1. Basis of preparation

The financial information contained within this report has been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards adopted pursuant to Regulation (EC) No. 1606/2002 as it applies in the European Union, IFRS Interpretations Committee (IFRS IC) interpretations and parts of the Companies Act 2006 applicable to companies reporting under IFRS. This financial information does not constitute the Burberry Group's (the Group) Annual Report and Accounts within the meaning of Section 435 of the Companies Act 2006.

Statutory accounts for the 52 weeks to 30 March 2024 have been filed with the Registrar of Companies and those for 2025 will be delivered in due course. The reports of the auditors on those statutory accounts for the 52 weeks to 30 March 2024 and 52 weeks to 29 March 2025 were unqualified, did not contain an emphasis of matter paragraph and did not contain a statement under either section 400(2) or section 498(3) of the Companies Act 2006.

The consolidated financial statements are presented in £m. Financial ratios are calculated using unrounded numbers.

Going concern

In considering the appropriateness of adopting the going concern basis in preparing the financial statements, the Directors have assessed the potential cash generation of the Group. This assessment covers the period of a minimum of 12 months from the date of signing the financial statements. The Directors have also considered the forecast for the period up to 26 September 2026, for indicators that the going concern basis of preparation is not appropriate.

The scenarios considered by the Directors include a severe but plausible downside scenario reflecting the Group's base plan adjusted for severe but plausible impacts from the Group's principal risks. This central planning scenario is informed by a comprehensive review of the macroeconomic scenarios using third-party projections of macroeconomic data for the luxury fashion industry which reflects the current uncertain outlook. The Group's central planning scenario reflects a balanced projection with a continued focus to stabilise the business and position the brand for profitable sustainable growth.

As a sensitivity, this central planning scenario has been stressed to reflect the aggregation of severe impacts arising linked to our principal risks which in total represents a 20% downgrade to revenues in the 18-month period to 26 September 2026 as well as the associated consequences for EBITDA and cash. Management considers that this represents a severe but plausible downside scenario appropriate for assessing going concern.

The severe but plausible downside modelled the following risks occurring simultaneously: 

·    A more severe and prolonged reduction in the GDP growth assumptions across the markets in which we operate combined with a reduction to our global consumer demand arising from a change in consumer preference compared to our central planning scenario

·    An increase in geopolitical tension which leads to incremental unmitigated tariff risks compared to the central planning scenario

·    A significant reputational incident such as negative sentiment propagated through social media 

·    The impact of a business interruption event, resulting in a two-week interruption arising from the supply chain impact, and interruption to one of our channels

·    The occurrence of a one-time physical risk relating to climate change in FY 2026/27 and the materialisation of a severe but plausible ongoing market risk relating to climate change in line with a scenario reflecting a 2°C global temperature increase compared to pre-industrial levels

·    The payment of a settlement arising from a regulatory or compliance-related matter

·    The impact of not delivering the anticipated cost savings from the Burberry Forward transformation programme

·    A short-term impact of a 10% weakening in a key non-sterling currency for the Group before it is recovered through price adjustment

Further mitigating actions within management control would be taken under each scenario, including working capital reduction measures and limiting capital expenditure and/or variable marketing costs.

The Directors have also considered the Group's current liquidity and available facilities. As at 29 March 2025, the Group Balance Sheet reflects cash net of overdrafts of £708 million. In addition, the Group has access to a £300 million revolving credit facility (£300 million RCF) which matures in November 2027, and a £75 million revolving credit facility (£75 million RCF) which matures in March 2027 which are currently undrawn. The £300 million sustainability bond matures within the going concern period on 21 September 2025. The Group's central planning scenario includes the repayment of the £300 million sustainability bond with existing cash and drawing the £75 million RCF. The going concern assessment does not rely upon either the £75 million or £300 million RCFs and instead assumes mitigating actions within management control would be taken.

Details of cash, overdrafts, borrowings and facilities are set out in notes 16 and 19 respectively of these financial statements. 

In all the scenarios assessed, taking into account liquidity and available resources, the Group is able to maintain sufficient liquidity to continue trading throughout the going concern period up to 26 September 2026. On the basis of the assessment performed, the Directors consider it is appropriate to continue to adopt the going concern basis in preparing the consolidated financial statements for the 52 weeks ended 29 March 2025.

New standards, amendments and interpretations adopted in the period

A number of amendments to standards are effective for the 52 weeks to 29 March 2025, but they do not have a material impact on the financial statements of the Group.

Standards not yet adopted

Certain new accounting standards and amendments to standards have been published that are not yet mandatory for the 52 weeks to 29 March 2025 and have not been early adopted by the Group. The Group is assessing the impact of these standards on the financial statements and the results will be communicated in future periods, including the impact from Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7, which is effective for the reporting period beginning 29 March 2026, and may have an impact on the Group. The Group does expect a material impact from IFRS 18 Presentation and Disclosure in Financial Statements in the Group's primary financial statements. IFRS 18, which is effective for the reporting period beginning on 28 March 2027, subject to UK endorsement, replaces IAS 1 Presentation of Financial Statements.

Key sources of estimation uncertainty

Preparation of the consolidated financial statements in conformity with IFRS requires that management make certain estimates and assumptions that affect the measurement of reported revenues, expenses, assets and liabilities and the disclosure of contingent liabilities.

If in the future such estimates and assumptions, which are based on management's best estimates at the date of the financial statements, deviate from actual circumstances, the original estimates and assumptions will be updated as appropriate in the period in which the circumstances change.

Estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key areas where the estimates and assumptions applied have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are discussed below.

Impairment, or reversals of impairment, of property, plant and equipment and right-of-use assets

Property, plant and equipment and right-of-use assets are reviewed for impairment or reversals of impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount of an asset or a cash generating unit is determined based on value-in-use calculations prepared using management's best estimates and assumptions at the time. Refer to notes 12 and 13 for further details of retail property, plant and equipment, right-of-use assets and impairment reviews carried out in the period and for sensitivities relating to this key source of estimation uncertainty.

Inventory provisioning

The Group purchases, manufactures and sells luxury goods and is subject to changing consumer demands and fashion trends. The recoverability of the cost of inventories is assessed every reporting period, by considering the expected net realisable
value of inventory compared to its carrying value. Where the net realisable value is lower than the carrying value, a provision is recorded. When calculating inventory provisions, management considers the nature and condition of the inventory, as well as applying assumptions in respect of anticipated saleability of finished goods and future usage of raw materials. Refer to note 15 for further details of the carrying value of inventory and inventory provisions and for sensitivities relating to this key source of estimation uncertainty.

Uncertain tax positions

In common with many multinational companies, the Group faces tax audits in jurisdictions around the world in relation to intra-group transactions between associated entities within the Group. These tax audits are often subject to inter-government negotiations. The matters under discussion are often complex and can take many years to resolve.

Tax liabilities are recorded based on management's estimate of either the most likely amount or the expected value amount depending on which method is expected to better reflect the resolution of the uncertainty. Given the inherent uncertainty in assessing tax outcomes, the Group could, in future periods, experience adjustments to these uncertain tax positions that have a material positive or negative effect on the Group's results for a particular period.

Refer to note 8 for further details of management estimates surrounding the outcome of all matters under dispute or negotiation between governments in relation to current tax liabilities recognised at 29 March 2025, and for sensitivities relating to this key source of estimation uncertainty.

Key judgements in applying the Group's accounting policies

Judgements are those decisions made when applying accounting policies which have a significant impact on the amounts recognised in the Group financial statements. Key judgements that have a significant impact on the amounts recognised in the Group financial statements for the 52 weeks to 29 March 2025 and the 52 weeks to 30 March 2024 are as follows:

Where the Group is a lessee, judgement is required in determining the lease term at initial recognition, and throughout the lease term, where extension or termination options exist. In such instances, all facts and circumstances that may create an economic incentive to exercise an extension option, or not exercise a termination option, have been considered to determine the lease term. Considerations include, but are not limited to, the period assessed by management when approving initial investment, together with costs associated with any termination options or extension options. Extension periods (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Where the lease term has been extended by assuming an extension option will be recognised, this will result in the initial right-of-use assets and lease liabilities at inception of the lease being greater than if the option was not assumed to be exercised. Likewise, assuming a break option will be exercised will reduce the initial right-of-use assets and lease liabilities.

Refer to note 18 for further details surrounding the judgements regarding the impact of breaks and options on lease liabilities.

2. Translation of the results of overseas businesses

The results of overseas subsidiaries are translated into the Group's presentation currency of sterling each month at the average exchange rate for the month, weighted according to the phasing of the Group's trading results. The average exchange rate is used, as it is considered to approximate the actual exchange rates on the date of the transactions. The assets and liabilities of such undertakings are translated at the closing rates. Differences arising on the retranslation of the opening net investment in subsidiary companies, and on the translation of their results, are recognised in other comprehensive income.

Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.

The principal exchange rates used were as follows:

	Average rate		Closing rate
	52 weeks to 29 March 2025	52 weeks to 30 March 2024	As at 29 March 2025	As at 30 March 2024
Euro	1.19	1.16	1.20	1.17
US Dollar	1.28	1.26	1.29	1.26
Chinese Yuan Renminbi	9.21	9.01	9.40	9.13
Hong Kong Dollar	9.98	9.84	10.07	9.89
South Korean Won	1,781	1,657	1,903	1,702
Japanese Yen	194	182	194	191

3. Adjusted profit before taxation

In order to provide additional understanding of the underlying performance of the Group's ongoing business, the Group's results include a presentation of adjusted operating profit and adjusted profit before taxation (adjusted PBT). Adjusted PBT is defined as profit before taxation and before adjusting items. Adjusting items are those items which, in the opinion of the Directors, should be excluded in order to provide a consistent and comparable view of the performance of the Group's ongoing business. Generally, this will include those items that are largely one-off and/or material in nature, such as restructuring charges, as well as income or expenses relating to acquisitions or disposals of businesses or other transactions of a similar nature, including the impact of changes in fair value of expected future payments or receipts relating to these transactions. Adjusting items are identified and presented on a consistent basis each year and a reconciliation of adjusted PBT to profit before taxation is included in the financial statements. Adjusting items and their related tax impacts, as well as adjusting taxation items, are added back to/deducted from profit attributable to owners of the Company to arrive at adjusted earnings per share. Refer to note 6 for further details on adjusting items and note 9 for details on adjusted earnings per share.

4. Segmental analysis

The Chief Operating Decision Maker has been identified as the Board of Directors. The Board reviews the Group's internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on the reports used by the Board. The Board considers the Group's business through its two channels to market, being retail/wholesale and licensing.

Retail/wholesale revenues are generated by the sale of luxury goods through Burberry full price stores, concessions, outlets and digital commerce as well as Burberry franchisees, prestige department stores globally and multi-brand speciality accounts. The flow of global product between retail and wholesale channels and across our regions is monitored and optimised at a corporate level and implemented via the Group's inventory hubs and principal distribution centres situated in Europe, the USA, Mainland China and Hong Kong S.A.R., China.

Licensing revenues are generated through the receipt of royalties from global licensees of beauty products and eyewear and from licences relating to the use of non-Burberry trademarks in Japan.

The Board assesses channel performance based on a measure of adjusted operating profit. This measurement basis excludes the effects of adjusting items. The measure of earnings for each operating segment that is reviewed by the Board includes an allocation of corporate and central costs. Interest income and charges are not included in the result for each operating segment that is reviewed by the Board.

	Retail/Wholesale		Licensing		Total
	52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m	52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m	52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m
Retail	2,076	2,400	-	-	2,076	2,400
Wholesale	319	506	-	-	319	506
Licensing	-	-	67	63	67	63
Total segment revenue	2,395	2,906	67	63	2,462	2,969
Inter-segment revenue1	-	-	(1)	(1)	(1)	(1)
Revenue from external customers	2,395	2,906	66	62	2,461	2,968
Depreciation and amortisation2	(413)	(379)	-	-	(413)	(379)
Impairment charge of intangible assets	(4)	-	-	-	(4)	-
Impairment charge of property, plant and equipment	(10)	(5)	-	-	(10)	(5)
Impairment charge of right-of-use assets3	(32)	(9)	-	-	(32)	(9)
Net movement in inventory provisions	(44)	(39)	-	-	(44)	(39)
Other non-cash items:
Share-based payments	(18)	(16)	-	-	(18)	(16)
Adjusted operating (loss)/profit	(36)	359	62	59	26	418
Adjusting items4					(29)	-
Operating (loss)/profit					(3)	418
Finance income					25	31
Finance expense					(88)	(66)
(Loss)/profit before taxation					(66)	383

1.   Inter-segment transfers or transactions are entered into under the normal commercial terms and conditions that would be available to unrelated third parties.

2.   Depreciation of right-of-use assets for the 52 weeks to 29 March 2025 is presented including a charge of £1 million arising as a result of the Group's restructuring programme (last year: £nil), which is presented as an adjusting item (refer to note 6).

3.   Impairment charge of right-of-use assets for the 52 weeks to 29 March 2025 is presented including £1 million in relation to non-retail right-of-use assets arising as a result of the Group's restructuring programme (last year: £nil), which is presented as an adjusting item (refer to note 6).

4.   Adjusting items relate to the Retail/Wholesale segment. Refer to note 6 for details of adjusting items.

	Retail/Wholesale		Licensing		Total
	52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m	52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m	52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m
Additions to non-current assets	217	399	-	-	217	399
Total segment assets	2,164	2,474	8	6	2,172	2,480
Goodwill					114	119
Cash and cash equivalents					813	441
Taxation					328	330
Total assets per Balance Sheet					3,427	3,370

Additional revenue analysis

All revenue is derived from contracts with customers. The Group derives retail and wholesale revenue from contracts with customers from the transfer of goods and related services at a point in time. Licensing revenue is derived over the period the licence agreement gives the customer access to the Group's trademarks.

Revenue by product	52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m
Accessories	841	1,055
Womenswear	718	860
Menswear	732	842
Childrenswear and other	104	149
Retail/Wholesale	2,395	2,906
Licensing	66	62
Total	2,461	2,968

 

Revenue by destination	52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m
Asia Pacific	1,043	1,286
EMEIA1	842	1,017
Americas	510	603
Retail/Wholesale	2,395	2,906
Licensing	66	62
Total	2,461	2,968

1.   EMEIA comprises Europe, Middle East, India and Africa.

Entity-wide disclosures

Revenue derived from external customers in the UK totalled £208 million for the 52 weeks to 29 March 2025 (last year: £295 million).

Revenue derived from external customers in foreign countries totalled £2,253 million for the 52 weeks to 29 March 2025 (last year: £2,673 million). This amount includes £447 million of external revenues derived from customers in the USA (last year: £531 million) and £534 million of external revenues derived from customers in Mainland China (last year: £648 million).

The total of non-current assets, other than financial instruments, and deferred tax assets located in the UK is £458 million
(last year: £523 million). The remaining £1,041 million of non-current assets are located in other countries (last year: £1,168 million), with £330 million located in the USA (last year: £352 million) and £173 million located in Mainland China (last year: £200 million).

5. Profit before taxation

	Note	52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m
Profit before taxation is stated after charging/(crediting):
Depreciation of property, plant and equipment
Within cost of sales		2	2
Within selling and distribution costs		93	84
Within administrative expenses		17	17
Depreciation of right-of-use assets
Within cost of sales		1	1
Within selling and distribution costs1		225	214
Within administrative expenses		21	19
Amortisation of intangible assets
Within selling and distribution costs		1	1
Within administrative expenses		53	41
Net movement in inventory provisions within cost of sales	15	44	39
Loss on disposal of intangible assets		-	3
Gain on modification of right-of-use assets		(15)	(4)
Impairment charge of property, plant and equipment	12	10	5
Impairment charge of right-of-use assets2	13	32	9
Impairment charge of intangible assets	11	4	-
Employee costs3		576	572
Other lease expense
Property lease variable lease expense	18	92	111
Property lease in holdover expense	18	8	18
Non-property short-term lease expense	18	9	12
Net exchange loss on revaluation of monetary assets and liabilities		16	20
Net gain on derivatives - fair value through profit and loss		(21)	(7)
Receivables impairment charge		2	4

1.   Depreciation of right-of-use assets for the 52 weeks to 29 March 2025 is presented including a charge of £1 million arising as a result of the Group's restructuring programme (last year: £nil), which is presented as an adjusting item (refer to note 6).

2.   Impairment charge of right-of-use assets for the 52 weeks to 29 March 2025 is presented including £1 million in relation to non-retail right-of-use assets arising as a result of the Group's restructuring programme (last year: £nil), which is presented as an adjusting item (refer to note 6).

3.   Employee costs for the 52 weeks to 29 March 2025 are presented including a charge of £16 million arising as a result of the Group's restructuring programme (last year: £nil), which is presented as an adjusting item (refer to note 6).

6. Adjusting items

		52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m
Total adjusting operating items		29	-
Tax on adjusting items		(7)	-
Total adjusting items (post-tax)		22	-

Restructuring costs

During the 52 weeks to 29 March 2025, restructuring costs of £29 million (last year: £nil) were incurred, arising primarily as a result of the Burberry Forward transformation programme initiated during the period and the majority of which is expected to conclude by the end of FY 2025/26. The associated costs, which are recorded within operating expenses, and are largely cash costs, principally related to redundancies of £16 million, consultancy costs of £9 million and other restructuring related costs of £4 million. These costs are presented as an adjusting item, in accordance with the Group's accounting policy, as the anticipated cost of the restructuring programme is considered material and discrete in nature. A related tax credit of £7 million (last year: £nil) has also been recognised in the current year. The cumulative costs, which are largely cash costs, related to the Burberry Forward transformation programme are expected to total £80 million.

7. Financing

	Note	52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m
Finance income - amortised cost		12	9
Finance income - fair value through profit and loss		13	22
Finance income		25	31
Finance expense on lease liabilities	18	(49)	(43)
Finance expense on overdrafts		(7)	(7)
Interest expense on borrowings		(25)	(4)
Other finance expense		(5)	(11)
Bank charges		(2)	(1)
Finance expense		(88)	(66)
Net finance expense		(63)	(35)

8. Taxation

Analysis of charge for the year recognised in the Group Income Statement:

	52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m
Current tax
UK corporation tax
Current tax on income for the 52 weeks to 29 March 2025 at 25% (last year: 25%)	4	104
Double taxation relief	-	(3)
Adjustments in respect of prior years1	(7)	44
	(3)	145
Foreign tax
Current tax on income for the year	26	26
Adjustments in respect of prior years1	15	(35)
	41	(9)
Total current tax	38	136
Deferred tax
UK deferred tax
Origination and reversal of temporary differences	(2)	5
Adjustments in respect of prior years1	2	(1)
	-	4
Foreign deferred tax
Origination and reversal of temporary differences	(31)	(28)
Adjustments in respect of prior years1	2	-
	(29)	(28)
Total deferred tax	(29)	(24)
Total tax charge on profit	9	112

1.   Adjustments in respect of prior years relate mainly to adjustments to estimates of prior period tax liabilities and a net increase in provisions for uncertain tax positions (where in some instances the provision also includes offsetting relief in a different jurisdiction) and tax accruals.

Analysis of charge for the year recognised in other comprehensive income and directly in equity:

	52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m
Current tax
Recognised in other comprehensive income:
Current tax credit on exchange differences on loans (foreign currency translation reserve)	-	(1)
Total current tax recognised in other comprehensive income	-	(1)
Deferred tax
Recognised in equity:
Deferred tax charge on share options (retained earnings)	-	2
Total deferred tax recognised directly in equity	-	2

 

The tax rate applicable on profit varied from the standard rate of corporation tax in the UK due to the following factors:

	52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m
(Loss)/profit before taxation	(66)	383
Tax at 25% (last year: 25%) on profit before taxation	(16)	97
Rate adjustments relating to overseas profits	(1)	-
Permanent differences	8	3
Current year tax losses not recognised	6	3
Prior year temporary differences and tax losses recognised	-	1
Adjustments in respect of prior years	12	8
Total taxation charge	9	112

Total taxation recognised in the Group Income Statement arises on the following items:

	Note	52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m
Tax on adjusted (loss)/profit before taxation		16	112
Tax on adjusting items	6	(7)	-
Total taxation charge		9	112

Factors affecting future tax charges

Uncertain tax positions

The Group operates in numerous tax jurisdictions around the world and is subject to factors that may affect future tax charges including transfer pricing, tax rate changes, tax legislation changes, tax authority interpretation, expiry of statutes of limitation, tax litigation, and resolution of tax audits and disputes.

At any given time, the Group has open years outstanding in various countries and is involved in tax audits and disputes, some of which may take several years to resolve. Provisions are based on best estimates and management's judgements concerning the likely ultimate outcome of any audit or dispute. Management considers the specific circumstances of each tax position and takes external advice, where appropriate, to assess the range of potential outcomes and estimate additional tax that may be due.

At 29 March 2025 the Group recognised provisions of £107 million in respect of uncertain tax positions (last year: £91 million), being provisions of £128 million net of expected reimbursements of £21 million (last year: £131 million net of expected reimbursements of £40 million). The majority of these provisions relate to the tax impact of intra-group transactions between the UK and the various jurisdictions in which the Group operates, as would be expected for a group operating internationally.

The Group believes that it has made adequate provision in respect of additional tax liabilities that may arise from open years, tax audits and disputes. However, the actual liability for any particular issue may be higher or lower than the amount provided, resulting in a negative or positive effect on the tax charge in any given year. A reduction in the tax charge may also arise for other reasons such as an expiry of the relevant statute of limitations. Depending on the final outcome of tax audits which are currently in progress, statute of limitations expiry, and other factors, an impact on the tax charge could arise. The tax impact of intra-group transactions is a complex area and resolution of matters can take many years. Given the inherent uncertainty, it is difficult to predict the timing of when these matters will be resolved and the quantum of the ultimate resolution. Management estimate that the outcome across all matters under dispute or in negotiation between governments could be in the range of a decrease of £38 million, to an increase of £83 million, in the uncertain tax position over the next 12 months.

Legislative changes

The OECD Pillar Two GloBE Rules introduce a global minimum corporate tax rate of 15% applicable to multinational enterprise groups with global revenue over €750 million. All participating OECD members are required to incorporate these rules into national legislation. The Group is subject to the Pillar Two Model Rules from FY 2024/25 but does not meet the threshold for application of the Pillar One transfer pricing rules. The Group applies the temporary exception from the accounting requirements for deferred taxes in IAS 12. Accordingly, the Group neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes.

UK legislation in relation to Pillar Two was substantively enacted on 20 June 2023 and applies to the Group for the reporting period beginning 31 March 2024. The Group has performed an analysis of the potential exposure to Pillar Two income taxes. The analysis of the potential exposure to Pillar Two income taxes is based on the most recently submitted Country by Country Reporting available for the constituent entities in the Group (for the 52 weeks to 29 March 2025). Based on the analysis, the transitional safe harbour relief should apply in respect of most jurisdictions in which the Group operates. Although there are a limited number of jurisdictions where the transitional safe harbour relief may not apply, the Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions.

9. Earnings per share

The calculation of basic earnings per share is based on profit or loss attributable to owners of the Company for the year divided by the weighted average number of ordinary shares in issue during the year. Basic and diluted earnings per share based on adjusted profit before taxation are also disclosed to indicate the underlying profitability of the Group.

	52 weeks to 29 March 2025 £m	52 weeks to 30 March 2024 £m
Attributable (loss)/profit for the year before adjusting items1	(53)	270
Effect of adjusting items (after taxation) 1	(22)	-
Attributable (loss)/profit for the year	(75)	270

1.   Refer to note 6 for details of adjusting items.

The weighted average number of ordinary shares represents the weighted average number of Burberry Group plc ordinary shares in issue throughout the year, excluding ordinary shares held in the Group's ESOP trusts and treasury shares held by the Company or its subsidiaries.

Diluted earnings per share is based on the weighted average number of ordinary shares in issue during the year. In addition, account is taken of any options and awards made under the employee share incentive schemes, which will have a dilutive effect when exercised.

	52 weeks to 29 March 2025 Millions	52 weeks to 30 March 2024 Millions
Weighted average number of ordinary shares in issue during the year	357.5	365.0
Dilutive effect of the employee share incentive schemes1	0.9	1.2
Diluted weighted average number of ordinary shares in issue during the year1	358.4	366.2

 

	52 weeks to 29 March 2025 Pence	52 weeks to 30 March 2024 Pence
(Loss)/earnings per share
Basic	(20.9)	74.1
Diluted1	(20.9)	73.9
Adjusted (loss)/earnings per share
Basic	(14.8)	74.1
Diluted1	(14.8)	73.9

1. As the Group incurred an attributable loss for the 52 weeks to 29 March 2025, the effect of employee share incentive schemes was antidilutive and therefore not included in the calculation of diluted loss per share for the period.

10. Dividends paid to owners of the Company

	52 weeks to 29 March 2025 £m	52 weeks to 30 March  2024 £m
Prior year final dividend paid 42.7p per share (last year: 44.5p)	152	167
Interim dividend paid £nil per share (last year: 18.3p)	-	66
Total	152	233

The Directors have elected not to declare an interim or final dividend in respect of the 52 weeks to 29 March 2025 (last year: 42.7p).

11. Intangible assets

Cost	Goodwill £m	Trademarks, licences and other intangible assets £m	Computer software £m	Intangible assets in the course of construction £m	Total £m
As at 1 April 2023	115	14	248	69	446
Effect of foreign exchange rate changes	(6)	-	(2)	-	(8)
Additions	-	1	8	44	53
Business combination	16	1	-	-	17
Disposals	-	-	(5)	(22)	(27)
Reclassifications from assets in the course of construction	-	-	30	(30)	-
As at 30 March 2024	125	16	279	61	481
Effect of foreign exchange rate changes	(5)	-	(1)	-	(6)
Additions	-	-	2	22	24
Disposals	-	(1)	(28)	-	(29)
Reclassifications from assets in the course of construction	-	-	61	(61)	-
As at 29 March 2025	120	15	313	22	470
Accumulated amortisation and impairment
As at 1 April 2023	6	8	165	19	198
Effect of foreign exchange rate changes	-	-	(2)	-	(2)
Charge for the year	-	1	41	-	42
Disposals	-	-	(5)	(19)	(24)
As at 30 March 2024	6	9	199	-	214
Effect of foreign exchange rate changes	-	-	(2)	-	(2)
Charge for the year	-	1	53	-	54
Disposals	-	(1)	(28)	-	(29)
Impairment charge on assets	-	-	4	-	4
As at 29 March 2025	6	9	226	-	241
Net book value
As at 29 March 2025	114	6	87	22	229
As at 30 March 2024	119	7	80	61	267

Impairment testing of goodwill

The carrying value of the goodwill allocated to cash generating units:

	As at 29 March 2025 £m	As at 30 March 2024 £m
Mainland China	45	46
South Korea	22	24
Retail and Wholesale segment1	34	35
Other	13	14
Total	114	119

1.   Goodwill which arose on acquisitions of Burberry Manifattura S.R.L. and Burberry Tecnica S.R.L. has been allocated to the group of cash generating units which make up the Group's Retail and Wholesale operating segment cash generating unit. This reflects the lowest level at which the goodwill is being monitored by management.

The Group tests goodwill for impairment annually or when there is an indication that goodwill might be impaired. The recoverable amount of all cash generating units has been determined on a value-in-use basis. Value-in-use calculations for each cash generating unit are based on projected pre-tax discounted cash flows together with a discounted terminal value. The cash flows have been discounted at pre-tax rates reflecting the Group's weighted average cost of capital adjusted for country-specific tax rates and risks. Where the cash generating unit has a non-controlling interest which was recognised at a value equal to its proportionate interest in the net identifiable assets of the acquired subsidiary at the acquisition date, the carrying amount of the goodwill has been grossed up, to include the goodwill attributable to the non-controlling interest, for the purpose of impairment testing the goodwill attributable to the cash generating unit. The key assumptions contained in the value-in-use calculations include the future revenues, the operating profit margins achieved and the discount rates applied.

The value-in-use calculations have been prepared using management's cost and revenue projections for the next three years to 1 April 2028 and a longer-term growth rate of 5% to 30 March 2030 (last year: 5% to 31 March 2029). A terminal value has been included in the value-in-use calculation based on the cash flows for the year ending 30 March 2030, incorporating the assumption that growth beyond 30 March 2030 is equivalent to nominal inflation rates, assumed to be 2% (last year: 2% beyond 31 March 2029), which are not significant to the assessment.

The value-in-use estimates indicated that the recoverable amount of the cash generating unit exceeded the carrying value for each of the cash generating units. As a result, no impairment has been recognised in respect of the carrying value of goodwill in the year.

For the material goodwill balances of Mainland China, South Korea and the Retail and Wholesale segment, management has considered the potential impact of reasonably possible changes in assumptions on the recoverable amount of goodwill. The sensitivities include applying a 10% reduction in revenue and gross profit and the associated impact on operating profit margin from management's base cash flow projections, considering the macroeconomic and political uncertainty risk on the Group's retail operations and on the global economy. Under this scenario, the estimated recoverable amount of goodwill in Mainland China, South Korea and the Retail and Wholesale segment still exceeded the carrying value.

The pre-tax discount rates for Mainland China, South Korea and the Retail and Wholesale segment were 12%, 11% and 12% respectively (last year: Mainland China 12%, South Korea 10%, and the Retail and Wholesale segment 11%). No reasonably possible change in these pre-tax discount rates would result in the carrying value exceeding the estimated recoverable amount of goodwill.

The other goodwill balance of £13 million (last year: £14 million) consists of amounts relating to eight cash generating units, none of which have goodwill balances individually exceeding £6 million as at 29 March 2025 (last year: £6 million).

12. Property, plant and equipment

Cost	Freehold land and buildings £m	Leasehold improvements £m	Fixtures, fittings and equipment £m	Assets in the course of construction £m	Total £m
As at 1 April 2023	121	585	366	76	1,148
Effect of foreign exchange rate changes	(2)	(27)	(8)	(3)	(40)
Additions	-	88	32	44	164
Business combination	-	-	1	-	1
Disposals	-	(69)	(47)	-	(116)
Reclassifications from assets in the course of construction	-	54	14	(68)	-
Reclassifications to assets held for sale	(28)	-	-	-	(28)
As at 30 March 2024	91	631	358	49	1,129
Effect of foreign exchange rate changes	(2)	(18)	(9)	(1)	(30)
Additions	2	86	15	20	123
Disposals	-	(36)	(23)	-	(59)
Reclassifications from assets in the course of construction	-	26	21	(47)	-
As at 29 March 2025	91	689	362	21	1,163
Accumulated depreciation and impairment
As at 1 April 2023	62	407	303	-	772
Effect of foreign exchange rate changes	-	(17)	(8)	-	(25)
Charge for the year	2	69	32	-	103
Disposals	-	(69)	(47)	-	(116)
Impairment charge on assets	-	4	1	-	5
Reclassifications to assets held for sale	(16)	-	-	-	(16)
As at 30 March 2024	48	394	281	-	723
Effect of foreign exchange rate changes	(2)	(12)	(7)	-	(21)
Charge for the year	2	77	33	-	112
Disposals	-	(36)	(23)	-	(59)
Impairment charge on assets	-	8	2	-	10
As at 29 March 2025	48	431	286	-	765
Net book value
As at 29 March 2025	43	258	76	21	398
As at 30 March 2024	43	237	77	49	406

During the 52 weeks to 29 March 2025, management carried out a review of retail cash generating units comprising right-of-use asset and property, plant and equipment, for any indication of impairment or reversal of impairments previously recorded. Where indications of impairment charges or reversals were identified, the impairment review compared the value-in-use of the cash generating units to their net book values at 29 March 2025. The pre-tax cash flow projections used for this review were based on financial plans of expected revenues and costs of each retail cash generating unit, approved by management, reflecting their latest plans over the next three years to 1 April 2028. For the remainder of the asset life, the cash flows assume industry growth rates of 5% (last year: 5%) and cost inflation rates appropriate to each store's location, followed by longer-term growth rates of mid-single digits (last year: mid-single digits) and inflation rates appropriate to each store's location. The pre-tax discount rates used in these calculations were between 10.5% and 12.8% (last year: between 10.2% and 12.1%) based on the Group's weighted average cost of capital adjusted for country-specific borrowing costs, tax rates and risks for those countries in which a charge was incurred. Where indicators of impairment have been identified and the value-in-use was less than the carrying value of the cash generating unit, an impairment of property, plant and equipment and right-of-use asset was recorded.

During the 52 weeks to 29 March 2025, a charge of £42 million (last year: £14 million) was recorded within net operating expenses as a result of the annual review of impairment for retail store assets. The charge is comprised of £10 million (last year: £5 million) recorded against property, plant and equipment and £32 million (last year: £9 million) recorded against right-of-use assets. Refer to note 13 for further details of right-of-use assets.

The impairment charge recorded in property, plant and equipment related to 17 retail cash generating units (last year: six retail cash generating units) for which the total recoverable amount at the balance sheet date is £17 million (last year: £15 million).

Management has considered the potential impact of changes in assumptions on the impairment recorded against the Group's
retail assets. Given the macroeconomic and political uncertainty risk on the Group's retail operations and on the global economy, management has considered sensitivities to the impairment charge as a result of changes to the estimate of future revenues achieved by the retail stores. The sensitivities applied are an increase or decrease in revenue of 10% from the estimate used to determine the impairment charge or reversal. It is estimated that a 10% decrease/increase in revenue assumptions for the 52 weeks to 28 March 2026, with no change to subsequent forecast revenue growth rate assumptions, would result in a £11 million increase/£18 million decrease in the impairment charge of retail store assets in the 52 weeks to 29 March 2025 (last year: £19 million increase/ £9 million decrease).

No assets were classified as held for sale at 29 March 2025. During the 52 weeks to 29 March 2025, the Group completed the sale of a freehold property previously classified as held for sale for £12 million, resulting in a net gain on disposal of £nil.

13. Right-of-use assets

Net book value	Property right- of-use assets £m	Non-property right- of-use assets £m	Total right- of-use assets £m
As at 1 April 2023	950	-	950
Effect of foreign exchange rate changes	(27)	-	(27)
Additions	162	-	162
Business combination	2	-	2
Remeasurements	169	-	169
Depreciation for the year	(234)	-	(234)
Impairment charge on right-of-use assets	(9)	-	(9)
As at 30 March 2024	1,013	-	1,013
Effect of foreign exchange rate changes	(17)	-	(17)
Additions	65	5	70
Remeasurements	80	-	80
Depreciation for the year	(244)	(3)	(247)
Impairment charge on right-of-use assets	(32)	-	(32)
As at 29 March 2025	865	2	867

As a result of the assessment of retail cash generating units for impairment, an impairment charge of £31 million (last year: £9 million) was recorded for impairment of right-of-use assets related to trading impacts. Refer to note 12 for further details of impairment assessment of retail cash generating units. The impairment charge in the prior year arose from the impairment of right-of-use assets related to trading impacts.

The impairment charge recorded in right-of-use assets relates to 18 retail cash generating units (last year: seven retail cash generating units) for which the total recoverable amount at the balance sheet date is £53 million (last year: £44 million).

At 29 March 2025, an impairment charge of £1 million was recognised in relation to non-retail right-of-use assets arising as a result of the Group's restructuring programme and was presented as an adjusting item (refer to note 6).

As a result, the total impairment charge for right-of-use assets was £32 million (last year: £9 million).

14. Trade and other receivables

	As at 29 March 2025 £m	As at 30 March 2024 £m
Non-current
Other financial receivables1	43	47
Prepayments	5	5
Total non-current trade and other receivables	48	52
Current
Trade receivables	141	189
Provision for expected credit losses	(11)	(10)
Net trade receivables	130	179
Other financial receivables1	32	27
Other non-financial receivables2	104	86
Prepayments	28	33
Accrued income	15	15
Total current trade and other receivables	309	340
Total trade and other receivables	357	392

1.   Other financial receivables include rental deposits and other sundry debtors.

2.   Other non-financial receivables relates primarily to indirect taxes and other taxes and duties.

Included in total trade and other receivables are non-financial assets of £137 million (last year: £124 million).

15. Inventories

	As at 29 March 2025 £m	As at 30 March 2024 £m
Raw materials	26	29
Work in progress	1	3
Finished goods	397	475
Total inventories	424	507

 

	As at 29 March 2025 £m	As at 30 March 2024 £m
Total inventories, gross	527	580
Provisions	(103)	(73)
Total inventories, net	424	507

Inventory provisions of £103 million (last year: £73 million) are recorded, representing 19.6% (last year: 12.6%) of the gross value of inventory. The provisions reflect management's best estimate of the net realisable value of inventory, where this is considered to be lower than the cost of the inventory.

The cost of inventories recognised as an expense and included in cost of sales amounted to £887 million (last year: £922 million).

Taking into account factors impacting the inventory provisioning including the proportion of inventory sold through loss making channels being higher or lower than expected, management considers that a reasonable potential range of outcomes could result in an increase in inventory provisions of £31 million or a decrease in inventory provisions of £21 million in the next 12 months. This would result in a potential range of inventory provisions of 15.6% to 25.5% as a percentage of the gross value of inventory as at 29 March 2025.

The net movement in inventory provisions included in cost of sales for the 52 weeks to 29 March 2025 was a charge of £44 million (last year: £39 million). The total reversal of inventory provisions during the current year, which is included in the net movement, was £8 million (last year: £15 million).

16. Cash and cash equivalents

	As at 29 March 2025 £m	As at 30 March 2024 £m
Cash and cash equivalents held at amortised cost Cash at bank and in hand	174	180
Short-term deposits	132	83
	306	263
Cash and cash equivalents held at fair value through profit and loss
Short-term deposits	507	178
Total	813	441

Cash and cash equivalents classified as fair value through profit and loss relate to deposits held in low volatility net asset value money market funds. The cash is available immediately and, since the funds are managed to achieve low volatility, no significant change in value is anticipated. The funds are monitored to ensure there are no significant changes in value.

As at 29 March 2025 and 30 March 2024, no impairment losses were identified on cash and cash equivalents held at amortised cost.

17. Trade and other payables

	As at 29 March 2025 £m	As at 30 March 2024 £m
Non-current
Other payables1	3	3
Deferred income and non-financial accruals	8	9
Contract liabilities	43	51
Total non-current trade and other payables	54	63
Current
Trade payables	146	180
Other taxes and social security costs	46	45
Other payables1	31	21
Accruals	160	165
Deferred income and non-financial accruals	8	11
Contract liabilities	11	12
Deferred consideration2	3	5
Total current trade and other payables	405	439
Total trade and other payables	459	502

1.   Other payables comprise interest and employee-related liabilities.

2.   Deferred consideration relates to the acquisition of the economic right to the non-controlling interest in Burberry Middle East LLC on 22 April 2016. In the 52 weeks
to 29 March 2025, payments of £2 million were made in relation to Burberry Middle East LLC (last year: no payments). Contingent payments of £3 million remain outstanding at 29 March 2025, which will be paid once all required documentation is complete.

Included in total trade and other payables are non-financial liabilities of £116 million (last year: £128 million).

18. Lease liabilities

	Property lease liabilities £m	Non-Property lease liabilities £m	Total lease liabilities £m
Balance as at 1 April 2023	1,123	-	1,123
Effect of foreign exchange rate changes	(30)	-	(30)
Created during the year	159	-	159
Business combination	1	-	1
Amounts paid1	(274)	-	(274)
Discount unwind	43	-	43
Remeasurements2	166	-	166
Balance as at 30 March 2024	1,188	-	1,188
Effect of foreign exchange rate changes	(18)	-	(18)
Created during the year	65	5	70
Amounts paid1	(283)	(3)	(286)
Discount unwind	49	-	49
Remeasurements2	78	-	78
Balance as at 29 March 2025	1,079	2	1,081

 

	As at 29 March 2025 £m	As at 30 March 2024 £m
Analysis of total lease liabilities:
Non-current	866	959
Current	215	229
Total	1,081	1,188

1.   The amount paid of £286 million (last year: £274 million) includes £237 million (last year: £231 million), including £5 million paid on termination of lease, representing a financing cash outflow and £49 million (last year: £43 million) representing an operating cash outflow.

2.   Remeasurements relate largely to changes in the lease liabilities that arise as a result of extending the lease term on an existing lease, management's reassessment of the lease term based on existing break or extension options in the contract, as well as those linked to an inflation index or rate review.

The Group enters into property leases for retail properties, including stores, concessions, warehouse and storage locations and office property. The remaining lease terms for these properties range from a few months to 15 years (last year: a few months to 16 years). Many of the leases include break options and/or extension options to provide operational flexibility. Some of the leases for concessions have rolling lease terms or rolling break options. Management assess the lease term at inception based on the facts and circumstances applicable to each property including the period over which the investment appraisal was initially considered.

Potential future undiscounted lease payments related to periods following the exercise date of an extension option not included in the lease term, and therefore not included in lease liabilities, are approximately £360 million (last year: £434 million) in relation to the next available extension option and are assessed as not reasonably certain to be exercised. Potential future undiscounted lease payments related to periods following the exercise date of a break option not included in the lease term, and therefore not included in lease liabilities, are approximately £73 million (last year: £113 million) in relation to break options which are expected to be exercised. During the 52 weeks to 29 March 2025, no significant judgements regarding breaks and options in relation to individually material leases were made (last year: £100 million in undiscounted future cash flows not being included in the initial right-of-use assets and lease liabilities).

Management reviews the retail lease portfolio on an ongoing basis, taking into account retail performance and future trading expectations. Management may exercise extension options and negotiate lease extensions or modifications. In other instances, management may exercise break options, negotiate lease reductions or decide not to negotiate a lease extension at the end of the lease term. The most significant factor impacting future lease payments is changes management choose to make to the store portfolio.

Future increases and decreases in rent linked to an inflation index or rate review are not included in the lease liability until the change in cash flows is legally agreed. Approximately 20% (last year: 19%) of the Group's lease liabilities are subject to inflation linked reviews and 31% (last year: 32%) are subject to rent reviews. Rental changes linked to inflation or rent reviews typically occur on an annual basis.

Many of the retail property leases also incur payments based on a percentage of revenue achieved at the location. Changes in future variable lease payments will typically reflect changes in the Group's retail revenues, including the impact of regional mix. The Group expects the relative proportions of fixed and variable lease payments to remain broadly consistent in future years.

The Group also enters into non-property leases for equipment, advertising fixtures and machinery. Generally, these leases do not include break or extension options. The most significant impact to future cash flows relating to leased equipment, which are primarily short-term leases, would be the Group's usage of leased equipment to a greater or lesser extent.

Details of Income Statement charges and income from leases are set out in note 5. The right-of-use asset categories on which depreciation is incurred are presented in note 13. Interest expense incurred on lease liabilities is presented in note 7.

Total cash outflows in relation to leases in the 52 weeks to 29 March 2025 are £394 million (last year: £417 million). This relates to payments of £237 million on lease principal (last year: £231 million), £49 million on lease interest (last year: £43 million), £91 million on variable lease payments (last year: £113 million), and £17 million on other lease payments principally relating to short-term leases and leases in holdover (last year: £30 million).

19. Borrowings

		As at 29 March 2025		As at 30 March 2024
	Maturity	Carrying value £m	Fair value £m	Carrying value £m	Fair value £m
Bank overdrafts1	-	105	105	79	79
1.125% £300m MTN Sustainability-linked bond2	Sep 2025	300	294	299	281
5.75% £450m MTN Fixed rate bond3	Jun 2030	438	443	-	-
Total		843	842	378	360

1.   Bank overdrafts includes £105 million (last year: £78 million) representing balances on cash pooling arrangements in the Group, as well as £nil (last year: £1 million) relating to a number of committed and uncommitted arrangements agreed with third parties. The fair value of overdrafts approximates the carrying amount due to the short maturity of these instruments.

2.   Proceeds from the sustainability bond have been used by the Group to finance projects which support the Group's sustainability agenda. All movements on the bond were non cash. There are no financial penalties for not using the proceeds as anticipated. Interest on the sustainability bond is payable semi-annually.

3.   The proceeds from the bond were £439 million. All other movements on the bond were non cash. The Group has entered into interest rate swaps to reduce the level of fixed rate debt in accordance with the Group Treasury Policy, and has entered the swaps into fair value hedge relationships with the bond. Interest on the bond is payable semi-annually.

The Group has a £300 million multi-currency revolving credit facility (RCF) with a syndicate of banks, maturing in November 2027.

During the year, the Group entered into a £75 million multi-currency RCF with a syndicate of banks, maturing in March 2027. The agreement contains an option which will allow the Group to extend for an additional one year which is exercisable in 2026, at the consent of the syndicate.

There were no drawdowns or repayments of the RCFs during the current or prior year, and at 29 March 2025 there were no outstanding drawings.

The Group is in compliance with the financial and other covenants within the facilities above and has been in compliance throughout the financial period.

20. Share capital and reserves

Allotted, called up and fully paid share capital	Number	£m
Ordinary shares of 0.05p (last year: 0.05p) each
As at 1 April 2023	384,267,928	0.2
Allotted on exercise of options during the year	51,904	-
Cancellation of shares	(20,504,089)	-
As at 30 March 2024	363,815,743	0.2
Allotted on exercise of options during the year	571	-
As at 29 March 2025	363,816,314	0.2

The Company has a general authority from shareholders, renewed at each Annual General Meeting, to repurchase a maximum of 10% of its issued share capital. There has been no share buy-back programme in the current period.

During the prior 52 weeks to 30 March 2024, the Company entered into agreements to purchase, at fair value, a total of £400 million of its own shares, excluding stamp duty and fees, through two share buy-back programmes of £200 million each. Both programmes completed during the prior year.

The cost of own shares purchased by the Company, as part of a share buy-back programme, is offset against retained earnings, as the amounts paid reduce the profits available for distribution by the Company. When shares are cancelled, a transfer is made from retained earnings to the capital reserve, equivalent to the nominal value of the shares purchased, and subsequently cancelled. In the 52 weeks to 29 March 2025, no shares were cancelled (last year: 20.5 million).

As at 29 March 2025, the Company held 4.6 million treasury shares (last year: 5.2 million), with a market value of £37 million (last year: £63 million) based on the share price at the reporting date. The treasury shares held by the Company are related to the share buy-back programme completed during the 52 weeks to 2 April 2022. During the 52 weeks to 29 March 2025, 0.6 million treasury shares were transferred to ESOP trusts (last year: 0.9 million). During the 52 weeks to 29 March 2025, no treasury shares were cancelled (last year: none).

The cost of shares purchased by ESOP trusts are offset against retained earnings, as the amounts paid reduce the profits available for distribution by the Company. As at 29 March 2025, the cost of own shares held by ESOP trusts and offset against retained earnings is £29 million (last year: £34 million). As at 29 March 2025, the ESOP trusts held 1.7 million shares (last year: 1.9 million) in the Company, with a market value of £14 million (last year: £23 million). In the 52 weeks to 29 March 2025, the ESOP trusts and the Company have waived their entitlement to dividends.

Other reserves in the Statement of Changes in Equity consist of the capital reserve, the foreign currency translation reserve, and the hedging reserves. The hedging reserves consist of the cash flow hedge reserve and the net investment hedge reserve.

	Capital reserve £m	Hedging reserves		Foreign currency translation  reserve £m	Total £m
		Cash flow hedges £m	Net investment hedge £m
Balance as at 1 ​April 2023	41	(1)	5	232	277
Other comprehensive income:
Cash flow hedges - losses deferred in equity	-	(4)	-	-	(4)
Cash flow hedges - transferred to income	-	1	-​	-	1
Foreign currency translation differences	-	-	-	(34)	(34)
Tax on other comprehensive income	-	1	-	-	1
Total comprehensive income for the year	-	(2)	-	(34)	(36)
Balance as at 30 March 2024	41	(3)	5	198	241
Other comprehensive income:
Cash flow hedges - losses deferred in equity	-	(1)	-	-	(1)
Cash flow hedges - transferred to income	-	2	-	-	2
Foreign currency translation differences	-	-	-	(25)	(25)
Total comprehensive income for the year	-	1	-	(25)	(24)
Balance as at 29 March 2025​	41	(2)	5	173	217​​​

As at 29 March 2025, the amount held in the hedging reserve relating to matured net investment hedges is £5 million net of tax (last year: £5 million).

21. Commitments

Capital commitments

Contracted capital commitments represent contracts entered into by the year end for future work in respect of major capital expenditure projects relating to property, plant and equipment and intangible assets, which are not recorded on the Group's Balance Sheet and are as follows:

	As at 29 March 2025 £m	As at 30 March 2024 £m
Capital commitments contracted but not provided for:
Property, plant and equipment	16	67
Intangible assets	2	4
Total	18	71

22. Contingent liabilities

The Group is subject to claims against it and to tax audits in a number of jurisdictions which arise in the ordinary course of business. These typically relate to Value Added Taxes, sales taxes, customs duties, corporate taxes, transfer pricing, payroll taxes, various contractual claims, legal proceedings and other matters. Where appropriate, the estimated cost of known obligations has been provided in these financial statements in accordance with the Group's accounting policies. The Group does not expect the outcome of current similar contingent liabilities to have a material effect on the Group's financial position.