Company Announcements

Endava Announces Third Quarter Fiscal Year 2022 Results

Q3 FY2022
50.7% Year on Year Revenue Growth to £169.2 million
50.9% Revenue Growth at Constant Currency
IFRS diluted EPS £0.35 compared to £0.23 in the prior year comparative period
Adjusted diluted EPS £0.48 compared to £0.34 in the prior year comparative period

LONDON--(BUSINESS WIRE)--May 12, 2022-- Endava plc(NYSE: DAVA) ("Endava" or the "Company") a global provider of digital transformation, agile development and intelligent automation services, today announced results for the three months ended March 31, 2022, the third quarter of its 2022 fiscal year ("Q3 FY2022").

“Strong revenue growth for Endava this quarter is underpinned by a very favourable business environment, with demand for our digital acceleration services strong across all regions and verticals,” said John Cotterell, Endava CEO. “Endava delivers leading edge innovative projects to drive new growth and customer experiences. Endava’s ability to support clients from ideation to production differentiates us as an attractive strategic partner, leading to a revenue increase of 50.9% in constant currency for Q3FY2022 driven by both the expansion of work with existing clients and the acquisition of new ones this quarter.”

THIRD QUARTER FISCAL YEAR 2022 FINANCIAL HIGHLIGHTS:

  • Revenue for Q3 FY2022 was £169.2 million, an increase of 50.7% compared to £112.3 million in the same period in the prior year.
  • Revenue growth rate at constant currency (a non-IFRS measure) was 50.9% for Q3 FY2022, compared to 23.8% in the same period in the prior year.
  • Profit before tax for Q3 FY2022 was £25.9 million, compared to £16.5 million in the same period in the prior year.
  • Adjusted profit before tax (a non-IFRS measure) for Q3 FY2022 was £34.2 million, compared to £23.9 million in the same period in the prior year, or 20.2% of revenue, compared to 21.3% of revenue in the same period in the prior year.
  • Profit for the period was £20.1 million in Q3 FY2022, resulting in a diluted EPS of £0.35, compared to profit of £13.0 million and diluted EPS of £0.23 in the same period in the prior year.
  • Adjusted profit for the period (a non-IFRS measure) was £27.9 million in Q3 FY2022, resulting in adjusted diluted EPS (a non-IFRS measure) of £0.48, compared to adjusted profit for the period of £19.3 million and adjusted diluted EPS of £0.34 in the same period in the prior year.

CASH FLOW:

  • Net cash from operating activities was £18.7 million in Q3 FY2022, compared to £11.6 million in the same period in the prior year.
  • Adjusted free cash flow (a non-IFRS measure) was £16.1 million in Q3 FY2022, compared to £10.2 million in the same period in the prior year.
  • At March 31, 2022, Endava had cash and cash equivalents of £120.4 million, compared to £69.9 million at June 30, 2021.

OTHER METRICS FOR THE QUARTER ENDED MARCH 31, 2022:

  • Headcount reached 11,001 at March 31, 2022, with 9,851 average operational employees in Q3 FY2022, compared to a headcount of 8,127 at March 31, 2021 and 7,068 average operational employees in the same quarter of the prior year.
  • Number of clients with over £1 million in revenue on a rolling twelve months basis was 118 at March 31, 2022, compared to 81 at March 31, 2021.
  • Top 10 clients accounted for 35% of revenue in Q3 FY2022, compared to 36% in the same period in the prior year.
  • By geographic region, 33% of revenue was generated in North America, 21% was generated in Europe, 43% was generated in the United Kingdom and 3% was generated in the rest of the world in Q3 FY2022. This compares to 29% in North America, 25% in Europe, 43% in the United Kingdom and 3% in the rest of the world in the same period in the prior year.
  • By industry vertical, 51% of revenue was generated from Payments and Financial Services, 25% from TMT and 24% from Other in Q3 FY2022. This compares to 53% from Payments and Financial Services, 27% from TMT and 20% from Other in the same period in the prior year.

UPDATES ON RUSSIA-UKRAINE CRISIS CONSIDERATIONS:

As previously reported, in late February 2022, Russian military forces launched significant military action against Ukraine (the "Russia-Ukraine crisis"). As of the date of this report, the Russia-Ukraine crisis has not had a material impact on Endava's financial results. Endava generates no revenue from Russia, Ukraine and Belarus, and none of its employees are located in these countries. In fact, over 75% of the Group’s European staff is based in countries that are members of the North Atlantic Treaty Organization (NATO). As of March 31, 2022, Endava had approximately 1,200 employees based in Moldova, a neighboring country of Ukraine, and approximately 9% of its revenue is derived from teams located in Moldova. Endava currently believes its business in Moldova has not been impacted by the Russia-Ukraine crisis, and there has been no sign of decline in productivity in that country. If the conflict involving Russia and Ukraine were to spread to Moldova, Endava has contingency plans in place and would assist its employees in relocating to neighboring countries, a process made easier by the fact that management believes a majority of the employees based in Moldova have a passport from a European Union country. As of the date of this report, clients have generally expressed support for Endava’s employees in Moldova, and the Company has not experienced withdrawn or reduced teams as a result of the Russia-Ukraine crisis. In addition, Endava has received queries from prospective clients as they intend to reduce their exposure to delivery teams located in Russia, Ukraine and Belarus, and it is reviewing such business opportunities.

OUTLOOK:

Fourth Quarter Fiscal Year 2022:

Endava expects revenues will be in the range £177.0 million to £179.0 million, representing constant currency revenue growth of between 29.0% and 31.0%. Endava expects adjusted diluted EPS to be in the range of £0.48 to £0.49 per share.

Full Fiscal Year 2022:

Endava expects revenues will be in the range of £652.0 million to £654.0 million, representing constant currency growth of between 46.0% and 46.5%. Endava expects adjusted diluted EPS to be in the range of £1.91 to £1.92 per share.

This above guidance for Q4 Fiscal Year 2022 and the Full Fiscal Year 2022 assumes the exchange rates at the end of April (when the exchange rate was 1 British Pound to 1.26 US Dollar and 1.19 Euro).

Endava is not able, at this time, to provide an outlook for IFRS diluted EPS for Q4 FY2022 or FY2022 because of the unreasonable effort of estimating on a forward-looking basis certain items that are excluded from adjusted diluted EPS, including, for example, share-based compensation expense, amortisation of acquired intangible assets and foreign currency exchange (gains)/losses, the effect of which may be significant. Endava is also not able, at this time, to reconcile to an outlook for revenue growth not at constant currency because of the unreasonable effort of estimating foreign currency exchange (gains)/losses, the effect of which may be significant, on a forward-looking basis.

The guidance provided above is forward-looking in nature. Actual results may differ materially. See the cautionary note regarding “Forward-Looking Statements” below.

CONFERENCE CALL DETAILS:

The Company will host a conference call at 8:00 am EST today, May 12, 2022, to review its Q3 FY2022 results. To participate in Endava’s Q3 FY2022 earnings conference call, please dial in at least five minutes prior to the scheduled start time (888) 330-2391 or (240) 789-2702 for international participants, Conference ID 8763704.

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, May 27, 2022.

ABOUT ENDAVA PLC:

Endava is reimagining the relationship between people and technology. By leveraging next-generation technologies, our agile, multi-disciplinary teams provide a combination of product & technology strategies, intelligent experiences, and world class engineering to help clients become digital, experience-driven businesses by assisting them in their journey from idea generation to development and deployment of products, platforms and solutions. Endava collaborates with its clients, seamlessly integrating with their teams, catalysing ideation and delivering robust solutions.

Endava services clients in Payments and Financial Services, TMT, Consumer Products, Retail, Mobility and Healthcare. As of March 31, 2022, 11,001 Endavans served clients from locations in Australia, North America, Singapore and Western Europe and delivery centres in Bosnia & Herzegovina, Bulgaria, Croatia, Moldova, North Macedonia, Poland, Romania, Serbia, Slovenia, Argentina, Colombia, Mexico, Uruguay and Venezuela.

NON-IFRS FINANCIAL INFORMATION:

To supplement Endava’s Consolidated Statements of Comprehensive Income, Consolidated Balance Sheets and Consolidated Statements of Cash Flow presented in accordance with IFRS, the Company uses non-IFRS measures of certain components of financial performance. These measures include: revenue growth rate at constant currency, revenue growth at constant currency adjusted for the sale of Endava Technology SRL, also referred to as “the Worldpay Captive” to Worldpay on August 31, 2019, adjusted profit before tax, adjusted profit for the period, adjusted diluted EPS and adjusted 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 quarter ended March 31, 2021 were used to convert revenue for the fiscal quarter ended March 31, 2022 and the revenue for the comparable prior period.

Revenue growth at constant currency adjusted for the sale of the Worldpay Captive is revenue growth at constant currency adjusted to exclude the impact of the sale of the Worldpay Captive.

Adjusted profit before tax ("Adjusted PBT") is defined as the Company’s profit before tax adjusted to exclude the impact of share-based compensation expense, amortisation of acquired intangible assets and, realised and unrealised foreign currency exchange (gains)/losses, all of which are non-cash items. Adjusted PBT margin is Adjusted PBT as a percentage of total revenue.

Adjusted profit for the period is defined as Adjusted PBT together with the tax impact of these adjustments.

Adjusted diluted EPS is defined as Adjusted profit for the period, divided by weighted average number of shares outstanding - diluted.

Adjusted free cash flow is the Company’s net cash from operating activities, plus grants received, less net purchases of non-current assets (tangible and intangible).

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. Management also 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. Investors should review the reconciliation of the Company’s non-IFRS financial measures to the comparable IFRS financial measures included below, and not rely on any single financial measure to evaluate the Company’s business.

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of terms and phrases such as “believe,” “expect,” "outlook," “may,” “will”, and other similar terms and phrases. Such forward-looking statements include, but are not limited to, the statements regarding Endava’s projected financial performance for the fourth fiscal quarter of fiscal year 2022 and the full fiscal year 2022. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: Endava’s business, results of operations and financial condition may be negatively impacted by the COVID-19 pandemic and the Russia-Ukraine crisis or if general economic conditions in Europe, the United States or the global economy worsen; Endava’s ability to manage its rapid growth or achieve anticipated growth; Endava’s ability to retain existing clients and attract new clients, including its ability to increase revenue from existing clients and diversify its revenue concentration; Endava’s ability to attract and retain highly-skilled IT professionals at cost-effective rates; Endava's ability to penetrate new industry verticals and geographies and grow its revenue in current industry verticals and geographies; Endava’s ability to maintain favourable pricing and utilisation rates; Endava’s ability to successfully identify acquisition targets, consummate acquisitions and successfully integrate acquired businesses and personnel; the effects of increased competition as well as innovations by new and existing competitors in its market; Endava’s ability to adapt to technological change and innovate solutions for its clients; Endava’s ability to collect on billed and unbilled receivables from clients; Endava’s ability to effectively manage its international operations, including Endava's exposure to foreign currency exchange rate fluctuations; Endava’s ability to remediate the identified material weaknesses and maintain an effective system of disclosure controls and internal control over financial reporting, and Endava’s future financial performance, including trends in revenue, cost of sales, gross profit, selling, general and administrative expenses, finance income and expense and taxes, as well as other risks and uncertainties discussed in the “Risk Factors” section of our Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on September 28, 2021, as updated in Exhibit 99.2 to our Current Report on Form 6-K with the SEC on March 30, 2022. In addition, the forward-looking statements included in this press release represent Endava’s views and expectations as of the date hereof and are based on information currently available to Endava. Endava anticipates that subsequent events and developments may cause its views to change. Endava specifically disclaims any obligation to update the forward-looking statements in this press release except as required by law. These forward-looking statements should not be relied upon as representing Endava’s views as of any date subsequent to the date hereof.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

Nine Months Ended
March 31

Three Months Ended
March 31

 

2022

2021(1)

2022

2021(1)

 

£’000

£’000

£’000

£’000

REVENUE

474,353

 

312,676

 

169,220

 

112,311

 

Cost of sales

 

 

 

 

Direct cost of sales

(297,384

)

(189,655

)

(108,092

)

(69,176

)

Allocated cost of sales

(16,797

)

(14,533

)

(5,707

)

(4,621

)

Total cost of sales

(314,181

)

(204,188

)

(113,799

)

(73,797

)

GROSS PROFIT

160,172

 

108,488

 

55,421

 

38,514

 

Selling, general and administrative expenses

(89,613

)

(63,416

)

(29,989

)

(21,801

)

Net impairment losses on financial assets

(1,826

)

(1,321

)

(14

)

1,325

 

OPERATING PROFIT

68,733

 

43,751

 

25,418

 

18,038

 

Net Finance income / (expense)

1,155

 

(7,921

)

472

 

(1,541

)

PROFIT BEFORE TAX

69,888

 

35,830

 

25,890

 

16,497

 

Tax on profit on ordinary activities

(13,834

)

(8,337

)

(5,787

)

(3,511

)

PROFIT FOR THE PERIOD

56,054

 

27,493

 

20,103

 

12,986

 

OTHER COMPREHENSIVE INCOME

 

 

 

 

Items that may be reclassified subsequently to profit or loss:

 

 

 

 

Exchange differences on translating foreign operations

1,187

 

(9,512

)

2,715

 

(6,021

)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT

57,241

 

17,981

 

22,818

 

6,965

 

 

 

 

 

 

EARNINGS PER SHARE (EPS):

 

 

 

 

Weighted average number of shares outstanding - Basic

56,135,980

 

55,081,386

 

56,585,768

 

55,581,888

 

Weighted average number of shares outstanding - Diluted

57,945,549

 

56,749,298

 

57,999,337

 

57,203,008

 

Basic EPS (£)

1.00

 

0.50

 

0.36

 

0.23

 

Diluted EPS (£)

0.97

 

0.48

 

0.35

 

0.23

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

March 31, 2022

June 30, 2021 (2)

March 31, 2021 (3)

 

£’000

£’000

£’000

ASSETS - NON-CURRENT

 

 

 

Goodwill

141,621

 

126,142

 

119,135

 

Intangible assets

60,879

 

67,882

 

33,298

 

Property, plant and equipment

18,677

 

13,324

 

11,590

 

Lease right-of-use assets

50,780

 

57,193

 

41,927

 

Deferred tax assets

17,936

 

18,674

 

12,970

 

Financial assets

189

 

363

 

529

 

TOTAL

290,082

 

283,578

 

219,449

 

ASSETS - CURRENT

 

 

 

Trade and other receivables

159,197

 

118,303

 

109,104

 

Corporation tax receivable

1,636

 

938

 

1,463

 

Financial assets

318

 

563

 

559

 

Cash and cash equivalents

120,407

 

69,884

 

78,836

 

TOTAL

281,558

 

189,688

 

189,962

 

TOTAL ASSETS

571,640

 

473,266

 

409,411

 

LIABILITIES - CURRENT

 

 

 

Lease liabilities

11,779

 

13,543

 

12,170

 

Trade and other payables

88,868

 

78,528

 

65,273

 

Corporation tax payable

4,333

 

4,294

 

3,524

 

Contingent consideration

4,014

 

5,718

 

1,082

 

Deferred consideration

6,987

 

673

 

2,742

 

TOTAL

115,981

 

102,756

 

84,791

 

LIABILITIES - NON CURRENT

 

 

 

Lease liabilities

44,036

 

50,142

 

34,561

 

Contingent consideration

3,995

 

 

1,794

 

Deferred tax liabilities

8,437

 

10,124

 

5,263

 

Deferred consideration

3,992

 

9,370

 

7,501

 

Other liabilities

191

 

205

 

153

 

TOTAL

60,651

 

69,841

 

49,272

 

EQUITY

 

 

 

Share capital

1,134

 

1,114

 

1,114

 

Share premium

7,605

 

247

 

230

 

Merger relief reserve

30,003

 

30,003

 

30,003

 

Retained earnings

367,328

 

283,059

 

257,485

 

Other reserves

(10,907

)

(13,599

)

(13,329

)

Investment in own shares

(155

)

(155

)

(155

)

TOTAL

395,008

 

300,669

 

275,348

 

TOTAL LIABILITIES AND EQUITY

571,640

 

473,266

 

409,411

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

Nine Months Ended
March 31

Three Months Ended
March 31

 

2022

2021

2022

2021

 

£’000

£’000

£’000

£’000

OPERATING ACTIVITIES

 

 

 

 

Profit for the period

56,054

 

27,493

 

20,103

 

12,986

 

Income tax charge

13,834

 

8,337

 

5,787

 

3,511

 

Non-cash adjustments

46,228

 

39,088

 

13,258

 

11,602

 

Tax paid

(9,187

)

(788

)

(3,486

)

(140

)

UK research and development credit received

 

2,930

 

 

1,619

 

Net changes in working capital

(33,322

)

(23,626

)

(16,926

)

(18,027

)

Net cash from operating activities

73,607

 

53,434

 

18,736

 

11,551

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

Purchase of non-current assets (tangibles and intangibles)

(10,195

)

(3,752

)

(2,797

)

(1,408

)

Proceeds from disposal of non-current assets

241

 

150

 

70

 

42

 

Acquisition of subsidiaries, consideration in cash

(10,711

)

(65,942

)

(10,100

)

(13,810

)

Cash and cash equivalents acquired with subsidiaries

576

 

2,722

 

576

 

1,119

 

Interest received

65

 

76

 

45

 

23

 

Net cash used in investing activities

(20,024

)

(66,746

)

(12,206

)

(14,034

)

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

Proceeds from sublease

418

 

424

 

141

 

135

 

Repayment of lease liabilities

(10,468

)

(8,442

)

(3,345

)

(2,696

)

Interest paid

(695

)

(674

)

(220

)

(230

)

Grant received

90

 

267

 

47

 

47

 

Issue of shares

7,366

 

9

 

3,067

 

 

Net cash from financing activities

(3,289

)

(8,416

)

(310

)

(2,744

)

Net change in cash and cash equivalents

50,294

 

(21,728

)

6,220

 

(5,227

)

 

 

 

 

 

Cash and cash equivalents at the beginning of the period

69,884

 

101,327

 

114,176

 

84,221

 

Exchange differences on cash and cash equivalents

229

 

(763

)

11

 

(158

)

Cash and cash equivalents at the end of the period

120,407

 

78,836

 

120,407

 

78,836

 

RECONCILIATION OF IFRS FINANCIAL MEASURES TO NON-IFRS FINANCIAL MEASURES

RECONCILIATION OF REVENUE GROWTH RATE AS REPORTED UNDER IFRS TO REVENUE GROWTH RATE AT CONSTANT CURRENCY:

 

Nine Months ended
March 31

Three Months ended
March 31

 

2022

2021

2022

2021

REVENUE GROWTH RATE AS REPORTED UNDER IFRS

51.7

%

20.0

%

50.7

%

21.8

%

Foreign exchange rates impact

3.1

%

0.9

%

0.2

%

2.0

%

REVENUE GROWTH RATE AT CONSTANT CURRENCY INCLUDING WORLDPAY CAPTIVE

54.8

%

20.9

%

50.9

%

23.8

%

Impact of Worldpay Captive

 

1.0

%

 

 

PRO-FORMA REVENUE GROWTH RATE AT CONSTANT CURRENCY ADJUSTED FOR THE SALE OF THE WORLDPAY CAPTIVE

54.8

%

21.9

%

50.9

%

23.8

%

RECONCILIATION OF ADJUSTED PROFIT BEFORE TAX AND ADJUSTED PROFIT FOR THE PERIOD:

 

Nine Months Ended
March 31

Three Months Ended
March 31

 

2022

2021

2022

2021

 

£’000

£’000

£’000

£’000

 

 

 

 

 

PROFIT BEFORE TAX

69,888

 

35,830

 

25,890

 

16,497

 

Adjustments:

 

 

 

 

Share-based compensation expense

27,542

 

17,518

 

6,626

 

5,622

 

Amortisation of acquired intangible assets

7,746

 

3,345

 

2,805

 

1,065

 

Foreign currency exchange (gains) / losses, net

(3,159

)

6,031

 

(1,099

)

727

 

Total adjustments

32,129

 

26,894

 

8,332

 

7,414

 

ADJUSTED PROFIT BEFORE TAX

102,017

 

62,724

 

34,222

 

23,911

 

 

 

 

 

 

PROFIT FOR THE PERIOD

56,054

 

27,493

 

20,103

 

12,986

 

Adjustments:

 

 

 

 

Adjustments to profit before tax

32,129

 

26,894

 

8,332

 

7,414

 

Tax impact of adjustments

(5,485

)

(4,083

)

(508

)

(1,117

)

ADJUSTED PROFIT FOR THE PERIOD

82,698

 

50,304

 

27,927

 

19,283

 

 

 

 

 

 

Diluted EPS (£)

0.97

 

0.48

 

0.35

 

0.23

 

Adjusted diluted EPS (£)

1.43

 

0.89

 

0.48

 

0.34

 

RECONCILIATION OF NET CASH FROM OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW

 

Nine Months Ended
March 31

Three Months Ended
March 31

 

2022

2021

2022

2021

 

£’000

£’000

£’000

£’000

 

 

 

 

 

Net cash from operating activities

73,607

 

53,434

 

18,736

 

11,551

 

Adjustments:

 

 

 

 

Grant received

90

 

267

 

47

 

47

 

Purchases of non-current assets (tangibles and intangibles)

(9,954

)

(3,602

)

(2,727

)

(1,366

)

Adjusted Free cash flow

63,743

 

50,099

 

16,056

 

10,232

 

SUPPLEMENTARY INFORMATION

SHARE-BASED COMPENSATION EXPENSE

 

Nine Months Ended
March 31

Three Months Ended
March 31

 

2022

2021

2022

2021

 

£’000

£’000

£’000

£’000

 

 

 

 

 

Direct cost of sales

17,020

 

10,513

 

4,345

 

3,449

 

Selling, general and administrative expenses

10,522

 

7,005

 

2,281

 

2,173

 

Total

27,542

17,518

6,626

5,622

DEPRECIATION AND AMORTISATION

 

Nine Months Ended
March 31

Three Months Ended
March 31

 

2022

2021

2022

2021

 

£’000

£’000

£’000

£’000

 

 

 

 

 

Direct cost of sales

12,171

 

11,341

 

4,147

 

3,478

 

Selling, general and administrative expenses

9,554

 

5,147

 

3,392

 

1,579

 

Total

21,725

16,488

7,539

5,057

EMPLOYEES, TOP 10 CUSTOMERS AND REVENUE SPLIT

 

Nine Months Ended
March 31

Three Months Ended
March 31

 

2022

2021

2022

2021

 

 

 

 

 

Closing number of total employees (including directors)

11,001

 

8,127

 

11,001

 

8,127

 

Average operational employees

9,167

 

6,634

 

9,851

 

7,068

 

 

 

 

 

 

Top 10 customers %

35

%

37

%

35

%

36

%

Number of clients with > £1m of revenue

(rolling 12 months)

118

 

81

 

118

 

81

 

 

 

 

 

 

Geographic split of revenue %

 

 

 

 

North America

35

%

29

%

33

%

29

%

Europe

21

%

26

%

21

%

25

%

UK

41

%

42

%

43

%

43

%

Rest of World (RoW)

3

%

3

%

3

%

3

%

Industry vertical split of revenue %

 

 

 

 

Payments and Financial Services

51

%

50

%

51

%

53

%

TMT

25

%

28

%

25

%

27

%

Other

24

%

22

%

24

%

20

%

FOOTNOTES

(1) The presentation of the income statement has been changed to separately disclose the net impairment losses on financial assets on the face of the Consolidated Statement of Comprehensive Income (refer to Note 3C of our Annual Report on Form 20-F for the fiscal year ended June 30, 2021 for details).

(2) The Condensed Consolidated Balance Sheet as of 30 June 2021 has been revised to include the impact to the provisional amounts recognised related to the acquisition of Five and Levvel, as the acquisition accounting was finalised during the measurement period.

(3) The Condensed Consolidated Balance Sheet as of 31 March 2021 has been revised to include the impact to the provisional amounts recognised related to the acquisition of Five, as the acquisition accounting was finalised during the measurement period.

INVESTOR CONTACT:
Endava Plc
Laurence Madsen, Investor Relations Manager
Investors@endava.com

Source: Endava plc