During the year, the Board launched an annual share buyback programme, initially of a minimum of £20.0 million. The 2025 buyback programme was subsequently increased to £50.0 million, reflecting the assessment of current liquidity and the improved prospects for proceeds. Since the start of the year the Company has acquired and cancelled 9.3 million shares for an aggregate £47.7 million as at 31 December 2025.
(a) Authorised and issued capital
The authorised share capital of the Company is 280 million ordinary shares at a par value of £0.01 each. Ordinary shares are listed and traded on the LSE main market for listed securities. Each share confers the right to one vote and shareholders have the right to receive dividends.
As at 31 December 2025, the Company’s issued and fully paid share capital was 167 million ordinary shares (2024: 176 million).
2025 ’000 | 2024 ’000 | ||
|---|---|---|---|
Ordinary shares outstanding at the beginning of the year | 176,418 | 176,418 | |
Ordinary share buybacks | (9,287) | – | |
Ordinary shares outstanding at the end of the year | 167,131 | 176,418 |
(b) Share premium
Share premium represents the amount received in excess of the nominal value of ordinary shares.