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Financial risk management (Tables) | 12 Months Ended
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Jun. 30, 2022
Financial risk management |
Schedule of forward foreign currency contracts outstanding at balance sheet date | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021
​ | ​ | Average | ​ | Foreign | ​ | Notional | ​ | Fair | ​ | Average | ​ | Foreign | ​ | Notional | ​ | Fair
​ | ​ | exchange | ​ | currency | ​ | value | ​ | value | ​ | exchange | ​ | currency | ​ | value | ​ | value
​ |  | rate |  | €’000 |  | £’000 |  | £’000 |  | rate |  | €’000 |  | £’000 |  | £’000
Buy Euro |  | 1.1675 |  | (86,262) |  | (73,885) |  | 234 |  | 1.1573 |  | (34,576) |  | (29,875) |  | (78)
​
Schedule of exposure to material foreign currency risk | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021
​ | ​ | Euro | ​ | US Dollar | ​ | Euro | ​ | US Dollar
​ |  | £’000 |  | £’000 |  | £’000 |  | £’000
Contract assets — accrued revenue |  | 1,890 |  | 250 |  | 4,477 |  | 2,499
Trade receivables | ​ | 28,832 | ​ | 15,575 | ​ | 44,855 | ​ | 10,274
Cash and cash equivalents | ​ | 49,277 | ​ | 32,460 | ​ | 57,004 | ​ | 17,290
Derivative financial assets | ​ | — | ​ | 2,458 | ​ | — | ​ | —
Trade and other payables | ​ | (120,994) | ​ | (149) | ​ | (90,608) | ​ | (454)
Borrowings |  | — |  | (536,038) |  | — |  | (470,068)
Derivative financial liabilities | ​ | — | ​ | — | ​ | — | ​ | (5,121)
​ |  | (40,995) |  | (485,444) |  | 15,728 |  | (445,580)
​
Schedule of gross trade receivables analysed by due date and whether or not impaired | ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ |  | £’000 |  | £’000
Neither past due nor impaired |  | 64,434 |  | 58,579
Past due, not impaired | ​ | 14,533 | ​ | 12,195
Not past due, impaired | ​ | 110 | ​ | 549
Past due, impaired |  | 12,130 |  | 4,422
Gross trade receivables |  | 91,207 |  | 75,745
​
Schedule of movements on provision for impairment of trade receivables | ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ |  | £’000 |  | £’000
Provision as of 1 July |  | 4,971 |  | 13,150
Increase in provision recognized in profit or loss during the year |  | 2,277 |  | 1,054
Unused amount reversed – cash received | ​ | (93) | ​ | (188)
Receivables written off during the year as uncollectible |  | (764) |  | (9,003)
Receivables offset against contract liabilities - deferred revenue |  | 5,842 |  | 90
Foreign exchange gains/(losses) on retranslation recognized in profit or loss during the year |  | 7 |  | (132)
Provision as of 30 June |  | 12,240 |  | 4,971
​
Schedule of contractual undiscounted cash flows including interest | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Less than 1 |  | Between 1 |  | Between 2 |  | ​
​ | ​ | year | ​ | and 2 years | ​ | and 5 years | ​ | Over 5 years
​ |  | £’000 |  | £’000 |  | £’000 |  | £’000
Trade and other payables excluding social security and other taxes(1) |  | 198,693 |  | 56,418 |  | 49,294 |  | —
Borrowings | ​ | 120,091 | ​ | 19,660 | ​ | 57,979 | ​ | 552,422
Lease liabilities |  | 1,673 |  | 514 |  | 248 |  | 3,543
​ |  | 320,457 |  | 76,592 |  | 107,521 |  | 555,965
Non-trading derivative financial instruments(2): |  | ​ |  | ​ |  | ​ |  | ​
Cash inflow |  | (1,294) |  | (1,336) |  | (63) |  | —
At 30 June 2022 |  | 319,163 |  | 75,256 |  | 107,458 |  | 555,965
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trade and other payables excluding social security and other taxes(1) |  | 160,375 |  | 41,794 |  | 27,908 |  | —
Borrowings |  | 77,203 |  | 16,646 |  | 45,142 |  | 489,983
Lease liabilities | ​ | 1,488 | ​ | 493 | ​ | 487 | ​ | 3,642
​ |  | 239,066 |  | 58,933 |  | 73,537 |  | 493,625
Non-trading derivative financial instruments(2): |  | ​ |  | ​ |  | ​ |  | ​
Cash outflow | ​ | 1,793 | ​ | 1,707 | ​ | 1,707 | ​ | —
Cash inflow |  | (8) |  | — |  | — |  | —
At 30 June 2021 |  | 240,851 |  | 60,640 |  | 75,244 |  | 493,625
(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 reporting date.
Schedule of net borrowings being hedged at balance sheet date | ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ |  | $’000 |  | $’000
USD borrowings |  | 650,000 |  | 650,000
Hedged USD cash |  | (37,000) |  | (23,700)
Net USD debt |  | 613,000 |  | 626,300
Hedged future USD revenues |  | (22,800) |  | (61,453)
Unhedged USD borrowings(1) |  | 590,200 |  | 564,847
Closing exchange rate |  | 1.2151 |  | 1.3820
(1) A further portion of the profit and loss exposure (within net finance income/costs) on unhedged USD borrowings is naturally offset by the fair value of foreign exchange based embedded derivatives in host Commercial revenue contracts.
Schedule of interest rate swaps at reporting date that are used to hedge borrowings | ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
Current hedged principal value of loan outstanding ($‘000) |  | 150,000 |  | 150,000
Rate received |  | 1 month $ LIBOR |  | 1 month $ LIBOR
Rate paid |  | Fixed 2.032% | ​ | Fixed 2.032%
Expiry date |  | 30 June 2024 |  | 30 June 2024
​
Schedule of movements on the hedging reserve | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Future US |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
​ | ​ | dollar | ​ | Interest | ​ | ​ | ​ | Total, | ​ | ​ | ​ | Total,
​ | ​ | revenues | ​ | rate swap | ​ | Other | ​ | before tax | ​ | Tax | ​ | after tax
​ |  | £’000 |  | £’000 |  | £’000 |  | £’000 |  | £’000 |  | £’000
Balance at 1 July 2019 |  | (27,337) |  | (2,298) |  | 202 |  | (29,433) |  | (6,111) |  | (35,544)
Exchange differences on hedged foreign exchange risks |  | (2,818) |  | — |  | 353 |  | (2,465) |  | — |  | (2,465)
Reclassified to profit or loss |  | 12,214 |  | — |  | (34) |  | 12,180 |  | — |  | 12,180
Change in fair value |  | — |  | (6,838) |  | — |  | (6,838) |  | — |  | (6,838)
Tax relating to above | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 102 | ​ | 102
Movement recognized in other comprehensive income |  | 9,396 |  | (6,838) |  | 319 |  | 2,877 |  | 102 |  | 2,979
Balance at 30 June 2020 |  | (17,941) |  | (9,136) |  | 521 |  | (26,556) |  | (6,009) |  | (32,565)
Exchange differences on hedged foreign exchange risks |  | 4,325 |  | — |  | (2,490) |  | 1,835 |  | — |  | 1,835
Reclassified to profit or loss |  | 14,956 |  | — |  | 1,892 |  | 16,848 |  | — |  | 16,848
Change in fair value |  | — |  | 4,015 |  | — |  | 4,015 |  | — |  | 4,015
Tax relating to above | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (569) | ​ | (569)
Movement recognized in other comprehensive income |  | 19,281 |  | 4,015 |  | (598) |  | 22,698 |  | (569) |  | 22,129
Balance at 30 June 2021 |  | 1,340 |  | (5,121) |  | (77) |  | (3,858) |  | (6,578) |  | (10,436)
Exchange differences on hedged foreign exchange risks | ​ | (1,733) | ​ | — | ​ | 300 | ​ | (1,433) | ​ | — | ​ | (1,433)
Reclassified to profit or loss | ​ | (770) | ​ | — | ​ | (228) | ​ | (998) | ​ | — | ​ | (998)
Change in fair value | ​ | — | ​ | 7,579 | ​ | — | ​ | 7,579 | ​ | — | ​ | 7,579
Tax relating to above | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (1,287) | ​ | (1,287)
Movement recognized in other comprehensive income | ​ | (2,503) | ​ | 7,579 | ​ | 72 | ​ | 5,148 | ​ | (1,287) | ​ | 3,861
Reclassified | ​ | — | ​ | — | ​ | 7,525 | ​ | 7,525 | ​ | — | ​ | 7,525
Balance at 30 June 2022 | ​ | (1,163) | ​ | 2,458 | ​ | 7,520 | ​ | 8,815 | ​ | (7,865) | ​ | 950
​

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