensive income/(loss) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.8 \n \n \n (2.7) \n \n \n 49.7 \n \n \n - \n \n \n 47.8 \n \n \n \n \n Total comprehensive (loss)/income for the year \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.8 \n \n \n (2.7) \n \n \n (273.8) \n \n \n - \n \n \n (275.7) \n \n \n \n \n Transactions with owners, recorded directly in equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issuance of new shares (note 16) \n \n \n 11.1 \n \n \n 98.1 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 109.2 \n \n \n \n \n Issue of shares to Share Incentive Plan (notes 8, 16) \n \n \n 0.1 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.1) \n \n \n - \n \n \n - \n \n \n \n \n Dividend paid to non-controlling interest \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (8.1) \n \n \n (8.1) \n \n \n \n \n Credit for the year under equity-settled share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 4.8 \n \n \n - \n \n \n 4.8 \n \n \n \n \n Tax on items credited to equity \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.4) \n \n \n - \n \n \n (0.4) \n \n \n \n \n Total transactions with owners \n \n \n 11.2 \n \n \n 98.1 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 4.3 \n \n \n (8.1) \n \n \n 105.5 \n \n \n \n \n At 31 December 2024 \n \n \n 93.6 \n \n \n 2,192.6 \n \n \n 143.9 \n \n \n 9.3 \n \n \n 6.6 \n \n \n 3.3 \n \n \n (1.9) \n \n \n (1,707.2) \n \n \n 12.7 \n \n \n 752.9 \n \n \n \n \n \n \n   \n   \n \n \n \n \n CONSOLIDATED STATEMENT OF FINANCIAL POSITION \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Notes \n \n \n   \n \n \n As at \n 30 June \n 2025 \n \n \n *As at \n 30 June \n 2024 (restated) \n \n \n As at \n 31 December 2024 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Non-current assets \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Intangible assets \n \n \n \n \n \n   \n \n \n 1,692.2 \n \n \n 1,599.9 \n \n \n 1,659.1 \n \n \n \n \n Property, plant and equipment \n \n \n \n \n \n   \n \n \n 374.1 \n \n \n 356.8 \n \n \n 351.4 \n \n \n \n \n Investments in equity interests \n \n \n 12 \n \n \n   \n \n \n - \n \n \n 69.6 \n \n \n 50.9 \n \n \n \n \n Other financial assets \n \n \n 13 \n \n \n   \n \n \n 34.7 \n \n \n - \n \n \n 23.2 \n \n \n \n \n Right-of-use assets \n \n \n \n \n \n   \n \n \n 66.7 \n \n \n 72.8 \n \n \n 69.9 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n   \n \n \n 8.5 \n \n \n 5.4 \n \n \n 7.3 \n \n \n \n \n Deferred tax asset \n \n \n \n \n \n   \n \n \n 113.4 \n \n \n 156.7 \n \n \n 126.4 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n 2,289.6 \n \n \n 2,261.2 \n \n \n 2,288.2 \n \n \n \n \n Current assets \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n \n \n \n   \n \n \n 353.7 \n \n \n 337.1 \n \n \n 303.0 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n   \n \n \n 197.8 \n \n \n 263.8 \n \n \n 209.7 \n \n \n \n \n Income tax receivable \n \n \n \n \n \n   \n \n \n - \n \n \n 0.5 \n \n \n - \n \n \n \n \n Other financial assets \n \n \n 13 \n \n \n   \n \n \n 11.5 \n \n \n 6.6 \n \n \n 1.0 \n \n \n \n \n Investments in equity interests - asset held for sale \n \n \n 12 \n \n \n   \n \n \n 75.9 \n \n \n - \n \n \n - \n \n \n \n \n Cash and cash equivalents \n \n \n 10 \n \n \n   \n \n \n 123.6 \n \n \n 172.7 \n \n \n 359.6 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n 762.5 \n \n \n 780.7 \n \n \n 873.3 \n \n \n \n \n Total assets \n \n \n   \n \n \n   \n \n \n 3,052.1 \n \n \n 3,041.9 \n \n \n 3,161.5 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Current liabilities \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Borrowings \n \n \n 10 \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Trade and other payables \n \n \n \n \n \n   \n \n \n 671.0 \n \n \n 756.5 \n \n \n 658.2 \n \n \n \n \n Income tax payable \n \n \n \n \n \n   \n \n \n 2.6 \n \n \n 1.9 \n \n \n 5.7 \n \n \n \n \n Other financial liabilities \n \n \n 13 \n \n \n   \n \n \n 2.5 \n \n \n 12.1 \n \n \n 10.6 \n \n \n \n \n Lease liabilities \n \n \n 10 \n \n \n   \n \n \n 9.8 \n \n \n 8.2 \n \n \n 9.4 \n \n \n \n \n Provisions \n \n \n 14 \n \n \n   \n \n \n 19.7 \n \n \n 21.1 \n \n \n 19.7 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n 705.6 \n \n \n 799.8 \n \n \n 703.6 \n \n \n \n \n Non-current liabilities \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Borrowings \n \n \n 10 \n \n \n   \n \n \n 1,369.3 \n \n \n 1,228.6 \n \n \n 1,387.3 \n \n \n \n \n Trade and other payables \n \n \n \n \n \n   \n \n \n 129.2 \n \n \n 97.3 \n \n \n 151.5 \n \n \n \n \n Lease liabilities \n \n \n 10 \n \n \n   \n \n \n 84.2 \n \n \n 90.8 \n \n \n 87.2 \n \n \n \n \n Other financial liabilities \n \n \n 13 \n \n \n   \n \n \n 23.2 \n \n \n - \n \n \n 23.2 \n \n \n \n \n Provisions \n \n \n 14 \n \n \n   \n \n \n 30.5 \n \n \n 22.1 \n \n \n 27.1 \n \n \n \n \n Employee benefits \n \n \n 15 \n \n \n   \n \n \n 25.4 \n \n \n 42.2 \n \n \n 28.7 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n 1,661.8 \n \n \n 1,481.0 \n \n \n 1,705.0 \n \n \n \n \n Total liabilities \n \n \n   \n \n \n   \n \n \n 2,367.4 \n \n \n 2,280.8 \n \n \n 2,408.6 \n \n \n \n \n Net assets \n \n \n   \n \n \n   \n \n \n 684.7 \n \n \n 761.1 \n \n \n 752.9 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Capital and reserves \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n 16 \n \n \n   \n \n \n 101.1 \n \n \n 82.5 \n \n \n 93.6 \n \n \n \n \n Share premium \n \n \n \n \n \n   \n \n \n 2,192.6 \n \n \n 2,094.5 \n \n \n 2,192.6 \n \n \n \n \n Merger reserve \n \n \n \n \n \n   \n \n \n 187.6 \n \n \n 143.9 \n \n \n 143.9 \n \n \n \n \n Capital redemption reserve \n \n \n \n \n \n   \n \n \n 9.3 \n \n \n 9.3 \n \n \n 9.3 \n \n \n \n \n Capital reserve \n \n \n \n \n \n   \n \n \n 6.6 \n \n \n 6.6 \n \n \n 6.6 \n \n \n \n \n Translation reserve \n \n \n \n \n \n   \n \n \n 1.7 \n \n \n 2.2 \n \n \n 3.3 \n \n \n \n \n Hedge reserve \n \n \n \n \n \n   \n \n \n 9.0 \n \n \n 3.8 \n \n \n (1.9) \n \n \n \n \n Retained earnings \n \n \n \n \n \n   \n \n \n (1,836.0) \n \n \n (1,602.7) \n \n \n (1,707.2) \n \n \n \n \n Equity attributable to owners of the group \n \n \n   \n \n \n   \n \n \n 671.9 \n \n \n 740.1 \n \n \n 740.2 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n   \n \n \n 12.8 \n \n \n 21.0 \n \n \n 12.7 \n \n \n \n \n Total shareholders' equity \n \n \n   \n \n \n   \n \n \n 684.7 \n \n \n 761.1 \n \n \n 752.9 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n *    Detail on the restatement is disclosed in note 2. \n \n \n   \n CONSOLIDATED STATEMENT OF CASH FLOWS \n \n \n \n \n \n \n \n Notes \n \n \n 6 months ended \n 30 June \n 2025 \n \n \n 6 months ended \n 30 June \n 2024 \n \n \n 12 months ended \n 31 December 2024 \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Operating activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss for the year \n \n \n \n \n \n (148.7) \n \n \n (207.6) \n \n \n (323.5) \n \n \n \n \n Adjustments to reconcile loss for the year to net cash inflow from operating activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Tax charge/(credit) on operations \n \n \n 7 \n \n \n 7.9 \n \n \n (9.1) \n \n \n 34.4 \n \n \n \n \n Net finance costs \n \n \n \n \n \n 6.1 \n \n \n 110.6 \n \n \n 189.6 \n \n \n \n \n Depreciation of property, plant and equipment \n \n \n \n \n \n 29.9 \n \n \n 40.6 \n \n \n 74.3 \n \n \n \n \n Depreciation of right-of-use lease assets \n \n \n \n \n \n 5.3 \n \n \n 4.8 \n \n \n 10.1 \n \n \n \n \n Amortisation of intangible assets \n \n \n \n \n \n 83.3 \n \n \n 116.6 \n \n \n 269.3 \n \n \n \n \n Loss on sale/scrap of property, plant and equipment \n \n \n \n \n \n - \n \n \n - \n \n \n 0.1 \n \n \n \n \n Difference between pension contributions paid and amounts recognised in the Consolidated Income Statement \n \n \n \n \n \n (4.0) \n \n \n (7.5) \n \n \n (12.1) \n \n \n \n \n Increase in inventories \n \n \n \n \n \n (46.5) \n \n \n (51.0) \n \n \n (12.8) \n \n \n \n \n Decrease in trade and other receivables \n \n \n \n \n \n 8.1 \n \n \n 54.9 \n \n \n 106.7 \n \n \n \n \n Decrease in trade and other payables \n \n \n \n \n \n (33.9) \n \n \n (39.4) \n \n \n (33.8) \n \n \n \n \n Increase/(decrease) in advances and customer deposits \n \n \n \n \n \n 27.8 \n \n \n (83.7) \n \n \n (177.7) \n \n \n \n \n Movement in provisions \n \n \n \n \n \n 4.8 \n \n \n (0.8) \n \n \n 2.7 \n \n \n \n \n Other non-cash movements - Movements in translation reserve and other exchange related items \n \n \n \n \n \n (1.5) \n \n \n 0.4 \n \n \n 0.3 \n \n \n \n \n Movements in hedging position and foreign exchange derivatives \n \n \n \n \n \n (1.6) \n \n \n 0.2 \n \n \n 2.2 \n \n \n \n \n Increase in other derivative contracts \n \n \n \n \n \n (11.4) \n \n \n - \n \n \n - \n \n \n \n \n Movements in deferred tax relating to RDEC credit \n \n \n \n \n \n (3.6) \n \n \n (4.2) \n \n \n (9.8) \n \n \n \n \n Other non-cash movements - Movement in LTIP Reserve \n \n \n \n \n \n 1.2 \n \n \n 4.3 \n \n \n 4.8 \n \n \n \n \n Cash (outflow)/inflow from operations \n \n \n \n \n \n (76.8) \n \n \n (70.9) \n \n \n 124.8 \n \n \n \n \n Income taxes paid \n \n \n \n \n \n (4.2) \n \n \n (1.0) \n \n \n (0.9) \n \n \n \n \n Net cash (outflow)/inflow from operating activities \n \n \n \n \n \n (81.0) \n \n \n (71.9) \n \n \n 123.9 \n \n \n \n \n Cash flows from investing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest received \n \n \n \n \n \n 3.2 \n \n \n 4.0 \n \n \n 7.1 \n \n \n \n \n Payments to acquire property, plant and equipment \n \n \n \n \n \n (37.4) \n \n \n (48.8) \n \n \n (88.7) \n \n \n \n \n Cash outflow on development expenditure \n \n \n \n \n \n (133.2) \n \n \n (151.3) \n \n \n (311.9) \n \n \n \n \n Proceeds from disposal of investments in equity instruments \n \n \n \n \n \n - \n \n \n - \n \n \n 18.7 \n \n \n \n \n Net cash used in investing activities \n \n \n \n \n \n (167.4) \n \n \n (196.1) \n \n \n (374.8) \n \n \n \n \n Cash flows from financing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest paid \n \n \n \n \n \n (72.6) \n \n \n (44.6) \n \n \n (122.0) \n \n \n \n \n Proceeds from equity share issue \n \n \n 16 \n \n \n 52.5 \n \n \n - \n \n \n 111.2 \n \n \n \n \n Proceeds from financial instrument utilised during refinancing transactions \n \n \n 4 \n \n \n - \n \n \n 0.7 \n \n \n 0.7 \n \n \n \n \n Dividend paid to non-controlling interest \n \n \n \n \n \n - \n \n \n - \n \n \n (8.0) \n \n \n \n \n Principal element of lease payments \n \n \n 11 \n \n \n (4.7) \n \n \n (4.8) \n \n \n (9.5) \n \n \n \n \n Proceeds from inventory repurchase arrangement \n \n \n 11 \n \n \n 37.8 \n \n \n 37.7 \n \n \n 75.4 \n \n \n \n \n Repayment of inventory repurchase arrangement \n \n \n 11 \n \n \n (40.0) \n \n \n (40.0) \n \n \n (80.0) \n \n \n \n \n Proceeds from new borrowings \n \n \n 11 \n \n \n 50.0 \n \n \n 1,243.1 \n \n \n 1,394.6 \n \n \n \n \n Repayment of existing borrowings \n \n \n 11 \n \n \n - \n \n \n (1,084.9) \n \n \n (1,084.9) \n \n \n \n \n Premium paid upon redemption of borrowings \n \n \n 11 \n \n \n - \n \n \n (35.7) \n \n \n (35.7) \n \n \n \n \n Transaction fees paid on issuance of shares \n \n \n \n \n \n (3.0) \n \n \n (1.7) \n \n \n (1.7) \n \n \n \n \n Transaction fees paid on financing activities \n \n \n 11 \n \n \n (1.6) \n \n \n (20.6) \n \n \n (24.3) \n \n \n \n \n Net cash inflow from financing activities \n \n \n \n \n \n 18.4 \n \n \n 49.2 \n \n \n 215.8 \n \n \n \n \n Net decrease in cash and cash equivalents \n \n \n \n \n \n (230.0) \n \n \n (218.8) \n \n \n (35.1) \n \n \n \n \n Cash and cash equivalents at the beginning of the period \n \n \n \n \n \n 359.6 \n \n \n 392.4 \n \n \n 392.4 \n \n \n \n \n Effect of exchange rates on cash and cash equivalents \n \n \n \n \n \n (6.0) \n \n \n (0.9) \n \n \n 2.3 \n \n \n \n \n Cash and cash equivalents at the end of the period \n \n \n \n \n \n 123.6 \n \n \n 172.7 \n \n \n 359.6 \n \n \n \n \n   \n \n \n   \n   \n Notes to the Interim Condensed Financial Statements \n 1.     Basis of preparation \n The results for the 6 month period ended 30 June 2025 have been reviewed by Ernst & Young LLP, the Group's auditor, and a copy of their review report appears at the end of this interim report. The financial information for the year ended 31 December 2024 does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. The auditor's report on the statutory accounts for the year ended 31 December 2024 was not qualified and did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. A copy of the statutory accounts for the year ended 31 December 2024 prepared in accordance with UK adopted international accounting standards have been delivered to the Registrar of Companies. The annual report for the year ended 31 December 2025 will be prepared in accordance with UK adopted international accounting standards. \n Aston Martin Lagonda Global Holdings plc (the \"Company\") is a company incorporated and domiciled in the UK. The Consolidated Interim Condensed Financial Statements of the Company as at the end of the period ended 30 June 2025 comprise the Company and its subsidiaries (together referred to as the 'Group'). \n   \n Going Concern \n The Group meets its day-to-day working capital requirements and medium-term funding requirements through a mixture of $1,050.0m Senior Secured Notes (\"SSNs\") at 10.0% and £565.0m of SSNs at 10.375% both of which mature in March 2029, a revolving credit facility (\"RCF\") (£170.0m) which matures on 31 December 2028, facilities to finance inventory, a bilateral RCF facility and a wholesale vehicle financing facility. Under the RCF, the Group is required to comply with a leverage covenant tested quarterly. Leverage is calculated as the ratio of adjusted EBITDA to net debt, after certain accounting adjustments are made. Of these adjustments, the most significant is to account for lease liabilities under \"frozen GAAP\", i.e. under IAS17 rather than IFRS 16. The Group has complied with its covenant requirements for the period ended 30 June 2025 and expects to do so for the going concern review period. \n The directors have developed trading and cash flow forecasts for the period from the date of approval of these Interim Condensed Financial Statements through 30 September 2026 (the \"going concern review period\"). These forecasts show that the Group has sufficient financial resources to meet its obligations as they fall due and to comply with covenants for the going concern review period. \n The forecasts reflect the Group's ultra-luxury performance-oriented strategy, balancing supply and demand, and the actions taken to improve cost efficiency and gross margin. The forecasts include the costs of the Group's environmental, social and governance (\"ESG\") commitments and make assumptions in respect of future market conditions and, in particular, wholesale volumes, average selling price, the launch of new models, and future operating costs. The nature of the Group's business is such that there can be variation in the timing of cash flows around the development and launch of new models. In addition, the availability of funds provided through the vehicle wholesale finance facility changes as the availability of credit insurance and sales volumes vary, in total and seasonally. The forecasts take into account these factors to the extent that the Directors consider them to represent their best estimate of the future based on the information that is available to them at the time of approval of these Interim Condensed Financial Statements. \n The Group Directors have considered a severe but plausible downside scenario that includes considering the impact of a 20% reduction in DBX volumes and a 10% reduction in sports volumes from forecast levels covering, although not exclusively, operating costs higher than the base plan, margin headwinds arising from tariff legislation changes, incremental working capital requirements such as reduced deposit inflows or increased deposit outflows and the impact of the strengthening of the sterling-dollar exchange rate. \n The Group plans to make continued investment for growth in the period and, accordingly, funds generated through operations are expected to be reinvested in the business mainly through new model development and other capital expenditure. To a certain extent such expenditure is discretionary and, in the event of risks occurring which could have a particularly severe effect on the Group, as identified in the severe but plausible downside scenario, actions such as constraining capital spending, working capital improvements, reduction in marketing expenditure and the continuation of strict and immediate expense control would be taken to safeguard the Group's financial position. \n In addition, the Group Directors also considered the circumstances which would be needed to exhaust the Group's liquidity over the assessment period; a reverse stress test. This would indicate that vehicle sales would need to reduce by more than 30% from forecast levels without any of the above mitigations to result in having no liquidity. The likelihood of these circumstances occurring is considered remote both in terms of the magnitude of the reduction and that over such a long period, management could take substantial mitigating actions, such as reducing capital spending to preserve liquidity. \n Accordingly, after considering the forecasts, appropriate sensitivities, current trading and available facilities, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and to comply with its financial covenants, therefore, the Directors continue to adopt the going concern basis in preparing the Interim Condensed Financial Statements. \n Statement of compliance \n These Interim Condensed Financial Statements have been prepared in accordance with UK adopted International Accounting Standard 34, \"Interim Financial Reporting\" . They do not include all the information required for full annual financial statements and should be read in conjunction with the Consolidated Financial Statements of the Group for the year ended 31 December 2024. \n   \n Material accounting policies \n These Interim Condensed Financial Statements have been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published Consolidated Financial Statements for the year ended 31 December 2024. A number of new or amended standards became applicable for the current reporting period and the Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2024. \n   \n \n \n   \n   \n 2.     Prior period restatement \n The Consolidated Statement of Financial Position as at 30 June 2024 has been restated to reflect a prior period adjustment in respect of the presentation of the RCF from current to non-current. The carrying amount of the RCF at 30 June 2024 was £88.1m net of unamortised arrangement fees of £1.9m. At 30 June 2024 £90.0m of the £170.0m RCF was drawn as cash. The Group has a contractual right to rollover the RCF such that contractual repayment is not required until at least 12 months after the balance sheet date and therefore the Group has restated the RCF as a non-current liability in line with IAS 1. There is no change to the Consolidated Statement of Cash Flows as there is no change to the timing of the cash movements. \n Where the notes included in these Consolidated Financial Statements provide additional analysis in respect of amounts impacted by the above restatement, the comparative values presented have been restated on a consistent basis. The following table details the impact on the Consolidated Statement of Financial Position as at 30 June 2024. \n \n \n \n \n \n \n \n As previously reported 30 June 2024 \n \n \n Adjustment \n \n \n Restated balance 30 June 2024 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Current liabilities \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Borrowings \n \n \n 88.1 \n \n \n (88.1) \n \n \n - \n \n \n \n \n Non-Current liabilities \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Borrowings \n \n \n 1,140.5 \n \n \n 88.1 \n \n \n 1,228.6 \n \n \n \n \n   \n There is no impact arising from the above restatement on the Consolidated Income Statement for the period ended 30 June 2024. As there is no adjustment to the Consolidated Income Statement and no change in the income tax position, there is no impact on earnings per share. \n As the RCF was presented as a non-current borrowing in the Consolidated Statement of Financial Position as at 31 December 2024, there is no impact on the Consolidated Financial Statements as presented for the year ended 31 December 2024. \n 3.     Segmental information \n Operating segments are defined as components of the Group about which separate financial information is available and is evaluated regularly by the chief operating decision-maker in assessing performance. The Group has only one operating segment, the automotive segment, and therefore no separate segmental report is disclosed. The automotive segment includes all activities relating to design, development, manufacture and marketing of vehicles including consulting services; as well as the sale of parts, servicing and automotive brand activities from which the Group derives its revenues. \n   \n \n \n \n \n   \n \n \n 6 months ended \n 30 June \n 2025 \n \n \n 6 months ended \n 30 June \n 2024 \n \n \n 12 months ended \n 31 December 2024 \n \n \n \n \n Revenue \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Analysis by category \n \n \n \n \n \n \n \n \n \n \n \n \n \n Sale of vehicles \n \n \n 399.2 \n \n \n 548.8 \n \n \n 1,477.9 \n \n \n \n \n Sale of parts \n \n \n 44.7 \n \n \n 42.8 \n \n \n 84.4 \n \n \n \n \n Servicing of vehicles \n \n \n 5.7 \n \n \n 6.3 \n \n \n 11.0 \n \n \n \n \n Brands and motorsport \n \n \n 4.8 \n \n \n 5.1 \n \n \n 10.6 \n \n \n \n \n \n \n \n 454.4 \n \n \n 603.0 \n \n \n 1,583.9 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n 6 months ended \n 30 June \n 2025 \n \n \n 6 months ended \n 30 June \n 2024 \n \n \n 12 months ended \n 31 December 2024 \n \n \n \n \n Revenue \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Analysis by geographic location \n \n \n \n \n \n \n \n \n \n \n \n \n \n United Kingdom \n \n \n 100.5 \n \n \n 103.6 \n \n \n 262.1 \n \n \n \n \n The Americas \n \n \n 149.2 \n \n \n 196.1 \n \n \n 629.2 \n \n \n \n \n Rest of Europe, Middle East & Africa \n \n \n 127.7 \n \n \n 202.9 \n \n \n 434.7 \n \n \n \n \n Asia Pacific \n \n \n 77.0 \n \n \n 100.4 \n \n \n 257.9 \n \n \n \n \n \n \n \n 454.4 \n \n \n 603.0 \n \n \n 1,583.9 \n \n \n \n \n   \n 4.     Adjusting items \n \n \n \n \n \n \n \n 6 months ended \n 30 June \n 2025 \n \n \n 6 months ended \n 30 June \n 2024 \n \n \n 12 months ended \n 31 December 2024 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Adjusting operating expenses: \n \n \n \n \n \n \n \n \n \n \n \n \n \n ERP implementation costs 1 \n \n \n (3.6) \n \n \n (4.5) \n \n \n (10.0) \n \n \n \n \n Legal costs 2 \n \n \n (2.3) \n \n \n (4.2) \n \n \n (8.1) \n \n \n \n \n Legal settlement income 2 \n \n \n - \n \n \n 2.4 \n \n \n 2.9 \n \n \n \n \n Director settlement and change costs 3 \n \n \n - \n \n \n - \n \n \n (1.5) \n \n \n \n \n Restructuring costs 4 \n \n \n (7.3) \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n (13.2) \n \n \n (6.3) \n \n \n (16.7) \n \n \n \n \n Adjusting finance income: \n \n \n \n \n \n \n \n \n \n \n \n \n \n      Gain on financial instruments recognised at fair value through Consolidated Income Statement 5 \n \n \n 2.5 \n \n \n 12.7 \n \n \n 18.1 \n \n \n \n \n      Gain on financial instrument utilised during refinance transactions 6 \n \n \n - \n \n \n 0.7 \n \n \n 0.7 \n \n \n \n \n Adjusting finance expenses: \n \n \n \n \n \n \n \n \n \n \n \n \n \n     Premium paid on the early redemption of SSNs 6 \n \n \n - \n \n \n (35.7) \n \n \n (35.7) \n \n \n \n \n   \n \n \n 2.5 \n \n \n (22.3) \n \n \n (16.9) \n \n \n \n \n Adjusting items before tax \n \n \n (10.7) \n \n \n (28.6) \n \n \n (33.6) \n \n \n \n \n Tax charge on adjusting items 7 \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Adjusting items after tax \n \n \n (10.7) \n \n \n (28.6) \n \n \n (33.6) \n \n \n \n \n   \n Summary of adjusting items \n 1.     In the 6 months ended 30 June 2025 the Group incurred further implementation costs for a cloud-based Enterprise Resource Planning (ERP) system for which the Group will not own any Intellectual Property. During the period £3.6m (6 months ended 30 June 2024: £4.5m, 12 months ended 31 December 2024: £10.0m) of costs have been incurred and expensed to the Income Statement. During the period, the Group completed the migration of the second manufacturing site with the business currently in post go-live optimisation phase. Due to the infrequent recurrence of such costs and the expected quantum during the implementation phase, these have been separately presented as adjusting. The cash impact of this item is a working capital outflow at the time of invoice payment. \n 2.     During the six months ended 30 June 2025, the Group incurred legal costs in relation to a number of disputes and claims with entities ultimately owned by a former significant shareholder of the Group. The Group has incurred legal costs of £2.3m (30 June 2024: £4.2m; 31 December 2024: £8.1m) associated with its defence of such claims and pursuit of its counterclaims. AMMENA, Aston Martin's distributor in the Middle East, North Africa and Turkey region has brought various claims, which the Group denies. Certain aspects of these claims, and Aston Martin's counterclaims, were heard in a confidential arbitration in September 2024. The Tribunal made a partial award in November 2024. In May 2025, the counterparty was granted permission to appeal a specific part of the award and that appeal is expected to be heard by the High Court in September 2025.  \n Separately, on 1 March 2024 a court order was issued quantifying the amounts payable to the Group from the judgment of a previous case involving claims against a retail dealership, which is ultimately owned by entities that are shareholders in one of the Group's subsidiary entities, including for unpaid debts relating to two agreements from 2015 and 2016. The Group was awarded certain of its legal costs, including some on an indemnity basis. Following challenge by the counterparty, the overall amount received by the Group was £2.9m. All remaining amounts due in relation to this dispute have now been resolved. \n Whilst disputes and legal proceedings pending are often in the normal course of the Group's business, in all these cases the opposing party has links to companies that were former significant shareholders of the Group. On that basis the Group has classified these costs as non-recurring in nature. \n The Group has disclosed a contingent liability in respect of ongoing claims with former significant shareholders of the Group at the period ended 30 June 2025 (note 18). \n 3.     On 22 March 2024 it was announced that Amedeo Felisa would be retiring from the business and Adrian Hallmark would be joining the Group as Chief Executive Officer. In addition, Marco Mattiacci, the Group's Chief Commercial Officer, left the Group on 31 December 2024. The total costs associated with these changes was £1.5m, all of which represents severance costs and payments in lieu of notice. Due to the nature and quantum, these items have been separately presented. The cash impact of such changes was a working capital movement in the six months ended 30 June 2025. \n 4.     On 26 February 2025 it was announced that the Group was commencing a process to make organisational adjustments which is expected to ultimately see the departure of around 170 valued colleagues from the Group, representing circa 5% of the global workforce. During the six months ended 30 June 2025 the Group recognised a provision of £7.3m in relation to restructuring costs. As at 30 June 2025 £2.3m of the costs have been realised with the remaining £5.0m expected to be settled in the second half of the year. \n 5.     During 2020 the Group issued second lien Senior Secured Notes which included detachable warrants classified as a derivative option liability. The movement in fair value of the warrants between 31 December 2024 and 30 June 2025 resulted in a gain of £2.5m being recognised in the Income Statement (6 months ended 30 June 2024: gain of £12.7m; 12 months ended 31 December 2024: gain of £18.1m). This item has no cash impact. \n 6.     During the 6 months ended 30 June 2024 the Group undertook a refinancing exercise whereby new SSNs of $960.0m at 10.0% and £400.0m at 10.375% repayable 31 March 2029 were issued, and all outstanding First Lien and Second Lien SSNs issued by the Group were repaid. To facilitate the repayment of the outstanding SSNs, the Group placed a forward currency contract to purchase US dollars. Due to favourable movements in the exchange rates, a gain of £0.7m was recognised in the Consolidated Income Statement at the transaction date. There is no cash impact of this adjustment. Additionally, in repaying the notes prior to their redemption date, a redemption premium of £35.7m was incurred, of which the cash impact was incurred in the period ended 30 June 2024. \n 7.     In the period to 30 June 2025, a Nil tax charge has been recognised on Adjusting items (6 months ended 30 June 2024: Nil tax charge; 12 months ended 31 December 2024: Nil tax charge). This is on the basis that the adjusting items generate net deferred tax assets, specifically tax losses, which have not been recognised to the extent that sufficient taxable profits are not forecast in the foreseeable future to which the tax losses would be utilised. \n   \n 5.     Finance income \n \n \n \n \n \n \n \n 6 months ended \n 30 June \n 2025 \n \n \n 6 months ended \n 30 June \n 2024 \n \n \n 12 months ended \n 31 December 2024 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Bank deposit and other interest income \n \n \n 3.3 \n \n \n 4.1 \n \n \n 7.1 \n \n \n \n \n Foreign exchange gain on borrowings not designated as part of a hedging relationship \n \n \n 72.1 \n \n \n - \n \n \n - \n \n \n \n \n Finance income before adjusting items \n \n \n 75.4 \n \n \n 4.1 \n \n \n 7.1 \n \n \n \n \n Adjusting finance income items: \n \n \n \n \n \n \n \n \n \n \n \n \n \n      Gain on financial instruments recognised at fair value through Income Statement (note 4) \n \n \n 2.5 \n \n \n 12.7 \n \n \n 18.1 \n \n \n \n \n      Gain on financial instrument utilised during refinance transactions (note 4) \n \n \n - \n \n \n 0.7 \n \n \n 0.7 \n \n \n \n \n \n \n \n 77.9 \n \n \n 17.5 \n \n \n 25.9 \n \n \n \n \n   \n   \n 6.     Finance expense \n \n \n \n \n \n \n \n 6 months ended \n 30 June \n 2025 \n \n \n 6 months ended \n 30 June \n 2024 \n \n \n 12 months ended \n 31 December 2024 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Interest on bank loans, overdrafts and SSNs \n \n \n 78.7 \n \n \n 79.1 \n \n \n 151.4 \n \n \n \n \n Interest on lease liabilities \n \n \n 2.0 \n \n \n 2.1 \n \n \n 4.2 \n \n \n \n \n Net interest expense on the net defined benefit liability (note 15) \n \n \n 0.7 \n \n \n 1.0 \n \n \n 2.0 \n \n \n \n \n Interest on contract liabilities held \n \n \n 0.4 \n \n \n 2.2 \n \n \n 3.7 \n \n \n \n \n Foreign exchange loss on borrowings not designated as part of a hedging relationship \n \n \n - \n \n \n 6.3 \n \n \n 14.1 \n \n \n \n \n Effect of discounting on long term liabilities \n \n \n 2.2 \n \n \n 1.7 \n \n \n 4.4 \n \n \n \n \n Finance expense before adjusting items \n \n \n 84.0 \n \n \n 92.4 \n \n \n 179.8 \n \n \n \n \n Adjusting finance expense items: \n \n \n \n \n \n \n \n \n \n \n \n \n \n Premium paid on the early redemption of SSNs (note 4) \n \n \n - \n \n \n 35.7 \n \n \n 35.7 \n \n \n \n \n Total adjusting finance expense \n \n \n - \n \n \n 35.7 \n \n \n 35.7 \n \n \n \n \n Total finance expense \n \n \n 84.0 \n \n \n 128.1 \n \n \n 215.5 \n \n \n \n \n   \n 7.     Income tax credit \n The Group's total income tax charge for the period to 30 June 2025 is £7.9m (period ended 30 June 2024: £9.1m tax credit) which represe...

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