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Net finance costs (Tables)

12 Months Ended

Jun. 30, 2024

Net finance costs

Schedule of net finance costs


		2024		2023		2022
		£’000		£’000		£’000
Interest payable on bank loans and overdrafts		(1,247)		(3,076)		(3,058)
Interest payable on secured term loan facility, senior secured notes and revolving facilities		(35,298)		(30,671)		(19,975)
Interest payable on lease liabilities (Note 14)		(681)		(208)		(97)
Amortization of issue costs on secured term loan facility, senior secured notes and revolving credit facilities		(1,551)		(745)		(713)
Foreign exchange losses on retranslation of unhedged US dollar borrowings⁽¹⁾		(2,755)		—		(58,738)
Unwinding of discount relating to registrations		(15,593)		(8,326)		(2,363)
Interest on provisions		—		(287)		—
Hedge ineffectiveness on cash flow hedges		—		—		(971)
Fair value movements on derivative financial instruments:
Embedded foreign exchange derivatives		(6,742)		(1,604)		—
Total finance costs		(63,867)		(44,917)		(85,915)
Interest receivable on short-term bank deposits		1,686		728		145
Foreign exchange gains on retranslation of unhedged US dollar borrowings⁽²⁾		—		22,375		—
Reclassified from hedging reserve ⁽³⁾		—		—		326
Interest on provisions		26		—		—
Hedge ineffectiveness on cash flow hedges		784		420		—
Fair value movement on derivative financial instruments:
Embedded foreign exchange derivatives		—		—		23,205
Total finance income		2,496		23,523		23,676
Net finance costs		(61,371)		(21,394)		(62,239)

(1)	Unrealized foreign exchange losses on unhedged USD borrowings due to an unfavorable swing in foreign exchange rates.

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

(3)	Foreign exchange gains/(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.