Revenue
An analysis of the Group's revenue is as follows:
| 2022
£000 | 2021
£000 |
| Revenue from construction contracts | 403,563 | 363,254 |
| Other operating income (note 4) | 4,584 | 2,658 |
| Interest received (note 7) | 76 | 33 |
| Total income | 408,223 | 365,945 |
Segmental results
Following the adoption of IFRS 8, the Group has identified its operating segments with reference to the information regularly reviewed by the executive committee (the chief operating decision maker ('CODM')) to assess performance and allocate resources. On this basis the CODM has identified one operating segment (construction contracts) which in turn is the only reportable segment of the Group.
The constituent operating businesses have been aggregated as they have similar products and services, production processes, types of customer, methods of distribution, regulatory environments and economic characteristics. Given that only one operating and reporting segment exists, the remaining disclosure requirements of IFRS 8 are provided below.
Revenues by product group
All revenue is derived from construction contracts and related assets.
Geographical information
Following the implementation of IFRS 15, the Group presents a disaggregation of its revenue according to the primary geographical markets in which the Group operates. This disaggregation of revenue is presented for the Group's one operating segment as noted above.
| 2022
£000 | 2021
£000 |
| Revenue by destination: | | |
| United Kingdom | 337,520 | 214,057 |
| Republic of Ireland and mainland Europe | 66,043 | 149,197 |
| 403,563 | 363,254 |
Contract balances
The following table provides information about the receivables, contract assets and contract liabilities from contracts with customers:
| 2022
£000 | 2021
£000 |
| Receivables which are included in 'contract assets, trade and other receivables' (note 18) | 106,783 | 56,541 |
| Contract assets (note 18) | 74,898 | 16,288 |
| Contract liabilities (note 17) | (17,930) | – |
Contract assets primarily relate to the Group's right to consideration for work completed but not billed at the reporting date on construction contracts. Contract assets are transferred to receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer.
The contract liabilities primarily relate to the advance payments from customers for construction contracts, for which revenue is recognised over time.
There was no revenue recognised in the current financial year from performance obligations satisfied or partially satisfied in previous years.
The table below represents the aggregate amount of the transaction price allocated to be the performance obligations that are unsatisfied (or partially satisfied) as at 26 March 2022 and have an original expected contract duration of more than one year:
| 2022
£000 | 2021
£000 |
| Construction contracts | 86,293 | 18,100 |
The total transaction price allocated to the remaining performance obligations represents the contracted revenue to be earnt by the Group for goods and services which the Group has promised to deliver to its customers, where the original contract duration is more than one year. This includes performance obligations which are partially satisfied at the year end or those which are unsatisfied but which the Group has committed to providing. In deriving this transaction price, any element of variable revenue is estimated at a value that is highly probable not to reverse in the future. The practical expedient available under IFRS 15 has been taken and therefore no information is provided for the transaction price allocated to the remaining performance obligations where the original expected contract duration is one year or less.
Information about major customers
Included in Group revenue is £57,619,000 (2021: £108,871,000) relating to one major customer (spread over several contracts), who individually contributed more than 10 per cent of Group revenue in the year ended 26 March 2022.