The director presents the strategic report for the year ended 31 December 2024.
Discover Group continued to deliver recruitment services to the Life Sciences sector for both permanent hire and interim staffing solutions. The financial year of 2024 continued to show similar trends to that of 2023. The economic conditions were challenging, and the recruitment industry has been affected by worsening market conditions. The Life Sciences sector, historically resilient in a tough market, has been negatively impacted in a prolonged way, which meant producing Net Fee Income (NFI) as a Group was more difficult. Nevertheless, the Discover International Group had a promising year in performance terms. The strength of the business, people and brand, all played a key role in outperforming the wider market, and ensuring the business turned a profit. The business retained key staff and further improved processes, governance and infrastructure to give the business a strong platform for future growth.
Considering all these factors, the Board, including our exceptional co-founder Steve McBride, who sadly passed away in October 2024, were extremely proud of the business performance throughout the 2023 and 2024 period, and were optimistic for the future of the business. Although trading conditions were difficult for the prior 24 months, the Group showed resilience and managed to trade well whilst outperforming the market over both years.
Throughout the budgeting phase in 2024, the Board made decisions that focused on cash retention and profit conversion to ensure short-term sustainability and create long-term opportunity. In January 2024 there was a small reduction in headcount in the US due to these considerations. The business focused on profitability and productivity per head to achieve these objectives. Group overheads were reviewed and revised to ensure the cost base was both lean and productive.
Due to these key decisions, the business was able to navigate Q1 2024 with a small profit, further increasing profits quarter on quarter throughout Q2 and Q3. With additional investment in salespeople in Q3 and Q4, alongside the seasonal quieter periods, Q4 was approximately a break-even quarter. Productivity metrics increased in FY 2024 leading to improved profitability per head.
The management of the business and the execution of the Group’s strategy are subject to a number of risks. The key risks are acknowledged below.
Credit Risk – The business has a good client mix and many of our clients are larger and more established companies. Trade receivables exposure is spread across a large number of clients and there is no material concentration risk on any particular client.
Liquidity Risk – The Group’s liquidity risk is managed and secured through an invoice discounting facility in both the UK and the US.
Cashflow Risk – Cash is monitored closely by the Board of Directors. A significant risk relates to commission payments to consultants. This risk is mitigated by ensuring payments are only made when invoices have been sent and paid 1 month in arrears. In many cases, the business has already recovered the debt before paying commission. Corporation tax also poses a risk but cash is managed to factor these payments and the cashflow models give good visibility of cash requirements.
Foreign Exchange Risk – The Group is exposed to risk of currency fluctuations. This is mitigated by the continuous monitoring of the cash flow position, alongside performance and currency markets. The Group looks to reduce this exposure by using a broker for all currency trades and proactively assesses hedging options to give cash flow certainty in the future.
Market Risk – The Group is exposed to changing economic and market conditions. During times of uncertainty or economic downturn, the Board meets more regularly and has regular reviews of operational and cash management. Given the sector’s historic resilience during recessions and the pandemic, we are confident the Group is robust to withstand any downturn in conditions.
The net result for FY 2024 at the Group level was £21.57m in Sales Turnover (down 6.7% YoY), £10.25m in NFI (down 14.4% YoY) (61.5% fees for Permanent introductions and 38.5% for Contract Gross Profit), £1.33m in EBITDA (up 85.5% YoY) and £958k in Profit Before Tax (up 67.8% YoY). This compares to a FY 2023 Group result of £23.03m in Sales Turnover, £11.96m in NFI (69.6% fees for Permanent introductions and 30.4% for Contract Gross Profit), £717k in EBITDA and £571k in Profit Before Tax.
The Discover Group continues to have a strong balance sheet and significant liquidity headroom. The Group had a net asset position of £3.70m on the balance sheet at the year-end 2024, up 9.2% from 2023 where the position was £3.35m.
As expected, the market conditions remained challenging throughout the year and ran into the early part of 2025, however there were signs of a slow recovering market. The Group has shown a robustness and resilience through the market downturn. Throughout 2024, cash flow management was positive, and the business ensured the cost base remained lean to protect the conversion of NFI to EBITDA. Key personnel were retained across the Group, and this has given the business a strong platform to scale into 2025 and beyond.
For FY2025, the Board were confident that the business could deliver the budgeted results. The budget was cautiously optimistic, forecasting modest growth, whilst continuing to build a platform for the future. A full market recovery is still yet to be experienced however market confidence has improved throughout the year. At the time of writing the report, the Group results are on target to achieve the original budget for Turnover, NFI and EBITDA.
On behalf of the board
The director presents his annual report and financial statements for the year ended 31 December 2024.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Ordinary dividends were paid amounting to £375,783 (2023: £647,324). The director does not recommend payment of a further dividend.
The group maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the group.
The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
We have audited the financial statements of Discover International Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £369,389 (2023 - £649,476 profit).
Discover International Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Northern & Shell Building, 10 Lower Thames Street, London, EC3R 6EN.
The group consists of Discover International Holdings Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Discover International Holdings Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements, which are presented alongside the consolidated financial statements. Exemptions have been taken in relation to financial instruments, presentation of a cash flow statement and remuneration of key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Discover International Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover represents fees earned, excluding VAT, from the placement of permanent candidates in the year and from temporary contractors supplied in the year.
Income from the placement of permanent candidates is recognised when the candidate has accepted the position for both UK and European placements, and when the candidate starts the position for USA placements.
Revenue from contractors is recognised as the service is provided.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes option pricing model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The company has in issue share options that were granted to the employees of the group. The directors have determined the fair value of these options through the Black Scholes option pricing model. The inputs to this model are judgemental and therefore management has exercised judgement and made assumptions around volatility, likely timing of exercise, interest rates and share price valuation. The resulting share based payment charge is immaterial and therefore no charge has been included in the financial statements. See note 19 for further details.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
During the year, the group incorporated a German entity, Discover Consulting GmbH, and paid £20,897 to subscribe for the original share capital in the company. This represents the additions in investments during the year.
Details of the company's subsidiaries at 31 December 2024 are as follows:
Two of the group's subsidiaries, Discover People International Ltd and Discover International Inc. operate invoice discounting facilities, included above. There is a fixed and floating charge over the assets of Discover People International Ltd in respect of its facility, and a security charge over the assets of Discover International Inc. in respect of its facility.
Other borrowings relate to a loan from a director who resigned during 2022. For more information please refer to note 24.
As part of a share buy-back, loan notes of total value £893,557 were issued during 2022. Principal repayments in the year amounted to £325,647 (2023: £319,204). Interest accrues on the outstanding principal amount at 2% per annum and the amount charged to profit and loss in the year is £6,394 (2023: £12,847). The loan notes are due for full repayment by July 2025. The loan is secured over all assets of the group.
During the year the company granted a number of EMI share options to employees of the group. The options are only exercisable on an exit event. No share based payment charge has been recorded in the financial statements as management have determined that the charge would be immaterial.
The options outstanding at 31 December 2024 had an exercise price ranging from £16.11 to £225.52, and a remaining contractual life of 10 years.
The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the expected relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
All shares carry equal voting and dividend rights, with the exception of Ordinary E shares which do not have any voting rights.
Ordinary A shares have full rights with respect to voting, dividends and distributions.
Ordinary B shares have full rights with respect to voting, dividends and distributions.
Ordinary E shares have full rights with respect to dividends and distributions only.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The group has taken advantage of the exemption in The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") from the requirement to disclose transactions with wholly owned group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.
At the balance sheet date, the group owed £56,788 (2023: £81,333) to Discover International S.A DE C.V., a company which is a related party by way of a director's shareholding. Additionally, during the year, the group recorded £349,546 (2023: £484,402) of expenditure relating to recharged services from the same company.
Dividends totalling £98,283 (2023: £242,923) were paid to Langton Corporation Limited a company owned by one of the directors.
Dividends totalling £277,500 (2023: £404,401) were paid to Isola Corporation Limited a company owned by one of the previous directors. At year end there was a debtor balance of £105,000 owed from Isola Corporation Limited (2023: £nil).
There is an additional £33,685 (2023: £nil) owed to the company by a closely related party.
At year end there was a creditor balance of £nil owed to Adam Matthews (2023: £37,875), a director of the company.
The company owes a shareholder and former director £142,465 (2023: £468,655) at the balance sheet date as a result of a share repurchase in 2022. This loan is reflected as "other loans" in the financial statements and is split between the amount payable in 12 months from the balance sheet date, and the amount payable in more than 12 months. The loan carries interest at 2% per annum.
Subsequent to the balance sheet date the group initiated a process to close down its Australian subsidiary, Discover International PTY Limited.