Form 6-K Endava plc For: Jun 30

September 28, 2021 7:15 AM EDT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the Month of September 2021

Commission File Number: 001-38607

ENDAVA PLC
(Name of Registrant)


125 Old Broad Street
London EC2N 1AR
(Address of principal executive office)

 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:  
x Form 20-F   ¨ Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨




EXHIBIT LIST

Exhibit 99.1, other than the portions of Exhibit 99.1 under the caption "Outlook", is hereby expressly incorporated by reference into the registrant’s registration statement on Form S-8 filed with the Securities and Exchange Commission on December 7, 2018 (File no. 333-228717), the registrant’s registration statement on Form S-8 filed with the SEC on September 18, 2020 (File No. 333-248904) and the registrant's registration statement on Form F-3 filed with the SEC on October 18, 2019 (File No. 333-229213).







SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
ENDAVA PLC
Date: September 28, 2021By:/s/ John Cotterell
Name: John Cotterell
Title: Chief Executive Officer


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Q4 FY2021 & FY2021
ENDAVA ANNOUNCES FOURTH QUARTER FISCAL YEAR 2021 & FISCAL YEAR 2021 RESULTS

Q4 FY2021
47.7% Year on Year Revenue Growth to £133.6 million
54.9% Revenue Growth at Constant Currency
IFRS diluted EPS £0.28 compared to £0.11 in the prior year comparative period
Adjusted diluted EPS £0.41 compared to £0.23 in the prior year comparative period

FY2021
27.2% Year on Year Revenue Growth to £446.3 million
29.6% Revenue Growth at Constant Currency
IFRS diluted EPS £0.76 compared to £0.38 in the prior year comparative period
Adjusted diluted EPS £1.30 compared to £1.00 in the prior year comparative period


London, U.K. – Endava plc (NYSE: DAVA) ("Endava" or the "Company") a global provider of digital transformation, agile development and intelligent automation services, today announced results for the three months ended June 30, 2021, the fourth quarter of its 2021 fiscal year ("Q4 FY2021") and for the fiscal year ended June 30, 2021 ("FY2021").

"Endava delivered excellent results for Q4 FY2021, with revenue of £133.6 million, an increase of 47.7% Year on Year. Our strong financial performance in FY2021 was driven by continued increased demand for digital services in all regions and verticals," said John Cotterell, Endava's CEO.

FOURTH QUARTER FISCAL YEAR 2021 FINANCIAL HIGHLIGHTS:
Revenue for Q4 FY2021 was £133.6 million, an increase of 47.7% compared to £90.5 million in the same period in the prior year.
Revenue growth rate at constant currency (a non-IFRS measure) was 54.9% for Q4 FY2021, compared to 16.5% in the same period in the prior year.
Profit before tax for Q4 FY2021 was £18.5 million, compared to £6.7 million in the same period in the prior year.
Adjusted profit before tax (a non-IFRS measure) for Q4 FY2021 was £29.3 million, compared to £15.2 million in the same period in the prior year, or 21.9% of revenue, compared to 16.8% of revenue in the same period in the prior year.
Profit for the period was £15.9 million in Q4 FY2021, resulting in a diluted EPS of £0.28, compared to profit of £6.1 million and diluted EPS of £0.11 in the same period in the prior year.
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Q4 FY2021 & FY2021
Adjusted profit for the period (a non-IFRS measure) was £23.6 million in Q4 FY2021, resulting in adjusted diluted EPS (a non-IFRS measure) of £0.41, compared to adjusted profit for the period of £12.8 million and adjusted diluted EPS of £0.23 in the same period in the prior year.

FISCAL YEAR 2021 FINANCIAL HIGHLIGHTS:
Revenue for FY2021 was £446.3 million, an increase of 27.2% compared to £351.0 million in the prior year.
Revenue growth rate at constant currency (a non-IFRS measure) was 29.6% for FY2021, compared to 21.0% in the prior year.
Profit before tax for FY2021 was £54.4 million, compared to profit before tax of £25.3 million in the prior year.
Adjusted profit before tax (a non-IFRS measure) for FY2021 was £92.1 million, compared to £68.6 million in the prior year, or 20.6% of revenue, compared to 19.5% of revenue in the prior year.
Profit for FY2021 was £43.4 million, resulting in a diluted EPS of £0.76, compared to profit of £21.4 million and diluted EPS of £0.38 in the prior year.
Adjusted profit for FY2021 (a non-IFRS measure) was £73.9 million, resulting in adjusted diluted EPS (a non-IFRS measure) of £1.30, compared to adjusted profit of £56.0 million and adjusted diluted EPS of £1.00 in the prior year.

CASH FLOW:
Net cash from operating activities was £34.9 million in Q4 FY2021, compared to £1.9 million in the same period in the prior year.
Net cash from operating activities was £88.4 million in FY2021, compared to £40.2 million in the prior year.
Adjusted free cash flow (a non-IFRS measure) was £32.6 million in Q4 FY2021, compared to £0.4 million in the same period in the prior year.
Adjusted free cash flow (a non-IFRS measure) was £82.7 million in FY2021, compared to £31.4 million in the prior year.
At June 30, 2021, Endava had cash and cash equivalents of £69.9 million, compared to £101.3 million at June 30, 2020.

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Q4 FY2021 & FY2021
OTHER METRICS FOR THE QUARTER ENDED JUNE 30, 2021:
Headcount reached 8,883 at June 30, 2021, with 7,872 average operational employees in Q4 FY2021, compared to a headcount of 6,624 at June 30, 2020 and 5,936 average operational employees in the same quarter of the prior year.
Number of clients with over £1 million in revenue on a rolling twelve months basis was 85 at June 30, 2021, compared to 65 at June 30, 2020.
Top 10 clients accounted for 36% of revenue in Q4 FY2021, compared to 40% in the same period in the prior year.
By geographic region, 37% of revenue was generated in North America, 21% was generated in Europe, 40% was generated in the United Kingdom and 2% was generated in the rest of the world in Q4 FY2021. This compares to 31% in North America, 24% in Europe, 42% in the United Kingdom and 3% in the rest of the world in the same period in the prior year.
By industry vertical, 51% of revenue was generated from Payments and Financial Services, 25% from TMT and 24% from Other. This compares to 52% from Payments and Financial Services, 28% from TMT and 20% from Other in the same period in the prior year.

OTHER METRICS FOR THE FISCAL YEAR ENDED JUNE 30, 2021:
Top 10 clients accounted for 35% of revenue in FY2021, compared to 38% of revenue in the prior year.
By geographic region, 31% of revenue was generated in North America, 24% was generated in Europe, 42% was generated in the United Kingdom and 3% was generated in the rest of the world in FY2021. This compares to 29% in North America, 24% in Europe, 44% in the United Kingdom and 3% in the rest of the world in the prior year.
By industry vertical, 51% of revenue was generated from Payments and Financial Services, 27% from TMT and 22% from Other. This compares to 53% from Payments and Financial Services, 26% from TMT and 21% from Other in the prior year.

OUTLOOK:
At this time, the general economic environment remains fluid and it continues to be challenging to anticipate the ultimate full scope and duration of the impact of the COVID-19 pandemic.
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Q4 FY2021 & FY2021
Endava is providing guidance for the first quarter of its 2022 fiscal year and its full 2022 fiscal year based upon what it currently sees in its markets.

First Quarter Fiscal Year 2022:
Endava expects revenues will be in the range £143.0 million to £145.0 million, representing constant currency revenue growth of between 56.0% and 58.0%. Endava expects adjusted diluted EPS to be in the range of £0.42 to £0.44 per share.

Full Fiscal Year 2022:
Endava expects revenues will be in the range of £608.0 million to £615.0 million, representing constant currency growth of between 38.0% and 40.0%. Endava expects adjusted diluted EPS to be in the range of £1.61 to £1.67 per share.

This above guidance for Q1 Fiscal Year 2022 and the Full Fiscal Year 2022 assumes the exchange rates at the end of August (when the exchange rate was 1 British Pound to 1.38 US Dollar and 1.17 Euro).

Endava is not able, at this time, to provide an outlook for IFRS diluted EPS for Q1 FY2022 or FY2022 because of the unreasonable effort of estimating on a forward-looking basis certain items that are excluded from adjusted diluted EPS, including, for example, share-based compensation expense, amortisation of acquired intangible assets and foreign currency exchange (gains)/losses, the effect of which may be significant. Endava is also not able, at this time, to reconcile to an outlook for revenue growth not at constant currency because of the unreasonable effort of estimating foreign currency exchange gains/losses, the effect of which may be significant, on a forward-looking basis.

The guidance provided above is forward-looking in nature. Actual results may differ materially. See the cautionary note regarding “Forward-Looking Statements” below.

CONFERENCE CALL DETAILS:
The Company will host a conference call at 8:00 am EST today, September 28, 2021, to review its Q4 FY2021 and FY2021 results. To participate in Endava’s Q4 FY2021 and FY2021 earnings conference call, please dial in at least five minutes prior to the scheduled start time (833) 921-1651 or (778) 560-2811 for international participants, Conference ID 4027796.
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Q4 FY2021 & FY2021
Investors may listen to the call on Endava’s Investor Relations website at http://investors.Endava.com. The webcast will be recorded and available for replay until Friday, October 15, 2021.

ABOUT ENDAVA PLC:
Endava is a leading next-generation technology services provider and helps accelerate disruption by delivering rapid evolution to enterprises. Using distributed enterprise agile at scale, Endava collaborates with its clients, seamlessly integrating with their teams, catalysing ideation and delivering robust solutions. Endava helps its clients become digital, experience-driven businesses by assisting them in their journey from idea generation to development and deployment of products, platforms and solutions. It services clients in the following industries: Payments and Financial Services, TMT and "Other," which includes Consumer Products, Retail, Mobility and Healthcare. Endava had 8,883 employees (including directors) as of June 30, 2021 located in Australia, North America, Singapore and Western Europe and delivery centres in Bosnia & Herzegovina, Bulgaria, Croatia, Moldova, North Macedonia, Romania, Serbia, Slovenia, Argentina, Colombia, Mexico, Uruguay and Venezuela.

NON-IFRS FINANCIAL INFORMATION:
To supplement Endava’s Consolidated Statements of Comprehensive Income, Consolidated Balance Sheets and Consolidated Statements of Cash Flow presented in accordance with IFRS, the Company uses non-IFRS measures of certain components of financial performance. These measures include: revenue growth rate at constant currency, revenue growth at constant currency adjusted for the sale of Endava Technology SRL, also referred to as “the Worldpay Captive” to Worldpay on August 31, 2019, adjusted profit before tax, adjusted profit for the period, adjusted diluted EPS and adjusted free cash flow.

Revenue growth rate at constant currency is calculated by translating revenue from entities reporting in foreign currencies into British Pounds using the comparable foreign currency exchange rates from the prior period. For example, the average rates in effect for the fiscal quarter ended June 30, 2020 were used to convert revenue for the fiscal quarter ended June 30, 2021 and the revenue for the comparable prior period.

Revenue growth at constant currency adjusted for the sale of the Worldpay Captive is revenue growth at constant currency adjusted to exclude the impact of the sale of the Worldpay Captive.
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Q4 FY2021 & FY2021

Adjusted profit before tax ("Adjusted PBT") is defined as the Company’s profit before tax adjusted to exclude the impact of share-based compensation expense, discretionary EBT bonus, amortisation of acquired intangible assets, realised and unrealised foreign currency exchange gains and losses, and net gain on disposal of subsidiary. Share-based compensation expense, amortisation of acquired intangible assets and unrealized foreign currency gains are non-cash expenses. Adjusted PBT margin is Adjusted PBT as a percentage of total revenue.

Adjusted profit for the period is defined as Adjusted PBT together with the tax impact of these adjustments.

Adjusted diluted EPS is defined as Adjusted profit for the period, divided by weighted average number of shares outstanding - diluted.

Adjusted free cash flow is the Company’s net cash from operating activities, plus grants received, less net purchases of non-current assets (tangible and intangible).

Management believes these measures help illustrate underlying trends in the Company's business and uses the measures to establish budgets and operational goals, communicated internally and externally, for managing the Company's business and evaluating its performance. Management also believes the presentation of its non-IFRS financial measures enhances an investor’s overall understanding of the Company’s historical financial performance. The presentation of the Company’s non-IFRS financial measures is not meant to be considered in isolation or as a substitute for the Company’s financial results prepared in accordance with IFRS, and its non-IFRS measures may be different from non-IFRS measures used by other companies. Investors should review the reconciliation of the Company’s non-IFRS financial measures to the comparable IFRS financial measures included below, and not rely on any single financial measure to evaluate the Company’s business.

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of terms and phrases such as “believe,” “expect,” "outlook," “may,” “will”, and other similar terms and phrases. Such forward-looking statements include, but are not limited to, the statements regarding Endava’s projected financial performance for the first fiscal quarter of fiscal year 2022 and the full fiscal year 2022 and the challenges presented by the ongoing
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Q4 FY2021 & FY2021
COVID-19 pandemic and associated global economic uncertainty. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: Endava’s business, results of operations and financial condition may be negatively impacted by the COVID-19 pandemic and the precautions taken in response to the pandemic or if general economic conditions in Europe, the United States or the global economy worsen; Endava’s ability to manage its rapid growth or achieve anticipated growth; Endava’s ability to retain existing clients and attract new clients, including its ability to increase revenue from existing clients and diversify its revenue concentration; Endava’s ability to attract and retain highly-skilled IT professionals at cost-effective rates; Endava's ability to penetrate new industry verticals and geographies and grow its revenue in current industry verticals and geographies; Endava’s ability to maintain favourable pricing and utilisation rates; Endava’s ability to successfully identify acquisition targets, consummate acquisitions and successfully integrate acquired businesses and personnel; the effects of increased competition as well as innovations by new and existing competitors in its market; Endava’s ability to adapt to technological change and innovate solutions for its clients; Endava’s ability to collect on billed and unbilled receivables from clients; Endava’s ability to effectively manage its international operations, including Endava's exposure to foreign currency exchange rate fluctuations; Endava’s ability to remediate the identified material weaknesses and maintain an effective system of disclosure controls and internal control over financial reporting, and Endava’s future financial performance, including trends in revenue, cost of sales, gross profit, selling, general and administrative expenses, finance income and expense and taxes, as well as other risks and uncertainties discussed in the “Risk Factors” section of our Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on September 28, 2021. In addition, the forward-looking statements included in this press release represent Endava’s views and expectations as of the date hereof and are based on information currently available to Endava. Endava anticipates that subsequent events and developments may cause its views to change. Endava specifically disclaims any obligation to update the forward-looking statements in this press release except as required by law. These forward-looking statements should not be relied upon as representing Endava’s views as of any date subsequent to the date hereof.

INVESTOR CONTACT:
Endava Plc
Laurence Madsen, Investor Relations Manager
Investors@endava.com
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Q4 FY2021 & FY2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Twelve Months Ended June 30Three Months Ended June 30
2021
2020(1)
2021
2020(1)
£’000£’000£’000£’000
REVENUE446,298350,950133,62290,463
Cost of sales
Direct cost of sales(271,707)(233,352)(82,052)(58,871)
Allocated cost of sales(20,758)(17,447)(6,225)(4,545)
Total cost of sales(292,465)(250,799)(88,277)(63,416)
GROSS PROFIT153,833100,15145,34527,047
Selling, general and administrative expenses(90,290)(75,110)(26,874)(19,719)
Net impairment (losses)/gains on financial assets(4)(3,169)1,317 (466)
OPERATING PROFIT63,53921,87219,7886,862
Net finance (expense) / income(9,184)1,169(1,263)(113)
Gain on sale of subsidiary2,215
PROFIT BEFORE TAX54,35525,25618,5256,749
Tax on profit on ordinary activities(10,914)(3,846)(2,577)(640)
PROFIT FOR THE PERIOD 43,44121,41015,9486,109
OTHER COMPREHENSIVE INCOME
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations(9,782)(2,240)(270)1,358
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT33,65919,17015,6787,467
EARNINGS PER SHARE (EPS):
Weighted average number of shares outstanding - Basic55,220,298 53,423,575 55,637,037 54,182,147 
Weighted average number of shares outstanding - Diluted57,050,613 56,065,080 57,549,709 56,403,794 
Basic EPS (£)0.79 0.40 0.29 0.11 
Diluted EPS (£)0.76 0.38 0.28 0.11 


(1) The presentation of the income statement has been changed to separately disclose the net impairment losses on financial assets on the face of the Consolidated Statement of Comprehensive Income (refer to Note 3C of our Annual Report on Form 20-F for the fiscal year ended June 30, 2021 for details).




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Q4 FY2021 & FY2021
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2021June 30, 2020
£’000
£’000
ASSETS - NON-CURRENT
Goodwill124,417 56,995 
Intangible assets69,550 38,751 
Property, plant and equipment13,324 12,747 
Lease right-of-use assets57,193 51,134 
Deferred tax assets18,674 13,340 
Financial assets363 639 
TOTAL283,521 173,606 
ASSETS - CURRENT
Trade and other receivables118,303 82,614 
Corporation tax receivable938 2,922 
Financial assets563 584 
Cash and cash equivalents69,884 101,327 
TOTAL189,688 187,447 
TOTAL ASSETS473,209 361,053 
LIABILITIES - CURRENT
Lease liabilities13,543 11,132 
Trade and other payables78,634 58,599 
Corporation tax payable4,294 1,449 
Contingent consideration5,718 1,409 
Deferred consideration624 3,907 
TOTAL102,813 76,496 
LIABILITIES - NON CURRENT
Lease liabilities50,142 42,233 
Deferred tax liabilities10,010 5,861 
Deferred consideration9,370 — 
Other liabilities205 136 
TOTAL69,727 48,230 
EQUITY
Share capital1,114 1,099 
Share premium247 221 
Merger relief reserve30,003 25,527 
Retained earnings283,059 214,638 
Other reserves(13,599)(3,817)
Investment in own shares(155)(1,341)
TOTAL300,669 236,327 
TOTAL LIABILITIES AND EQUITY473,209 361,053 
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Q4 FY2021 & FY2021
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 Twelve Months Ended June 30 Three Months Ended June 30
2021202020212020
£’000£’000£’000£’000
OPERATING ACTIVITIES
Profit for the period43,441 21,410 15,948 6,109 
Income tax charge10,914 3,846 2,577 640 
Non-cash adjustments55,547 28,622 16,459 8,560 
Tax paid(3,120)(5,876)(2,332)(1,430)
UK research and development credit received2,930 — — — 
Net changes in working capital(21,360)(7,759)2,266 (11,982)
Net cash from operating activities88,352 40,243 34,918 1,897 
 
INVESTING ACTIVITIES
Purchase of non-current assets (tangibles and intangibles)(6,113)(9,880)(2,361)(1,805)
Proceeds from disposal of non-current assets193 195 43 45 
Acquisition of business / subsidiaries, consideration in cash(109,991)(26,595)(44,049)— 
Proceeds from sale of subsidiary net of cash disposed of— 2,744 — — 
Cash and cash equivalents acquired with subsidiaries8,733 3,289 6,011 — 
Interest received84 499 22 
Net cash used in investing activities(107,094)(29,748)(40,348)(1,738)
FINANCING ACTIVITIES
Proceeds from sublease565 668 141 262 
Repayment of borrowings— (956)— (1)
Repayment of lease liabilities(11,828)(9,903)(3,386)(2,746)
Interest paid(911)(829)(237)(226)
Grant received228 888 (39)227 
Proceeds from sale of EBT shares— 30,917 — 16,120 
Issue of shares26 93 17 32 
Net cash from financing activities(11,920)20,878 (3,504)13,668 
Net change in cash and cash equivalents(30,662)31,373 (8,934)13,827 
Cash and cash equivalents at the beginning of the period101,327 70,172 78,836 87,159 
Exchange differences on cash and cash equivalents(781)(218)(18)341 
Cash and cash equivalents at the end of the period69,884 101,327 69,884 101,327 

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Q4 FY2021 & FY2021
RECONCILIATION OF IFRS FINANCIAL MEASURES TO NON-IFRS FINANCIAL MEASURES

RECONCILIATION OF REVENUE GROWTH RATE AS REPORTED UNDER IFRS TO REVENUE GROWTH RATE AT CONSTANT CURRENCY:

Twelve Months ended June 30Three Months ended June 30
2021202020212020
REVENUE GROWTH RATE AS REPORTED UNDER IFRS 27.2 %21.9 %47.7 %18.1 %
Foreign exchange rates impact2.4 %(0.9 %)7.2 %(1.6 %)
REVENUE GROWTH RATE AT CONSTANT CURRENCY INCLUDING WORLDPAY CAPTIVE29.6 %21.0 %54.9 %16.5 %
Impact of Worldpay Captive0.8 %3.2 % 3.9 %
PRO-FORMA REVENUE GROWTH RATE AT CONSTANT CURRENCY ADJUSTED FOR THE SALE OF THE WORLDPAY CAPTIVE30.4 %24.2 %54.9 %20.4 %


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Q4 FY2021 & FY2021


RECONCILIATION OF ADJUSTED PROFIT BEFORE TAX AND ADJUSTED PROFIT FOR THE PERIOD:
Twelve Months Ended June 30Three Months Ended June 30
2021202020212020
£’000£’000£’000£’000
PROFIT BEFORE TAX54,355 25,256 18,525 6,749 
Adjustments:
Share-based compensation expense24,427 15,663 6,909 4,588 
Discretionary EBT bonus — 27,874 — 3,108 
Amortisation of acquired intangible assets6,725 4,075 3,380 1,142 
Foreign currency exchange losses / (gains), net6,546 (2,054)515 (390)
Net gain on disposal of subsidiary— (2,215)— — 
Total adjustments37,698 43,343 10,804 8,448 
ADJUSTED PROFIT BEFORE TAX92,053 68,599 29,329 15,197 
PROFIT FOR THE PERIOD 43,441 21,410 15,948 6,109 
Adjustments:
Adjustments to profit before tax37,698 43,343 10,804 8,448 
Tax impact of adjustments(7,241)(8,787)(3,158)(1,714)
ADJUSTED PROFIT FOR THE PERIOD73,898 55,966 23,594 12,843 
Diluted EPS (£)0.760.380.280.11
Adjusted diluted EPS (£)1.301.000.410.23

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Q4 FY2021 & FY2021

RECONCILIATION OF NET CASH FROM OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW

Twelve Months Ended June 30Three Months Ended June 30
2021202020212020
£’000£’000£’000£’000
Net cash from operating activities88,352 40,243 34,918 1,897 
Adjustments:
Grant received228 888 (39)227 
Purchases of non-current assets (tangibles and intangibles)(5,920)(9,685)(2,318)(1,760)
Adjusted Free cash flow82,660 31,446 32,561 364 
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Q4 FY2021 & FY2021
SUPPLEMENTARY INFORMATION


SHARE-BASED COMPENSATION EXPENSE
Twelve Months Ended June 30Three Months Ended June 30
2021202020212020
£’000£’000£’000£’000
Direct cost of sales14,760 8,941 4,246 2,793 
Selling, general and administrative expenses9,667 6,722 2,663 1,795 
Total24,427 15,663 6,909 4,588 



DEPRECIATION AND AMORTISATION
Twelve Months Ended June 30Three Months Ended June 30
2021202020212020
£’000£’000£’000£’000
Direct cost of sales15,923 12,559 4,580 3,406 
Selling, general and administrative expenses9,221 6,166 4,076 1,692 
Total25,144 18,725 8,656 5,098 



EMPLOYEE BENEFIT TRUST DISCRETIONARY BONUS
Twelve Months Ended June 30Three Months Ended June 30
2021202020212020
£’000£’000£’000£’000
Direct cost of sales— 25,402 — 2,847 
Selling, general and administrative expenses— 2,472 — 261 
Total 27,874  3,108 






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Q4 FY2021 & FY2021

EMPLOYEES, TOP 10 CUSTOMERS AND REVENUE SPLIT
Six Months Ended December 31Twelve Months Ended June 30Three Months Ended June 30
2021202020212020
Closing number of total employees (including directors)8,8836,6248,8836,624
Average operational employees6,9435,6337,8725,936
Top 10 customers %35%38%36%40%
Number of clients with > £1m of revenue
(rolling 12 months)
85658565
Geographic split of revenue %
North America31%29%37%31%
Europe24%24%21%24%
UK42%44%40%42%
Rest of World (RoW)3%3%2%3%
Industry vertical split of revenue %
Payments and Financial Services51%53%51%52%
TMT27%26%25%28%
Other22%21%24%20%


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Q4 FY2021 INVESTOR PRESENTATION


 
2 This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation, other than statements of historical facts, are forward-looking statements. The words “believe,” “estimate,” “expect,” “may,” “will” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, the statements regarding the impact of the COVID-19 pandemic and associated global economic uncertainty on demand for our technology services, our business strategy and our plans and objectives for future operations, our addressable market, potential technological disruptions, and client demand for our services. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: our business, results of operations and financial condition may be negatively impacted by the COVID-19 pandemic and the precautions taken in response to the pandemic or if general economic conditions in Europe, the United States or the global economy worsen; our ability to manage our rapid growth or achieve anticipated growth; our ability to retain existing clients and attract new clients, including our ability to increase revenue from existing clients and diversify our revenue concentration; our ability to attract and retain highly-skilled IT professionals at cost-effective rates; our ability to penetrate new industry verticals and geographies and grow our revenue in current industry verticals and geographies; our ability to maintain favourable pricing and utilisation rates; our ability to successfully identify acquisition targets, consummate acquisitions and successfully integrate acquired businesses and personnel; the effects of increased competition as well as innovations by new and existing competitors in our market; our ability to adapt to technological change and innovate solutions for our clients; our ability to collect on billed and unbilled receivables from clients; our ability to effectively manage our international operations, including our exposure to foreign currency exchange rate fluctuations; our ability to remediate the identified material weaknesses and maintain an effective system of disclosure controls and internal control over financial reporting and our future financial performance, including trends in revenue, cost of sales, gross profit, selling, general and administrative expenses, finance income and expense and taxes, as well as other risks and uncertainties discussed in the “Risk Factors” section of our Annual Report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”) on September 28, 2021. Except as required by law, we assume no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this presentation. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. This presentation includes non-IFRS financial measures which have certain limitations and should not be considered in isolation, or as alternatives to or substitutes for, financial measures determined in accordance with IFRS. The non-IFRS measures as defined by us may not be comparable to similar non-IFRS measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by these or other unusual or non-recurring items. See the IFRS to Non-IFRS Reconciliation section for a reconciliation of these non-IFRS financial measures to the most directly comparable IFRS financial measures. Disclaimer


 
REIMAGINING THE RELATIONSHIP BETWEEN PEOPLE & TECHNOLOGY 3


 
We accelerate our clients’ ability to take advantage of new business models and market opportunities by ideating and delivering dynamic platforms and intelligent digital experiences that are designed to fuel rapid, ongoing transformation of their businesses.   By leveraging next-generation technologies, our agile, multi-disciplinary teams provide a combination of Product & Technology Strategies, Intelligent Experiences, and World Class Engineering to help our clients become more engaging, responsive, and efficient. REIMAGINING THE RELATIONSHIP BETWEEN PEOPLE & TECHNOLOGY 4


 
5 1 Opportunity & Approach Q4 FY2021


 
6 WE ARE A LEADING NEXT-GEN TECHNOLOGY SERVICES PROVIDER AND HELP ACCELERATE DISRUPTION BY DELIVERING RAPID EVOLUTION TO ENTERPRISES. OUR PEOPLE SYNTHESIZE CREATIVITY, TECHNOLOGY, AND DELIVERY AT SCALE IN MULTI-DISCIPLINARY TEAMS, ENABLING US TO SUPPORT OUR CLIENTS FROM IDEATION TO PRODUCTION. FROM PROOF OF CONCEPT, TO PROTOTYPE, TO PRODUCTION, WE USE OUR ENGINEERING EXPERTISE TO DELIVER ENTERPRISE PRODUCTS AND PLATFORMS CAPABLE OF HANDLING MILLIONS OF TRANSACTIONS PER DAY. IN THIS NEW REALITY, WE’LL BUILD THE EXPERIENCES, TECHNICAL SCAFFOLDING, AND INFRASTRUCTURE DESIGNED TO ENABLE AN ENTIRELY NEW SET OF INTERACTIONS BETWEEN PEOPLE AND TECHNOLOGY. We enable change IN OUR WORLD TODAY, MANY BUSINESSES ARE PREPARING FOR EXTENDED PERIODS OF TIME DEFINED BY LIMITED PHYSICAL CONTACT BETWEEN HUMANS. AN ORGANIZATION’S ABILITY TO OPERATE PRIMARILY IN A DIGITAL LANDSCAPE MAY DICTATE ITS ABILITY TO BOTH SURVIVE AND SUCCEED. WE BELIEVE, MOVING FORWARD, TRUE DIGITAL TRANSFORMATION AND THE ESTABLISHMENT OF A FLEXIBLE BUSINESS MODEL WILL BECOME MISSION CRITICAL FOR BUSINESSES. The new reality


 
LARGE AND FAST GROWING MARKET OPPORTUNITY DELIVER RAPID EVOLUTION BY COMBINING NEXT-GEN TECHNOLOGIES WITH DEEP INDUSTRY EXPERTISE STRONG GROWTH AND FINANCIAL PERFORMANCE IDEATION TO PRODUCTION CAPABILITIES, DISTRIBUTED AGILE AT SCALE, DOMAIN EXPERTISE AND NEAR-SHORE DELIVERY FOUNDER-LED, EXPERIENCED MANAGEMENT TEAM WITH STRONG CULTURE 7


 
8 TRADITIONAL IT SERVICES BUS. & TECH CONSULTANTS ENGINEERING ENTERPRISE AGILE AUTOMATION NEXT-GEN TECH STRATEGY 
 USER EXPERIENCE DIGITAL 
 AGENCIES


 
WE SERVE A LARGE ADDRESSABLE MARKET * IDC’s Future Scape: Worldwide Digital Transformation 2021 Predictions 2020 $6.8T 2023 15.5% CAGR FOR DIGITAL 
 TRANSFORMATION 
 INVESTMENTS 9


 
EMPLOYEE GEOGRAPHY 
 ( INCLUDING DIRECTORS): FY17 FY18 FY19 FY20 FY21 Western Europe 233 232 254 448 493 Central Europe - EU Countries 2,314 2,578 3,062 3,368 4,469 2,547 2,810 3,316 3,816 4,962 Central Europe - Non-EU Countries 1,073 1,279 1,583 1,810 2,361 Latin America 68 665 780 895 1,244 North America 56 65 75 103 311 APAC 5 3,744 4,819 5,754 6,624 8,883 CLOSE TO CLIENT Australia Austria Denmark Germany Ireland Netherlands Singapore
 Switzerland United Kingdom United States NEARSHORE DELIVERY European Union:
 Bulgaria, Croatia, Romania and Slovenia
 Central European: 
 Bosnia & Herzegovina, Moldova, North Macedonia and Serbia 
 Latin America:
 Argentina, Colombia, Mexico,
 Uruguay and Venezuela 8,883 AS OF JUN 30, 2021 GLOBAL EMPLOYEES 10 51 OFFICES / / 48 CITIES / / 23 COUNTRIES


 
HISTORY OF ENDAVA 8,883 FOUNDED IN COMPUDAVA ALPHEUS NICKELFISH PS TECH ISDC EXPAND 
 TO CE VELOCITY PARTNERSCONCISE UK IT CONSULTANCY 60 240 1,000 2000 2021 EXPAND 
 TO USA EXPAND 
 TO LATAM IPO NYSE JULY 2018 MOLDOVA 
 NEARSHORE 
 DELIVERY GERMANY 
 CONSULTING BUSINESS USA 
 DIGITAL, UX 
 & STRATEGY 
 FIRM USA & LATAM 
 NA SALES & LATAM DELIVERY SERBIA 
 AGILE DELIVERY NETHERLANDS 
 & CE 
 AGILE DELIVERY 2,000 BAIN PARTNERSHIP ANNOUNCED HEADCOUNT Q4 FY21 INTUITUS UNITED KINGDOM 
 IT CONSULTANCY PRIVATE EQUITY EXOZET GERMANY DIGITAL AGENCY 11 COMTRADE DIGITAL SERVICES ADRIATIC REGION 
 SOFTWARE ENGINEERING SERVICES FIVE USA, CROATIA DIGITAL AGENCY LEVVEL USA TECH STRATEGY CONSULTING & ENGINEERING 5,000


 
12 WE CREATE VALUE THROUGH THE DELIVERY OF


 
13 BUSINESS ANALYSIS DATA & ANALYTICS 
 DIGITAL PRODUCT STRATEGY PE DIGITAL & IT ADVISORY PROGRAMME MANAGEMENT TECHNOLOGY STRATEGY AUTOMATED TESTING. CLOUD NATIVE SOFTWARE ENG. CONTINUOUS DELIVERY . DISTRIBUTED AGILE DELIVERY INTELLIGENT AUTOMATION SECURE DEVELOPMENT AGILE APPLICATIONS MGMT CLOUD INFRASTRUCTURE 
 DEVSECOPS 
 SERVICE DELIVERY SMART DESK 
 TELEMETRY & MONITORING ARCHITECTURE EXTENDED REALITY MACHINE LEARNING & AI 
 PRODUCT DESIGN USER EXPERIENCE DESIGN VISUAL DESIGN


 
14 TODAY TIME TECHNOLOGY DISRUPTION WAVES & CONVERGENCE BANKING PAYMENTS RETAIL / CPG LOGISTICS HEALTHCARE


 
RO I O PP OR TU NI TY 2016 2017 2018 2019 2020 2021 15 DOMAIN EXPERTISE: PAYMENT PROTOTYPING PAYMENTS PLATFORMS ROBOTIC 
 AUTOMATION REAL OMNI-CHANNEL CUSTOMER CENTRIC UX FINANCIAL INCLUSION CHATBOTS MICRO MERCHANTS & NANO PAYMENTS SCHEMELESS BIOMETRIC IN APP P2P BLOCKCHAIN QUANTUM CRYPTOCURRENCY PSD2 OPEN APIs MESSAGE 
 APPS FRICTIONLESS PAYMENTS SMART POS SYSTEMS AR COMPUTER VISION


 
16 AS WE STRIVE TO BE THE ASPIRATIONAL BRAND FOR IT PROFESSIONALS IN THE REGIONS IN WHICH WE OPERATE, WE ATTRACT HIGH QUALITY TALENT. TO SUPPORT THIS GROWTH, WE NEED LEADERSHIP AND HAVE DEVELOPED THE ‘PASS IT ON’ INITIATIVE WHICH DRIVES LOYALTY AND LOWERS ATTRITION. WE USE TUCK-IN ACQUISITIONS TO ACCELERATE OUR GROWTH STRATEGY - TO EITHER ESTABLISH OURSELVES IN A NEW GEO OR TO ESTABLISH A NEW AREA OF EXPERTISE AND MARKET GROWTH. BRAND CULTURE M&A Scalability


 
17 ENDAVA’S FIVE KEY SUSTAINABILITY FOCUS AREAS


 
18 KEY SUSTAINABILITY COMMITMENTS OUR PEOPLE SOCIAL IMPACT OPERATING RESPONSIBILITY INNOVATION & DATA INTEGRITY ENVIRONMENTAL IMPACT We enable our people to be the best they can be by fostering an inclusive culture, providing career and progression opportunities, and supporting their wellbeing. We follow sound environmental practices to lower our energy footprint, reduce waste, choose greener infrastructures and equipment, and promote environmentally friendly ways of working. We help our clients to accelerate industry transformation by reimagining the relationship between people and technology, while safeguarding our clients’ privacy and protecting the assets entrusted to us according to industry standards. We contribute to the societies we are part of, and more broadly the Technology & Services industry, through community and fundraising activities in the areas of Education, Health and the Environment. We apply the highest standards of business conduct and ethics to work situations and strive to make the right decisions that benefit our people, inventors, customers, suppliers and society.


 
19 ENSURING THE HEALTH & WELL-BEING OF OUR EMPLOYEES AND THEIR FAMILIES WORKING WITH OUR CLIENTS TO ADAPT TO THE CURRENT ENVIRONMENT RETAINING OUR PEOPLE AND THEIR INCOMES THROUGH THIS CRISIS PERIOD Priorities CURRENTLY OVER 90% OF OUR EMPLOYEES ARE WORKING FROM HOME. THE CITIES IN WHICH WE OPERATE HAVE EXCELLENT CONNECTIVITY AND INFRASTRUCTURE. WE CONTINUE TO ONBOARD NEW EMPLOYEES AND RECRUITS VIRTUALLY. Where we stand COVID-19 Response


 
20 2 Financials Q4 FY2021


 
21 MASTER SERVICE AGREEMENTS WITH CLIENTS PRIMARILY T&M BASED PRICING LONG-TERM CLIENT RELATIONSHIPS STRONG REVENUE GROWTH HEALTHY MARGINS LOW CAPEX REQUIREMENTS POSITIVE ADJUSTED FREE CASH FLOW Financial
 Highlights


 
22 STRONG REVENUE GROWTH FY17 FY17 FY19 FY20 FY21 _ 6m18 6m19 133.6 90.5 112.3 92.2 105.285.9 95.182.4446.3351.0287.9217.6159.4 CAGR 29.4% OVER LAST 5 YEARS, 88.5% OF REVENUE (ON AVERAGE) EACH FISCAL YEAR WAS GENERATED FROM CLIENTS IN THE PREVIOUS YEAR. FY17 JUNE 30 JUNE 30 12M20 12M21FY18 FY19 +27.2% YOYRevenue (£m) FY20 Q1 Q2 351.0 446.3 Q3 FY21 Q4


 
16.8% 21.9% Q4 (20.1%) 10.1% Q2 21.2% 9.2% Q1 19.8% 14.7% Q3 23 FY17 FY18 FY19 FY20 FY21 _ FY17 FY18 18.5 16.5 6.7 10.6 18.3 8.717.554.425.330.124.621.7 ROBUST PROFITABILITY FY17 FY18 FY19 FY20 FY21 _ FY17 FY18 29.3 15.2 23.916.0 20.620.5 18.216.992.168.651.933.525.2 15.8% 19.5% 20.6%MARGIN FY17 JUNE 30 FY18 15.4% 7.2% MARGIN FY17 JUNE 30 JUNE 30 12M20 12M21FY18 FY19 FY19 18.0% JUNE 30 12M20 12M21 12.2% * See page 29 for reconciliation of IFRS to Non-IFRS metrics CAGR 37% Adjusted Profit Before Tax (£m)*Profit Before Tax (£m) 13.6%MARGIN 11.3% 10.5% FY20 7.2% FY20 19.5% Q1 Q2 (17.3) Q1 Q2 12M 20.5% 19.2% 23.8% 19.6% Q1 Q2 12M 25.3 54.4 68.6 92.1 18.3 Q3 17.4% 21.3% Q3 Q3 FY21 12.2% 7.5% 13.9% Q4 20.6% FY21 Q4 Q4 6.8 . 29.3 15.2


 
DEEP CLIENT RELATIONSHIPS FY17 FY18 FY21 FY17 85658565634634 FY17 FY17 FY17 FY17 FY17 q218 q219 36%40%35%38%38%42%49% TOP TEN FY17 JUNE 30 FY17 JUNE 30 FY18 FY18Q4FY21 JUNE 30 FY19 FY19 24* Calculated on a 12 month rolling basis. Top Client Revenue % No. of Clients / Revenue > £1m* FY20 JUNE 30 FY20 Q4FY20 Q4FY21Q4FY20FY21 FY21


 
25 INCREASING NUMBER & SPEND OF CLIENTS FY17 FY17 FY17 FY20 FY21 _ FY17 FY18 615416615416275258188 FY17 FY18 FY18 FY18 FY21 - Q218 Q219 260232697647699597504 0 3898 7795 11693 15590 FY17 FY18 FY19 FY20 FY21 Q218 Q219 4,7603,63015,59013,38010,8709,0407,820 FY17 JUNE 30 FY18 FY19 FY20 Q4FY20 Q4FY21 Total No. of Clients Average Spend: TOP TEN CLIENTS (£000s) Average Spend: REMAINING CLIENTS (£000s) FY17 JUNE 30 FY18 FY19 Q4FY20 Q4FY21 JUNE 30 FY20 FY17 JUNE 30 FY18 FY19 FY20FY21 JUNE 30 FY21 Q4FY20 Q4FY21 JUNE 30 FY21


 
DIVERSE REVENUE BASE: GEOGRAPHY & INDUSTRY VERTICALS 24% 25% 51% PAYMENTS AND FINANCIAL SERVICES TECHNOLOGY, MEDIA & TELECOMMUNICATIONS OTHER REVENUE % BY VERTICAL Q4 FY21 FY17 FY18 FY19 FY20 FY20 _ FY19 FY20 0.20.30.30.3 37% 31%31%29% 27% 21% 16% 21%24%24%24%28%34% 34% 40%42%42%44%45%45%50% UK EUROPE N.AMERICA RoW * FY17 JUNE 30 JUNE 30 Q4FY20 Q4FY21FY18 FY19 2% 26 * Other includes consumer products, 
 healthcare, mobility and retail verticals Revenue by Region 3% FY20 3% FY21 3%


 
LOW CAPEX & POSITIVE ADJUSTED FCF 0.00 20.75 41.50 62.25 83.00 FY17 FY18 FY18 FY20 FY21 _ FY17 FY18 32.6 0.4 10.2 9.6 18.7 8.0 21.213.582.731.529.828.711.2 FY17 FY18 FY21 FY17 2.3 1.8 1.4 2.2 1.7 3.2 0.62.55.99.77.35.46.5 MARGIN FY17 12M20 12M21FY18 % OF REVENUE 7.0% 9.0% 18.5% FY17 JUNE 30 FY18 13.2%4.1% 2.8% 1.3%2.5% JUNE 30 JUNE 30 FY19 2.5% FY19 10.4% 27* See page 29 for reconciliation of IFRS to Non-IFRS metrics Capital Expenditures (£m) Adjusted Free Cash Flow (£m)* FY20 2.8% FY20 9.0% JUNE 30 12M20 12M21 82.7 31.5 5.9 9.7 3.7% 1.6% 3.0% 0.6% 12M Q2 Q1 9.3% 17.7% 16.4% 22.3% 12M Q2 Q1 Q1 Q2 Q1 Q2 2.4% 1.2% Q3 10.4% 9.1% Q3 Q3 Q3 FY21 1.3% 1.9% 1.7% Q4 0.4% 24.4% Q4 FY21 18.5% Q4 Q4 32.6 0.4


 
3 Appendix Q4 FY2021 28


 
29 IFRS TO NON-IFRS RECONCILIATION


 


 

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ENDAVA LAUNCHES WE CARE SUSTAINABILITY REPORT

Endava showcases its positive impact on its people and customers,
as well as its contributions to the communities where it operates.
The report outlines Endava’s five areas of focus
that bring its sustainability mission to life.

London, UK (September 28, 2021) – Today Endava plc (NYSE: DAVA), a leading next-generation technology service provider, marks a milestone by releasing its We Care sustainability report, which highlights the positive impact the company is making on its people, customers and the communities where it operates. This report helps Endava’s stakeholders have a comprehensive view of its achievements and priorities in relation to Environmental, Social, and Governance matters, highlighting both Endava’s new, award winning initiatives and established programmes. Endava’s We Care approach is aligned with the Sustainability Accounting Standards Board (SASB) and the United Nations’ Sustainable Development Goals (SDGs).
“We have been making a positive impact across our business, communities and beyond for more than two decades. Now, we bring it all together to tell our story through We Care which captures our DNA. As Endava has grown over the years, we have remained true to our core purpose and values. They are what make us distinctive from other companies and they show that we care deeply about the people we work with, the customers we interact with, and the communities we are part of, everywhere we operate. We believe this focus will enable us to remain a resilient and sustainable business in the future, while continuing to be an employer of choice in a number of our locations,” said John Cotterell, Endava's CEO.

We Care articulates Endava’s key priorities through its pillars of Operating Responsibly, Innovation and Data Integrity, its focus on People, Social Impact, and Environmental Impact, which are all underpinned by Endava’s values and purpose.

Endava’s Sustainability Report 2021 is available at: endava.com/2021sustainabilityreport.

About Endava
Endava is a leading next-generation technology services provider and helps accelerate disruption by delivering rapid evolution to enterprises. Using distributed enterprise agile at scale, Endava collaborates with its clients, seamlessly integrating with their teams, catalysing ideation and delivering robust solutions. Endava helps its clients become digital, experience-driven businesses by assisting them in their journey from idea generation to development and deployment of products, platforms and solutions. It services clients in the following industries: Payments and Financial Services, TMT and "Other," which includes Consumer Products, Retail, Mobility and Healthcare.

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of terms and phrases such as “believe,” “expect,” "outlook," “may,” “will”, and other similar terms and phrases. Such forward-looking statements include, but are not limited to, the statements regarding Endava’s ability to remain a sustainable and resilient business and an employer of choice in the locations in which it operates. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to, the risk that Endava may not be able to achieve its We Care and other sustainability goals and risks related to Endava’s
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ability to attract and retain highly-skilled IT professionals at cost-effective rates, as well as other risks and uncertainties discussed in the “Risk Factors” section of Endava’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on September 28, 2021 and in future filings Endava makes with the SEC. In addition, the forward-looking statements included in this press release represent Endava’s views and expectations as of the date hereof and are based on information currently available to Endava. Endava anticipates that subsequent events and developments may cause its views to change. Endava specifically disclaims any obligation to update the forward-looking statements in this press release except as required by law. These forward-looking statements should not be relied upon as representing Endava’s views as of any date subsequent to the date hereof.

For media inquiries, please contact:
Laurence Madsen, Investor Relations
investors@endava.com









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