UPDATE: Endava (DAVA) Reports Q3 EPS of GBP0.34 on Revenues of GBP112.3M; Offers Q4 & FY21 EPS/Revenues Outlook
Endava (NYSE: DAVA) reported Q3 EPS of GBP0.34, versus GBP0.23 reported last year. Revenue for the quarter came in at GBP112.3 million, versus GBP92.2 million reported last year.
THIRD QUARTER FISCAL YEAR 2021 FINANCIAL HIGHLIGHTS:
- Revenue for Q3 FY2021 was £112.3 million, an increase of 21.8% compared to £92.2 million in the same period in the prior year.
- Revenue growth rate at constant currency (a non-IFRS measure) was 23.8% for Q3 FY2021 compared to 25.7% in the same period in the prior year.
- Profit before tax for Q3 FY2021 was £16.5 million compared to £18.3 million in the same period in the prior year.
- Adjusted profit before tax (a non-IFRS measure) for Q3 FY2021 was £23.9 million, compared to £16.0 million in the same period in the prior year, or 21.3% of revenue, compared to 17.4% of revenue in the same period in the prior year.
- Profit for the period was £13.0 million in Q3 FY2021, resulting in a diluted EPS of £0.23, compared to profit of £14.6 million and diluted EPS of £0.26 in the same period in the prior year.
- Adjusted profit for the period (a non-IFRS measure) was £19.3 million in Q3 FY2021, resulting in adjusted diluted EPS (a non-IFRS measure) of £0.34 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.
"Endava delivered another outstanding quarter with revenue for Q3 FY2021 of £112.3 million, an increase of 21.8% Year on Year. Demand for digital transformation services continues to grow in all regions and verticals," said John Cotterell, Endava's CEO.
GUIDANCE:
Endava sees Q4 2021 EPS of GBP0.34-GBP0.36. Endava sees Q4 2021 revenue of GBP130-132 million.
Endava sees FY2021 EPS of GBP1.22-GBP1.24. Endava sees FY2021 revenue of GBP443-445 million.
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. Endava is providing guidance for the fourth quarter of its 2021 fiscal year and its full 2021 fiscal year based upon what it currently sees in its markets.
- Fourth Quarter Fiscal Year 2021:
- Endava expects revenues will be in the range £130.0 million to £132.0 million, representing constant currency revenue growth of between 51.0% and 53.0%. Endava expects adjusted diluted EPS to be in the range of £0.34 to £0.36 per share.
- Full Fiscal Year 2021:
- Endava expects revenues will be in the range £443.0 million to £445.0 million, representing constant currency growth of between 29.0% and 30.0%. Endava expects adjusted diluted EPS to be in the range of £1.22 to £1.24 per share.
- The constant currency growth figure now quoted for the full fiscal year 2021 guidance still includes the proforma adjustment for the Worldpay Captive, which Endava sold in August 2019, as it remains in the full year comparative.
- This above guidance for Q4 Fiscal Year 2021 and the Full Fiscal Year 2021 assumes the exchange rates at the end of April (when the exchange rate was 1 British Pound to 1.39 US Dollar and 1.15 Euro).
- Endava is not able, at this time, to provide an outlook for IFRS diluted EPS for Q4 FY2021 or FY2021 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.
For earnings history and earnings-related data on Endava (DAVA) click here.