Financial risk management (Tables)
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12 Months Ended |
Jun. 30, 2026 |
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| Financial risk management |
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| Schedule of forward foreign currency contracts outstanding at balance sheet date |
| | | | | | | | | | | | | | | | | | | 2026 | | 2025 | | | Average | | | | | | | | Average | | | | | | | | | exchange | | Foreign | | Notional | | Fair | | exchange | | Foreign | | Notional | | Fair | | | rate | | currency | | value | | value | | rate | | currency | | value | | value | | | | | €’000 | | £’000 | | £’000 | | | | €’000 | | £’000 | | £’000 | Buy Euro | | 1.117 | | (128,126) | | (116,143) | | (5,069) | | 1.111 | | (163,419) | | (147,584) | | (5,830) |
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| Schedule of exposure to material foreign currency risk |
| | | | | | | | | | | 2026 | | 2025 | | | Euro | | US Dollar | | Euro | | US Dollar | | | £’000 | | £’000 | | £’000 | | £’000 | Contract assets – accrued revenue | | 1,954 | | 469 | | 1,205 | | 469 | Trade receivables | | 64,562 | | 1,341 | | 67,152 | | 6,244 | Cash and cash equivalents | | 13,070 | | 7,987 | | 24,415 | | 22,611 | Trade and other payables | | (200,016) | | (174) | | (319,649) | | (432) | Borrowings | | — | | (578,799) | | — | | (476,948) | | | (120,430) | | (569,176) | | (226,877) | | (448,056) |
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| Schedule of gross trade receivables analysed by due date and whether or not impaired |
| | | | | | | 2026 | | 2025 | | | £’000 | | £’000 | Neither past due nor impaired | | 123,334 | | 157,747 | Past due, not impaired | | 8,863 | | 19,400 | Not past due, impaired | | 325 | | — | Past due, impaired | | 5,068 | | 20,385 | Gross trade receivables | | 137,590 | | 197,532 |
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| Schedule of movements on provision for impairment of trade receivables |
| | | | | | | 2026 | | 2025 | | | £’000 | | £’000 | Provision as of 1 July | | 20,385 | | 10,985 | Increase in provision recognized in profit or loss during the year | | 1,711 | | 519 | Unused amount reversed – cash received | | (2,829) | | (81) | Receivables written off during the year as uncollectible(1) | | (13,874) | | (584) | Receivables offset against contract liabilities - deferred revenue | | — | | 9,546 | Provision as of 30 June | | 5,393 | | 20,385 |
(1) | This balance includes receivables immediately written off as part of a contract variation signed with a commercial partner. |
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| Schedule of contractual undiscounted cash flows including interest |
| | | | | | | | | | | 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) | | 281,624 | | 112,566 | | 68,985 | | — | Borrowings | | 148,008 | | 38,019 | | 688,720 | | — | Lease liabilities | | 465 | | 377 | | 561 | | 3,202 | | | 430,097 | | 150,962 | | 758,266 | | 3,202 | Non-trading derivative financial instruments(2): | | | | | | | | | Cash outflow | | 4,131 | | 938 | | — | | — | At 30 June 2026 | | 434,228 | | 151,900 | | 758,266 | | 3,202 | | | | | | | | | | 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 |
| (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. |
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| Schedule of net borrowings being hedged at balance sheet date |
| | | | | | | 2026 | | 2025 | | | $’000 | | $’000 | USD borrowings | | 775,000 | | 650,000 | Hedged USD cash | | (11,200) | | (32,500) | Net USD debt | | 763,800 | | 617,500 | Hedged future USD revenues | | (166,000) | | (250,000) | Unhedged USD borrowings | | 597,800 | | 367,500 | Closing exchange rate | | 1.3272 | | 1.3709 |
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| Schedule of movements on the hedging reserve |
| | | | | | | | | | | | | | | 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 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 | Exchange differences on hedged foreign exchange risks | | (1,181) | | — | | 192 | | (989) | | — | | (989) | Reclassified to profit or loss | | 185 | | — | | (344) | | (159) | | — | | (159) | Tax relating to above | | — | | — | | — | | — | | 289 | | 289 | Movement recognized in other comprehensive income | | (996) | | — | | (152) | | (1,148) | | 289 | | (859) | Balance at 30 June 2026 | | — | | — | | (826) | | (826) | | 190 | | (636) |
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| Schedule of hedging reserve |
| | | | | | | At 30 June 2026 | | At 30 June 2025 | | | £’000 | | £’000 | Cash flow hedge reserve | | — | | 723 | Cost of hedging reserve | | (636) | | (500) | Total hedging reserve | | (636) | | 223 |
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