1 unchanged sentence
principal market risks are our exposure to changes in foreign currency exchange rates.
−Removed: the Company’s refinancing of its debt in May 2021, the external borrowings of £235.0 million ($294.4 million) are provided
−Removed: at a fixed rate.
−Removed: Therefore, movements in rates such as LIBOR do not impact on the current borrowings and the only fluctuation that is
−Removed: expected to be reported will be that solely caused by movements in the exchange rates between the Company’s functional currency
−Removed: and its reporting currency.
+Added: the Company’s refinancing of its debt in June 2025, the external borrowings of £270.0 million ($363.2 million) are provided
+Added: at a rate per annum equal to SONIA plus a margin (based on the Company’s consolidated senior secured net leverage ratio) ranging
+Added: from 5.50% to 6.00% per annum fixed rate.
+Added: Therefore, movements in rates such as SONIA will impact on the current borrowings with increases
+Added: in SONIA leading to a higher interest charge.
+Added: at December 30, 2025, we had £270.0 million ($363.2 million) of senior note debt subject to a floating rate interest charge that
+Added: can vary with the SONIA rate.
+Added: If the floating interest rates increased by 1%, the additional interest charge would have been approximately
+Added: $2.0 million for the twelve months ended December 31, 2025.
+Added: If the floating interest rates increased by 5%, the additional interest charge
+Added: would have been approximately $10.1 million for the twelve months ended December 31, 2025.
+Added: until the refinancing of the debt in June 2025, the previous external borrowings were provided at a fixed rate.
+Added: Therefore, movements
+Added: in rates such as SONIA did not impact on the borrowings and the only fluctuation that was reported was solely caused by movements in
+Added: the exchange rates between the Company’s functional currency and its reporting currency.
Currency Exchange Rate Risk
23 unchanged sentences
A 10% weakening of GBP against the
−Removed: US Dollar would change the trading operational results unfavorably by approximately $6.56 million and would result in unfavorable translation
+Added: US Dollar would change the trading operational results favorably by approximately $2.3 million and would result in unfavorable translation
adjustments of approximately $5.7 million, recorded in other comprehensive loss.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.