The Group operates a Global Omnibus Plan, which provides for the grant of share options,

including incentive share options, conditional awards, restricted shares, share appreciation rights or any

other share- or cash-based awards to eligible employees and non-employees. New awards are all

The Group operated six equity-settled share-based remuneration schemes for Executive and Non-

Executive Directors and senior management as listed and described below. All are United Kingdom tax

authority unapproved schemes. The cost of the service is calculated by reference to the fair value of

shares at the grant date, the number of shares expected to vest under the schemes and the probability

that the performance and the service conditions will be met. The cost of the service is recognized in the

income statement over the period that the recipient provides service and there is a shared understanding

of the terms and conditions of the arrangement. The recipient to whom these awards were granted must

not depart from the Group, and such an action would require a forfeiture of some or all of the award

Members of the scheme are awarded a fixed number of ordinary shares vesting in three equal

tranches over the three years following the date of grant. As the awards are based on the employees’

annual performance, the fair value has been expensed from the beginning of the year for which the bonus

had been awarded. Prior to the IPO, the fair value of a share award at grant date was the final price

approved by the Remuneration Committee and determined based on a multiple of earnings as at grant

date with reference to comparable peer companies. Post IPO, the fair value of a share award is based on

Members of the scheme are awarded a variable number of ordinary shares three years after the

grant date. The number of shares awarded is determined by reference to a hurdle return on equity of the

Group and to growth targets for the profit after tax of the Group over the three-year period. Prior to the

IPO, the fair value of a share award at grant date was the final price approved by the Remuneration

Committee and determined based on a multiple of earnings as at grant date with reference to comparable

peer companies. Post IPO, the fair value of a share award is based on the Group's quoted share price at

Members of the scheme are awarded a variable number of ordinary shares three years after the

grant date. As the awards are based on the employees’ annual performance, the fair value has been

expensed from the beginning of the year for which the bonus had been awarded. The number of shares

awarded is determined by reference to financial underpins; the first is a hurdle return on equity of the

Group and the second underpin is growth targets for the adjusted profit before tax over the 3-year period.

Prior to the IPO, the fair value of a share award at grant date was the final price approved by the

Remuneration Committee and determined based on a multiple of earnings as at grant date with reference

to comparable peer companies. Post IPO, the fair value of a share award is based on the Group's quoted

As part of the IPO, members of the scheme have been awarded a fixed number of ordinary shares

which vest three years after the grant date. The fair value of a share award is based on the Group's

Members of the scheme are awarded a fixed number of ordinary shares which vest one year after

the grant date. The fair value of a share award is based on the Group's quoted share price at grant date.

A warrant granted at the Group’s initial public offering, vested and settled following the twelve-

month anniversary resulting in the settlement of 142,709 ordinary shares.

In addition to the equity-settled share-based remuneration schemes currently active and outlined

above, there were a number of share based remuneration schemes which had been granted historically.

The instruments issued under those plans included growth shares, nil cost options, growth share options

and warrants. The settlement event for these instruments was the liquidity event which occurred on 25

April 2024. All of those outstanding instruments were settled in exchange for a number of the Group’s

ordinary shares. Please refer to the 2024 Group Annual Report for further detail on the settlement process

The charge for the year arising from share-based payment schemes was as follows:


	2025	2024
	$m	$m
Deferred Bonus Plan	30.3	20.0
Retention Long Term Incentive Plan	5.0	4.0
Annual Long Term Incentive Plan	3.8	4.6
All Employee Plan	1.0	0.6
Non-Executive Directors' Plan	0.7	0.4
Warrants	2.7	—
Total equity-settled share-based payments	43.5	29.6


	2025	2024
	Number	Number
Outstanding at the beginning of the year	6,047,829	8,621,240
Reverse Share Split	—	(4,316,287)
Granted during the year	1,428,279	2,256,357
Vested during the year	(2,659,294)	(496,240)
Forfeited during the year	(42,797)	(17,241)
Outstanding at the end of the year	4,774,017	6,047,829
Weighted average fair value of awards granted ($)	26.5	18.5