Cover
Cover - £ / shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | ||
Document Type | 20-F | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Current Fiscal Year End Date | --06-30 | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity File Number | 001-38607 | |
Entity Registrant Name | ENDAVA PLC | |
Entity Address, Address Line One | 125 Old Broad Street | |
Entity Address, City or Town | London | |
Entity Address, Postal Zip Code | EC2N 1AR | |
Par value per share (in gbp per share) | £ 0.02 | £ 0.02 |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | true | |
Document Accounting Standard | International Financial Reporting Standards | |
Entity Shell Company | false | |
Entity Central Index Key | 0001656081 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | X0 | |
Entity Address, Country | GB | |
Business Contact | ||
Entity Information [Line Items] | ||
Entity Address, Address Line One | 125 Old Broad Street | |
Entity Address, City or Town | London | |
Entity Address, Postal Zip Code | EC2N 1AR | |
Contact Personnel Name | John Cotterell | |
Country Region | +44 | |
City Area Code | 20 | |
Local Phone Number | 7367 1000 | |
Entity Address, Country | GB | |
American depositary shares | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | American Depositary Shares, each representing the right to receive one Class A ordinary share, nominal value £0.02 per share | |
Trading Symbol | DAVA | |
Security Exchange Name | NYSE | |
Ordinary shares | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 57,750,989 | |
Class A ordinary shares | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class A ordinary shares, nominal value £0.02 per share* | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 41,810,877 | |
No Trading Symbol | true | |
Class B ordinary shares | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 15,940,112 |
Audit Information
Audit Information | 12 Months Ended |
Jun. 30, 2023 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 876 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Reading, United Kingdom |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Profit or loss [abstract] | |||
Revenue | £ 794,733 | £ 654,757 | £ 446,298 |
Cost of sales | |||
Direct cost of sales | (505,679) | (414,411) | (271,707) |
Allocated cost of sales | (24,977) | (22,415) | (20,412) |
Total cost of sales | (530,656) | (436,826) | (292,119) |
Gross profit | 264,077 | 217,931 | 154,179 |
Selling, general and administrative expenses | (150,300) | (121,808) | (90,623) |
Net impairment losses on financial assets | (932) | (739) | (4) |
Operating profit | 112,845 | 95,384 | 63,552 |
Finance expense | (14,826) | (3,142) | (9,305) |
Finance income | 16,144 | 10,137 | 121 |
Net finance income/(expense) | 1,318 | 6,995 | (9,184) |
Profit before tax | 114,163 | 102,379 | 54,368 |
Tax on profit on ordinary activities | (20,000) | (19,286) | (10,918) |
Profit for the year and profit attributable to the equity holders of the Company | 94,163 | 83,093 | 43,450 |
Items that may be reclassified subsequently to profit or loss: | |||
Exchange differences on translating foreign operations | (9,999) | 6,580 | (9,782) |
Total comprehensive income for the year attributable to the equity holders of the Company | £ 84,164 | £ 89,673 | £ 33,668 |
Earnings per share (EPS): | |||
Basic EPS (in gbp per share) | £ 1.64 | £ 1.48 | £ 0.79 |
Diluted EPS (in gbp per share) | £ 1.62 | £ 1.43 | £ 0.76 |
Weighted average number of shares outstanding - basic (in shares) | 57,314,839 | 56,272,036 | 55,220,298 |
Weighted average number of shares outstanding - diluted (in shares) | 58,082,388 | 58,018,200 | 57,050,613 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Assets - Non-current | ||
Goodwill | £ 240,818 | £ 145,916 |
Intangible assets | 66,216 | 56,189 |
Property, plant and equipment | 25,940 | 21,260 |
Lease right-of-use assets | 65,084 | 50,818 |
Deferred tax assets | 20,156 | 17,218 |
Financial assets and other receivables | 5,242 | 2,276 |
Total | 423,456 | 293,677 |
Assets - Current | ||
Trade and other receivables | 177,866 | 162,671 |
Corporation tax receivable | 4,042 | 2,309 |
Financial assets | 56 | 392 |
Cash and cash equivalents | 164,703 | 162,806 |
Total | 346,667 | 328,178 |
Total assets | 770,123 | 621,855 |
Liabilities - Current | ||
Lease liabilities | 14,573 | 11,898 |
Trade and other payables | 91,159 | 98,252 |
Corporation tax payable | 5,940 | 3,477 |
Contingent consideration | 7,650 | 4,183 |
Deferred consideration | 1,267 | 10,604 |
Total | 120,589 | 128,414 |
Liabilities - Non-current | ||
Lease liabilities | 54,441 | 43,999 |
Deferred tax liabilities | 14,623 | 10,826 |
Deferred consideration | 4,837 | 1,062 |
Contingent consideration | 3,809 | 4,331 |
Other liabilities | 516 | 500 |
Total | 78,226 | 60,718 |
Equity | ||
Share capital | 1,155 | 1,135 |
Share premium | 14,625 | 9,152 |
Merger relief reserve | 42,805 | 30,003 |
Retained earnings | 522,926 | 398,102 |
Other reserves | (10,176) | (5,514) |
Investment in own shares | (27) | (155) |
Total | 571,308 | 432,723 |
Total liabilities and equity | £ 770,123 | £ 621,855 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 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 at Jun. 30, 2020 | £ 232,098 | £ 1,099 | £ 221 | £ 25,527 | £ (1,341) | £ 210,409 | £ 161 | £ 0 | £ (3,978) |
Entity Information [Line Items] | |||||||||
Equity-settled share-based payment transactions - net of tax | 25,977 | 25,977 | |||||||
Issuance of shares related to acquisitions | 4,477 | 1 | 4,476 | ||||||
Exercise of options | 40 | 14 | 26 | 1,186 | (1,186) | ||||
Hyperinflation adjustment | 189 | 189 | |||||||
Transaction with owners | 30,683 | 15 | 26 | 4,476 | 1,186 | 24,980 | |||
Profit for the year | 43,450 | 43,450 | |||||||
Other comprehensive expense | (9,782) | (9,782) | |||||||
Total comprehensive income for the year attributable to the equity holders of the Company | 33,668 | 43,450 | (9,782) | ||||||
Ending balance at Jun. 30, 2021 | 296,449 | 1,114 | 247 | 30,003 | (155) | 278,839 | 161 | 0 | (13,760) |
Entity Information [Line Items] | |||||||||
Equity-settled share-based payment transactions - net of tax | 35,737 | 35,737 | |||||||
Issuance of shares related to acquisitions | 1,505 | 1,505 | |||||||
Exercise of options | 8,926 | 21 | 8,905 | ||||||
Hyperinflation adjustment | 433 | 433 | |||||||
Transaction with owners | 46,601 | 21 | 8,905 | 36,170 | 1,505 | ||||
Profit for the year | 83,093 | 83,093 | |||||||
Other comprehensive expense | 6,580 | 6,580 | |||||||
Total comprehensive income for the year attributable to the equity holders of the Company | 89,673 | 83,093 | 6,580 | ||||||
Ending balance at Jun. 30, 2022 | 432,723 | 1,135 | 9,152 | 30,003 | (155) | 398,102 | 161 | 1,505 | (7,180) |
Entity Information [Line Items] | |||||||||
Equity-settled share-based payment transactions - net of tax | 29,418 | 29,418 | |||||||
Issuance of shares related to acquisitions | 18,143 | 4 | 12,802 | 5,337 | |||||
Exercise of options | 5,578 | 16 | 5,473 | 128 | (39) | ||||
Hyperinflation adjustment | 1,282 | 1,282 | |||||||
Transaction with owners | 54,421 | 20 | 5,473 | 12,802 | 128 | 30,661 | 5,337 | ||
Profit for the year | 94,163 | 94,163 | |||||||
Other comprehensive expense | (9,999) | (9,999) | |||||||
Total comprehensive income for the year attributable to the equity holders of the Company | 84,164 | 94,163 | (9,999) | ||||||
Ending balance at Jun. 30, 2023 | £ 571,308 | £ 1,155 | £ 14,625 | £ 42,805 | £ (27) | £ 522,926 | £ 161 | £ 6,842 | £ (17,179) |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | |||
Profit for the year | £ 94,163 | £ 83,093 | £ 43,450 |
Income tax charge | 20,000 | 19,286 | 10,918 |
Non-cash adjustments | 49,165 | 53,799 | 54,850 |
Tax paid | (22,737) | (14,033) | (3,120) |
UK research and development credit received | 0 | 344 | 2,930 |
Net changes in working capital | (16,073) | (21,770) | (21,360) |
Net cash from operating activities | 124,518 | 120,719 | 87,668 |
Investing activities | |||
Purchase of non-current assets (tangibles and intangibles) | (13,674) | (13,967) | (5,429) |
Proceeds from disposal of non-current assets | 187 | 272 | 193 |
Payment for acquisition of subsidiary, net of cash acquired | (79,691) | (10,364) | (101,258) |
Other acquisition related settlements | (21,179) | 0 | 0 |
Interest received | 3,506 | 184 | 84 |
Net cash used in investing activities | (110,851) | (23,875) | (106,410) |
Financing activities | |||
Proceeds from sublease | 439 | 560 | 565 |
Repayment of lease liabilities | (13,488) | (13,805) | (11,828) |
Grant received | 494 | 139 | 228 |
Interest and debt financing costs paid | (4,011) | (885) | (911) |
Proceeds from exercise of options | 5,568 | 8,913 | 26 |
Net cash used in financing activities | (10,998) | (5,078) | (11,920) |
Net change in cash and cash equivalents | 2,669 | 91,766 | (30,662) |
Cash and cash equivalents at the beginning of the year | 162,806 | 69,884 | 101,327 |
Net foreign exchange differences | (772) | 1,156 | (781) |
Cash and cash equivalents at the end of the year | £ 164,703 | £ 162,806 | £ 69,884 |
General Information
General Information | 12 Months Ended |
Jun. 30, 2023 | |
General Information About Financial Statements [Abstract] | |
General Information | General Information Reporting Entity Endava plc (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’s expertise spans the entire ideation-to-production spectrum, creating value for our clients through creation of Product and Technology Strategies and Intelligent Digital Experiences, delivered via world-class engineering and through our broad technical capabilities. |
Application Of New and Revised
Application Of New and Revised International Financial Reporting Standards ("IFRS") | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Application of New and Revised International Financial Reporting Standards (IFRS) | Application Of New and Revised International Financial Reporting Standards (“IFRS”) The adoption of the following IFRS amendments did not have a material effect on the Group’s consolidated financial statements and related disclosures for the fiscal year ended 30 June 2023. Effective for annual periods beginning on or after January 2022: • Amendments to Annual Improvements to IFRS Standards 2018-2020 • Amendments to IFRS 3: Business Combinations • Amendments to IAS 16: Property, Plant and Equipment • Amendments to IAS 37: Provisions, Contingent Liabilities and Contingent Assets • Amendments to IAS 12: Income taxes - International Tax Reform—Pillar Two Model Rules The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. New and amended accounting standards that have been issued but are not yet effective The following new or amended standards and interpretations are applicable in future periods but are not expected to have a material impact on the Group’s consolidated financial statements and related disclosures. Effective for annual periods beginning on or after January 2023: • IFRS 17 - Insurance Contracts • Amendments to IFRS 17: Insurance contracts: Initial Application of IFRS 17 and IFRS 9 - Comparative Information • Amendments to IAS 1: Presentation of Financial Statements: Classification of Liabilities as Current or Non-current • Amendments to IAS 1: Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies • Amendments to IAS 8: Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates • Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction Effective for annual periods beginning on or after January 2024: • Amendment to IFRS 16: Subsequent measurement requirements for sale and leaseback transactions |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Significant Accounting Policies | Significant Accounting Policies A. Statement of Compliance The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were authorised for issue by the Board on 19 September 2023. B. Basis of Preparation The consolidated financial statements have been prepared on a historical cost basis, except where IFRS requires or permits fair value measurement. The principal accounting policies adopted by the Group in the preparation of the consolidated financial statements are set out below. C. Functional and Presentation Currency The 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. The functional currency of the Group's subsidiaries is typically the currency of the country in which they are domiciled. D. Use of Estimates and Judgments The preparation of 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 results 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. The key areas involving estimates and judgments that have the most significant effect on the amounts recognised in the consolidated financial statements, are as follows: Business Combinations Business combinations are accounted for using the acquisition method. The results of businesses acquired in a business combination are included in our consolidated financial statements from the date of the acquisition. The acquisition method requires the assets and the liabilities to be recorded at their fair value on the acquisition date. Any excess consideration over the fair value of assets acquired and liabilities assumed is recognised as goodwill. If the initial accounting for the business combination has not been completed by the end of the reporting period in which the business combination occurs, provisional amounts are reported to present information about facts and circumstances that existed as of the acquisition date. Once the measurement period ends, which in no case extends beyond one year from the acquisition date, revisions to the accounting for the business combination shall be accounted for in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. There is no complexity in identifying the different categories of intangible assets. We acquire businesses with similar profiles to the Group and the identifiable intangible assets are related to client relationships. Management applied significant judgement in estimating the fair value of the Lexicon and Mudbath client relationship intangible assets acquired, which required developing assumptions with respect to the timing and amounts of customer attrition rates and discount rates. For Lexicon, varying the customer attrition assumption by plus or minus 5% produces a spread of client relationship values that range by £0.4 million, and varying the discount factor by plus or minus 2.5% produces a spread of client relationship values that range by £1.9 million. For Mudbath, varying the client attrition assumption by plus or minus 5% produces a spread of client relationship values that range by £0.2 million, and varying the discount factor by plus or minus 2.5% produces a spread of client relationship values that range by £0.9 million. We note the ranges quoted above are not material, and management believes that reasonably possible changes to the inputs would not vary to the extent quoted above. As the acquisition accounting for DEK is provisional as at the balance sheet date, management estimated the fair value of the client relationships by applying an assumed client relationship fair value as a proportion of the total consideration transferred based on comparable historical acquisitions. Management applied judgement in determining the appropriate valuation method and assessing the comparability of historical acquisitions. Varying the historic benchmark of client relationship value as a proportion of consideration transferred by plus or minus 5% produces a spread of client relationship values that range by £5.7 million. Management expects to update the DEK client relationship fair value using a more detailed assessment as part of our normal process of finalising the acquisition accounting within the measurement period. Further detailed information in relation to business combinations is included in note 15 to the financial statements. The Group considers there to be no critical accounting judgments in the consolidated financial statements. E. Going Concern In accordance with IAS 1 ‘Presentation of financial statements’, and revised FRC (“Financial Reporting Council “) guidance on ‘risk management, internal control and related financial and business reporting’, the Directors have considered the funding and liquidity position of the Group and have assessed the Group’s ability to continue as a going concern for the foreseeable future. In doing so, the Directors have reviewed the Group’s budget and forecasts, and have taken into account all available information about the future for a period of at least, but not limited to, 12 months from the date of approval of these consolidated financial statements. The Group meets its day-to-day working capital requirements and medium-term funding requirements through its trading cash flows. At 30 June 2023, the Group had net assets of £571.3 million and net current assets of £226.1 million, of which £164.7 million was cash and cash equivalents. In addition, the Group has a currently unused revolving credit facility (RCF) of £350.0 million. The Directors have considered the business activities and the Group’s principal risks and uncertainties in the context of the current operating environment. This includes the associated risks with doing business in an environment with inflationary pressures and risk of recession increasing in certain markets. The Directors have reviewed liquidity and modelled cash flow projections to produce a baseline forecast scenario. The Directors have also considered sensitivities in respect of potential downside scenarios over and above the baseline scenario, and the mitigating actions available in concluding that the Group is able to continue in operation for a period of at least 12 months from the date of approval of these consolidated financial statements. The specific scenarios modelled include a downside scenario with a recession weakening the demand from July 2023 leading to a sequential revenue decline for three quarters, and a severe but plausible downside scenario with a more significant recession impact leading to a severe impact on sequential revenue growth for five quarters, followed by a gradual recovery. In the downside scenario, revenue over the forecast period is 23% lower than the baseline scenario and no mitigating actions over costs are taken by management. The closing cash balance at the end of the forecast period is £87.0 million lower than the baseline scenario, but remains positive throughout the forecast period, and no draw-down from the RCF would be required. In the severe but plausible downside scenario, revenue over the forecast period is 32% lower than the baseline scenario, and no cost mitigation measures are taken by management. The closing cash balance at the end of the forecast period is £146.0 million lower than the baseline scenario, but remains positive throughout the forecast period, and no draw-down from the RCF would be required. Throughout each of the scenarios considered, the Group’s cash position continues to remain strong throughout the forecast period. As noted above, the Group has an unused RCF of £350.0 million, funded by a group of banks. On the basis of the Group’s existing cash reserves and projections, the Directors do not expect to draw down on the RCF in the foreseeable future, even in the most severe scenario considered. As a result, given the strength of the underlying business performance, the level of cash in the business, and ability to manage the cost base as required, the Directors support the continued going concern assumption. The Directors remain vigilant and ready to implement mitigation action in the event of a downturn in demand or an impact on operations. The Directors are also not aware of any significant matters that are likely to occur outside the going concern period that could reasonably possibly impact the going concern conclusion. Having considered the outcome of these assessments, the Directors consider that the Group has adequate resources to continue in operation for the foreseeable future, being at least 12 months from the date of approval of these consolidated financial statements, and accordingly continue to adopt the going concern basis in preparing the consolidated financial statements. F. Basis of Consolidation The consolidated financial statements incorporate the financial statements of the Group and entities controlled by the Group made up to 30 June each year. (i) Business combinations Business combinations 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 recognised 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 by performing an analysis of cash flows based on historical experience of the acquired businesses. Intangible assets are amortised 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 and deferred consideration payable are 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. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the 'measurement period' (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Otherwise, subsequent changes in the fair value of deferred and contingent consideration payable are recognised in the statement of comprehensive income within finance expense or finance income. 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. G. Foreign Currency (i) Foreign currency balances and transactions Foreign currency transactions are translated into the functional currency of the applicable Group Entity, using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-measurement of monetary items denominated in foreign currency at period-end exchange rates are recognised in the statement of comprehensive income. Non- monetary items are not retranslated at period-end and are measured at historical cost (translated using the exchange rates at the transaction date), except for non-monetary items measured at fair value which are translated using the exchange rates at the date when fair value was determined. (ii) Foreign operations In the consolidated financial statements, all assets, liabilities and transactions of Group Entities with a functional currency other than Sterling are translated into Sterling upon consolidation. The functional currency of the entities in the Group has remained unchanged during the reporting period. On consolidation, assets and liabilities have been translated into Sterling at the closing rate at the reporting date. Goodwill and fair value adjustments arising on the acquisition of a foreign entity have been treated as assets and liabilities of the foreign entity and translated into Sterling at the closing rate. Income and expenses have been translated into Sterling at the average rate over the reporting period. Exchange differences are charged/credited to other comprehensive income and recognised in the currency translation reserve in equity. On disposal of a foreign operation, the related cumulative translation differences recognised in equity are reclassified to the statement of comprehensive income and are recognised as part of the gain or loss on disposal. Accounting standards are applied on the assumption that the value of money (the unit of measurement) is constant over time. However, when the rate of inflation is no longer negligible, a number of issues arise impacting the true and fair nature of the accounts of entities that prepare their financial statements on a historical cost basis. To address such issues, entities apply IAS 29 Financial Reporting in Hyperinflationary Economies from the beginning of the period in which the existence of hyperinflation is identified. Argentina was considered to be a hyperinflationary economy since July 1, 2018. The Group has recognised the effects of hyperinflation in its consolidated financial statements in every subsequent period. H. Financial Instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Financial Assets Initial recognition and measurement Financial assets are classified, at initial recognition, and subsequently measured at amortised cost, as fair value through other comprehensive income (OCI), or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: • Financial assets at amortised cost (debt instruments) • Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) • Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) • Financial assets at fair value through profit or loss Financial assets at amortised cost The Group measures financial assets at amortised cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group’s financial assets at amortised cost includes cash and cash equivalents, trade and other receivables, and finance lease receivables. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value recognised in the statement of comprehensive income. Derecognition A financial asset is primarily derecognised when: • The rights to receive cash flows from the asset have expired; or • The Group has transferred its rights to receive cash flows from the asset and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. The Group does not have financial assets at fair value through profit or loss or fair value through other comprehensive income. (ii) Financial Liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables and loans and borrowings. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below: Financial liabilities at fair value through profit or loss Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. Changes in the fair value of financial liabilities at fair value through profit or loss are recognised within finance income/finance expense in the consolidated statement of comprehensive income. Loans and borrowings After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance expense in the statement of comprehensive income. This category applies to the Group’s interest-bearing loans and borrowings. iii) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. iv) Impairment The Group recognises an allowance for expected credit losses (ECLs) for trade receivables and contract assets. The Group applies the simplified approach available in IFRS 9. The allowance is calculated by reference to credit losses expected to be incurred over the lifetime of the receivable. In estimating a loss allowance we consider historical experience and a forward-looking informed credit assessment relating to customer specific trends and conditions alongside other factors such as the current state of the economy and particular industry issues. We consider reasonable and supportable information that is relevant and available without undue cost or effort. Certain balances, where there was an objective evidence of credit impairment, have been provided for on an individual basis. I. Property, Plant and Equipment (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of an item of property, plant and equipment comprises: (a) its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates; (b) any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management; and (c) the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which an entity incurs either when the item is acquired or as a consequence of having used the item during a particular period for purposes other than to produce inventories during that period. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Any gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between net proceeds from disposal and the carrying amount of the item) is recognised in the statement of comprehensive income. (ii) Subsequent costs Subsequent expenditure is capitalised only when it is probable that future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance are expensed as incurred. (iii) Depreciation Items of property, plant and equipment are depreciated on a straight-line basis in profit or loss over the estimated useful lives of each component. Leased assets are depreciated over the shorter of the leased term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the leased term. Land is not depreciated. Items of property, plant and equipment are depreciated from the date they are installed and are ready for use, or in respect of internally constructed assets, from the date that the asset is completed and ready for use. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Computers and equipment 3 - 5 years Fixtures and fittings 5 years Leasehold improvement fittings Over the lease term Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Leasehold improvement fittings are included in the fixtures and fittings category in Note 17. J. Intangible Assets and Goodwill (i) Goodwill Goodwill represents the excess of the aggregate purchase price paid over the fair value of the net assets acquired in our business combinations. Goodwill is not amortised and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include a significant adverse change in business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of the Group’s use of the acquired assets or the strategy for the Group’s overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. If the fair value of the reporting unit is less than book value, the carrying amount of the goodwill is compared to its recoverable amount. The estimate of recoverable amount may require valuations of certain internally generated and unrecognised intangible assets. If the carrying amount of goodwill exceeds the recoverable amount of that goodwill, an impairment loss is recognised in an amount equal to the excess. The Group is one CGU and tests for goodwill impairment on 30 June of each year. (ii) Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Other intangible assets that are acquired by the Group in a business combination and have finite useful lives are measured at fair value at acquisition date less accumulated amortisation and accumulated impairment losses. (iii) Internally-generated intangible assets Intangible assets arising from development are recognised if, and only if, all the following have been demonstrated: - the technical feasibility of completing the intangible asset so that it will be available for use or sale; - the intention to complete the intangible asset and use or sell it; - the ability to use or sell the intangible asset; - how the intangible asset will generate probable future economic benefits; - the ability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset, and - the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally-generated assets is the sum of expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. (iv) Subsequent expenditure Subsequent expenditure is only capitalised when it increases the future economic benefits embodied in the specific asset to which is relates. All other expenditure is recognised in the statement of comprehensive income as incurred. (v) Amortisation Except for goodwill, intangible assets are amortised on a straight-line basis in the statement of comprehensive income over their estimated useful lives, from the date they are available for use. Client relationship 1 - 10 years Supplier relationships 5 years Non-compete agreement 3 years Computer software 3 - 5 years Licences Shorter of licence period and up to 3 years Software - own work capitalised 3 - 5 years K. Lease Agreements The Group assesses whether a contract is, or contains, a lease at the inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. The Group as a lessee The Group recognises a right-of-use asset and a lease liability at the lease commencement date with respect to all lease arrangements except for short-term leases (leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the lease payments are recognised within selling, general and administrative expenses on a straight-line basis over the term of the lease. As the majority of the Group’s lease portfolio relates to property leases of offices and delivery centres, the Group has elected not to separate non-lease components and therefore accounts for the lease and non-lease component as a single lease component. Right-of-use assets are initially measured at cost, comprising the initial amount of the corresponding lease liability, adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. Right-of-use assets are subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property, plant and equipment. In addition, right-of-use assets are adjusted for any remeasurement of lease liabilities. Right-of-use assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be fully recoverable. Lease liabilities are initially measured at the present value of the lease payments that are due over the lease term, which have not been paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate applicable to each lease. This is the rate that the Group would have to pay for a loan of a similar term, and with a similar security, to obtain an asset of a similar value. The Group calculates the incremental borrowing rate applicable to each lease by obtaining information from various external sources in relation to interest rates and credit risk and makes certain adjustments to reflect the terms of the lease, the type of asset leased, the country and currency of the lease. Lease payments included in the measurement of the lease liability comprise the following: • fixed payments, including in-substance fixed payments, less any lease incentives receivable; • variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; • amounts expected to be paid under residual value guarantees; • the exercise price of any purchase options that are reasonably certain to be exercised; • payments due over optional renewal periods that are reasonably certain to be exercised; and • penalties for early termination of a lease where we are reasonably certain to terminate early. Any variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. Lease liabilities are subsequently measured at amortised cost using the effective interest method. Lease liabilities are remeasured if there is a modification, a change in future lease payments due to a renegotiation or market rent review or a change of an index or rate, or the amount expected to be payable under a residual guarantee, or if we change our assessment of whether we will exercise a purchase, renewal or termination option. When a lease liability is remeasured, a corresponding adjustment is made to the related right-of-use asset. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group presents right-of-use assets and lease liabilities as separate line items on the face of the consolidated balance sheet. The Group as a lessor When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operatin |
Operating Segment Analysis
Operating Segment Analysis | 12 Months Ended |
Jun. 30, 2023 | |
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 Company’s CODM is considered to be the Company’s Chief Executive Officer (“CEO”). The CEO reviews financial information presented on a Group level basis for the purposes of making operating decisions and assessing financial performance. Therefore, the Group has determined that it operates in a single operating and reportable segment. Geographical Information of Group’s Non-Current Assets Geographical information about the Group's non-current assets (excluding deferred tax asset) is based on locations where the assets are accumulated: 2023 2022 United Kingdom £ 33,412 £ 33,771 North America 66,621 74,508 Europe 169,271 151,213 RoW (1) 133,996 16,967 Total £ 403,300 £ 276,459 (1) Rest of World (RoW) |
Revenue
Revenue | 12 Months Ended |
Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
Revenue | Revenue Set out below is the disaggregation of the Group’s revenue from contracts with customers by geographical market, based on where the services are delivered to customers: 2023 2022 2021 United Kingdom £ 309,365 £ 270,844 £ 187,045 North America 258,112 228,112 140,085 Europe 182,551 138,005 107,978 RoW 44,705 17,796 11,190 Total £ 794,733 £ 654,757 £ 446,298 As at 30 June 2023 revenues generated from customers in the United States of America were £257.3 million (30 June 2022: £225.2 million) and they are included in the North American market. This disclosure has been added in the financial statements for the year ended June 30, 2023, including disaggregated figures for the comparative information presented in respect of the year ended June 30, 2022. The Group’s revenue by industry sector is as follows: 2023 2022 2021 Payments and Financial Services £ 416,007 £ 331,842 £ 226,391 TMT 173,927 163,534 121,045 Other 204,799 159,381 98,862 Total £ 794,733 £ 654,757 £ 446,298 The Group’s revenue by contract type is as follows: 2023 2022 2021 Time and materials contracts £ 646,237 £ 522,857 £ 337,084 Fixed price contracts 148,496 131,900 109,214 Total £ 794,733 £ 654,757 £ 446,298 As at 30 June 2023, the undiscounted aggregate transaction value of revenue that has not been recognised relating to unsatisfied performance obligations was £104.1 million (30 June 2022: £177.0 million). This relates to fixed price contracts with forward contractual commitments. This revenue is expected to be recognised over the following time periods: 2023 2022 Less than 1 year 64,838 121,735 1 to 2 years 17,758 22,656 2 to 3 years 11,823 13,631 More than 3 years 9,682 18,975 Total £ 104,101 £ 176,997 The Company applies a practical expedient and does not disclose the value of unsatisfied performance obligations for contracts for which it recognises revenues at the amount to which it has the right to invoice for services provided. Revenue recognised in the year ended June 30, 2023 relating to performance obligations that were satisfied, or partially satisfied, in previous years was not material. |
Operating Profit
Operating Profit | 12 Months Ended |
Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
Operating Profit | Operating Profit 2023 2022 2021 Operating profit is stated after charging/(crediting): Depreciation of owned property, plant and equipment 8,730 6,634 5,086 Depreciation of right-of-use assets 11,861 10,958 10,449 (Reversal of) / Impairment of right-of-use assets (131) 214 1,697 Amortisation of intangible assets 12,467 11,163 7,215 Net gain on disposal of non-current assets (tangibles and intangibles) (45) (73) (36) Net gain on disposal of right-of-use asset (1) (187) (56) Loss on derecognition of right-of-use assets sub-leased — 132 — Research and development tax credit (5,027) (2,211) (2,642) Government grants (2,935) (642) (503) Share-based compensation expense 31,058 35,005 24,427 Expected credit loss allowance on trade receivables 932 765 (30) Expected credit loss allowance on accrued income — (26) 34 Operating lease costs: Land and buildings 1,957 855 788 Operating lease costs for the year ended 30 June 2023 include short-term lease rent (not in scope for IFRS 16), property taxes and other property related costs. Auditor’s remuneration: During the year, the Group (including its overseas subsidiaries) obtained the following services from the company’s auditors in respect of each year:: 2023 2022 2021 Audit of the financial statements £ 1,467 £ 1,150 £ 813 Subsidiary local statutory audits 108 87 87 SOX attestation fees 1,506 1,710 1,470 Total audit fees 3,081 2,947 2,370 Quarterly review fees 260 — — Transition fees 180 — — Total audit related fees 440 — — Tax Fees 377 — — All Other Fees 202 — — Total auditor’s remuneration £ 4,100 £ 2,947 £ 2,370 |
Particulars of Employees (inclu
Particulars of Employees (including Directors) | 12 Months Ended |
Jun. 30, 2023 | |
Additional information [abstract] | |
Particulars of Employees (including Directors) | Particulars of Employees (including Directors) 2023 2022 2021 Average number of staff employed by the group during the year (including directors): Number of operational staff 10,872 9,492 6,943 Number of administrative staff 1,081 927 744 Number of management staff 8 7 8 Total 11,961 10,426 7,695 2023 2022 2021 Aggregate payroll costs of the above were: Wages and salaries £ 481,399 £ 363,879 £ 252,553 Social security contributions 32,844 23,970 15,810 Pension contributions - defined contribution plan 12,034 9,353 4,944 Share-based compensation expense 31,058 35,005 24,427 Total £ 557,335 £ 432,207 £ 297,734 |
Key Management Remuneration
Key Management Remuneration | 12 Months Ended |
Jun. 30, 2023 | |
Related Party [Abstract] | |
Key Management Remuneration | Key Management Remuneration The compensation of the members of our Board of Directors was: 2023 2022 2021 Remuneration paid £ 1,338 £ 1,838 £ 1,411 Company contributions to pension scheme 72 85 63 Share-based compensation expense 3,755 3,732 2,587 Total £ 5,165 £ 5,655 £ 4,061 Emoluments of highest paid director: Remuneration paid £ 612 £ 1,013 £ 713 Company contributions to pension scheme 48 65 45 Share-based compensation expense 2,135 2,068 1,183 Total £ 2,795 £ 3,146 £ 1,941 There was one director who was a member of a pension scheme during the year (2022: 1; 2021: 1). The highest paid director exercised 56,715 options during the year (2022: 47,787, 2021: 36,447) and was granted 53,762 options under a long term incentive plan (2022: 35,795, 2021: 45,360). |
Finance Expense
Finance Expense | 12 Months Ended |
Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
Finance Expense | Finance Expense 2023 2022 2021 Running costs related to our revolving credit facility £ 1,733 £ 791 £ 863 Interest payable on leases 1,675 1,126 1,176 Interest payable on leased vehicles 1 2 2 Foreign exchange loss 10,729 — 6,546 Other interest expense 269 381 416 Fair value movement of financial liabilities 419 842 302 Total £ 14,826 £ 3,142 £ 9,305 |
Finance Income
Finance Income | 12 Months Ended |
Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
Finance Income | Finance Income 2023 2022 2021 Interest income on bank deposits £ 3,502 £ 181 £ 84 Other interest income 393 7 20 Fair value movement of financial assets 2 7 17 Fair value movement of financial liabilities 12,247 — — Foreign exchange gain — 9,942 — Total £ 16,144 £ 10,137 £ 121 |
Tax On Profit On Ordinary Activ
Tax On Profit On Ordinary Activities | 12 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Tax On Profit On Ordinary Activities | Tax On Profit On Ordinary Activities Analysis of charge / (credit) in the year 2023 2022 2021 U.K. corporation tax based on the results for the year ended 30 June 2023 at 20.5% (2022 : 19%, 2021: 19%) £ 8,141 £ 7,970 £ 3,628 Overseas tax 16,120 11,859 10,276 Adjustment in respect of prior periods 4,895 751 20 Current Tax 29,156 20,580 13,924 Deferred Tax (9,156) (1,294) (3,006) Total tax £ 20,000 £ 19,286 £ 10,918 The blended U.K. Corporation rate throughout the period was 20.5% (2022 : 19%). An increase in the U.K. corporation rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021. This will increase the Group’s future tax charge accordingly. The deferred tax balance as of 30 June 2023 (and 30 June 2022) has been calculated based on the substantively enacted rates at that date, reflecting the expected timing of reversal of the related temporary differences. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the United Kingdom, introducing a global minimum effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. The Group has applied the exception under an amendment to IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to top-up income taxes. Reconciliation of the tax rate on group profits 2023 2022 2021 £’000 % £’000 % £’000 % Profit on ordinary activities before taxation £ 114,163 £ 102,379 £ 54,368 Profit on ordinary activities at U.K. statutory rate 23,403 20.5 19,452 19.0 10,330 19.0 Differences in overseas tax rates (267) (0.2) (2,467) (2.4) (1,150) (2.1) Impact of share-based compensation 1,390 1.2 1,223 1.2 897 1.5 Non taxable fair value movement on financial liabilities (2,430) (2.1) — — — — Tax incentives and non deductible items (867) (0.8) (1,359) (1.3) 201 0.4 Adjustments related to prior periods (354) (0.3) (502) (0.5) (300) (0.6) Tax on unremitted earnings/withholding tax on dividends 1,209 1.1 2,876 2.8 852 1.6 Impact of rate change on deferred tax (2,084) (1.8) 63 0.1 88 0.2 Total £ 20,000 17.5% £ 19,286 18.8% £ 10,918 20.1% The tax incentives and non deductible items of £0.9 million as at 30 June 2023 (30 June 2022: £1.4 million) are mainly related to tax credits and incentives net of certain expenses that are not expected to be tax deductible in any jurisdiction. Tax on items charged to equity 2023 2022 2021 Deferred tax - share-based compensation £ 3,919 £ 5,101 £ (3,270) Current tax - share-based compensation (2,318) (8,290) (6,639) Total charge/ (credit) to equity £ 1,601 £ (3,189) £ (9,909) Unremitted Earnings The aggregate amount of unremitted profits at 30 June 2023 was approximately £158.0 million (2022: £108.0 million). The movement during the year reflects profits made in various territories outside of the United Kingdom and repatriation of such profits through various dividend payments to Endava plc. U.K. legislation relating to company distributions provides for exemption from tax for most repatriated profits. Deferred taxation of £4.0 million has been provided on these profits as at 30 June 2023 (2022: £4.4 million). No deferred tax liability has been provided on £10.1 million of these profits at 30 June 2023 (2022: nil) as the group is able to control the timing of distributions from these subsidiaries and is not expected to distribute these profits in the foreseeable future. |
Deferred Tax Assets and (Liabil
Deferred Tax Assets and (Liabilities) | 12 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Deferred Tax Assets and (Liabilities) | Deferred Tax Assets and (Liabilities) Deferred taxes arising from temporary differences and unused tax losses are summarised as follows: Deferred tax 2023 At 1 July 2022 Exchange Adjustments £’000 Credit / (Charge) to Profit and Loss Acquisition £’000 Charge to Equity £’000 At 30 June 2023 £’000 Accelerated capital allowances £ 434 £ — £ (465) £ — £ — £ (31) Tax losses 3,627 (111) 8,995 — — 12,511 Share-based compensation 9,844 (35) (1,927) — (3,919) 3,963 Intangible assets (6,008) 191 1,901 (6,455) — (10,371) Other temporary differences (1,505) 45 652 269 — (539) Total £ 6,392 £ 90 £ 9,156 £ (6,186) £ (3,919) £ 5,533 Deferred tax 2022 At 1 July 2021 Exchange Adjustments £’000 Credit / (Charge) to Profit and Loss Acquisition £’000 Charge to Equity £’000 At 30 June 2022 £’000 Accelerated capital allowances £ 595 £ — £ (161) £ — £ — £ 434 Tax losses 2,987 355 285 — — 3,627 Share-based compensation 13,143 — 1,802 — (5,101) 9,844 Intangible assets (6,824) (30) 1,136 (290) — (6,008) Other temporary differences 55 208 (1,768) — — (1,505) Total £ 9,956 £ 533 £ 1,294 £ (290) £ (5,101) £ 6,392 Deferred tax assets are recognised to the extent it is probable that taxable profits will be generated against which those assets can be utilised. After offsetting deferred tax assets and liabilities where appropriate within territories, the net deferred tax comprises: 2023 2022 Deferred tax assets 20,156 17,218 Deferred tax liabilities (14,623) (10,826) Net deferred tax 5,533 6,392 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share Basic EPS is calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year. 2023 2022 2021 Profit for the year attributable to equity holders of the Company 94,163 83,093 43,450 2023 2022 2021 Weighted average number of shares outstanding 57,314,839 56,272,036 55,220,298 2023 2022 2021 Earnings per share - basic (£) 1.64 1.48 0.79 Diluted earnings per share Diluted EPS is calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year 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, the dilutive earnings per share are without reference to adjustments in respect of outstanding shares when the impact would be anti-dilutive. 2023 2022 2021 Profit for the year attributable to equity holders of the Company 94,163 83,093 43,450 2023 2022 2021 Weighted average number of shares outstanding 57,314,839 56,272,036 55,220,298 Diluted by: options in issue and contingent shares 767,549 1,746,164 1,830,315 Weighted average number of shares outstanding (diluted) 58,082,388 58,018,200 57,050,613 2023 2022 2021 Earnings per share - diluted (£) 1.62 1.43 0.76 Basic and diluted earnings per share calculated above are the same for Class A and B shares as both have the same rights to share in profit for the period. There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorisation of these financial statements that would have an impact over the basic and diluted earnings per share for the reporting period. |
Goodwill
Goodwill | 12 Months Ended |
Jun. 30, 2023 | |
Intangible Assets [Abstract] | |
Goodwill | Goodwill 2023 £’000 Cost At 1 July 2022 145,916 Acquired through business combinations 102,451 Effect of foreign exchange translations (7,549) At 30 June 2023 240,818 2022 Cost At 1 July 2021 126,142 Acquired through business combinations 12,780 Effect of foreign exchange translations 6,994 At 30 June 2022 145,916 Net book value At 30 June 2023 240,818 At 30 June 2022 145,916 Goodwill acquired in a business combination is allocated, from the acquisition date, to the CGU that is expected to benefit from synergies of the combination and represents the lowest level within the entity at which the goodwill is monitored for internal reporting purposes. The Group has one Cash Generating Unit (“CGU”) and accordingly goodwill is reported under one CGU. During the financial year ended 30 June 2023, the Group acquired 100% of Lexicon Digital Pty Ltd and Lexicon Consolidated Holdings Pty Ltd (“Lexicon”) voting rights and obtained control of Lexicon, which resulted in an increase in goodwill of £44.1 million. All goodwill is recorded in Australian Dollars, being the local currency of the acquired company. The Group also completed the acquisition of Mudbath & Co. Pty Ltd (“Mudbath”), acquiring 100% of the voting rights and obtaining control. The transaction resulted in an increase in provisional goodwill of £12.8 million, all recorded in Australian Dollars, being the local currency of the acquired company. During the reporting period, the Group also acquired 100% of the voting rights of DEK Corporation Pty Ltd, DEK Technologies Sweden AB and DEK Vietnam Company Ltd (collectively, “DEK”), obtaining control. The transaction resulted in an increase in provisional goodwill of £45.6 million. The goodwill amount recognised in DEK is recorded in the local currency of the acquired companies, split between Australian Dollars, Swedish Krona and Vietnamese Dong. All goodwill recognised during the reporting period for the three completed acquisitions has been allocated to the Group CGU. During the financial year ended 30 June 2022, the Group acquired 100% of Business Agility Consulting Ltd. (“BAC”) voting rights and obtained control of BAC, which resulted in an increase in goodwill of £12.8 million. All goodwill is recorded in Sterling, being the local currency of the acquired company. During the financial year ended 30 June 2021, the Group acquired 100% of Comtrade Digital Services business (“CDS”) voting rights and obtained control of CDS, which resulted in an increase in goodwill of £32.8 million . All goodwill is recorded in the local currency of the acquired companies as part of the CDS Group, split between Euro, Bosnian Convertible Marks and US Dollars, and it has been allocated to the Group CGU. The Group also completed the acquisition of Pet Minuta d.o.o. of Croatia and its U.S. subsidiary, Five Minutes Studio, Inc. (together “Five”), acquiring 100% of the voting rights and obtaining control. The transaction resulted in an increase in goodwill of £15.6 million (2021 provisional goodwill: £15.9 million). The goodwill amount recognised for Five is recorded in the local currency of the acquired companies, split between US Dollars and Croatian Kuna, and it has been allocated to the Group CGU. During the reporting period, the Group also completed the acquisition of Levvel LLC (“Levvel”), acquiring 100% of the voting rights and obtained control. The transaction resulted in an increase in goodwill of £27.2 million (2021 provisional goodwill: £25.1 million). The goodwill amount recognised for Levvel is recorded in US Dollars and has been allocated to the Group CGU. Goodwill Impairment Testing Goodwill is not amortised and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include a significant adverse change in business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. For the year ended 30 June 2023, the Board reviewed the value of goodwill based on internal value in use calculations. The key assumptions for these calculations are discount rates and revenue growth rate. The growth rates for the analysed period are based on management’s expectations of the medium-term performance of the business, planned growth in market shares, industry forecasts and growth in the market. These calculations used five-year cash flow projections based on financial budgets approved by management and assumed a 1.5% terminal growth rate thereafter. The discount rate used of 14.9% for the 2023 impairment test (2022: 13.5%, 2021: 9.3%) represents the weighted average cost of capital (“WACC”) of the Group and is a pre-tax rate. The market risk is reflected in the discount rate used through its components, cost of equity and cost of debt. The cost of equity is calculated using the Capital Asset Pricing Model (“CAPM”) and its formula includes the market return and the sensitivity of the Company to that market return. The WACC also includes the risk-free rate both in the calculation of the cost of equity and the cost of debt. If the market uncertainty increases, the risk-free rate would also increase to reflect this. Moreover, the market risk is also reflected through the determination of the cost of debt as the current market prices are included in the considered credit risk. The key assumptions used in the assessments for the years ended 30 June 2023, 2022 and 2021 are as follows: 2023 2022 2021 Revenue growth rate 25 % 25 % 20 % Discount rate 14.9 % 13.5 % 9.3 % Terminal growth rate 1.5 % 1.5 % 1.5 % Management’s impairment assessment for 2023, 2022 and 2021 indicates value in use substantially in excess of the carrying value of goodwill. Management therefore believes that no reasonably possible change in any of the above key assumptions would cause the carrying value of the unit to materially exceed its recoverable amount. As at 30 June 2023, 2022 and 2021, there were no indicators of impairment that suggested that the carrying amount of the Group’s goodwill is not recoverable. |
Business combinations
Business combinations | 12 Months Ended |
Jun. 30, 2023 | |
Business Combinations1 [Abstract] | |
Business combinations | Business combinations Acquisition of DEK On 9 June 2023, (the “DEK Acquisition date”), the Group entered into a Share Purchase Agreement (the “DEK Purchase Agreement”) pursuant to which it acquired all the issued and outstanding equity of DEK Corporation Pty Ltd, DEK Technologies Sweden AB and DEK Vietnam Company Ltd (collectively, “DEK”), headquartered in Melbourne, Australia with additional offices in Ho Chi Minh, Vietnam and Stockholm, Sweden. DEK is a multinational firm that develops cutting-edge software solutions across a range of applications, including embedded systems, real-time solutions, telecoms and data communications. DEK’s expertise spans several industry sectors with the most prominent being telecommunications. One of its longstanding clients is one of the world’s largest networking and telecommunication equipment and services companies. Other clients include Australia’s largest telecoms company and a publicly listed artificial intelligence technology company. The acquisition accounting of the DEK acquisition was considered provisional as at 30 June 2023 pending final conclusion on the fair value of total consideration transferred, fair value of net assets acquired and resulting goodwill. The consideration includes elements of cash, equity, deferred and contingent consideration. The following table summarises the acquisition date fair values of each major class of consideration transferred: £’000 Initial cash consideration 44,272 Equity consideration 5,337 Fair value of deferred consideration 2,468 Fair value of contingent consideration 5,071 Total consideration transferred 57,148 Under the DEK Share Purchase Agreement, the Group paid the former equity holders of DEK a cash purchase price of £44.3 million, subject to post closing adjustments on the cash, debt and working capital of DEK. 146,572 Class A shares were issued to the Sellers subject to a lock-up period with a fair value of equity consideration of £5.3 million, using a share price at acquisition date of £36.41. In addition, the Group recognised deferred consideration with a fair value of £2.5 million attributed to a holdback amount, payable within 24 months of acquisition date. The deferred consideration is measured at amortised cost using the effective interest rate method. The fair value at the balance sheet date approximates to its carrying value. The Group also recognised contingent consideration with a fair value of £5.1 million upon successfully renegotiating a rate card uplift related to one of DEK’s clients. The payout is all or nothing. Management estimated a 95% payout probability of the contingent consideration and 5% probability that the earn-out condition will be missed. Any subsequent revaluations to contingent consideration as a result of changes in such estimations are recognised in the consolidated statement of comprehensive income. The Company's allocation of the total purchase consideration amongst the net assets acquired is as follows: £’000 Intangible assets - client relationships 16,459 Property, plant and equipment 354 Right of use assets 4,667 Cash and cash equivalents 10,817 Trade and other receivables 13,006 Corporation tax receivable 368 Lease liabilities (4,752) Trade and other payables (24,550) Corporation tax payable (659) Deferred tax liability (4,197) Fair value of net assets acquired 11,513 Other than intangible assets, the fair value approximates the carrying value of the net assets acquired. Management have no doubt over the collectibility of the trade receivables included in the trade and other receivables line above. As the purchase price allocation was not finalised, management estimated the fair value of the client relationships by applying an assumed client relationship fair value as a proportion of the total consideration transferred based on comparable historical acquisitions. Deferred tax The deferred tax liability at acquisition on the client relationship was £4.2 million based on a book base of £16.5 million and a tax base of nil at the date of acquisition. Goodwill Goodwill arising from the acquisition has been recognised as follows: £’000 Consideration transferred 57,148 Fair value of net assets acquired (11,513) Goodwill 45,635 The goodwill arising from the acquisition represents the knowledge and experience of the workforce, who are instrumental to securing future revenue growth, the new client relationships anticipated to arise post-acquisition and a proportion of goodwill that is, by its nature, unidentifiable and represents modus operandi of all the assets combined, which generates profits. Revenue and Profit of DEK from the DEK Acquisition Date to 30 June 2023: £’000 Revenue 1,703 Profit 371 Management’s estimate of Revenue and Profit of DEK for the reporting period ended 30 June 2023 (had the acquisition occurred at the beginning of the reporting period): £’000 Revenue 29,030 Profit 3,273 Acquisition related costs: £’000 Legal and professional fees 895 Acquisition related costs are expensed as incurred and presented under selling, general and administrative expenses. Acquisition of Mudbath On 10 May 2023 (the “Mudbath Acquisition date”), the Group entered into a Share Purchase Agreement (the “Mudbath Purchase Agreement”) pursuant to which it acquired all of the issued and outstanding equity of Mudbath & Co. Pty Ltd (“Mudbath”), headquartered in Newcastle, Australia. Mudbath is an Australian-based technology firm specialising in strategy, design and engineering services. Mudbath partners with businesses to build new digital solutions, enhance user experiences and accelerate digital transformation programs across enterprise systems, web and mobile products using their proven agile delivery methodology. Mudbath’s clients span broad industry verticals, including retail, mining (and adjacent activities including rail and tools), health, insurance, banking and travel. Mudbath’s employees are based primarily in Newcastle, Sydney and Melbourne, Australia. The acquisition accounting of the Mudbath acquisition was considered provisional as at 30 June 2023 pending final conclusion on the fair value of total consideration transferred and resulting goodwill. The consideration includes elements of cash, equity , deferred and contingent consideration. The following table summarises the acquisition date fair values of each major class of consideration transferred: £’000 Initial cash consideration 7,361 Equity consideration 2,831 Fair value of deferred consideration 1,084 Fair value of contingent consideration 3,823 Total consideration transferred 15,099 Under the Mudbath Share Purchase Agreement, the Group paid the former equity holders of Mudbath a cash purchase price of £7.4 million, subject to post closing adjustments on the cash, debt and working capital of Mudbath. 70,866 Class A shares were issued to the Sellers subject to a lock-up period with a fair value of equity consideration of £2.8 million, using a share price at acquisition date of £39.94. In addition, the Group recognised deferred consideration with a fair value of £1.1 million attributed to a holdback amount, payable within 18 months of acquisition date. The deferred consideration is measured at amortised cost using the effective interest rate method. The fair value at the balance sheet date approximates to its carrying value. The Group also recognised contingent consideration with a fair value of £3.8 million upon fulfillment of certain earn-out conditions related to revenue and EBITDA of Mudbath during the earn-out period. Management estimated 70% payout of the contingent consideration using probability-weighted outcomes. The fair value was then determined by applying an appropriate discount rate that embeds the risk included in the projections used in the scenarios. Any subsequent revaluations to contingent consideration as a result of changes in such estimations are recognised in the consolidated statement of comprehensive income. There have been no changes to the payout expectation from acquisition date to reporting date. Under the Mudbath Purchase Agreement, there are other amounts in the form of restricted share units under the 2018 Equity Incentive Plan, that are payable in future periods based on the continued service of certain Mudbath employees. As all restricted share units are based on continued service provided to the post-combination entity, they have been excluded from consideration and are accounted for as ongoing remuneration under IFRS 2. The Company's allocation of the total purchase consideration amongst the net assets acquired is as follows: £’000 Intangible assets - client relationships 2,997 Property, plant and equipment 29 Deferred tax asset 133 Cash and cash equivalents 546 Trade and other receivables 818 Trade and other payables (1,236) Corporation tax payable (55) Deferred tax liability (899) Fair value of net assets acquired 2,333 Other than intangible assets, the fair value approximates the carrying value of the net assets acquired. Management have no doubt over the collectibility of the trade receivables included in the trade and other receivables line above. Intangible assets subject to valuation include client relationships. The multi period excess earnings method (“MEEM”) was applied to determine the fair value of the client relationship intangible asset. The fair value determined under this approach used customer attrition and discount rates as critical assumptions. The contribution of other tangible and intangible assets to the cash flows were also used as inputs in the fair value determination exercise, but they are not considered to be critical assumptions. The after-tax residual cash flows attributable to existing customers were discounted to a present value. Deferred tax The deferred tax liability at acquisition on the client relationship was £0.9 million based on a book base of £3.0 million and a tax base of nil at the date of acquisition. Goodwill Goodwill arising from the acquisition has been recognised as follows: £’000 Consideration transferred 15,099 Fair value of net assets acquired (2,333) Goodwill 12,766 The goodwill arising from the acquisition includes elements such as: new client relationships anticipated to arise post-acquisition, an experienced workforce and proportion of it that is, by its very nature, unidentifiable, and represents a modus operandi of all the assets combined, which generate profits. Revenue and Profit of Mudbath from the Mudbath Acquisition Date to 30 June 2023: £’000 Revenue 2,019 Profit 297 Management’s estimate of Revenue and Profit of Mudbath for the reporting period ended 30 June 2023 (had the acquisition occurred at the beginning of the reporting period): £’000 Revenue 10,086 Profit 127 Acquisition related costs: £’000 Legal and professional fees 277 Acquisition related costs are expensed as incurred and presented under selling, general and administrative expenses. Acquisition of Lexicon On 6 October 2022 (the “Lexicon Acquisition date”), the Group entered into a Share Purchase Agreement (the “Lexicon Purchase Agreement”) pursuant to which it acquired all of the issued and outstanding equity of Lexicon Digital Pty Ltd, Lexicon Consolidated Holdings Pty Ltd and Lexicon Vietnam Company Ltd, headquartered in Melbourne, Australia, and all issued and outstanding units in the Lexicon Digital Trust (“Lexicon”). Lexicon is an Australian-based technology consulting, design and engineering firm who partners with clients to build new digital solutions or accelerate digital transformation programs across enterprise systems, products and IoT using an agile delivery methodology. Lexicon’s clients include Australia’s market leaders in the insurance and wealth management sectors and an array of companies in other sectors, including entertainment, retail, agribusiness and automotive. The acquisition accounting of the Lexicon acquisition was considered final as at 30 June 2023. The consideration includes elements of cash, equity , deferred and contingent consideration. The following table summarises the acquisition date fair values of each major class of consideration transferred: £’000 Initial cash consideration 32,025 Equity consideration 9,975 Fair value of deferred consideration 1,416 Fair value of contingent consideration 5,877 Total consideration transferred 49,293 Under the Lexicon Share Purchase Agreement, the Group paid the former equity holders of Lexicon a cash purchase price of £32.0 million, including post closing adjustments on the cash, debt and working capital of Lexicon. 144,926 Class A shares were issued to the Sellers subject to a lock-up period with a fair value of equity consideration of £10.0 million, using a share price at acquisition date of £68.83. In addition, the Group recognised deferred consideration with a fair value of £1.4 million attributed to a holdback amount, payable within 24 months of acquisition date. The deferred consideration is measured at amortised cost using the effective interest rate method. The fair value at the balance sheet date approximates to its carrying value. The Group also recognised contingent consideration with a fair value of £5.9 million upon fulfillment of certain earn-out conditions related to revenue and EBITDA of Lexicon during the earn-out period. Management estimated 59% payout of the contingent consideration using probability-weighted outcomes. The fair value was then determined by applying an appropriate discount rate that embeds the risk included in the projections used in the scenarios. Any subsequent revaluations to contingent consideration as a result of changes in such estimations are recognised in the consolidated statement of comprehensive income. During the reporting period, management has remeasured the contingent consideration to reflect the most recent estimate of the earn-out payout. This resulted in a gain of £3.3 million recognised in the consolidated statement of comprehensive income for the period, equivalent to 23% payout of the total contingent consideration. Under the Lexicon Purchase Agreement, there are other amounts in the form of restricted share units under the 2018 Equity Incentive Plan, that are payable in future periods based on the continued service of certain Lexicon employees. As all restricted share units are based on continued service provided to the post-combination entity, they have been excluded from consideration and are accounted for as ongoing remuneration under IFRS 2. The Company's allocation of the total purchase consideration amongst the net assets acquired is as follows: £’000 Intangible assets - client relationships 4,530 Property, plant and equipment 51 Right of use assets 299 Deferred tax asset 136 Cash and cash equivalents 1,824 Trade and other receivables 2,098 Lease liabilities (319) Trade and other payables (1,192) Corporation tax payable (825) Deferred tax liability (1,359) Fair value of net assets acquired 5,243 Other than intangible assets, the fair value approximates the carrying value of the net assets acquired. Management have no doubt over the collectibility of the trade receivables included in the trade and other receivables line above. Intangible assets subject to valuation include client relationships. The multi period excess earnings method (“MEEM”) was applied to determine the fair value of the client relationship intangible asset. The fair value determined under this approach used customer attrition and discount rates as critical assumptions. The contribution of other tangible and intangible assets to the cash flows were also used as inputs in the fair value determination exercise, but they are not considered to be critical assumptions. The after-tax residual cash flows attributable to existing customers were discounted to a present value. Deferred tax The deferred tax liability at acquisition on the client relationship was £1.4 million based on a book base of £4.5 million and a tax base of nil at the date of acquisition. Goodwill Goodwill arising from the acquisition has been recognised as follows: £’000 Consideration transferred 49,293 Fair value of net assets acquired (5,243) Goodwill 44,050 The goodwill arising from the acquisition represents the knowledge and experience of the workforce, who are instrumental to securing future revenue growth, the new client relationships anticipated to arise post-acquisition and a proportion of goodwill that is, by its nature, unidentifiable and represents modus operandi of all the assets combined, which generates profits. Revenue and Profit of Lexicon from the Lexicon Acquisition Date to 30 June 2023: £’000 Revenue 11,867 Profit 605 Management’s estimate of Revenue and Profit of Lexicon for the reporting period ended 30 June 2023 (had the acquisition occurred at the beginning of the reporting period): £’000 Revenue 16,269 Profit 1,061 Acquisition related costs: £’000 Legal and professional fees 770 Acquisition related costs are expensed as incurred and presented under selling, general and administrative expenses. Acquisition of Business Agility Consulting On 8 February 2022 (the “BAC Acquisition date”), the Group entered into a Share Purchase Agreement (the “BAC Purchase Agreement”) pursuant to which the Group acquired all of the issued and outstanding equity of Business Agility Consulting (“BAC”). BAC is a U.K.-based insurance software implementation specialist. The combination of BAC’s modern insurance platform expertise, combined with Endava’s broader technology capabilities and scale, creates a compelling proposition which is well placed to capture transformation opportunities. The acquisition accounting of the BAC acquisition was considered final as at 30 June 2022. The consideration includes elements of cash, equity and deferred and contingent consideration. The following table summarises the acquisition date fair values of each major class of consideration transferred: £’000 Initial cash consideration 5,400 Equity consideration 1,505 Fair value of deferred consideration 1,225 Fair value of contingent consideration 6,901 Total consideration transferred 15,031 Under the BAC Purchase Agreement the Group paid the former equity holder of BAC a cash purchase price of £5.4 million. 15,874 Class A shares are to be issued to the Seller subject to a lock-up period with a fair value of equity consideration of £1.5 million, using a share price at acquisition date of £94.80. In addition, the Group recognised a fair value of £1.2 million deferred consideration attributed to a holdback amount, payable within 20 months of the acquisition date, out of which £0.2 million has been settled by the end of the year ended 30 June 2022 and no additional deferred consideration was settled in the year ended 30 June 2023. The deferred consideration is measured at amortised cost using the effective interest rate method. The fair value at the balance sheet date approximates to its carrying value. The Group also recognised contingent consideration with a fair value of £6.9 million upon the fulfillment of certain earn-out conditions related to revenue and EBITDA of BAC during the earn-out period. Management estimated 95% payout of the contingent consideration in determining its fair value. The fair value was determined by applying an appropriate discount rate to the contingent consideration payouts based on projected levels of revenue and EBITDA. The discount rate used embeds the fulfilment risk included projections. Any subsequent revaluations to contingent consideration as a result of changes in such estimations are recognised in the consolidated statement of comprehensive income. During the reporting period, management has remeasured the contingent consideration to reflect the most recent estimate of the earn-out payout. This resulted in a gain of £7.3 million, including discount unwind, recognised in the consolidated statement of comprehensive income for the period, equivalent to a payout of nil of the total contingent consideration. Under the BAC Purchase Agreement, there are other amounts that are payable in future periods based on the continued service of certain BAC employees. £1.5 million worth of restricted share units under the 2018 Equity Incentive Plan were granted on completion of the acquisition, which vest over either a 4-year or 3-year period and are all subject to continued employment. A portion of the overall restricted share units is also subject to achievement of specific revenue and EBITDA goals over the earn-out period. As all restricted share units are based on continued service provided to the post-combination entity, they have been excluded from consideration and are accounted for as ongoing remuneration under IFRS 2. The Company's allocation of the total purchase consideration amongst the net assets acquired is as follows: £’000 Intangible assets 9 Intangible assets - Client relationships 1,240 Property, plant and equipment 12 Cash and cash equivalents 576 Trade and other receivables 930 Corporation tax receivable 115 Trade and other payables (335) Deferred tax liability (296) Fair value of net assets acquired 2,251 Other than intangible assets, the fair value approximates the carrying value of the net assets acquired. Management have no doubt over the collectibility of the trade receivables included in the trade and other receivables line above. Intangible assets subject to valuation include client relationships. The multi period excess earnings method (“MEEM”) was applied to determine the fair value of the client relationship intangible asset. The fair value determined under this approach is a function of the following: (1) future revenues expected to be generated by these assets and the profitability of these assets; (2) identification of the contribution of other tangible and intangible assets to the cash flows of these assets to apply an appropriate capital charge against the cash flows; and (3) determination of the appropriate risk-adjusted discount rate to calculate the present value of the stream of anticipated cash flows. An estimate was made by the Group regarding the amount of future revenues that could be attributed to BAC’s clients that existed as of the acquisition date. This revenue projection was based on management’s expectation of future revenue streams. As the estimate of fair value for the customer related asset is based on MEEM, consideration was given to contributions to earnings from “contributory assets” other than client relationships, in order to isolate the cash flows attributable to the customer related asset inclusive of other assets. The after-tax residual cash flows attributable to existing customers were discounted to a present value. Deferred tax The deferred tax liability at acquisition on the client relationship was £0.3 million based on a book base of £1.2 million and a tax base of nil at the date of acquisition. Goodwill Goodwill arising from the acquisition has been recognised as follows: £’000 Consideration transferred 15,031 Fair value of net assets acquired (2,251) Goodwill 12,780 The goodwill arising from the acquisition represents the knowledge and experience of the workforce, who are instrumental to securing future revenue growth, the new client relationships anticipated to arise post-acquisition and synergies achievable by combining BAC’s expertise in the insurance field with Endava’s broader software engineering experience and market presence. There is no goodwill amount that is expected to be deductible for tax purposes. Revenue and Loss of BAC from the BAC Acquisition Date to 30 June 2022: £’000 Revenue 1,790 Loss 112 Management’s estimate of Revenue and Profit of BAC for the reporting period ended 30 June 2022 (had the acquisition occurred at the beginning of the reporting period): £’000 Revenue 4,391 Profit 227 Acquisition Related Costs: £’000 Legal and professional fees 292 Stamp duty 87 Total 379 Acquisition related costs are expensed as incurred and presented under selling, general and administrative expenses. Acquisition of Levvel LLC On 31 March 2021, the Group entered into a membership interest purchase agreement (the “Levvel Purchase Agreement”) pursuant to which the Group acquired all of the issued and outstanding equity of Levvel LLC (“Levvel”). Levvel has a strong focus in the Payments and Financial Services, Logistics/Mobility and TMT verticals. Levvel delivers from the United States and Mexico and has 172 operational employees. As per IFRS 3, the acquisition date was considered to be 1 April 2021 (the “Levvel Acquisition Date”) as the transaction closed at end of day on 31 March 2021 and the consideration transfer date was 1 April 2021. The acquisition accounting of Levvel was finalised in fiscal year 2022 during the measurement period. The adjustments from provisional to final acquisition accounting are presented below. The adjustments refer to the finalisation of the purchase price allocation during the measurement period. The consideration includes elements of cash and deferred and contingent consideration. The following table summarises the acquisition date fair values for each major class of consideration transferred: £’000 Initial cash consideration 39,364 Cash in Escrow 2,219 Fair value of deferred consideration 1,744 Fair value of contingent consideration 2,902 Total consideration transferred 46,229 Under the Levvel Purchase Agreement the Group paid the former equity holders of Levvel a cash purchase price of £39.4 million and placed £2.2 million in an Escrow account for the settlement of a U.S. Paycheck Protection Program (“PPP”) loan. In addition, the Company also recognised a fair value of £1.7 million of deferred consideration attributed to a holdback amount payable within 18 months of the acquisition date and a fair value of £2.9 million of consideration contingent upon the fulfillment of certain earn-out conditions related to revenue and EBITDA of Levvel during the earn-out period. The contingent consideration was settled in full during fiscal year 2022. The deferred consideration was settled in full during fiscal year 2023. Under the Levvel Purchase Agreement, there are other amounts that are payable in future periods based on the continued service of certain employees of Levvel. £8.3 million worth of restricted share units under the 2018 Equity Incentive Plan were granted on completion of the acquisition, which vest over either a 4-year or 3-year period and are all subject to continued employment. A portion of the overall restricted share units is also subject to achievement of specific revenue and EBITDA goals over the earn-out period. As all restricted share units are based on continued service provided to the post-combination entity, they have been excluded from consideration and are accounted for as ongoing remuneration under IFRS 2. The Company's allocation of the total purchase consideration amongst the net assets acquired is as follows: Provisional Adjustments Final Intangible assets - Client relationships 14,710 (1,939) 12,771 Intangible assets 157 (157) — Property, plant and equipment 798 — 798 Right of use asset 1,948 — 1,948 Trade and other receivables 5,928 — 5,928 Cash and cash equivalents 5,707 — 5,707 Trade and other payables (5,093) — (5,093) Lease liabilities (2,983) — (2,983) Fair value of net assets acquired 21,172 (2,096) 19,076 The adjustments presented above have been accounted for in the year ended 30 June 2022. Other than intangible assets, the fair value approximates the carrying value of the net assets acquired. Management have no doubt over the collectibility of the trade receivables included in the trade and other receivables line above. The MEEM was applied to determine the fair value of client relationship intangible asset. The fair value determined under this approach assumes a stream of cash flows generated from the relationships with customers and takes into account contributory asset charges (e.g. for the tangible assets, working capital and the workforce). An estimate was made by the Group regarding the amount of future revenues that could be attributed to Levvel’s clients that existed as of the acquisition date. This revenue projection was based on management’s expectation of future revenue streams. As the estimate of fair value for the customer related asset is based on MEEM, consideration was given to contributions to earnings from “contributory assets” other than client relationships, in order to isolate the cash flows attributable to the customer related asset inclusive of other assets. The after-tax residual cash flows attributable to existing customers were discounted to a present value. Goodwill Goodwill arising from the acquisition has been recognised as follows: Provisional Adjustments Final Consideration transferred 46,229 — 46,229 Fair value of net assets acquired (21,172) 2,096 (19,076) Goodwill 25,057 2,096 27,153 The adjustments presented above have been accounted for in the year ended 30 June 2022. The goodwill arising from the acquisition represents the knowledge and experience of the workforce, who are instrumental to securing future revenue growth and in the development of know-how, the revenue and cost synergies that are achievable and the growth opportunities that are available within the broader software engineering market. The entire value of the goodwill amount is expected to be deductible for tax purposes. Revenue and Profit of Levvel from the Levvel Acquisition Date to 30 June 2021: £’000 Revenue 11,639 Profit 1,192 Management’s estimate of Revenue and Profit of Levvel for the reporting period ended 30 June 2021 (had the acquisition occurred at the beginning of the reporting period): £’000 Revenue 39,467 Profit 4,715 Acquisition related costs: £’000 Legal and professional fees 1,074 Acquisition related costs are expensed as incurred and presented under selling, general and administrative expenses. Acquisition of Pet Minuta d.o.o. On 4 March 2021 (the “Five Acquisition Date”), the Group entered into a share purchase agreement (the “Five Purchase Agreement”) pursuant to which the Group acquired all of the issued and outstanding equity of Pet Minuta d.o.o. of Croatia and its U.S. subsidiary, Five Minutes Studio, Inc. (together “Five”). Five is a digital agency delivering a full spectrum of services, including product strategy, the design, build and delivery of digital experiences, and ongoing growth marketing using agile methodology combined with a scientific/metrics-driven approach to product design. Five has a team of 157 operational employees based in Brooklyn, NY and Croatia. The majority of its people are based in delivery centers in Croatia’s four largest cities. The acquisition accounting of Five was finalised in fiscal year 2022 during the measurement period. The adjustments from provisional to final acquisition accounting are presented below. The adjustments refer to the finalisation of the purchase price allocation during the measurement period. The consideration includes elements of cash, deferred and contingent consideration and equity consideration. The following table summarises the acquisition date fair values for each major class of consideration transferred: Provisional Adjustments Final Initial cash consideration 16,062 49 16,111 Fair value of equity consideration 4,478 — 4,478 Fair value of deferred consideration 2,653 — 2,653 Fair value of contingent consideration 1,725 — 1,725 Total consideration transferred 24,918 49 24,967 The adjustments presented above have been accounted for in the year ended 30 June 2022. Under the Five Purchase Agreement the Group paid the former equity holders of Five a cash purchase price of £16.1 million. In addition, the Company issued 72,193 Class A ordinary shares in the form of ADSs to the sellers as part of the purchase price, with a fair value of £4.5 million using a share price at acquisition date of £62.02. The Company also recognised fair value of £2.7 million of deferred consideration attributed to a holdback amount payable within 24 months of the acquisition date and a fair value of £1.7 million of consideration contingent upon the fulfillment of certain earn-out conditions related to Revenue and EBITDA of Five during the earn-out period. The contingent consideration was settled in full during fiscal year 2022. The deferred consideration was settled in full during fiscal year 2023. Under the Purchase Agreement, there are other amounts that are payable in future periods based on the continued service of certain employees of Five. £4.7 million worth of restricted share units under the 2018 Equity Incentive Plan were granted on completion of the acquisition, which vest over either a 4-year or 3-year period and are all subject to conti |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jun. 30, 2023 | |
Intangible Assets [Abstract] | |
Intangible Assets | Intangible Assets 2023 Client relationship Software and licences Non-Compete Agreement Supplier relationships £’000 Software - own work capitalised Total Cost At 1 July 2022 £ 87,273 £ 798 £ 146 £ 120 £ 1,162 £ 89,499 Additions — 5 — — — 5 On acquisition of subsidiary 23,985 — — — — 23,985 Disposals — (142) (140) — — (282) Effect of foreign exchange translations (2,342) (4) (6) — (1) (2,353) At 30 June 2023 £ 108,916 £ 657 £ — £ 120 £ 1,161 £ 110,854 Amortisation At 1 July 2022 £ 31,430 £ 740 £ 146 £ 64 £ 930 £ 33,310 Charge for the year 12,246 37 — 24 160 12,467 Disposals — (142) (140) — — (282) Effect of foreign exchange translations (845) (4) (6) — (2) (857) At 30 June 2023 £ 42,831 £ 631 £ — £ 88 £ 1,088 £ 44,638 Net book value At 30 June 2023 £ 66,085 £ 26 £ — £ 32 £ 73 £ 66,216 2022 Client relationship £’000 Software and licences £’000 Non-Compete Agreement £’000 Trade name £’000 Supplier relationships £’000 Software - own work capitalised £’000 Total £’000 Cost At 1 July 2021 £ 80,623 £ 777 £ 128 £ 272 £ 120 £ 1,159 £ 83,079 Additions — 4 — — — — 4 On acquisition of subsidiary 1,240 9 — — — — 1,249 Disposals — — — (272) — — (272) Effect of foreign exchange translations 5,410 8 18 — — 3 5,439 At 30 June 2022 £ 87,273 £ 798 £ 146 £ — £ 120 £ 1,162 £ 89,499 Amortisation At 1 July 2021 £ 19,251 £ 684 £ 128 £ 90 £ 40 £ 630 £ 20,823 Charge for the year 10,617 47 — 182 24 293 11,163 Disposals — — — (272) — — (272) Effect of foreign exchange translations 1,562 9 18 — — 7 1,596 At 30 June 2022 £ 31,430 £ 740 £ 146 £ — £ 64 £ 930 £ 33,310 Net book value At 30 June 2022 £ 55,843 £ 58 £ — £ — £ 56 £ 232 £ 56,189 . |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2023 | |
Property, plant and equipment [abstract] | |
Summary of useful life for property, plant and equipment | Property, Plant and Equipment 2023 Computers & Equipment Fixtures & Fittings Fixed Assets in Progress Total Cost At 1 July 2022 £ 27,572 £ 17,031 £ 1,782 £ 46,385 Additions 4,762 8,050 857 13,669 On acquisition of subsidiary 324 110 — 434 Inflation adjustment 195 — — 195 Disposals (6,397) (1,789) — (8,186) Transfers — 1,780 (1,780) — Effect of foreign exchange translations (793) (591) — (1,384) At 30 June 2023 £ 25,663 £ 24,591 £ 859 £ 51,113 Depreciation At 1 July 2022 £ 16,255 £ 8,870 £ — £ 25,125 Charge for the year 5,700 3,030 — 8,730 Disposals (6,344) (1,699) — (8,043) Effect of foreign exchange translations (388) (251) — (639) At 30 June 2023 £ 15,223 £ 9,950 £ — £ 25,173 Net book value At 30 June 2023 £ 10,440 £ 14,641 £ 859 £ 25,940 2022 Computers & Equipment Fixtures & Fittings Vehicles Fixed Assets in Progress Total Cost At 1 July 2021 £ 19,368 £ 13,846 £ 6 £ 497 £ 33,717 Additions 9,093 3,088 — 1,782 13,963 On acquisition of subsidiary 12 — — — 12 Inflation adjustment 429 — — — 429 Disposals (1,740) (721) (6) — (2,467) Transfers — 497 — (497) — Effect of foreign exchange translations 410 321 — — 731 At 30 June 2022 £ 27,572 £ 17,031 £ — £ 1,782 £ 46,385 Depreciation At 1 July 2021 £ 13,283 £ 7,104 £ 6 £ — £ 20,393 Charge for the year 4,351 2,283 — — 6,634 Disposals (1,610) (652) (6) — (2,268) Effect of foreign exchange translations 231 135 — — 366 At 30 June 2022 £ 16,255 £ 8,870 £ — £ — £ 25,125 Net book value At 30 June 2022 £ 11,317 £ 8,161 £ — £ 1,782 £ 21,260 |
Significant Shareholdings and R
Significant Shareholdings and Related Party Transactions | 12 Months Ended |
Jun. 30, 2023 | |
Related Party [Abstract] | |
Significant Shareholdings and Related Party Transactions | Significant Shareholdings and Related Party Transactions Significant shareholdings At 30 June 2023, the Group held 100% of the share capital of the following entities: Subsidiary Country of Incorporation Class of Shares Held Percentage of Shares Held Principal Activity Endava Argentina SRL Argentina Ordinary 100 % Provision of IT Services Endava Australia Pty Ltd Australia Ordinary 100 % Provision of IT Services DEK Corporation Pty Ltd Australia Ordinary 100 % Provision of IT Services Lexicon Consolidated Holdings Pty Ltd Australia Ordinary 100 % Provision of IT Services Lexicon Digital Trust Australia Ordinary 100 % Provision of IT Services Lexicon Digital Pty Ltd Australia Ordinary 100 % Provision of IT Services Mudbath & Co Pty Ltd Australia Ordinary 100 % Provision of IT Services Endava Austria GmbH Austria Ordinary 100 % Provision of IT Services Endava d.o.o. Banja Luka Bosnia and Herzegovina Ordinary 100 % Provision of IT Services Endava d.o.o. Sarajevo Bosnia and Herzegovina Ordinary 100 % Provision of IT Services Endava EOOD Bulgaria Ordinary 100 % Provision of IT services Endava Canada Inc. Canada Ordinary 100 % Provision of IT Services Endava Colombia S.A.S. Colombia Ordinary 100 % Provision of IT Services Endava S.A.S. Colombia Ordinary 100 % Provision of IT Services Endava d.o.o Croatia Ordinary 100 % Provision of IT Services Endava ApS Denmark Ordinary 100 % Provision of IT Services Endava GmbH Germany Ordinary 100 % Provision of IT services Endava Munchen GmbH Germany Ordinary 100 % Provision of IT Services Endava (Ireland) Limited Ireland Ordinary 100 % Provision of IT services Endava Digital Services Limited Ireland Ordinary 100 % Provision of IT Services Endava Malaysia SDN. BHD. Malaysia Ordinary 100 % Provision of IT Services Lvvl Mexico S. de R.L. de C.V. Mexico Ordinary 100 % Provision of IT Services ICS Endava SRL Moldova Ordinary 100 % Provision of IT services Endava B.V. The Netherlands Ordinary 100 % Provision of IT services Endava Holdings B.V. The Netherlands Ordinary 100 % Holding Company Endava DOOEL Skopje North Macedonia Ordinary 100 % Provision of IT services Endava Poland sp. z.o.o Poland Ordinary 100 % Provision of IT services Endava Romania SRL Romania Ordinary 100 % Provision of IT services Endava d.o.o. Beograd Serbia Ordinary 100 % Provision of IT Services Endava Digital Services d.o.o. Beograd Serbia Ordinary 100 % Provision of IT Services Endava Singapore Pte. Ltd Singapore Ordinary 100 % Provision of IT Services Endava Digitalne Resitve d.o.o. Slovenia Ordinary 100 % Provision of IT Services DEK Technologies Sweden AB Sweden Ordinary 100 % Provision of IT Services Endava Switzerland GmbH Switzerland Ordinary 100 % Provision of IT Services Endava Middle East FZ-LLC UAE Ordinary 100 % Provision of IT Services Endava (Managed Services) Limited United Kingdom Ordinary 100 % Provision of IT services Endava (UK) Limited United Kingdom Ordinary 100 % Provision of IT services Endava Limited Guernsey Employee Benefit Trust United Kingdom Ordinary 100 % Employee Benefit Trust Intuitus Limited United Kingdom Ordinary 100 % Provision of IT services Business Agility Consulting Limited United Kingdom Ordinary 100 % Provision of IT services Endava Holdings Inc United States Ordinary 100 % Holding Company Endava Inc. United States Ordinary 100 % Provision of IT services Endava LLC United States Ordinary 100 % Provision of IT Services Endava Nearshore Ventures LLC United States Ordinary 100 % Provision of IT Services Endava USA West Inc United States Ordinary 100 % Provision of IT Services Five Minutes Studio, Inc United States Ordinary 100 % Provision of IT Services Levvel Digital LLC United States Ordinary 100 % Provision of IT Services Levvel LLC United States Ordinary 100 % Provision of IT Services Endava Uruguay SRL Uruguay Ordinary 100 % Provision of IT Services DEK Technologies Vietnam Company Limited Vietnam Ordinary 100 % Provision of IT Services Endava Limited Liability Company Vietnam Ordinary 100 % Provision of IT Services Dormant Entities Subsidiary Country of Incorporation Class of Shares Held Percentage of Shares Held Endava (Romania) Limited United Kingdom Ordinary 100 % Testing4Finance Ltd United Kingdom Ordinary 100 % Related Party Transactions At 30 June 2023, the executive officers and directors owned 10,092,540 ordinary shares, nominal value £0.02 per share (2022: 10,130,237 ordinary shares, nominal value £0.02) and held awards over a further 240,155 ordinary shares, nominal value of £0.02 (2022: 298,383 ordinary shares, nominal value of £0.02). Since April 2020, one of our directors, Sulina Connal, has been employed by Google as Director of Product Partnerships for News, Web and Publishing for EMEA. In the ordinary course of its business, from time to time Endava enters into agreements for cloud service or other solutions provided by Google in connection with services provided by Endava to its clients. All transactions with Google were entered into on an arms-length basis. For the year ended 30 June 2023, the aggregate cost incurred by Endava to Google for such services was £0.6 million (30 June 2022: £0.5 million). Other than the transactions with executive officers and directors disclosed above, no other related party transactions have been identified. Ultimate Parent Endava plc is the ultimate parent entity of the Group and it is considered that there is no ultimate controlling party. |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Jun. 30, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and Other Receivables | Trade and Other Receivables 2023 2022 Trade receivables £ 143,336 £ 131,650 Prepayments 11,055 8,865 Accrued income 12,775 13,458 Research and development tax credit 3,013 3,266 Grant receivable 2,877 437 Other receivables 4,810 4,995 Total trade and other receivables £ 177,866 £ 162,671 Trade receivables are non-interest-bearing and are generally on 30 to 90 day terms depending on the geographical territory in which sales are generated. The carrying value of trade and other receivables also represents their fair value. Trade receivables are disclosed net of expected credit loss allowance for doubtful debts, as shown below. Credit loss rates have been established for trade receivables and accrued income based on historic loss rates.. In addition, certain balances (where there was objective evidence of credit impairment linked to the ageing of the debtor balance and an analysis of the debtors’ current financial position) have been provided for on an individual basis. Trade receivables and accrued income represent client contract assets. Other than the expected credit loss allowance discussed above, and business-as-usual movements there were no significant changes in contract assets during the year. Of the £12.8 million accrued income balance as of 30 June 2023, £1.2 million arises from acquired companies during the reporting period (£0.4 million as of 30 June 2022). Accrued income transfers to trade receivables, when invoices are billed to customers. The total research and development tax credit receivable as of 30 June 2023 is £6.4 million, out of which £3.4 million is receivable in a period of over one year from the balance sheet date and presented under non-current financial assets and other receivables. The total prepayments as of 30 June 2023 are £12.7 million, out of which £1.6 million are to be realised in a period of over one year from the balance sheet date and presented under non-current financial assets and other receivables. The following table presents the trade receivables and accrued income ageing intervals and the allocation of the expected credit loss allowance as of 30 June 2023 and 30 June 2022: 2023 2022 Trade receivables and accrued income - gross Expected credit loss allowance Trade receivables and accrued income - gross Expected credit loss allowance Current 135,844 (248) 122,914 (854) 1 - 30 days overdue 8,032 (147) 7,411 (94) 31 - 60 days overdue 6,532 (104) 9,520 (338) 61 - 90 days overdue 2,447 (71) 3,465 (141) Over 90 days overdue 7,750 (3,924) 5,821 (2,596) Total 160,605 (4,494) 149,131 (4,023) The gross and net amounts of trade receivables and accrued income were as follows: 2023 2022 Trade receivables - gross £ 147,830 £ 135,665 Expected credit loss allowance (4,494) (4,015) Trade receivables - net £ 143,336 £ 131,650 2023 2022 Accrued income - gross £ 12,775 £ 13,466 Expected credit loss allowance — (8) Accrued income - net £ 12,775 £ 13,458 Movements in the expected credit loss allowance were as follows: 2023 2022 As at 1 July £ 4,023 £ 3,537 Provided in the year 6,181 4,628 Released in the year (5,249) (3,889) Utilised in the year (301) (492) Effect of foreign exchange translations (160) 239 As at 30 June £ 4,494 £ 4,023 |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Jun. 30, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and Other Payables | Trade and Other Payables 2023 2022 Trade payables £ 5,480 £ 8,214 Other taxation and social security 19,006 17,202 Other liabilities 6,040 4,532 Accruals 55,195 63,862 Deferred income 5,438 4,442 Total trade and other payables £ 91,159 £ 98,252 Deferred income represents client contract liabilities at year end where cash was received from clients but Endava is yet to perform the work. £3.3 million of the deferred income recognised at 1 July 2022 was recognised as revenue during the year (2022: £3.7 million). Other than business-as-usual movements there were no significant changes in the deferred income balance during the year. From the £5.4 million deferred income in balance as of 30 June 2023, nil comes from acquired companies during the reporting period (nil as of 30 June 2022). |
Financial Assets and Liabilitie
Financial Assets and Liabilities | 12 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
Financial Assets and Liabilities | Financial Assets and Liabilities Categories of financial assets and financial liabilities Financial assets The Group has the following financial assets, all of which are classified and measured at amortised cost: Note 2023 2022 Financial assets at amortised cost Trade receivables 19 £ 143,336 £ 131,650 Accrued income 19 12,775 13,458 Other financial assets £ 243 £ 668 Cash and cash equivalents £ 164,703 £ 162,806 Total financial assets £ 321,057 £ 308,582 Prior year comparative figures have been adjusted to include only balances that meet the definition of financial assets. The accounting policies provide a description of the initial recognition and measurement, and also the subsequent measurement of financial assets. Financial liabilities The Group has the following financial liabilities: Note 2023 2022 Lease liabilities Current lease liabilities 23 £ 14,573 £ 11,898 Non-current lease liabilities 23 54,441 43,999 69,014 55,897 Other financial liabilities at amortised cost Trade payables 20 5,480 8,214 Accruals 20 55,195 63,862 Deferred consideration 15 6,104 11,666 66,779 83,742 Financial liabilities at fair value through profit or loss Contingent consideration 15 11,459 8,514 Total financial liabilities £ 147,252 £ 148,153 Prior year comparative figures have been adjusted to include only balances that meet the definition of financial liabilities. The accounting policies provide a description of the initial recognition and measurement, and also the subsequent measurement of financial liabilities. Where financial assets and financial liabilities are measured at fair value, their measurement should be classified into the following hierarchy: • Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs). Contingent consideration has been classified within level 3. The following table includes the roll forward schedule of contingent consideration during the year ended 30 June 2023: Contingent consideration Beginning of the year Additions Payments Remeasurement and discount unwind Foreign exchange impact End of the year 2023 8,514 14,771 (111) (10,418) (1,297) 11,459 |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
Borrowings | Borrowings Terms and conditions of outstanding borrowings as of 30 June 2023 and 2022 are as follows: Type Nominal Interest p.a. Year of Maturity 2023 2022 Revolving Credit Facility SONIA/ EURIBOR/SOFR + variable margin (1.00% - 1.65%) 2026 £ — £ — The Group has an unsecured, multicurrency bank revolving credit facility with a carrying amount of £nil at 30 June 2023 (2022: £nil). Commitment fees are charged on the undrawn balance of the facility. The available borrowing capacity under the Group’s revolving credit facility is £350.0 million less utilised ancillary facilities (HSBC bank guarantees: £8.8 million at 30 June 2023 and £18.5 million at 30 June 2022). The HSBC bank guarantees primarily relate to deferred consideration for the 2020 acquisition of Comtrade Digital Services, and a performance bond related to a fixed price contract in Germany. The facility contains interest cover and net leverage financial covenants. The covenants are tested on a bi-annual basis based on trailing twelve months results. At 30 June 2023 and 30 June 2022, the Group complied with these financial covenants. Guarantees The Group has provided the following guarantees at 30 June 2023: Parent Company Guarantees The parent company provided guarantees relating to certain leases entered into by Endava Romania SRL in Romania and ICS Endava SRL in Moldova. No claims are expected to arise from the above guarantees. Bank Guarantees Endava (UK) Ltd provided a holdback guarantee of €6.0 million in favour of Comtrade Group B.V. as part of the acquisition of CDS. Endava GmbH provided a performance guarantee of €5.9 million in favour of DB Fernverkehr AG in relation to a contract with Deutsche Bahn to provide their Video On Demand experience for passengers. Additionally, various other subsidiaries provided bank guarantees in relation to their leases of office space together with a small number of tender and performance guarantees. No claims are expected to arise from above guarantees. |
Leases
Leases | 12 Months Ended |
Jun. 30, 2023 | |
Presentation of leases for lessee [abstract] | |
Leases | Leases The Group’s lease portfolio consists of property leases of office spaces and vehicles. As a lessee: Right-of-use assets Set out below are the carrying amounts of the Group’s right-of-use assets and the movements during the year ended 30 June 2023: Leasehold Buildings Vehicles £’000 Total As at 1 July 2022 £ 50,736 £ 82 £ 50,818 Additions 17,349 — 17,349 Disposals (24) — (24) Derecognition as a result of subleases (6) — (6) Modifications (1) 8,187 — 8,187 Depreciation charge (11,809) (52) (11,861) Reversal of the impairment charge 131 — 131 Effect of foreign exchange translations 489 1 490 As at 30 June 2023 £ 65,053 £ 31 £ 65,084 (1) Lease liabilities are remeasured when a change to future contractual cash flows is identified. Remeasurements were made in the year based upon changes in indexation and changes resulting from additional space rented. The carrying value of the corresponding right-of-use asset is also remeasured to reflect this change. Set out below are the carrying amounts of the Group’s right-of-use assets and the movements during the year ended 30 June 2022: Leasehold Buildings £’000 Vehicles £’000 Total As at 1 July 2021 £ 57,019 £ 174 £ 57,193 Additions 3,640 47 3,687 Disposals (787) (58) (845) Derecognition as a result of subleases (423) — (423) Modifications (1) 1,433 (3) 1,430 Depreciation charge (10,878) (80) (10,958) Impairment charge (214) — (214) Effect of foreign exchange translations 946 2 948 As at 30 June 2022 £ 50,736 £ 82 £ 50,818 (1) Lease liabilities are remeasured when a change to future contractual cash flows is identified. Remeasurements were made in the year based upon changes in indexation and changes resulting from additional space rented. The carrying value of the corresponding right-of-use asset is also remeasured to reflect this change. Lease liabilities Set out below are the carrying amounts of the Group’s lease liabilities and the movements during the year ended 30 June 2023: Leasehold Buildings Vehicles £’000 Total As at 1 July 2022 £ 55,816 £ 81 £ 55,897 Additions 17,375 — 17,375 Disposals (24) — (24) Modifications (1) 8,188 — 8,188 Interest 1,675 1 1,676 Payments (13,435) (53) (13,488) Effect of foreign exchange revaluation and translations (611) 1 (610) As at 30 June 2023 £ 68,984 £ 30 £ 69,014 (1) Lease liabilities are remeasured when a change to future contractual cash flows is identified. Remeasurements were made in the year based upon changes in indexation and changes resulting from additional space rented. Set out below are the carrying amounts of the Group’s lease liabilities and the movements during the year ended 30 June 2022: Leasehold Buildings Vehicles £’000 Total As at 1 July 2021 £ 63,510 £ 175 £ 63,685 Additions 3,640 44 3,684 Disposals (1,021) (58) (1,079) Modifications (1) 1,428 (3) 1,425 Interest 1,126 2 1,128 Payments (13,722) (83) (13,805) Effect of foreign exchange revaluation and translations 855 4 859 As at 30 June 2022 £ 55,816 £ 81 £ 55,897 (1) Lease liabilities are remeasured when a change to future contractual cash flows is identified. Remeasurements were made in the year based upon changes in indexation and changes resulting from additional space rented. The potential impact of lease covenants is considered to be immaterial. The maturities of the Group’s lease liabilities for the year ended 30 June 2023 are as follows: Leasehold Buildings Vehicles £’000 Total Less than 1 year 14,550 23 14,573 1 to 5 years 45,018 7 45,025 More than 5 years 17,063 — 17,063 Total undiscounted lease liabilities 76,631 30 76,661 Lease liabilities included in the balance sheet 68,984 30 69,014 Analysed as : Current 14,550 23 14,573 Non-current 54,434 7 54,441 The maturities of the Group’s lease liabilities for the year ended 30 June 2022 are as follows: Leasehold Buildings Vehicles £’000 Total Less than 1 year 11,846 52 11,898 1 to 5 years 33,203 30 33,233 More than 5 years 14,710 — 14,710 Total undiscounted lease liabilities 59,759 82 59,841 Lease liabilities included in the balance sheet 55,816 81 55,897 Analysed as : Current 11,846 52 11,898 Non-current 43,970 29 43,999 Income Statement Impact The following items have been recognised in the Consolidated statement of comprehensive income for the current and prior year: 2023 Leasehold Buildings Vehicles £’000 Total Depreciation of right-of-use assets £ 11,809 £ 52 £ 11,861 Reversal of impairment of right-of-use assets (131) — (131) Interest expense on lease liabilities 1,675 1 1,676 Expense related to short-term leases 1,841 58 1,899 Loss on derecognition of right-of-use assets sub-leased — — — Net gain on disposal of right-of-use asset (1) — (1) Fair value movement of financial assets (2) — (2) Total £ 15,191 £ 111 £ 15,302 2022 Leasehold Buildings Vehicles £’000 Total Depreciation of right-of-use assets £ 10,878 £ 80 £ 10,958 Impairment of right-of-use assets 214 — 214 Interest expense on lease liabilities 1,126 2 1,128 Expense related to short-term leases 691 97 788 Loss on derecognition of right-of-use assets sub-leased 132 — 132 Net gain on disposal of right-of-use asset (187) — (187) Fair value movement of financial assets (7) — (7) Total £ 12,847 £ 179 £ 13,026 The total Group cash outflow for leases as a lessee in the year was £15.4 million (2022: £14.6 million), out of which £13.5 million (2022: £13.8 million) relate to leases accounted for under IFRS 16 and presented as cash outflows from financing activities. Contractual Obligations and Commitments The following table summarises our commitments to settle contractual obligations as of 30 June 2023 and the effect such obligations are expected to have on our liquidity and cash flows: Less than 1 Year 1 to 3 3 to 5 More than 5 Years Total (in thousands) Lease liabilities £ 14,573 £ 27,483 £ 17,542 £ 17,063 £ 76,661 Short-term leases 1,532 — — — 1,532 Leases contracted, but not yet commenced 27 65 65 41 198 Total £ 16,132 £ 27,548 £ 17,607 £ 17,104 £ 78,391 As of 30 June 2023, the Group has property leases that expire at various dates through October 2031. As a lessor: During 2022 and 2023, the Group entered into arrangements to sub-lease certain office spaces that have been presented as part of a right-of-use asset. This has been classified as a finance sub-lease. The Group recognised a loss of nil (2022: £0.1 million ) on the derecognition of the right-of-use asset pertaining to the office space, which has been presented within Finance expense. During 2023, the Group recognised interest income on lease receivables of less than £0.1 million (2022: less than £0.1 million). The total Group cash inflow for leases as a lessor in the year was £0.4 million (2022: £0.6 million) During the year the investment in finance lease receivable decreased by £0.4 million due to payments received. The following table sets out the maturity analysis of lease payments receivable for sub-leases classified as finance leases showing the undiscounted lease payments to be received after the reporting date and the net investment in the finance lease receivable. Finance leases 2023 Finance leases 2022 Less than 1 year 59 427 1 to 2 years — 51 Total undiscounted lease payments receivable 59 478 Unearned finance income 3 — Net investment in finance lease receivable 56 478 |
Share Capital
Share Capital | 12 Months Ended |
Jun. 30, 2023 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Share Capital | Share Capital Authorised share capital: 2023 2022 60,000,000 ordinary shares of £0.02 each 1,200 1,200 Allotted, called up and fully paid: 2023 No. £’000 2022 No. £’000 Class A ordinary shares 41,810,877 836 40,666,258 813 Class B ordinary shares 15,940,112 319 16,097,612 322 Ordinary shares of £0.02 each 57,750,989 1,155 56,763,870 1,135 The Company issued 771,327 new shares for the year ended 30 June 2023 (30 June 2022: 1,045,414) in relation to exercise of options and 215,792 new shares as equity consideration related to acquisitions (30 June 2022: nil). The movement in Class B shares represents transfer to Class A shares. Voting rights, dividends and return of capital Our Class B ordinary shares have ten votes per share, and our Class A ordinary shares, which are the shares underlying the ADSs each have one vote per share. Any dividend declared by the Company shall be paid on Class A ordinary shares and the class B ordinary shares pari passu as if they were all shares of the same class. In the event of the liquidation, dissolution or winding up of the Company, the assets of the Company available for distribution to members shall be distributed amongst all holders of Class A ordinary shares and Class B ordinary shares in proportion to the number of shares held irrespective of the amount paid or credited as paid on any share. Restrictions Class B ordinary shares During the period of one hundred and eighty (180) days commencing on the IPO, no transfers of Class B ordinary shares were permitted other than to a person who is a permitted Class B ordinary transferee or pursuant to the IPO (which for the avoidance of doubt includes sales pursuant to any secondary offering or exercise of any over-allotment option in connection with the IPO). No transfers of Class B ordinary shares shall be permitted (other than to a person who is a permitted Class B ordinary transferee): (a) in excess of 25% of the Class B ordinary shareholders holding of Class B ordinary shares (determined as at the IPO) in the period commencing 180 days after the IPO and ending on the date falling 18 months after the IPO; (b) in excess of 40% of the Class B ordinary shareholders holding of Class B ordinary shares (determined as at the IPO) in the period commencing 180 days after the IPO and ending on the date falling on the third anniversary of the IPO; and (c) in excess of 60% of the Class B ordinary shareholders holding of Class B ordinary shares (determined as at the IPO) in the period commencing 180 days after the IPO and ending on the fifth anniversary of the IPO. Following the fifth anniversary of the IPO, a Class B ordinary shareholder may elect, at any time, to convert any of its Class B ordinary shares into Class A ordinary shares on a one-for-one basis by notice in writing to the Directors. |
Distributions Made
Distributions Made | 12 Months Ended |
Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
Distributions Made | Distributions MadeDuring the year ended 30 June 2023, the Company did not declare and pay any dividends (2022: nil; 2021: nil). |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangements [Abstract] | |
Share-Based Payments | Share-Based Payments Description of share-based payment arrangements The Group had the following share-based payment arrangements. Company Share Option Plan A Company Share Option Plan (“CSOP”) was adopted on 7 May 2014 and share options over ordinary shares have been issued under the CSOP plan to certain employees of the Group. Options can be exercised on the fifth anniversary of the date of grant, upon an acquisition of the Company, and upon certain conditions of ceasing employment. In addition, our Board has discretion to permit the exercise of options upon the admission of shares to a recognised stock exchange or at an earlier time and under such conditions as determined by the Board. The options expire on the tenth anniversary of the date of grant. Joint Share Ownership Plan Certain of the Group’s employees have entered into a Joint Share Ownership Plan (“JSOP”) with the EBT, through which the participants have a right to receive any increase in the value of shares above a threshold amount (i) upon a sale of the Company, (ii) following a listing on a recognised stock exchange, when the participant gives a specific notice to the EBT trustee and the Company in respect of the JSOP Shares; (iii) upon the expiry of 25 years from the date of the applicable trust deed; or (iv) upon the participant leaving employment with the Group when the market value of the JSOP Shares is less than the threshold amount. The events referenced in clauses (i)-(iv) above are collectively referred as “Trigger Events.” On the date of a Trigger Event, the EBT trustee has an option to acquire the beneficial interest belonging to the participant. If the EBT trustee exercises this option, the EBT trustee will then either transfer shares of a value equal to, or pay cash to the participant in an amount equal to, the value of the option, calculated according to the terms of the JSOP. If the applicable employee leaves employment with the Group prior to the occurrence of a Trigger Event, the value of the shares is capped at such shares’ fair market value on the employee’s last day of employment and no payment is made until a Trigger Event occurs. The Group does not have a present obligation to settle in cash and has no history of cash settling options. Therefore, the settlement of the transactions will be accounted for in accordance with the requirements applying to equity-settled share-based compensation transactions, as set forth in IFRS 2. On and from the date of any Trigger Event, and if and for so long as the EBT trustee has not exercised the option referred to above, the EBT trustee will use reasonable endeavours to sell the JSOP Shares and distribute the net proceeds of sale between the EBT trustee and the participant in the proportions calculated according to the terms of the JSOP. The Trigger event - the listing on the New York Stock Exchange - happened on 27 July 2018. At 30 June 2023, the EBT held 13,226 shares (30 June 2022: 74,610), out of which 6,965 (30 June 2022: 34,075) are allocated to employee JSOPs. For the year ended 30 June 2023, (27,110) awards under the JSOP were exercised (2022: nil) and settled by shares of the EBT, no JSOPs were cancelled (2022: nil), 9,000 options under LTIP were exercised (2022: nil) and settled by shares of the EBT and 25,274 options under SAYE were exercised (2022: nil) and settled by shares of the EBT. The JSOPs expire 25 years following the applicable date of issue. Long term Incentive Plan A Company Long Term Incentive Plan (“LTIP”) was adopted on 30 June 2015 under which options or conditional shares are intended to be awarded to certain employees of the Group. Under the LTIP, options or conditional shares can generally be banked over a five-year period subject to the achievement of annual Group performance targets. Once banked, the options become eligible to vest, with vesting occurring over a three-year period following a triggering event, which includes listing on a recognised stock exchange, a sale of the outstanding share capital of the Company or a sale of the assets of the business. The options and conditional shares expire on the earliest of the ten 2018 Equity Incentive Plan On 16 April 2018, the Board adopted the 2018 Equity Incentive Plan (“EIP”) and approved by the Company shareholders on 3 May 2018. The EIP allows for the grant of equity-based incentive awards to our employees and directors, who are also our employees. The EIP provides for the grant of options, share appreciation rights, or SARs, restricted shares, restricted share units, or RSUs, performance restricted share units, or PSUs, and other share-based awards. All awards under the EIP are set forth in award agreements, which detail the terms and conditions of awards, including any applicable vesting and payment terms, change of control provisions and post-termination exercise limitations. The EIP is administered by the board, which may delegate its duties and responsibilities to one or more committees of our directors and/or officers (referred to as the plan administrator below), subject to certain limitations imposed under the EIP, and other applicable laws and stock exchange rules. The plan administrator has the authority to take all actions and make all determinations under the EIP, to interpret the EIP and award agreements and to adopt, amend and repeal rules for the administration of the EIP as it deems advisable. The plan administrator also has the authority to determine which eligible service providers receive awards, grant awards, set the terms and conditions of all awards under the EIP, including any vesting and vesting acceleration provisions, subject to the conditions and limitations in the EIP. The plan administrator may select performance criteria for an award to establish performance goals for a performance period. In connection with certain corporate transactions and events affecting our ordinary shares, including a change of control, another similar corporate transaction or event, another unusual or nonrecurring transaction or event affecting us or our financial statements or a change in any applicable laws or accounting principles, the plan administrator has broad discretion to take action under the EIP to prevent the dilution or enlargement of intended benefits, facilitate the transaction or event or give effect to the change in applicable laws or accounting principles. In the event of a change of control where the successor or acquirer entity does not agree to assume, continue or rollover the awards, the awards will vest in full effective immediately prior to the change of control. During the fiscal year ended 30 June 2023, the Company granted RSUs and PSUs. RSUs and PSUs are contractual promises to deliver our Class A ordinary shares in the future, which may also remain forfeitable unless and until specified conditions are met. The plan administrator may provide that the delivery of the shares underlying RSUs will be deferred on a mandatory basis or at the election of the participant. The terms and conditions applicable to restricted shares, RSUs and PSUs will be determined by the plan administrator, subject to the conditions and limitations contained in the EIP. During the reporting period, discounted "Share Success" ("SS") options were granted under the EIP to all eligible employees at the prescribed eligibility date, other than the U.K. employees which were granted under a CSOP sub-plan to the EIP. The SS options are disclosed separately to other awards under the EIP and CSOP. 2018 Sharesave Plan On 16 April 2018, the Board adopted the 2018 Sharesave Plan (“Sharesave”) and approved by the Company shareholders on 3 May 2018. The Sharesave is a U.K. tax advantaged share option plan and is intended to comply with the requirements of Schedule 3 of the Income Tax (Earnings and Provisions) Act 2003. The Sharesave was extended to award similar benefits to employees outside the United Kingdom. The Sharesave provides that the board may require employees to have completed a qualifying period of employment (of up to five years) before they may apply for the grant of an option to purchase Class A ordinary shares. Participation in the Sharesave requires employees to agree to make regular monthly contributions to an approved savings contract of three No options to purchase Class A ordinary shares may be granted under the Sharesave more than 10 years after the Sharesave has been approved by shareholders. Options granted under the Sharesave will normally be exercisable for a six-month period from the end of the relevant three Bonus Equity Payments The acquisition of Velocity Partners in December 2017 also included bonus equity payments (“bonus payments”) that are payable in future periods based on the continued service of certain employees of Velocity Partners. The bonus payments were accounted for outside of the business combination because the entitlement to bonus payments is automatically forfeited if employment terminates. They were fair valued as compensation for post business combination services under IFRS 2 and the compensation expense is recognised over a three-year vesting period. Movements during the year The number and the weighted-average exercise prices of the share options under the above arrangements were as follows: CSOP JSOP LTIP EIP SAYE SS Bonus Payments Options outstanding at 1 July 2022 5,845 34,075 96,324 1,158,575 598,614 445,491 — Options granted during the year — — — 536,814 — 1,212,215 — Options exercised during the year — (27,110) (64,312) (522,661) (217,684) — — Options forfeited during the year — — (3,000) (267,903) (35,085) (191,735) — Options outstanding at 30 June 2023 5,845 6,965 29,012 904,825 345,845 1,465,971 — Options outstanding at 1 July 2021 5,845 34,075 203,326 1,406,877 1,119,953 — — Options granted during the year — — — 300,940 — 504,443 — Options exercised during the year — — (107,002) (467,888) (470,757) — — Options forfeited during the year — — — (81,354) (50,582) (58,952) — Options outstanding at 30 June 2022 5,845 34,075 96,324 1,158,575 598,614 445,491 — Options outstanding at 1 July 2020 20,845 167,611 781,022 1,104,267 759,207 — 117,116 Options granted during the year — — — 726,094 423,272 — — Options exercised during the year (15,000) (133,536) (568,196) (359,815) (1,550) — (117,110) Options forfeited during the year — — (9,500) (63,669) (60,976) — (6) Options outstanding at 30 June 2021 5,845 34,075 203,326 1,406,877 1,119,953 — — Weighted average exercise price 30 June 2023 - £ 0.90 — — — 39.78 64.55 — Weighted average exercise price 30 June 2022 - £ 0.90 — — — 35.70 102.41 — Weighted average exercise price 30 June 2021 - £ 0.90 — — — 25.59 — — Weighted average share price at exercise date 2023 - £ — 61.9 57.41 57.55 58.25 — — Weighted average share price at exercise date 2022 - £ — — 117.25 130.1 111.89 — — Weighted average share price at exercise date 2021 - £ 62.58 44.71 44.12 45.95 62.71 — 56.53 Weighted average contractual life 2023 - years 1 13 2 2 1 6 0 Weighted average contractual life 2022 - years 2 14 3 2 1 6 0 Weighted average contractual life 2021 - years 3 15 4 3 1 0 0 Options granted in the period have been valued using a Black Scholes option pricing model using the following inputs: 2023 2022 2021 Exercise price £0.00 - £55.05 £0.00 - £102.41 £0.00 - £36.24 Risk free rate 4.23% 0.6% - 1.0% 0.2% - 1.0% Expected volatility 50.4 % 30.0% - 45.2% 30.0% - 35.0% Expected dividends — — — Fair value of option £33.45 - £72.71 £64.63 - £115.36 £16.21 - £64.35 A small portion of the options granted in the reporting period would vest upon fulfillment of market-based performance conditions. Their fair value has been determined using Monte Carlo option pricing model. Expected volatility is based on the historical volatility of the Company’s share price. For the year ended 30 June 2023, the Group recognised £31.1 million (2022: £35.0 million; 2021: £24.4 million) of share-based compensation expense in respect of the above share option schemes. The share-based |
Movements in Equity
Movements in Equity | 12 Months Ended |
Jun. 30, 2023 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Movements in Equity | Movements in Equity Share capital, share premium and merger relief reserve New ordinary shares were issued for exercise of options which resulted in an increase in share capital of £0.02 million and share premium of £5.5 million. The increase in share premium is due to the 2018 and 2019 Sharesave options vested in the reporting period and exercised at a price. 144,926 Class A shares were issued to the Sellers of Lexicon, resulting in an increase in merger relief reserve of £10.0 million and 70,866 Class A shares were issued to the Sellers of Mudbath, resulting in an increase in merger relief reserve of £2.8 million. Other reserves 146,572 Class A shares are to be issued to the Sellers of DEK as equity consideration subject to a lock-up period, resulting in an increase of other reserves of £5.3 million. £10.0 million was recognised as exchange differences from translating foreign operations during the reporting period. |
Cash Flow
Cash Flow | 12 Months Ended |
Jun. 30, 2023 | |
Cash Flow Statement [Abstract] | |
Cash Flow | Cash Flow Operating Activities Adjustments 2023 2022 2021 Depreciation, amortisation and impairment of non-financial assets £ 32,927 £ 28,969 £ 24,447 Unrealised foreign exchange loss / (gain) 5,441 (9,876) 6,742 Interest income (3,506) (184) (84) Fair value movement of financial liabilities (11,828) 842 302 Interest expense 3,469 2,014 2,081 Net gain on disposal of non-current assets (tangibles and intangibles) (45) (73) (36) Share-based compensation expense 31,058 35,005 24,427 Hyperinflation effect (gain) / loss (386) 17 189 Research and development tax credit (5,027) (2,211) (2,642) Loss on derecognition of right-of-use assets sub-leased — 132 — Net gain on disposal of right-of-use asset (1) (187) (56) Fair value movement of financial assets (2) (7) (17) Grant income (2,935) (642) (503) Total adjustments £ 49,165 £ 53,799 £ 54,850 Net changes in working capital 2023 2022 2021 Increase in trade and other receivables £ (3,937) £ (37,006) £ (19,505) (Decrease)/Increase in trade and other payables (12,136) 15,236 (1,855) Net changes in working capital £ (16,073) £ (21,770) £ (21,360) Financing Activities Non-Cash Changes Arising from Financing Activities Grant received Beginning of the year Cash received Grant income Non-cash foreign exchange Non-cash Other End of the year 2021 331 228 (503) 3 — 59 2022 59 139 (642) 7 — (437) 2023 (437) 494 (2,935) 1 — (2,877) The grant payable in 2021 was presented in trade and other payables and the grants receivable in 2022 and 2023 are presented in trade and other receivables. The movement in lease liabilities for fiscal years 2023 and 2022 are disclosed in Note 23. Investing activities |
Capital Commitments
Capital Commitments | 12 Months Ended |
Jun. 30, 2023 | |
Additional information [abstract] | |
Capital Commitments | Capital Commitments Amounts contracted but not provided for in the financial statements amounted to £nil in the year ended 30 June 2023 (2022: £nil). |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Jun. 30, 2023 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Schedule of contingent consideration | Contingent LiabilitiesThe Group had no contingent liabilities at 30 June 2023 or 30 June 2022. |
Financial Instrument Risk
Financial Instrument Risk | 12 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
Financial Instrument Risk | Financial Instrument Risk The Group is exposed to various risks in relation to financial instruments. The Group’s financial assets and liabilities by category are summarised in note 21. The main types of risks are foreign exchange risk, interest rate risk, credit risk and liquidity risk. The Group’s risk management is coordinated at its headquarters, in close cooperation with the Board, and focuses on actively securing the Group’s short to medium-term cash flows by minimising the exposure to financial markets. The Group does not actively engage in the trading of financial assets for speculative purposes nor does it write options. Foreign Currency Sensitivity The Group is exposed to translation and transaction foreign currency exchange risk. Several other currencies in addition to the presentation currency of Sterling are used, including Romanian Lei (RON), Euro (EUR) and US Dollars (USD). In the fiscal year ended June 30, 2023, 37.8% of our sales were denominated in the British Pound, 34.0% of our sales were denominated in U.S. dollars, 22.8% were denominated in Euros and the balance was in other currencies. Conversely, during the same time period, 57.2% of our expenses were denominated in Euros (or in currencies that largely follow the Euro, including the RON) and 10.8% in U.S. dollars. The Group experiences currency exchange differences arising upon retranslation of monetary items (primarily short-term inter-company balances and borrowings), which are recognised as an expense in the period the difference occurs. The Group endeavours to match the cash inflows and outflows in the various currencies; the Group typically invoices its clients in their local currency, and pays its local expenses in local currency as a means to mitigate this risk. Foreign currency denominated financial assets and liabilities which expose the Group to currency risk are disclosed below. The amounts shown are translated into GBP at the closing rate: 30 June 2023 GBP EUR USD RON Others TOTAL Financial assets 185,276 35,376 47,373 3,648 49,384 321,057 Financial liabilities (33,063) (7,552) (5,613) (58,804) (42,220) (147,252) Total 152,213 27,824 41,760 (55,156) 7,164 173,805 30 June 2022 GBP EUR USD RON Others TOTAL £‘000 Financial assets 181,785 33,623 58,546 4,264 30,364 308,582 Financial liabilities (36,652) (6,202) (12,408) (56,089) (36,802) (148,153) Total 145,133 27,421 46,138 (51,825) (6,438) 160,429 Prior year comparative figures have been adjusted to include only balances that meet the definition of financial assets and liabilities, respectively, as per Note 21. The Group is also exposed to exchange differences arising from the translation of its subsidiaries' financial statements into the Group's presentation currency of Sterling with the corresponding exchange differences taken directly to equity. The following tables illustrate the sensitivity of profit and equity in regard to the Group’s financial assets and financial liabilities and the RON/Sterling exchange rate. The RON exposure impacts the Group’s cost base due to its delivery operations in Romania. Therefore as the Sterling strengthens, subject to any prevailing hedge arrangements, the Group benefits from a cost improvement and vice versa. The impact of foreign current sensitivity between the GBP and US dollars, and GBP and Euros, has not been disclosed on the basis that the the impact of any reasonable change in exchange rates is not material. During the year ended 30 June 2023, the Sterling/RON volatility ranged from the RON strengthening against Sterling by 4% to weakening by 4%. GBP/RON Profit impact Equity impact 30 June 2023 4 % (1,201) (843) 30 June 2023 (4) % 1,147 804 During the year ended 30 June 2022, the Sterling/RON volatility ranged from the RON strengthening against Sterling by 3% to weakening by 2%. GBP/RON Profit impact Equity impact 30 June 2022 3 % (693) (672) 30 June 2022 (2) % 536 519 Interest Rate Sensitivity At 30 June 2023, the Group is not exposed to changes in market interest rates through bank borrowings on its revolving credit facility at variable interest rates, as the facility is not drawn. Credit Risk Analysis Credit risk is the risk that a counterparty fails to discharge an obligation to the Group. The Group is exposed to this risk for various financial instruments, including trade receivables. The Group’s maximum exposure to credit risk is limited to the carrying amount of financial assets recognised at 30 June, as summarised below: 2023 2022 Trade receivables £ 143,336 £ 131,650 Accrued income 12,775 13,458 Other financial assets 243 668 Cash and cash equivalents 164,703 162,806 Total £ 321,057 £ 308,582 Prior year comparative figures have been adjusted to include only balances that meet the definition of financial assets. The Group monitors defaults of clients and other counterparties, identified either individually, or by group, and incorporates this information into its credit risk controls. Where available at reasonable cost, external credit ratings and/or reports on clients and other counterparties are obtained and used. In respect of trade and other receivables, the Group is not exposed to any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The Group’s trade receivables are from a large number of clients in various industries and geographical areas. Based on historical information about client default rates, management consider the credit quality of trade receivables that are not past due or impaired to be good. The credit risk for cash and cash equivalents is considered negligible, since the counterparties are reputable banks with high quality external credit ratings. Liquidity Risk Analysis The Group manages its liquidity needs by monitoring scheduled debt servicing payments for long-term financial liabilities as well as forecast cash inflows and outflows due in day-to-day business. The data used for analysing these cash flows is consistent with that used in the contractual maturity analysis below. Liquidity needs are monitored in various time bands, on a day-to-day and week-to-week basis, as well as on a longer-term basis. Net cash requirements are compared to available borrowing facilities in order to determine headroom or any shortfalls. This analysis shows that available borrowing facilities are expected to be sufficient over the lookout period. The Group’s objective is to maintain cash and marketable securities to meet its liquidity requirements for 30‑day periods at a minimum. This objective was met for all of the reporting periods presented. The Group considers expected cash flows from financial assets in assessing and managing liquidity risk, in particular its cash resources and trade receivables. The Group’s existing cash resources and trade receivables exceed the current cash outflow requirements. Cash flows from trade and other receivables are all contractually due within six months. As at 30 June 2023, the Group’s non-derivative financial liabilities had contractual maturities (including interest payments where applicable) as summarised below: 30 June 2023 Current Current Non-Current Non-Current Lease liabilities £ 7,371 £ 7,202 £ 45,025 £ 9,416 Trade payables 5,480 — — — Accruals 55,195 — — — Deferred consideration 1,267 — 4,837 — Contingent consideration 2,661 4,989 3,809 — Total £ 71,974 £ 12,191 £ 53,671 £ 9,416 The undiscounted lease liabilities values are included in Note 23 and the discount impact for deferred and contingent consideration is not material. There were no forward foreign currency options in place at 30 June 2023. As at 30 June 2022, the Group’s non-derivative financial liabilities had contractual maturities (including interest payments where applicable) as summarised below: 30 June 2022 Current Current Non-Current Non-Current Lease liabilities £ 6,200 £ 5,698 £ 33,233 £ 10,766 Trade payables 8,214 — — — Accruals 63,862 — — — Deferred consideration 7,216 3,388 1,062 — Contingent consideration 2,958 1,225 4,331 — Total £ 88,450 £ 10,311 £ 38,626 £ 10,766 Prior year comparative figures have been adjusted to include only balances that meet the definition of financial liabilities. |
Capital Management Policies and
Capital Management Policies and Procedures | 12 Months Ended |
Jun. 30, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Capital Management Policies and Procedures | Capital Management Policies and Procedures The Group’s capital management objectives are: • to ensure the Group's ability to continue as a going concern; and • to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. The Group monitors capital on the basis of the carrying amount of equity plus loan, less cash and cash equivalents as presented on the consolidated balance sheet. The Group manages its capital structure and makes adjustments in the light of changes in economic conditions and the risk characteristics of the underlying assets. 2023 2022 Equity £ 571,308 £ 432,723 Loans and borrowings — — Less: Cash and cash equivalents (164,703) (162,806) Total Capital £ 406,605 £ 269,917 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2023 | |
Events After Reporting Period [Abstract] | |
Subsequent Events | Subsequent Events In August 2023, we acquired TLM Partners Inc, together with its subsidiaries (“TLM”), a company that provides outsourced development services across design, engineering and art/animation for PC and console video games and other digital entertainment. TLM has particular expertise in highly complex areas of cross-play, middleware, physics, engine-level tools and technical art. TLM brings a leadership team with decades of video game industry experience and deep relationships with a wide array of platform partners and with clients in the United States and around the world including prominent games publishers and developers. TLM, a Delaware company, has subsidiaries in Canada and Ireland and a branch in Romania. The acquisition was made pursuant to the terms of a share purchase agreement between Endava, Inc. and TLM Partners, Inc., dated August 3, 2023. The total consideration was £16.5 million and includes elements of cash, deferred and contingent consideration. Of the total consideration, £3.9 million was paid in cash at completion, which remains subject to post-closing adjustments on the cash, debt and working capital of TLM. In addition, £0.8 million of the purchase price will be held back for 24 months and be available to satisfy any warranty and indemnity claims and a mix of £11.8 million worth of cash and equity consideration is payable upon the fulfillment of certain earn-out conditions related to revenue and EBITDA of TLM during the earn-out period. The above values do not represent the fair values of the consideration elements transferred. Under the purchase agreement, there are other amounts of up to £14.9 million that are payable in future periods based on the continued service of certain employees. As these are based on continued service provided to the post-combination entity, they have been excluded from consideration and will instead be accounted for as ongoing remuneration under IFRS 2. Given the timing of the acquisition, the Company has not yet completed the purchase price allocation. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Statement of compliance | Statement of Compliance The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were authorised for issue by the Board on 19 September 2023. |
Basis of preparation | Basis of Preparation The consolidated financial statements have been prepared on a historical cost basis, except where IFRS requires or permits fair value measurement. The principal accounting policies adopted by the Group in the preparation of the consolidated financial statements are set out below. |
Functional and presentation currency | Functional and Presentation CurrencyThe 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. The functional currency of the Group's subsidiaries is typically the currency of the country in which they are domiciled. |
Use of estimates and judgements | Use of Estimates and Judgments The preparation of 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 results 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. The key areas involving estimates and judgments that have the most significant effect on the amounts recognised in the consolidated financial statements, are as follows: |
Business combinations | Business Combinations Business combinations are accounted for using the acquisition method. The results of businesses acquired in a business combination are included in our consolidated financial statements from the date of the acquisition. The acquisition method requires the assets and the liabilities to be recorded at their fair value on the acquisition date. Any excess consideration over the fair value of assets acquired and liabilities assumed is recognised as goodwill. If the initial accounting for the business combination has not been completed by the end of the reporting period in which the business combination occurs, provisional amounts are reported to present information about facts and circumstances that existed as of the acquisition date. Once the measurement period ends, which in no case extends beyond one year from the acquisition date, revisions to the accounting for the business combination shall be accounted for in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. There is no complexity in identifying the different categories of intangible assets. We acquire businesses with similar profiles to the Group and the identifiable intangible assets are related to client relationships. Management applied significant judgement in estimating the fair value of the Lexicon and Mudbath client relationship intangible assets acquired, which required developing assumptions with respect to the timing and amounts of customer attrition rates and discount rates. For Lexicon, varying the customer attrition assumption by plus or minus 5% produces a spread of client relationship values that range by £0.4 million, and varying the discount factor by plus or minus 2.5% produces a spread of client relationship values that range by £1.9 million. For Mudbath, varying the client attrition assumption by plus or minus 5% produces a spread of client relationship values that range by £0.2 million, and varying the discount factor by plus or minus 2.5% produces a spread of client relationship values that range by £0.9 million. We note the ranges quoted above are not material, and management believes that reasonably possible changes to the inputs would not vary to the extent quoted above. As the acquisition accounting for DEK is provisional as at the balance sheet date, management estimated the fair value of the client relationships by applying an assumed client relationship fair value as a proportion of the total consideration transferred based on comparable historical acquisitions. Management applied judgement in determining the appropriate valuation method and assessing the comparability of historical acquisitions. Varying the historic benchmark of client relationship value as a proportion of consideration transferred by plus or minus 5% produces a spread of client relationship values that range by £5.7 million. Management expects to update the DEK client relationship fair value using a more detailed assessment as part of our normal process of finalising the acquisition accounting within the measurement period. Further detailed information in relation to business combinations is included in note 15 to the financial statements. |
Going concern | Going Concern In accordance with IAS 1 ‘Presentation of financial statements’, and revised FRC (“Financial Reporting Council “) guidance on ‘risk management, internal control and related financial and business reporting’, the Directors have considered the funding and liquidity position of the Group and have assessed the Group’s ability to continue as a going concern for the foreseeable future. In doing so, the Directors have reviewed the Group’s budget and forecasts, and have taken into account all available information about the future for a period of at least, but not limited to, 12 months from the date of approval of these consolidated financial statements. The Group meets its day-to-day working capital requirements and medium-term funding requirements through its trading cash flows. At 30 June 2023, the Group had net assets of £571.3 million and net current assets of £226.1 million, of which £164.7 million was cash and cash equivalents. In addition, the Group has a currently unused revolving credit facility (RCF) of £350.0 million. The Directors have considered the business activities and the Group’s principal risks and uncertainties in the context of the current operating environment. This includes the associated risks with doing business in an environment with inflationary pressures and risk of recession increasing in certain markets. The Directors have reviewed liquidity and modelled cash flow projections to produce a baseline forecast scenario. The Directors have also considered sensitivities in respect of potential downside scenarios over and above the baseline scenario, and the mitigating actions available in concluding that the Group is able to continue in operation for a period of at least 12 months from the date of approval of these consolidated financial statements. The specific scenarios modelled include a downside scenario with a recession weakening the demand from July 2023 leading to a sequential revenue decline for three quarters, and a severe but plausible downside scenario with a more significant recession impact leading to a severe impact on sequential revenue growth for five quarters, followed by a gradual recovery. In the downside scenario, revenue over the forecast period is 23% lower than the baseline scenario and no mitigating actions over costs are taken by management. The closing cash balance at the end of the forecast period is £87.0 million lower than the baseline scenario, but remains positive throughout the forecast period, and no draw-down from the RCF would be required. In the severe but plausible downside scenario, revenue over the forecast period is 32% lower than the baseline scenario, and no cost mitigation measures are taken by management. The closing cash balance at the end of the forecast period is £146.0 million lower than the baseline scenario, but remains positive throughout the forecast period, and no draw-down from the RCF would be required. Throughout each of the scenarios considered, the Group’s cash position continues to remain strong throughout the forecast period. As noted above, the Group has an unused RCF of £350.0 million, funded by a group of banks. On the basis of the Group’s existing cash reserves and projections, the Directors do not expect to draw down on the RCF in the foreseeable future, even in the most severe scenario considered. As a result, given the strength of the underlying business performance, the level of cash in the business, and ability to manage the cost base as required, the Directors support the continued going concern assumption. The Directors remain vigilant and ready to implement mitigation action in the event of a downturn in demand or an impact on operations. The Directors are also not aware of any significant matters that are likely to occur outside the going concern period that could reasonably possibly impact the going concern conclusion. Having considered the outcome of these assessments, the Directors consider that the Group has adequate resources to continue in operation for the foreseeable future, being at least 12 months from the date of approval of these consolidated financial statements, and accordingly continue to adopt the going concern basis in preparing the consolidated financial statements. |
Basis of consolidation | Basis of Consolidation The consolidated financial statements incorporate the financial statements of the Group and entities controlled by the Group made up to 30 June each year. (i) Business combinations Business combinations 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 recognised 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 by performing an analysis of cash flows based on historical experience of the acquired businesses. Intangible assets are amortised 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 and deferred consideration payable are 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. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the 'measurement period' (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Otherwise, subsequent changes in the fair value of deferred and contingent consideration payable are recognised in the statement of comprehensive income within finance expense or finance income. 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. |
Foreign currency | Foreign Currency (i) Foreign currency balances and transactions Foreign currency transactions are translated into the functional currency of the applicable Group Entity, using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-measurement of monetary items denominated in foreign currency at period-end exchange rates are recognised in the statement of comprehensive income. Non- monetary items are not retranslated at period-end and are measured at historical cost (translated using the exchange rates at the transaction date), except for non-monetary items measured at fair value which are translated using the exchange rates at the date when fair value was determined. (ii) Foreign operations In the consolidated financial statements, all assets, liabilities and transactions of Group Entities with a functional currency other than Sterling are translated into Sterling upon consolidation. The functional currency of the entities in the Group has remained unchanged during the reporting period. On consolidation, assets and liabilities have been translated into Sterling at the closing rate at the reporting date. Goodwill and fair value adjustments arising on the acquisition of a foreign entity have been treated as assets and liabilities of the foreign entity and translated into Sterling at the closing rate. Income and expenses have been translated into Sterling at the average rate over the reporting period. Exchange differences are charged/credited to other comprehensive income and recognised in the currency translation reserve in equity. On disposal of a foreign operation, the related cumulative translation differences recognised in equity are reclassified to the statement of comprehensive income and are recognised as part of the gain or loss on disposal. |
Financial instruments | Financial Instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Financial Assets Initial recognition and measurement Financial assets are classified, at initial recognition, and subsequently measured at amortised cost, as fair value through other comprehensive income (OCI), or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: • Financial assets at amortised cost (debt instruments) • Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) • Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) • Financial assets at fair value through profit or loss Financial assets at amortised cost The Group measures financial assets at amortised cost if both of the following conditions are met: • The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group’s financial assets at amortised cost includes cash and cash equivalents, trade and other receivables, and finance lease receivables. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value recognised in the statement of comprehensive income. Derecognition A financial asset is primarily derecognised when: • The rights to receive cash flows from the asset have expired; or • The Group has transferred its rights to receive cash flows from the asset and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. The Group does not have financial assets at fair value through profit or loss or fair value through other comprehensive income. (ii) Financial Liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables and loans and borrowings. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below: Financial liabilities at fair value through profit or loss Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. Changes in the fair value of financial liabilities at fair value through profit or loss are recognised within finance income/finance expense in the consolidated statement of comprehensive income. Loans and borrowings After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance expense in the statement of comprehensive income. This category applies to the Group’s interest-bearing loans and borrowings. iii) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. iv) Impairment The Group recognises an allowance for expected credit losses (ECLs) for trade receivables and contract assets. The Group applies the simplified approach available in IFRS 9. The allowance is calculated by reference to credit losses expected to be incurred over the lifetime of the receivable. In estimating a loss allowance we consider historical experience and a forward-looking informed credit assessment relating to customer specific trends and conditions alongside other factors such as the current state of the economy and particular industry issues. We consider reasonable and supportable information that is relevant and available without undue cost or effort. Certain balances, where there was an objective evidence of credit impairment, have been provided for on an individual basis. |
Property, plant and equipment | Property, Plant and Equipment (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of an item of property, plant and equipment comprises: (a) its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates; (b) any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management; and (c) the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which an entity incurs either when the item is acquired or as a consequence of having used the item during a particular period for purposes other than to produce inventories during that period. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Any gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between net proceeds from disposal and the carrying amount of the item) is recognised in the statement of comprehensive income. (ii) Subsequent costs Subsequent expenditure is capitalised only when it is probable that future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance are expensed as incurred. (iii) Depreciation Items of property, plant and equipment are depreciated on a straight-line basis in profit or loss over the estimated useful lives of each component. Leased assets are depreciated over the shorter of the leased term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the leased term. Land is not depreciated. Items of property, plant and equipment are depreciated from the date they are installed and are ready for use, or in respect of internally constructed assets, from the date that the asset is completed and ready for use. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Computers and equipment 3 - 5 years Fixtures and fittings 5 years Leasehold improvement fittings Over the lease term Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. |
Intangible assets and goodwill | Intangible Assets and Goodwill (i) Goodwill Goodwill represents the excess of the aggregate purchase price paid over the fair value of the net assets acquired in our business combinations. Goodwill is not amortised and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include a significant adverse change in business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of the Group’s use of the acquired assets or the strategy for the Group’s overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. If the fair value of the reporting unit is less than book value, the carrying amount of the goodwill is compared to its recoverable amount. The estimate of recoverable amount may require valuations of certain internally generated and unrecognised intangible assets. If the carrying amount of goodwill exceeds the recoverable amount of that goodwill, an impairment loss is recognised in an amount equal to the excess. The Group is one CGU and tests for goodwill impairment on 30 June of each year. (ii) Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Other intangible assets that are acquired by the Group in a business combination and have finite useful lives are measured at fair value at acquisition date less accumulated amortisation and accumulated impairment losses. (iii) Internally-generated intangible assets Intangible assets arising from development are recognised if, and only if, all the following have been demonstrated: - the technical feasibility of completing the intangible asset so that it will be available for use or sale; - the intention to complete the intangible asset and use or sell it; - the ability to use or sell the intangible asset; - how the intangible asset will generate probable future economic benefits; - the ability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset, and - the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally-generated assets is the sum of expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. (iv) Subsequent expenditure Subsequent expenditure is only capitalised when it increases the future economic benefits embodied in the specific asset to which is relates. All other expenditure is recognised in the statement of comprehensive income as incurred. (v) Amortisation Except for goodwill, intangible assets are amortised on a straight-line basis in the statement of comprehensive income over their estimated useful lives, from the date they are available for use. Client relationship 1 - 10 years Supplier relationships 5 years Non-compete agreement 3 years Computer software 3 - 5 years Licences Shorter of licence period and up to 3 years Software - own work capitalised 3 - 5 years |
Lease agreements | Lease Agreements The Group assesses whether a contract is, or contains, a lease at the inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. The Group as a lessee The Group recognises a right-of-use asset and a lease liability at the lease commencement date with respect to all lease arrangements except for short-term leases (leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the lease payments are recognised within selling, general and administrative expenses on a straight-line basis over the term of the lease. As the majority of the Group’s lease portfolio relates to property leases of offices and delivery centres, the Group has elected not to separate non-lease components and therefore accounts for the lease and non-lease component as a single lease component. Right-of-use assets are initially measured at cost, comprising the initial amount of the corresponding lease liability, adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. Right-of-use assets are subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property, plant and equipment. In addition, right-of-use assets are adjusted for any remeasurement of lease liabilities. Right-of-use assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be fully recoverable. Lease liabilities are initially measured at the present value of the lease payments that are due over the lease term, which have not been paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate applicable to each lease. This is the rate that the Group would have to pay for a loan of a similar term, and with a similar security, to obtain an asset of a similar value. The Group calculates the incremental borrowing rate applicable to each lease by obtaining information from various external sources in relation to interest rates and credit risk and makes certain adjustments to reflect the terms of the lease, the type of asset leased, the country and currency of the lease. Lease payments included in the measurement of the lease liability comprise the following: • fixed payments, including in-substance fixed payments, less any lease incentives receivable; • variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; • amounts expected to be paid under residual value guarantees; • the exercise price of any purchase options that are reasonably certain to be exercised; • payments due over optional renewal periods that are reasonably certain to be exercised; and • penalties for early termination of a lease where we are reasonably certain to terminate early. Any variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. Lease liabilities are subsequently measured at amortised cost using the effective interest method. Lease liabilities are remeasured if there is a modification, a change in future lease payments due to a renegotiation or market rent review or a change of an index or rate, or the amount expected to be payable under a residual guarantee, or if we change our assessment of whether we will exercise a purchase, renewal or termination option. When a lease liability is remeasured, a corresponding adjustment is made to the related right-of-use asset. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group presents right-of-use assets and lease liabilities as separate line items on the face of the consolidated balance sheet. The Group as a lessor When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. When the Group is an intermediate lessor, the head-lease and sub-lease are accounted for as two separate contracts. The head lease is accounted for as per the lessee policy above. The sub-lease is classified as a finance lease or operating lease by reference to the right-of-use asset arising from the head lease. Where the lease transfers substantially all the risks and rewards of ownership to the lessee the contract is classified as a finance lease; all other leases are classified as operating leases. If an arrangement contains lease and non-lease components, the Group applies IFRS 15 to allocate the consideration in the contract. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Amounts due from lessees under finance sub-leases are recognised as receivables at the amount of the Group’s net investment in the leases, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the discount rate used in the head lease. |
Impairment | Impairment Non-financial assets The carrying amounts of the Group’s non-financial assets, other than deferred tax assets, are reviewed at each reporting period to determine whether there is any indication of impairment. Goodwill and indefinite-lived intangible assets are tested at least annually for impairment. For impairment assessment purposes, non-financial assets are grouped at the lowest levels for which there are largely independent cash inflows (cash generating units). The cash-generating unit to which goodwill has been allocated (determined by the Group’s management as equivalent to its operating segments) is tested for impairment at least annually. All other individual assets or the cash-generating unit are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset or cash-generating unit’s carrying amount exceeds its recoverable amount, which is the higher of fair value less costs to sell and value-in use. The group has one class of business (the provision of IT services) and is managed on a single consolidated P&L, and therefore, CGU basis. To determine the value-in-use, management estimates expected future cash flows from each cash generating unit and determines a suitable discount rate in order to calculate the present value of those cash flows. The data used for impairment testing procedures are directly linked to the Group’s latest approved budget, adjusted as necessary to exclude the effects of future reorganisations and asset enhancements. Discount factors are determined individually for each cash-generating unit and reflect management’s assessment of respective risk profiles, such as market and asset-specific risks factors. Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash-generating unit. Any remaining impairment loss is charged pro rata to the other assets in the cash-generating unit. With the exception of goodwill, all assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist. An impairment charge is reversed if the cash-generating unit’s recoverable amount exceeds its carrying amount. |
Employee benefits | Employee Benefits (i) Termination benefits Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic probability of withdrawal, to a formal detailed plan to either terminate employment before retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits of voluntary redundancies are recognised as an expense if the Group has made an offer to voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If the benefits are payable more than 12 months after the reporting date, then they are discounted to their present value. (ii) Short-term employee benefits Short-term employee benefit obligations are measured at an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. The Group operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the Group. The annual contributions payable are charged to the statement of comprehensive income. (iii) Employee benefit trust All assets and liabilities of the Endava Limited Guernsey Employee Benefit Trust (the “EBT”) have been consolidated in the consolidated financial statements as the Group has de facto control over the EBT’s net assets. Any assets held by the EBT cease to be recognised on the Consolidated Balance Sheet when the assets vest unconditionally in identified beneficiaries. The costs of purchasing own shares held by the EBT are shown as a deduction against equity of the Group. The proceeds from the sale of own shares held by the EBT increases shareholders’ funds. Neither the purchase nor sale of own shares leads to a gain or loss being recognised in the Group’s statement of comprehensive income. (iv) Employee share schemes and share based payments |
Revenue | Revenue The Group generates revenue primarily from its single class of business being the provision of IT services. It recognises revenue in accordance with IFRS 15 – “Revenue from Contracts with Customers”: • The Group accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. • The Group identifies its distinct performance obligations under each contract. A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. • The transaction price is the amount of consideration to which the Group expects to be entitled in exchange for transferring products or services to a customer. With respect to all types of contracts, revenue is only recognised when the performance obligations are satisfied and the control of the services is transferred to the customer, either over time or at a point in time, at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services. • The Group considers the majority of its contracts to have a single performance obligation. In cases in which there are multiple performance obligations in the contract, a separate price allocation is performed based on relative standalone selling prices. • Revenue is measured at the fair value of the consideration received, excluding discounts, rebates and taxes. The Group’s services are generally performed under time-and-material based contracts (where materials consist of travel and out-of-pocket expenses) and fixed-price contracts. The vast majority of our contracts are relatively short term in nature and have a single performance obligation. Under time-and-materials based contracts, the Group charges for services based on daily or hourly rates and generally bills and collects monthly in arrears. The Group applies the practical expedient. Under the practical expedient, if the vendor’s right to consideration from a customer corresponds directly with the value to the customer of the vendor’s performance completed to date, the vendor can recognise revenue at the amount to which the vendor has the right to invoice. Consequently the revenue from time-and-materials contracts is recognised based on the right to invoice for services performed, with the corresponding cost of providing those services reflected as cost of sales when incurred. Fixed price contracts are predominantly flat rate recurring service arrangements provided evenly over time, where revenue is recognised on a straight-line basis over the period of the service and do not require any judgment. A small proportion of fixed price contracts contain percentage of completion and milestone contracts recognised over time. Percentage of completion and milestone contract revenue is recognised over time applying the input or output methods depending on the nature of the project and the agreement with the customer. The input method is applied by recognising revenue on the basis of the Group’s efforts to date to the satisfaction of the performance obligation relative to the total expected inputs to the satisfaction of the performance obligation. The output method is applied by recognising revenue on the basis of direct measurements of the value to the customer of the services transferred to date relative to the remaining services promised under the contract, respectively. Each method is applied according to the characteristics of each contract and client. The inputs and outputs are selected based on how faithfully they depict the Group's performance towards complete satisfaction of the performance obligation. These methods are followed where reasonably dependable estimates of revenues and costs can be made. Percentage of completion and milestone contracts generally correspond to short-term contracts that generally do not span more than one accounting period. The group also enters into a small number of volume-based arrangements where revenue is recognised based upon performance of certain activities (e.g. processing of IT service tickets). Volume-based revenue is recognised over time based on the volume of IT related services provided in the period at the fixed rate per activity. Variable consideration usually takes the form of volume-based discounts, price concessions or incentives. Determining the estimated amount of such variable consideration involves assumptions and estimation uncertainty that can have an impact on the amount of revenues reported. From time to time, the Group may enter into arrangements with third-party suppliers to sell services. In such cases, the Group evaluates whether it is the principal (i.e., reports revenues on a gross basis) or the agent (i.e., reports revenues on a net basis). In doing so, the Group first evaluates whether it has control of the service before it is transferred to the customer. If the Group controls the service before it is transferred to the customer, the Group is the principal; if not, the Group is the agent. Determining whether the Group controls the service before it is transferred to the customer may require judgment. A contract asset is a right to consideration that is conditional upon factors other than the passage of time. Contract assets primarily relate to unbilled amounts on fixed-price contracts. Services performed on or prior to the balance sheet date, but invoiced thereafter, are reflected in accrued income. Contract liabilities, or deferred income, consist of advance payments from clients and billings in excess of revenues recognised. The Group classifies deferred income as current on the consolidated balance sheet and it is recognised as revenue when the services are provided under a contract. These balances are generally short-term in nature and are generally recognised as revenue within one year. |
Cost of sales | Cost of SalesThe Group divides cost of sales into two categories: direct cost of sales and allocated cost of sales. Direct cost of sales consists primarily of personnel costs, including salary, bonuses, share-based compensation, benefits and travel expenses for the Group’s employees directly involved in delivery of the Group’s services, as well as software licenses and other costs that relate directly to the delivery of services. Allocated cost of sales consists of the portion of depreciation and amortisation expense and property costs related to delivery of the Group’s services. The allocation is done based on headcount. |
Government grants | Government Grants Government grants are assistance by government in the form of transfers of resources to the Group in return for past or future compliance with certain conditions relating to the operating activities of the Group. They exclude those forms of government assistance that cannot reasonably have a value placed upon them and transactions with government that cannot be distinguished from the normal trading transactions of the entity. Government grants are accounted for using the income approach under which they are recognised in the statement of comprehensive income on a systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate. The Group has been granted government grants mainly for job creation and training in some European countries where delivery units are located. The grants received are not under complex fulfillment conditions and involve job creation and retention and provision of training services as per the agreements. During the reporting period, the Group received £0.5 million (2022: £0.1 million) from contracted government grants and there were no amounts repaid due to unfulfillment of conditions. The Group considers the risk of any material derecognition of grant income due to unfulfillment of conditions to be remote. |
Finance income and finance expense | Finance income and finance expenseFinance expense consists primarily of interest expense on borrowings and leases, running costs related to the Company’s revolving credit facility and unwinding of the discount and fair value re-measurements of acquisition deferred and contingent consideration. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in the statement of comprehensive income using the effective interest method. Finance income consists of interest income on funds invested and fair value re-measurements of acquisition deferred and contingent consideration. Interest income is recognised as it accrues in the statement of comprehensive income, using the effective interest method. Finance income and finance expense also reflect the net effect of realised and unrealised foreign currency exchange gains and losses. |
Income taxes | Income Taxes Tax expense recognised in the statement of comprehensive income comprises the sum of deferred tax and current tax not recognised in other comprehensive income or directly in equity. Current income tax assets and/or liabilities comprise those obligations to, or claims from, fiscal authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the consolidated financial statements. Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Current tax assets and liabilities are offset where the Group has a legally enforceable right to offset and intends to either settle on a net basis, or to realise the asset and settle the liability simultaneously. Current tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Amounts receivable in respect of research and development tax credits are recognised within trade and other receivables in the financial statements in the year in which the related expenditure was incurred, provided there is sufficient evidence that these amounts are recoverable. If the research and development tax credits are to be received in a period of over one year from the balance sheet date, they are presented under financial assets and other receivables under non-current assets. These credits, which are credited as an offset to cost of sales, are based on a fixed percentage of the cost of work that is directed and supervised from the United Kingdom, and achieves an advance in technology that was uncertain at the outset of the work. The amounts are recognised within cost of sales in the Group statement of comprehensive income, because they relate to innovations that the Group develops for its contract customers from which the Group earns revenue. Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill, or on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences associated with investments in subsidiaries is not provided if reversal of these temporary differences can be controlled by the Group and it is probable that reversal will not occur in the foreseeable future. Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective periods of realisation, provided they are enacted or substantively enacted by the end of the reporting period. Deferred tax assets are recognised to the extent that it is probable that they will be able to be utilised against future taxable income, based on the Group’s forecast of future operating results which is adjusted for significant non-taxable income and expenses and specific limits to the use of any unused tax loss or credit. Deferred tax assets are not discounted. Deferred tax liabilities are always provided for in full except where deferred tax liabilities are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset only when the Group has a legally enforceable right and intention to set off current tax assets and liabilities from the same taxation authority. Changes in deferred tax assets or liabilities are recognised as a component of tax income or expense in the statement of comprehensive income, except where they relate to items that are recognised in other comprehensive income or directly in equity, in which case the related deferred tax is also recognised in other comprehensive income or equity, respectively. |
Cash and cash equivalents | Cash and Cash EquivalentsCash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments that are readily convertible into known amounts of cash and that are subject to an insignificant risk of changes in value. |
Equity, reserves and dividend payments | Equity, Reserves and Dividend payments Share capital represents the nominal value of shares that have been issued. Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits. Other components of equity include the following: • Foreign exchange translation reserve comprises foreign currency translation differences arising from the translation of financial statements of the group’s foreign entities into Sterling; • Capital redemption reserve is created to maintain the statutory capital maintenance requirements of the Companies Act 2006; • Merger relief reserve represents the fair value of the consideration given in excess of the nominal value of the ordinary shares issued in a business combination; • Other reserve includes increase in equity related to equity consideration payable for acquisitions for which the shares have not yet been issued; and • Retained earnings include all current and prior period retained profits and share option reserves. All transactions with equity shareholders of the Company are recorded separately within equity. Dividend distributions payable to equity shareholders of the Company are included in other liabilities when the dividends have been approved in a general meeting prior to the reporting date. Investment in own shares represents shares held by the EBT. The Group presents basic and diluted earnings per share (“EPS”) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is determined by dividing the profit or loss attributable to equity holders of the Company, adjusted by fair value movement of financial liabilities and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which include awards under share award schemes and share options granted to employees. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Summary of useful life for property, plant and equipment | Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Computers and equipment 3 - 5 years Fixtures and fittings 5 years Leasehold improvement fittings Over the lease term |
Summary of useful life for intangible assets | Client relationship 1 - 10 years Supplier relationships 5 years Non-compete agreement 3 years Computer software 3 - 5 years Licences Shorter of licence period and up to 3 years Software - own work capitalised 3 - 5 years |
Operating Segment Analysis (Tab
Operating Segment Analysis (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Operating Segments [Abstract] | |
Summary of geographical information about non-current assets | Geographical information about the Group's non-current assets (excluding deferred tax asset) is based on locations where the assets are accumulated: 2023 2022 United Kingdom £ 33,412 £ 33,771 North America 66,621 74,508 Europe 169,271 151,213 RoW (1) 133,996 16,967 Total £ 403,300 £ 276,459 (1) Rest of World (RoW) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
Summary of disaggregated revenue by geographical split | Set out below is the disaggregation of the Group’s revenue from contracts with customers by geographical market, based on where the services are delivered to customers: 2023 2022 2021 United Kingdom £ 309,365 £ 270,844 £ 187,045 North America 258,112 228,112 140,085 Europe 182,551 138,005 107,978 RoW 44,705 17,796 11,190 Total £ 794,733 £ 654,757 £ 446,298 The Group’s revenue by industry sector is as follows: 2023 2022 2021 Payments and Financial Services £ 416,007 £ 331,842 £ 226,391 TMT 173,927 163,534 121,045 Other 204,799 159,381 98,862 Total £ 794,733 £ 654,757 £ 446,298 The Group’s revenue by contract type is as follows: 2023 2022 2021 Time and materials contracts £ 646,237 £ 522,857 £ 337,084 Fixed price contracts 148,496 131,900 109,214 Total £ 794,733 £ 654,757 £ 446,298 |
Disclosure of revenue recognition periods | This revenue is expected to be recognised over the following time periods: 2023 2022 Less than 1 year 64,838 121,735 1 to 2 years 17,758 22,656 2 to 3 years 11,823 13,631 More than 3 years 9,682 18,975 Total £ 104,101 £ 176,997 |
Operating Profit (Tables)
Operating Profit (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of operating expenses | 2023 2022 2021 Operating profit is stated after charging/(crediting): Depreciation of owned property, plant and equipment 8,730 6,634 5,086 Depreciation of right-of-use assets 11,861 10,958 10,449 (Reversal of) / Impairment of right-of-use assets (131) 214 1,697 Amortisation of intangible assets 12,467 11,163 7,215 Net gain on disposal of non-current assets (tangibles and intangibles) (45) (73) (36) Net gain on disposal of right-of-use asset (1) (187) (56) Loss on derecognition of right-of-use assets sub-leased — 132 — Research and development tax credit (5,027) (2,211) (2,642) Government grants (2,935) (642) (503) Share-based compensation expense 31,058 35,005 24,427 Expected credit loss allowance on trade receivables 932 765 (30) Expected credit loss allowance on accrued income — (26) 34 Operating lease costs: Land and buildings 1,957 855 788 |
Schedule of auditors' remuneration | During the year, the Group (including its overseas subsidiaries) obtained the following services from the company’s auditors in respect of each year:: 2023 2022 2021 Audit of the financial statements £ 1,467 £ 1,150 £ 813 Subsidiary local statutory audits 108 87 87 SOX attestation fees 1,506 1,710 1,470 Total audit fees 3,081 2,947 2,370 Quarterly review fees 260 — — Transition fees 180 — — Total audit related fees 440 — — Tax Fees 377 — — All Other Fees 202 — — Total auditor’s remuneration £ 4,100 £ 2,947 £ 2,370 |
Particulars of Employees (inc_2
Particulars of Employees (including Directors) (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Additional information [abstract] | |
Schedule of particulars of employees (including directors) | 2023 2022 2021 Average number of staff employed by the group during the year (including directors): Number of operational staff 10,872 9,492 6,943 Number of administrative staff 1,081 927 744 Number of management staff 8 7 8 Total 11,961 10,426 7,695 2023 2022 2021 Aggregate payroll costs of the above were: Wages and salaries £ 481,399 £ 363,879 £ 252,553 Social security contributions 32,844 23,970 15,810 Pension contributions - defined contribution plan 12,034 9,353 4,944 Share-based compensation expense 31,058 35,005 24,427 Total £ 557,335 £ 432,207 £ 297,734 |
Key Management Remuneration (Ta
Key Management Remuneration (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Related Party [Abstract] | |
Schedule of Key Management Remuneration | The compensation of the members of our Board of Directors was: 2023 2022 2021 Remuneration paid £ 1,338 £ 1,838 £ 1,411 Company contributions to pension scheme 72 85 63 Share-based compensation expense 3,755 3,732 2,587 Total £ 5,165 £ 5,655 £ 4,061 Emoluments of highest paid director: Remuneration paid £ 612 £ 1,013 £ 713 Company contributions to pension scheme 48 65 45 Share-based compensation expense 2,135 2,068 1,183 Total £ 2,795 £ 3,146 £ 1,941 |
Finance Expense (Tables)
Finance Expense (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of finance costs | 2023 2022 2021 Running costs related to our revolving credit facility £ 1,733 £ 791 £ 863 Interest payable on leases 1,675 1,126 1,176 Interest payable on leased vehicles 1 2 2 Foreign exchange loss 10,729 — 6,546 Other interest expense 269 381 416 Fair value movement of financial liabilities 419 842 302 Total £ 14,826 £ 3,142 £ 9,305 |
Finance Income (Tables)
Finance Income (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of finance income | 2023 2022 2021 Interest income on bank deposits £ 3,502 £ 181 £ 84 Other interest income 393 7 20 Fair value movement of financial assets 2 7 17 Fair value movement of financial liabilities 12,247 — — Foreign exchange gain — 9,942 — Total £ 16,144 £ 10,137 £ 121 |
Tax On Profit On Ordinary Act_2
Tax On Profit On Ordinary Activities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Summary of analysis of charge/(credit) in the year | Analysis of charge / (credit) in the year 2023 2022 2021 U.K. corporation tax based on the results for the year ended 30 June 2023 at 20.5% (2022 : 19%, 2021: 19%) £ 8,141 £ 7,970 £ 3,628 Overseas tax 16,120 11,859 10,276 Adjustment in respect of prior periods 4,895 751 20 Current Tax 29,156 20,580 13,924 Deferred Tax (9,156) (1,294) (3,006) Total tax £ 20,000 £ 19,286 £ 10,918 |
Reconciliation of the tax rate on group profits | Reconciliation of the tax rate on group profits 2023 2022 2021 £’000 % £’000 % £’000 % Profit on ordinary activities before taxation £ 114,163 £ 102,379 £ 54,368 Profit on ordinary activities at U.K. statutory rate 23,403 20.5 19,452 19.0 10,330 19.0 Differences in overseas tax rates (267) (0.2) (2,467) (2.4) (1,150) (2.1) Impact of share-based compensation 1,390 1.2 1,223 1.2 897 1.5 Non taxable fair value movement on financial liabilities (2,430) (2.1) — — — — Tax incentives and non deductible items (867) (0.8) (1,359) (1.3) 201 0.4 Adjustments related to prior periods (354) (0.3) (502) (0.5) (300) (0.6) Tax on unremitted earnings/withholding tax on dividends 1,209 1.1 2,876 2.8 852 1.6 Impact of rate change on deferred tax (2,084) (1.8) 63 0.1 88 0.2 Total £ 20,000 17.5% £ 19,286 18.8% £ 10,918 20.1% |
Summary of tax on items charged to equity and statement of comprehensive income | Tax on items charged to equity 2023 2022 2021 Deferred tax - share-based compensation £ 3,919 £ 5,101 £ (3,270) Current tax - share-based compensation (2,318) (8,290) (6,639) Total charge/ (credit) to equity £ 1,601 £ (3,189) £ (9,909) |
Deferred Tax Assets and (Liab_2
Deferred Tax Assets and (Liabilities) (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Schedule of deferred taxes | Deferred taxes arising from temporary differences and unused tax losses are summarised as follows: Deferred tax 2023 At 1 July 2022 Exchange Adjustments £’000 Credit / (Charge) to Profit and Loss Acquisition £’000 Charge to Equity £’000 At 30 June 2023 £’000 Accelerated capital allowances £ 434 £ — £ (465) £ — £ — £ (31) Tax losses 3,627 (111) 8,995 — — 12,511 Share-based compensation 9,844 (35) (1,927) — (3,919) 3,963 Intangible assets (6,008) 191 1,901 (6,455) — (10,371) Other temporary differences (1,505) 45 652 269 — (539) Total £ 6,392 £ 90 £ 9,156 £ (6,186) £ (3,919) £ 5,533 Deferred tax 2022 At 1 July 2021 Exchange Adjustments £’000 Credit / (Charge) to Profit and Loss Acquisition £’000 Charge to Equity £’000 At 30 June 2022 £’000 Accelerated capital allowances £ 595 £ — £ (161) £ — £ — £ 434 Tax losses 2,987 355 285 — — 3,627 Share-based compensation 13,143 — 1,802 — (5,101) 9,844 Intangible assets (6,824) (30) 1,136 (290) — (6,008) Other temporary differences 55 208 (1,768) — — (1,505) Total £ 9,956 £ 533 £ 1,294 £ (290) £ (5,101) £ 6,392 After offsetting deferred tax assets and liabilities where appropriate within territories, the net deferred tax comprises: 2023 2022 Deferred tax assets 20,156 17,218 Deferred tax liabilities (14,623) (10,826) Net deferred tax 5,533 6,392 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Schedule of earnings per share | 2023 2022 2021 Profit for the year attributable to equity holders of the Company 94,163 83,093 43,450 2023 2022 2021 Weighted average number of shares outstanding 57,314,839 56,272,036 55,220,298 2023 2022 2021 Earnings per share - basic (£) 1.64 1.48 0.79 2023 2022 2021 Profit for the year attributable to equity holders of the Company 94,163 83,093 43,450 2023 2022 2021 Weighted average number of shares outstanding 57,314,839 56,272,036 55,220,298 Diluted by: options in issue and contingent shares 767,549 1,746,164 1,830,315 Weighted average number of shares outstanding (diluted) 58,082,388 58,018,200 57,050,613 2023 2022 2021 Earnings per share - diluted (£) 1.62 1.43 0.76 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Intangible Assets [Abstract] | |
Schedule of reconciliation of changes in goodwill | 2023 £’000 Cost At 1 July 2022 145,916 Acquired through business combinations 102,451 Effect of foreign exchange translations (7,549) At 30 June 2023 240,818 2022 Cost At 1 July 2021 126,142 Acquired through business combinations 12,780 Effect of foreign exchange translations 6,994 At 30 June 2022 145,916 Net book value At 30 June 2023 240,818 At 30 June 2022 145,916 |
Schedule of goodwill impairment testing assumptions | The key assumptions used in the assessments for the years ended 30 June 2023, 2022 and 2021 are as follows: 2023 2022 2021 Revenue growth rate 25 % 25 % 20 % Discount rate 14.9 % 13.5 % 9.3 % Terminal growth rate 1.5 % 1.5 % 1.5 % |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Business Combinations1 [Abstract] | |
Schedule of business combinations | The following table summarises the acquisition date fair values of each major class of consideration transferred: £’000 Initial cash consideration 44,272 Equity consideration 5,337 Fair value of deferred consideration 2,468 Fair value of contingent consideration 5,071 Total consideration transferred 57,148 The Company's allocation of the total purchase consideration amongst the net assets acquired is as follows: £’000 Intangible assets - client relationships 16,459 Property, plant and equipment 354 Right of use assets 4,667 Cash and cash equivalents 10,817 Trade and other receivables 13,006 Corporation tax receivable 368 Lease liabilities (4,752) Trade and other payables (24,550) Corporation tax payable (659) Deferred tax liability (4,197) Fair value of net assets acquired 11,513 £’000 Initial cash consideration 7,361 Equity consideration 2,831 Fair value of deferred consideration 1,084 Fair value of contingent consideration 3,823 Total consideration transferred 15,099 The Company's allocation of the total purchase consideration amongst the net assets acquired is as follows: £’000 Intangible assets - client relationships 2,997 Property, plant and equipment 29 Deferred tax asset 133 Cash and cash equivalents 546 Trade and other receivables 818 Trade and other payables (1,236) Corporation tax payable (55) Deferred tax liability (899) Fair value of net assets acquired 2,333 £’000 Initial cash consideration 32,025 Equity consideration 9,975 Fair value of deferred consideration 1,416 Fair value of contingent consideration 5,877 Total consideration transferred 49,293 The Company's allocation of the total purchase consideration amongst the net assets acquired is as follows: £’000 Intangible assets - client relationships 4,530 Property, plant and equipment 51 Right of use assets 299 Deferred tax asset 136 Cash and cash equivalents 1,824 Trade and other receivables 2,098 Lease liabilities (319) Trade and other payables (1,192) Corporation tax payable (825) Deferred tax liability (1,359) Fair value of net assets acquired 5,243 £’000 Initial cash consideration 5,400 Equity consideration 1,505 Fair value of deferred consideration 1,225 Fair value of contingent consideration 6,901 Total consideration transferred 15,031 The Company's allocation of the total purchase consideration amongst the net assets acquired is as follows: £’000 Intangible assets 9 Intangible assets - Client relationships 1,240 Property, plant and equipment 12 Cash and cash equivalents 576 Trade and other receivables 930 Corporation tax receivable 115 Trade and other payables (335) Deferred tax liability (296) Fair value of net assets acquired 2,251 £’000 Initial cash consideration 39,364 Cash in Escrow 2,219 Fair value of deferred consideration 1,744 Fair value of contingent consideration 2,902 Total consideration transferred 46,229 The Company's allocation of the total purchase consideration amongst the net assets acquired is as follows: Provisional Adjustments Final Intangible assets - Client relationships 14,710 (1,939) 12,771 Intangible assets 157 (157) — Property, plant and equipment 798 — 798 Right of use asset 1,948 — 1,948 Trade and other receivables 5,928 — 5,928 Cash and cash equivalents 5,707 — 5,707 Trade and other payables (5,093) — (5,093) Lease liabilities (2,983) — (2,983) Fair value of net assets acquired 21,172 (2,096) 19,076 The adjustments presented above have been accounted for in the year ended 30 June 2022. Provisional Adjustments Final Initial cash consideration 16,062 49 16,111 Fair value of equity consideration 4,478 — 4,478 Fair value of deferred consideration 2,653 — 2,653 Fair value of contingent consideration 1,725 — 1,725 Total consideration transferred 24,918 49 24,967 The adjustments presented above have been accounted for in the year ended 30 June 2022. The Company's allocation of the total purchase consideration amongst the net assets acquired is as follows: Provisional Adjustments Final Intangible assets - Client relationships 8,253 428 8,681 Property, plant and equipment 310 — 310 Financial assets 33 — 33 Right of use asset 915 — 915 Trade and other receivables 2,250 — 2,250 Cash and cash equivalents 1,423 — 1,423 Trade and other payables (1,235) 106 (1,129) Corporation tax payable (318) — (318) Lease liabilities (915) — (915) Deferred tax liability (1,730) (114) (1,844) Fair value of net assets acquired 8,986 420 9,406 The adjustments presented above have been accounted for in the year ended 30 June 2022. £’000 Initial cash consideration 48,639 Fair value of deferred consideration 5,003 Fair value of contingent consideration 186 Total consideration transferred 53,828 The Company's allocation of the total purchase consideration amongst the net assets acquired is as follows: £’000 Intangible assets - Client relationships 18,108 Intangible assets - other 54 Property, plant and equipment 461 Right of use asset 2,049 Deferred tax asset 76 Financial asset 201 Trade and other receivables 13,179 Corporation tax receivable 111 Cash and cash equivalents 1,603 Trade and other payables (9,115) Lease liabilities (2,049) Corporation tax payable (62) Deferred tax liability (3,533) Other liabilities (34) Fair value of identifiable net assets 21,049 |
Schedule of goodwill arising from acquisition | Goodwill arising from the acquisition has been recognised as follows: £’000 Consideration transferred 57,148 Fair value of net assets acquired (11,513) Goodwill 45,635 Goodwill arising from the acquisition has been recognised as follows: £’000 Consideration transferred 15,099 Fair value of net assets acquired (2,333) Goodwill 12,766 Goodwill arising from the acquisition has been recognised as follows: £’000 Consideration transferred 49,293 Fair value of net assets acquired (5,243) Goodwill 44,050 Goodwill arising from the acquisition has been recognised as follows: £’000 Consideration transferred 15,031 Fair value of net assets acquired (2,251) Goodwill 12,780 Goodwill arising from the acquisition has been recognised as follows: Provisional Adjustments Final Consideration transferred 46,229 — 46,229 Fair value of net assets acquired (21,172) 2,096 (19,076) Goodwill 25,057 2,096 27,153 The adjustments presented above have been accounted for in the year ended 30 June 2022. Goodwill arising from the acquisition has been recognised as follows: Provisional Adjustments Final Consideration transferred 24,918 49 24,967 Fair value of net assets acquired (8,986) (420) (9,406) Goodwill 15,932 (371) 15,561 The adjustments presented above have been accounted for in the year ended 30 June 2022. £’000 Consideration transferred 53,828 Fair value of identifiable net assets (21,049) Goodwill 32,779 |
Schedule of business acquisition, pro-forma information | Revenue and Profit of DEK from the DEK Acquisition Date to 30 June 2023: £’000 Revenue 1,703 Profit 371 Management’s estimate of Revenue and Profit of DEK for the reporting period ended 30 June 2023 (had the acquisition occurred at the beginning of the reporting period): £’000 Revenue 29,030 Profit 3,273 Revenue and Profit of Mudbath from the Mudbath Acquisition Date to 30 June 2023: £’000 Revenue 2,019 Profit 297 Management’s estimate of Revenue and Profit of Mudbath for the reporting period ended 30 June 2023 (had the acquisition occurred at the beginning of the reporting period): £’000 Revenue 10,086 Profit 127 Revenue and Profit of Lexicon from the Lexicon Acquisition Date to 30 June 2023: £’000 Revenue 11,867 Profit 605 Management’s estimate of Revenue and Profit of Lexicon for the reporting period ended 30 June 2023 (had the acquisition occurred at the beginning of the reporting period): £’000 Revenue 16,269 Profit 1,061 Revenue and Loss of BAC from the BAC Acquisition Date to 30 June 2022: £’000 Revenue 1,790 Loss 112 Management’s estimate of Revenue and Profit of BAC for the reporting period ended 30 June 2022 (had the acquisition occurred at the beginning of the reporting period): £’000 Revenue 4,391 Profit 227 Revenue and Profit of Levvel from the Levvel Acquisition Date to 30 June 2021: £’000 Revenue 11,639 Profit 1,192 Management’s estimate of Revenue and Profit of Levvel for the reporting period ended 30 June 2021 (had the acquisition occurred at the beginning of the reporting period): £’000 Revenue 39,467 Profit 4,715 Revenue and Profit of Five from the Five Acquisition Date to 30 June 2021: £’000 Revenue 4,827 Profit 171 Management’s estimate of Revenue and Profit of Five for the reporting period ended 30 June 2021 (had the acquisition occurred at the beginning of the reporting period): £’000 Revenue 13,419 Profit 1,910 Revenue and Profit of CDS from the CDS Acquisition Date to 30 June 2021: £’000 Revenue 27,227 Profit 2,128 Management’s estimate of Revenue and Profit of CDS for the reporting period ended 30 June 2021 (had the acquisition occurred at the beginning of the reporting period): £’000 Revenue 30,852 Profit 2,507 |
Schedule of acquisition related costs | Acquisition related costs: £’000 Legal and professional fees 895 Acquisition related costs: £’000 Legal and professional fees 277 Acquisition related costs: £’000 Legal and professional fees 770 Acquisition Related Costs: £’000 Legal and professional fees 292 Stamp duty 87 Total 379 Acquisition related costs: £’000 Legal and professional fees 1,074 Acquisition related costs: £’000 Legal and professional fees 716 Acquisition Related Costs: £’000 Legal and professional fees 1,550 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Intangible Assets [Abstract] | |
Schedule of intangible assets | 2023 Client relationship Software and licences Non-Compete Agreement Supplier relationships £’000 Software - own work capitalised Total Cost At 1 July 2022 £ 87,273 £ 798 £ 146 £ 120 £ 1,162 £ 89,499 Additions — 5 — — — 5 On acquisition of subsidiary 23,985 — — — — 23,985 Disposals — (142) (140) — — (282) Effect of foreign exchange translations (2,342) (4) (6) — (1) (2,353) At 30 June 2023 £ 108,916 £ 657 £ — £ 120 £ 1,161 £ 110,854 Amortisation At 1 July 2022 £ 31,430 £ 740 £ 146 £ 64 £ 930 £ 33,310 Charge for the year 12,246 37 — 24 160 12,467 Disposals — (142) (140) — — (282) Effect of foreign exchange translations (845) (4) (6) — (2) (857) At 30 June 2023 £ 42,831 £ 631 £ — £ 88 £ 1,088 £ 44,638 Net book value At 30 June 2023 £ 66,085 £ 26 £ — £ 32 £ 73 £ 66,216 2022 Client relationship £’000 Software and licences £’000 Non-Compete Agreement £’000 Trade name £’000 Supplier relationships £’000 Software - own work capitalised £’000 Total £’000 Cost At 1 July 2021 £ 80,623 £ 777 £ 128 £ 272 £ 120 £ 1,159 £ 83,079 Additions — 4 — — — — 4 On acquisition of subsidiary 1,240 9 — — — — 1,249 Disposals — — — (272) — — (272) Effect of foreign exchange translations 5,410 8 18 — — 3 5,439 At 30 June 2022 £ 87,273 £ 798 £ 146 £ — £ 120 £ 1,162 £ 89,499 Amortisation At 1 July 2021 £ 19,251 £ 684 £ 128 £ 90 £ 40 £ 630 £ 20,823 Charge for the year 10,617 47 — 182 24 293 11,163 Disposals — — — (272) — — (272) Effect of foreign exchange translations 1,562 9 18 — — 7 1,596 At 30 June 2022 £ 31,430 £ 740 £ 146 £ — £ 64 £ 930 £ 33,310 Net book value At 30 June 2022 £ 55,843 £ 58 £ — £ — £ 56 £ 232 £ 56,189 . |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Property, plant and equipment [abstract] | |
Schedule of property, plant and equipment | 2023 Computers & Equipment Fixtures & Fittings Fixed Assets in Progress Total Cost At 1 July 2022 £ 27,572 £ 17,031 £ 1,782 £ 46,385 Additions 4,762 8,050 857 13,669 On acquisition of subsidiary 324 110 — 434 Inflation adjustment 195 — — 195 Disposals (6,397) (1,789) — (8,186) Transfers — 1,780 (1,780) — Effect of foreign exchange translations (793) (591) — (1,384) At 30 June 2023 £ 25,663 £ 24,591 £ 859 £ 51,113 Depreciation At 1 July 2022 £ 16,255 £ 8,870 £ — £ 25,125 Charge for the year 5,700 3,030 — 8,730 Disposals (6,344) (1,699) — (8,043) Effect of foreign exchange translations (388) (251) — (639) At 30 June 2023 £ 15,223 £ 9,950 £ — £ 25,173 Net book value At 30 June 2023 £ 10,440 £ 14,641 £ 859 £ 25,940 2022 Computers & Equipment Fixtures & Fittings Vehicles Fixed Assets in Progress Total Cost At 1 July 2021 £ 19,368 £ 13,846 £ 6 £ 497 £ 33,717 Additions 9,093 3,088 — 1,782 13,963 On acquisition of subsidiary 12 — — — 12 Inflation adjustment 429 — — — 429 Disposals (1,740) (721) (6) — (2,467) Transfers — 497 — (497) — Effect of foreign exchange translations 410 321 — — 731 At 30 June 2022 £ 27,572 £ 17,031 £ — £ 1,782 £ 46,385 Depreciation At 1 July 2021 £ 13,283 £ 7,104 £ 6 £ — £ 20,393 Charge for the year 4,351 2,283 — — 6,634 Disposals (1,610) (652) (6) — (2,268) Effect of foreign exchange translations 231 135 — — 366 At 30 June 2022 £ 16,255 £ 8,870 £ — £ — £ 25,125 Net book value At 30 June 2022 £ 11,317 £ 8,161 £ — £ 1,782 £ 21,260 |
Significant Shareholdings and_2
Significant Shareholdings and Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Related Party [Abstract] | |
Schedule of ownership interest | At 30 June 2023, the Group held 100% of the share capital of the following entities: Subsidiary Country of Incorporation Class of Shares Held Percentage of Shares Held Principal Activity Endava Argentina SRL Argentina Ordinary 100 % Provision of IT Services Endava Australia Pty Ltd Australia Ordinary 100 % Provision of IT Services DEK Corporation Pty Ltd Australia Ordinary 100 % Provision of IT Services Lexicon Consolidated Holdings Pty Ltd Australia Ordinary 100 % Provision of IT Services Lexicon Digital Trust Australia Ordinary 100 % Provision of IT Services Lexicon Digital Pty Ltd Australia Ordinary 100 % Provision of IT Services Mudbath & Co Pty Ltd Australia Ordinary 100 % Provision of IT Services Endava Austria GmbH Austria Ordinary 100 % Provision of IT Services Endava d.o.o. Banja Luka Bosnia and Herzegovina Ordinary 100 % Provision of IT Services Endava d.o.o. Sarajevo Bosnia and Herzegovina Ordinary 100 % Provision of IT Services Endava EOOD Bulgaria Ordinary 100 % Provision of IT services Endava Canada Inc. Canada Ordinary 100 % Provision of IT Services Endava Colombia S.A.S. Colombia Ordinary 100 % Provision of IT Services Endava S.A.S. Colombia Ordinary 100 % Provision of IT Services Endava d.o.o Croatia Ordinary 100 % Provision of IT Services Endava ApS Denmark Ordinary 100 % Provision of IT Services Endava GmbH Germany Ordinary 100 % Provision of IT services Endava Munchen GmbH Germany Ordinary 100 % Provision of IT Services Endava (Ireland) Limited Ireland Ordinary 100 % Provision of IT services Endava Digital Services Limited Ireland Ordinary 100 % Provision of IT Services Endava Malaysia SDN. BHD. Malaysia Ordinary 100 % Provision of IT Services Lvvl Mexico S. de R.L. de C.V. Mexico Ordinary 100 % Provision of IT Services ICS Endava SRL Moldova Ordinary 100 % Provision of IT services Endava B.V. The Netherlands Ordinary 100 % Provision of IT services Endava Holdings B.V. The Netherlands Ordinary 100 % Holding Company Endava DOOEL Skopje North Macedonia Ordinary 100 % Provision of IT services Endava Poland sp. z.o.o Poland Ordinary 100 % Provision of IT services Endava Romania SRL Romania Ordinary 100 % Provision of IT services Endava d.o.o. Beograd Serbia Ordinary 100 % Provision of IT Services Endava Digital Services d.o.o. Beograd Serbia Ordinary 100 % Provision of IT Services Endava Singapore Pte. Ltd Singapore Ordinary 100 % Provision of IT Services Endava Digitalne Resitve d.o.o. Slovenia Ordinary 100 % Provision of IT Services DEK Technologies Sweden AB Sweden Ordinary 100 % Provision of IT Services Endava Switzerland GmbH Switzerland Ordinary 100 % Provision of IT Services Endava Middle East FZ-LLC UAE Ordinary 100 % Provision of IT Services Endava (Managed Services) Limited United Kingdom Ordinary 100 % Provision of IT services Endava (UK) Limited United Kingdom Ordinary 100 % Provision of IT services Endava Limited Guernsey Employee Benefit Trust United Kingdom Ordinary 100 % Employee Benefit Trust Intuitus Limited United Kingdom Ordinary 100 % Provision of IT services Business Agility Consulting Limited United Kingdom Ordinary 100 % Provision of IT services Endava Holdings Inc United States Ordinary 100 % Holding Company Endava Inc. United States Ordinary 100 % Provision of IT services Endava LLC United States Ordinary 100 % Provision of IT Services Endava Nearshore Ventures LLC United States Ordinary 100 % Provision of IT Services Endava USA West Inc United States Ordinary 100 % Provision of IT Services Five Minutes Studio, Inc United States Ordinary 100 % Provision of IT Services Levvel Digital LLC United States Ordinary 100 % Provision of IT Services Levvel LLC United States Ordinary 100 % Provision of IT Services Endava Uruguay SRL Uruguay Ordinary 100 % Provision of IT Services DEK Technologies Vietnam Company Limited Vietnam Ordinary 100 % Provision of IT Services Endava Limited Liability Company Vietnam Ordinary 100 % Provision of IT Services Dormant Entities Subsidiary Country of Incorporation Class of Shares Held Percentage of Shares Held Endava (Romania) Limited United Kingdom Ordinary 100 % Testing4Finance Ltd United Kingdom Ordinary 100 % |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of trade and other receivables | 2023 2022 Trade receivables £ 143,336 £ 131,650 Prepayments 11,055 8,865 Accrued income 12,775 13,458 Research and development tax credit 3,013 3,266 Grant receivable 2,877 437 Other receivables 4,810 4,995 Total trade and other receivables £ 177,866 £ 162,671 The following table presents the trade receivables and accrued income ageing intervals and the allocation of the expected credit loss allowance as of 30 June 2023 and 30 June 2022: 2023 2022 Trade receivables and accrued income - gross Expected credit loss allowance Trade receivables and accrued income - gross Expected credit loss allowance Current 135,844 (248) 122,914 (854) 1 - 30 days overdue 8,032 (147) 7,411 (94) 31 - 60 days overdue 6,532 (104) 9,520 (338) 61 - 90 days overdue 2,447 (71) 3,465 (141) Over 90 days overdue 7,750 (3,924) 5,821 (2,596) Total 160,605 (4,494) 149,131 (4,023) The gross and net amounts of trade receivables and accrued income were as follows: 2023 2022 Trade receivables - gross £ 147,830 £ 135,665 Expected credit loss allowance (4,494) (4,015) Trade receivables - net £ 143,336 £ 131,650 2023 2022 Accrued income - gross £ 12,775 £ 13,466 Expected credit loss allowance — (8) Accrued income - net £ 12,775 £ 13,458 Movements in the expected credit loss allowance were as follows: 2023 2022 As at 1 July £ 4,023 £ 3,537 Provided in the year 6,181 4,628 Released in the year (5,249) (3,889) Utilised in the year (301) (492) Effect of foreign exchange translations (160) 239 As at 30 June £ 4,494 £ 4,023 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of trade and other payables | 2023 2022 Trade payables £ 5,480 £ 8,214 Other taxation and social security 19,006 17,202 Other liabilities 6,040 4,532 Accruals 55,195 63,862 Deferred income 5,438 4,442 Total trade and other payables £ 91,159 £ 98,252 |
Financial Assets and Liabilit_2
Financial Assets and Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
Schedule of financial assets | The Group has the following financial assets, all of which are classified and measured at amortised cost: Note 2023 2022 Financial assets at amortised cost Trade receivables 19 £ 143,336 £ 131,650 Accrued income 19 12,775 13,458 Other financial assets £ 243 £ 668 Cash and cash equivalents £ 164,703 £ 162,806 Total financial assets £ 321,057 £ 308,582 Prior year comparative figures have been adjusted to include only balances that meet the definition of financial assets. |
Schedule of financial liabilities | The Group has the following financial liabilities: Note 2023 2022 Lease liabilities Current lease liabilities 23 £ 14,573 £ 11,898 Non-current lease liabilities 23 54,441 43,999 69,014 55,897 Other financial liabilities at amortised cost Trade payables 20 5,480 8,214 Accruals 20 55,195 63,862 Deferred consideration 15 6,104 11,666 66,779 83,742 Financial liabilities at fair value through profit or loss Contingent consideration 15 11,459 8,514 Total financial liabilities £ 147,252 £ 148,153 Prior year comparative figures have been adjusted to include only balances that meet the definition of financial liabilities. |
Schedule of contingent consideration | The following table includes the roll forward schedule of contingent consideration during the year ended 30 June 2023: Contingent consideration Beginning of the year Additions Payments Remeasurement and discount unwind Foreign exchange impact End of the year 2023 8,514 14,771 (111) (10,418) (1,297) 11,459 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
Schedule of detailed information about borrowings | Terms and conditions of outstanding borrowings as of 30 June 2023 and 2022 are as follows: Type Nominal Interest p.a. Year of Maturity 2023 2022 Revolving Credit Facility SONIA/ EURIBOR/SOFR + variable margin (1.00% - 1.65%) 2026 £ — £ — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Presentation of Leases for Lessee and Lessor [Abstract] | |
Disclosure of right-of-use assets | Set out below are the carrying amounts of the Group’s right-of-use assets and the movements during the year ended 30 June 2023: Leasehold Buildings Vehicles £’000 Total As at 1 July 2022 £ 50,736 £ 82 £ 50,818 Additions 17,349 — 17,349 Disposals (24) — (24) Derecognition as a result of subleases (6) — (6) Modifications (1) 8,187 — 8,187 Depreciation charge (11,809) (52) (11,861) Reversal of the impairment charge 131 — 131 Effect of foreign exchange translations 489 1 490 As at 30 June 2023 £ 65,053 £ 31 £ 65,084 (1) Lease liabilities are remeasured when a change to future contractual cash flows is identified. Remeasurements were made in the year based upon changes in indexation and changes resulting from additional space rented. The carrying value of the corresponding right-of-use asset is also remeasured to reflect this change. Set out below are the carrying amounts of the Group’s right-of-use assets and the movements during the year ended 30 June 2022: Leasehold Buildings £’000 Vehicles £’000 Total As at 1 July 2021 £ 57,019 £ 174 £ 57,193 Additions 3,640 47 3,687 Disposals (787) (58) (845) Derecognition as a result of subleases (423) — (423) Modifications (1) 1,433 (3) 1,430 Depreciation charge (10,878) (80) (10,958) Impairment charge (214) — (214) Effect of foreign exchange translations 946 2 948 As at 30 June 2022 £ 50,736 £ 82 £ 50,818 (1) Lease liabilities are remeasured when a change to future contractual cash flows is identified. Remeasurements were made in the year based upon changes in indexation and changes resulting from additional space rented. The carrying value of the corresponding right-of-use asset is also remeasured to reflect this change. |
Disclosure of changes in net investment in finance lease | Set out below are the carrying amounts of the Group’s lease liabilities and the movements during the year ended 30 June 2023: Leasehold Buildings Vehicles £’000 Total As at 1 July 2022 £ 55,816 £ 81 £ 55,897 Additions 17,375 — 17,375 Disposals (24) — (24) Modifications (1) 8,188 — 8,188 Interest 1,675 1 1,676 Payments (13,435) (53) (13,488) Effect of foreign exchange revaluation and translations (611) 1 (610) As at 30 June 2023 £ 68,984 £ 30 £ 69,014 (1) Lease liabilities are remeasured when a change to future contractual cash flows is identified. Remeasurements were made in the year based upon changes in indexation and changes resulting from additional space rented. Set out below are the carrying amounts of the Group’s lease liabilities and the movements during the year ended 30 June 2022: Leasehold Buildings Vehicles £’000 Total As at 1 July 2021 £ 63,510 £ 175 £ 63,685 Additions 3,640 44 3,684 Disposals (1,021) (58) (1,079) Modifications (1) 1,428 (3) 1,425 Interest 1,126 2 1,128 Payments (13,722) (83) (13,805) Effect of foreign exchange revaluation and translations 855 4 859 As at 30 June 2022 £ 55,816 £ 81 £ 55,897 (1) |
Schedule of minimum finance lease payments | The maturities of the Group’s lease liabilities for the year ended 30 June 2023 are as follows: Leasehold Buildings Vehicles £’000 Total Less than 1 year 14,550 23 14,573 1 to 5 years 45,018 7 45,025 More than 5 years 17,063 — 17,063 Total undiscounted lease liabilities 76,631 30 76,661 Lease liabilities included in the balance sheet 68,984 30 69,014 Analysed as : Current 14,550 23 14,573 Non-current 54,434 7 54,441 The maturities of the Group’s lease liabilities for the year ended 30 June 2022 are as follows: Leasehold Buildings Vehicles £’000 Total Less than 1 year 11,846 52 11,898 1 to 5 years 33,203 30 33,233 More than 5 years 14,710 — 14,710 Total undiscounted lease liabilities 59,759 82 59,841 Lease liabilities included in the balance sheet 55,816 81 55,897 Analysed as : Current 11,846 52 11,898 Non-current 43,970 29 43,999 |
Disclosure of income statement impact of leases | The following items have been recognised in the Consolidated statement of comprehensive income for the current and prior year: 2023 Leasehold Buildings Vehicles £’000 Total Depreciation of right-of-use assets £ 11,809 £ 52 £ 11,861 Reversal of impairment of right-of-use assets (131) — (131) Interest expense on lease liabilities 1,675 1 1,676 Expense related to short-term leases 1,841 58 1,899 Loss on derecognition of right-of-use assets sub-leased — — — Net gain on disposal of right-of-use asset (1) — (1) Fair value movement of financial assets (2) — (2) Total £ 15,191 £ 111 £ 15,302 2022 Leasehold Buildings Vehicles £’000 Total Depreciation of right-of-use assets £ 10,878 £ 80 £ 10,958 Impairment of right-of-use assets 214 — 214 Interest expense on lease liabilities 1,126 2 1,128 Expense related to short-term leases 691 97 788 Loss on derecognition of right-of-use assets sub-leased 132 — 132 Net gain on disposal of right-of-use asset (187) — (187) Fair value movement of financial assets (7) — (7) Total £ 12,847 £ 179 £ 13,026 |
Disclosure of contractual obligations and commitments | The following table summarises our commitments to settle contractual obligations as of 30 June 2023 and the effect such obligations are expected to have on our liquidity and cash flows: Less than 1 Year 1 to 3 3 to 5 More than 5 Years Total (in thousands) Lease liabilities £ 14,573 £ 27,483 £ 17,542 £ 17,063 £ 76,661 Short-term leases 1,532 — — — 1,532 Leases contracted, but not yet commenced 27 65 65 41 198 Total £ 16,132 £ 27,548 £ 17,607 £ 17,104 £ 78,391 |
Schedule of minimum finance lease receipts | The following table sets out the maturity analysis of lease payments receivable for sub-leases classified as finance leases showing the undiscounted lease payments to be received after the reporting date and the net investment in the finance lease receivable. Finance leases 2023 Finance leases 2022 Less than 1 year 59 427 1 to 2 years — 51 Total undiscounted lease payments receivable 59 478 Unearned finance income 3 — Net investment in finance lease receivable 56 478 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Schedule of classes of share capital | Authorised share capital: 2023 2022 60,000,000 ordinary shares of £0.02 each 1,200 1,200 Allotted, called up and fully paid: 2023 No. £’000 2022 No. £’000 Class A ordinary shares 41,810,877 836 40,666,258 813 Class B ordinary shares 15,940,112 319 16,097,612 322 Ordinary shares of £0.02 each 57,750,989 1,155 56,763,870 1,135 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangements [Abstract] | |
Number and weighted average exercise price of share options | The number and the weighted-average exercise prices of the share options under the above arrangements were as follows: CSOP JSOP LTIP EIP SAYE SS Bonus Payments Options outstanding at 1 July 2022 5,845 34,075 96,324 1,158,575 598,614 445,491 — Options granted during the year — — — 536,814 — 1,212,215 — Options exercised during the year — (27,110) (64,312) (522,661) (217,684) — — Options forfeited during the year — — (3,000) (267,903) (35,085) (191,735) — Options outstanding at 30 June 2023 5,845 6,965 29,012 904,825 345,845 1,465,971 — Options outstanding at 1 July 2021 5,845 34,075 203,326 1,406,877 1,119,953 — — Options granted during the year — — — 300,940 — 504,443 — Options exercised during the year — — (107,002) (467,888) (470,757) — — Options forfeited during the year — — — (81,354) (50,582) (58,952) — Options outstanding at 30 June 2022 5,845 34,075 96,324 1,158,575 598,614 445,491 — Options outstanding at 1 July 2020 20,845 167,611 781,022 1,104,267 759,207 — 117,116 Options granted during the year — — — 726,094 423,272 — — Options exercised during the year (15,000) (133,536) (568,196) (359,815) (1,550) — (117,110) Options forfeited during the year — — (9,500) (63,669) (60,976) — (6) Options outstanding at 30 June 2021 5,845 34,075 203,326 1,406,877 1,119,953 — — Weighted average exercise price 30 June 2023 - £ 0.90 — — — 39.78 64.55 — Weighted average exercise price 30 June 2022 - £ 0.90 — — — 35.70 102.41 — Weighted average exercise price 30 June 2021 - £ 0.90 — — — 25.59 — — Weighted average share price at exercise date 2023 - £ — 61.9 57.41 57.55 58.25 — — Weighted average share price at exercise date 2022 - £ — — 117.25 130.1 111.89 — — Weighted average share price at exercise date 2021 - £ 62.58 44.71 44.12 45.95 62.71 — 56.53 Weighted average contractual life 2023 - years 1 13 2 2 1 6 0 Weighted average contractual life 2022 - years 2 14 3 2 1 6 0 Weighted average contractual life 2021 - years 3 15 4 3 1 0 0 |
Valuation inputs for options granted | Options granted in the period have been valued using a Black Scholes option pricing model using the following inputs: 2023 2022 2021 Exercise price £0.00 - £55.05 £0.00 - £102.41 £0.00 - £36.24 Risk free rate 4.23% 0.6% - 1.0% 0.2% - 1.0% Expected volatility 50.4 % 30.0% - 45.2% 30.0% - 35.0% Expected dividends — — — Fair value of option £33.45 - £72.71 £64.63 - £115.36 £16.21 - £64.35 |
Cash Flow (Tables)
Cash Flow (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Cash Flow Statement [Abstract] | |
Schedule of cash flow statement adjustments | Adjustments 2023 2022 2021 Depreciation, amortisation and impairment of non-financial assets £ 32,927 £ 28,969 £ 24,447 Unrealised foreign exchange loss / (gain) 5,441 (9,876) 6,742 Interest income (3,506) (184) (84) Fair value movement of financial liabilities (11,828) 842 302 Interest expense 3,469 2,014 2,081 Net gain on disposal of non-current assets (tangibles and intangibles) (45) (73) (36) Share-based compensation expense 31,058 35,005 24,427 Hyperinflation effect (gain) / loss (386) 17 189 Research and development tax credit (5,027) (2,211) (2,642) Loss on derecognition of right-of-use assets sub-leased — 132 — Net gain on disposal of right-of-use asset (1) (187) (56) Fair value movement of financial assets (2) (7) (17) Grant income (2,935) (642) (503) Total adjustments £ 49,165 £ 53,799 £ 54,850 Net changes in working capital 2023 2022 2021 Increase in trade and other receivables £ (3,937) £ (37,006) £ (19,505) (Decrease)/Increase in trade and other payables (12,136) 15,236 (1,855) Net changes in working capital £ (16,073) £ (21,770) £ (21,360) |
Schedule of non-cash changes arising from financing activities | Grant received Beginning of the year Cash received Grant income Non-cash foreign exchange Non-cash Other End of the year 2021 331 228 (503) 3 — 59 2022 59 139 (642) 7 — (437) 2023 (437) 494 (2,935) 1 — (2,877) |
Financial Instrument Risk (Tabl
Financial Instrument Risk (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Financial Instruments [Abstract] | |
Foreign currency denominated financial assets and liabilities | Foreign currency denominated financial assets and liabilities which expose the Group to currency risk are disclosed below. The amounts shown are translated into GBP at the closing rate: 30 June 2023 GBP EUR USD RON Others TOTAL Financial assets 185,276 35,376 47,373 3,648 49,384 321,057 Financial liabilities (33,063) (7,552) (5,613) (58,804) (42,220) (147,252) Total 152,213 27,824 41,760 (55,156) 7,164 173,805 30 June 2022 GBP EUR USD RON Others TOTAL £‘000 Financial assets 181,785 33,623 58,546 4,264 30,364 308,582 Financial liabilities (36,652) (6,202) (12,408) (56,089) (36,802) (148,153) Total 145,133 27,421 46,138 (51,825) (6,438) 160,429 |
Schedule of effect of changes in foreign exchange rates | During the year ended 30 June 2023, the Sterling/RON volatility ranged from the RON strengthening against Sterling by 4% to weakening by 4%. GBP/RON Profit impact Equity impact 30 June 2023 4 % (1,201) (843) 30 June 2023 (4) % 1,147 804 During the year ended 30 June 2022, the Sterling/RON volatility ranged from the RON strengthening against Sterling by 3% to weakening by 2%. GBP/RON Profit impact Equity impact 30 June 2022 3 % (693) (672) 30 June 2022 (2) % 536 519 |
Schedule of maximum exposure to credit risk | The Group’s maximum exposure to credit risk is limited to the carrying amount of financial assets recognised at 30 June, as summarised below: 2023 2022 Trade receivables £ 143,336 £ 131,650 Accrued income 12,775 13,458 Other financial assets 243 668 Cash and cash equivalents 164,703 162,806 Total £ 321,057 £ 308,582 Prior year comparative figures have been adjusted to include only balances that meet the definition of financial assets. |
Disclosure of maturity analysis for non-derivative financial liabilities | As at 30 June 2023, the Group’s non-derivative financial liabilities had contractual maturities (including interest payments where applicable) as summarised below: 30 June 2023 Current Current Non-Current Non-Current Lease liabilities £ 7,371 £ 7,202 £ 45,025 £ 9,416 Trade payables 5,480 — — — Accruals 55,195 — — — Deferred consideration 1,267 — 4,837 — Contingent consideration 2,661 4,989 3,809 — Total £ 71,974 £ 12,191 £ 53,671 £ 9,416 The undiscounted lease liabilities values are included in Note 23 and the discount impact for deferred and contingent consideration is not material. There were no forward foreign currency options in place at 30 June 2023. As at 30 June 2022, the Group’s non-derivative financial liabilities had contractual maturities (including interest payments where applicable) as summarised below: 30 June 2022 Current Current Non-Current Non-Current Lease liabilities £ 6,200 £ 5,698 £ 33,233 £ 10,766 Trade payables 8,214 — — — Accruals 63,862 — — — Deferred consideration 7,216 3,388 1,062 — Contingent consideration 2,958 1,225 4,331 — Total £ 88,450 £ 10,311 £ 38,626 £ 10,766 Prior year comparative figures have been adjusted to include only balances that meet the definition of financial liabilities. |
Capital Management Policies a_2
Capital Management Policies and Procedures (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Disclosure of capital management | 2023 2022 Equity £ 571,308 £ 432,723 Loans and borrowings — — Less: Cash and cash equivalents (164,703) (162,806) Total Capital £ 406,605 £ 269,917 |
Significant Accounting Polici_4
Significant Accounting Policies - Narrative (Details) - GBP (£) | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of changes in accounting estimates [line items] | ||||
Net assets | £ 571,300,000 | |||
Net current assets | 226,100,000 | |||
Cash and cash equivalents | 164,703,000 | £ 162,806,000 | £ 69,884,000 | £ 101,327,000 |
Loans and borrowings | 0 | 0 | ||
Grant received | £ 494,000 | 139,000 | £ 228,000 | |
Downside scenario | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Percentage increase (decrease) in revenue | 23% | |||
Increase (decrease) in cash and cash equivalents | £ 87,000,000 | |||
Severe downside scenario | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Percentage increase (decrease) in revenue | 32% | |||
Increase (decrease) in cash and cash equivalents | £ 146,000,000 | |||
Revolving Credit Facility | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Undrawn borrowing facilities | 350,000,000 | |||
Loans and borrowings | 0 | £ 0 | ||
Revolving Credit Facility | Downside scenario | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Loans and borrowings | 0 | |||
Revolving Credit Facility | Severe downside scenario | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Loans and borrowings | 0 | |||
Lexicon | Minimum | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Range of customer relationship values | 400,000 | |||
Lexicon | Maximum | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Range of customer relationship values | £ 1,900,000 | |||
Lexicon | Customer attrition | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Percentage of reasonably possible increase in actuarial assumption | 5% | |||
Percentage of reasonably possible decrease in actuarial assumption | 5% | |||
Lexicon | Discount rate, measurement input | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Percentage of reasonably possible increase in actuarial assumption | 2.50% | |||
Percentage of reasonably possible decrease in actuarial assumption | 2.50% | |||
Mudbath & Co Pty Ltd | Minimum | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Range of customer relationship values | £ 200,000 | |||
Mudbath & Co Pty Ltd | Maximum | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Range of customer relationship values | £ 900,000 | |||
Mudbath & Co Pty Ltd | Customer attrition | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Percentage of reasonably possible increase in actuarial assumption | 5% | |||
Percentage of reasonably possible decrease in actuarial assumption | 5% | |||
Mudbath & Co Pty Ltd | Discount rate, measurement input | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Percentage of reasonably possible increase in actuarial assumption | 2.50% | |||
Percentage of reasonably possible decrease in actuarial assumption | 2.50% | |||
DEK Corporation Pty Ltd | Minimum | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Range of customer relationship values | £ 5,700,000 | |||
DEK Corporation Pty Ltd | Historic benchmark of customer relationship value as a proportion of consideration transferred | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Percentage of reasonably possible increase in actuarial assumption | 5% | |||
Percentage of reasonably possible decrease in actuarial assumption | 5% |
Significant Accounting Polici_5
Significant Accounting Policies - Summary Of Useful Life For Property, Plant And Equipment (Details) | 12 Months Ended |
Jun. 30, 2023 | |
Computers and equipment | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life, property plant and equipment | 3 years |
Computers and equipment | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life, property plant and equipment | 5 years |
Fixtures and fittings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life, property plant and equipment | 5 years |
Significant Accounting Polici_6
Significant Accounting Policies - Summary Of Useful Life For Intangible Assets (Details) | 12 Months Ended |
Jun. 30, 2023 | |
Client relationship | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets | 1 year |
Client relationship | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets | 10 years |
Supplier relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets | 5 years |
Non-compete agreement | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets | 3 years |
Computer software | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets | 3 years |
Computer software | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets | 5 years |
Licences | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets | 3 years |
Software - own work capitalised | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets | 3 years |
Software - own work capitalised | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets | 5 years |
Operating Segment Analysis - Ge
Operating Segment Analysis - Geographical Information (Details) - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Disclosure of geographical areas [line items] | ||
Total | £ 403,300 | £ 276,459 |
United Kingdom | ||
Disclosure of geographical areas [line items] | ||
Total | 33,412 | 33,771 |
North America | ||
Disclosure of geographical areas [line items] | ||
Total | 66,621 | 74,508 |
Europe | ||
Disclosure of geographical areas [line items] | ||
Total | 169,271 | 151,213 |
RoW | ||
Disclosure of geographical areas [line items] | ||
Total | £ 133,996 | £ 16,967 |
Revenue - Schedule of Revenue (
Revenue - Schedule of Revenue (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | £ 794,733 | £ 654,757 | £ 446,298 |
Contract liabilities | 104,101 | 176,997 | |
Less than 1 year | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract liabilities | 64,838 | 121,735 | |
1 to 2 years | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract liabilities | 17,758 | 22,656 | |
Later than two years and not later than three years [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract liabilities | 11,823 | 13,631 | |
More than 3 years | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Contract liabilities | 9,682 | 18,975 | |
Time and materials contracts | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 646,237 | 522,857 | 337,084 |
Fixed price contracts | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 148,496 | 131,900 | 109,214 |
Payments and Financial Services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 416,007 | 331,842 | 226,391 |
TMT | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 173,927 | 163,534 | 121,045 |
Other | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 204,799 | 159,381 | 98,862 |
United Kingdom | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 309,365 | 270,844 | 187,045 |
North America | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 258,112 | 228,112 | 140,085 |
Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 182,551 | 138,005 | 107,978 |
RoW | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | £ 44,705 | £ 17,796 | £ 11,190 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | £ 794,733 | £ 654,757 | £ 446,298 |
Contract liabilities | 104,101 | 176,997 | |
US | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | £ 257,300 | £ 225,200 |
Operating Profit - Operating Ex
Operating Profit - Operating Expenses (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Analysis of income and expense [abstract] | |||
Depreciation of owned property, plant and equipment | £ 8,730 | £ 6,634 | £ 5,086 |
Depreciation of right-of-use assets | 11,861 | 10,958 | 10,449 |
(Reversal of) / Impairment of right-of-use assets | (131) | 214 | 1,697 |
Amortisation of intangible assets | 12,467 | 11,163 | 7,215 |
Net gain on disposal of non-current assets (tangibles and intangibles) | (45) | (73) | (36) |
Net gain on disposal of right-of-use asset | (1) | (187) | (56) |
Loss on derecognition of right-of-use assets sub-leased | 0 | 132 | 0 |
Research and development tax credit | (5,027) | (2,211) | (2,642) |
Government grants | (2,935) | (642) | (503) |
Share-based compensation expense | 31,058 | 35,005 | 24,427 |
Expected credit loss allowance on trade receivables | 932 | 765 | (30) |
Expected credit loss allowance on accrued income | 0 | (26) | 34 |
Operating lease costs, land and buildings | £ 1,957 | £ 855 | £ 788 |
Operating Profit - Auditor Remu
Operating Profit - Auditor Remuneration (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Analysis of income and expense [abstract] | |||
Audit of the financial statements | £ 1,467 | £ 1,150 | £ 813 |
Subsidiary local statutory audits | 108 | 87 | 87 |
SOX attestation fees | 1,506 | 1,710 | 1,470 |
Total audit fees | 3,081 | 2,947 | 2,370 |
Quarterly review fees | 260 | 0 | 0 |
Transition fees | 180 | 0 | 0 |
Total audit related fees | 440 | 0 | 0 |
Tax Fees | 377 | 0 | 0 |
All Other Fees | 202 | 0 | 0 |
Total auditor’s remuneration | £ 4,100 | £ 2,947 | £ 2,370 |
Particulars of Employees (inc_3
Particulars of Employees (including Directors) (Details) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 GBP (£) employee | Jun. 30, 2022 GBP (£) employee | Jun. 30, 2021 GBP (£) employee | |
Average number of staff employed by the group during the year (including directors): | |||
Number of operational staff | employee | 10,872 | 9,492 | 6,943 |
Number of administrative staff | employee | 1,081 | 927 | 744 |
Number of management staff | employee | 8 | 7 | 8 |
Total | employee | 11,961 | 10,426 | 7,695 |
Aggregate payroll costs of the above were: | |||
Wages and salaries | £ 481,399 | £ 363,879 | £ 252,553 |
Social security contributions | 32,844 | 23,970 | 15,810 |
Pension contributions - defined contribution plan | 12,034 | 9,353 | 4,944 |
Share-based compensation expense | 31,058 | 35,005 | 24,427 |
Total | £ 557,335 | £ 432,207 | £ 297,734 |
Key Management Remuneration (De
Key Management Remuneration (Details) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 GBP (£) shares director | Jun. 30, 2022 GBP (£) director shares | Jun. 30, 2021 GBP (£) shares director | |
Disclosure of transactions between related parties [line items] | |||
Remuneration paid | £ 1,338 | £ 1,838 | £ 1,411 |
Company contributions to pension scheme | 72 | 85 | 63 |
Share-based compensation expense | 3,755 | 3,732 | 2,587 |
Total | £ 5,165 | £ 5,655 | £ 4,061 |
Number of employees | director | 1 | 1 | 1 |
Number of share options exercised (in shares) | shares | 771,327 | 1,045,414 | |
Emoluments of highest paid director | |||
Disclosure of transactions between related parties [line items] | |||
Remuneration paid | £ 612 | £ 1,013 | £ 713 |
Company contributions to pension scheme | 48 | 65 | 45 |
Share-based compensation expense | 2,135 | 2,068 | 1,183 |
Total | £ 2,795 | £ 3,146 | £ 1,941 |
Number of share options exercised (in shares) | shares | 56,715 | 47,787 | 36,447 |
Number of share options granted (in shares) | shares | 53,762 | 35,795 | 45,360 |
Gains on share options exercised | £ 5,600 | £ 10,500 |
Finance Expense (Details)
Finance Expense (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Running costs related to our revolving credit facility | £ 1,733 | £ 791 | £ 863 |
Interest payable on leases | 1,676 | 1,128 | |
Foreign exchange loss | 10,729 | 0 | 6,546 |
Other interest expense | 269 | 381 | 416 |
Fair value movement of financial liabilities | 419 | 842 | 302 |
Total | 14,826 | 3,142 | 9,305 |
Buildings | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Interest payable on leases | 1,675 | 1,126 | 1,176 |
Vehicles | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Interest payable on leases | £ 1 | £ 2 | £ 2 |
Finance Income (Details)
Finance Income (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Analysis of income and expense [abstract] | |||
Interest income on bank deposits | £ 3,502 | £ 181 | £ 84 |
Other interest income | 393 | 7 | 20 |
Fair value movement of financial assets | 2 | 7 | 17 |
Fair value movement of financial liabilities | 12,247 | 0 | 0 |
Foreign exchange gain | 0 | 9,942 | 0 |
Total | £ 16,144 | £ 10,137 | £ 121 |
Tax On Profit On Ordinary Act_3
Tax On Profit On Ordinary Activities - Tax Provision (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Taxes [Abstract] | |||
Applicable tax rate | 20.50% | 19% | 19% |
U.K. corporation tax based on the results for the year ended 30 June 2023 at 20.5% (2022 : 19%, 2021: 19%) | £ 8,141 | £ 7,970 | £ 3,628 |
Overseas tax | 16,120 | 11,859 | 10,276 |
Adjustment in respect of prior periods | 4,895 | 751 | 20 |
Current Tax | 29,156 | 20,580 | 13,924 |
Deferred Tax | (9,156) | (1,294) | (3,006) |
Total tax expense (income) | £ 20,000 | £ 19,286 | £ 10,918 |
Tax On Profit On Ordinary Act_4
Tax On Profit On Ordinary Activities - Narrative (Details) - GBP (£) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Applicable tax rate | 20.50% | 19% | 19% |
Tax incentives and non deductible items | £ (867,000) | £ (1,359,000) | £ 201,000 |
Aggregate amount of unremitted profits | 158,000,000 | 108,000,000 | |
Deferred tax liabilities | 14,623,000 | 10,826,000 | |
Deferred tax liabilities not provided for | 0 | 0 | |
Permanent difference for deferred tax | 10,100,000 | ||
Other temporary differences | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | £ 4,000,000 | £ 4,400,000 |
Tax On Profit On Ordinary Act_5
Tax On Profit On Ordinary Activities - Rate Reconciliation (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Profit on ordinary activities before taxation | £ 114,163 | £ 102,379 | £ 54,368 |
Profit on ordinary activities at U.K. statutory rate | 23,403 | 19,452 | 10,330 |
Differences in overseas tax rates | (267) | (2,467) | (1,150) |
Impact of share-based compensation | 1,390 | 1,223 | 897 |
Non taxable fair value movement on financial liabilities | (2,430) | 0 | 0 |
Tax incentives and non deductible items | (867) | (1,359) | 201 |
Adjustments related to prior periods | (354) | (502) | (300) |
Tax on unremitted earnings/withholding tax on dividends | 1,209 | 2,876 | 852 |
Impact of rate change on deferred tax | (2,084) | 63 | 88 |
Total tax expense (income) | £ 20,000 | £ 19,286 | £ 10,918 |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Applicable tax rate | 20.50% | 19% | 19% |
Differences in overseas tax rates | (0.20%) | (2.40%) | (2.10%) |
Impact of share-based compensation | 1.20% | 1.20% | 1.50% |
Non taxable fair value movement on financial liabilities | (2.10%) | 0% | 0% |
Tax incentives and non deductible items | (0.80%) | (1.30%) | 0.40% |
Adjustments related to prior periods | (0.30%) | (0.50%) | (0.60%) |
Tax on unremitted earnings/withholding tax on dividends | 1.10% | 2.80% | 1.60% |
Impact of rate change on deferred tax | (1.80%) | 0.10% | 0.20% |
Total | 17.50% | 18.80% | 20.10% |
Tax On Profit On Ordinary Act_6
Tax On Profit On Ordinary Activities - Tax on Items Charged to Equity and Comprehensive Income (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Taxes [Abstract] | |||
Deferred tax - share-based compensation | £ 3,919 | £ 5,101 | £ (3,270) |
Current tax - share-based compensation | (2,318) | (8,290) | (6,639) |
Total charge/ (credit) to equity | £ 1,601 | £ (3,189) | £ (9,909) |
Deferred Tax Assets and (Liab_3
Deferred Tax Assets and (Liabilities) - Summary of Deferred Taxes (Details) - GBP (£) £ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Beginning balance | £ 6,392 | £ 9,956 |
Exchange adjustments | 90 | 533 |
Credit / (charge) to profit and loss | 9,156 | 1,294 |
Acquisition | (6,186) | (290) |
Charge to equity | (3,919) | (5,101) |
Ending balance | 5,533 | 6,392 |
Accelerated capital allowances | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Beginning balance | 434 | 595 |
Exchange adjustments | 0 | 0 |
Credit / (charge) to profit and loss | (465) | (161) |
Acquisition | 0 | 0 |
Charge to equity | 0 | 0 |
Ending balance | (31) | 434 |
Tax losses | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Beginning balance | 3,627 | 2,987 |
Exchange adjustments | (111) | 355 |
Credit / (charge) to profit and loss | 8,995 | 285 |
Acquisition | 0 | 0 |
Charge to equity | 0 | 0 |
Ending balance | 12,511 | 3,627 |
Share-based compensation | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Beginning balance | 9,844 | 13,143 |
Exchange adjustments | (35) | 0 |
Credit / (charge) to profit and loss | (1,927) | 1,802 |
Acquisition | 0 | 0 |
Charge to equity | (3,919) | (5,101) |
Ending balance | 3,963 | 9,844 |
Intangible assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Beginning balance | (6,008) | (6,824) |
Exchange adjustments | 191 | (30) |
Credit / (charge) to profit and loss | 1,901 | 1,136 |
Acquisition | (6,455) | (290) |
Charge to equity | 0 | 0 |
Ending balance | (10,371) | (6,008) |
Other temporary differences | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Beginning balance | (1,505) | 55 |
Exchange adjustments | 45 | 208 |
Credit / (charge) to profit and loss | 652 | (1,768) |
Acquisition | 269 | 0 |
Charge to equity | 0 | 0 |
Ending balance | £ (539) | £ (1,505) |
Deferred Tax Assets and (Liab_4
Deferred Tax Assets and (Liabilities) - Composition of Net Deferred Tax Asset (Details) - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Income Taxes [Abstract] | |||
Deferred tax assets | £ 20,156 | £ 17,218 | |
Deferred tax liabilities | (14,623) | (10,826) | |
Net deferred tax | £ 5,533 | £ 6,392 | £ 9,956 |
Earnings Per Share (Details)
Earnings Per Share (Details) - GBP (£) £ / shares in Units, £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Basic earnings per share [abstract] | |||
Profit for the year attributable to equity holders of the Company | £ 94,163 | £ 83,093 | £ 43,450 |
Weighted average number of shares outstanding (in shares) | 57,314,839 | 56,272,036 | 55,220,298 |
Earnings per share - basic (in gbp per share) | £ 1.64 | £ 1.48 | £ 0.79 |
Diluted earnings per share [abstract] | |||
Profit for the year attributable to equity holders of the Company | £ 94,163 | £ 83,093 | £ 43,450 |
Weighted average number of shares outstanding (in shares) | 57,314,839 | 56,272,036 | 55,220,298 |
Diluted by: options in issue and contingent shares (in shares) | 767,549 | 1,746,164 | 1,830,315 |
Weighted average number of shares outstanding (diluted) (in shares) | 58,082,388 | 58,018,200 | 57,050,613 |
Earnings per share - diluted (in gbp per share) | £ 1.62 | £ 1.43 | £ 0.76 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Details) - Goodwill - GBP (£) £ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Changes in goodwill [abstract] | ||
Beginning balance | £ 145,916 | £ 126,142 |
Acquired through business combinations (Restated) | 102,451 | 12,780 |
Effect of foreign exchange translations | (7,549) | 6,994 |
Ending balance | £ 240,818 | £ 145,916 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) £ in Thousands | 12 Months Ended | ||||||||
Jun. 30, 2023 GBP (£) cgu | Jun. 09, 2023 GBP (£) | May 10, 2023 GBP (£) | Oct. 06, 2022 GBP (£) | Jun. 30, 2022 GBP (£) | Feb. 08, 2022 GBP (£) | Jun. 30, 2021 GBP (£) | Apr. 01, 2021 GBP (£) | Aug. 17, 2020 GBP (£) | |
Disclosure of detailed information about business combination [line items] | |||||||||
Number of CGUs | cgu | 1 | ||||||||
Goodwill | £ 240,818 | £ 145,916 | |||||||
Terminal growth rate | 1.50% | 1.50% | 1.50% | ||||||
Discount rate | 14.90% | 13.50% | 9.30% | ||||||
Lexicon | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Percentage of voting equity interests acquired | 100% | ||||||||
Goodwill | £ 44,100 | £ 44,050 | |||||||
Mudbath & Co Pty Ltd | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Percentage of voting equity interests acquired | 100% | ||||||||
Goodwill | £ 12,766 | ||||||||
Provisional goodwill | £ 12,800 | ||||||||
DEK Corporation Pty Ltd | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Percentage of voting equity interests acquired | 100% | ||||||||
Goodwill | £ 45,635 | ||||||||
Provisional goodwill | £ 45,600 | ||||||||
Business Agility Consulting BAC | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Percentage of voting equity interests acquired | 100% | ||||||||
Goodwill | £ 12,800 | £ 12,780 | |||||||
Comtrade CDS | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Percentage of voting equity interests acquired | 100% | ||||||||
Goodwill | £ 32,800 | £ 32,779 | |||||||
FIVE | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Percentage of voting equity interests acquired | 100% | ||||||||
Goodwill | £ 15,600 | ||||||||
Provisional goodwill | £ 15,900 | ||||||||
Levvel LLC | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Percentage of voting equity interests acquired | 100% | ||||||||
Goodwill | £ 27,153 | £ 27,200 | £ 25,057 | ||||||
Provisional goodwill | £ 25,100 |
Goodwill - Goodwill Impairment
Goodwill - Goodwill Impairment Testing Assumptions (Details) | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Intangible Assets [Abstract] | |||
Revenue growth rate | 25% | 25% | 20% |
Discount rate | 14.90% | 13.50% | 9.30% |
Terminal growth rate | 1.50% | 1.50% | 1.50% |
Business combinations - Acquisi
Business combinations - Acquisition Date Fair Values of Each Major Class of Consideration Transferred (Details) - GBP (£) £ in Thousands | 15 Months Ended | 16 Months Ended | |||||||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 09, 2023 | May 10, 2023 | Oct. 06, 2022 | Feb. 08, 2022 | Apr. 01, 2021 | Mar. 04, 2021 | Aug. 17, 2020 | |
DEK Corporation Pty Ltd | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Initial cash consideration | £ 44,272 | ||||||||
Equity consideration | 5,337 | ||||||||
Fair value of deferred consideration | 2,468 | ||||||||
Fair value of contingent consideration | 5,071 | ||||||||
Total consideration transferred, acquisition-date fair value | £ 57,148 | ||||||||
Mudbath & Co Pty Ltd | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Initial cash consideration | £ 7,361 | ||||||||
Equity consideration | 2,831 | ||||||||
Fair value of deferred consideration | 1,084 | ||||||||
Fair value of contingent consideration | 3,823 | ||||||||
Total consideration transferred, acquisition-date fair value | £ 15,099 | ||||||||
Lexicon | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Initial cash consideration | £ 32,025 | ||||||||
Equity consideration | 9,975 | ||||||||
Fair value of deferred consideration | 1,416 | ||||||||
Fair value of contingent consideration | 5,877 | ||||||||
Total consideration transferred, acquisition-date fair value | £ 49,293 | ||||||||
Business Agility Consulting BAC | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Initial cash consideration | £ 5,400 | ||||||||
Equity consideration | 1,505 | ||||||||
Fair value of deferred consideration | 1,225 | ||||||||
Fair value of contingent consideration | 6,901 | ||||||||
Total consideration transferred, acquisition-date fair value | £ 15,031 | ||||||||
Levvel LLC | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Initial cash consideration | £ 39,364 | ||||||||
Cash in Escrow | 2,219 | ||||||||
Fair value of deferred consideration | 1,744 | ||||||||
Fair value of contingent consideration | 2,902 | ||||||||
Total consideration transferred, acquisition-date fair value | £ 46,229 | £ 46,229 | £ 46,229 | ||||||
Adjustments to consideration transferred | 0 | ||||||||
Endava d.o.o | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Initial cash consideration | 16,111 | 16,111 | £ 16,062 | ||||||
Equity consideration | 4,478 | 4,478 | 4,478 | ||||||
Fair value of deferred consideration | 2,653 | 2,653 | 2,653 | ||||||
Fair value of contingent consideration | 1,725 | 1,725 | 1,725 | ||||||
Total consideration transferred, acquisition-date fair value | £ 24,967 | 24,967 | £ 24,918 | ||||||
Adjustments to initial cash consideration | 49 | ||||||||
Adjustments to equity consideration | 0 | ||||||||
Adjustments to deferred consideration | 0 | ||||||||
Adjustments to contingent consideration | 0 | ||||||||
Adjustments to consideration transferred | £ 49 | ||||||||
Comtrade CDS | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Initial cash consideration | £ 48,639 | ||||||||
Fair value of deferred consideration | 5,003 | ||||||||
Fair value of contingent consideration | 186 | ||||||||
Total consideration transferred, acquisition-date fair value | £ 53,828 |
Business combinations - Acqui_2
Business combinations - Acquisition of DEK - Narrative (Details) £ / shares in Units, £ in Thousands | 1 Months Ended | ||
Jun. 09, 2023 GBP (£) shares £ / shares | Jun. 30, 2023 shares | Jun. 30, 2022 shares | |
Disclosure of detailed information about business combination [line items] | |||
Number of shares to be issued (in shares) | shares | 215,792 | 0 | |
DEK Corporation Pty Ltd | |||
Disclosure of detailed information about business combination [line items] | |||
Initial cash consideration | £ 44,272 | ||
Equity consideration | £ 5,337 | ||
Share price (in GBP per share) | £ / shares | £ 36.41 | ||
Fair value of deferred consideration | £ 2,468 | ||
Contingent consideration payment period | 24 months | ||
Fair value of contingent consideration | £ 5,071 | ||
DEK Corporation Pty Ltd | Forecast | |||
Disclosure of detailed information about business combination [line items] | |||
Contingent consideration, payout, in percentage | 95% | ||
DEK Corporation Pty Ltd | Class A ordinary shares | |||
Disclosure of detailed information about business combination [line items] | |||
Number of shares to be issued (in shares) | shares | 146,572 |
Business combinations - Allocat
Business combinations - Allocation of Purchase Consideration to Net Assets Acquired (Details) - GBP (£) £ in Thousands | 15 Months Ended | 16 Months Ended | |||||||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 09, 2023 | May 10, 2023 | Oct. 06, 2022 | Feb. 08, 2022 | Apr. 01, 2021 | Mar. 04, 2021 | Aug. 17, 2020 | |
DEK Corporation Pty Ltd | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Intangible assets - Client relationships | £ 16,459 | ||||||||
Property, plant and equipment | 354 | ||||||||
Right of use asset | 4,667 | ||||||||
Cash and cash equivalents | 10,817 | ||||||||
Trade and other receivables | 13,006 | ||||||||
Corporation tax receivable | 368 | ||||||||
Trade and other payables | (24,550) | ||||||||
Deferred tax liability | (4,197) | ||||||||
Lease liability | (4,752) | ||||||||
Corporation tax payable | (659) | ||||||||
Fair value of identifiable net assets | £ 11,513 | ||||||||
Mudbath & Co Pty Ltd | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Intangible assets - Client relationships | £ 2,997 | ||||||||
Property, plant and equipment | 29 | ||||||||
Cash and cash equivalents | 546 | ||||||||
Trade and other receivables | 818 | ||||||||
Deferred tax asset | 133 | ||||||||
Trade and other payables | (1,236) | ||||||||
Deferred tax liability | (899) | ||||||||
Corporation tax payable | (55) | ||||||||
Fair value of identifiable net assets | £ 2,333 | ||||||||
Lexicon | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Intangible assets - Client relationships | £ 4,530 | ||||||||
Property, plant and equipment | 51 | ||||||||
Right of use asset | 299 | ||||||||
Cash and cash equivalents | 1,824 | ||||||||
Trade and other receivables | 2,098 | ||||||||
Deferred tax asset | 136 | ||||||||
Trade and other payables | (1,192) | ||||||||
Deferred tax liability | (1,359) | ||||||||
Lease liability | (319) | ||||||||
Corporation tax payable | (825) | ||||||||
Fair value of identifiable net assets | £ 5,243 | ||||||||
Business Agility Consulting BAC | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Intangible assets - Client relationships | £ 1,240 | ||||||||
Property, plant and equipment | 12 | ||||||||
Cash and cash equivalents | 576 | ||||||||
Trade and other receivables | 930 | ||||||||
Corporation tax receivable | 115 | ||||||||
Intangible assets | 9 | ||||||||
Trade and other payables | (335) | ||||||||
Deferred tax liability | (296) | ||||||||
Fair value of identifiable net assets | £ 2,251 | ||||||||
Levvel LLC | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Intangible assets - Client relationships | £ 12,771 | £ 12,771 | £ 14,710 | ||||||
Property, plant and equipment | 798 | 798 | 798 | ||||||
Right of use asset | 1,948 | 1,948 | 1,948 | ||||||
Cash and cash equivalents | 5,707 | 5,707 | 5,707 | ||||||
Trade and other receivables | 5,928 | 5,928 | 5,928 | ||||||
Intangible assets | 0 | 0 | 157 | ||||||
Trade and other payables | (5,093) | (5,093) | (5,093) | ||||||
Lease liability | (2,983) | (2,983) | (2,983) | ||||||
Fair value of identifiable net assets | 19,076 | 19,076 | £ 21,172 | ||||||
Adjustments to intangible assets - Client relationships | (1,939) | ||||||||
Adjustments to intangible assets | (157) | ||||||||
Adjustments to property, plant and equipment | 0 | ||||||||
Adjustments to right of use asset | 0 | ||||||||
Adjustments to trade and other receivables | 0 | ||||||||
Adjustments to cash and cash equivalents | 0 | ||||||||
Adjustments to trade and other payables | 0 | ||||||||
Adjustments to lease liabilities | 0 | ||||||||
Adjustments to fair value of net assets acquired | (2,096) | ||||||||
Endava d.o.o | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Intangible assets - Client relationships | 8,681 | 8,681 | £ 8,253 | ||||||
Property, plant and equipment | 310 | 310 | 310 | ||||||
Right of use asset | 915 | 915 | 915 | ||||||
Cash and cash equivalents | 1,423 | 1,423 | 1,423 | ||||||
Trade and other receivables | 2,250 | 2,250 | 2,250 | ||||||
Financial asset | 33 | 33 | 33 | ||||||
Trade and other payables | (1,129) | (1,129) | (1,235) | ||||||
Deferred tax liability | (1,844) | (1,844) | (1,730) | ||||||
Lease liability | (915) | (915) | (915) | ||||||
Corporation tax payable | (318) | (318) | (318) | ||||||
Fair value of identifiable net assets | £ 9,406 | 9,406 | £ 8,986 | ||||||
Adjustments to intangible assets - Client relationships | 428 | ||||||||
Adjustments to property, plant and equipment | 0 | ||||||||
Adjustments to financial assets | 0 | ||||||||
Adjustments to right of use asset | 0 | ||||||||
Adjustments to trade and other receivables | 0 | ||||||||
Adjustments to cash and cash equivalents | 0 | ||||||||
Adjustments to trade and other payables | 106 | ||||||||
Adjustments to corporation tax payable | 0 | ||||||||
Adjustments to lease liabilities | 0 | ||||||||
Adjustments to deferred tax liability | (114) | ||||||||
Adjustments to fair value of net assets acquired | £ 420 | ||||||||
Comtrade CDS | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Intangible assets - Client relationships | £ 18,108 | ||||||||
Property, plant and equipment | 461 | ||||||||
Right of use asset | 2,049 | ||||||||
Cash and cash equivalents | 1,603 | ||||||||
Trade and other receivables | 13,179 | ||||||||
Corporation tax receivable | 111 | ||||||||
Deferred tax asset | 76 | ||||||||
Financial asset | 201 | ||||||||
Trade and other payables | (9,115) | ||||||||
Deferred tax liability | (3,533) | ||||||||
Lease liability | (2,049) | ||||||||
Corporation tax payable | (62) | ||||||||
Other liabilities | (34) | ||||||||
Fair value of identifiable net assets | 21,049 | ||||||||
Comtrade CDS | Other intangible assets | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Intangible assets | £ 54 |
Business combinations - Goodwil
Business combinations - Goodwill (Details) - GBP (£) £ in Thousands | 15 Months Ended | 16 Months Ended | |||||||||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 09, 2023 | May 10, 2023 | Oct. 06, 2022 | Feb. 08, 2022 | Jun. 30, 2021 | Apr. 01, 2021 | Mar. 04, 2021 | Aug. 17, 2020 | |
Disclosure of detailed information about business combination [line items] | |||||||||||
Goodwill | £ 145,916 | £ 145,916 | £ 240,818 | ||||||||
DEK Corporation Pty Ltd | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Consideration transferred | £ 57,148 | ||||||||||
Fair value of net assets acquired | (11,513) | ||||||||||
Goodwill | £ 45,635 | ||||||||||
Mudbath & Co Pty Ltd | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Consideration transferred | £ 15,099 | ||||||||||
Fair value of net assets acquired | (2,333) | ||||||||||
Goodwill | £ 12,766 | ||||||||||
Lexicon | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Consideration transferred | £ 49,293 | ||||||||||
Fair value of net assets acquired | (5,243) | ||||||||||
Goodwill | £ 44,100 | £ 44,050 | |||||||||
Business Agility Consulting BAC | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Consideration transferred | £ 15,031 | ||||||||||
Fair value of net assets acquired | (2,251) | ||||||||||
Goodwill | 12,800 | 12,800 | £ 12,780 | ||||||||
Levvel LLC | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Consideration transferred | 46,229 | 46,229 | £ 46,229 | ||||||||
Fair value of net assets acquired | (19,076) | (19,076) | (21,172) | ||||||||
Goodwill | 27,153 | 27,153 | £ 27,200 | £ 25,057 | |||||||
Adjustments to consideration transferred | 0 | ||||||||||
Adjustments to identifiable net assets | 2,096 | ||||||||||
Adjustments to goodwill | 2,096 | ||||||||||
Endava d.o.o | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Consideration transferred | 24,967 | 24,967 | £ 24,918 | ||||||||
Fair value of net assets acquired | (9,406) | (9,406) | (8,986) | ||||||||
Goodwill | £ 15,561 | 15,561 | £ 15,932 | ||||||||
Adjustments to consideration transferred | 49 | ||||||||||
Adjustments to identifiable net assets | (420) | ||||||||||
Adjustments to goodwill | £ (371) | ||||||||||
Comtrade CDS | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Consideration transferred | £ 53,828 | ||||||||||
Fair value of net assets acquired | (21,049) | ||||||||||
Goodwill | £ 32,800 | £ 32,779 |
Business combinations - Pro-For
Business combinations - Pro-Forma Information (Details) - GBP (£) £ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
DEK Corporation Pty Ltd | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Revenue | £ 1,703 | |||||||||
Profit/ (loss) | £ (371) | |||||||||
Revenue of combined entity as if combination occurred at beginning of period | £ 29,030 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | (3,273) | |||||||||
DEK Corporation Pty Ltd | Legal and professional fees | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Acquisition related costs | 895 | |||||||||
Mudbath & Co Pty Ltd | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Revenue | £ 2,019 | |||||||||
Profit/ (loss) | £ 297 | |||||||||
Revenue of combined entity as if combination occurred at beginning of period | 10,086 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | (127) | |||||||||
Mudbath & Co Pty Ltd | Legal and professional fees | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Acquisition related costs | 277 | |||||||||
Lexicon | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Revenue | £ 11,867 | |||||||||
Profit/ (loss) | £ 605 | |||||||||
Revenue of combined entity as if combination occurred at beginning of period | 16,269 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 1,061 | |||||||||
Lexicon | Legal and professional fees | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Acquisition related costs | £ 770 | |||||||||
Business Agility Consulting BAC | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Revenue | £ 1,790 | |||||||||
Profit/ (loss) | £ (112) | |||||||||
Revenue of combined entity as if combination occurred at beginning of period | £ 4,391 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 227 | |||||||||
Acquisition related costs | 379 | |||||||||
Business Agility Consulting BAC | Legal and professional fees | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Acquisition related costs | £ 292 | |||||||||
Levvel LLC | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Revenue | £ 11,639 | |||||||||
Profit/ (loss) | £ 1,192 | |||||||||
Revenue of combined entity as if combination occurred at beginning of period | £ 39,467 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 4,715 | |||||||||
Levvel LLC | Legal and professional fees | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Acquisition related costs | 1,074 | |||||||||
Endava d.o.o | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Revenue | £ 4,827 | |||||||||
Profit/ (loss) | £ 171 | |||||||||
Revenue of combined entity as if combination occurred at beginning of period | 13,419 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 1,910 | |||||||||
Endava d.o.o | Legal and professional fees | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Acquisition related costs | 716 | |||||||||
Comtrade CDS | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Revenue | £ 27,227 | |||||||||
Profit/ (loss) | £ 2,128 | |||||||||
Revenue of combined entity as if combination occurred at beginning of period | 30,852 | |||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 2,507 | |||||||||
Comtrade CDS | Legal and professional fees | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Acquisition related costs | £ 1,550 |
Business combinations - Acqui_3
Business combinations - Acquisition Related Costs (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Business Agility Consulting BAC | |||
Disclosure of detailed information about business combination [line items] | |||
Acquisition related costs | £ 379 | ||
Legal and professional fees | DEK Corporation Pty Ltd | |||
Disclosure of detailed information about business combination [line items] | |||
Acquisition related costs | £ 895 | ||
Legal and professional fees | Mudbath & Co Pty Ltd | |||
Disclosure of detailed information about business combination [line items] | |||
Acquisition related costs | 277 | ||
Legal and professional fees | Lexicon | |||
Disclosure of detailed information about business combination [line items] | |||
Acquisition related costs | £ 770 | ||
Legal and professional fees | Business Agility Consulting BAC | |||
Disclosure of detailed information about business combination [line items] | |||
Acquisition related costs | 292 | ||
Legal and professional fees | Levvel LLC | |||
Disclosure of detailed information about business combination [line items] | |||
Acquisition related costs | £ 1,074 | ||
Legal and professional fees | Endava d.o.o | |||
Disclosure of detailed information about business combination [line items] | |||
Acquisition related costs | 716 | ||
Legal and professional fees | Comtrade CDS | |||
Disclosure of detailed information about business combination [line items] | |||
Acquisition related costs | £ 1,550 | ||
Stamp duty | Business Agility Consulting BAC | |||
Disclosure of detailed information about business combination [line items] | |||
Acquisition related costs | £ 87 |
Business combinations - Acqui_4
Business combinations - Acquisition of Mudbath - Narrative (Details) £ / shares in Units, £ in Thousands | May 10, 2023 GBP (£) shares £ / shares | Jun. 30, 2023 shares | Jun. 30, 2022 shares |
Disclosure of detailed information about business combination [line items] | |||
Number of shares to be issued (in shares) | shares | 215,792 | 0 | |
Mudbath & Co Pty Ltd | |||
Disclosure of detailed information about business combination [line items] | |||
Initial cash consideration | £ 7,361 | ||
Equity consideration | £ 2,831 | ||
Share price (in GBP per share) | £ / shares | £ 39.94 | ||
Fair value of deferred consideration | £ 1,084 | ||
Contingent consideration payment period | 18 months | ||
Fair value of contingent consideration | £ 3,823 | ||
Deferred tax liability | 899 | ||
Intangible assets - client relationships | £ 2,997 | ||
Mudbath & Co Pty Ltd | Forecast | |||
Disclosure of detailed information about business combination [line items] | |||
Contingent consideration, payout, in percentage | 70% | ||
Mudbath & Co Pty Ltd | Class A ordinary shares | |||
Disclosure of detailed information about business combination [line items] | |||
Number of shares to be issued (in shares) | shares | 70,866 |
Business combinations - Acqui_5
Business combinations - Acquisition of Lexicon - Narrative (Details) £ / shares in Units, £ in Thousands | 12 Months Ended | |||
Oct. 06, 2022 GBP (£) shares £ / shares | Jun. 30, 2023 GBP (£) shares | Jun. 30, 2022 GBP (£) shares | Jun. 30, 2021 GBP (£) | |
Disclosure of detailed information about business combination [line items] | ||||
Number of shares to be issued (in shares) | shares | 215,792 | 0 | ||
Fair value movement of financial liabilities | £ 12,247 | £ 0 | £ 0 | |
Lexicon | ||||
Disclosure of detailed information about business combination [line items] | ||||
Initial cash consideration | £ 32,025 | |||
Equity consideration | £ 9,975 | |||
Share price (in GBP per share) | £ / shares | £ 68.83 | |||
Fair value of deferred consideration | £ 1,416 | |||
Contingent consideration payment period | 24 months | |||
Fair value of contingent consideration | £ 5,877 | |||
Contingent consideration, payout, in percentage | 23% | |||
Fair value movement of financial liabilities | £ 3,300 | |||
Deferred tax liability | 1,359 | |||
Intangible assets - client relationships | £ 4,530 | |||
Lexicon | Forecast | ||||
Disclosure of detailed information about business combination [line items] | ||||
Contingent consideration, payout, in percentage | 59% | |||
Lexicon | Client relationship | ||||
Disclosure of detailed information about business combination [line items] | ||||
Deferred tax liability | £ 1,400 | |||
Intangible assets - client relationships | £ 4,500 | |||
Lexicon | Class A ordinary shares | ||||
Disclosure of detailed information about business combination [line items] | ||||
Number of shares to be issued (in shares) | shares | 144,926 |
Business combinations - Acqui_6
Business combinations - Acquisition of Business Agility Consulting - Narrative (Details) | 1 Months Ended | 5 Months Ended | 12 Months Ended | |||||
Jun. 09, 2023 GBP (£) shares £ / shares | Feb. 08, 2022 GBP (£) shares £ / shares | Jun. 30, 2023 shares | Jun. 30, 2022 GBP (£) shares | Jun. 30, 2023 GBP (£) shares | Jun. 30, 2022 GBP (£) shares | Jun. 30, 2021 GBP (£) | Oct. 06, 2022 GBP (£) | |
Disclosure of detailed information about business combination [line items] | ||||||||
Number of shares to be issued (in shares) | shares | 215,792 | 0 | 215,792 | 0 | ||||
Fair value movement of financial liabilities | £ 12,247,000 | £ 0 | £ 0 | |||||
Business Agility Consulting BAC | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Initial cash consideration | £ 5,400,000 | |||||||
Equity consideration | £ 1,505,000 | |||||||
Share price (in GBP per share) | £ / shares | £ 94.80 | |||||||
Fair value of deferred consideration | £ 1,225,000 | |||||||
Contingent consideration payment period | 20 months | |||||||
Deferred consideration, settled | £ 200,000 | £ 0 | ||||||
Fair value of contingent consideration | £ 6,901,000 | |||||||
Contingent consideration, payout, in percentage | 0% | 0% | ||||||
Fair value movement of financial liabilities | £ 7,300,000 | |||||||
Deferred tax liability | 296,000 | |||||||
Intangible assets - Client relationships | 1,240,000 | |||||||
Goodwill expected to be deductible for tax purposes | £ 0 | |||||||
Business Agility Consulting BAC | Forecast | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Contingent consideration, payout, in percentage | 95% | |||||||
Business Agility Consulting BAC | Restricted share unit | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Aggregate fair value of other equity instruments granted | £ 1,500,000 | |||||||
Business Agility Consulting BAC | Client relationship | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Deferred tax liability | 300,000 | |||||||
Intangible assets - Client relationships | 1,200,000 | |||||||
Tax base of intangible assets | £ 0 | £ 0 | ||||||
Business Agility Consulting BAC | Maximum | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Vesting period | 4 years | |||||||
Business Agility Consulting BAC | Minimum | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Vesting period | 3 years | |||||||
Business Agility Consulting BAC | Class A ordinary shares | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of shares to be issued (in shares) | shares | 15,874 | |||||||
DEK Corporation Pty Ltd | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Initial cash consideration | £ 44,272,000 | |||||||
Equity consideration | £ 5,337,000 | |||||||
Share price (in GBP per share) | £ / shares | £ 36.41 | |||||||
Fair value of deferred consideration | £ 2,468,000 | |||||||
Contingent consideration payment period | 24 months | |||||||
Fair value of contingent consideration | 5,071,000 | |||||||
Deferred tax liability | 4,197,000 | |||||||
Intangible assets - Client relationships | £ 16,459,000 | |||||||
DEK Corporation Pty Ltd | Forecast | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Contingent consideration, payout, in percentage | 95% | |||||||
DEK Corporation Pty Ltd | Client relationship | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Deferred tax liability | £ 4,200,000 | |||||||
Intangible assets - Client relationships | 16,500,000 | |||||||
Tax base of intangible assets | £ 0 | |||||||
DEK Corporation Pty Ltd | Class A ordinary shares | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of shares to be issued (in shares) | shares | 146,572 |
Business combinations - Acqui_7
Business combinations - Acquisition of Levvel LLC - Narrative (Details) £ in Thousands | 1 Months Ended | 12 Months Ended | 15 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 09, 2023 GBP (£) | Apr. 01, 2021 GBP (£) employee | |
Levvel LLC | |||||
Disclosure of detailed information about business combination [line items] | |||||
Number of employees | employee | 172 | ||||
Initial cash consideration | £ 39,364 | ||||
Cash in Escrow | 2,219 | ||||
Fair value of deferred consideration | 1,744 | ||||
Contingent consideration payment period | 18 months | ||||
Fair value of contingent consideration | 2,902 | ||||
Levvel LLC | Restricted share unit | |||||
Disclosure of detailed information about business combination [line items] | |||||
Aggregate fair value of other equity instruments granted | £ 8,300 | ||||
Levvel LLC | Maximum | |||||
Disclosure of detailed information about business combination [line items] | |||||
Vesting period | 4 years | ||||
Levvel LLC | Minimum | |||||
Disclosure of detailed information about business combination [line items] | |||||
Vesting period | 3 years | ||||
DEK Corporation Pty Ltd | |||||
Disclosure of detailed information about business combination [line items] | |||||
Initial cash consideration | £ 44,272 | ||||
Fair value of deferred consideration | 2,468 | ||||
Contingent consideration payment period | 24 months | ||||
Fair value of contingent consideration | £ 5,071 |
Business combinations - Acqui_8
Business combinations - Acquisition of Pet Minuta d.o.o - Narrative (Details) | 12 Months Ended | ||
Mar. 04, 2021 GBP (£) shares employee £ / shares | Jun. 30, 2023 shares | Jun. 30, 2022 GBP (£) shares | |
Disclosure of detailed information about business combination [line items] | |||
Number of shares to be issued (in shares) | shares | 215,792 | 0 | |
Endava d.o.o | |||
Disclosure of detailed information about business combination [line items] | |||
Number of employees | employee | 157 | ||
Initial cash consideration | £ 16,062,000 | £ 16,111,000 | |
Equity consideration | £ 4,478,000 | 4,478,000 | |
Share price (in GBP per share) | £ / shares | £ 62.02 | ||
Fair value of deferred consideration | £ 2,653,000 | 2,653,000 | |
Contingent consideration payment period | 24 months | ||
Fair value of contingent consideration | 1,725,000 | 1,725,000 | |
Deferred tax liability | 1,730,000 | 1,844,000 | |
Intangible assets - Client relationships | 8,253,000 | £ 8,681,000 | |
Endava d.o.o | Restricted share unit | |||
Disclosure of detailed information about business combination [line items] | |||
Aggregate fair value of other equity instruments granted | 4,700,000 | ||
Endava d.o.o | Unremitted earnings | |||
Disclosure of detailed information about business combination [line items] | |||
Deferred tax liability | £ 300,000 | ||
Endava d.o.o | Class A ordinary shares | |||
Disclosure of detailed information about business combination [line items] | |||
Number of shares to be issued (in shares) | shares | 72,193 | ||
Endava d.o.o | Client relationship | |||
Disclosure of detailed information about business combination [line items] | |||
Deferred tax liability | £ 1,600,000 | ||
Intangible assets - Client relationships | 8,700,000 | ||
Tax base of intangible assets | £ 0 | ||
Endava d.o.o | Maximum | |||
Disclosure of detailed information about business combination [line items] | |||
Vesting period | 4 years | ||
Endava d.o.o | Minimum | |||
Disclosure of detailed information about business combination [line items] | |||
Vesting period | 3 years |
Business combinations - Acqui_9
Business combinations - Acquisition of Comtrade Digital Services - Narrative (Details) | 12 Months Ended | |||
Aug. 17, 2020 GBP (£) employee | Jun. 30, 2023 GBP (£) | Jun. 30, 2022 GBP (£) | Jun. 30, 2021 GBP (£) | |
Disclosure of detailed information about business combination [line items] | ||||
Payment for acquisition of subsidiary, net of cash acquired | £ 79,691,000 | £ 10,364,000 | £ 101,258,000 | |
Other comprehensive income, net of tax, exchange differences on translation | (9,999,000) | £ 6,580,000 | £ (9,782,000) | |
Comtrade CDS | ||||
Disclosure of detailed information about business combination [line items] | ||||
Number of employees | employee | 460 | |||
Initial cash consideration | £ 48,639,000 | |||
Fair value of deferred consideration | £ 5,003,000 | |||
Contingent consideration payment period | 24 months | |||
Fair value of contingent consideration | £ 186,000 | |||
Payment for acquisition of subsidiary, net of cash acquired | 3,500,000 | |||
Other comprehensive income, net of tax, exchange differences on translation | £ 1,600,000 | |||
Deferred tax liability | 3,533,000 | |||
Intangible assets - Client relationships | 18,108,000 | |||
Goodwill expected to be deductible for tax purposes | 0 | |||
Comtrade CDS | Client relationship | ||||
Disclosure of detailed information about business combination [line items] | ||||
Deferred tax liability | 3,400,000 | |||
Intangible assets - Client relationships | 18,100,000 | |||
Tax base of intangible assets at the date of acquisition | £ 0 |
Intangible Assets (Details)
Intangible Assets (Details) - GBP (£) £ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cost | ||
Beginning balance, intangible assets | £ 56,189 | |
Ending balance, intangible assets | 66,216 | £ 56,189 |
Amortisation | ||
Intangible assets other than goodwill | (56,189) | |
Intangible assets other than goodwill | (66,216) | (56,189) |
Intangible assets | 66,216 | 56,189 |
Client relationship | ||
Cost | ||
Beginning balance, intangible assets | 55,843 | |
Ending balance, intangible assets | 66,085 | 55,843 |
Amortisation | ||
Intangible assets other than goodwill | (55,843) | |
Intangible assets other than goodwill | (66,085) | (55,843) |
Intangible assets | 66,085 | 55,843 |
Computer software and licenses | ||
Cost | ||
Beginning balance, intangible assets | 58 | |
Ending balance, intangible assets | 26 | 58 |
Amortisation | ||
Intangible assets other than goodwill | (58) | |
Intangible assets other than goodwill | (26) | (58) |
Intangible assets | 26 | 58 |
Non-compete agreement | ||
Cost | ||
Beginning balance, intangible assets | 0 | |
Ending balance, intangible assets | 0 | 0 |
Amortisation | ||
Intangible assets other than goodwill | 0 | |
Intangible assets other than goodwill | 0 | 0 |
Intangible assets | 0 | 0 |
Trading name | ||
Cost | ||
Beginning balance, intangible assets | 0 | |
Ending balance, intangible assets | 0 | |
Amortisation | ||
Intangible assets other than goodwill | 0 | |
Intangible assets other than goodwill | 0 | |
Intangible assets | 0 | |
Supplier relationships | ||
Cost | ||
Beginning balance, intangible assets | 56 | |
Ending balance, intangible assets | 32 | 56 |
Amortisation | ||
Intangible assets other than goodwill | (56) | |
Intangible assets other than goodwill | (32) | (56) |
Intangible assets | 32 | 56 |
Software own work capitalised | ||
Cost | ||
Beginning balance, intangible assets | 232 | |
Ending balance, intangible assets | 73 | 232 |
Amortisation | ||
Intangible assets other than goodwill | (232) | |
Intangible assets other than goodwill | (73) | (232) |
Intangible assets | 73 | 232 |
Cost | ||
Cost | ||
Beginning balance, intangible assets | 89,499 | 83,079 |
Additions | 5 | 4 |
On acquisition of subsidiary | 23,985 | 1,249 |
Disposals | (282) | (272) |
Effect of foreign exchange translations | (2,353) | 5,439 |
Ending balance, intangible assets | 110,854 | 89,499 |
Amortisation | ||
Intangible assets other than goodwill | (89,499) | (83,079) |
Disposals | (282) | (272) |
Effect of foreign exchange translations | (2,353) | 5,439 |
Intangible assets other than goodwill | (110,854) | (89,499) |
Intangible assets | 110,854 | 89,499 |
Cost | Client relationship | ||
Cost | ||
Beginning balance, intangible assets | 87,273 | 80,623 |
Additions | 0 | 0 |
On acquisition of subsidiary | 23,985 | 1,240 |
Disposals | 0 | 0 |
Effect of foreign exchange translations | (2,342) | 5,410 |
Ending balance, intangible assets | 108,916 | 87,273 |
Amortisation | ||
Intangible assets other than goodwill | (87,273) | (80,623) |
Disposals | 0 | 0 |
Effect of foreign exchange translations | (2,342) | 5,410 |
Intangible assets other than goodwill | (108,916) | (87,273) |
Intangible assets | 108,916 | 87,273 |
Cost | Computer software and licenses | ||
Cost | ||
Beginning balance, intangible assets | 798 | 777 |
Additions | 5 | 4 |
On acquisition of subsidiary | 0 | 9 |
Disposals | (142) | 0 |
Effect of foreign exchange translations | (4) | 8 |
Ending balance, intangible assets | 657 | 798 |
Amortisation | ||
Intangible assets other than goodwill | (798) | (777) |
Disposals | (142) | 0 |
Effect of foreign exchange translations | (4) | 8 |
Intangible assets other than goodwill | (657) | (798) |
Intangible assets | 657 | 798 |
Cost | Non-compete agreement | ||
Cost | ||
Beginning balance, intangible assets | 146 | 128 |
Additions | 0 | 0 |
On acquisition of subsidiary | 0 | 0 |
Disposals | (140) | 0 |
Effect of foreign exchange translations | (6) | 18 |
Ending balance, intangible assets | 0 | 146 |
Amortisation | ||
Intangible assets other than goodwill | (146) | (128) |
Disposals | (140) | 0 |
Effect of foreign exchange translations | (6) | 18 |
Intangible assets other than goodwill | 0 | (146) |
Intangible assets | 0 | 146 |
Cost | Trading name | ||
Cost | ||
Beginning balance, intangible assets | 0 | 272 |
Additions | 0 | |
On acquisition of subsidiary | 0 | |
Disposals | (272) | |
Effect of foreign exchange translations | 0 | |
Ending balance, intangible assets | 0 | |
Amortisation | ||
Intangible assets other than goodwill | 0 | (272) |
Disposals | (272) | |
Effect of foreign exchange translations | 0 | |
Intangible assets other than goodwill | 0 | |
Intangible assets | 0 | |
Cost | Supplier relationships | ||
Cost | ||
Beginning balance, intangible assets | 120 | 120 |
Additions | 0 | 0 |
On acquisition of subsidiary | 0 | 0 |
Disposals | 0 | 0 |
Effect of foreign exchange translations | 0 | 0 |
Ending balance, intangible assets | 120 | 120 |
Amortisation | ||
Intangible assets other than goodwill | (120) | (120) |
Disposals | 0 | 0 |
Effect of foreign exchange translations | 0 | 0 |
Intangible assets other than goodwill | (120) | (120) |
Intangible assets | 120 | 120 |
Cost | Software own work capitalised | ||
Cost | ||
Beginning balance, intangible assets | 1,162 | 1,159 |
Additions | 0 | 0 |
On acquisition of subsidiary | 0 | 0 |
Disposals | 0 | 0 |
Effect of foreign exchange translations | (1) | 3 |
Ending balance, intangible assets | 1,161 | 1,162 |
Amortisation | ||
Intangible assets other than goodwill | (1,162) | (1,159) |
Disposals | 0 | 0 |
Effect of foreign exchange translations | (1) | 3 |
Intangible assets other than goodwill | (1,161) | (1,162) |
Intangible assets | 1,161 | 1,162 |
Depreciation | ||
Cost | ||
Beginning balance, intangible assets | (33,310) | (20,823) |
Disposals | 282 | 272 |
Effect of foreign exchange translations | (857) | 1,596 |
Ending balance, intangible assets | (44,638) | (33,310) |
Amortisation | ||
Intangible assets other than goodwill | 33,310 | 20,823 |
Charge for the year | 12,467 | 11,163 |
Disposals | 282 | 272 |
Effect of foreign exchange translations | (857) | 1,596 |
Intangible assets other than goodwill | 44,638 | 33,310 |
Intangible assets | (44,638) | (33,310) |
Depreciation | Client relationship | ||
Cost | ||
Beginning balance, intangible assets | (31,430) | (19,251) |
Disposals | 0 | 0 |
Effect of foreign exchange translations | (845) | 1,562 |
Ending balance, intangible assets | (42,831) | (31,430) |
Amortisation | ||
Intangible assets other than goodwill | 31,430 | 19,251 |
Charge for the year | 12,246 | 10,617 |
Disposals | 0 | 0 |
Effect of foreign exchange translations | (845) | 1,562 |
Intangible assets other than goodwill | 42,831 | 31,430 |
Intangible assets | (42,831) | (31,430) |
Depreciation | Computer software and licenses | ||
Cost | ||
Beginning balance, intangible assets | (740) | (684) |
Disposals | 142 | 0 |
Effect of foreign exchange translations | (4) | 9 |
Ending balance, intangible assets | (631) | (740) |
Amortisation | ||
Intangible assets other than goodwill | 740 | 684 |
Charge for the year | 37 | 47 |
Disposals | 142 | 0 |
Effect of foreign exchange translations | (4) | 9 |
Intangible assets other than goodwill | 631 | 740 |
Intangible assets | (631) | (740) |
Depreciation | Non-compete agreement | ||
Cost | ||
Beginning balance, intangible assets | (146) | (128) |
Disposals | 140 | 0 |
Effect of foreign exchange translations | (6) | 18 |
Ending balance, intangible assets | 0 | (146) |
Amortisation | ||
Intangible assets other than goodwill | 146 | 128 |
Charge for the year | 0 | 0 |
Disposals | 140 | 0 |
Effect of foreign exchange translations | (6) | 18 |
Intangible assets other than goodwill | 0 | 146 |
Intangible assets | 0 | (146) |
Depreciation | Trading name | ||
Cost | ||
Beginning balance, intangible assets | 0 | (90) |
Disposals | 272 | |
Effect of foreign exchange translations | 0 | |
Ending balance, intangible assets | 0 | |
Amortisation | ||
Intangible assets other than goodwill | 0 | 90 |
Charge for the year | 182 | |
Disposals | 272 | |
Effect of foreign exchange translations | 0 | |
Intangible assets other than goodwill | 0 | |
Intangible assets | 0 | |
Depreciation | Supplier relationships | ||
Cost | ||
Beginning balance, intangible assets | (64) | (40) |
Disposals | 0 | 0 |
Effect of foreign exchange translations | 0 | 0 |
Ending balance, intangible assets | (88) | (64) |
Amortisation | ||
Intangible assets other than goodwill | 64 | 40 |
Charge for the year | 24 | 24 |
Disposals | 0 | 0 |
Effect of foreign exchange translations | 0 | 0 |
Intangible assets other than goodwill | 88 | 64 |
Intangible assets | (88) | (64) |
Depreciation | Software own work capitalised | ||
Cost | ||
Beginning balance, intangible assets | (930) | (630) |
Disposals | 0 | 0 |
Effect of foreign exchange translations | (2) | 7 |
Ending balance, intangible assets | (1,088) | (930) |
Amortisation | ||
Intangible assets other than goodwill | 930 | 630 |
Charge for the year | 160 | 293 |
Disposals | 0 | 0 |
Effect of foreign exchange translations | (2) | 7 |
Intangible assets other than goodwill | 1,088 | 930 |
Intangible assets | £ (1,088) | £ (930) |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - GBP (£) £ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cost | ||
Beginning balance, property plant and equipment | £ 21,260 | |
Ending balance, property plant and equipment | 25,940 | £ 21,260 |
Depreciation | ||
Beginning balance, property plant and equipment | 21,260 | |
Ending balance, property plant and equipment | 25,940 | 21,260 |
Property, plant and equipment | 25,940 | 21,260 |
Cost | ||
Cost | ||
Beginning balance, property plant and equipment | 46,385 | 33,717 |
Additions | 13,669 | 13,963 |
On acquisition of subsidiary | 434 | 12 |
Inflation adjustment | 195 | 429 |
Disposals | (8,186) | (2,467) |
Transfers | 0 | 0 |
Effect of foreign exchange translations | 1,384 | (731) |
Ending balance, property plant and equipment | 51,113 | 46,385 |
Depreciation | ||
Beginning balance, property plant and equipment | 46,385 | 33,717 |
Disposals | (8,186) | (2,467) |
Effect of foreign exchange translations | 1,384 | (731) |
Ending balance, property plant and equipment | 51,113 | 46,385 |
Property, plant and equipment | 51,113 | 46,385 |
Depreciation | ||
Cost | ||
Beginning balance, property plant and equipment | (25,125) | (20,393) |
Disposals | 8,043 | 2,268 |
Effect of foreign exchange translations | (639) | 366 |
Ending balance, property plant and equipment | (25,173) | (25,125) |
Depreciation | ||
Beginning balance, property plant and equipment | (25,125) | (20,393) |
Charge for the year | 8,730 | 6,634 |
Disposals | 8,043 | 2,268 |
Effect of foreign exchange translations | (639) | 366 |
Ending balance, property plant and equipment | (25,173) | (25,125) |
Property, plant and equipment | (25,173) | (25,125) |
Computers and Equipment | ||
Cost | ||
Beginning balance, property plant and equipment | 11,317 | |
Ending balance, property plant and equipment | 10,440 | 11,317 |
Depreciation | ||
Beginning balance, property plant and equipment | 11,317 | |
Ending balance, property plant and equipment | 10,440 | 11,317 |
Property, plant and equipment | 10,440 | 11,317 |
Computers and Equipment | Cost | ||
Cost | ||
Beginning balance, property plant and equipment | 27,572 | 19,368 |
Additions | 4,762 | 9,093 |
On acquisition of subsidiary | 324 | 12 |
Inflation adjustment | 195 | 429 |
Disposals | (6,397) | (1,740) |
Transfers | 0 | 0 |
Effect of foreign exchange translations | 793 | (410) |
Ending balance, property plant and equipment | 25,663 | 27,572 |
Depreciation | ||
Beginning balance, property plant and equipment | 27,572 | 19,368 |
Disposals | (6,397) | (1,740) |
Effect of foreign exchange translations | 793 | (410) |
Ending balance, property plant and equipment | 25,663 | 27,572 |
Property, plant and equipment | 25,663 | 27,572 |
Computers and Equipment | Depreciation | ||
Cost | ||
Beginning balance, property plant and equipment | (16,255) | (13,283) |
Disposals | 6,344 | 1,610 |
Effect of foreign exchange translations | (388) | 231 |
Ending balance, property plant and equipment | (15,223) | (16,255) |
Depreciation | ||
Beginning balance, property plant and equipment | (16,255) | (13,283) |
Charge for the year | 5,700 | 4,351 |
Disposals | 6,344 | 1,610 |
Effect of foreign exchange translations | (388) | 231 |
Ending balance, property plant and equipment | (15,223) | (16,255) |
Property, plant and equipment | (15,223) | (16,255) |
Fixtures and Fittings | ||
Cost | ||
Beginning balance, property plant and equipment | 8,161 | |
Ending balance, property plant and equipment | 14,641 | 8,161 |
Depreciation | ||
Beginning balance, property plant and equipment | 8,161 | |
Ending balance, property plant and equipment | 14,641 | 8,161 |
Property, plant and equipment | 14,641 | 8,161 |
Fixtures and Fittings | Cost | ||
Cost | ||
Beginning balance, property plant and equipment | 17,031 | 13,846 |
Additions | 8,050 | 3,088 |
On acquisition of subsidiary | 110 | 0 |
Inflation adjustment | 0 | 0 |
Disposals | (1,789) | (721) |
Transfers | 1,780 | 497 |
Effect of foreign exchange translations | 591 | (321) |
Ending balance, property plant and equipment | 24,591 | 17,031 |
Depreciation | ||
Beginning balance, property plant and equipment | 17,031 | 13,846 |
Disposals | (1,789) | (721) |
Effect of foreign exchange translations | 591 | (321) |
Ending balance, property plant and equipment | 24,591 | 17,031 |
Property, plant and equipment | 24,591 | 17,031 |
Fixtures and Fittings | Depreciation | ||
Cost | ||
Beginning balance, property plant and equipment | (8,870) | (7,104) |
Disposals | 1,699 | 652 |
Effect of foreign exchange translations | (251) | 135 |
Ending balance, property plant and equipment | (9,950) | (8,870) |
Depreciation | ||
Beginning balance, property plant and equipment | (8,870) | (7,104) |
Charge for the year | 3,030 | 2,283 |
Disposals | 1,699 | 652 |
Effect of foreign exchange translations | (251) | 135 |
Ending balance, property plant and equipment | (9,950) | (8,870) |
Property, plant and equipment | (9,950) | (8,870) |
Vehicles | ||
Cost | ||
Beginning balance, property plant and equipment | 0 | |
Ending balance, property plant and equipment | 0 | |
Depreciation | ||
Beginning balance, property plant and equipment | 0 | |
Ending balance, property plant and equipment | 0 | |
Property, plant and equipment | 0 | |
Vehicles | Cost | ||
Cost | ||
Beginning balance, property plant and equipment | 0 | 6 |
Additions | 0 | |
On acquisition of subsidiary | 0 | |
Inflation adjustment | 0 | |
Disposals | (6) | |
Transfers | 0 | |
Effect of foreign exchange translations | 0 | |
Ending balance, property plant and equipment | 0 | |
Depreciation | ||
Beginning balance, property plant and equipment | 0 | 6 |
Disposals | (6) | |
Effect of foreign exchange translations | 0 | |
Ending balance, property plant and equipment | 0 | |
Property, plant and equipment | 0 | |
Vehicles | Depreciation | ||
Cost | ||
Beginning balance, property plant and equipment | 0 | (6) |
Disposals | 6 | |
Effect of foreign exchange translations | 0 | |
Ending balance, property plant and equipment | 0 | |
Depreciation | ||
Beginning balance, property plant and equipment | 0 | (6) |
Charge for the year | 0 | |
Disposals | 6 | |
Effect of foreign exchange translations | 0 | |
Ending balance, property plant and equipment | 0 | |
Property, plant and equipment | 0 | |
Fixed Assets in Progress | ||
Cost | ||
Beginning balance, property plant and equipment | 1,782 | |
Ending balance, property plant and equipment | 859 | 1,782 |
Depreciation | ||
Beginning balance, property plant and equipment | 1,782 | |
Ending balance, property plant and equipment | 859 | 1,782 |
Property, plant and equipment | 859 | 1,782 |
Fixed Assets in Progress | Cost | ||
Cost | ||
Beginning balance, property plant and equipment | 1,782 | 497 |
Additions | 857 | 1,782 |
On acquisition of subsidiary | 0 | 0 |
Inflation adjustment | 0 | 0 |
Disposals | 0 | 0 |
Transfers | (1,780) | (497) |
Effect of foreign exchange translations | 0 | 0 |
Ending balance, property plant and equipment | 859 | 1,782 |
Depreciation | ||
Beginning balance, property plant and equipment | 1,782 | 497 |
Disposals | 0 | 0 |
Effect of foreign exchange translations | 0 | 0 |
Ending balance, property plant and equipment | 859 | 1,782 |
Property, plant and equipment | 859 | 1,782 |
Fixed Assets in Progress | Depreciation | ||
Cost | ||
Beginning balance, property plant and equipment | 0 | 0 |
Disposals | 0 | 0 |
Effect of foreign exchange translations | 0 | 0 |
Ending balance, property plant and equipment | 0 | 0 |
Depreciation | ||
Beginning balance, property plant and equipment | 0 | 0 |
Charge for the year | 0 | 0 |
Disposals | 0 | 0 |
Effect of foreign exchange translations | 0 | 0 |
Ending balance, property plant and equipment | 0 | 0 |
Property, plant and equipment | £ 0 | £ 0 |
Significant Shareholdings and_3
Significant Shareholdings and Related Party Transactions - Schedule of Ownership Interest (Details) | 12 Months Ended |
Jun. 30, 2023 | |
Key management personnel of entity or parent | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Argentina SRL | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Australia Pty Ltd | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | DEK Corporation Pty Ltd | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Lexicon Consolidated Holdings Pty Ltd | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Lexicon Digital Trust | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Lexicon Digital Pty Ltd | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Mudbath & Co Pty Ltd | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Austria GmbH | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava d.o.o. Banja Luka | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava d.o.o. Sarajevo | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava EOOD | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Canada Inc. | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Colombia S.A.S. | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava S.A.S. | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava d.o.o | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava ApS | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava GmbH | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Munchen GmbH | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava (Ireland) Limited | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Digital Services Limited | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Malaysia SDN. BHD. | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Lvvl Mexico S. de R.L. de C.V. | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | ICS Endava SRL | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava B.V. | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Holdings B.V. | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava DOOEL Skopje | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Poland sp. z.o.o | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Romania SRL | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava d.o.o. Beograd | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Digital Services d.o.o. Beograd | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Singapore Pte. Ltd | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Digitalne Resitve d.o.o. | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | DEK Technologies Sweden AB | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Switzerland GmbH | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Middle East FZ-LLC | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava (Managed Services) Limited | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava (UK) Limited | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Limited Guernsey Employee Benefit Trust | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Intuitus Limited | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Business Agility Consulting Limited | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Holdings Inc | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Inc. | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava LLC | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Nearshore Ventures LLC | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava USA West Inc | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Five Minutes Studio, Inc | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Levvel Digital LLC | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Levvel LLC | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Uruguay SRL | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | DEK Technologies Vietnam Company Limited | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava Limited Liability Company | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Endava (Romania) Limited | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Subsidiaries | Testing4Finance Ltd | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Significant Shareholdings and_4
Significant Shareholdings and Related Party Transactions - Narrative (Details) £ / shares in Units, £ in Millions | 12 Months Ended | |
Jun. 30, 2023 GBP (£) transaction £ / shares shares | Jun. 30, 2022 GBP (£) £ / shares shares | |
Disclosure of transactions between related parties [line items] | ||
Ordinary shares owned by executive officers and directors (in shares) | 10,092,540 | |
Par value per share (in gbp per share) | £ / shares | £ 0.02 | £ 0.02 |
Number of related party transactions | transaction | 0 | |
Key management personnel of entity or parent | ||
Disclosure of transactions between related parties [line items] | ||
Ordinary shares owned by executive officers and directors (in shares) | 10,130,237 | |
Awards owned over ordinary shares by executive officers and directors (in shares) | 240,155 | 298,383 |
Services received from related party | £ | £ 0.6 | £ 0.5 |
Trade and Other Receivables - S
Trade and Other Receivables - Schedule of Trade and Other Receivables (Details) - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade receivables | £ 143,336 | £ 131,650 |
Prepayments | 11,055 | 8,865 |
Accrued income | 12,775 | 13,458 |
Research and development tax credit | 3,013 | 3,266 |
Grant receivable | 2,877 | 437 |
Other receivables | 4,810 | 4,995 |
Total trade and other receivables | £ 177,866 | £ 162,671 |
Trade and Other Receivables - N
Trade and Other Receivables - Narrative (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of Trade and Other Receivables [Line Items] | |||
Allowance account for credit losses of financial assets | £ 4,494 | £ 4,023 | £ 3,537 |
Accrued income | 12,775 | 13,458 | |
Accrued income from companies acquired | 1,200 | £ 400 | |
Receivable from research and development tax credit | 6,400 | ||
Non-current receivable from research and development tax credit | 3,400 | ||
Prepayments | 12,700 | ||
Non-current prepayments | £ 1,600 | ||
Bottom of range | |||
Disclosure of Trade and Other Receivables [Line Items] | |||
Payment term | 30 days | ||
Top of range | |||
Disclosure of Trade and Other Receivables [Line Items] | |||
Payment term | 90 days |
Trade and Other Receivables - T
Trade and Other Receivables - Trade Receivables and Accrued Income Past Overdue (Details) - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Gross carrying amount | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables and accrued income | £ 160,605 | £ 149,131 |
Expected credit loss allowance | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables and accrued income | (4,494) | (4,023) |
Current | Gross carrying amount | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables and accrued income | 135,844 | 122,914 |
Current | Expected credit loss allowance | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables and accrued income | (248) | (854) |
1 - 30 days overdue | Gross carrying amount | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables and accrued income | 8,032 | 7,411 |
1 - 30 days overdue | Expected credit loss allowance | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables and accrued income | (147) | (94) |
31 - 60 days overdue | Gross carrying amount | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables and accrued income | 6,532 | 9,520 |
31 - 60 days overdue | Expected credit loss allowance | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables and accrued income | (104) | (338) |
61 - 90 days overdue | Gross carrying amount | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables and accrued income | 2,447 | 3,465 |
61 - 90 days overdue | Expected credit loss allowance | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables and accrued income | (71) | (141) |
Over 90 days overdue | Gross carrying amount | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables and accrued income | 7,750 | 5,821 |
Over 90 days overdue | Expected credit loss allowance | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables and accrued income | £ (3,924) | £ (2,596) |
Trade and Other Receivables - G
Trade and Other Receivables - Gross and Net Amount of Trade Receivables (Details) - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables | £ 143,336 | £ 131,650 |
Gross carrying amount | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables | 147,830 | 135,665 |
Expected credit loss allowance | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables | £ (4,494) | £ (4,015) |
Trade and Other Receivables -_2
Trade and Other Receivables - Gross and Net Amount of Accrued Income (Details) - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Disclosure of Trade and Other Receivables [Line Items] | ||
Accrued income | £ 12,775 | £ 13,458 |
Gross carrying amount | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Accrued income | 12,775 | 13,466 |
Expected credit loss allowance | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Accrued income | £ 0 | £ (8) |
Trade and Other Receivables - M
Trade and Other Receivables - Movements in Expected Credit Loss Allowance (Details) - GBP (£) £ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Allowance account for credit losses of financial assets at beginning of period | £ 4,023 | £ 3,537 |
Provided in the year | 6,181 | 4,628 |
Released in the year | (5,249) | (3,889) |
Utilised in the year | (301) | (492) |
Effect of foreign exchange translations | (160) | 239 |
Allowance account for credit losses of financial assets at end of period | £ 4,494 | £ 4,023 |
Trade and Other Payables (Detai
Trade and Other Payables (Details) - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade payables | £ 5,480 | £ 8,214 |
Other taxation and social security | 19,006 | 17,202 |
Other liabilities | 6,040 | 4,532 |
Accruals | 55,195 | 63,862 |
Deferred income | 5,438 | 4,442 |
Total trade and other payables | 91,159 | 98,252 |
Deferred income recognized during the period | 3,300 | 3,700 |
Deferred income | £ 5,400 | |
Deferred income from companies acquired | £ 0 |
Financial Assets and Liabilit_3
Financial Assets and Liabilities - Financial Assets (Details) - Level 3 - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Disclosure of financial assets [line items] | ||
Total financial assets | £ 321,057 | £ 308,582 |
Trade receivables | ||
Disclosure of financial assets [line items] | ||
Total financial assets | 143,336 | 131,650 |
Accrued income | ||
Disclosure of financial assets [line items] | ||
Total financial assets | 12,775 | 13,458 |
Other financial assets | ||
Disclosure of financial assets [line items] | ||
Total financial assets | 243 | 668 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Total financial assets | £ 164,703 | £ 162,806 |
Financial Assets and Liabilit_4
Financial Assets and Liabilities - Financial Liabilities (Details) - Level 3 - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Disclosure of financial liabilities [line items] | ||
Total financial liabilities | £ 147,252 | £ 148,153 |
Lease liabilities | ||
Disclosure of financial liabilities [line items] | ||
Total financial liabilities | 69,014 | 55,897 |
Lease liabilities | Current lease liabilities | ||
Disclosure of financial liabilities [line items] | ||
Total financial liabilities | 14,573 | 11,898 |
Lease liabilities | Non-current lease liabilities | ||
Disclosure of financial liabilities [line items] | ||
Total financial liabilities | 54,441 | 43,999 |
At amortised cost | ||
Disclosure of financial liabilities [line items] | ||
Total financial liabilities | 66,779 | 83,742 |
At amortised cost | Trade payables | ||
Disclosure of financial liabilities [line items] | ||
Total financial liabilities | 5,480 | 8,214 |
At amortised cost | Accruals | ||
Disclosure of financial liabilities [line items] | ||
Total financial liabilities | 55,195 | 63,862 |
At amortised cost | Deferred consideration | ||
Disclosure of financial liabilities [line items] | ||
Total financial liabilities | 6,104 | 11,666 |
At fair value through profit or loss | Contingent consideration | ||
Disclosure of financial liabilities [line items] | ||
Total financial liabilities | £ 11,459 | £ 8,514 |
Financial Assets and Liabilit_5
Financial Assets and Liabilities - Fair Value Movement of Contingent Consideration (Details) - Level 3 £ in Thousands | 12 Months Ended |
Jun. 30, 2023 GBP (£) | |
Reconciliation of changes in contingent liabilities recognised in business combination [abstract] | |
Beginning of the year £’000 | £ 8,514 |
Additions £’000 | 14,771 |
Payments £'000 | (111) |
Remeasurement and discount unwind £'000 | (10,418) |
Foreign exchange impact £'000 | (1,297) |
End of the year £'000 | £ 11,459 |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings (Details) - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | £ 0 | £ 0 |
Revolving Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | £ 0 | £ 0 |
Revolving Credit Facility | SONIA/EURIBOR/USD LIBOR + variable margin | Bottom of range | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 1% | |
Revolving Credit Facility | SONIA/EURIBOR/USD LIBOR + variable margin | Top of range | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 1.65% |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) £ in Thousands, € in Millions | 12 Months Ended | ||
Jun. 30, 2023 GBP (£) claim | Jun. 30, 2023 EUR (€) | Jun. 30, 2022 GBP (£) | |
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | £ 0 | £ 0 | |
Class Guarantee | |||
Disclosure of detailed information about borrowings [line items] | |||
Bank guarantees | £ 8,800 | 18,500 | |
Number of claims | claim | 0 | ||
Comtrade Group B.V. | Class Guarantee | Endava (UK) Ltd | |||
Disclosure of detailed information about borrowings [line items] | |||
Bank guarantees | € | € 6 | ||
DB Fernverkehr AG | Class Guarantee | Endava Berlin GmbH | |||
Disclosure of detailed information about borrowings [line items] | |||
Bank guarantees | € | € 5.9 | ||
Revolving Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | £ 0 | £ 0 | |
Undrawn borrowing facilities | £ 350,000 |
Leases - Right-of-Use Assets (D
Leases - Right-of-Use Assets (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets beginning of period | £ 50,818 | £ 57,193 | |
Additions | 17,349 | 3,687 | |
Disposals | (24) | (845) | |
Derecognition as a result of subleases | (6) | (423) | |
Modifications | 8,187 | 1,430 | |
Depreciation charge | (11,861) | (10,958) | £ (10,449) |
Reversal of the impairment charge | 131 | (214) | (1,697) |
Effect of foreign exchange translations | 490 | 948 | |
Right-of-use assets end of period | 65,084 | 50,818 | 57,193 |
Leasehold Buildings | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets beginning of period | 50,736 | 57,019 | |
Additions | 17,349 | 3,640 | |
Disposals | (24) | 787 | |
Derecognition as a result of subleases | (6) | (423) | |
Modifications | 8,187 | (1,433) | |
Depreciation charge | (11,809) | (10,878) | |
Reversal of the impairment charge | 131 | (214) | |
Effect of foreign exchange translations | 489 | 946 | |
Right-of-use assets end of period | 65,053 | 50,736 | 57,019 |
Vehicles | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets beginning of period | 82 | 174 | |
Additions | 0 | 47 | |
Disposals | 0 | (58) | |
Derecognition as a result of subleases | 0 | 0 | |
Modifications | 0 | (3) | |
Depreciation charge | (52) | (80) | |
Reversal of the impairment charge | 0 | 0 | |
Effect of foreign exchange translations | 1 | 2 | |
Right-of-use assets end of period | £ 31 | £ 82 | £ 174 |
Leases - Lease Liabilities (Det
Leases - Lease Liabilities (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of quantitative information about lease liabilities [Line Items] | |||
Lease liabilities beginning balance | £ 55,897 | £ 63,685 | |
Additions | 17,375 | 3,684 | |
Disposals | (24) | (1,079) | |
Modifications | 8,188 | 1,425 | |
Interest | 1,676 | 1,128 | |
Payments | (13,488) | (13,805) | £ (11,828) |
Effect of foreign exchange revaluation and translations | (610) | 859 | |
Lease liabilities ending balance | 69,014 | 55,897 | 63,685 |
Leasehold Buildings | |||
Disclosure of quantitative information about lease liabilities [Line Items] | |||
Lease liabilities beginning balance | 55,816 | 63,510 | |
Additions | 17,375 | 3,640 | |
Disposals | (24) | (1,021) | |
Modifications | 8,188 | 1,428 | |
Interest | 1,675 | 1,126 | 1,176 |
Payments | (13,435) | (13,722) | |
Effect of foreign exchange revaluation and translations | (611) | 855 | |
Lease liabilities ending balance | 68,984 | 55,816 | 63,510 |
Vehicles | |||
Disclosure of quantitative information about lease liabilities [Line Items] | |||
Lease liabilities beginning balance | 81 | 175 | |
Additions | 0 | 44 | |
Disposals | 0 | (58) | |
Modifications | 0 | (3) | |
Interest | 1 | 2 | 2 |
Payments | (53) | (83) | |
Effect of foreign exchange revaluation and translations | 1 | 4 | |
Lease liabilities ending balance | £ 30 | £ 81 | £ 175 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Undiscounted lease liabilities | £ 76,661 | £ 59,841 | |
Lease liabilities included in the balance sheet | 69,014 | 55,897 | £ 63,685 |
Current | 14,573 | 11,898 | |
Non-current | 54,441 | 43,999 | |
Leasehold Buildings | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Undiscounted lease liabilities | 76,631 | 59,759 | |
Lease liabilities included in the balance sheet | 68,984 | 55,816 | 63,510 |
Current | 14,550 | 11,846 | |
Non-current | 54,434 | 43,970 | |
Vehicles | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Undiscounted lease liabilities | 30 | 82 | |
Lease liabilities included in the balance sheet | 30 | 81 | £ 175 |
Current | 23 | 52 | |
Non-current | 7 | 29 | |
Less than 1 year | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Undiscounted lease liabilities | 14,573 | 11,898 | |
Less than 1 year | Leasehold Buildings | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Undiscounted lease liabilities | 14,550 | 11,846 | |
Less than 1 year | Vehicles | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Undiscounted lease liabilities | 23 | 52 | |
1 to 5 years | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Undiscounted lease liabilities | 45,025 | 33,233 | |
1 to 5 years | Leasehold Buildings | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Undiscounted lease liabilities | 45,018 | 33,203 | |
1 to 5 years | Vehicles | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Undiscounted lease liabilities | 7 | 30 | |
More than 5 years | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Undiscounted lease liabilities | 17,063 | 14,710 | |
More than 5 years | Leasehold Buildings | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Undiscounted lease liabilities | 17,063 | 14,710 | |
More than 5 years | Vehicles | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Undiscounted lease liabilities | £ 0 | £ 0 |
Leases - Income Statement Impac
Leases - Income Statement Impact (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation of right-of-use assets | £ 11,861 | £ 10,958 | £ 10,449 |
(Reversal of) / Impairment of right-of-use assets | (131) | 214 | 1,697 |
Interest | 1,676 | 1,128 | |
Expense related to short-term leases | 1,899 | 788 | |
Loss on derecognition of right-of-use assets sub-leased | 0 | 132 | 0 |
Net gain on disposal of right-of-use asset | 1 | 187 | 56 |
Fair value movement of financial assets | (2) | (7) | |
Total | 15,302 | 13,026 | |
Leasehold Buildings | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation of right-of-use assets | 11,809 | 10,878 | |
(Reversal of) / Impairment of right-of-use assets | (131) | 214 | |
Interest | 1,675 | 1,126 | 1,176 |
Expense related to short-term leases | 1,841 | 691 | |
Loss on derecognition of right-of-use assets sub-leased | 0 | 132 | |
Net gain on disposal of right-of-use asset | 1 | 187 | |
Fair value movement of financial assets | (2) | (7) | |
Total | 15,191 | 12,847 | |
Vehicles | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation of right-of-use assets | 52 | 80 | |
(Reversal of) / Impairment of right-of-use assets | 0 | 0 | |
Interest | 1 | 2 | £ 2 |
Expense related to short-term leases | 58 | 97 | |
Loss on derecognition of right-of-use assets sub-leased | 0 | 0 | |
Net gain on disposal of right-of-use asset | 0 | 0 | |
Fair value movement of financial assets | 0 | 0 | |
Total | £ 111 | £ 179 |
Leases - Narrative (Details)
Leases - Narrative (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Cash outflow for leases | £ 15,400 | £ 14,600 | |
Cash outflow for leases, financing activities | 13,488 | 13,805 | £ 11,828 |
Loss on derecognition of right-of-use assets sub-leased | 0 | (132) | 0 |
Interest income on lease receivables | 2 | 7 | 17 |
Cash inflow for leases | 439 | 560 | £ 565 |
Decrease in net investment in finance lease | 400 | ||
Maximum | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Interest income on lease receivables | 100 | 100 | |
Buildings | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Cash outflow for leases, financing activities | 13,435 | 13,722 | |
Loss on derecognition of right-of-use assets sub-leased | £ 0 | £ 100 |
Leases - Contractual Obligation
Leases - Contractual Obligations and Commitments (Details) £ in Thousands | Jun. 30, 2023 GBP (£) |
Disclosure of contractual obligations and commitments [line items] | |
Lease liabilities | £ 76,661 |
Short-term leases | 1,532 |
Leases contracted, but not yet commenced | 198 |
Total | 78,391 |
Less than 1 year | |
Disclosure of contractual obligations and commitments [line items] | |
Lease liabilities | 14,573 |
Short-term leases | 1,532 |
Leases contracted, but not yet commenced | 27 |
Total | 16,132 |
1 to 3 Years | |
Disclosure of contractual obligations and commitments [line items] | |
Lease liabilities | 27,483 |
Short-term leases | 0 |
Leases contracted, but not yet commenced | 65 |
Total | 27,548 |
3 to 5 Years | |
Disclosure of contractual obligations and commitments [line items] | |
Lease liabilities | 17,542 |
Short-term leases | 0 |
Leases contracted, but not yet commenced | 65 |
Total | 17,607 |
More than 5 years | |
Disclosure of contractual obligations and commitments [line items] | |
Lease liabilities | 17,063 |
Short-term leases | 0 |
Leases contracted, but not yet commenced | 41 |
Total | £ 17,104 |
Leases - Maturity of Lease Paym
Leases - Maturity of Lease Payments Receivable (Details) - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted finance lease payments to be received | £ 59 | £ 478 |
Unearned finance income | 3 | 0 |
Net investment in finance lease receivable | 56 | 478 |
Less than 1 year | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted finance lease payments to be received | 59 | 427 |
1 to 2 years | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted finance lease payments to be received | £ 0 | £ 51 |
Share Capital - Schedule of Cla
Share Capital - Schedule of Classes of Share Capital (Details) - GBP (£) £ / shares in Units, £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Authorised share capital [Abstract] | ||
Number of shares authorised (in shares) | 60,000,000 | |
Par value per share (in gbp per share) | £ 0.02 | £ 0.02 |
Share capital, shares authorized, value | £ 1,200 | £ 1,200 |
Number of shares issued [Abstract] | ||
Number of shares issued and fully paid (in shares) | 57,750,989 | 56,763,870 |
Share capital | £ 1,155 | £ 1,135 |
Class A ordinary shares | ||
Number of shares issued [Abstract] | ||
Number of shares issued and fully paid (in shares) | 41,810,877 | 40,666,258 |
Share capital | £ 836 | £ 813 |
Class B ordinary shares | ||
Number of shares issued [Abstract] | ||
Number of shares issued and fully paid (in shares) | 15,940,112 | 16,097,612 |
Share capital | £ 319 | £ 322 |
Share Capital - Narrative (Deta
Share Capital - Narrative (Details) | 12 Months Ended | |
Jun. 30, 2023 shares vote_per_share | Jun. 30, 2022 shares | |
Disclosure of classes of share capital [line items] | ||
Number of share options exercised (in shares) | shares | 771,327 | 1,045,414 |
Number of shares to be issued (in shares) | shares | 215,792 | 0 |
Restricted period of time for share transfers (in days) | 180 days | |
Conversion ratio of ordinary shares | 1 | |
Class B ordinary shares | ||
Disclosure of classes of share capital [line items] | ||
Number of votes per share | vote_per_share | 10 | |
Restricted period of time for share transfers (in days) | 180 days | |
Class B ordinary shares | 18 Month Anniversary | ||
Disclosure of classes of share capital [line items] | ||
Percentage limitation of share transfer | 25% | |
Class B ordinary shares | Third Anniversary | ||
Disclosure of classes of share capital [line items] | ||
Percentage limitation of share transfer | 40% | |
Class B ordinary shares | Fifth Anniversary | ||
Disclosure of classes of share capital [line items] | ||
Percentage limitation of share transfer | 60% | |
Class C ordinary shares | ||
Disclosure of classes of share capital [line items] | ||
Number of votes per share | vote_per_share | 1 |
Distributions Made (Details)
Distributions Made (Details) - GBP (£) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Analysis of income and expense [abstract] | |||
Dividends declared and paid | £ 0 | £ 0 | £ 0 |
Share-Based Payments - Joint Sh
Share-Based Payments - Joint Share Ownership Plan and Long Term Incentive Plan (Details) | 12 Months Ended | ||
Jun. 30, 2023 shares | Jun. 30, 2022 shares | Jun. 30, 2021 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options exercised (in shares) | 771,327 | 1,045,414 | |
Joint Share Ownership Plan - EBT Portion | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 13,226 | 74,610 | |
JSOP | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expiration period | 25 years | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 6,965 | 34,075 | |
Number of share options exercised (in shares) | 27,110 | 0 | 133,536 |
Number of share options cancelled (in shares) | 0 | 0 | |
Long term Incentive Plan - EBT Portion | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options exercised (in shares) | 9,000 | 0 | |
SAYE - EBT Portion | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options exercised (in shares) | 25,274 | 0 |
Share-Based Payments - Long ter
Share-Based Payments - Long term Incentive Plan (Details) - Long term Incentive Plan (LTIP) | Jun. 30, 2015 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Banked period | 5 years |
Vesting period | 3 years |
Expiration Period Tranche One | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expiration period | 10 years |
Expiration Period Tranche Two | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Expiration period | 5 years |
Share-Based Payments - 2018 Sha
Share-Based Payments - 2018 Sharesave Plan and Bonus Equity Payments (Details) | 12 Months Ended |
Jun. 30, 2023 | |
2018 Sharesave Plan | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Employment requisite period | 5 years |
Maximum period shares may be granted after approval | 10 years |
Exercisable period | 6 months |
Other | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting period | 3 years |
Bottom of range | 2018 Sharesave Plan | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Employee contribution period | 3 years |
Top of range | 2018 Sharesave Plan | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Employee contribution period | 5 years |
Share-Based Payments - Movement
Share-Based Payments - Movement in Share Options (Details) | 12 Months Ended | ||
Jun. 30, 2023 shares £ / shares | Jun. 30, 2022 shares £ / shares | Jun. 30, 2021 shares £ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Options exercised during the year (in shares) | (771,327) | (1,045,414) | |
CSOP | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Options outstanding, beginning balance (in shares) | 5,845 | 5,845 | 20,845 |
Options granted during the year (in shares) | 0 | 0 | 0 |
Options exercised during the year (in shares) | 0 | 0 | (15,000) |
Options forfeited during the year (in shares) | 0 | 0 | 0 |
Options outstanding, ending balance (in shares) | 5,845 | 5,845 | 5,845 |
Weighted average exercise price (in gbp per share) | £ / shares | £ 0.90 | £ 0.90 | £ 0.90 |
Weighted average share price at exercise date (in gbp per share) | £ / shares | £ 0 | £ 0 | £ 62.58 |
Weighted average remaining contractual life | 1 year | 2 years | 3 years |
JSOP | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Options outstanding, beginning balance (in shares) | 34,075 | 34,075 | 167,611 |
Options granted during the year (in shares) | 0 | 0 | 0 |
Options exercised during the year (in shares) | (27,110) | 0 | (133,536) |
Options forfeited during the year (in shares) | 0 | 0 | 0 |
Options outstanding, ending balance (in shares) | 6,965 | 34,075 | 34,075 |
Weighted average exercise price (in gbp per share) | £ / shares | £ 0 | £ 0 | £ 0 |
Weighted average share price at exercise date (in gbp per share) | £ / shares | £ 61.9 | £ 0 | £ 44.71 |
Weighted average remaining contractual life | 13 years | 14 years | 15 years |
LTIP | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Options outstanding, beginning balance (in shares) | 96,324 | 203,326 | 781,022 |
Options granted during the year (in shares) | 0 | 0 | 0 |
Options exercised during the year (in shares) | (64,312) | (107,002) | (568,196) |
Options forfeited during the year (in shares) | (3,000) | 0 | (9,500) |
Options outstanding, ending balance (in shares) | 29,012 | 96,324 | 203,326 |
Weighted average exercise price (in gbp per share) | £ / shares | £ 0 | £ 0 | £ 0 |
Weighted average share price at exercise date (in gbp per share) | £ / shares | £ 57.41 | £ 117.25 | £ 44.12 |
Weighted average remaining contractual life | 2 years | 3 years | 4 years |
EIP | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Options outstanding, beginning balance (in shares) | 1,158,575 | 1,406,877 | 1,104,267 |
Options granted during the year (in shares) | 536,814 | 300,940 | 726,094 |
Options exercised during the year (in shares) | (522,661) | (467,888) | (359,815) |
Options forfeited during the year (in shares) | (267,903) | (81,354) | (63,669) |
Options outstanding, ending balance (in shares) | 904,825 | 1,158,575 | 1,406,877 |
Weighted average exercise price (in gbp per share) | £ / shares | £ 0 | £ 0 | £ 0 |
Weighted average share price at exercise date (in gbp per share) | £ / shares | £ 57.55 | £ 130.1 | £ 45.95 |
Weighted average remaining contractual life | 2 years | 2 years | 3 years |
SAYE | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Options outstanding, beginning balance (in shares) | 598,614 | 1,119,953 | 759,207 |
Options granted during the year (in shares) | 0 | 0 | 423,272 |
Options exercised during the year (in shares) | (217,684) | (470,757) | (1,550) |
Options forfeited during the year (in shares) | (35,085) | (50,582) | (60,976) |
Options outstanding, ending balance (in shares) | 345,845 | 598,614 | 1,119,953 |
Weighted average exercise price (in gbp per share) | £ / shares | £ 39.78 | £ 35.70 | £ 25.59 |
Weighted average share price at exercise date (in gbp per share) | £ / shares | £ 58.25 | £ 111.89 | £ 62.71 |
Weighted average remaining contractual life | 1 year | 1 year | 1 year |
SS | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Options outstanding, beginning balance (in shares) | 445,491 | 0 | 0 |
Options granted during the year (in shares) | 1,212,215 | 504,443 | 0 |
Options exercised during the year (in shares) | 0 | 0 | 0 |
Options forfeited during the year (in shares) | (191,735) | (58,952) | 0 |
Options outstanding, ending balance (in shares) | 1,465,971 | 445,491 | 0 |
Weighted average exercise price (in gbp per share) | £ / shares | £ 64.55 | £ 102.41 | £ 0 |
Weighted average share price at exercise date (in gbp per share) | £ / shares | £ 0 | £ 0 | £ 0 |
Weighted average remaining contractual life | 6 years | 6 years | 0 years |
Bonus Payments | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Options outstanding, beginning balance (in shares) | 0 | 0 | 117,116 |
Options granted during the year (in shares) | 0 | 0 | 0 |
Options exercised during the year (in shares) | 0 | 0 | (117,110) |
Options forfeited during the year (in shares) | 0 | 0 | (6) |
Options outstanding, ending balance (in shares) | 0 | 0 | 0 |
Weighted average exercise price (in gbp per share) | £ / shares | £ 0 | £ 0 | £ 0 |
Weighted average share price at exercise date (in gbp per share) | £ / shares | £ 0 | £ 0 | £ 56.53 |
Weighted average remaining contractual life | 0 years | 0 years | 0 years |
Share-Based Payments - Valuatio
Share-Based Payments - Valuation Inputs For Options Granted (Details) - GBP (£) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Risk free rate | 4.23% | ||
Expected volatility | 50.40% | ||
Expected dividends | 0% | 0% | 0% |
Expense from share-based payment transactions with employees | £ 31,058,000 | £ 35,005,000 | £ 24,427,000 |
Bottom of range | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in gbp per share) | £ 0 | £ 0 | £ 0 |
Risk free rate | 0.60% | 0.20% | |
Expected volatility | 30% | 30% | |
Fair value of option (in gbp per share) | £ 33.45 | £ 64.63 | £ 16.21 |
Top of range | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in gbp per share) | £ 55.05 | £ 102.41 | £ 36.24 |
Risk free rate | 1% | 1% | |
Expected volatility | 45.20% | 35% | |
Fair value of option (in gbp per share) | £ 72.71 | £ 115.36 | £ 64.35 |
Movements in Equity (Details)
Movements in Equity (Details) £ in Thousands | 12 Months Ended | |||||
Jun. 30, 2023 GBP (£) shares | Jun. 30, 2022 GBP (£) shares | Jun. 30, 2021 GBP (£) | Jun. 09, 2023 shares | May 10, 2023 shares | Oct. 06, 2022 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise of options | £ 5,578 | £ 8,926 | £ 40 | |||
Number of shares to be issued (in shares) | shares | 215,792 | 0 | ||||
Issuance of shares related to acquisitions | £ 18,143 | £ 1,505 | 4,477 | |||
Reserve of exchange differences on translation | (9,999) | 6,580 | (9,782) | |||
Share capital | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise of options | 16 | 21 | 14 | |||
Issuance of shares related to acquisitions | 4 | 1 | ||||
Share premium | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise of options | 5,473 | 8,905 | 26 | |||
Other reserves | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Issuance of shares related to acquisitions | 5,337 | 1,505 | ||||
Foreign exchange translation reserve | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Reserve of exchange differences on translation | (9,999) | £ 6,580 | £ (9,782) | |||
Lexicon | Class A ordinary shares | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of shares to be issued (in shares) | shares | 144,926 | |||||
Lexicon | Merger relief reserve | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Issuance of shares related to acquisitions | 10,000 | |||||
Mudbath & Co Pty Ltd | Class A ordinary shares | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of shares to be issued (in shares) | shares | 70,866 | |||||
Mudbath & Co Pty Ltd | Merger relief reserve | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Issuance of shares related to acquisitions | 2,800 | |||||
DEK Corporation Pty Ltd | Class A ordinary shares | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of shares to be issued (in shares) | shares | 146,572 | |||||
DEK Corporation Pty Ltd | Other reserves | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Issuance of shares related to acquisitions | 5,300 | |||||
DEK Corporation Pty Ltd | Foreign exchange translation reserve | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Reserve of exchange differences on translation | £ (10,000) |
Cash Flow - Cash Flow Statement
Cash Flow - Cash Flow Statement Adjustments (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Adjustments | |||
Depreciation, amortisation and impairment of non-financial assets | £ 32,927 | £ 28,969 | £ 24,447 |
Unrealised foreign exchange loss / (gain) | 5,441 | (9,876) | 6,742 |
Interest income | (3,506) | (184) | (84) |
Fair value movement of financial liabilities | (11,828) | 842 | 302 |
Interest expense | 3,469 | 2,014 | 2,081 |
Net gain on disposal of non-current assets (tangibles and intangibles) | (45) | (73) | (36) |
Share-based compensation expense | 31,058 | 35,005 | 24,427 |
Hyperinflation effect (gain) / loss | (386) | 17 | 189 |
Research and development tax credit | (5,027) | (2,211) | (2,642) |
Loss on derecognition of right-of-use assets sub-leased | 0 | 132 | 0 |
Net gain on disposal of right-of-use asset | (1) | (187) | (56) |
Fair value movement of financial assets | (2) | (7) | (17) |
Grant income | (2,935) | (642) | (503) |
Total adjustments | 49,165 | 53,799 | 54,850 |
Net changes in working capital | |||
Increase in trade and other receivables | (3,937) | (37,006) | (19,505) |
(Decrease)/Increase in trade and other payables | (12,136) | 15,236 | (1,855) |
Net changes in working capital | £ (16,073) | £ (21,770) | £ (21,360) |
Cash Flow - Non-Cash Changes Ar
Cash Flow - Non-Cash Changes Arising from Financing Activities (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of classes of share capital [line items] | |||
Grant received | £ 494 | £ 139 | £ 228 |
Government grants | (2,935) | (642) | (503) |
Grant received | |||
Disclosure of classes of share capital [line items] | |||
Beginning of the year | (437) | 59 | 331 |
Grant received | 494 | 139 | 228 |
Government grants | (2,935) | (642) | (503) |
Non-cash foreign exchange | 1 | 7 | 3 |
Non-cash other | 0 | 0 | 0 |
End of the year | £ (2,877) | £ (437) | £ 59 |
Cash Flow - Narrative (Details)
Cash Flow - Narrative (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of cash flows [abstract] | |||
Other acquisition related settlements | £ 21,179 | £ 0 | £ 0 |
Capital Commitments (Details)
Capital Commitments (Details) - GBP (£) | Jun. 30, 2023 | Jun. 30, 2022 |
Additional information [abstract] | ||
Capital commitments | £ 0 | £ 0 |
Contingent Liabilities (Details
Contingent Liabilities (Details) - GBP (£) | Jun. 30, 2023 | Jun. 30, 2022 |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | ||
Estimated financial effect of contingent liabilities | £ 0 | £ 0 |
Financial Instrument Risk - Nar
Financial Instrument Risk - Narrative (Details) - Currency risk | 12 Months Ended |
Jun. 30, 2023 | |
GBP | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Percentage of entity's revenue | 37.80% |
USD | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Percentage of entity's revenue | 34% |
Percentage of entity's expenses | 10.80% |
EUR | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Percentage of entity's revenue | 22.80% |
Percentage of entity's expenses | 57.20% |
Financial Instrument Risk - For
Financial Instrument Risk - Foreign Currency Denominated Financial Assets and Liabilities (Details) - Currency risk - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total | £ 173,805 | £ 160,429 |
Financial liabilities | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 147,252 | 148,153 |
Financial assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 321,057 | 308,582 |
GBP | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total | 152,213 | 145,133 |
GBP | Financial liabilities | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 33,063 | 36,652 |
GBP | Financial assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 185,276 | 181,785 |
EUR | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total | 27,824 | 27,421 |
EUR | Financial liabilities | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 7,552 | 6,202 |
EUR | Financial assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 35,376 | 33,623 |
USD | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total | 41,760 | 46,138 |
USD | Financial liabilities | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 5,613 | 12,408 |
USD | Financial assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 47,373 | 58,546 |
RON | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total | (55,156) | (51,825) |
RON | Financial liabilities | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 58,804 | 56,089 |
RON | Financial assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 3,648 | 4,264 |
Others | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total | 7,164 | (6,438) |
Others | Financial liabilities | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 42,220 | 36,802 |
Others | Financial assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | £ 49,384 | £ 30,364 |
Financial Instrument Risk - F_2
Financial Instrument Risk - Foreign Exchange Rate Sensitivity (Details) - RON - Currency risk - GBP (£) £ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, percent | 4% | 3% |
Reasonably possible decrease in risk variable, percent | (4.00%) | (2.00%) |
Reasonably possible increase in risk variable, impact on profit | £ (1,201) | £ (693) |
Reasonably possible decrease in risk variable, impact on profit | 1,147 | 536 |
Reasonably possible increase in risk variable, impact on equity | (843) | (672) |
Reasonably possible decrease in risk variable, impact on equity | £ 804 | £ 519 |
Financial Instrument Risk - Max
Financial Instrument Risk - Maximum Exposure to Credit Risk (Details) - Credit risk - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Disclosure of credit risk exposure [line items] | ||
Total | £ 321,057 | £ 308,582 |
Trade receivables | ||
Disclosure of credit risk exposure [line items] | ||
Total | 143,336 | 131,650 |
Accrued income | ||
Disclosure of credit risk exposure [line items] | ||
Total | 12,775 | 13,458 |
Other financial assets | ||
Disclosure of credit risk exposure [line items] | ||
Total | 243 | 668 |
Cash and cash equivalents | ||
Disclosure of credit risk exposure [line items] | ||
Total | £ 164,703 | £ 162,806 |
Financial Instrument Risk - Mat
Financial Instrument Risk - Maturities of Non-Derivative Financial Liabilities (Details) - GBP (£) £ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Liquidity cycle | 30 days | |
Not later than 6 months | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | £ 71,974 | £ 88,450 |
Later than six months and not later than one year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 12,191 | 10,311 |
1 to 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 53,671 | 38,626 |
More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 9,416 | 10,766 |
Lease liabilities | Not later than 6 months | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 7,371 | 6,200 |
Lease liabilities | Later than six months and not later than one year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 7,202 | 5,698 |
Lease liabilities | 1 to 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 45,025 | 33,233 |
Lease liabilities | More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 9,416 | 10,766 |
Trade payables | Not later than 6 months | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 5,480 | 8,214 |
Trade payables | Later than six months and not later than one year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 0 | 0 |
Trade payables | 1 to 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 0 | 0 |
Trade payables | More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 0 | 0 |
Accruals | Not later than 6 months | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 55,195 | 63,862 |
Accruals | Later than six months and not later than one year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 0 | 0 |
Accruals | 1 to 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 0 | 0 |
Accruals | More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 0 | 0 |
Deferred consideration | Not later than 6 months | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 1,267 | 7,216 |
Deferred consideration | Later than six months and not later than one year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 0 | 3,388 |
Deferred consideration | 1 to 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 4,837 | 1,062 |
Deferred consideration | More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 0 | 0 |
Contingent consideration | Not later than 6 months | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 2,661 | 2,958 |
Contingent consideration | Later than six months and not later than one year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 4,989 | 1,225 |
Contingent consideration | 1 to 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | 3,809 | 4,331 |
Contingent consideration | More than 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total financial liabilities | £ 0 | £ 0 |
Capital Management Policies a_3
Capital Management Policies and Procedures (Details) - GBP (£) £ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Corporate information and statement of IFRS compliance [abstract] | ||||
Equity | £ 571,308 | £ 432,723 | £ 296,449 | £ 232,098 |
Loans and borrowings | 0 | 0 | ||
Less: Cash and cash equivalents | (164,703) | (162,806) | £ (69,884) | £ (101,327) |
Total Capital | £ 406,605 | £ 269,917 |
Subsequent Events (Details)
Subsequent Events (Details) - Major business combination - TLM £ in Millions | Aug. 03, 2023 GBP (£) |
Disclosure of non-adjusting events after reporting period [line items] | |
Consideration transferred | £ 16.5 |
Initial cash consideration | 3.9 |
Fair value of deferred consideration | £ 0.8 |
Contingent consideration payment period | 24 months |
Fair value of contingent cash and equity consideration | £ 11.8 |
Other contingent consideration recognised as of acquisition date | £ 14.9 |