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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of profit before tax to net cash flows from operating activities      
Profit before tax from continuing operations $ 411.6 $ 295.8 $ 196.5
Adjustments for non-cash items      
Depreciation, amortization & impairment of property, plant & equipment, right-of-use asset and intangibles 36.1 28.8 21.9
Bargain purchase gain on acquisitions (3.6) 0.0 (0.3)
Impairment of goodwill 0.0 0.0 10.7
Net recovery of/(provision) for credit losses (0.7) (1.7) 7.1
Share-based compensation expense 43.5 29.6 20.3
Share of results in associates and joint ventures 0.0 0.0 (0.8)
Other non-cash movements including exchange rate movements (49.7) 16.8 (6.6)
Changes in operating assets and liabilities      
Adjustments for decrease (increase) in trade and other receivables (2,570.2) (2,757.9) 777.6
Adjustments for increase (decrease) in trade and other payables 2,259.9 2,952.6 (709.5)
(Increase)/decrease in fixed income securities 6.8 (11.0) (76.7)
(Increase) in treasury instruments (469.6) (663.1) (185.9)
(Decrease)/Increase in net stock borrowing and lending (549.4) 3,348.5 319.6
(Increase) in equity instruments (1,721.2) (3,376.9) (173.3)
Increase/ (decrease) in net repurchase and reverse repurchase agreements 1,216.4 (103.7) (116.3)
Net decrease/(increase) in derivative instruments 469.3 (188.1) (66.9)
Net increase in debt securities [1] 2,123.4 1,372.3 1,049.8
Adjustments For Increase (Decrease) In Borrowings 27.8 152.0 (148.7)
(Increase)/decrease in inventory (422.0) 127.6 (127.6)
Corporation tax paid (140.9) (58.1) (55.9)
Net cash inflow from operating activities 667.5 1,163.5 735.0
Investing activities      
Redemption of investment in associate 0.0 0.0 6.4
Acquisition of businesses, net of cash acquired (241.6) (11.0) (90.3)
Payment of contingent consideration 0.0 0.0 (1.6)
Purchase of investments (2.9) (5.1) 0.0
Proceeds from sale of investments 0.0 0.7 0.0
Purchase of intangible assets (6.7) (8.2) (3.1)
Purchase of property, plant and equipment (13.1) (11.7) (9.0)
Net cash used in investing activities (264.3) (35.3) (97.6)
Financing activities      
Proceeds from issuance of ordinary shares 0.0 73.1 0.0
Issuance costs of ordinary shares 0.0 (4.8) 0.0
Repayment of debt securities (6.3) 0.0 0.0
Purchase of own shares (44.1) (19.8) (3.1)
Dividends paid (55.5) (77.1) (58.3)
Lease incentive received 0.0 6.4 0.0
Payment of lease liabilities (18.0) (15.0) (11.4)
Net cash used in financing activities (123.9) (37.2) (72.8)
Net increase in cash and cash equivalents including cash within assets held for sale 279.3 1,091.0 564.6
Less: Net increase in cash within assets held for sale (13.5) 0.0  
Net increase in cash and cash equivalents including cash within assets held for sale 265.8 1,091.0 564.6
Cash and cash equivalents      
Cash and cash equivalents at 1 January 2,556.6 [2] 1,483.5 [2] 910.1
Increase in cash 265.8 1,091.0 564.6
Effect of foreign exchange rate changes 58.8 (17.9) 8.8
Cash and cash equivalents at 31 December [2] $ 2,881.2 $ 2,556.6 $ 1,483.5
[1] 1.Included in the movement in debt securities is the movement of EMTN notes and the Group's debt issuance during May 2025. Please refer to note 22 for further detail.
[2] 1.Cash and cash equivalents includes restricted cash of $194.9m at 31 December 2025 (2024: $$173.9m, 2023: $197.7m).