Launch of share buyback programme

The Company today announces that, further to its announcement at its full year results on 27 February 2026, it is today launching a programme to purchase ordinary shares of 5 pence each in the Company ("Ordinary Shares"), up to a maximum consideration of £20 million (the "Programme").

The Company has entered into an irrevocable commitment with Merrill Lynch International ("MLI") to manage the Programme and to make trading decisions under the Programme independently of the Company. Under the Programme MLI will purchase Ordinary Shares as riskless principal for a maximum consideration of up to £20 million, and within certain defined parameters, for subsequent repurchase by the Company.

The Programme will take place within the limitations of the authority granted by shareholders to the Board of the Company at the Company's Annual General Meeting held on 7 May 2026 (the "AGM"). Details of the authority granted at the AGM can be found within the 2026 Notice of AGM, found on the Company's website.

Purchases of Ordinary Shares as part of the Programme will take place in open market transactions and may be made from time to time depending on market conditions, share price, trading volume and other terms.

The Ordinary Shares purchased by the Company will be cancelled.

The purpose of the Programme is to reduce the Company's share capital. The Company confirms that it currently has no unpublished price sensitive information.

The Company will make further announcements in due course following the buyback of shares. Note there can be no guarantee that the Programme will be implemented in full.

Ali Johnson

Group Company Secretary

Telephone - 07901 118456