Gender Pay Report 2025

HW Fisher has always been committed to the equality of our people. We continue to take pride in ensuring that people of the same grade are treated equally.

Gender pay gap

For this review period we are pleased to report a further reduction in our mean gender pay gap. Our mean gender pay gap has reduced from 5.74% in 2024 to 3.42% in 2025, representing a continued positive movement and reflecting the steady progress we are making.

Our median gender pay gap remains in favour of women at -4.80% (2024: -6.73%). While this represents a slight narrowing compared to last year, it continues to demonstrate that at the snapshot date the median hourly rate of pay for women was higher than that for men.

The proportion of our workforce is almost evenly split, with women representing 50.57% and men 49.43% of our total workforce (265 employees). This balanced representation provides a strong foundation as we continue to focus on progression into senior roles.

Bonus gap

The mean gender bonus gap has decreased from 19.33% in 2024 to 17.83% in 2025. The median bonus gap has increased slightly from 15.00% to 16.37%.

The proportion of employees receiving a bonus has increased significantly for both men and women. In 2025, 77.86% of men and 81.34% of women received a bonus, compared to 64.34% and 60.61% respectively in 2024. It is particularly positive to note that a higher proportion of women than men received a bonus this year.

Quartile distribution

There have been some encouraging movements within the quartiles:

• Upper Quartile: Female representation has increased from 38.71% to 41.94%, with male representation reducing from 61.29% to 58.06%. While men remain more highly represented at this level, the gap has narrowed.
• Upper Middle Quartile: This quartile continues to show strong female representation, with women comprising 60.66% (2024: 61.90%).
• Lower Middle Quartile: Remains relatively stable, with a slight shift toward male representation (54.84% male, 45.16% female).
• Lower Quartile: Now almost evenly split, with women representing 50.82% (2024: 48.39%).

The increase in female representation in the Upper Quartile is particularly encouraging and reflects our continued focus on supporting career progression and internal promotion.

The results demonstrate continued progress in reducing our mean gender pay gap and improving female representation at senior levels. We remain committed to maintaining momentum in this area and to ensuring that equality, diversity and inclusion remain central to our culture and decision-making.