![]() | Q4 FY2019 & FY2019 |
• | Revenue for Q4 FY2019 was £76.6 million, an increase of 24.6% compared to £61.5 million in the same period in the prior year. |
• | Revenue growth rate at constant currency (a non-IFRS measure) was 22.7% for Q4 FY2019 compared to 44.2% in the same period in the prior year. |
• | Profit before tax for Q4 FY2019 was £10.4 million compared to £6.7 million in the same period in the prior year, or 13.6% of revenue compared to 10.9% in the same period in the prior year. |
![]() | Q4 FY2019 & FY2019 |
• | Adjusted profit before tax (a non-IFRS measure) for Q4 FY2019 was £13.5 million compared to £9.7 million in the same period in the prior year, or 17.6% of revenue compared to 15.7% in the same period in the prior year. |
• | Profit for the period was £8.2 million in Q4 FY2019, resulting in a diluted EPS of £0.15, compared to profit for the period of £4.9 million and diluted EPS of £0.10 in the same period in the prior year. |
• | Adjusted profit for the period (a non-IFRS measure) was £11.0 million in Q4 FY2019, resulting in adjusted diluted EPS (a non-IFRS measure) of £0.20 compared to adjusted profit for the period of £7.6 million and adjusted diluted EPS of £0.15 in the same period in the prior year. |
• | Revenue for FY2019 was £287.9 million, an increase of 32.3% compared to £217.6 million in the prior year. |
• | Revenue growth rate at constant currency (a non-IFRS measure) was 31.1% for FY2019 compared to 37.2% in the prior year. |
• | Profit before tax for FY2019 was £30.1 million compared to £24.7 million in the prior year, or 10.5% of revenue compared to 11.3% in the prior year. |
• | Adjusted profit before tax (a non-IFRS measure) for FY2019 was £52.0 million compared to £33.5 million in the prior year, or 18.0% of revenue compared to 15.4% in the prior year. |
• | Profit for the year was £24.0 million in FY2019, resulting in a diluted EPS of £0.44, compared to profit for the year of £19.0 million and diluted EPS of £0.38 in the prior year. |
• | Adjusted profit for the year (a non-IFRS measure) was £41.9 million in FY2019, resulting in adjusted diluted EPS (a non-IFRS measure) of £0.76 compared to adjusted profit for the year of £26.8 million and adjusted diluted EPS of £0.53 in the prior year. |
• | Net cash from operating activities was £11.1 million in Q4 FY2019 compared to £13.6 million in the same period in the prior year. |
• | Net cash from operating activities was £35.3 million in FY2019 compared to £34.0 million in the prior year. |
![]() | Q4 FY2019 & FY2019 |
• | Adjusted free cash flow (a non-IFRS measure) was £8.9 million in Q4 FY2019 compared to £11.9 million in the same period in the prior year. |
• | Adjusted free cash flow (a non-IFRS measure) was £29.8 million in FY2019 compared to £28.7 million in the prior year. |
• | At June 30, 2019, Endava had cash and cash equivalents of £70.2 million compared to £15.0 million at June 30, 2018. Net cash at June 30, 2019 was £70.2 million compared to net borrowing of £4.7 million at June 30, 2018. |
• | Headcount reached 5,754 at June 30, 2019, with 5,143 average operational employees in Q4 FY2019, compared to a headcount of 4,819 at June 30, 2018 and 4,340 average operational employees in the same period in the prior year. |
• | Number of clients with over £1 million in spend grew to 63 on a rolling twelve months basis at June 30, 2019 compared to 46 at June 30, 2018. |
• | Top 10 clients accounted for 40% of revenue in Q4 FY2019, compared to 39% in the same period in the prior year. |
• | By geographic region, 28% of revenue was generated in North America, 27% was generated in Europe and 45% was generated in the United Kingdom in Q4 FY2019. This compares to 26% in North America, 31% in Europe and 43% in the United Kingdom in the same period in the prior year. |
• | By industry vertical, 52% of revenue was generated from Payments and Financial Services, 28% from TMT and 20% from Other. This compares to 53% Payments and Financial Services, 28% TMT and 19% Other in the same period in the prior year. |
• | Headcount reached 5,754 at June 30, 2019, with 4,902 average operational employees in FY2019, compared to a headcount of 4,819 at June 30, 2018 and 3,957 average operational employees in the prior year. |
• | Number of clients with over £1 million in spend grew to 63 at June 30, 2019 compared to 46 at June 30, 2018. |
• | Top 10 clients accounted for 38% of revenue in FY2019, compared to 42% in the prior year. |
![]() | Q4 FY2019 & FY2019 |
• | By geographic region, 27% of revenue was generated in North America, 28% was generated in Europe and 45% was generated in the United Kingdom in FY2019. This compares to 21% in North America, 34% in Europe and 45% in the United Kingdom in the prior year. |
• | By industry vertical, 53% of revenue was generated from Payments and Financial Services,27% from TMT and 20% from Other. This compares to 57% Payments and Financial Services, 28% TMT and 15% from Other in the prior year. |
![]() | Q4 FY2019 & FY2019 |
![]() | Q4 FY2019 & FY2019 |
![]() | Q4 FY2019 & FY2019 |
![]() | Q4 FY2019 & FY2019 |
![]() | Q4 FY2019 & FY2019 |
Twelve Months Ended June 30 | Three Months Ended June 30 | |||||||
2019 | 2018 | 2019 | 2018 | |||||
£’000 | £’000 | £’000 | £’000 | |||||
REVENUE | 287,930 | 217,613 | 76,618 | 61,473 | ||||
Cost of sales | ||||||||
Direct cost of sales | (174,152) | (132,775) | (46,796) | (36,671) | ||||
Allocated cost of sales | (14,951 | ) | (12,668 | ) | (3,901 | ) | (3,387 | ) |
Total cost of sales | (189,103 | ) | (145,443 | ) | (50,697 | ) | (40,058 | ) |
GROSS PROFIT | 98,827 | 72,170 | 25,921 | 21,415 | ||||
Selling, general and administrative expenses | (65,857 | ) | (46,737 | ) | (17,248 | ) | (14,982 | ) |
OPERATING PROFIT | 32,970 | 25,433 | 8,673 | 6,433 | ||||
Net finance (expense) / income | (2,870 | ) | (783 | ) | 1,774 | 247 | ||
PROFIT BEFORE TAX | 30,100 | 24,650 | 10,447 | 6,680 | ||||
Tax on profit on ordinary activities | (6,093) | (5,675) | (2,219) | (1,782) | ||||
PROFIT FOR THE PERIOD AND PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT | 24,007 | 18,975 | 8,228 | 4,898 | ||||
Other comprehensive income | ||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||
Exchange differences on translating foreign operations | (5,987) | (409) | (3,622) | 699 | ||||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT | 18,020 | 18,566 | 4,606 | 5,597 | ||||
EARNINGS PER SHARE: | ||||||||
Weighted average number of shares outstanding - Basic | 50,116,979 | 45,100,165 | 52,370,444 | 45,100,165 | ||||
Weighted average number of shares outstanding - Diluted | 55,026,223 | 50,426,216 | 55,195,272 | 51,266,396 | ||||
Basic EPS (£) | 0.48 | 0.42 | 0.16 | 0.11 | ||||
Diluted EPS (£) | 0.44 | 0.38 | 0.15 | 0.10 |
![]() | Q4 FY2019 & FY2019 |
June 30, 2019 | June 30, 2018 | |||
£’000 | £’000 | |||
ASSETS - NON-CURRENT | ||||
Goodwill | 36,760 | 41,062 | ||
Intangible assets | 28,910 | 30,787 | ||
Property, plant and equipment | 10,579 | 8,584 | ||
Deferred tax assets | 9,550 | 2,488 | ||
TOTAL | 85,799 | 82,921 | ||
ASSETS - CURRENT | ||||
Inventories | — | 16 | ||
Trade and other receivables | 65,917 | 52,352 | ||
Corporation tax receivable | 790 | 677 | ||
Cash and cash equivalents | 70,172 | 15,048 | ||
TOTAL | 136,879 | 68,093 | ||
TOTAL ASSETS | 222,678 | 151,014 | ||
LIABILITIES - CURRENT | ||||
Borrowings | 21 | 19,744 | ||
Trade and other payables | 48,502 | 40,243 | ||
Corporation tax payable | 2,920 | 1,488 | ||
Contingent consideration | 1,244 | 5,259 | ||
Deferred consideration | 1,516 | 4,401 | ||
TOTAL | 54,203 | 71,135 | ||
LIABILITIES - NON CURRENT | ||||
Borrowings | — | 20 | ||
Contingent consideration | — | 7,251 | ||
Deferred tax liabilities | 2,033 | 2,832 | ||
Other liabilities | 113 | 277 | ||
TOTAL | 2,146 | 10,380 | ||
EQUITY | ||||
Share capital | 1,089 | 996 | ||
Share premium | 17,271 | 2,678 | ||
Merger relief reserve | 4,430 | 4,430 | ||
Retained earnings | 146,963 | 59,260 | ||
Other reserves | (1,577 | ) | 4,410 | |
Investment in own shares | (1,847 | ) | (2,275 | ) |
TOTAL | 166,329 | 69,499 | ||
TOTAL LIABILITIES AND EQUITY | 222,678 | 151,014 |
![]() | Q4 FY2019 & FY2019 |
Twelve Months Ended June 30 | Three Months Ended June 30 | |||||||
2019 | 2018 | 2019 | 2018 | |||||
£’000 | £’000 | £’000 | £’000 | |||||
OPERATING ACTIVITIES | ||||||||
Profit for the period | 24,007 | 18,975 | 8,228 | 4,898 | ||||
Income tax charge | 6,093 | 5,675 | 2,219 | 1,782 | ||||
Non-cash adjustments | 21,390 | 6,249 | 3,120 | 1,796 | ||||
Tax paid | (5,904 | ) | (5,608 | ) | (2,263 | ) | (1,920 | ) |
UK research and development credit received | 1,278 | 1,854 | — | — | ||||
Net changes in working capital | (11,516 | ) | 6,839 | (245 | ) | 7,054 | ||
Net cash from operating activities | 35,348 | 33,984 | 11,059 | 13,610 | ||||
INVESTING ACTIVITIES | ||||||||
Purchase of non-current assets (tangibles and intangibles) | (7,383 | ) | (5,483 | ) | (2,230 | ) | (1,803 | ) |
Proceeds from disposal of non-current assets | 57 | 79 | 24 | 77 | ||||
Acquisition of business / subsidiaries (net of cash acquired) | (3,201 | ) | (28,765 | ) | (59 | ) | (1,089 | ) |
Cash and cash equivalents acquired with subsidiaries | — | 2,342 | — | 89 | ||||
Interest received | 476 | 35 | 190 | 5 | ||||
Net cash used in investing activities | (10,051 | ) | (31,792 | ) | (2,075 | ) | (2,721 | ) |
FINANCING ACTIVITIES | ||||||||
Proceeds from borrowings | 3,500 | 26,462 | — | 3,483 | ||||
Repayment of borrowings | (23,547 | ) | (36,768 | ) | (9 | ) | (8,674 | ) |
Interest paid | (343 | ) | (573 | ) | (63 | ) | (160 | ) |
Grant received | 1,784 | 147 | — | — | ||||
Net proceeds from initial public offering | 44,828 | — | — | — | ||||
Issue of shares | 133 | — | 48 | — | ||||
Net cash from financing activities | 26,355 | (10,732 | ) | (24 | ) | (5,351 | ) | |
Net change in cash and cash equivalents | 51,652 | (8,540 | ) | 8,960 | 5,538 | |||
Cash and cash equivalents at the beginning of the period | 15,048 | 23,571 | 59,339 | 9,462 | ||||
Exchange differences on cash and cash equivalents | 3,472 | 17 | 1,873 | 48 | ||||
Cash and cash equivalents at the end of the period | 70,172 | 15,048 | 70,172 | 15,048 |
![]() | Q4 FY2019 & FY2019 |
Twelve Months ended June 30 | Three Months ended June 30 | |||||||
2019 | 2018 | 2019 | 2018 | |||||
REVENUE GROWTH RATE AT CONSTANT CURRENCY | 31.1 | % | 37.2 | % | 22.7 | % | 44.2 | % |
Foreign exchange rates impact | 1.2 | % | (0.7 | %) | 1.9 | % | (1.4 | %) |
REVENUE GROWTH RATE AS REPORTED UNDER IFRS | 32.3 | % | 36.5 | % | 24.6 | % | 42.8 | % |
Twelve Months Ended June 30 | Three Months Ended June 30 | |||||||
2019 | 2018 | 2019 | 2018 | |||||
£’000 | £’000 | £’000 | £’000 | |||||
PROFIT BEFORE TAX | 30,100 | 24,650 | 10,447 | 6,680 | ||||
Adjustments: | ||||||||
Share-based compensation expense | 12,022 | 1,505 | 3,332 | 479 | ||||
Amortisation of acquired intangible assets | 3,472 | 2,653 | 863 | 849 | ||||
Foreign currency exchange (gains) losses, net | (2,945 | ) | 17 | (1,683 | ) | (528 | ) | |
Initial public offering expenses incurred | 1,055 | 4,537 | — | 2,065 | ||||
Sarbanes-Oxley compliance readiness expenses incurred | 1,440 | 106 | 213 | 106 | ||||
Fair value movement of contingent consideration | 5,805 | — | — | — | ||||
Secondary offering expenses incurred | 1,009 | — | 703 | — | ||||
Stamp duty on transfer of shares | 10 | — | (375 | ) | — | |||
Total adjustments | 21,868 | 8,818 | 3,053 | 2,971 | ||||
ADJUSTED PROFIT BEFORE TAX | 51,968 | 33,468 | 13,500 | 9,651 | ||||
PROFIT FOR THE PERIOD | 24,007 | 18,975 | 8,228 | 4,898 | ||||
Adjustments: | ||||||||
Adjustments to profit before tax | 21,868 | 8,818 | 3,053 | 2,971 | ||||
Tax impact of adjustments | (3,969 | ) | (976 | ) | (308 | ) | (231 | ) |
ADJUSTED PROFIT FOR THE PERIOD | 41,906 | 26,817 | 10,973 | 7,638 | ||||
Diluted EPS (£) | 0.44 | 0.38 | 0.15 | 0.10 | ||||
Adjusted diluted EPS (£) | 0.76 | 0.53 | 0.20 | 0.15 |
![]() | Q4 FY2019 & FY2019 |
Twelve Months Ended June 30 | Three Months Ended June 30 | |||||||
2019 | 2018 | 2019 | 2018 | |||||
£’000 | £’000 | £’000 | £’000 | |||||
Net cash from operating activities | 35,348 | 33,984 | 11,059 | 13,610 | ||||
Adjustments: | ||||||||
Grant received | 1,784 | 147 | — | — | ||||
Net purchases of non-current assets (tangible and intangible) | (7,326 | ) | (5,404 | ) | (2,206 | ) | (1,726 | ) |
Adjusted free cash flow | 29,806 | 28,727 | 8,853 | 11,884 |
![]() | Q4 FY2019 & FY2019 |
Twelve Months Ended June 30 | Three Months Ended June 30 | |||||||
2019 | 2018 | 2019 | 2018 | |||||
£’000 | £’000 | £’000 | £’000 | |||||
Direct cost of sales | 5,724 | 1,006 | 2,137 | 320 | ||||
Selling, general and administrative expenses | 6,298 | 499 | 1,195 | 159 | ||||
Total | 12,022 | 1,505 | 3,332 | 479 |
Twelve Months Ended June 30 | Three Months Ended June 30 | |||||||
2019 | 2018 | 2019 | 2018 | |||||
£’000 | £’000 | £’000 | £’000 | |||||
Direct cost of sales | 3,841 | 3,226 | 971 | 855 | ||||
Selling, general and administrative expenses | 4,059 | 3,043 | 1,028 | 962 | ||||
Total | 7,900 | 6,269 | 1,999 | 1,817 |
Six Months Ended December 31 | Twelve Months Ended June 30 | Three Months Ended June 30 | ||||||
2019 | 2018 | 2019 | 2018 | |||||
Closing number of total employees | 5,754 | 4,819 | 5,754 | 4,819 | ||||
Average operational employees | 4,902 | 3,957 | 5,143 | 4,340 | ||||
Top 10 customers % | 38 | % | 42 | % | 40 | % | 39 | % |
Number of clients with > £1m of revenue (rolling 12 months) | 63 | 46 | 63 | 46 | ||||
Geographic split of revenue % | ||||||||
North America | 27 | % | 21 | % | 28 | % | 26 | % |
Europe | 28 | % | 34 | % | 27 | % | 31 | % |
UK | 45 | % | 45 | % | 45 | % | 43 | % |
Industry vertical split of revenue % | ||||||||
Payments and Financial Services | 53 | % | 57 | % | 52 | % | 53 | % |
TMT | 27 | % | 28 | % | 28 | % | 28 | % |
Other | 20 | % | 15 | % | 20 | % | 19 | % |