Document and Entity Information
Document and Entity Information | 6 Months Ended |
Dec. 31, 2019 | |
Document Information [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Entity Registrant Name | Endava plc |
Entity Central Index Key | 0001656081 |
Current Fiscal Year End Date | --06-30 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - GBP (£) £ in Thousands | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Profit or loss [abstract] | ||
REVENUE | £ 168,252 | £ 138,248 |
Cost of sales | ||
Direct cost of sales | (122,592) | (83,026) |
Allocated cost of sales | (8,311) | (7,305) |
Total cost of sales | (130,903) | (90,331) |
GROSS PROFIT | 37,349 | 47,917 |
Selling, general and administrative expenses | (36,480) | (31,008) |
OPERATING PROFIT | 869 | 16,909 |
Net finance expense | (2,871) | (4,860) |
Gain on sale of subsidiary | 2,215 | 0 |
PROFIT BEFORE TAX | 213 | 12,049 |
Tax on profit on ordinary activities | 483 | (2,584) |
PROFIT FOR THE PERIOD | 696 | 9,465 |
Items that may be reclassified subsequently to profit or loss: | ||
Exchange differences on translating foreign operations | (4,385) | 662 |
Total comprehensive income for the period | £ (3,689) | £ 10,127 |
EARNINGS PER SHARE: | ||
Weighted average number of shares outstanding - Basic (in shares) | 52,848,507 | 48,859,382 |
Weighted average number of shares outstanding - Diluted (in shares) | 55,663,120 | 54,454,333 |
Basic EPS (in gbp per share) | £ 0.01 | £ 0.19 |
Diluted EPS (in gbp per share) | £ 0.01 | £ 0.17 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - GBP (£) £ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
ASSETS - NON-CURRENT | ||
Goodwill | £ 59,467 | £ 36,760 |
Intangible assets | 31,478 | 28,910 |
Property, plant and equipment | 11,776 | 10,579 |
Lease right-of-use assets | 49,109 | |
Financial assets | 881 | 0 |
Deferred tax assets | 11,447 | 9,550 |
TOTAL | 164,158 | 85,799 |
ASSETS - CURRENT | ||
Trade and other receivables | 74,251 | 65,917 |
Corporation tax receivable | 4,171 | 790 |
Financial assets | 592 | 0 |
Cash and cash equivalents | 78,975 | 70,172 |
TOTAL | 157,989 | 136,879 |
TOTAL ASSETS | 322,147 | 222,678 |
LIABILITIES - CURRENT | ||
Borrowings | 954 | 21 |
Lease liabilities | 10,489 | |
Trade and other payables | 72,511 | 48,502 |
Corporation tax payable | 983 | 2,920 |
Contingent consideration | 1,131 | 1,244 |
Deferred consideration | 1,707 | 1,516 |
TOTAL | 87,775 | 54,203 |
LIABILITIES - NON CURRENT | ||
Lease liabilities | 39,545 | |
Deferred consideration | 1,901 | 0 |
Deferred tax liabilities | 2,837 | 2,033 |
Other liabilities | 108 | 113 |
TOTAL | 44,391 | 2,146 |
EQUITY | ||
Share capital | 1,095 | 1,089 |
Share premium | 20,278 | 17,271 |
Merger relief reserve | 4,430 | 4,430 |
Retained earnings | 156,313 | 146,963 |
Other reserves | 9,548 | (1,577) |
Investment in own shares | (1,683) | (1,847) |
TOTAL | 189,981 | 166,329 |
TOTAL LIABILITIES AND EQUITY | £ 322,147 | £ 222,678 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Equity (Unaudited) - GBP (£) £ in Thousands | Total | Share capital | Share premium | Merger relief reserve | Investment in own shares | Retained earnings | Capital redemption reserve | Other reserves | Foreign exchange translation reserve |
Beginning balance (Restated) at Jun. 30, 2018 | £ 69,564 | £ 996 | £ 2,678 | £ 4,430 | £ (2,275) | £ 59,325 | £ 161 | £ 0 | £ 4,249 |
Beginning balance at Jun. 30, 2018 | 69,499 | 996 | 2,678 | 4,430 | (2,275) | 59,260 | 161 | 0 | 4,249 |
Hyperinflation adjustment | 28 | 28 | |||||||
Equity-settled share-based payment transactions | 5,138 | 5,138 | |||||||
Issuance of new shares | 46,001 | 65 | 45,936 | ||||||
Issuance of shares related to acquisition | 17,732 | 17,732 | |||||||
Transaction with owners | 68,899 | 65 | 45,936 | 5,166 | 17,732 | ||||
Profit for the period | 9,465 | 9,465 | |||||||
Other comprehensive income | 662 | 662 | |||||||
Total comprehensive income for the period | 10,127 | 9,465 | 662 | ||||||
Ending balance at Dec. 31, 2018 | 148,590 | 1,061 | 48,614 | 4,430 | (2,275) | 73,956 | 161 | 17,732 | 4,911 |
Beginning balance (Restated) at Jun. 30, 2019 | 167,061 | 1,089 | 17,271 | 4,430 | (1,847) | 147,695 | 161 | 0 | (1,738) |
Beginning balance (Impact of transition to IFRS 16) at Jun. 30, 2019 | 732 | 732 | |||||||
Beginning balance at Jun. 30, 2019 | 166,329 | 1,089 | 17,271 | 4,430 | (1,847) | 146,963 | 161 | 0 | (1,738) |
Hyperinflation adjustment | (22) | (22) | |||||||
Equity-settled share-based payment transactions | 8,058 | 8,058 | |||||||
Issuance of shares related to acquisition | 3,847 | 2 | 2,998 | 847 | |||||
Transaction with owners | 26,609 | 6 | 3,007 | 164 | 7,922 | 15,510 | |||
Profit for the period | 696 | 696 | |||||||
Other comprehensive income | (4,385) | (4,385) | |||||||
Total comprehensive income for the period | (3,689) | 696 | (4,385) | ||||||
Sale of shares (EBT) | 14,798 | 135 | 14,663 | ||||||
Exercise of options | (72) | 4 | 9 | 29 | (114) | ||||
Ending balance at Dec. 31, 2019 | £ 189,981 | £ 1,095 | £ 20,278 | £ 4,430 | £ (1,683) | £ 156,313 | £ 161 | £ 15,510 | £ (6,123) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - GBP (£) £ in Thousands | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | ||
Profit for the period | £ 696 | £ 9,465 |
Income tax charge | (483) | 2,584 |
Non-cash adjustments | 15,886 | 13,305 |
Tax paid | (3,535) | (2,911) |
Net changes in working capital | 13,936 | (10,778) |
Net cash from operating activities | 26,500 | 11,665 |
INVESTING ACTIVITIES | ||
Purchase of non-current assets (tangibles and intangibles) | (5,830) | (3,964) |
Proceeds from disposal of non-current assets | 120 | 25 |
Acquisition of business / subsidiaries | (27,061) | 0 |
Proceeds from sale of subsidiary, net of cash disposed of | 2,744 | 0 |
Cash and cash equivalents acquired with subsidiaries | 3,289 | 0 |
Interest received | 353 | 126 |
Net cash used in investing activities | (26,385) | (3,813) |
FINANCING ACTIVITIES | ||
Proceeds from sublease | 302 | 3,500 |
Repayment of borrowings | (9) | (23,526) |
Repayment of lease liabilities | (4,569) | |
Interest paid | (375) | (222) |
Grant received | 661 | 1,784 |
Net proceeds from initial public offering | 14,797 | 44,828 |
Issue of shares | 9 | 0 |
Net cash from financing activities | 10,816 | 26,364 |
Net change in cash and cash equivalents | 10,931 | 34,216 |
Cash and cash equivalents at the beginning of the period | 70,172 | 15,048 |
Exchange differences on cash and cash equivalents | (2,128) | 1,780 |
Cash and cash equivalents at the end of the period | £ 78,975 | £ 51,044 |
General Information
General Information | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of general information about financial statements [Abstract] | |
General Information | General Information Reporting Entity Endava plc ("Endava" or the “Company” and, together with its subsidiaries, the “Group” and each a “Group Entity”) is domiciled in London, United Kingdom. The address of the Company’s registered office is 125 Old Broad Street, London, EC2N 1AR. The Group is a next-generation technology services provider with expertise spanning the ideation-to-production spectrum across three broad solution areas - Digital Evolution, Agile Transformation and Automation. These unaudited condensed consolidated financial statements incorporate the financial statements of the Group and entities controlled by the Group as of and for the six months ended December 31, 2019. These condensed financial statements were authorised for issue by the Company's Board of Directors on March 30, 2020. |
Application of New and Revised
Application of New and Revised International Financial Reporting Standards ("IFRSs") | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] | |
Application of New and Revised International Financial Reporting Standards | Application of New and Revised International Financial Reporting Standards (“IFRSs”) Effective July 1, 2019, the Group applied, for the first time, IFRS 16 "Leases". As required by IAS 34 "Interim Financial Reporting", the nature and effect of these changes are disclosed below. Several other amendments and interpretations apply for the first time in fiscal year 2020, but do not have an impact on these unaudited condensed consolidated financial statements. IFRS 16 - Leases ("IFRS 16") IFRS 16 requires lessees to recognise all leases with a lease term of greater than 12 months in the balance sheet by recognising a right of use asset and a corresponding financial liability to the lessor based on the present value of future lease payments. The new standard also eliminates the distinction between operating and finance leases. Endava has adopted IFRS 16 effective July 1, 2019 on a modified retrospective basis. Under this transition method, comparative periods are not required to be restated. Instead the cumulative impact of applying IFRS 16 is accounted for as an adjustment to equity at the start of the current accounting period in which IFRS 16 is first applied. On July 1, 2019, the Company recognised a right-of-use asset of £41.0 million and a financial liability of £40.2 million . The change in accounting policy also affected the following items in the balance sheet on 1 July 2019: • Prepayments - decrease by £0.8 million ; • Accruals - decrease by £0.7 million ; The net impact on retained earnings on 1 July 2019 was an increase of £0.7 million . The Group does not anticipate that adoption of the following IFRSs will have a significant effect on the Group’s consolidated financial statements and related disclosures. Effective for annual periods beginning on or after 1 January 2019: • IFRIC 23 - Uncertainty over Income Tax Treatments • Amendments to IFRS 9 - Financial Instruments - Prepayment Features with Negative Compensation • Amendments to IAS 28 - Investments in Associates and Joint Ventures - Long-term Interest in Associates and Joint Ventures • Amendments to IAS 19 - Employee Benefits - Plan Amendment, Curtailment or Settlement • Annual Improvements to IFRS 2015 - 2017 Cycle Effective for annual periods beginning on or after January 2020: • Amendments to References to the Conceptual Framework in IFRS Standards • Amendments to IFRS 3 Business Combinations • Amendments to IAS 1 and IAS 8 Definition of Material Effective for annual periods beginning on or after January 2021: • IFRS 17 - Insurance Contracts |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of significant accounting policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies a. Statement of compliance These unaudited condensed consolidated financial statements have been prepared on the basis of accounting policies consistent with those applied in the consolidated financial statements and notes thereto for the year ended June 30, 2019 contained in the Group's Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") on September 25, 2019 (File No. 001-38607). The principal accounting policies adopted by the Group in the preparation of the condensed consolidated financial statements are set out below. b. Basis of Preparation These condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, and should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended June 30, 2019. These condensed consolidated financial statements do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual consolidated financial statements. c. Functional and Presentation Currency The unaudited condensed consolidated financial statements are presented in British Pound Sterling (“Sterling”), which is the Company’s functional currency. All financial information presented in Sterling has been rounded to the nearest thousand, except when otherwise indicated. d. Use of Estimates and Judgments The preparation of condensed consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts for assets, liabilities, income and expenses. Actual result may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. A key area involving estimates and judgment in the six months ended December 31, 2019 relates to the application of IFRS 16, which is described in Note 2. e. Going concern The Board has reviewed the Group’s business plan and forecasts for a period at least 12 months from the date these financial statements were authorised for issue. This review took into consideration facilities available to the Group, including the extension of the Group’s revolving credit facility and the available cash from the initial public offering. As a result of such review, the Board believes that the Group has adequate resources to continue operations for the foreseeable future, being at least 12 months from the date on which these financial statements were authorised, and accordingly continue to adopt the going concern basis in preparing the condensed consolidated financial statements. f. Basis of Consolidation (i) Business combinations Business acquisitions are accounted for using the acquisition method. The results of businesses acquired in a business combination are included in the consolidated financial statements from the date of the acquisition. Purchase accounting results in assets and liabilities of an acquired business being recorded at their estimated fair values on the acquisition date. Any excess consideration over the fair value of assets acquired and liabilities assumed is recognized as goodwill. The Group performs valuations of assets acquired and liabilities assumed on each acquisition accounted for as a business combination and allocates the purchase price to the tangible and intangible assets acquired and liabilities assumed based on management’s best estimate of fair value. The Group determines the appropriate useful life of intangible assets with a definite life by performing an analysis of cash flows based on historical experience of the acquired business. Intangible assets are amortized over their estimated useful lives based on the pattern in which the economic benefits associated with the asset are expected to be consumed, which to date has approximated the straight-line method of amortisation. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not re-measured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of contingent consideration are recognised in profit and loss. Transaction costs associated with business combinations are expensed as incurred and are included in selling, general and administrative expenses. (ii) Subsidiaries Subsidiaries are entities controlled by the Company. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. (iii) Transactions eliminated on consolidation All transactions and balances between Group Entities are eliminated on consolidation, including unrealized gains and losses on transactions between Group Entities. Where unrealized losses on intra-Group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. g. Revenue The Group generates revenue primarily from the provision of its services and recognises revenue in accordance with IFRS 15. Revenue is measured at fair value of the consideration received, excluding discounts, rebates, taxes and duties. The Group’s services are generally performed under time and material based contracts (where materials consist of travel and out-of-pocket expenses), fixed price contracts and managed service contracts. With respect to all types of contracts, revenue is only recognised when (i) the amount of revenue can be estimated reliably, (ii) it is probable that there will be a flow of economic benefits and (iii) any costs incurred are expected to be recoverable. Anticipated profit margins on contracts are reviewed monthly and, should it be deemed probable that a contract will be unprofitable, any foreseeable loss would be immediately recognized in full and provision would be made to cover the lower of the cost of fulfilling the contact and the cost of exiting the contract. |
Operating Segment Analysis
Operating Segment Analysis | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of entity's operating segments [Abstract] | |
Operating Segment Analysis | Operating Segment Analysis Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in deciding on how to allocate resources and in assessing performance. The CODM is considered to be the Group’s chief executive officer (“CEO”). The CEO reviews financial information presented on a Group level basis for purposes of making operating decisions and assessing financial performance. Therefore, the Group has determined that it operates in a single operating and reportable segment. |
Revenue
Revenue | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of revenue from contracts with customers [Abstract] | |
Revenue | Revenue Revenue is analysed into the following geographical split, based on where the service is being delivered to: Six months Ended 31 December 2019 2018 UK 76,524 61,703 North America 47,177 37,677 Europe 40,910 38,868 Rest of the world 3,641 — Total 168,252 138,248 |
Particulars of Employees
Particulars of Employees | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of additional information [Abstract] | |
Particulars of Employees | Particulars of Employees Six Months Ended 31 December 2019 2018 The average number of staff employed by the group during the period: Number of operational staff 5,405 4,726 Number of administrative staff 571 473 Number of management staff 8 7 Total 5,984 5,206 |
Tax on Profit on Ordinary Activ
Tax on Profit on Ordinary Activities | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of income tax [Abstract] | |
Tax on Profit on Ordinary Activities | Tax on Profit on Ordinary Activities Six Months Ended 31 December 2019 £’000 2018 £’000 Current tax (483 ) 2,584 Tax for the six months ended 31 December 2019 is charged using the Group’s best estimate of the average annual effective rate expected for the full year applied to the profit before tax of the six month period plus the impact of any one off tax items arising in the period. The resulting effective rate for the six months ended 31 December 2019 is (226.8)% (six months ended 31 December 2018: 21.4% ). |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of earnings per share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share Basic EPS is calculated by dividing the profit for the period attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the period. Six Months Ended 31 December 2019 £’000 2018 £’000 Profit for the period attributable to equity holders of the Company 696 9,465 Six Months Ended 31 December 2019 2018 Weighted average number of shares outstanding 52,848,507 48,859,382 Earnings per share - basic (£) 0.01 0.19 Diluted earnings per share Diluted EPS is calculated by dividing the profit for the period attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of shares that would be issued if all dilutive potential ordinary shares were converted into ordinary shares. In accordance with IAS 33 "Earnings Per Share", the dilutive earnings per share are without reference to adjustments in respect of outstanding shares when the impact would be anti-dilutive. Six Months Ended 31 December 2019 £’000 2018 £’000 Profit for the period attributable to equity holders of the Company 696 9,465 Six Months Ended 31 December 2019 2018 Weighted average number of shares outstanding 52,848,507 48,859,382 Diluted by: options in issue and contingently issuable shares 2,814,613 5,594,951 Weighted average number of shares outstanding (diluted) 55,663,120 54,454,333 Earnings per share - diluted (£) 0.01 0.17 |
Cash Flow Adjustments and Chang
Cash Flow Adjustments and Changes in Working Capital | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of cash flow statement [Abstract] | |
Cash Flow Adjustments and Changes in Working Capital | Cash Flow Adjustments and Changes in Working Capital Six Months Ended December 31 Non-cash adjustments 2019 £’000 2018 £’000 Depreciation and amortisation 8,743 3,917 Interest income (353 ) (126 ) Interest expense 865 222 Foreign exchange (gain)/loss 3,529 (638 ) Grant income (376 ) (431 ) Research and development tax credit (800 ) (540 ) Share based payment expense 6,996 5,010 Fair value movement on equity consideration — 5,917 Hyperinflation (22 ) (13 ) Gain on sale of subsidiary (2,215 ) — Gain on sublease recognition (498 ) — Sublease discount unwind (3 ) — (Gain)/loss from disposal of non-current assets 20 (13 ) Total non-cash adjustments 15,886 13,305 Six Months Ended 31 December Net changes in working capital 2019 £’000 2018 £’000 (Increase) / Decrease in trade and other receivables (8,948 ) (11,772 ) Increase / (Decrease) in trade and other payables 22,884 994 Total changes in working capital 13,936 (10,778 ) |
Acquisitions of Subsidiaries
Acquisitions of Subsidiaries | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about business combination [abstract] | |
Acquisitions of Subsidiaries | Acquisitions of Subsidiaries On November 1, 2019, Endava acquired all of the issued share capital of Intuitus Limited ("Intuitus"), headquartered in Edinburgh, Scotland. Intuitus is a leading independent provider of information technology due diligence and other technology advisory services to private equity clients. The accounting for the Intuitus acquisition was considered provisional as at December 31, 2019. Therefore, the fair value of the acquired intangible assets and goodwill will be adjusted when the acquisition accounting is finalised not later than12 months following the acquisition date. On December 17, 2019, Endava acquired all of the issued share capital of Exozet GmbH ("Exozet"), headquartered in Berlin, Germany. Exozet is a leading German digital agency delivering digital transformation from ideation to production using agile development. The accounting for the Intuitus acquisition was considered provisional as at December 31, 2019. Since the timing of the acquisition was towards the end of the reporting period, and the purchase price allocation calculation only commenced in January 2020, the fair value of acquired intangible assets are included in the amount initially recorded as goodwill. The aggregate cash paid on acquisition date for Intuitus and Exozet was £25.5 million . |
Disposal of Endava Technology S
Disposal of Endava Technology SRL ("the Captive") | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of interests in other entities [Abstract] | |
Disposal of Endava Technology SRL | Disposal of Endava Technology SRL ("the Captive") Pursuant to an agreement entered into with Worldpay in November 2016, Endava granted Worldpay an option to acquire a captive Romanian subsidiary that Endava created and staffed for Worldpay. On June 1, 2019, Endava entered into an agreement to sell the captive to Worldpay and to terminate the option and transfer agreement. On August 31, 2019 the transaction was completed and the employees of the Captive became employees of Worldpay. Endava has agreed to provide Worldpay certain transition services under a Transition Services Agreement between Endava and Worldpay, which remains in place following the closing of the sale of the Captive. The aggregate selling price of the Captive was £3.6 million . |
Revolving Credit Facility
Revolving Credit Facility | 6 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Revolving Credit Facility | Revolving Credit Facility On October 12, 2019, Endava entered into a new multicurrency revolving credit facility with HSBC Bank plc, as agent, and HSBC UK Bank plc, DNB (UK) Limited, Keybank National Association and Silicon Valley Bank as mandated lead arrangers, bookrunners and original lenders. The Multicurrency Revolving Credit Facility is an unsecured revolving credit facility in the amount of £200 million with an initial term of three years , and it replaced the prior £50 million secured facility with HSBC UK Bank Plc. The Multicurrency Revolving Credit Facility also provides for uncommitted accordion options of up to an aggregate of £75 million in additional borrowing. The Multicurrency Revolving Credit Facility is intended to support Endava's future capital investments and development activities. |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of share-based payment arrangements [Abstract] | |
Share-Based Payment Arrangements | Share-Based Payment Arrangements 2019 Equity Incentive Plan ("2019 EIP") On July 31, 2019, 508,447 options were granted to certain employees and executive officers and directors. The share-based awards were measured at grant date based on the fair value of the awards and compensation expense is recognised over a four -year vesting period. These awards have no exercise price. The weighted average remaining contractual life of the options granted pursuant to the 2019 EIPs is 4 years. 2018 Equity Incentive Plan ("2018 EIP") On July 26, 2018, 827,400 options were granted to certain employees and executive officers and directors. A further 36,000 options were granted on November 14, 2018. The share-based awards were measured at grant date based on the fair value of the awards and compensation expense is recognised over a four -year vesting period. These awards have no exercise price. The weighted average remaining contractual life of the options granted pursuant to the 2018 EIPs is 3 years. For the period ended December 31, 2019, there were 15,503 options forfeited (December 31, 2018: 1,200 options), 197,347 options exercised (December 31, 2018: nil ) and no options expired (December 31, 2018: nil ). At December 31, 2019, an aggregate of 1,080,441 share options remained outstanding under the 2018 and 2019 EIP plans (December 31, 2018: 862,200 options) with a nil exercise price. 2019 Sharesave Plan ("2019 Sharesave") On October 30, 2019, 267,411 options to purchase Class A ordinary shares were granted to employees who signed up to be participants of the 2019 Sharesave. Participation in the 2019 Sharesave requires employees to agree to make regular monthly contributions to an approved savings contract of three years . The weighted average remaining contractual life of the options is 3 years. 2018 Sharesave Plan ("2018 Sharesave") On November 1, 2018, 594,028 options to purchase Class A ordinary shares were granted to employees who signed up to be participants of the 2018 Sharesave. Participation in the 2018 Sharesave requires employees to agree to make regular monthly contributions to an approved savings contract of three years . The weighted average remaining contractual life of the options is 2 years. For the period ended December 31, 2019, there were 38,961 options forfeited (December 31, 2018: 4,928 options), no options exercised or expired (December 31, 2018: nil ). At December 31, 2019, an aggregate of 788,619 share options remained outstanding (December 31, 2018: 589,100 options) under the 2018 and 2019 Sharesave. The fair values were determined using the following inputs and models to the Black-Scholes option pricing model: 2019 Sharesave 2018 Sharesave Exercise price $ 31.79 $ 24.87 Risk-free rate 2.91 % 2.91 % Expected volatility 36 % 36 % Expected dividends — — Fair value of option $ 16.51 $ 5.74 For the six months ended December 31, 2019, the Group recognised £7.0 million of share-based payment charge in respect of all the Group’s share option schemes (December 31, 2018: £5.01 million ). |
Employee Benefit Trust ("EBT")
Employee Benefit Trust ("EBT") Discretionary Bonus | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of employee benefits [Abstract] | |
Employee Benefit Trust Discretionary Bonus | Employee Benefit Trust ("EBT") Discretionary Bonus Endava declared a non-recurring, discretionary employee bonus of £27.7 million in December 2019. The Endava Limited Guernsey EBT funded the first tranche of the bonus through sale of Endava's Class A ordinary shares in November 2019. Gross proceeds from the first tranche were £14.8 million . The funding of the second tranche by the EBT is expected to occur during the second half of FY2020. As previously disclosed, the EBT, whose beneficiaries are the Company's employees, was holding certain Class A ordinary shares for sale in the event it decided to fund a discretionary cash bonus to employees. |
Coronavirus Pandemic Considerat
Coronavirus Pandemic Considerations | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of events after reporting period [Abstract] | |
Coronavirus Pandemic Considerations | Coronavirus pandemic considerations In December 2019, a novel strain of coronavirus disease (COVID-19) was reported in China. Since then, COVID-19 has spread globally. The spread of COVID-19 from China to other countries has resulted in the World Health Organization (WHO) characterizing the outbreak of COVID-19 a “pandemic,” or a worldwide spread of a new disease, on March 11, 2020. The ongoing COVID-19 outbreak has resulted in many countries around the world imposing lockdowns, shelter-in-place orders, quarantines, restrictions on travel and mass gatherings, including the cancellation of trade shows and other events, and the extended shutdown of non-essential businesses that cannot be conducted remotely. While the potential economic impact brought by, and the duration of, the COVID-19 pandemic is difficult to assess or predict, it has resulted in significant disruption of global financial markets. In light of the uncertain and rapidly evolving situation relating to the spread of coronavirus disease (COVID-19), the Group have taken temporary precautionary measures intended to help minimize the risk of the virus to our employees, our customers, and the communities in which we participate, which could negatively impact our business. As a company with employees, customers, partners and investors across the globe, we believe in upholding our company value of being good citizens by doing our part to help slow the spread of the virus. To this end, the Group have enabled all of its employees to work remotely in compliance with relevant government advice, have suspended all non-essential travel worldwide for its employees, are canceling or postponing company-sponsored events, employee attendance at industry events and in-person work-related meetings. Up to the date of this report, the COVID-19 pandemic has not had a material impact on the financial results of the Group. The board reviewed the financial health and liquidity position of the Group and concluded that even in a scenario with a significant downturn in revenues and no cost controls to offset, the Group has adequate resources to continue operations for the foreseeable future. They also reviewed the potential exposure to impacted industry sectors and concluded that this was limited. The Group does not expect material impairments of any assets as a result of the COVID-19 pandemic. Any potential impact, including market fluctuations caused by a foreign exchange volatility, on the Group’s business from the COVID-19 pandemic is closely monitored. The situation could change at anytime and there can be no assurance that the pandemic will not have a material adverse impact on the future operations and results of the Group. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of significant accounting policies [Abstract] | |
Application of New and Revised International Financial Reporting Standards | Application of New and Revised International Financial Reporting Standards (“IFRSs”) Effective July 1, 2019, the Group applied, for the first time, IFRS 16 "Leases". As required by IAS 34 "Interim Financial Reporting", the nature and effect of these changes are disclosed below. Several other amendments and interpretations apply for the first time in fiscal year 2020, but do not have an impact on these unaudited condensed consolidated financial statements. IFRS 16 - Leases ("IFRS 16") IFRS 16 requires lessees to recognise all leases with a lease term of greater than 12 months in the balance sheet by recognising a right of use asset and a corresponding financial liability to the lessor based on the present value of future lease payments. The new standard also eliminates the distinction between operating and finance leases. Endava has adopted IFRS 16 effective July 1, 2019 on a modified retrospective basis. Under this transition method, comparative periods are not required to be restated. Instead the cumulative impact of applying IFRS 16 is accounted for as an adjustment to equity at the start of the current accounting period in which IFRS 16 is first applied. On July 1, 2019, the Company recognised a right-of-use asset of £41.0 million and a financial liability of £40.2 million . The change in accounting policy also affected the following items in the balance sheet on 1 July 2019: • Prepayments - decrease by £0.8 million ; • Accruals - decrease by £0.7 million ; The net impact on retained earnings on 1 July 2019 was an increase of £0.7 million . The Group does not anticipate that adoption of the following IFRSs will have a significant effect on the Group’s consolidated financial statements and related disclosures. Effective for annual periods beginning on or after 1 January 2019: • IFRIC 23 - Uncertainty over Income Tax Treatments • Amendments to IFRS 9 - Financial Instruments - Prepayment Features with Negative Compensation • Amendments to IAS 28 - Investments in Associates and Joint Ventures - Long-term Interest in Associates and Joint Ventures • Amendments to IAS 19 - Employee Benefits - Plan Amendment, Curtailment or Settlement • Annual Improvements to IFRS 2015 - 2017 Cycle Effective for annual periods beginning on or after January 2020: • Amendments to References to the Conceptual Framework in IFRS Standards • Amendments to IFRS 3 Business Combinations • Amendments to IAS 1 and IAS 8 Definition of Material Effective for annual periods beginning on or after January 2021: • IFRS 17 - Insurance Contracts |
Statement of Compliance | Statement of compliance These unaudited condensed consolidated financial statements have been prepared on the basis of accounting policies consistent with those applied in the consolidated financial statements and notes thereto for the year ended June 30, 2019 contained in the Group's Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") on September 25, 2019 (File No. 001-38607). The principal accounting policies adopted by the Group in the preparation of the condensed consolidated financial statements are set out below. |
Basis of Preparation | Basis of Preparation These condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, and should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended June 30, 2019. These condensed consolidated financial statements do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual consolidated financial statements. |
Functional and Presentation Currency | Functional and Presentation Currency The unaudited condensed consolidated financial statements are presented in British Pound Sterling (“Sterling”), which is the Company’s functional currency. All financial information presented in Sterling has been rounded to the nearest thousand, except when otherwise indicated. |
Use of Estimates and Judgments | Use of Estimates and Judgments The preparation of condensed consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts for assets, liabilities, income and expenses. Actual result may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. A key area involving estimates and judgment in the six months ended December 31, 2019 relates to the application of IFRS 16, which is described in Note 2. |
Going Concern | Going concern The Board has reviewed the Group’s business plan and forecasts for a period at least 12 months from the date these financial statements were authorised for issue. This review took into consideration facilities available to the Group, including the extension of the Group’s revolving credit facility and the available cash from the initial public offering. As a result of such review, the Board believes that the Group has adequate resources to continue operations for the foreseeable future, being at least 12 months from the date on which these financial statements were authorised, and accordingly continue to adopt the going concern basis in preparing the condensed consolidated financial statements. |
Basis of Consolidation | Basis of Consolidation (i) Business combinations Business acquisitions are accounted for using the acquisition method. The results of businesses acquired in a business combination are included in the consolidated financial statements from the date of the acquisition. Purchase accounting results in assets and liabilities of an acquired business being recorded at their estimated fair values on the acquisition date. Any excess consideration over the fair value of assets acquired and liabilities assumed is recognized as goodwill. The Group performs valuations of assets acquired and liabilities assumed on each acquisition accounted for as a business combination and allocates the purchase price to the tangible and intangible assets acquired and liabilities assumed based on management’s best estimate of fair value. The Group determines the appropriate useful life of intangible assets with a definite life by performing an analysis of cash flows based on historical experience of the acquired business. Intangible assets are amortized over their estimated useful lives based on the pattern in which the economic benefits associated with the asset are expected to be consumed, which to date has approximated the straight-line method of amortisation. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not re-measured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of contingent consideration are recognised in profit and loss. Transaction costs associated with business combinations are expensed as incurred and are included in selling, general and administrative expenses. (ii) Subsidiaries Subsidiaries are entities controlled by the Company. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. (iii) Transactions eliminated on consolidation All transactions and balances between Group Entities are eliminated on consolidation, including unrealized gains and losses on transactions between Group Entities. Where unrealized losses on intra-Group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. |
Revenue | Revenue The Group generates revenue primarily from the provision of its services and recognises revenue in accordance with IFRS 15. Revenue is measured at fair value of the consideration received, excluding discounts, rebates, taxes and duties. The Group’s services are generally performed under time and material based contracts (where materials consist of travel and out-of-pocket expenses), fixed price contracts and managed service contracts. With respect to all types of contracts, revenue is only recognised when (i) the amount of revenue can be estimated reliably, (ii) it is probable that there will be a flow of economic benefits and (iii) any costs incurred are expected to be recoverable. Anticipated profit margins on contracts are reviewed monthly and, should it be deemed probable that a contract will be unprofitable, any foreseeable loss would be immediately recognized in full and provision would be made to cover the lower of the cost of fulfilling the contact and the cost of exiting the contract. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of revenue from contracts with customers [Abstract] | |
Summary of revenue | Revenue is analysed into the following geographical split, based on where the service is being delivered to: Six months Ended 31 December 2019 2018 UK 76,524 61,703 North America 47,177 37,677 Europe 40,910 38,868 Rest of the world 3,641 — Total 168,252 138,248 |
Particulars of Employees (Table
Particulars of Employees (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of additional information [Abstract] | |
Number of operational staff | Six Months Ended 31 December 2019 2018 The average number of staff employed by the group during the period: Number of operational staff 5,405 4,726 Number of administrative staff 571 473 Number of management staff 8 7 Total 5,984 5,206 |
Tax on Profit on Ordinary Act_2
Tax on Profit on Ordinary Activities (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of income tax [Abstract] | |
Summary of current tax | Six Months Ended 31 December 2019 £’000 2018 £’000 Current tax (483 ) 2,584 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of earnings per share [Abstract] | |
Schedule of earnings per share | Six Months Ended 31 December 2019 £’000 2018 £’000 Profit for the period attributable to equity holders of the Company 696 9,465 Six Months Ended 31 December 2019 2018 Weighted average number of shares outstanding 52,848,507 48,859,382 Diluted by: options in issue and contingently issuable shares 2,814,613 5,594,951 Weighted average number of shares outstanding (diluted) 55,663,120 54,454,333 Earnings per share - diluted (£) 0.01 0.17 Basic EPS is calculated by dividing the profit for the period attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the period. Six Months Ended 31 December 2019 £’000 2018 £’000 Profit for the period attributable to equity holders of the Company 696 9,465 Six Months Ended 31 December 2019 2018 Weighted average number of shares outstanding 52,848,507 48,859,382 Earnings per share - basic (£) 0.01 0.19 |
Cash Flow Adjustments and Cha_2
Cash Flow Adjustments and Changes in Working Capital (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of cash flow statement [Abstract] | |
Schedule of cash flow statement adjustments | Six Months Ended December 31 Non-cash adjustments 2019 £’000 2018 £’000 Depreciation and amortisation 8,743 3,917 Interest income (353 ) (126 ) Interest expense 865 222 Foreign exchange (gain)/loss 3,529 (638 ) Grant income (376 ) (431 ) Research and development tax credit (800 ) (540 ) Share based payment expense 6,996 5,010 Fair value movement on equity consideration — 5,917 Hyperinflation (22 ) (13 ) Gain on sale of subsidiary (2,215 ) — Gain on sublease recognition (498 ) — Sublease discount unwind (3 ) — (Gain)/loss from disposal of non-current assets 20 (13 ) Total non-cash adjustments 15,886 13,305 Six Months Ended 31 December Net changes in working capital 2019 £’000 2018 £’000 (Increase) / Decrease in trade and other receivables (8,948 ) (11,772 ) Increase / (Decrease) in trade and other payables 22,884 994 Total changes in working capital 13,936 (10,778 ) |
Share-Based Payment Arrangeme_2
Share-Based Payment Arrangements (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure of share-based payment arrangements [Abstract] | |
Summary of valuation inputs | The fair values were determined using the following inputs and models to the Black-Scholes option pricing model: 2019 Sharesave 2018 Sharesave Exercise price $ 31.79 $ 24.87 Risk-free rate 2.91 % 2.91 % Expected volatility 36 % 36 % Expected dividends — — Fair value of option $ 16.51 $ 5.74 |
General Information (Details)
General Information (Details) | 6 Months Ended |
Dec. 31, 2019solution_area | |
Disclosure of general information about financial statements [Abstract] | |
Number of solution areas | 3 |
Application of New and Revise_2
Application of New and Revised International Financial Reporting Standards ("IFRSs") (Details) - GBP (£) £ in Thousands | Dec. 31, 2019 | Jul. 01, 2019 | Jun. 30, 2019 |
Disclosure of initial application of standards or interpretations [line items] | |||
Lease right-of-use assets | £ 49,109 | ||
Increase in retained earnings | £ 156,313 | £ 146,963 | |
IFRS 16 | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Lease right-of-use assets | £ 41,000 | ||
Lease liabilities | 40,200 | ||
Decrease in prepayments | 800 | ||
Decrease in accruals | 700 | ||
Increase in retained earnings | £ 700 |
Revenue (Details)
Revenue (Details) - GBP (£) £ in Thousands | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | £ 168,252 | £ 138,248 |
UK | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 76,524 | 61,703 |
North America | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 47,177 | 37,677 |
Europe | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 40,910 | 38,868 |
Rest of the world | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | £ 3,641 | £ 0 |
Particulars of Employees (Detai
Particulars of Employees (Details) - employee | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of additional information [Abstract] | ||
Number of operational staff | 5,405 | 4,726 |
Number of administrative staff | 571 | 473 |
Number of management staff | 8 | 7 |
Total | 5,984 | 5,206 |
Tax on Profit on Ordinary Act_3
Tax on Profit on Ordinary Activities (Current Tax) (Details) - GBP (£) £ in Thousands | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of income tax [Abstract] | ||
Current tax | £ (483) | £ 2,584 |
Tax on Profit on Ordinary Act_4
Tax on Profit on Ordinary Activities (Narrative) (Details) | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of income tax [Abstract] | ||
Effective tax rate | (226.80%) | 21.40% |
Earnings Per Share (Basic Earni
Earnings Per Share (Basic Earnings Per Share) (Details) - GBP (£) £ / shares in Units, £ in Thousands | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of earnings per share [Abstract] | ||
Profit for the period attributable to equity holders of the Company | £ 696 | £ 9,465 |
Weighted average number of shares outstanding (in shares) | 52,848,507 | 48,859,382 |
Earnings per share - basic (in gbp per share) | £ 0.01 | £ 0.19 |
Earnings Per Share (Diluted Ear
Earnings Per Share (Diluted Earnings Per Share) (Details) - GBP (£) £ / shares in Units, £ in Thousands | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of earnings per share [Abstract] | ||
Profit for the period attributable to equity holders of the Company | £ 696 | £ 9,465 |
Weighted average number of shares outstanding (in shares) | 52,848,507 | 48,859,382 |
Diluted by: options in issue and contingently issuable shares (in shares) | 2,814,613 | 5,594,951 |
Weighted average number of shares outstanding (diluted) (in shares) | 55,663,120 | 54,454,333 |
Earnings per share - diluted (in gbp per share) | £ 0.01 | £ 0.17 |
Cash Flow Adjustments and Cha_3
Cash Flow Adjustments and Changes in Working Capital (Details) - GBP (£) £ in Thousands | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Non-cash adjustments | ||
Depreciation and amortisation | £ 8,743 | £ 3,917 |
Interest income | (353) | (126) |
Interest expense | 865 | 222 |
Foreign exchange (gain)/loss | 3,529 | (638) |
Grant income | (376) | (431) |
Research and development tax credit | (800) | (540) |
Share based payment expense | 6,996 | 5,010 |
Fair value movement on equity consideration | 0 | 5,917 |
Hyperinflation | (22) | (13) |
Gain on sale of subsidiary | (2,215) | 0 |
Gain on sublease recognition | (498) | 0 |
Sublease discount unwind | (3) | 0 |
(Gain)/loss from disposal of non-current assets | 20 | (13) |
Total non-cash adjustments | 15,886 | 13,305 |
Net changes in working capital | ||
(Increase) / Decrease in trade and other receivables | (8,948) | (11,772) |
Increase / (Decrease) in trade and other payables | 22,884 | 994 |
Total changes in working capital | £ 13,936 | £ (10,778) |
Acquisitions of Subsidiaries (D
Acquisitions of Subsidiaries (Details) £ in Millions | Dec. 17, 2019GBP (£) |
Disclosure of detailed information about business combination [abstract] | |
Aggregate cash paid | £ 25.5 |
Disposal of Endava Technology_2
Disposal of Endava Technology SRL ("the Captive") (Details) £ in Millions | Aug. 31, 2019GBP (£) |
Disclosure of interests in other entities [Abstract] | |
Consideration received | £ 3.6 |
Revolving Credit Facility (Deta
Revolving Credit Facility (Details) - GBP (£) | Oct. 12, 2019 | Oct. 11, 2019 |
Multicurrency Revolving Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional amount | £ 200,000,000 | |
Initial term | 3 years | |
Secured Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional amount | £ 50,000,000 | |
Uncommitted Accordion Options | ||
Disclosure of detailed information about borrowings [line items] | ||
Notional amount | £ 75,000,000 |
Share-Based Payment Arrangeme_3
Share-Based Payment Arrangements (Narrative) (Details) £ / shares in Units, £ in Thousands | Oct. 30, 2019shares | Jul. 31, 2019shares£ / shares | Nov. 14, 2018shares£ / shares | Nov. 01, 2018shares | Jul. 16, 2018shares | Dec. 31, 2019GBP (£)shares£ / shares | Dec. 31, 2018GBP (£)shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share-based compensation | £ | £ 7,000 | £ 5,010 | |||||
2019 Equity Incentive Plan | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Options granted (in shares) | 508,447 | ||||||
Award vesting period | 4 years | ||||||
Weighted average exercise price of share options granted in share-based payment arrangement | £ / shares | £ 0 | ||||||
Weighted average remaining contractual life (in years) | 4 years | ||||||
2018 Equity Incentive Plan | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Options granted (in shares) | 36,000 | 827,400 | |||||
Award vesting period | 4 years | ||||||
Weighted average exercise price of share options granted in share-based payment arrangement | £ / shares | £ 0 | ||||||
Weighted average remaining contractual life (in years) | 3 years | ||||||
Options forfeited (in shares) | 15,503 | 1,200 | |||||
Options exercised (in shares) | 197,347 | 0 | |||||
Options expired (in shares) | 0 | 0 | |||||
Equity Incentive Plan | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Options outstanding (in shares) | 1,080,441 | 862,200 | |||||
Weighted average exercise price of share options outstanding in share-based payment arrangement | £ / shares | £ 0 | ||||||
2019 Sharesave | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Options granted (in shares) | 267,411 | ||||||
Weighted average remaining contractual life (in years) | 3 years | ||||||
Employee contribution period | 3 years | ||||||
2018 Sharesave | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Options granted (in shares) | 594,028 | ||||||
Weighted average remaining contractual life (in years) | 2 years | ||||||
Options forfeited (in shares) | 38,961 | 4,928 | |||||
Options exercised (in shares) | 0 | 0 | |||||
Options expired (in shares) | 0 | 0 | |||||
Employee contribution period | 3 years | ||||||
Sharesave Plan | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Options outstanding (in shares) | 788,619 | 589,100 |
Share-Based Payment Arrangeme_4
Share-Based Payment Arrangements (Valuation Inputs) (Details) | 6 Months Ended |
Dec. 31, 2019GBP (£)£ / shares | |
2019 Sharesave | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Exercise price (in gbp per share) | £ / shares | £ 31.79 |
Risk-free rate | 2.91% |
Expected volatility | 36.00% |
Expected dividends | 0.00% |
Fair value of option (in gbp per share) | £ | £ 16.51 |
2018 Sharesave | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Exercise price (in gbp per share) | £ / shares | £ 24.87 |
Risk-free rate | 2.91% |
Expected volatility | 36.00% |
Expected dividends | 0.00% |
Fair value of option (in gbp per share) | £ | £ 5.74 |
Employee Benefit Trust ("EBT"_2
Employee Benefit Trust ("EBT") Discretionary Bonus (Details) - GBP (£) £ in Thousands | 1 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Nov. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of classes of share capital [line items] | ||||
Employee bonus declared | £ 27,700 | |||
Proceeds from sale of shares | £ 14,797 | £ 44,828 | ||
Class A Ordinary Shares | ||||
Disclosure of classes of share capital [line items] | ||||
Proceeds from sale of shares | £ 14,800 |
Uncategorized Items - dava-2019
Label | Element | Value |
Adjustment For Hyperinflation | dava_AdjustmentForHyperinflation | £ 65,000 |
Retained earnings [member] | ||
Adjustment For Hyperinflation | dava_AdjustmentForHyperinflation | £ 65,000 |