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Debt | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Debt | Debt Debt outstanding was as follows:
| In millions | December 31, 2025 |  | December 31, 2024 |
| 4.94% Loan Notes due June 2026 | 25.0 |  |  | 25.0 |  |
| Revolving credit facility | 15.3 |  |  | 17.2 |  |
| Bank overdraft | — |  |  | 3.1 |  |
| Unamortized debt issuance costs | (0.9) |  |  | (0.2) |  |
| Total debt | $ | 39.4 |  |  | $ | 45.1 |  |
| Less current portion | (25.0) |  |  | (3.1) |  |
| Non-current debt | $ | 14.4 |  |  | $ | 42.0 |  |
In July 2025 we completed a refinance of our RCF, the terms of this remaining the same, with expiry now in July 2030 as opposed to October 2026. At December 31, 2025, $125 million (December 31, 2024, $125 million) of committed debt facilities in the form of a multi-currency (GBP sterling, U.S. dollars or euros) RCF was available to the Company. In addition, $25 million of uncommitted facility capacity remains available through an accordion increase clause. The RCF bears interest equal to an applicable margin, based upon the Company's leverage, plus either EURIBOR, in the case of amounts drawn in euros, SONIA (Sterling Overnight Index Average), in the case of amounts drawn in GBP sterling, or SOFR (Secured Overnight Financing Rate) in the case of amounts drawn in U.S. dollars. The weighted-average interest rate on the RCF was 6.40% and 7.50% in 2025 and 2024, respectively. The maturity profile of the Company's debt, excluding unamortized issuance costs and discounts is, as follows:
| In millions |  |  |  |  | 2026 |  |  |  | 2030 |  | Total |
| Loan Notes due June 2026 |  |  |  |  | 25.0 |  |  |  |  | — |  |  | 25.0 |  |
| Revolving credit facility due July 2030 |  |  |  |  | — |  |  |  |  | 15.3 |  |  | 15.3 |  |
| Total debt |  |  |  |  | $ | 25.0 |  |  |  |  | $ | 15.3 |  |  | $ | 40.3 |  |
The bank overdraft is an uncommitted facility with no expiration date, this is reviewed annually and can be cancelled by either the bank or the Company on demand. 12. Debt (continued) Facilities We have been in compliance with the covenants under the Note Purchase, Private Shelf Agreement and Senior Facilities Agreement throughout all of the quarterly measurement dates in 2025. The agreements contain a number of additional undertakings and covenants that, among other things, restrict, subject to certain exceptions, our and our subsidiaries' ability to: •engage in mergers, divestitures, consolidations or divisions; •change the nature of our business; •make certain acquisitions; •participate in certain joint ventures; •grant liens or other security interests on our assets; •sell, lease, transfer or otherwise dispose of assets, including receivables; •enter into certain non-arm's-length transactions; •grant guarantees; •pay off certain existing indebtedness; •make investments, loans or grant credit; and •issue shares or other securities; The agreements requires us to maintain compliance with an interest coverage ratio and a leverage ratio. The interest coverage ratio measures our EBITDA (as defined in the agreements) to Net Finance Charges (as defined in the agreements). We are required to maintain a minimum interest coverage ratio of 4.0:1. The leverage ratio measures our Total Net Debt (as defined in the agreements) to the Relevant Period Adjusted Acquisition EBITDA (as defined in the agreements). We are required to maintain a leverage ratio of no more than 3.0:1. Any breach of a covenant could result in a default under the agreements, in which case lenders could elect to declare all borrowed amounts immediately due and payable if the default is not remedied or waived within any applicable grace periods. Additionally, our subsidiaries' ability to make investments, incur liens and make certain restricted payments is also controlled by limits within the agreements.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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