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Financial risk management objectives and policies (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract]  
Capital Structure Explanatory The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 19, cash and cash equivalents in note 18 and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity and in note 25.
20242023
£m£m
Cash and cash equivalents (note 18)
2,638 2,218 
Borrowings due within one year (note 19)
(584)(946)
Borrowings due after one year (note 19)
(3,744)(3,775)
Cash and cash equivalents less borrowings(1,690)(2,503)
Equity3,734 3,833 
Capital2,044 1,330 
Maturity Analysis For Financial Liabilities
The following table is an analysis of future anticipated cash flows, in the form of interest and principal repayments, in relation to the Group’s financial liabilities and derivatives, on an undiscounted basis which, therefore, differs from the fair value and carrying value:
Bank overdrafts
Bonds1
Lease liabilitiesTotal borrowings and leases
Trade payables and other financial liabilities2
Total non-derivative financial instrumentsDerivative financial instruments receivableDerivative financial instruments payableTotal derivative financial instrumentsTotal
£m£m£m£m£m£m£m£m£m£m
At 31 December 2024
Within one year(171)(536)(353)(1,060)(12,130)(13,190)1,244 (1,296)(52)(13,242)
Between one and two years— (736)(307)(1,043)(76)(1,119)99 (119)(20)(1,139)
Between two and three years— (723)(281)(1,004)(45)(1,049)62 (80)(18)(1,067)
Between three and four years— (542)(256)(798)(25)(823)516 (542)(26)(849)
Between four and five years— (359)(235)(594)(13)(607)632 (656)(24)(631)
Over five years— (2,265)(1,260)(3,525)(9)(3,534)479 (525)(46)(3,580)
(171)(5,161)(2,692)(8,024)(12,298)(20,322)3,032 (3,218)(186)(20,508)
Effect of discounting/financing rates— 1,004 672 1,676 26 1,702 — — 134 1,836 
Total(171)(4,157)(2,020)(6,348)(12,272)(18,620)— — (52)(18,672)
Bank overdrafts
Bonds1
Lease liabilitiesTotal borrowings and leases
Trade payables and other financial liabilities2
Total non-derivative financial instrumentsDerivative financial instruments receivableDerivative financial instruments payableTotal derivative financial instrumentsTotal
£m£m£m£m£m£m£m£m£m£m
At 31 December 2023
Within one year(358)(711)(406)(1,475)(12,335)(13,810)992 (1,018)(26)(13,836)
Between one and two years— (535)(327)(862)(84)(946)495 (503)(8)(954)
Between two and three years— (746)(282)(1,028)(131)(1,159)47 (52)(5)(1,164)
Between three and four years— (726)(261)(987)(13)(1,000)47 (52)(5)(1,005)
Between four and five years— (704)(231)(935)(10)(945)718 (650)68 (877)
Over five years— (1,859)(1,265)(3,124)(20)(3,144)— — — (3,144)
(358)(5,281)(2,772)(8,411)(12,593)(21,004)2,299 (2,275)24 (20,980)
Effect of discounting/financing rates— 918 618 1,536 52 1,588 — — 7 1,595 
Total(358)(4,363)(2,154)(6,875)(12,541)(19,416)— — 31 (19,385)
Notes
1Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which the noteholder shall have the option to require the issuer to redeem or repay the notes within 45 days of the notice period.
2Includes deferred income and customer advances of £1,160 million (2023: £1,319 million) within one year. Also includes contingent consideration liabilities, liabilities in respect of put option agreements with vendors and non-derivative financial liabilities within trade and other payables as disclosed in Note 17.
Analysis of Fixed and Floating Rate Debt by Currency
Analysis of fixed and floating rate debt by currency including the effect of interest rate and cross-currency interest rate swaps:
2024£m
Fixed
rate1
Maturity
(months)1
Currency
$– fixed1,026 5.24 91
£– fixed1,501 3.53 83
€– fixed1,736 2.12 36
Total
4,263 
2023£m
Fixed
rate1
Maturity
(months)1
Currency
$– fixed1,472 4.62 66
£– fixed1,094 2.97 130
€– fixed1,820 2.12 48
Total
4,386 
Note
1Weighted average
Summary of Currency Risk
Impact on income statement
Gain/(loss)
Impact on equity
Gain/(loss)
2024202320242023
£m£m£m£m
US dollar(82)41 93 18 
Euro105 186 — — 
Analysis of Financial Assets and Liabilities
An analysis of the Group's financial assets and liabilities by accounting classification is set out below:
Derivatives
in
designated
hedge
relationships		Held at
fair
value
through
profit or
loss		Held at
fair value
through
other
comprehensive
income		Amortised
cost		Carrying
value
£m£m£m£m£m
2024
Current and non-current assets
Trade and other receivables— — — 10,197 10,197 
Derivative assets4 1 — — 5 
Other investments— 306 92 — 398 
Cash and cash equivalents— 655 — 1,983 2,638 
Current and non-current liabilities
Trade and other payables— — — (10,912)(10,912)
Deferred income and customer advances
— — — (1,160)(1,160)
Borrowings
— — — (4,328)(4,328)
Derivative liabilities(55)(2)— — (57)
Contingent consideration liabilities
— (133)— — (133)
Liabilities in respect of put options
— — — (67)(67)
(51)827 92 (4,287)(3,419)
Derivatives
in
designated
hedge
relationships		Held at
fair
value
through
profit or
loss		Held at
fair value
through
other
comprehensive
income		Amortised
cost		Carrying
value
£m£m£m£m£m
2023
Current and non-current assets
Trade and other receivables— — — 10,719 10,719 
Derivative assets31 2 — — 33 
Other investments— 258 75 — 333 
Cash and cash equivalents— 181 — 2,037 2,218 
Current and non-current liabilities
Trade and other payables— — — (10,919)(10,919)
Deferred income and customer advances1
— — — (1,319)(1,319)
Borrowings
— — — (4,721)(4,721)
Derivative liabilities— (2)— — (2)
Contingent consideration liabilities
— (199)— — (199)
Liabilities in respect of put options— — — (104)(104)
31 240 75 (4,307)(3,961)
Note
1The prior year table has been re-presented to include deferred income and customer advances
The following table sets out the carrying amount of recognised financial instruments that are subject to the above agreements. The column ‘Net amount’ shows the impact on the Group’s consolidated statement of financial position if offset rights were exercised.
31 December 202431 December 2023
Gross amounts presented in balance sheet
£m		Right of set off with derivative counterparties
£m		Net amount
£m		Gross amounts presented in balance sheet
£m		Right of set off with derivative counterparties
£m		Net amount
£m
Derivative financial assets5(5)— 33538
Derivative financial liabilities(57)5 (52)(2)(5)(7)
Total(52)— (52)31 — 31 
Analysis of Financial Instruments Measured at Fair Value
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable, or based on observable inputs:
Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices);
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Level 1Level 2Level 3Total
£m£m£m£m
2024
Derivatives in designated hedge relationships
Derivative assets— 4 — 4 
Derivative liabilities— (55)— (55)
Held at fair value through profit or loss
Money market funds
655 — — 655 
Other investments73 — 233 306 
Derivative assets— 1 — 1 
Derivative liabilities— (2)— (2)
Contingent consideration liabilities
— — (133)(133)
Held at fair value through other comprehensive income
Other investments3 — 89 92 
Level 1Level  2Level  3Total
£m£m£m£m
2023
Derivatives in designated hedge relationships
Derivative assets—31—31 
Derivative liabilities———— 
Held at fair value through profit or loss
Money market funds
181 — — 181 
Other investments1—257258 
Derivative assets—2—2 
Derivative liabilities—(2)—(2)
Contingent consideration liabilities
——(199)(199)
Held at fair value through other comprehensive income
Other investments7—6875 
Reconciliation of level 3 fair value measurements:
Contingent consideration liabilities
Other
investments
£m£m
1 January 2023(160)359 
Gains/(losses) recognised in the income statement51 (27)
Gains recognised in other comprehensive income— 1 
Exchange adjustments2 — 
Additions(150)3 
Disposals— (11)
Settlements58 — 
31 December 2023(199)325 
Gains/(losses) recognised in the income statement
1 (29)
Exchange adjustments1 2 
Additions(33)24 
Settlements97 — 
31 December 2024(133)322 
Information about Hedged Items
The following table represents the Group's continued designated hedge relationships under IFRS 9.
Cash flow hedges of foreign currency risk1
Cash flow hedges of interest rate risk2
Fair value hedges of foreign currency and interest rate riskNet investment hedges of foreign currency risk
20242023202420232024202320242023
Carrying amount of derivative hedging instruments3
£(56)m£(17)m— — £(15)m— £20m£48m
Carrying amount of non-derivative hedging instruments (bonds)— — — — — — £(244)m£(835)m
Notional amount of hedged items€1,400m€1,250m£428m— €500m— — — 
Notional amount of hedging instruments€1,400m€1,250m£428m— €500m— US$1,285mUS$1,874m
Notional amount of hedged net assets— — — — — — US$1,285mUS$1,874m
Change in fair value of hedged items gain/(loss)
£2m£32m— — £4m— £3m£(108)m
Change in fair value of hedging instrument (loss)/gain
£(5)m£(29)m— — £(7)m— £(3)m£110m
Hedge ineffectiveness (loss)/gain
£(3)m£3m— — £(3)m— — £2m
Fair value (loss)/gain arising on hedging instruments deferred to OCI
£(35)m£(43)m— — — — £(3)m£108m
Fair value amounts reclassified to profit and loss
£58m£44m— — — — — — 
Maturity date2025-292025-282025— 2033— 2028-432024-43
Weighted average interest rate
4.45 %4.43 %4.96 %— SONIA— 5.24 %4.62 %
Weighted average FX rate4
1.14 1.13 — — 1.17 — 1.24 1.23 
Notes
1Relates to fix to fix Euro to GBP cross currency swaps designated as cash flow hedges.
2 Relates to float to fix GBP interest rate swaps.
3 This amount is presented in trade and other receivables, and trade and other payables. The use of derivatives may entail a derivative transaction qualifying for more than one hedge type designation under IFRS 9. Therefore, the carrying amounts are grossed up by hedge type, whereas they are presented at an instrument level in the balance sheet.
4 Weighted average FX rate is GBP against the currency in which the hedged item is presented.