Financial risk management (Tables)

12 Months Ended

Jun. 30, 2018

	2018 £'000			2017 £'000
Brought forward		14,113			6,451
Provision for receivables impairment		160			336
Receivables provided subsequently written off		(6,943	)		—
Receivables offset against deferred revenue		2,591			6,807
Foreign exchange (gains)/losses on retranslation		(213	)		519

Carried forward		9,708			14,113

	Less than 1 year £'000			Between 1 and 2 years £'000			Between 2 and 5 years £'000			Over 5 years £'000
Trade and other payables excluding social security and other taxes(1)		250,300			67,858			40,280			191
Borrowings		22,449			18,692			56,075			554,448

		272,749			86,550			96,355			554,639
Non-trading(2) and net settled derivative financial instruments:
cash inflow		(1,600	)		(748	)		(2,245	)		(748	)

At 30 June 2018		271,149			85,802			94,110			553,891


Trade and other payables excluding social security and other taxes(1)		172,173			71,282			14,981			—
Borrowings		19,463			22,743			37,977			601,218

		191,636			94,025			52,958			601,218
Non-trading(2) and net settled derivative financial instruments:
cash outflow		2,453			905			281			187
cash inflow		(1,253	)		—			—			—

At 30 June 2017		192,836			94,930			53,239			601,405


(1)	Social security and other taxes are excluded from trade and other payables balance, as this analysis is required only for financial instruments.
(2)	Non-trading derivatives are included at their fair value at the balance sheet date.

	2018	2017
Current hedged principal value of loan outstanding ($'000)	150,000	225,000
Rate received	1 month $ LIBOR	1 month $ LIBOR
Rate paid	Fixed 2.032%	Fixed 2.032%
Expiry date	30 June 2024	30 June 2024

	Future US dollar revenues £'000			Interest rate swap £'000			Other £'000			Total, before tax £'000			Tax £'000			Total, after tax £'000
Balance at 1 July 2015		7,383			(111	)		—			7,272			(2,543	)		4,729

Foreign exchange differences on hedged currency risks		(49,808	)		—			—			(49,808	)		—			(49,808	)
Reclassified to income statement		1,382			2,665			—			4,047			—			4,047
Fair value movement		—			(12,264	)		—			(12,264	)		—			(12,264	)
Tax impact		—			—			—			—			20,307			20,307

Movement recognized in other comprehensive loss		(48,426	)		(9,599	)		—			(58,025	)		20,307			(37,718	)

Balance at 30 June 2016		(41,043	)		(9,710	)		—			(50,753	)		17,764			(32,989	)

Foreign exchange differences on hedged currency risks		(11,998	)		—			124			(11,874	)		—			(11,874	)
Reclassified to income statement		5,040			—			(275	)		4,765			—			4,765
Fair value movement		—			9,055			—			9,055			—			9,055
Tax impact		—			—			—			—			(681	)		(681	)

Movement recognized in other comprehensive income		(6,958	)		9,055			(151	)		1,946			(681	)		1,265

Balance at 30 June 2017		(48,001	)		(655	)		(151	)		(48,807	)		17,083			(31,724	)

Foreign exchange differences on hedged currency risks		6,522			—			(184	)		6,338			—			6,338
Reclassified to income statement		14,272			—			123			14,395			—			14,395
Fair value movement		—			5,145			—			5,145			—			5,145
Tax impact		—			—			—			—			(21,892	)		(21,892	)

Movement recognized in other comprehensive income		20,794			5,145			(61	)		25,878			(21,892	)		3,986

Balance at 30 June 2018		(27,207	)		4,490			(212	)		(22,929	)		(4,809	)		(27,738	)

	2018 £'000		2017 £'000
Assets
Derivative used for hedging (note 18):
Interest rate swaps		4,490		—
Derivatives at fair value through profit or loss (note 18):
Embedded foreign exchange derivatives		624		1,714
Forward foreign exchange contracts		852		3,170
Liabilities
Derivative used for hedging (note 18):
Interest rate swaps		—		(655	)
Derivatives at fair value through profit or loss (note 18):
Forward foreign exchange contracts		—		(1,253	)

		5,966		2,976