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Financial risk management (Tables)

12 Months Ended

Jun. 30, 2023

Financial risk management

Schedule of forward foreign currency contracts outstanding at balance sheet date

2023

2022

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

1.149

(170,817)

(148,709)

(2,112)

1.1675

(86,262)

(73,885)

234

Schedule of exposure to material foreign currency risk


		2023				2022
		Euro		US Dollar		Euro		US Dollar
		£’000		£’000		£’000		£’000
Contract assets — accrued revenue		3,099		499		1,890		250
Trade receivables		8,801		3,730		28,832		15,575
Cash and cash equivalents		22,905		45,914		49,277		32,460
Derivative financial assets		—		11,258		—		2,458
Trade and other payables		(150,288)		(3,057)		(120,994)		(149)
Borrowings		—		(512,788)		—		(536,038)
Derivative financial liabilities		—		(64)		—		—
		(115,483)		(454,508)		(40,995)		(485,444)

Schedule of gross trade receivables analysed by due date and whether or not impaired


		2023		2022
		£’000		£’000
Neither past due nor impaired		49,390		64,434
Past due, not impaired		4,080		14,533
Not past due, impaired		4,296		110
Past due, impaired		11,963		12,130
Gross trade receivables		69,729		91,207

Schedule of movements on provision for impairment of trade receivables


		2023		2022
		£’000		£’000
Provision as of 1 July		12,240		4,971
(Decrease)/increase in provision recognized in profit or loss during the year		(72)		2,277
Unused amount reversed – cash received		(535)		(93)
Receivables written off during the year as uncollectible		(127)		(764)
Receivables offset against contract liabilities - deferred revenue		4,724		5,842
Foreign exchange gains on retranslation recognized in profit or loss during the year		29		7
Provision as of 30 June		16,259		12,240

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⁾		216,555		84,851		90,720		—
Borrowings		121,835		24,883		394,092		190,177
Lease liabilities		1,965		1,142		2,839		7,700
		340,355		110,876		487,651		197,877
Non-trading derivative financial instruments⁽²⁾:
Cash outflow		847		531		865		—
Cash inflow		(4,172)		(18)		(113)		—
At 30 June 2023		337,030		111,389		488,404		197,877

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

(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


		2023		2022
		$’000		$’000
USD borrowings		650,000		650,000
Hedged USD cash		(57,500)		(37,000)
Net USD debt		592,500		613,000
Hedged future USD revenues		(52,000)		(22,800)
Unhedged USD borrowings⁽¹⁾		540,500		590,200
Closing exchange rate		1.2716		1.2151

⁽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


		2023		2022
Current hedged principal value of loan outstanding ($‘000)		150,000		150,000
Rate received		1 month $ SOFR		1 month $ LIBOR
Rate paid		Fixed 1.9215%		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 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
Exchange differences on hedged foreign exchange risks		1,004		—		1,084		2,088		—		2,088
Reclassified to profit or loss		287		—		(20)		267		—		267
Change in fair value		—		1,715		—		1,715		—		1,715
Tax relating to above		—		—		—		—		(1,018)		(1,018)
Movement recognized in other comprehensive income		1,291		1,715		1,064		4,070		(1,018)		3,052
Balance at 30 June 2023		128		4,173		8,584		12,885		(8,883)		4,002

Schedule of hedging reserve


		At 30 June 2023		At 30 June 2022
		£’000		£’000
Cash flow hedge reserve		2,815		950
Cost of hedging reserve		1,187		—
Total hedging reserve		4,002		950