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Consolidated Statement of Changes in Equity - GBP (£)
£ in Millions
Share capital
Adjusted balance as at 1 January 2023
IFRS 17
Share capital
Share premium
Adjusted balance as at 1 January 2023
IFRS 17
Share premium
Other reserves
Adjusted balance as at 1 January 2023
IFRS 17
Other reserves
Retained earnings
Adjustment on initial application of IFRS 17
IFRS 17
Retained earnings
Adjusted balance as at 1 January 2023
IFRS 17
Retained earnings
Non-controlling interests
Adjusted balance as at 1 January 2023
IFRS 17
Non-controlling interests
Adjustment on initial application of IFRS 17
IFRS 17
Adjusted balance as at 1 January 2023
IFRS 17
Total
Beginning balance at Dec. 31, 2021   £ 19   £ 7   £ (1,927)     £ 3,166   £ (1)     £ 1,264
Profit for the year                 232         232
Other comprehensive income:                            
Net exchange adjustments offset in reserves           (232)               (232)
Net (loss)/gain on net investment hedge           (68)               (68)
Net gain/(loss) on cash flow hedge [1]           (6)               (6)
Cost of hedging           (2)               (2)
Remeasurement of net defined benefit liability                 2         2
Tax related to items taken directly to other comprehensive income                 11         11
Total other comprehensive income for the year           (308)     245         (63)
Transactions with owners:                            
Shares issued in the year   6                       6
Merger relief on acquisition of Terminix Global Holdings, Inc.           3,014               3,014
Gain on stock options       2                   2
Cost of issuing new shares           (16)               (16)
Dividends paid to equity shareholders                 (122)         (122)
Cost of equity-settled share-based payment plans                 18         18
Tax related to items taken directly to equity                 (2)         (2)
Movement in the carrying value of put options                 (3)         (3)
Ending balance at Dec. 31, 2022 £ 25 25 £ 9 9 £ 763 763 £ (1) £ 3,301 3,302 £ (1) (1) £ (1) £ 4,097 4,098
Profit for the year                 381         381
Other comprehensive income:                            
Net exchange adjustments offset in reserves           (352)               (352)
Net (loss)/gain on net investment hedge           109               109
Net gain/(loss) on cash flow hedge [1]           3               3
Cost of hedging           9               9
Tax related to items taken directly to other comprehensive income                 6         6
Total other comprehensive income for the year           (231)     387         156
Transactions with owners:                            
Gain on stock options       5                   5
Dividends paid to equity shareholders                 (201)         (201)
Cost of equity-settled share-based payment plans                 27         27
Movement in the carrying value of put options                 4         4
Ending balance at Dec. 31, 2023   25   14   532     3,518   (1)     4,088
Profit for the year                 307         307
Other comprehensive income:                            
Net exchange adjustments offset in reserves           46               46
Net (loss)/gain on net investment hedge           (17)               (17)
Net gain/(loss) on cash flow hedge [1]           27               27
Cost of hedging           (5)               (5)
Tax related to items taken directly to other comprehensive income                 (6)         (6)
Total other comprehensive income for the year           51     301         352
Transactions with owners:                            
Gain on stock options       1                   1
Dividends paid to equity shareholders                 (229)         (229)
Cost of equity-settled share-based payment plans                 20         20
Tax related to items taken directly to equity                 (3)         (3)
Movement in the carrying value of put options                 (1)         (1)
Ending balance at Dec. 31, 2024   £ 25   £ 15   £ 583     £ 3,606   £ (1)     £ 4,228
[1] £27m net gain (2023: £3m net gain; 2022: £6m net loss) on cash flow hedge includes a £51m loss (2023: £28m loss; 2022: £137m gain) from the effective portion of changes in fair value, offset by reclassification to the cost of acquisition of £nil (2023: £nil; 2022: £118m loss) and a £78m gain (2023: £31m gain; 2022: £25m loss) reclassification to the income statement due to changes in foreign exchange rates.