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Share-based payments (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of terms and conditions of share-based payment arrangement [abstract]  
Summary of Share-based Payment Expense The amounts recognised in the income statement in respect of share-based payments were as follows:
2024
2023
2022
Notes
Equity-
settled
£m
Cash-
settled
£m
Equity-
settled
£m
Cash-
settled
£m
Equity-
settled
£m
Cash-
settled
£m
PSP & RSP
28(a)
34
2
27
2
38
1
DSBS
28(b)
30
2
38
1
36
3
Other schemes
6
—
6
—
7
—
Total recognised in the income statement
3
70
4
71
3
81
4
Summary of Share-based Payment Liability The Group has recorded liabilities in respect of vested and unvested
grants at the end of 2024 and 2023:
2024
2023
Vested
£m*
Unvested
£m
Vested
£m*
Unvested
£m
PSP & RSP
(0.9)
2.0
(0.4)
0.8
DSBS
—
3.0
—
3.1
Total liability
(0.9)
5.0
(0.4)
3.9
Note:
*The reduction in the liabilities for vested LTIPs was due to shares being exercised at prices lower than the share price at date of grant.
Details of the movements for the equity- and cash-settled LTI schemes during the years ended 31 December 2024 and 31 December
2023, were as follows:
2024
2023
Equity-settled
Number
of options
in thousands
Cash-settled
Number
of options
in thousands
Equity-settled
Number
of options
in thousands
Cash-settled
Number
of options
in thousands
Outstanding at start of year
7,806
198
8,960
196
Granted during the period
5,128
135
3,379
94
Exercised during the period
(1,765)
(64)
(2,401)
(51)
Forfeited during the period
(1,221)
(55)
(2,132)
(41)
Outstanding at end of year
9,948
214
7,806
198
Exercisable at end of year
369
11
513
24
Details of the movements for the equity- and cash-settled DSBS scheme during the years ended 31 December 2024 and 31 December
2023, were as follows:
2024
2023
Equity-settled
Number
of options
in thousands
Cash-settled
Number
of options
in thousands
Equity-settled
Number
of options
in thousands
Cash-settled
Number
of options
in thousands
Outstanding at start of year
3,851
261
4,015
141
Granted during the period
1,053
48
1,675
211
Exercised during the period
(1,287)
(103)
(1,743)
(81)
Forfeited during the period
(81)
(21)
(96)
(10)
Outstanding at end of year
3,536
185
3,851
261
Exercisable at end of year
—
1
—
1
Summary of Valuation Assumptions Used to Determine Fair Value of Share Options Assumptions used in the Black-Scholes models to determine the fair value of share options at grant date were as follows:
2024
2023
PSP & RSP
DSBS
PSP & RSP
DSBS
Expected volatility (%)
25.0
25.0
27.0
27.0
Average expected term to exercise (years)
3.0
3.0
3.0
3.0
Risk-free rate (%)
4.0
4.0
3.5
3.5
Expected dividend yield (%)
9.8
9.8
7.7
7.7
Share price at date of grant (£)
23.84
23.84
29.71
29.71
Fair value at grant date (£)*
15.92 / 17.75
17.75
23.15/23.61
23.61
Fair value at grant date (£)* - Management Board
13.38 / 17.75
17.75
20.46/23.61
23.61
Note:
*Where two figures have been quoted for the Long-Term Incentive Plan, the numbers relate to PSP and RSP awards, respectively.
Summary of Valuation Assumptions Used in Monte-Carlo Models Market condition features were incorporated into the Monte-Carlo models for the total shareholder return elements of the PSP,
in determining fair value at grant date. Assumptions used in these models were as follows:
2024
2023
PSP
PSP
Average share price volatility FMCG comparator group (%)
24
24
Average correlation FMCG comparator group (%)
30
29