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Held-for-sale assets and liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of current held-for-sale assets and liabilities
Year-to-date
In millions202520242023
Loss on held-for-sale asset group$(1.9)$(9.8)$— 
Disposal related costs(0.1)(2.4)— 
$(2.0)$(12.2)$— 
Results of discontinued operations were as follows:
In millions202520242023
Net sales$9.3 $6.6 $8.2 
Cost of goods sold(7.2)(5.2)(6.4)
Gross profit2.1 1.4 1.8 
Selling, general and administrative expenses(5.5)(1.9)(1.7)
Restructuring credit / (charge)— — (0.2)
Disposal related credit0.4 0.4 0.2 
Loss on assets held-for-sale(2.8)— — 
(Loss) / income before income taxes(5.8)(0.1)0.1 
Credit for income taxes0.4 0.2 0.6 
Net (loss) / income$(5.4)$0.1 $0.7 
In 2025 the Company recognized a $2.8 million loss on held-for-sale asset group relating to Superform assets. The loss reflects an adjustment to bring the carrying amount in line with its estimated fair value less costs to sell, in accordance with ASC 360, due to revised expectations regarding the sale. The fair value measurement was determined using a non-recurring fair value approach under ASC 820. As the asset group is not traded in an active market, the Company applied a market approach, estimating fair value based on recent transactions involving comparable businesses of a similar size and industry profile. This fair value measurement is classified as Level 3 within the fair value hierarchy.
Also in 2025, 2024 and 2023, the Company recognized a disposal-related credit of $0.4 million, $0.4 million and $0.2 million, respectively, in relation to a previously impaired asset from the previous dispositions which occurred in 2021.
Additionally, in 2025, the Company recognized a provision of $3.1 million in relation to dilapidation obligations associated with the former Superform U.K. site sold in 2021, for which the Group remains a guarantor under the relevant lease arrangements following disposal of the business. The obligation reflects management’s best estimate of the costs required to settle the remaining property reinstatement and exit obligations.
The expense has been recorded within discontinued operations in selling, general and administrative expenses, consistent with the nature of the underlying site and its association with the disposed business.
The expense has been recorded in the consolidated balance sheet within other current liabilities as a short-term provision, reflecting the Group’s ongoing legal obligation as guarantor and the expected timing of settlement.
The associated assets and liabilities relating to Superform U.S. that are classified as held-for-sale were as follows:
In millionsDecember 31, 2025December 31, 2024
Accounts and other receivables$2.1 $1.8 
Prepayments and accrued income0.5 0.4 
Inventories2.9 4.0 
Current assets5.5 6.2 
Right-of-use assets— 1.5 
Total assets$5.5 $7.7 
Accounts payable1.1 0.8 
Accrued liabilities0.4 0.4 
Other current liabilities1.3 2.4 
Current liabilities2.8 3.6 
Total liabilities$2.8 $3.6 
The depreciation and amortization, capital expenditures and significant operating non-cash items were as follows:
In millions202520242023
Non-cash add-backs to cash flows from discontinued operating activities:
Depreciation$— $— $0.1 
Share-based compensation charge0.3 — — 
Cash flows from discontinued investing activities:
Capital expenditures$0.2 $— $0.1 
The total assets and liabilities classified as held-for-sale, including those that qualify as discontinued operations are as follows:
Held-for-sale assets December 31,December 31,
In millions20252024
Accounts and other receivables2.1 5.5 
Prepayments and accrued income0.5 1.6 
Inventory2.9 11.3 
Current assets5.5 18.4 
Property, plant and equipment— 0.3 
Right-of-use-assets— 3.8 
Non-current assets— 4.1 
Total held-for-sale assets$5.5 $22.5 
Held-for-sale liabilities
Accounts payable1.1 1.4 
Accrued liabilities0.4 3.3 
Other liabilities1.3 8.1 
Held-for-sale liabilities$2.8 $12.8 
The consideration and loss on disposal was calculated as follows:
In millions2025
Gross consideration$7.3 
Working capital adjustment(2.3)
Transaction costs(2.1)
Net proceeds$2.9 
Net assets disposed(4.6)
Accrued transaction costs(0.2)
Net loss on disposal$(1.9)
The carrying amounts of the assets and liabilities of Graphic Arts at the date of disposal were as follows:
AssetsJuly 2,
In millions2025
Inventory$7.9 
Prepayments and accrued income0.9 
Accounts and other receivables3.8 
Current assets$12.6 
Property, plant and equipment$0.5 
Right-of-use-assets2.3 
Non-current assets$2.8 
Total assets$15.4 
Liabilities
Accounts payable$0.6 
Accrued liabilities4.7 
Other current liabilities5.5 
Total liabilities$10.8 
Net assets disposed$4.6