[October 11, 2018] |
|
Endava Announces Fourth Quarter FY18 and Full Year FY18 Financial Results
Endava (NYSE:DAVA), a global provider of digital transformation,
agile development and intelligent automation services, today announced
results for its fourth quarter ended June 30, 2018 and for its fiscal
year 2018.
"We are pleased with our fourth quarter results which reflected
strength with existing customers as well as new. The integration of
Velocity Partners in North America is proceeding smoothly," said John
Cotterell, Endava's CEO.
"Our strong client relationships contributed significantly to our
constant currency revenue growth of 44.2% for the quarter and give us
good visibility into the next quarter. We delivered that growth
profitably, with PBT at £6.7m or 10.9% PBT margin and Adjusted PBT3
at £9.7m, or 15.7% Adjusted PBT margin," said Mark Thurston Endava's CFO.
1 Revenue growth rate at constant currency is calculated
by translating revenue from entities reporting in foreign currencies
into British Pounds using the comparable foreign currency exchange rates
from the prior period. 2 Adjusted diluted EPS is
our profit after taxes adjusted to exclude the impact of share-based
compensation expense, amortization of acquired intangible assets,
realized and unrealized foreign currency exchange gains and losses and
initial public offering expenses incurred (all of which are non-cash
other than realized foreign currency exchange gains and losses and
initial public offering expenses) and the tax impact of these
adjustments, divided by weighted average number of shares outstanding -
diluted. 3 Adjusted PBT, is defined as our profit
before taxes adjusted to exclude the impact of share-based compensation
expense, amortization of acquired intangible assets, realized and
unrealized foreign currency exchange gains and losses and initial public
offering expenses incurred (all of which are non-cash other than
realized foreign currency exchange gains and losses and initial public
offering expenses).
FOURTH QUARTER OF FISCAL 2018 FINANCIAL HIGHLIGHTS:
-
Revenue for the fourth quarter ended June 30, 2018 was £61.5 million,
an increase of 42.8% compared to £43.0 million in the same period in
the prior year.
-
Revenue growth rate at constant currency was 44.2%.
-
Profit before tax in the fourth quarter was £6.7 million compared to
£5.5 million in the same period in the prior year or 10.9% of revenue
compared to 12.8% in the same period in the prior year.
-
Adjusted Profit before tax in the fourth quarter was £9.7 million
compared to £6.9 million in the same period in the prior year or 15.7%
of revenue compared to 16.1% in the same period in the prior year.
-
IFRS Profit attributable to shareholders was £4.9 million, resulting
in a Diluted EPS of £0.10.
-
Adjusted Profit attributable to shareholders was £7.6 million,
resulting in an Adjusted Diluted EPS of £0.15.
FISCAL YEAR 2018 FINANCIAL HIGHLIGHTS:
-
Revenue for the fiscal year ended June 30, 2018 was £217.6 million, an
increase of 36.5% compared to £159.4 million in the prior fiscal year.
-
Revenue in constant currency grew 37.2%.
-
Profit before tax for the fiscal year ended June 30, 2018 was £24.7
million compared to £21.7 million in the same period in the prior
fiscal year or 11.3% of revenue compared to 13.6% in the prior fiscal
year.
-
Adjusted Profit before tax was £33.5 million compared to £25.2 million
in the prior fiscal year or 15.4% of revenue compared to 15.8% in the
prior fiscal year.
-
IFRS Profit attributable to shareholders was £18.9 million, resulting
in a Diluted EPS of £0.38.
-
Adjusted Profit attributable to shareholders was £26.8 million,
resulting in an Adjusted Diluted EPS of £0.53.
CASH FLOW:
-
Cash flow from operations was £13.6 million for the three months ended
June 30, 2018 up from £11.0 million in the three months ended June 30,
2017.
-
Free Cash Flow4 (a non-IFRS measure) was £11.9 million for
the three months ended June 30, 2018 compared to free cash flow of
£10.8 million for the three months ended June 30, 2017.
-
Cash flow from operations was £34 million for the fiscal year ended
June 30, 2018 compared to £14.7 million in the fiscal year ended June
30, 2017.
-
Free Cash Flow (a non-IFRS measure) was £28.7 million for the fiscal
year ended June 30, 2018 compared to free cash flow of £11.2 million
for the fiscal year ended June 30, 2017.
As of June 30, 2018, Endava had cash and cash equivalents of £15.0
million, compared to £23.6 million at the end of June 30, 2017. Net
borrowings at June 30, 2018 were £4.7 million compared to £5.8 million
at June 30, 2017. On completion of the IPO Endava received £40.2m net
proceeds which has been partially used to repay all amounts outstanding
on our bank facility.
OTHER METRICS FOR THE QUARTER ENDED JUNE 30, 2018:
-
Headcount reached 4,819 with 4,340 average operational employees as of
the quarter ended June 30, 2018.
-
Number of clients with over £1 million in spend grew to 46 on a
rolling twelve months basis compared to 34 at June 30, 2017.
-
Top 10 clients accounted for 39% of revenue down from 47% as of the
quarter ended June 30, 2017.
-
By geographic region, 26% of revenue was generated in North America,
31% was generated in Europe and 43% was generated in the United
Kingdom as of the quarter ended June 30, 2018. This compares to 15% in
North America, 34% in Europe and 51% in the United Kingdom as of the
quarter ended June 30, 2017.
-
Revenue by sector was as follows for the three months ended June 30,
2018 on a rolling 12 Months basis, Payments and Financial Services
53%, TMT 28% and Other 19%. This compares to Payments and Financial
Services 60%, TMT 28% and Other 12% for the three months ended June
30, 2017.
4 Free cash flow is the Company's net cash from (used in)
operating activities, plus grants received, less purchases and
non-current tangible and intangible assets.
OTHER METRICS FOR THE FISCAL YEAR ENDED JUNE 30, 2018:
-
Headcount reached 4,819 with 3,957 average operational employees for
the fiscal year ended June 30, 2018.
-
Top 10 clients accounted for 42% of total revenue down from 49% for
the fiscal year ended June 30, 2017.
-
By geographic region, 21% of revenue was generated in North America,
34% was generated in Europe and 45% was generated in the United
Kingdom as of the fiscal year ended June 30, 2018. This compares to
16% in North America, 34% in Europe and 50% in the United Kingdom as
of fiscal year ended June 30, 2017.
-
Revenue by sector was as follows for the fiscal year ended June 30,
2018, Payments and Financial Services 57%, TMT 28% and Other 15%. This
compares to Payments and Financial Services 57%, TMT 31% and Other 12%
for the fiscal year ended June 30, 2017.
FOURTH QUARTER 2018 BUSINESS HIGHLIGHTS:
Endava opened a new Delivery Unit in Timisoara, Romania in May of this
year. Timisoara is one of the four major university towns in Romania and
the only one where Endava did not yet have a presence.
OUTLOOK:
Given the timing of the reporting for the quarter, the company is unable
to provide outlook guidance for the first quarter of fiscal 2019 and for
the fiscal year ended June 30, 2019. However, the company plans to
provide guidance for both the second quarter of fiscal 2019 and for the
fiscal year ended June 30, 2019 when it reports its first quarter of
fiscal 2019 results.
CONFERENCE CALL DETAILS:
The company will host a conference call at 8:00 am EST today to review
the fourth quarter and the fiscal year 2018 results. To participate in
Endava's fourth quarter and fiscal year 2018 earnings conference call,
please dial in at least five minutes prior to the scheduled start time
(866) 393-4306 or (734) 385-2616 for international participants,
Conference ID 8178518.
Investors may listen to the call on Endava's Investor Relations website
at http://investors.Endava.com.
The webcast will be recorded and available for replay until Friday
October 26, 2018.
ABOUT ENDAVA PLC:
Endava is a leading next-generation technology services provider and
helps accelerate disruption by delivering rapid evolution to
enterprises. Using Distributed Enterprise Agile at scale, Endava
collaborates with its clients, seamlessly integrating with their teams,
catalysing ideation and delivering robust solutions. Endava helps its
clients become digital experience-driven businesses by assisting them in
their journey from idea generation to development and deployment of
products, platforms and solutions. It services clients in the following
industries: Payments, Financial Services, TMT, Consumer Products,
Logistics and Healthcare. Endava had 4,819 employees as of June 30, 2018
located in offices in North America and Western Europe and delivery
centres in Romania, Moldova, Bulgaria, Serbia, Macedonia, Argentina,
Uruguay, Venezuela, and Colombia.
NON-IFRS FINANCIAL INFORMATION:
To supplement Endava's Group Statement of Comprehensive Income and Group
Balance Sheet presented in accordance with IFRS, the company uses
non-IFRS measures of certain components of financial performance. These
measures include: revenue in constant currency, adjusted profit before
tax, adjusted profit attributable to shareholders and free cash flow,
Revenue growth rate at constant currency is calculated by translating
revenue from entities reporting in foreign currencies into British
Pounds using the comparable foreign currency exchange rates from the
prior period. For example, the average rates in effect for the fiscal
year ended June 30, 2017 were used to convert revenue for the fiscal
year ended June 30, 2018 and the revenue for the comparable prior period.
Free cash flow is the Company's net cash from (used in) operating
activities, plus grants received, less purchases of non-current tangible
and intangible assets and plus initial public offering expenses paid.
Adjusted profit before tax is the company's profit before taxes adjusted
to exclude the impact of share-based compensation expense, amortization
of acquired intangible assets, realized and unrealized foreign currency
exchange gains and losses and initial public offering expenses incurred
In order for Endava's investors to be better able to compare its current
results with those of previous periods, the company has shown a
reconciliation of IFRS to non-IFRS financial measures. Management
believes these measures help illustrate underlying trends in the
company's business and uses the measures to establish budgets and
operational goals, communicated internally and externally, for managing
the company's business and evaluating its performance. Endava believes
the presentation of its non-IFRS financial measures enhances an
investor's overall understanding of the company's historical financial
performance. The presentation of the company's non-IFRS financial
measures is not meant to be considered in isolation or as a substitute
for the company's financial results prepared in accordance with IFRS,
and its non-IFRS measures may be different from non-IFRS measures used
by other companies.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
TWELVE MONTHS ENDED JUNE 30
|
|
|
|
THREE MONTHS ENDED JUNE 30
|
|
|
|
|
2018
£'000
|
|
|
|
2017
£'000
|
|
|
|
2018
£'000
|
|
|
2017
£'000
|
REVENUE
|
|
|
|
217,613
|
|
|
|
159,368
|
|
|
|
61,473
|
|
|
43,046
|
Cost of sales
|
|
|
|
(145,443)
|
|
|
|
(108,760)
|
|
|
|
(40,058)
|
|
|
(29,125)
|
Direct cost of sales
|
|
|
|
(132,775)
|
|
|
|
(98,853)
|
|
|
|
(36,671)
|
|
|
(26,161)
|
Allocated cost of sales
|
|
|
|
(12,668)
|
|
|
|
(9,907)
|
|
|
|
(3,387)
|
|
|
(2,964)
|
GROSS PROFIT
|
|
|
|
72,170
|
|
|
|
50,608
|
|
|
|
21,415
|
|
|
13,921
|
Selling, general and administrative expenses
|
|
|
|
(46,737)
|
|
|
|
(27,551)
|
|
|
|
(14,982)
|
|
|
(7,558)
|
OPERATING PROFIT
|
|
|
|
25,433
|
|
|
|
23,057
|
|
|
|
6,433
|
|
|
6,363
|
Net Finance (expense) / income
|
|
|
|
(783)
|
|
|
|
(1,357)
|
|
|
|
247
|
|
|
(842)
|
PROFIT BEFORE TAX
|
|
|
|
24,650
|
|
|
|
21,700
|
|
|
|
6,680
|
|
|
5,521
|
Tax on profit on ordinary activities
|
|
|
|
(5,675)
|
|
|
|
(4,868)
|
|
|
|
(1,782)
|
|
|
(1,239)
|
PROFIT FOR THE PERIOD AND PROFIT ATTRIBUTABLE TO OWNERS OF THE
PARENT
|
|
|
|
18,975
|
|
|
|
16,832
|
|
|
|
4,898
|
|
|
4,282
|
EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
|
|
|
|
45,100,165
|
|
|
|
45,258,750
|
|
|
|
45,100,165
|
|
|
45,133,500
|
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - DILUTED
|
|
|
|
50,426,216
|
|
|
|
49,292,520
|
|
|
|
51,266,396
|
|
|
49,175,768
|
BASIC EPS
|
|
|
|
0.42
|
|
|
|
0.37
|
|
|
|
0.11
|
|
|
0.09
|
DILUTED EPS
|
|
|
|
0.38
|
|
|
|
0.34
|
|
|
|
0.10
|
|
|
0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET
|
|
|
|
|
|
|
|
|
|
|
|
|
JUNE 30, 2018
£'000
|
|
|
|
JUNE 30, 2017
£'000
|
ASSETS - NON CURRENT
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
41,062
|
|
|
|
16,198
|
Intangible assets
|
|
|
|
30,787
|
|
|
|
16,029
|
Property, plant and equipment
|
|
|
|
8,584
|
|
|
|
7,486
|
Deferred tax asset
|
|
|
|
2,488
|
|
|
|
867
|
Other assets -Non-current financial assets
|
|
|
|
-
|
|
|
|
14
|
TOTAL
|
|
|
|
82,921
|
|
|
|
40,594
|
ASSETS - CURRENT
|
|
|
|
|
|
|
|
|
Inventories
|
|
|
|
16
|
|
|
|
62
|
Trade and other receivables
|
|
|
|
52,352
|
|
|
|
41,494
|
Corporation tax receivable
|
|
|
|
677
|
|
|
|
661
|
Cash and cash equivalents
|
|
|
|
15,048
|
|
|
|
23,571
|
TOTAL
|
|
|
|
68,093
|
|
|
|
65,788
|
TOTAL ASSETS
|
|
|
|
151,014
|
|
|
|
106,382
|
LIABILITIES - CURRENT
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
|
19,744
|
|
|
|
29,402
|
Trade and other payables
|
|
|
|
40,243
|
|
|
|
24,358
|
Corporation tax payable
|
|
|
|
1,488
|
|
|
|
1,000
|
Contingent consideration
|
|
|
|
5,259
|
|
|
|
-
|
Deferred consideration
|
|
|
|
4,401
|
|
|
|
-
|
TOTAL
|
|
|
|
71,135
|
|
|
|
54,760
|
LIABILITIES - NON-CURRENT
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
|
20
|
|
|
|
63
|
Contingent consideration
|
|
|
|
7,251
|
|
|
|
-
|
Deferred tax liability
|
|
|
|
2,832
|
|
|
|
2,586
|
Other liabilities
|
|
|
|
277
|
|
|
|
253
|
TOTAL
|
|
|
|
10,380
|
|
|
|
2,902
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET (CONTINUED)
|
|
|
|
|
|
|
|
|
|
|
|
|
JUNE 30, 2018
£'000
|
|
|
|
JUNE 30, 2017
£'000
|
EQUITY
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
|
996
|
|
|
|
996
|
Share premium
|
|
|
|
2,678
|
|
|
|
2,678
|
Merger relief reserve
|
|
|
|
4,430
|
|
|
|
4,430
|
Retained earnings
|
|
|
|
59,260
|
|
|
|
38,072
|
Other reserves
|
|
|
|
4,410
|
|
|
|
4,819
|
Investment in own shares
|
|
|
|
(2,275)
|
|
|
|
(2,275)
|
TOTAL
|
|
|
|
69,499
|
|
|
|
48,720
|
TOTAL LIABILITIES AND EQUITY
|
|
|
|
151,014
|
|
|
|
106,382
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED CASH FLOW STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended June 30
|
|
|
|
Three Months Ended June 30
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
£'000
|
|
|
|
£'000
|
|
|
|
£'000
|
|
|
|
£'000
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year
|
|
|
|
18,975
|
|
|
|
16,832
|
|
|
|
4,898
|
|
|
|
4,282
|
Income tax charge
|
|
|
|
5,675
|
|
|
|
4,868
|
|
|
|
1,782
|
|
|
|
1,239
|
Adjustments
|
|
|
|
6,249
|
|
|
|
3,519
|
|
|
|
1,796
|
|
|
|
1,171
|
Tax paid
|
|
|
|
(5,608)
|
|
|
|
(5,471)
|
|
|
|
(1,920)
|
|
|
|
(1,650)
|
UK research & development credit received
|
|
|
|
1,854
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
Net changes in working capital
|
|
|
|
6,839
|
|
|
|
(5,008)
|
|
|
|
7,054
|
|
|
|
5,910
|
Net cash from operating activities
|
|
|
|
33,984
|
|
|
|
14,740
|
|
|
|
13,610
|
|
|
|
10,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of non-current assets (tangibles and intangibles)
|
|
|
|
(5,483)
|
|
|
|
(6,372)
|
|
|
|
(1,803)
|
|
|
|
(2,954)
|
Proceeds / (Loss) from disposal of non-current assets
|
|
|
|
79
|
|
|
|
(106)
|
|
|
|
77
|
|
|
|
(106)
|
Acquisition of business / subsidiaries, consideration in cash
|
|
|
|
(28,765)
|
|
|
|
(13,807)
|
|
|
|
(1,089)
|
|
|
|
(810)
|
Cash and cash equivalents acquired with subsidiaries
|
|
|
|
2,342
|
|
|
|
768
|
|
|
|
89
|
|
|
|
-
|
Interest received
|
|
|
|
35
|
|
|
|
18
|
|
|
|
5
|
|
|
|
4
|
Net cash used in investing activities
|
|
|
|
(31,792)
|
|
|
|
(19,499)
|
|
|
|
(2,721)
|
|
|
|
(3,866)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from borrowings
|
|
|
|
26,462
|
|
|
|
17,007
|
|
|
|
3,483
|
|
|
|
10
|
Repayment of borrowings
|
|
|
|
(36,768)
|
|
|
|
(3,462)
|
|
|
|
(8,674)
|
|
|
|
(104)
|
Grant received
|
|
|
|
147
|
|
|
|
2,924
|
|
|
|
-
|
|
|
|
2,924
|
Interest paid
|
|
|
|
(573)
|
|
|
|
(391)
|
|
|
|
(160)
|
|
|
|
(93)
|
Dividends paid
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
Purchase of own shares
|
|
|
|
-
|
|
|
|
(1,240)
|
|
|
|
-
|
|
|
|
(176)
|
Net cash from/(used in)
financing activities
|
|
|
|
(10,732)
|
|
|
|
14,838
|
|
|
|
(5,351)
|
|
|
|
2,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
(8,540)
|
|
|
|
10,079
|
|
|
|
5,538
|
|
|
|
9,647
|
Cash and cash equivalents at the beginning of the year
|
|
|
|
23,571
|
|
|
|
12,947
|
|
|
|
9,462
|
|
|
|
14,023
|
Exchange differences on cash and cash equivalents
|
|
|
|
17
|
|
|
|
545
|
|
|
|
48
|
|
|
|
(99)
|
Cash and cash equivalents at the end of the year
|
|
|
|
15,048
|
|
|
|
23,571
|
|
|
|
15,048
|
|
|
|
23,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENDAVA PLC RECONCILIATION OF ADJUSTED FINANCIAL MEASURES TO
COMPARABLE IFRS FINANCIAL MEASURES (GBP IN THOUSANDS, EXCEPT
SHARE AND PER SHARE DATA)
RECONCILIATION OF REVENUE GROWTH AT CONSTANT CURRENCY TO REVENUE
GROWTH AS REPORTED UNDER IFRS:
|
|
|
|
TWELVE MONTHS ENDED JUNE 30
|
|
|
|
THREE MONTHS ENDED JUNE 30
|
|
|
|
|
2018
|
2017
|
|
|
|
2018
|
2017
|
|
|
|
|
£'000
|
£'000
|
|
|
|
£'000
|
£'000
|
REVENUE GROWTH AS REPORTED
|
|
|
|
36.5%
|
38.1%
|
|
|
|
42.8%
|
34.5%
|
Foreign exchange rates impact
|
|
|
|
0.7%
|
(9.6%)
|
|
|
|
1.4%
|
(6.6%)
|
REVENUE GROWTH AT CONSTANT CURRENCY 1
|
|
|
|
37.2%
|
28.5%
|
|
|
|
44.2%
|
27.9%
|
|
|
|
|
|
|
|
|
|
|
|
1 Revenue growth rate at constant currency is
calculated by translating revenue from entities reporting in foreign
currencies into British Pounds using the comparable foreign currency
exchange rates from the prior period.
RECONCILIATION OF ADJUSTED FINANCIAL MEASURES TO COMPARABLE IFRS
FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED PROFIT AFTER TAX
|
|
|
|
|
|
|
|
|
|
|
|
|
TWELVE MONTHS ENDED JUNE 30
|
|
|
|
THREE MONTHS ENDED JUNE 30
|
|
|
|
|
2018
|
2017
|
|
|
|
2018
|
2017
|
|
|
|
|
£'000
|
£'000
|
|
|
|
£'000
|
£'000
|
PROFIT BEFORE TAX
|
|
|
|
24,650
|
21,700
|
|
|
|
6,680
|
5,521
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense
|
|
|
|
1,505
|
854
|
|
|
|
479
|
178
|
Amortisation of acquired intangible assets
|
|
|
|
2,653
|
1,715
|
|
|
|
849
|
459
|
Foreign currency exchange (gains) losses, net
|
|
|
|
17
|
967
|
|
|
|
(528)
|
755
|
Initial public offering expenses incurred
|
|
|
|
4,643
|
-
|
|
|
|
2,171
|
-
|
Total adjustments
|
|
|
|
8,818
|
3,537
|
|
|
|
2,971
|
1,392
|
ADJUSTED PROFIT BEFORE TAX
|
|
|
|
33,468
|
25,236
|
|
|
|
9,651
|
6,913
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
|
18,975
|
16,832
|
|
|
|
4,898
|
4,282
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Adjustments to PBT
|
|
|
|
8,818
|
3,537
|
|
|
|
2,971
|
1,392
|
Tax impact of adjustments
|
|
|
|
(976)
|
(586)
|
|
|
|
(231)
|
(221)
|
ADJUSTED PROFIT AFTER TAX 2
|
|
|
|
26,817
|
19,783
|
|
|
|
7,638
|
5,453
|
DILUTED EPS (£)
|
|
|
|
0.38
|
0.34
|
|
|
|
0.10
|
0.09
|
ADJUSTED DILUTED EPS (£)
|
|
|
|
0.53
|
0.40
|
|
|
|
0.15
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
2 Adjusted PAT is our profit after taxes adjusted to
exclude the impact of share-based compensation expense, amortization of
acquired intangible assets, realized and unrealized foreign currency
exchange gains and losses and initial public offering expenses incurred
(all of which are non-cash other than realized foreign currency exchange
gains and losses and initial public offering expenses) and the tax
impact of these adjustments.
SHARE BASED COMPENSATION EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
TWELVE MONTHS ENDED JUNE 30
|
|
|
|
THREE MONTHS ENDED JUNE 30
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
£'000
|
|
|
|
£'000
|
|
|
|
£'000
|
|
|
|
£'000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct cost of sales
|
|
|
|
1,006
|
|
|
|
560
|
|
|
|
320
|
|
|
|
112
|
Selling, general and administrative expenses
|
|
|
|
499
|
|
|
|
294
|
|
|
|
159
|
|
|
|
66
|
Total
|
|
|
|
1,505
|
|
|
|
854
|
|
|
|
479
|
|
|
|
178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF ADJUSTED FINANCIAL MEASURES TO COMPARABLE IFRS
FINANCIAL MEASURES
RECONCILIATION OF NET CASH FROM OPERATING ACTIVITIES TO FREE CASH FLOW
|
|
|
|
|
|
|
|
|
|
|
|
|
TWELVE MONTHS ENDED JUNE 30
|
|
|
|
THREE MONTHS ENDED JUNE 30
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
£'000
|
|
|
|
£'000
|
|
|
|
£'000
|
|
|
|
£'000
|
NET CASH PROVIDED FROM OPERATING ACTIVITIES
|
|
|
|
33,984
|
|
|
|
14,740
|
|
|
|
13,610
|
|
|
|
10,952
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grant received
|
|
|
|
147
|
|
|
|
2,924
|
|
|
|
-
|
|
|
|
2,924
|
Purchases of non-current assets (tangible and intangible)
|
|
|
|
(5,404)
|
|
|
|
(6,478)
|
|
|
|
(1,726)
|
|
|
|
(3,060)
|
FREE CASH FLOW
|
|
|
|
28,727
|
|
|
|
11,186
|
|
|
|
11,884
|
|
|
|
10,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENDAVA PLC SUPPLEMENTARY INFORMATION (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
TWELVE MONTHS ENDED JUNE 30
|
|
|
|
THREE MONTHS ENDED JUNE 30
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2017
|
TOTAL CLOSING NUMBER OF EMPLOYEES
|
|
|
|
4,819
|
|
|
|
3,744
|
|
|
|
4,819
|
|
|
|
3,744
|
AVERAGE OPERATIONAL EMPLOYEES
|
|
|
|
3,957
|
|
|
|
3,181
|
|
|
|
4,340
|
|
|
|
3,380
|
TOP 10 CUSTOMERS %
|
|
|
|
42%
|
|
|
|
49%
|
|
|
|
39%
|
|
|
|
47%
|
NUMBER OF CLIENTS WITH > £1M OF REVENUE
(ROLLING 12 MONTHS)
|
|
|
|
46
|
|
|
|
34
|
|
|
|
46
|
|
|
|
34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GEOGRAPHIC SPLIT OF REVENUE %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
21%
|
|
|
|
16%
|
|
|
|
26%
|
|
|
|
15%
|
Europe
|
|
|
|
34%
|
|
|
|
34%
|
|
|
|
31%
|
|
|
|
34%
|
UK
|
|
|
|
45%
|
|
|
|
50%
|
|
|
|
43%
|
|
|
|
51%
|
|
|
|
|
100%
|
|
|
|
100%
|
|
|
|
100%
|
|
|
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRY VERTICAL SPLIT OF REVENUE %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments and Financial Services
|
|
|
|
57%
|
|
|
|
57%
|
|
|
|
53%
|
|
|
|
60%
|
TMT
|
|
|
|
28%
|
|
|
|
31%
|
|
|
|
28%
|
|
|
|
28%
|
Other
|
|
|
|
15%
|
|
|
|
12%
|
|
|
|
19%
|
|
|
|
12%
|
|
|
|
|
100%
|
|
|
|
100%
|
|
|
|
100%
|
|
|
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - TRANSLATED INTO $
|
|
|
|
TWELVE MONTHS ENDED JUNE 30
|
|
|
|
THREE MONTHS ENDED JUNE 30
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
$'0003
|
|
|
|
$'0004
|
|
|
|
$'0005
|
|
|
|
$'0006
|
REVENUE
|
|
|
|
293,255
|
|
|
|
202,158
|
|
|
|
83,708
|
|
|
|
55,021
|
Cost of sales
|
|
|
|
(195,999)
|
|
|
|
(137,962)
|
|
|
|
(54,547)
|
|
|
|
(37,228)
|
Direct cost of sales
|
|
|
|
(178,928)
|
|
|
|
(125,395)
|
|
|
|
(49,935)
|
|
|
|
(33,439)
|
Allocated cost of sales
|
|
|
|
(17,071)
|
|
|
|
(12,567)
|
|
|
|
(4,612)
|
|
|
|
(3,789)
|
GROSS PROFIT
|
|
|
|
97,256
|
|
|
|
64,196
|
|
|
|
29,161
|
|
|
|
17,794
|
Selling, general and administrative expenses
|
|
|
|
(62,983)
|
|
|
|
(34,948)
|
|
|
|
(20,401)
|
|
|
|
(9,661)
|
OPERATING PROFIT
|
|
|
|
34,274
|
|
|
|
29,248
|
|
|
|
8,760
|
|
|
|
8,133
|
Net Finance (expense) / income
|
|
|
|
(1,055)
|
|
|
|
(1,721)
|
|
|
|
336
|
|
|
|
(1,076)
|
PROFIT BEFORE TAX
|
|
|
|
33,218
|
|
|
|
27,526
|
|
|
|
9,096
|
|
|
|
7,057
|
Tax on profit on ordinary activities
|
|
|
|
(7,648)
|
|
|
|
(6,175)
|
|
|
|
(2,427)
|
|
|
|
(1,584)
|
PROFIT FOR THE PERIOD AND PROFIT ATTRIBUTABLE TO OWNERS OF THE
PARENT
|
|
|
|
25,571
|
|
|
|
21,351
|
|
|
|
6,670
|
|
|
|
5,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
|
|
|
|
45,100,165
|
|
|
|
45,258,750
|
|
|
|
45,100,165
|
|
|
|
45,133,500
|
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - DILUTED
|
|
|
|
50,426,216
|
|
|
|
49,292,520
|
|
|
|
51,266,396
|
|
|
|
49,175,768
|
BASIC EPS
|
|
|
|
0.57
|
|
|
|
0.47
|
|
|
|
0.15
|
|
|
|
0.12
|
DILUTED EPS
|
|
|
|
0.51
|
|
|
|
0.43
|
|
|
|
0.14
|
|
|
|
0.12
|
3 Translated solely for convenience into dollars at the rate
of £1.00=$1.3476 4 Translated solely for convenience
into dollars at the rate of £1.00=$1.2685. 5 Translated
solely for convenience into dollars at the rate of £1.00=$1.3617. 6
Translated solely for convenience into dollars at the rate of
£1.00=$1.2782.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181011005365/en/
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