Discontinued operations and assets held for sale

12 Months Ended

Dec. 31, 2025

Non-Current Assets Held For Sale And Discontinued Operations [Abstract]

Discontinued operations and assets held for sale

14      Discontinued operations and assets held for sale

On 1 December 2025 the Group completed the acquisition of Winterflood Securities Limited

("Winterflood"), a UK equity market maker. At the same time, the Group entered into a conditional

agreement to dispose of Winterflood Business Services (“WBS”), a custody and outsourced dealing

services business to Epiris Fund III.

WBS contributed a loss before tax of $0.2m to the Group's results for the period between the date

of acquisition and the reporting date.

Classification as held for sale

At the acquisition date, the disposal of WBS was highly probable, subject only to customary

regulatory and non-regulatory approvals, with completion expected in the second quarter of 2026.

Management was actively pursuing the sale and it was highly probable that the criteria for immediate sale

will be met within a short period following acquisition. Accordingly, WBS met the criteria to be classified as

a disposal group held for sale at the acquisition date in accordance with IFRS 5.

The assets and liabilities of WBS have therefore been presented separately in the consolidated

statement of financial position as assets held for sale and liabilities directly associated with assets held for

sale.

Cashflows of discontinued operations

As WBS was classified as held for sale at the acquisition date, a statement of cash flows for the

discontinued operation is not required and has therefore not been presented.

Presentation and disclosure exemptions

As WBS was classified as held for sale at the acquisition date, it constitutes a newly acquired

subsidiary held for sale. Accordingly, IFRS 5 does not require an analysis of the results of the

discontinued operation to be presented, and therefore no such analysis has been provided.

14      Discontinued operations and assets held for sale

The following table details the assets and related liabilities classified as held for sale as at 31

December 2025. There were no assets and related liabilities classified as held for sale as at 31 December

2024.

	2025
	$m
Assets classified as held for sale
Current assets
Trade and other receivables	338.0
Cash and cash equivalents2	13.5
Total current assets	351.5
Non current assets
Goodwill	2.9
Intangibles	2.2
Property, plant and equipment	0.1
Right of use asset	0.2
Investments	0.5
Total non current assets	5.9
Total assets classified as held for sale1	357.4
Liabilities classified as held for sale
Trade and other payables	294.6
Lease Liability	0.2
Total liabilities classified as held for sale1	294.8
Net assets classified as held for sale1	62.6

1.In addition to the assets and liabilities classified as held for sale, as disclosed above, as at 31 December 2025 WBS had intra-group settlement balances with Winterflood

Securities Limited of $10.4m receivables and $37.2m payables.  As these balances are intra-group in nature, and are fully eliminated on consolidation,  they are not

presented in the consolidated statement of financial position or in the disclosure above.

2.As required by the UK FCA’s Client Asset Sourcebook, balances maintained on behalf of clients with banks in segregated accounts totalling $212.9m are not included in the

WBS statement of financial position and therefore are not included as Assets classified as held for sale.