19. Interest-bearing loans and borrowings

At the end of the financial year, the Group has utilised £45.5m (31 December 2024: £34.8m) of its multi-currency revolving credit facility of £50.0m; this amount is repayable on the last day of each loan interest period, which is of either a three- or six-month duration. The facility is secured by a fixed charge over freehold property and plant and machinery. The net amount above £45.5m is net of £0.0m (2024: £0.2m) origination fees paid up front and being amortised over four years. The Group has headroom of £18.5m, being £14.0m cash and cash equivalents and the undrawn facility of £4.5m, being the facility of £50.0m less the drawn-down balance of £45.5m.

The loan was repaid in full on 23 January 2026 and refinanced with a new loan on similar terms lasting for three years from that date.

The interest rates on the debt facility ranged between 3.1% and 5.7% in 2025 (2024: between 4.3% and 6.6%).

The Group and the Company have the following undrawn borrowing facilities as per the bank at the end of the financial year:

Reconciliation of liabilities arising from financing activities:

Short-term borrowings