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Financial risk management (Tables)

12 Months Ended

Jun. 30, 2024

Financial risk management

Schedule of forward foreign currency contracts outstanding at balance sheet date

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2024

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2023

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Average

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Foreign

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Notional

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Fair

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Average

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Foreign

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Notional

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Fair

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exchange

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currency

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value

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value

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exchange

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currency

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value

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value

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rate

€’000

£’000

£’000

rate

€’000

£’000

£’000

Buy Euro

1.104

(187,803)

(170,540)

(8,506)

1.149

(170,817)

(148,709)

(2,112)

Schedule of exposure to material foreign currency risk

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​	​	​	​	​	​	​	​	​
​	​	2024			​	2023
​	​	Euro	​	US Dollar	​	Euro	​	US Dollar
​		£’000		£’000		£’000		£’000
Contract assets — accrued revenue		2,322		1,113		3,099		499
Trade receivables	​	18,992	​	4,208	​	8,801	​	3,730
Cash and cash equivalents	​	16,009	​	8,576	​	22,905	​	45,914
Derivative financial assets	​	—	​	2,297	​	—	​	11,258
Trade and other payables	​	(202,836)	​	(460)	​	(150,288)	​	(3,057)
Borrowings		—		(516,604)		—		(512,788)
Derivative financial liabilities	​	—	​	—	​	—	​	(64)
​		(165,513)		(500,870)		(115,483)		(454,508)

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

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​	​	​	​	​
​		2024		2023
​		£’000		£’000
Neither past due nor impaired		49,537		49,390
Past due, not impaired	​	15,392	​	4,080
Not past due, impaired	​	260	​	4,296
Past due, impaired		10,725		11,963
Gross trade receivables		75,914		69,729

Schedule of movements on provision for impairment of trade receivables

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​	​	​	​	​
​		2024		2023
​		£’000		£’000
Provision as of 1 July		16,259		12,240
Increase/(decrease) in provision recognized in profit or loss during the year		387		(72)
Unused amount reversed – cash received	​	(111)	​	(535)
Receivables written off during the year as uncollectible(1)		(12,228)		(127)
Receivables offset against contract liabilities - deferred revenue		6,665		4,724
Foreign exchange gains on retranslation recognized in profit or loss during the year		13		29
Provision as of 30 June		10,985		16,259

⁽¹⁾ This balance includes receivables immediately written off as part of a contract variation signed with a commercial partner.

Schedule of contractual undiscounted cash flows including interest

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​	​	​	​	​	​	​	​	​
​		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)		225,657		113,748		81,937		—
Borrowings	​	57,665	​	27,665	​	567,432	​	—
Lease liabilities		1,619		1,277		2,930		6,698
​		284,941		142,690		652,299		6,698
Non-trading derivative financial instruments(2):		​		​		​		​
Cash outflow		2,622		2,916		2,969		—
At 30 June 2024	​	287,563		145,606		655,268		6,698
​	​	​	​	​	​	​	​	​
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	​	488,403	​	197,877

(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

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​	​	​	​	​
​		2024		2023
​		$’000		$’000
USD borrowings		650,000		650,000
Hedged USD cash		(9,500)		(57,500)
Net USD debt		640,500		592,500
Hedged future USD revenues		(172,500)		(52,000)
Unhedged USD borrowings(1)		468,000		540,500
Closing exchange rate		1.2643		1.2716

⁽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 movements on the hedging reserve

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​	​	​	​	​	​	​	​	​	​	​	​	​
​		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 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
Exchange differences on hedged foreign exchange risks	​	(880)	​	—	​	(3,602)	​	(4,482)	​	—	​	(4,482)
Reclassified to profit or loss	​	332	​	—	​	1,654	​	1,986	​	—	​	1,986
Change in fair value	​	—	​	(4,173)	​	—	​	(4,173)	​	—	​	(4,173)
Tax relating to above	​	—	​	—	​	—	​	—	​	1,667	​	1,667
Movement recognized in other comprehensive income	​	(548)	​	(4,173)	​	(1,948)	​	(6,669)	​	1,667	​	(5,002)
Balance at 30 June 2024	​	(420)	​	—	​	6,636	​	6,216	​	(7,216)	​	(1,000)

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Schedule of hedging reserve

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​	​	​	​	​
​		At 30 June 2024		At 30 June 2023
​	​	£’000	​	£’000
Cash flow hedge reserve		(1,882)		2,815
Cost of hedging reserve		882		1,187
Total hedging reserve		(1,000)		4,002

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- Definition

The disclosure of information about amounts that affected the statement of comprehensive income as a result of hedge accounting.

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+ References

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Tabular disclosure of carrying amounts of the group's material foreign currency denominated monetary assets and monetary liabilities.

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Tabular disclosure of non-derivative financial liabilities and net-settled derivative financial liabilities by maturity. Amounts disclosed are the contractual undiscounted cash flows including interest.

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Schedule of details of the forward foreign currency contracts outstanding at the balance sheet date.

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Tabular disclosure of net borrowings being hedged at the balance sheet date.

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