Q2 FY2024
10.6% Year on Year Revenue Decrease to
£183.6 million
8.1% Revenue Decrease at Constant
Currency
Diluted EPS £0.14 compared to £0.26 in the
prior year comparative period
Adjusted diluted EPS £0.30 compared to £0.59
in the prior year comparative period
Endava plc (NYSE: DAVA) ("Endava" or the "Company"), a leading
technology services company combining world-class engineering,
industry expertise and a people-centric mindset, today announced
results for the three months ended December 31, 2023, the second
quarter of its 2024 fiscal year ("Q2 FY2024").
"Our results for Q2 FY2024 were in line with our prior guidance,
with a revenue decrease of 8.1% in constant currency year over
year. The uncertain economic environment continues to impact
near-term client decision making. We now have numerous projects
where discovery work has been done, but clients are hesitating on
when to commit to sizeable spend needed to build production-ready
systems. This said, we believe we have a very well positioned and
strong business and are confident that despite current softness in
demand, in the longer term, the opportunity for us is very
attractive. Additionally, I am thrilled to announce today our
acquisition of GalaxE Solutions, a leading provider of digital
transformation and product development services to blue chip US
companies mainly in Healthcare with delivery from India,” said John
Cotterell, Endava's CEO.
SECOND QUARTER FISCAL YEAR 2024 FINANCIAL HIGHLIGHTS:
- Revenue for Q2 FY2024 was £183.6 million, a decrease of 10.6%
compared to £205.2 million in the same period in the prior
year.
- Revenue decrease at constant currency (a non-IFRS measure)* was
8.1% for Q2 FY2024, compared to growth of 23.4% in the same period
in the prior year.
- Profit before tax for Q2 FY2024 was £10.6 million, compared to
£20.3 million in the same period in the prior year.
- Adjusted profit before tax (a non-IFRS measure)* for Q2 FY2024
was £22.7 million, or 12.4% of revenue, compared to £43.0 million,
or 20.9% of revenue, in the same period in the prior year.
- Profit for the period was £8.3 million, resulting in a diluted
earnings per share ("EPS") of £0.14, compared to profit of £15.0
million and diluted EPS of £0.26 in the same period in the prior
year.
- Adjusted profit for the period (a non-IFRS measure)* was £17.5
million, resulting in adjusted diluted EPS (a non-IFRS measure)* of
£0.30, compared to adjusted profit for the period of £34.3 million
and adjusted diluted EPS of £0.59 in the same period in the prior
year.
CASH FLOW:
- Net cash from operating activities was £35.0 million in Q2
FY2024, compared to £40.9 million in the same period in the prior
year.
- Adjusted free cash flow (a non-IFRS measure)* was £33.6 million
in Q2 FY2024, compared to £37.0 million in the same period in the
prior year.
- At December 31, 2023, Endava had cash and cash equivalents of
£198.6 million, compared to £164.7 million at June 30, 2023.
* Definitions of the non-IFRS measures used by the Company and a
reconciliation of such measures to the related IFRS financial
measure can be found under the sections below titled “Non-IFRS
Financial Information” and “Reconciliation of IFRS Financial
Measures to Non-IFRS Financial Measures.”
OTHER METRICS FOR THE QUARTER ENDED DECEMBER 31,
2023:
- Headcount totaled 11,539 at December 31, 2023, with an average
of 10,461 operational employees in Q2 FY2024, compared to a
headcount of 12,183 at December 31, 2022 and an average of 11,107
operational employees in Q2 FY2023.
- Number of clients with over £1 million in revenue on a rolling
twelve-month basis was 150 at December 31, 2023, compared to 156
clients at December 31, 2022.
- Top 10 clients accounted for 34% of revenue in Q2 FY2024,
compared to 31% in the same period in the prior year.
- By geographic region, 31% of revenue was generated in North
America, 26% was generated in Europe, 34% was generated in the
United Kingdom and 9% was generated in the rest of the world in Q2
FY2024. This compares to 33% in North America, 23% in Europe, 39%
in the United Kingdom and 5% in the Rest of the World in the same
period in the prior year.
- By industry vertical, 26% of revenue was generated from
Payments, 14% from Banking and Capital Markets (BCM), 8% from
Insurance, 23% from Technology, Media and Telecommunications (TMT),
11% from Mobility, and 18% from Other in Q2 FY2024. This compares
to 29% from Payments, 17% from BCM, 7% from Insurance, 22% from
TMT, 10% from Mobility, and 15% from Other in the same period in
the prior year.
OUTLOOK:
Third Quarter Fiscal Year 2024:
Endava expects revenue will be in the range of £174.0 million to
£176.0 million, representing a constant currency revenue decrease
of between 12.0% and 11.0% on a year over year basis. Endava
expects adjusted diluted EPS to be in the range of £0.17 to £0.19
per share.
Full Fiscal Year 2024:
Endava expects revenue will be in the range of £722.0 million to
£735.0 million, representing a constant currency revenue decrease
of between 7.0% and 5.0% on a year over year basis. Endava expects
adjusted diluted EPS to be in the range of £1.09 to £1.22 per
share.
This above guidance for the third quarter and full fiscal year
2024 assumes the exchange rates on January 31, 2024 (when the
exchange rate was 1 British Pound to 1.27 US Dollar and 1.17
Euro).
Endava is not able, at this time, to reconcile its expectations
for the third quarter and full fiscal year 2024 for a rate of
revenue decrease at constant currency or adjusted diluted EPS to
their most directly comparable IFRS measures as a result of the
uncertainty regarding, and the potential variability of,
reconciling items such as share-based compensation expense,
amortisation of acquired intangible assets, foreign currency
exchange (gains)/losses, restructuring costs and fair value
movement of contingent consideration, as applicable. Accordingly, a
reconciliation is not available without unreasonable effort,
although it is important to note that these factors could be
material to Endava's results computed in accordance with IFRS.
The guidance provided above is forward-looking in nature. Actual
results may differ materially. See “Forward-Looking Statements”
below.
RECENT BUSINESS HIGHLIGHTS:
On February 29, 2024, Endava announced it has entered into a
definitive agreement to acquire 100% ownership of GalaxE Group,
Inc. (“GalaxE”) headquartered in New Jersey, United States. When
completed, the transaction will add approximately 1,650 employees
to Endava and provide several key strategic benefits to Endava: (1)
Significantly expands Endava’s footprint in North America; (2)
Provide deep domain expertise in the U.S. Healthcare market; (3)
Establishes Endava’s delivery operations in India and (4)
Complementary platform capabilities focused on enterprise digital
transformation. Total consideration for the acquisition is $405
million, primarily in cash with some stock, of which $30 million is
conditional upon future performance of the GalaxE business. The
transaction is expected to close in early April 2024 subject to the
completion of customary closing conditions and approvals, including
the expiration of the required waiting period under the U.S.
Hart-Scott-Rodino Antitrust Improvements Act of 1976.
On February 28, 2024, Endava and Equiniti announced the
expansion of their strategic relationship. Equiniti is a leading
international provider of tech-enabled shareholder, retirement and
remediation services. We have established a 5-year deal of £75m net
new revenue to support the delivery of their transformative product
and tech roadmap. This deal strengthens Endava and Equiniti’s
existing three year relationship and delivers significant growth
for Endava's Capital Markets business.
CONFERENCE CALL DETAILS:
The Company will host a conference call at 8:00 am ET today,
February 29, 2024, to review its Q2 FY2024 results. To participate
in Endava’s Q2 FY2024 earnings conference call, please dial in at
least five minutes prior to the scheduled start time (844) 481-2736
or (412) 317-0665 for international participants, Conference ID:
Endava Call.
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, March 29, 2024.
ABOUT ENDAVA PLC:
Technology is our how. And people are our why. By combining
world-class engineering, industry expertise and a people-centric
mindset, we consult and partner with our customers to create
technological solutions that drive innovation and transform
businesses. From ideation to production, we support our customers
with tailor-made solutions across various industries and all around
the world.
Endava services clients in Payments, Banking and Capital
Markets, Insurance, TMT, Consumer Products, Retail, Mobility and
Healthcare. As of December 31, 2023, 11,539 Endavans provided
services from our locations in European Union countries (Austria,
Bulgaria, Croatia, Denmark, Germany, Ireland, the Netherlands,
Poland, Romania, Slovenia and Sweden), non-European Union countries
(Bosnia & Herzegovina, Moldova, North Macedonia, Serbia,
Switzerland and the United Kingdom), Latin America (Argentina,
Colombia, Mexico and Uruguay), Asia-Pacific (Australia, Malaysia,
Singapore and Vietnam), North America (Canada and the United
States), and the Middle East (United Arab Emirates).
NON-IFRS FINANCIAL INFORMATION:
To supplement Endava’s Condensed Consolidated Statements of
Comprehensive Income, Condensed Consolidated Balance Sheets and
Condensed Consolidated Statements of Cash Flows presented in
accordance with IFRS, the Company uses non-IFRS measures of certain
components of financial performance in this press release. These
measures include revenue (decrease)/growth rate at constant
currency, adjusted profit before tax, adjusted profit for the
period, adjusted diluted EPS and adjusted free cash flow.
Revenue decrease/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 currency rates in effect for the fiscal quarter ended
December 31, 2022 were used to convert revenue for the fiscal
quarter ended December 31, 2023 and the revenue for the comparable
prior period.
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, realised and unrealised foreign currency
exchange (gains)/losses, restructuring costs and fair value
movement of contingent consideration, all of which are non-cash
items except for the restructuring costs and realised foreign
currency exchange (gains)/ losses.
Adjusted profit for the period is defined as Adjusted PBT less
the tax charge for the period adjusted for the tax impact of the
adjustments to PBT.
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.
FORWARD-LOOKING STATEMENTS:
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 the uncertain economic environment and Endava’s
expectations of current and prospective client demand for Endava
offerings in upcoming periods; Endava's long-term opportunity;
Endava's strategic partnership with Equiniti, including Endava's
expectations regarding net new revenue attributable to the
relationship; Endava's acquisition of GalaxE Solutions, including
the overall impact on Endava's business and the timing of closing
of the transaction; and Endava’s ability to achieve its anticipated
growth and future financial performance, including management's
financial outlook for the third quarter and full fiscal year 2024.
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 Russia-Ukraine military conflict and
related sanctions, conflict in the Middle East or if general
economic conditions in Europe, the United States or the global
economy worsen, including increased inflation and potential future
bank failures; the perceived impact and effect of macroeconomic
conditions on Endava and its customers; 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 favorable pricing and utilization
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 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
Endava's Annual Report on Form 20-F for the year ended June 30,
2023 filed with the SEC on September 19, 2023 and in other filings
that Endava makes from time to time with the SEC. 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
Six Months Ended December
31
Three Months Ended December
31
2023
2022(1)
2023
2022(1)
£’000
£’000
£’000
£’000
REVENUE
371,973
401,410
183,552
205,241
Cost of sales
Direct cost of sales
(259,412
)
(249,253
)
(132,093
)
(126,282
)
Allocated cost of sales
(13,218
)
(12,243
)
(6,586
)
(6,460
)
Total cost of sales
(272,630
)
(261,496
)
(138,679
)
(132,742
)
GROSS PROFIT
99,343
139,914
44,873
72,499
Selling, general and administrative
expenses
(78,618
)
(79,886
)
(40,255
)
(39,704
)
OPERATING PROFIT
20,725
60,028
4,618
32,795
Net finance income / (expense)
7,193
(1,189
)
5,987
(12,524
)
PROFIT BEFORE TAX
27,918
58,839
10,605
20,271
Tax on profit on ordinary activities
(7,205
)
(12,092
)
(2,258
)
(5,252
)
PROFIT FOR THE PERIOD
20,713
46,747
8,347
15,019
OTHER COMPREHENSIVE INCOME
Items that may be reclassified
subsequently to profit or loss:
Exchange differences on translating
foreign operations
1,869
823
(2,873
)
(7,157
)
TOTAL COMPREHENSIVE INCOME / (LOSS) FOR
THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT
22,582
47,570
5,474
7,862
EARNINGS PER SHARE (EPS):
Weighted average number of shares
outstanding - Basic
58,101,072
56,962,777
58,300,691
57,219,704
Weighted average number of shares
outstanding - Diluted
58,367,296
57,923,559
58,602,535
57,959,580
Basic EPS (£)
0.36
0.82
0.14
0.26
Diluted EPS (£)
0.35
0.81
0.14
0.26
CONDENSED CONSOLIDATED BALANCE
SHEETS
December 31, 2023
June
30, 2023
December 31, 2022
£’000
£’000
£’000
ASSETS - NON-CURRENT
Goodwill
255,749
240,818
189,684
Intangible assets
61,561
66,216
55,114
Property, plant and equipment
23,181
25,940
24,768
Lease right-of-use assets
54,949
65,084
62,034
Deferred tax assets
21,314
20,156
13,491
Financial assets and other receivables
6,386
5,242
1,393
TOTAL
423,140
423,456
346,484
ASSETS - CURRENT
Trade and other receivables
170,318
177,866
173,750
Corporation tax receivable
2,327
4,042
2,343
Financial assets
186
56
226
Cash and cash equivalents
198,602
164,703
185,323
TOTAL
371,433
346,667
361,642
TOTAL ASSETS
794,573
770,123
708,126
LIABILITIES - CURRENT
Lease liabilities
13,782
14,573
13,768
Trade and other payables
84,678
91,159
96,481
Corporation tax payable
5,103
5,940
4,245
Contingent consideration
5,335
7,650
6,385
Deferred consideration
2,499
1,267
9,858
TOTAL
111,397
120,589
130,737
LIABILITIES - NON CURRENT
Lease liabilities
45,645
54,441
53,953
Deferred tax liabilities
13,730
14,623
11,021
Contingent consideration
—
3,809
—
Deferred consideration
3,280
4,837
1,407
Other liabilities
543
516
545
TOTAL
63,198
78,226
66,926
EQUITY
Share capital
1,167
1,155
1,150
Share premium
17,753
14,625
21,389
Merger relief reserve
48,139
42,805
30,003
Retained earnings
566,589
522,926
462,767
Other reserves
(13,644
)
(10,176
)
(4,691
)
Investment in own shares
(26
)
(27
)
(155
)
TOTAL
619,978
571,308
510,463
TOTAL LIABILITIES AND EQUITY
794,573
770,123
708,126
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
Six
Months Ended December 31
Three Months Ended December 31
2023
2022
2023
2022
£’000
£’000
£’000
£’000
OPERATING ACTIVITIES
Profit for the period
20,713
46,747
8,347
15,019
Income tax charge
7,205
12,092
2,258
5,252
Non-cash adjustments
31,833
24,974
16,033
18,875
Tax paid
(4,814
)
(10,047
)
(2,466
)
(8,437
)
Net changes in working capital
(3,314
)
(7,635
)
10,864
10,186
Net cash from operating
activities
51,623
66,131
35,036
40,895
INVESTING ACTIVITIES
Purchase of non-current assets (tangibles
and intangibles)
(2,200
)
(7,591
)
(1,393
)
(4,148
)
(Loss) / proceeds from disposal of
non-current assets
(27
)
16
(30
)
(3
)
Payment for acquisition of subsidiary, net
of cash acquired
(6,710
)
(32,397
)
(2,528
)
(32,397
)
Other acquisition-related settlements
(6,680
)
—
—
—
Interest received
3,522
797
1,957
432
Net cash used in investing
activities
(12,095
)
(39,175
)
(1,994
)
(36,116
)
FINANCING ACTIVITIES
Proceeds from sublease
87
237
31
92
Repayment of lease liabilities
(7,420
)
(6,491
)
(3,500
)
(3,392
)
Interest and debt financing costs paid
(583
)
(423
)
(296
)
(206
)
Grant received
230
220
23
220
Proceeds from exercise of options
3,129
2,266
3,118
2,245
Net cash used in financing
activities
(4,557
)
(4,191
)
(624
)
(1,041
)
Net change in cash and cash
equivalents
34,971
22,765
32,418
3,738
Cash and cash equivalents at the
beginning of the period
164,703
162,806
168,191
182,395
Exchange differences on cash and cash
equivalents
(1,072
)
(248
)
(2,007
)
(810
)
Cash and cash equivalents at the end of
the period
198,602
185,323
198,602
185,323
RECONCILIATION OF IFRS FINANCIAL MEASURES TO NON-IFRS
FINANCIAL MEASURES
RECONCILIATION OF REVENUE
(DECREASE)/GROWTH RATE AS REPORTED UNDER IFRS TO REVENUE GROWTH
RATE AT CONSTANT CURRENCY:
Six
Months Ended December 31
Three Months Ended December 31
2023
2022
2023
2022
REVENUE (DECREASE) / GROWTH RATE AS
REPORTED UNDER IFRS
(7.3
)%
31.6
%
(10.6
)%
30.2
%
Foreign exchange rates impact
2.8
%
(6.9
)%
2.5
%
(6.8
)%
REVENUE (DECREASE) / GROWTH RATE AT
CONSTANT CURRENCY
(4.5
)%
24.6
%
(8.1
)%
23.4
%
RECONCILIATION OF ADJUSTED PROFIT
BEFORE TAX AND ADJUSTED PROFIT FOR THE PERIOD:
Six
Months Ended December 31
Three Months Ended December 31
2023
2022
2023
2022
£’000
£’000
£’000
£’000
PROFIT BEFORE TAX
27,918
58,839
10,605
20,271
Adjustments:
Share-based compensation expense
23,556
15,909
13,617
6,365
Amortisation of acquired intangible
assets
7,085
6,207
3,684
3,188
Foreign currency exchange (gains) /
losses, net
2,685
7,533
4,764
14,947
Restructuring costs
—
1,113
—
1,113
Fair value movement of contingent
consideration
(8,706
)
(7,143
)
(9,942
)
(2,894
)
Total adjustments
24,620
23,619
12,123
22,719
ADJUSTED PROFIT BEFORE TAX
52,538
82,458
22,728
42,990
PROFIT FOR THE PERIOD
20,713
46,747
8,347
15,019
Adjustments:
Adjustments to profit before tax
24,620
23,619
12,123
22,719
Tax impact of adjustments
(4,916
)
(4,734
)
(2,977
)
(3,404
)
ADJUSTED PROFIT FOR THE PERIOD
40,417
65,632
17,493
34,334
RECONCILIATION OF ADJUSTED DILUTED
EARNINGS PER SHARE:
Six
Months Ended December 31
Three Months Ended December 31
2023
2022
2023
2022
£’000
£’000
£’000
£’000
DILUTED EARNINGS PER SHARE (£)
0.35
0.81
0.14
0.26
Adjustments:
Share-based compensation expense
0.40
0.27
0.23
0.11
Amortisation of acquired intangible
assets
0.12
0.11
0.06
0.06
Foreign currency exchange (gains) /
losses, net
0.05
0.13
0.08
0.26
Restructuring costs
—
0.02
—
0.02
Fair value movement of contingent
consideration
(0.15
)
(0.14
)
(0.16
)
(0.06
)
Tax impact of adjustments
(0.08
)
(0.08
)
(0.05
)
(0.06
)
Total adjustments
0.34
0.31
0.16
0.33
ADJUSTED DILUTED EARNINGS PER SHARE
(£)
0.69
1.12
0.30
0.59
RECONCILIATION OF NET CASH FROM
OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW
Six
Months Ended December 31
Three Months Ended December 31
2023
2022
2023
2022
£’000
£’000
£’000
£’000
Net cash from operating
activities
51,623
66,131
35,036
40,895
Adjustments:
Grant received
230
220
23
220
Net purchase of non-current assets
(tangible and intangible)
(2,227
)
(7,575
)
(1,423
)
(4,151
)
Adjusted Free cash flow
49,626
58,776
33,636
36,964
SUPPLEMENTARY INFORMATION
SHARE-BASED COMPENSATION
EXPENSE
Six
Months Ended December 31
Three Months Ended December 31
2023
2022
2023
2022
£’000
£’000
£’000
£’000
Direct cost of sales
16,318
10,297
9,516
4,340
Selling, general and administrative
expenses
7,238
5,612
4,101
2,025
Total
23,556
15,909
13,617
6,365
DEPRECIATION AND AMORTISATION
Six
Months Ended December 31
Three Months Ended December 31
2023
2022
2023
2022
£’000
£’000
£’000
£’000
Direct cost of sales
10,049
8,626
4,853
4,539
Selling, general and administrative
expenses
8,712
7,461
4,489
3,843
Total
18,761
16,087
9,342
8,382
EMPLOYEES, TOP 10 CUSTOMERS AND REVENUE
SPLIT
Six
Months Ended December 31
Three Months Ended December 31
2023
2022
2023
2022
Closing number of total employees
(including directors)
11,539
12,183
11,539
12,183
Average operational employees
10,606
11,031
10,461
11,107
Top 10 customers %
34
%
32
%
34
%
31
%
Number of clients with > £1m of
revenue
(rolling 12 months)
150
156
150
156
Geographic split of revenue %
North America
31
%
34
%
31
%
33
%
Europe
25
%
22
%
26
%
23
%
UK
35
%
40
%
34
%
39
%
Rest of World (RoW)
9
%
4
%
9
%
5
%
Industry vertical split of revenue
%
Payments
27
%
30
%
26
%
29
%
Banking and Capital Markets
14
%
16
%
14
%
17
%
Insurance
8
%
7
%
8
%
7
%
TMT
23
%
22
%
23
%
22
%
Mobility
11
%
10
%
11
%
10
%
Other
17
%
15
%
18
%
15
%
FOOTNOTES
(1) The presentation of the income statement has been changed to
no longer separately disclose the net impairment gains/(losses) on
financial assets on the face of the Condensed Consolidated
Statements of Comprehensive Income, but include them within
Selling, general and administrative expenses.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240229039965/en/
INVESTOR CONTACT: Endava plc Laurence Madsen, Head of
Investor Relations Investors@endava.com
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