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Cash used in operations

6 Months Ended

Dec. 31, 2023

Cash used in operations

Cash used in operations

28Cash used in operations


		Three months ended				Six months ended
		31 December				31 December
		2023		2022		2023		2022
		£’000		£’000		£’000		£’000
Profit/(loss) before income tax		27,219		9,255		(5,585)		(25,115)
Adjustments for:
Depreciation		4,153		3,609		8,255		7,087
Amortization		50,495		44,971		97,340		85,110
(Profit)/loss on disposal of intangible assets		(399)		2,588		(29,880)		(14,020)
Net finance costs/(income)		275		(12,115)		34,894		18,873
Non-cash employee benefit expense - equity-settled share-based payments		736		626		1,476		1,155
Foreign exchange losses on operating activities		619		5,140		477		3,967
Reclassified from hedging reserve		250		(367)		(2)		(530)
Changes in working capital:
Inventories		1,022		480		(859)		(1,072)
Prepayments		9,286		4,638		(10,833)		(10,928)
Contract assets – accrued revenue		(14,476)		(7,366)		(18,487)		(17,266)
Trade receivables		(39,110)		(64,070)		(44,355)		(48,087)
Other receivables		9,612		(497)		7,863		(857)
Contract liabilities – deferred revenue		(64,780)		(23,898)		(18,581)		(14,716)
Trade and other payables		(23,602)		(19,821)		(31,839)		(36,974)
Provisions		688		194		(2,025)		359
Cash used in operations		(38,012)		(56,633)		(12,141)		(53,014)