Three months ended

Six months ended

31 December

2024

2023

2024

2023

£’000

£’000

£’000

£’000

(Loss)/profit before income tax

(34,517)

27,219

(32,889)

(5,585)

Adjustments for:

Depreciation

4,293

4,153

8,549

8,255

Amortization

49,423

50,495

102,693

97,340

Profit on disposal of intangible assets

(839)

(399)

(36,391)

(29,880)

Net finance costs

37,563

275

28,967

34,894

Non-cash employee benefit expense - equity-settled share-based payments

421

736

797

1,476

Foreign exchange losses/(gains) on operating activities

562

619

(152)

477

Reclassified from hedging reserve

184

250

2,943

(2)

Changes in working capital:

Inventories

(982)

1,022

(9,880)

(859)

Prepayments

8,685

9,286

(9,413)

(10,833)

Contract assets – accrued revenue

(14,088)

(14,476)

(20,069)

(18,487)

Trade receivables

(35,013)

(39,110)

(49,243)

(44,355)

Other receivables

140

9,612

713

7,863

Contract liabilities – deferred revenue

(62,241)

(64,780)

(34,105)

(18,581)

Trade and other payables

(9,386)

(23,602)

14,920

(31,839)

Provisions

(12)

688

(39)

(2,025)

Cash used in operations

(55,807)

(38,012)

(32,599)

(12,141)