Called up share capital
| £ Millions | 2018 | 2017 |
| Allotted and fully paid 19,242,296 ordinary shares (2017: 19,242,296) | 27.2 | 27.2 |
As at 31 December 2018, the Group's Employee Share Ownership Plan (ESOP) held 79,740 (2017: 134,540) shares carrying a value of £960,084 (2017: £1,788,783) owned by the Trust.
Merger reserve
| £ Millions | 2018 | 2017 |
| Balance at 31 December | 0.2 | 0.2 |
Treasury shares and share option reserve
| £ Millions | 2018 | 2017 |
| Balance at 1 January | 0.4 | (0.5) |
| Sale of treasury shares | 0.8 | 1.0 |
| Purchase of treasury shares | – | (1.6) |
| (Reversal)/addition of deferred tax assets – share option plan expenses | (0.9) | 1.1 |
| Employee share option plan expenses | 0.8 | 0.4 |
| Balance at 31 December | 1.1 | 0.4 |
Hedging reserve
| £ Millions | 2018 | 2017 |
| Balance at 1 January | (0.2) | 0.3 |
| Fair value gains/(losses) | 0.3 | (0.5) |
| Balance at 31 December | 0.1 | (0.2) |
Translation reserve
| £ Millions | 2018 | 2017 |
| Balance at 1 January | (0.4) | 3.5 |
| Exchange differences on translation of foreign operations | 4.6 | (3.9) |
| Less: Non-controlling interests | (0.2) | * |
| Balance at 31 December | 4.0 | (0.4) |
* Balance is less than £100,000.
Other reserve
| £ Millions | 2018 | 2017 |
| Balance at 31 December | (0.8) | (0.8) |
The Group has an agreement with the non-controlling shareholders of its Hanpower Co. Ltd ("Hanpower") subsidiary to purchase an additional 15.0% of the shares in 2020 and another 15.0% of the shares in 2025.
Retained earnings
| £ Millions | 2018 | 2017 |
| Balance at 1 January | 89.6 | 75.4 |
| Changes in accounting policy | 0.4 | – |
| Dividend paid | (15.3) | (14.0) |
| Profit for the year | 30.2 | 28.3 |
| Loss on treasury shares | (0.3) | (0.1) |
| Balance at 31 December | 104.6 | 89.6 |