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Financial risk management (Tables)

12 Months Ended

Jun. 30, 2025

Financial risk management

Schedule of forward foreign currency contracts outstanding at balance sheet date

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2025

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2024

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Average

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Average

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exchange

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Foreign

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Notional

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Fair

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exchange

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Foreign

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Notional

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Fair

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rate

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currency

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value

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value

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rate

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currency

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value

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value

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€’000

£’000

£’000

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€’000

£’000

£’000

Buy Euro

1.111

(163,419)

(147,584)

(5,830)

1.104

(187,803)

(170,540)

(8,506)

Schedule of exposure to material foreign currency risk

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​	​	​	​	​	​	​	​	​
​	​	2025			​	2024
​	​	Euro	​	US Dollar	​	Euro	​	US Dollar
​		£’000		£’000		£’000		£’000
Contract assets – accrued revenue		1,205		469		2,322		1,113
Trade receivables	​	67,152	​	6,244	​	18,992	​	4,208
Cash and cash equivalents	​	24,415	​	22,611	​	16,009	​	8,576
Derivative financial assets	​	—	​	—	​	—	​	2,297
Trade and other payables	​	(319,649)	​	(432)	​	(202,836)	​	(460)
Borrowings		—		(476,948)		—		(516,604)
​		(226,877)		(448,056)		(165,513)		(500,870)

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

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​	​	​	​	​
​		2025		2024
​		£’000		£’000
Neither past due nor impaired		157,747		49,537
Past due, not impaired	​	19,400	​	15,392
Not past due, impaired	​	—	​	260
Past due, impaired		20,385		10,725
Gross trade receivables		197,532		75,914

Schedule of movements on provision for impairment of trade receivables

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​	​	​	​	​
​		2025		2024
​		£’000		£’000
Provision as of 1 July		10,985		16,259
Increase in provision recognized in profit or loss during the year		519		387
Unused amount reversed – cash received	​	(81)	​	(111)
Receivables written off during the year as uncollectible(1)		(584)		(12,228)
Receivables offset against contract liabilities - deferred revenue		9,546		6,665
Foreign exchange gains on retranslation recognized in profit or loss during the year		—		13
Provision as of 30 June		20,385		10,985

⁽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)		340,948		152,573		76,286		—
Borrowings	​	191,890	​	341,904	​	209,416	​	—
Lease liabilities		971		1,223		3,366		6,198
​		533,809		495,700		289,068		6,198
Non-trading derivative financial instruments(2):		​		​		​		​
Cash outflow		2,833		2,208		789		—
At 30 June 2025	​	536,642		497,908		289,857		6,198
​	​	​	​	​	​	​	​	​
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

(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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​	​	​	​	​
​		2025		2024
​		$’000		$’000
USD borrowings		650,000		650,000
Hedged USD cash		(32,500)		(9,500)
Net USD debt		617,500		640,500
Hedged future USD revenues		(250,000)		(172,500)
Unhedged USD borrowings(1)		367,500		468,000
Closing exchange rate		1.3709		1.2643

⁽¹⁾ A further portion of the profit and loss exposure (within net finance 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 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)
Exchange differences on hedged foreign exchange risks	​	1,069	​	—	​	(487)	​	582	​	—	​	582
Reclassified to profit or loss	​	347	​	—	​	702	​	1,049	​	—	​	1,049
Tax relating to above	​	—	​	—	​	—	​	—	​	(408)	​	(408)
Movement recognized in other comprehensive income	​	1,416	​	—	​	215	​	1,631	​	(408)	​	1,223
Reclassified	​	—	​	—	​	(7,525)	​	(7,525)	​	7,525	​	—
Balance at 30 June 2025	​	996	​	—	​	(674)	​	322	​	(99)	​	223

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Schedule of hedging reserve

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​	​	​	​	​
​		At 30 June 2025		At 30 June 2024
​	​	£’000	​	£’000
Cash flow hedge reserve		723		(1,882)
Cost of hedging reserve		(500)		882
Total hedging reserve		223		(1,000)

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

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