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Financial risk management (Tables)
6 Months Ended
Dec. 31, 2024
Financial risk management  
Schedule of net borrowings being hedged at balance sheet date

31 December

30 June

31 December

    

2024

    

2024

    

2023

$’000

$’000

$’000

USD borrowings

 

650,000

 

650,000

 

650,000

Hedged USD cash

 

(18,100)

 

(9,500)

 

(33,200)

Net USD debt

 

631,900

 

640,500

 

616,800

Hedged future USD revenues (1)

 

(331,000)

 

(172,500)

 

(253,600)

Unhedged USD borrowings

 

300,900

 

468,000

 

363,200

Closing USD exchange rate ($: £)

 

1.2540

 

1.2643

 

1.2746

(1)A further portion of the profit and loss exposure (within net finance income/costs) on unhedged USD borrowings is naturally offset by the fair value of foreign exchange based embedded derivatives in host Commercial revenue contracts.
Schedule of hedging reserve

At 31 December 2024

At 30 June 2024

At 31 December 2023

    

£’000

    

£’000

    

£’000

Cash flow hedge reserve

 

(3,420)

 

(1,882)

 

1,521

Cost of hedging reserve

 

(122)

 

882

 

(1,546)

Total hedging reserve

 

(3,542)

 

(1,000)

 

(25)