Consolidated balance sheet (unaudited)

Notes

As at

30 June 2025

£’000

(Audited)

As at

31 December 2024

£’000

As at

30 June 2024

£’000

Assets

Non-current assets

Investments

8, 9

1,338,688

1,228,736

1,255,509

1,338,688

1,228,736

1,255,509

Current assets

Trade and other receivables

6,412

734

1,112

Cash and cash equivalents

108,126

103,358

127,944

114,538

104,092

129,056

Total assets

1,453,226

1,332,828

1,384,565

Liabilities

Current liabilities

Trade and other payables

793

1,234

14,749

Borrowings

16

177,342

105,638

120,806

Total liabilities

178,135

106,872

135,555

Net assets attributable to shareholders

1,275,091

1,225,956

1,249,010

Equity

Share capital

13

1,719

1,764

1,764

Share premium

13

150,772

172,102

172,102

Retained earnings

1,122,600

1,052,090

1,075,144

Total shareholders' equity

1,275,091

1,225,956

1,249,010

Net assets per ordinary share

Basic and diluted net assets per share

12

£7.42

£6.95

£7.08

Ordinary shares in issue

13

171,887

176,418

176,418