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Net finance (costs)/income

6 Months Ended

Dec. 31, 2021

Net finance (costs)/income

Net finance (costs)/income

10 Net finance (costs)/income


		Three months ended				Six months ended
		31 December				31 December
		2021		2020		2021		2020
		£’000		£’000		£’000		£’000
Interest payable on bank loans and overdrafts		(430)		(545)		(945)		(800)
Interest payable on secured term loan facility, senior secured notes and revolving facilities		(4,678)		(4,236)		(9,260)		(8,263)
Interest payable on lease liabilities (note 15)		(25)		(26)		(50)		(54)
Amortization of issue costs on secured term loan facility and senior secured notes		(183)		(152)		(354)		(294)
Foreign exchange losses on retranslation of unhedged US dollar borrowings		(591)		—		(10,560)		—
Unwinding of discount relating to registrations		(633)		(300)		(1,212)		(455)
Reclassified from hedging reserve ⁽¹⁾		—		—		—		(14,837)
Hedge ineffectiveness on cash flow hedges		(87)		—		(210)		—
Fair value movement on derivative financial instruments:
Embedded foreign exchange derivatives		(846)		(463)		—		(593)
Total finance costs		(7,473)		(5,722)		(22,591)		(25,296)
Interest receivable on short-term bank deposits		1		—		3		1
Foreign exchange gains on retranslation of unhedged US dollar borrowings ⁽²⁾		—		23,752		—		42,835
Reclassified from hedging reserve		—		—		326		—
Hedge ineffectiveness on cash flow hedges		—		1,525		—		2,036
Fair value movement on derivative financial instruments:
Embedded foreign exchange derivatives		—		—		5,136		—
Foreign currency options		—		147		—		147
Total finance income		1		25,424		5,465		45,019
Net finance (costs)/income		(7,472)		19,702		(17,126)		19,723

(1)	Foreign exchange losses immediately reclassified from the hedging reserve for hedged future revenues no longer meeting the hedge accounting criteria due to a change in denomination of the contract currency.

(2)	Unrealized foreign exchange gains on unhedged USD borrowings due to a favourable swing in foreign exchange rates.