Endava Announces Third Quarter Fiscal Year 2020 Results

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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, 2020, the third quarter of its 2020 fiscal year (“Q3 FY2020”).

“Endava delivered another strong quarter with revenue for Q3 FY2020 of £92.2 million, an increase of 26.2% Year on Year on a reported basis or 25.7% on a constant currency basis from £73.1 million in the same period in the prior year. Our proforma constant currency growth rate reflecting the sale of the Worldpay Captive was 30.0% Year on Year. While the current crisis has somewhat impacted our very near term outlook, as the world attempts to emerge from the impacts of the first few months of the pandemic, we believe digital transformation should accelerate and we anticipate benefiting from the predicted recovery,” said John Cotterell, Endava’s CEO.

THIRD QUARTER FISCAL YEAR 2020 FINANCIAL HIGHLIGHTS:

  • Revenue for Q3 FY2020 was £92.2 million, an increase of 26.2% compared to £73.1 million in the same period in the prior year.
  • Revenue growth rate at constant currency(a non-IFRS measure) was 25.7% for Q3 FY2020 compared to 23.2% in the same period in the prior year.
  • Profit before tax for Q3 FY2020 was £18.3 million compared to profit before tax of £7.6 million in the same period in the prior year.
  • The Endava Limited Guernsey Benefit Trust (“EBT”), the beneficiaries of which are Endava’s employees, funded the second and final tranche of a previously announced non-recurring discretionary employee bonus on May 5, 2020. The Q3 FY2020 results include a credit of £2.9m arising from adjustment to the previously recognised bonus liability, to reflect the prevailing share price and exchange rate at March 31, 2020. Endava expects a true-up charge in Q4 FY2020 of approximately £3m relating to the funding of the second and final tranche, subject to exchange rate volatility upon payment.
  • Adjusted profit before tax (a non-IFRS measure) for Q3 FY2020 was £16.0 million, compared to £13.2 million in the same period in the prior year, or 17.4% of revenue, compared to 18.1% of revenue in the same period in the prior year.
  • Profit for the period was £14.6 million in Q3 FY2020, resulting in a diluted EPS of £0.26, compared to profit for the period of £6.3 million and diluted EPS of £0.11 in the same period in the prior year.
  • Adjusted profit for the period (a non-IFRS measure) was £12.8 million in Q3 FY2020, resulting in adjusted diluted EPS (a non-IFRS measure) of £0.23 compared to adjusted profit for the period of £10.6 million and adjusted diluted EPS of £0.19 in the same period in the prior year.

CASH FLOW:

  • Net cash from operating activities was £11.8 million in Q3 FY2020 compared to £12.6 million in the same period in the prior year.
  • Adjusted free cash flow (a non-IFRS measure) was £9.6 million in Q3 FY2020 compared to £11.4 million in the same period in the prior year.
  • At March 31, 2020, Endava had cash and cash equivalents of £87.2 million, compared to £70.2 million at June 30, 2019.

OTHER METRICS FOR THE QUARTER ENDED MARCH 31, 2020:

  • Headcount reached 6,468 at March 31, 2020, with 5,787 average operational employees in Q3 FY2020, compared to a headcount of 5,573 at March 31, 2019 and 5,012 average operational employees in the same quarter of the prior year.
  • Number of clients with over £1 million in revenue was 67 on a rolling twelve months basis at March 31, 2020, unchanged from March 31, 2019.
  • Top 10 clients accounted for 36% of revenue in Q3 FY2020, compared to 40% in the same period in the prior year.
  • By geographic region, 27% of revenue was generated in North America, 25% was generated in Europe, 45% was generated in the United Kingdom and 3% was generated in the rest of the world in Q3 FY2020. This compares to 27% in North America, 27% in Europe and 46% in the United Kingdom in the same period in the prior year.
  • By industry vertical, 54% of revenue was generated from Payments and Financial Services, 25% from TMT and 21% from Other. This compares to 53% Payments and Financial Services, 28% TMT and 19% Other in the same period in the prior year.

COVID-19 UPDATE:

Endava is working regularly with its clients and its employees to adapt to the uncertain and rapidly evolving situation arising from the COVID-19 pandemic. The Company has a well-established Business Continuity Management System (BCMS) in line with the international standard for business continuity, ISO 22301:2019, and has created a framework for Business Continuity Management which requires development of specific plans at the delivery unit level to deal with significant disaster events, including pandemics. Starting in mid-March, the Company has deployed its established business continuity plans, enabling its employees to work remotely, suspending all non-essential travel worldwide for its employees, and canceling or postponing company-sponsored events, employee attendance at industry events and in-person work-related meetings, without impact on utilisation or velocity of work to date. “Endava believes its commitment to helping people succeed and its core values of openness, thoughtfulness and adaptability have created a culture that positioned the Company well to face the challenges presented by the ongoing COVID-19 pandemic,” stated John Cotterell, Endava’s CEO.

OUTLOOK:

At this time, it is difficult to predict the duration and full scope of potential impacts driven by the ongoing COVID-19 pandemic. At the beginning of Q4 2020, we began to see a slowdown in our sales pipeline and a reduction in the size of our client teams and delay in projects due to the global economic uncertainty created by the COVID-19 pandemic. With these uncertainties and assumptions in mind, Endava is providing updated guidance for Q4 2020 and FY2020.

Fourth Quarter Fiscal Year 2020:

Endava expects revenues will be in the range £86m to £87m, representing constant currency revenue growth of between 15.5% and 16.5%. Endava expects adjusted diluted EPS to be in the range of £0.15 to £0.16 per share.

Full Fiscal Year 2020:

Endava expects revenues will be in the range £346.5m to £347.5m, representing constant currency revenue growth of between 23.0% and 23.5%. Endava expects adjusted diluted EPS to be in the range of £0.92 to £0.93 per share.

Endava’s guidance regarding constant currency revenue 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, Endava is providing guidance for Q4 FY2020 and for the Full Fiscal Year 2020 using the exchange rates at the end of April, when the exchange rate was 1 GBP to 1.25 USD and 1.15 Euro.

Endava is not able, at this time, to provide an outlook for IFRS diluted EPS for Q4 FY2020 or FY2020 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 not able, at this time, to reconcile to an outlook for revenue growth not at constant currency (including pro forma for the sale of the Worldpay Captive) 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 21, 2020, to review its Q3 FY2020 results. To participate in Endavas Q3 FY2020 earnings conference call, please dial in at least five minutes prior to the scheduled start time (833) 921-1651 or (778) 560 2811 for international participants, Conference ID 7241858.

Investors may listen to the call on Endavas Investor Relations website at http://investors.Endava.com. The webcast will be recorded and available for replay until Friday, June 5, 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 6,468 employees as of March 31, 2020 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 Endavas 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 March 31, 2019 were used to convert revenue for the fiscal quarter ended March 31, 2020 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 Companys profit before tax adjusted to exclude the impact of share-based compensation expense, discretionary EBT bonus, 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, net gain on disposal of subsidiary, secondary offering expenses incurred, stamp duty on transfer of shares and fair value movement of contingent consideration. Share-based compensation expense, amortisation of acquired intangible assets and fair value movement of contingent consideration are non-cash expenses. 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 Companys 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 investors overall understanding of the Companys historical financial performance. The presentation of the Companys non-IFRS financial measures is not meant to be considered in isolation or as a substitute for the Companys 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 Companys non-IFRS financial measures to the comparable IFRS financial measures included below, and not rely on any single financial measure to evaluate the Companys 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, opportunities, “outlook,” predict, and other similar terms and phrases. Such forward-looking statements include, but are not limited to, the statements regarding Endavas projected financial performance for the fourth fiscal quarter and fiscal year 2020, the expected true-up charge related to the EBTs funding of the second tranche of the discretionary employee bonus, and Endavas ability to address the challenges presented by the ongoing COVID-19 pandemic and the associated global economic uncertainty. 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: Endavas business, results of operations and financial condition may be negatively impacted by the COVID-19 pandemic and the precautions taken in response to the pandemic; Endavas cash flows and results of operations may be adversely affected if it is unable to collect on billed and unbilled receivables from clients; Endavas revenue, margins, results of operations and financial condition may be materially adversely affected if general economic conditions in Europe, the United States or the global economy worsen; Endavas sales of services, operating results or profitability may experience significant variability and past results may not be indicative of future performance; Endavas ability to manage its rapid growth or achieve anticipated growth; Endavas ability to retain existing clients and attract new clients, including its ability to increase revenue from existing clients and diversify its revenue concentration; Endavas 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; Endavas ability to maintain favourable pricing and utilisation rates; Endavas 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; the size of our addressable market and market trends; Endavas ability to adapt to technological change and innovate solutions for its clients; Endavas ability to effectively manage its international operations, including Endava’s exposure to foreign currency exchange rate fluctuations; and Endavas 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 25, 2019, as supplemented by the Risk Factors Update filed as Exhibit 99.2 to our Current Report on Form 6-K filed with the SEC on March 31, 2020. In addition, the forward-looking statements included in this press release represent Endavas 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 Endavas views as of any date subsequent to the date hereof.

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

 

Nine Months Ended March 31

Three Months Ended March 31

 

2020

2019

2020

2019

 

£000

£000

£000

£000

REVENUE

260,487

211,312

92,235

73,064

Cost of sales

 

 

 

 

Direct cost of sales

(174,481)

(127,356)

(51,889)

(44,330)

Allocated cost of sales

(12,902

)

(11,050

)

(4,591

)

(3,745

)

Total cost of sales

(187,383

)

(138,406

)

(56,480

)

(48,075

)

GROSS PROFIT

73,104

 

72,906

 

35,755

 

24,989

 

Selling, general and administrative expenses

(58,094

)

(48,609

)

(21,614

)

(17,601

)

OPERATING PROFIT

15,010

 

24,297

 

14,141

 

7,388

 

Net finance (expense) / income

1,282

 

(4,644

)

4,153

 

216

 

Gain on sale of subsidiary

2,215

 

 

 

 

PROFIT BEFORE TAX

18,507

 

19,653

 

18,294

 

7,604

Tax on profit on ordinary activities

(3,206)

(3,874)

(3,689)

(1,290)

PROFIT FOR THE PERIOD

15,301

 

15,779

 

14,605

 

6,314

 

OTHER COMPREHENSIVE INCOME

 

 

 

 

Items that may be reclassified subsequently to profit or loss:

 

 

 

 

Exchange differences on translating foreign operations

(3,598)

(2,365)

787

(3,027)

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

11,703

 

13,414

 

15,392

 

3,287

 

 

 

 

 

 

EARNINGS PER SHARE (EPS):

 

 

 

 

Weighted average number of shares outstanding – Basic

53,170,717

 

49,072,773

 

53,815,137

 

49,500,875

 

Weighted average number of shares outstanding – Diluted

55,832,497

 

54,648,204

 

56,345,433

 

54,912,822

 

Basic EPS (£)

0.29

0.32

0.27

 

0.13

Diluted EPS (£)

0.27

 

0.29

 

0.26

 

0.11

 

 
 

CONDENSED BALANCE SHEETS

 

March 31, 2020

June 30, 2019

March 31, 2019

 

£000

£000

£000

ASSETS – NON-CURRENT

 

 

 

Goodwill

56,219

 

36,760

 

41,197

 

Intangible assets

39,507

 

28,910

 

28,800

 

Property, plant and equipment

11,877

 

10,579

 

9,359

 

Lease right-of-use assets

49,366

 

 

 

Financial assets

850

 

 

 

Deferred tax assets

9,331

 

9,550

 

4,731

 

TOTAL

167,150

 

85,799

 

84,087

 

ASSETS – CURRENT

 

 

 

Trade and other receivables

76,496

 

65,917

 

63,041

 

Corporation tax receivable

5,152

 

790

 

649

 

Financial assets

595

 

 

 

Cash and cash equivalents

87,159

 

70,172

 

59,339

 

TOTAL

169,402

 

136,879

 

123,029

 

TOTAL ASSETS

336,552

 

222,678

 

207,116

 

LIABILITIES – CURRENT

 

 

 

Borrowings

22

 

21

 

29

 

Lease liabilities

10,741

 

 

 

Trade and other payables

63,241

 

48,502

 

43,983

 

Corporation tax payable

4,255

 

2,920

 

2,045

 

Contingent consideration

1,203

 

1,244

 

1,211

 

Deferred consideration

1,787

 

1,516

 

1,516

 

Other liabilities

 

 

248

 

TOTAL

81,249

 

54,203

 

49,032

 

LIABILITIES – NON CURRENT

 

 

 

Lease liabilities

40,409

 

 

 

Borrowings

 

 

1

 

Deferred consideration

1,919

 

 

 

Deferred tax liabilities

5,000

 

2,033

 

2,380

 

Other liabilities

121

 

113

 

67

 

TOTAL

47,449

 

2,146

 

2,448

 

EQUITY

 

 

 

Share capital

1,098

 

1,089

 

1,085

 

Share premium

21,286

 

17,271

 

16,451

 

Merger relief reserve

4,430

 

4,430

 

4,430

 

Retained earnings

172,994

 

146,963

 

133,219

 

Other reserves

9,487

 

(1,577

)

2,692

 

Investment in own shares

(1,441

)

(1,847

)

(2,241

)

TOTAL

207,854

 

166,329

 

155,636

 

TOTAL LIABILITIES AND EQUITY

336,552

 

222,678

 

207,116

 

 
 

CONDENSED STATEMENTS OF CASH FLOWS

 

Nine Months ended March 31

Three Months ended March 31

 

2020

2019

2020

2019

 

£000

£000

£000

£000

OPERATING ACTIVITIES

 

 

 

 

Profit for the period

15,301

 

15,779

 

14,605

 

6,314

 

Income tax charge

3,206

 

3,874

 

3,689

 

1,290

 

Non-cash adjustments

20,062

 

18,270

 

4,176

 

4,965

 

Tax paid

(4,446

)

(3,641

)

(911

)

(730

)

UK research and development credit received

 

1,278

 

 

1,278

 

Net changes in working capital

4,223

 

(11,271

)

(9,713

)

(493

)

Net cash from operating activities

38,346

 

24,289

 

11,846

 

12,624

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

Purchase of non-current assets (tangible and intangible)

(8,075

)

(5,153

)

(2,245

)

(1,189

)

Proceeds from disposal of non-current assets

150

 

33

 

30

 

8

 

Acquisition of business / subsidiaries (net of cash acquired)

(26,595

)

(3,142

)

466

 

(3,142

)

Proceeds from sale of subsidiary net of cash disposed of

2,744

 

 

 

 

Cash and cash equivalents acquired with subsidiaries

3,289

 

 

 

 

Interest received

477

 

286

 

124

 

160

 

Net cash used in investing activities

(28,010

)

(7,976

)

(1,625

)

(4,163

)

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

Proceeds from sublease

406

 

 

104

 

 

Proceeds from borrowings

 

3,500

 

 

 

Repayment of borrowings

(955

)

(23,538

)

(946

)

(12

)

Repayment of lease liabilities

(7,157

)

 

(2,588

)

 

Interest paid

(603

)

(280

)

(228

)

(58

)

Grant received

661

 

1,784

 

 

 

Net proceeds from initial public offering

 

44,828

 

 

 

Proceeds from sale of EBT shares

14,797

 

 

 

 

Issue of shares

61

 

85

 

52

 

85

 

Net cash from financing activities

7,210

 

26,379

 

(3,606

)

15

 

Net change in cash and cash equivalents

17,546

 

42,692

 

6,615

 

8,476

 

 

 

 

 

 

Cash and cash equivalents at the beginning of the period

70,172

 

15,048

 

78,975

 

51,044

 

Exchange differences on cash and cash equivalents

(559

)

1,599

 

1,569

 

(181

)

Cash and cash equivalents at the end of the period

87,159

 

59,339

 

87,159

 

59,339

 

 

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:

 

Nine Months ended March 31

Three Months ended March 31

 

2020

2019

2020

2019

REVENUE GROWTH RATE AS REPORTED UNDER IFRS

23.3

%

35.3

%

26.2

%

24.7

%

Foreign exchange rates impact

(0.7

%)

(0.9

%)

(0.5

%)

(1.5

%)

REVENUE GROWTH RATE AT CONSTANT CURRENCY INCLUDING WORLDPAY CAPTIVE

22.6

%

34.4

%

25.7

%

23.2

%

Impact of Worldpay Captive

3.0

%

 

4.3

%

 

PROFORMA REVENUE GROWTH RATE AT CONSTANT CURRENCY EXCLUDING WORLDAY CAPTIVE

25.6

%

34.4

%

30.0

%

23.2

%

 
 

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

 

Nine Months Ended March 31

Three Months Ended March 31

 

2020

2019

2020

2019

 

£000

£000

£000

£000

 

 

 

 

 

PROFIT BEFORE TAX

18,507

 

19,653

 

18,294

 

7,604

 

Adjustments:

 

 

 

 

Share-based compensation expense

11,075

 

8,690

 

4,079

 

3,680

 

Discretionary EBT bonus

24,766

 

 

(2,891

)

 

Amortisation of acquired intangible assets

2,933

 

2,609

 

1,124

 

857

 

Foreign currency exchange (gains)/losses, net

(1,664

)

(1,262

)

(4,577

)

(121

)

Initial public offering expenses incurred

 

1,055

 

 

 

Sarbanes-Oxley compliance readiness expenses incurred

 

1,227

 

 

529

 

Net gain on disposal of subsidiary

(2,215

)

 

 

 

Secondary offering expenses incurred

 

306

 

 

306

 

Stamp duty on transfer of shares

 

385

 

 

385

 

Fair value movement of contingent consideration

 

5,805

 

 

 

Total adjustments

34,895

 

18,815

 

(2,265

)

5,636

 

ADJUSTED PROFIT BEFORE TAX

53,402

 

38,468

 

16,029

 

13,240

 

 

 

 

 

 

PROFIT FOR THE PERIOD

15,301

 

15,779

 

14,605

 

6,314

 

Adjustments:

 

 

 

 

Adjustments to profit before tax

34,895

 

18,815

 

(2,265

)

5,636

 

Tax impact of adjustments

(7,073

)

(3,661

)

435

 

(1,312

)

ADJUSTED PROFIT FOR THE PERIOD

43,123

 

30,933

 

12,775

 

10,638

 

 

 

 

 

 

Diluted EPS (£)

0.27

0.29

0.26

 

0.11

Adjusted diluted EPS (£)

0.77

0.57

0.23

0.19

 
 

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

 

Nine Months Ended March 31

Three Months Ended March 31

 

2020

2019

2020

2019

 

£000

£000

£000

£000

 

 

 

 

 

Net cash from operating activities

38,346

 

24,289

 

11,846

 

12,624

 

Adjustments:

 

 

 

 

Grant received

661

 

1,784

 

 

 

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

(7,925

)

(5,120

)

(2,215

)

(1,181

)

Adjusted Free cash flow

31,082

 

20,953

 

9,631

 

11,443

 

 
 

SUPPLEMENTARY INFORMATION

SHARE-BASED COMPENSATION EXPENSE

 

Nine Months Ended March 31

Three Months Ended March 31

 

2020

2019

2020

2019

 

£000

£000

£000

£000

 

 

 

 

 

Direct cost of sales

6,148

 

3,587

 

2,318

 

1,648

 

Selling, general and administrative expenses

4,927

 

5,103

 

1,761

 

2,032

 

Total

11,075

 

8,690

 

4,079

 

3,680

 

 

DEPRECIATION AND AMORTISATION

 

Nine Months Ended March 31

Three Months Ended March 31

 

2020

2019

2020

2019

 

£000

£000

£000

£000

 

 

 

 

 

Direct cost of sales

9,153

 

2,870

 

3,243

 

1,011

 

Selling, general and administrative expenses

4,473

 

3,030

 

1,639

 

972

 

Total

13,626

 

5,900

 

4,882

 

1,983

 

 

EMPLOYEE BENEFIT TRUST DISCRETIONARY BONUS

 

Nine Months Ended March 31

Three Months Ended March 31

 

2020

2019

2020

2019

 

£000

£000

£000

£000

 

 

 

 

 

Direct cost of sales

22,555

 

(2,627

)

Selling, general and administrative expenses

2,211

 

(264

)

Total

24,766

 

(2,891

)

 
 

EMPLOYEES, TOP 10 CUSTOMERS and REVENUE SPLIT

Six Months Ended December 31

Nine Months Ended March 31

Three Months Ended March 31

 

2020

2019

2020

2019

 

 

 

 

 

Closing number of total employees

6,468

5,573

6,468

5,573

Average operational employees

5,532

4,821

5,787

5,012

 

 

 

 

 

Top 10 customers %

38

%

36

%

36

%

40

%

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

67

67

67

67

 

 

 

 

 

Geographic split of revenue %

 

 

 

 

North America

28

%

27

%

27

%

27

%

Europe

24

%

28

%

25

%

27

%

UK

45

%

45

%

45

%

46

%

Rest of World (RoW)

3

%

3

%

Industry vertical split of revenue %

 

 

 

 

Payments and Financial Services

53

%

53

%

54

%

53

%

TMT

25

%

27

%

25

%

28

%

Other

22

%

20

%

21

%

19

%

 

INVESTORS:

Endava Plc

Laurence Madsen, Investor Relations Manager

[email protected]