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Endava Announces Second Quarter Fiscal Year 2020 Results

February 13, 2020

Q2 FY2020

19.6% Year on Year Revenue Growth to £85.9 million

20.5% Revenue Growth at Constant Currency

IFRS diluted EPS £(0.25) compared to £0.14 in the prior year comparative period

Adjusted diluted EPS £0.30 compared to £0.20 in the prior year comparative period

LONDON--(BUSINESS WIRE)-- 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 December 31, 2019, the second quarter of its 2020 fiscal year ("Q2 FY2020").

"Endava delivered another strong quarter with revenue for Q2 FY2020 of £85.9 million, an increase of 19.6% Year on Year on a reported basis or 20.5% on a constant currency basis from £71.8 million in the same period in the prior year. Our proforma constant currency growth rate reflecting the sale of the Worldpay Captive was 24.5% Year on Year. In addition to strong continued organic growth, our recent acquisitions of Intuitus and Exozet should further our expansion efforts," said John Cotterell, Endava’s CEO.

SECOND QUARTER FISCAL YEAR 2020 FINANCIAL HIGHLIGHTS:

  • Revenue for Q2 FY2020 was £85.9 million, an increase of 19.6% compared to £71.8 million in the same period in the prior year.
  • Revenue growth rate at constant currency(a non-IFRS measure) was 20.5% for Q2 FY2020 compared to 42.4% in the same period in the prior year.
  • Loss before tax for Q2 FY2020 was £(17.3) million compared to profit before tax of £9.4 million in the same period in the prior year. The loss during the quarter is the result of the declaration of a non-recurring, discretionary employee bonus of £27.7 million in December 2019. The Endava Limited Guernsey Employee Benefit Trust ("EBT") funded the first tranche of the bonus through sales of Endava's Class A ordinary shares in November 2019. The funding of the second tranche by the EBT is expected to occur during the second half of FY2020. As previously disclosed, the EBT, whose beneficiaries are our employees, was holding certain Class A ordinary shares for sale in the event it decided to fund a discretionary cash bonus to our employees.
  • Adjusted profit before tax (a non-IFRS measure) for Q2 FY2020 was £20.5 million compared to £13.6 million in the same period in the prior year, or 23.8% of revenue compared to 18.9% in the same period in the prior year.
  • Loss for the period was £(13.8) million in Q2 FY2020, resulting in a diluted EPS of £(0.25), compared to profit for the period of £7.4 million and diluted EPS of £0.14 in the same period in the prior year.
  • Adjusted profit for the period (a non-IFRS measure) was £16.8 million in Q2 FY2020, resulting in adjusted diluted EPS (a non-IFRS measure) of £0.30 compared to adjusted profit for the period of £10.9 million and adjusted diluted EPS of £0.20 in the same period in the prior year.

CASH FLOW:

  • Net cash from operating activities was £11.1 million in Q2 FY2020 compared to £9.6 million in the same period in the prior year.
  • Adjusted free cash flow (a non-IFRS measure) was £8.0 million in Q2 FY2020 compared to £9.2 million in the same period in the prior year.
  • At December 31, 2019, Endava had cash and cash equivalents of £79.0 million, compared to £70.2 million at June 30, 2019.

OTHER METRICS FOR THE QUARTER ENDED DECEMBER 31, 2019

  • Headcount reached 6,267 at December 31, 2019, with 5,472 average operational employees in Q2 FY2020, compared to a headcount of 5,389 at December 31, 2018 and 4,845 average operational employees in the same quarter of the prior year.
  • Number of clients with over £1 million in revenue was 65 on a rolling twelve months basis at December 31, 2019 compared to 60 at December 31, 2018.
  • Top 10 clients accounted for 37% of revenue in Q2 FY2020, compared to 38% in the same period in the prior year.
  • By geographic region, 29% of revenue was generated in North America, 23% was generated in Europe, 45% was generated in the United Kingdom and 3% was generated in the Rest of the World in Q2 FY2020. This compares to 27% in North America, 28% in Europe and 45% in the United Kingdom in the same period in the prior year.
  • By industry vertical, 53% of revenue was generated from Payments and Financial Services, 24% from TMT and 23% from Other. This compares to 53% Payments and Financial Services, 27% TMT and 20% Other in the same period in the prior year.

BUSINESS HIGHLIGHTS:

On December 17, 2019 Endava announced the purchase of Exozet GmbH (“Exozet”), headquartered in Berlin, Germany. Exozet is a leading German digital agency delivering digital transformation from ideation to production using Agile development.

On November 4, 2019, Endava announced the purchase of Intuitus Limited ("Intuitus"), headquartered in Edinburgh, Scotland. Intuitus is a leading independent provider of information technology due diligence and other technology advisory services to Private Equity clients.

OUTLOOK:

Third Quarter Fiscal Year 2020:

We expect revenues will be in the range £87.5m to £88.0m, representing constant currency growth of between 26% and 27%. We expect adjusted diluted EPS to be in the range of £0.21 to £0.22 per share.

Full Fiscal Year 2020:

We expect revenues will be in the range £349m to £353m, representing constant currency growth of between 25% and 26%. We expect adjusted diluted EPS to be in the range of £0.95 to £0.99 per share.

Our guidance regarding constant currency growth is pro-forma for the sale of Endava Technology SRL, also referred to as “the Worldpay Captive,” to Worldpay. The transaction closed on August 31, 2019.

This quarter, we are providing guidance for Q3 FY2020 and for the Full Fiscal Year 2020 using the exchange rates at the end of January, when the exchange rate was 1 GBP to 1.31 USD and 1.19 Euro.

Endava is not able, at this time, to provide an outlook for IFRS diluted EPS for Q3 FY2020 or FY2020 because of the unreasonable effort of estimating 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.

CONFERENCE CALL DETAILS:

The Company will host a conference call at 8:00 am EST today, February 13, 2020, to review its Q2 FY2020 results. To participate in Endava’s Q2 FY2020 earnings conference call, please dial in at least five minutes prior to the scheduled start time (877) 683-6368 or (647) 689-5450 for international participants, Conference ID 7564228.

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, February 28, 2020.

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 and Financial Services, TMT, Consumer Products, Retail, Logistics and Healthcare. Endava had 6,267 employees as of December 31, 2019 located in offices in North America and Western Europe and delivery centres in Romania, Moldova, Bulgaria, Serbia, North Macedonia, Argentina, Uruguay, Venezuela, and Colombia.

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 the Worldpay Captive, 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 December 31, 2018 were used to convert revenue for the fiscal quarter ended December 31, 2019 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, discretionary EBT bonus expense, amortisation of acquired intangible assets, realised and unrealised foreign currency exchange gains and losses, initial public offering expenses incurred, Sarbanes-Oxley compliance readiness expenses incurred, fair value movement of contingent consideration and gain on disposal of subsidiary (all of which are non-cash other than discretionary EBT bonus expense, realised foreign currency exchange gains and losses, initial public offering expenses, Sarbanes-Oxley compliance readiness expenses incurred and gain on disposal of subsidiary). 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).

In order for Endava’s investors to be better able to compare its current period 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. 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.

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," and other similar terms and phrases. Such forward-looking statements include, but are not limited to, the statements regarding our projected financial performance for our third fiscal quarter and fiscal year 2020, the anticipated receipt from the EBT of the second tranche of funding for the discretionary employee bonuses and statements regarding the anticipated impact on our business of our acquisition of Intuitus and Exozet. 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: our ability to sustain our revenue growth rate in the future; our ability to retain existing clients and attract new clients, including our ability to increase revenue from existing clients and diversify our revenue concentration; our ability to attract and retain highly- skilled IT professionals at cost-effective rates; our ability to penetrate new industry verticals and geographies and grow our revenue in current industry verticals and geographies; our ability to maintain favourable pricing and utilisation rates; our 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 our market; the size of our addressable market and market trends; our ability to adapt to technological change and innovate solutions for our clients; our plans for growth and future operations, including our ability to manage our growth; our expectations of future operating results or financial performance; our ability to effectively manage our international operations, including our exposure to foreign currency exchange rate fluctuations; and our 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 on September 25, 2019. In addition, the forward-looking statements included in this press release represent our views and expectations as of the date hereof and are based on information currently available to us. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

 

Six Months Ended
December 31

Three Months Ended
December 31

 

2019

2018

2019

2018

 

£’000

£’000

£’000

£’000

REVENUE

168,252

138,248

85,900

71,834

Cost of sales

 

 

 

 

Direct cost of sales

(122,592

)

(83,026

)

(73,828

)

(42,668

)

Allocated cost of sales

(8,311

)

(7,305

)

(4,391

)

(3,737

)

Total cost of sales

(130,903

)

(90,331

)

(78,219

)

(46,405

)

GROSS PROFIT

37,349

 

47,917

 

7,681

 

25,429

 

Selling, general and administrative expenses

(36,480

)

(31,008

)

(19,139

)

(16,345

)

OPERATING PROFIT/ (LOSS)

869

 

16,909

 

(11,458

)

9,084

 

Net finance (expense) / income

(2,871

)

(4,860

)

(5,799

)

331

 

Gain on sale of subsidiary

2,215

 

 

 

 

PROFIT/(LOSS) BEFORE TAX

213

 

12,049

 

(17,257

)

9,415

Tax on profit/(loss) on ordinary activities

483

(2,584

)

3,441

(1,998

)

PROFIT/ (LOSS) FOR THE PERIOD

696

 

9,465

 

(13,816

)

7,417

 

OTHER COMPREHENSIVE INCOME

 

 

 

 

Items that may be reclassified subsequently to profit or loss:

 

 

 

 

Exchange differences on translating foreign operations

(4,385

)

662

(2,460

)

930

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

(3,689

)

10,127

 

(16,276

)

8,347

 

 

 

 

 

 

EARNINGS PER SHARE (EPS):

 

 

 

 

Weighted average number of shares outstanding - Basic

52,848,507

 

48,859,382

 

53,140,682

 

49,454,195

 

Weighted average number of shares outstanding - Diluted

55,663,120

 

54,454,333

 

55,957,472

 

54,892,513

 

Basic EPS (£)

0.01

0.19

(0.26

)

0.15

Diluted EPS (£)

0.01

 

0.17

 

(0.25

)

0.14

 

 

CONDENSED BALANCE SHEETS

 

December 31, 2019

June 30, 2019

December 31, 2018

 

£’000

£’000

£’000

ASSETS - NON-CURRENT

 

 

 

Goodwill

59,467

 

36,760

 

42,447

 

Intangible assets

31,478

 

28,910

 

30,303

 

Property, plant and equipment

11,776

 

10,579

 

9,989

 

Lease right-of-use assets

49,109

 

 

 

Financial assets

881

 

 

 

Deferred tax assets

11,447

 

9,550

 

2,519

 

TOTAL

164,158

 

85,799

 

85,258

 

ASSETS - CURRENT

 

 

 

Trade and other receivables

74,251

 

65,917

 

63,766

 

Corporation tax receivable

4,171

 

790

 

546

 

Financial assets

592

 

 

 

Cash and cash equivalents

78,975

 

70,172

 

51,044

 

TOTAL

157,989

 

136,879

 

115,356

 

TOTAL ASSETS

322,147

 

222,678

 

200,614

 

LIABILITIES - CURRENT

 

 

 

Borrowings

954

 

21

 

39

 

Lease liabilities

10,489

 

 

 

Trade and other payables

72,511

 

48,502

 

41,892

 

Corporation tax payable

983

 

2,920

 

1,270

 

Contingent consideration

1,131

 

1,244

 

1,244

 

Deferred consideration

1,707

 

1,516

 

4,691

 

TOTAL

87,775

 

54,203

 

49,136

 

LIABILITIES - NON CURRENT

 

 

 

Lease liabilities

39,545

 

 

 

Borrowings

 

 

3

 

Deferred consideration

1,901

 

 

 

Deferred tax liabilities

2,837

 

2,033

 

2,601

 

Other liabilities

108

 

113

 

284

 

TOTAL

44,391

 

2,146

 

2,888

 

EQUITY

 

 

 

Share capital

1,095

 

1,089

 

1,061

 

Share premium

20,278

 

17,271

 

48,614

 

Merger relief reserve

4,430

 

4,430

 

4,430

 

Retained earnings

156,313

 

146,963

 

73,956

 

Other reserves

9,548

 

(1,577

)

22,804

 

Investment in own shares

(1,683

)

(1,847

)

(2,275

)

TOTAL

189,981

 

166,329

 

148,590

 

TOTAL LIABILITIES AND EQUITY

322,147

 

222,678

 

200,614

 

 

CONDENSED STATEMENTS OF CASH FLOWS

 

Six Months Ended
December 31

Three Months Ended
December 31

 

2019

2018

2019

2018

 

£’000

£’000

£’000

£’000

OPERATING ACTIVITIES

 

 

 

 

Profit/ (Loss) for the period

696

 

9,465

 

(13,816

)

7,417

 

Income tax charge/(credit)

(483

)

2,584

 

(3,441

)

1,998

 

Non-cash adjustments

15,886

 

13,305

 

13,930

 

4,808

 

Tax paid

(3,535

)

(2,911

)

(2,703

)

(1,419

)

Net changes in working capital

13,936

 

(10,778

)

17,121

 

(3,190

)

Net cash from operating activities

26,500

 

11,665

 

11,091

 

9,614

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

Purchase of non-current assets (tangible and intangible)

(5,830

)

(3,964

)

(3,324

)

(2,070

)

Proceeds from disposal of non-current assets

120

 

25

 

107

 

25

 

Acquisition of business / subsidiaries (net of cash acquired)

(27,061

)

 

(25,538

)

 

Proceeds from sale of subsidiary net of cash disposed of

2,744

 

 

166

 

 

Cash and cash equivalents acquired with subsidiaries

3,289

 

 

3,289

 

 

Interest received

353

 

126

 

154

 

52

 

Net cash used in investing activities

(26,385

)

(3,813

)

(25,146

)

(1,993

)

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

Proceeds from sublease

302

 

3,500

 

148

 

3,500

 

Repayment of borrowings

(9

)

(23,526

)

 

(3,511

)

Repayment of lease liabilities

(4,569

)

 

(2,413

)

 

Interest paid

(375

)

(222

)

(209

)

(74

)

Grant received

661

 

1,784

 

97

 

1,679

 

Net proceeds from initial public offering

 

44,828

 

 

 

Proceeds from sale of EBT shares

14,797

 

 

14,797

 

 

Issue of shares

9

 

 

 

 

Net cash from financing activities

10,816

 

26,364

 

12,420

 

1,594

 

Net change in cash and cash equivalents

10,931

 

34,216

 

(1,635

)

9,215

 

 

 

 

 

 

Cash and cash equivalents at the beginning of the period

70,172

 

15,048

 

83,628

 

41,765

 

Exchange differences on cash and cash equivalents

(2,128

)

1,780

 

(3,018

)

64

 

Cash and cash equivalents at the end of the period

78,975

 

51,044

 

78,975

 

51,044

 

 

RECONCILIATION OF IFRS FINANCIAL MEASURES TO ADJUSTED FINANCIAL MEASURES

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

 

Six Months ended
December 31

Three Months ended
December 31

 

2019

2018

2019

2018

REVENUE GROWTH RATE AS REPORTED UNDER IFRS

21.7

%

41.7

%

19.6

%

43.6

%

Foreign exchange rates impact

(0.7

%)

(0.6

%)

0.9

%

(1.2

%)

REVENUE GROWTH RATE AT CONSTANT CURRENCY INCLUDING WORLDPAY CAPTIVE

21.0

%

41.1

%

20.5

%

42.4

%

Impact of Worldpay Captive

2.3

%

 

4.0

%

 

PROFORMA REVENUE GROWTH RATE AT CONSTANT CURRENCY EXCLUDING WORLDPAY CAPTIVE

23.3

%

41.1

%

24.5

%

42.4

%

 

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

 

Six Months Ended
December 31

Three Months Ended
December 31

 

2019

2018

2019

2018

 

£’000

£’000

£’000

£’000

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX

213

 

12,049

 

(17,257

)

9,415

 

Adjustments:

 

 

 

 

Share-based compensation expense

6,996

 

5,010

 

3,673

 

3,125

 

Discretionary EBT bonus expense

27,657

 

 

27,657

 

 

Amortisation of acquired intangible assets

1,809

 

1,752

 

913

 

873

 

Foreign currency exchange (gains)/losses, net

2,913

 

(1,141

)

5,466

 

(436

)

Initial public offering expenses incurred

 

1,055

 

 

79

 

Sarbanes-Oxley compliance readiness expenses incurred

 

698

 

 

504

 

Net gain on disposal of subsidiary

(2,215

)

 

 

 

Fair value movement of contingent consideration

 

5,805

 

 

 

Total adjustments

37,160

 

13,179

 

37,709

 

4,145

 

ADJUSTED PROFIT BEFORE TAX

37,373

 

25,228

 

20,452

 

13,560

 

 

 

 

 

 

PROFIT/ (LOSS) FOR THE PERIOD

696

 

9,465

 

(13,816

)

7,417

 

Adjustments:

 

 

 

 

Adjustments to profit before tax

37,160

 

13,179

 

37,709

 

4,145

 

Tax impact of adjustments

(7,508

)

(2,349

)

(7,115

)

(666

)

ADJUSTED PROFIT FOR THE PERIOD

30,348

 

20,295

 

16,778

 

10,896

 

 

 

 

 

 

Diluted EPS (£)

0.01

0.17

(0.25

)

0.14

Adjusted diluted EPS (£)

0.55

0.37

0.30

0.20

 

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

 

Six Months Ended
December 31

Three Months Ended
December 31

 

2019

2018

2019

2018

 

£’000

£’000

£’000

£’000

 

 

 

 

 

Net cash from operating activities

26,500

 

11,665

 

11,091

 

9,614

 

Adjustments:

 

 

 

 

Grant received

661

 

1,784

 

97

 

1,679

 

Net purchases of non-current assets (tangible and intangible)

(5,710

)

(3,939

)

(3,217

)

(2,045

)

Adjusted Free cash flow

21,451

 

9,510

 

7,971

 

9,248

 

 

SUPPLEMENTARY INFORMATION

SHARE-BASED COMPENSATION EXPENSE

 

Six Months Ended
December 31

Three Months Ended
December 31

 

2019

2018

2019

2018

 

£’000

£’000

£’000

£’000

 

 

 

 

 

Direct cost of sales

3,830

 

1,939

 

2,133

 

1,191

 

Selling, general and administrative expenses

3,166

 

3,071

 

1,540

 

1,934

 

Total

6,996

 

5,010

 

3,673

 

3,125

 

DEPRECIATION AND AMORTIZATION

 

Six Months Ended
December 31

Three Months Ended
December 31

 

2019

2018

2019

2018

 

£’000

£’000

£’000

£’000

 

 

 

 

 

Direct cost of sales

5,910

 

1,859

 

3,159

 

959

 

Selling, general and administrative expenses

2,833

 

2,058

 

1,457

 

1,029

 

Total

8,743

 

3,917

 

4,616

 

1,988

 

EMPLOYEE BENEFIT TRUST DISCRETIONARY BONUS

 

Six Months Ended
December 31

Three Months Ended
December 31

 

2019

2018

2019

2018

 

£’000

£’000

£’000

£’000

 

 

 

 

 

Direct cost of sales

25,182

 

-  

25,182

 

-  

Selling, general and administrative expenses

2,475

 

-  

2,475

 

-  

Total

27,657

 

27,657

 

-  

EMPLOYEES, TOP 10 CUSTOMERS and REVENUE SPLIT

Six Months Ended December 31

Six Months Ended
December 31

Three Months Ended
December 31

 

2019

2018

2019

2018

 

 

 

 

 

Closing number of total employees

6,267

5,389

6,267

5,389

Average operational employees

5,405

4,726

5,472

4,845

 

Top 10 customers %

39

%

38

%

37

%

38

%

Number of clients with > £1m of revenue
(rolling 12 months)

65

60

65

60

 

 

 

 

 

Geographic split of revenue %

 

 

 

 

North America

28

%

27

%

29

%

27

%

Europe

24

%

28

%

23

%

28

%

UK

46

%

45

%

45

%

45

%

Rest of World (RoW)

2

%

-  

3

%

-  

Industry vertical split of revenue %

 

 

 

 

Payments and Financial Services

53

%

53

%

53

%

53

%

TMT

25

%

27

%

24

%

27

%

Other

22

%

20

%

23

%

20

%

 

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

Source: Endava plc

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