| 31 March 2024 | 31 March 2023 | ||||||
| Before | Before | ||||||
| non-underlying | Non‑underlying | non-underlying | Non-underlying | ||||
| items | items | Total | items | Items | Total | ||
| Note | £000 | £000 | £000 | £000 | £000 | £000 | |
Revenue | 4 | ||||||
Cost of sales | ( | ( | ( | ( | |||
| Gross profit | |||||||
| Administrative expenses | 6 | ( | ( | ( | ( | ( | ( |
| Acquisition-related costs | 7 | ( | ( | ||||
| Operating profit | ( | ( | |||||
| Gain on business combination | 32 | ||||||
| Finance income | 11 | ||||||
| Finance expenses | 11 | ( | ( | ( | ( | ||
| Fair value gains on investments | 16 | ||||||
| Fair value gains on contingent consideration (incl. finance expense) | 24 | ||||||
| Profit on ordinary activities before taxation | ( | ( | |||||
| Tax on profit on ordinary activities | 12 | ( | ( | ( | ( | ||
| Profit for the period attributable to Ordinary Shareholders | ( | ( | |||||
| Other comprehensive income | |||||||
| Items that will or may be reclassified to profit or loss: | |||||||
| Translation differences on foreign subsidiaries | ( | ( | ( | ( | |||
| Total comprehensive income | ( | ( |
| 31 March 2024 | 31 March 2023 | ||||||
| Before | Before | ||||||
| non-underlying | Non‑underlying | non-underlying | Non-underlying | ||||
| items | items | Total | items | Items | Total | ||
| Note | £000 | £000 | £000 | £000 | £000 | £000 | |
| Earnings per share attributable to Ordinary Shareholders | |||||||
| Profit or loss | |||||||
| Basic (pence) | 13 | ||||||
| Diluted (pence) | 13 | ||||||
| Basic before non-underlying items (pence) (non-IFRS measure) | 13 | ||||||
Diluted before non-underlying items (pence) (non-IFRS measure) | 13 |
| 31 March | 31 March | ||
| 2024 | 2023 | ||
| Note | £000 | £000 | |
| Non‑current assets | |||
Property, plant and equipment | 14 | ||
Right-of-use assets | 23 | ||
Intangible assets | 15 | ||
Investments at FVTPL | 16 | ||
Derivative assets | 17 | ||
Deferred tax asset | 26 | ||
Contract costs | 18 | ||
Trade and other receivables | 19 | ||
| Current assets | |||
Derivative assets | 17 | ||
Contract costs | 18 | ||
Trade and other receivables | 19 | ||
Cash and cash equivalents | 20 | ||
| Assets and liabilities of disposal group classified | 33 | ||
| as held for sale | |||
| Current liabilities | |||
Trade and other payables | 21 | ( | ( |
Loans and borrowings | 22 | ( | ( |
Lease liabilities | 23 | ( | ( |
Acquisition-related liabilities | 24 | ( | ( |
( | ( | ||
Net current assets |
| 31 March | 31 March | ||
| 2024 | 2023 | ||
| £000 | £000 | ||
| Non‑current liabilities | |||
Loans and borrowings | 22 | ( | ( |
Lease liabilities | 23 | ( | ( |
Acquisition-related liabilities | 24 | ( | ( |
Provisions | 25 | ( | ( |
Deferred tax liability | 26 | ( | ( |
( | ( | ||
Net assets | |||
| Equity | |||
Share capital | 28 | ||
Share premium | 28 | ||
Shares held in escrow reserve | 28 | ( | ( |
Own share reserve | 28 | ( | ( |
Treasury share reserve | 28 | ( | |
Share-based payment reserve | 28 | ||
Group reorganisation reserve | 28 | ||
Foreign exchange reserve | 28 | ( | ( |
Retained earnings | 28 | ||
Total equity |
| Shares held | Share-based | Group | Foreign | ||||||||
| Share | Share | in escrow | Own share | Treasury share | payment | re-organisation | exchange | Retained | Total | ||
| capital | premium | reserve | reserve | reserve | reserve | reserve | reserve | earnings | equity | ||
| Note | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
At 1 April 2022 | ( | ||||||||||
Transfer | ( | ||||||||||
Profit for the period | |||||||||||
Other comprehensive income | ( | ( | |||||||||
| Contributions by and distributions to owners | |||||||||||
Premium on issue of shares | 28 | ||||||||||
Dividends | 29 | ( | ( | ||||||||
Shares held in escrow arising from acquisition | 32 | ( | ( | ||||||||
Purchase of own shares | 28 | ( | ( | ||||||||
Share-based payments | 28 | ||||||||||
Deferred tax | 26 | ||||||||||
At 31 March 2023 | ( | ( | ( | ||||||||
Profit for the period | |||||||||||
Other comprehensive income | ( | ( | |||||||||
| Contributions by and distributions to owners | |||||||||||
Dividends | 29 | ( | ( | ||||||||
Purchase of own shares | 28 | ( | ( | ( | |||||||
Share-based payments | 28 | ||||||||||
Deferred tax | 26 | ||||||||||
| Transfer on vesting of initial consideration shares | |||||||||||
issued for Infrastructure Capital acquisition | 28 | ( | |||||||||
At 31 March 2024 | ( | ( | ( | ( |
| 31 March | 31 March | ||
| 2024 | 2023 | ||
| Note | £000 | £000 | |
| Cash flows from operating activities | |||
Profit on ordinary activities before taxation | |||
| Adjustments for: | |||
Gain on business combination | ( | ||
Fair value gains on investments | 16 | ( | ( |
Finance expenses | 11 | ||
Finance income | 11 | ( | ( |
Fair value gains on contingent consideration (incl. finance expense) | 24 | ( | ( |
Share-based payment (including share-based staff costs – acquisitions) | 10 | ||
Staff costs – acquisitions (excluding share-based staff costs – acquisitions) | 8 | ||
Amortisation in relation to intangible assets (customer contracts) | 6 | ||
Depreciation and amortisation (excluding amortisation in relation to intangible assets (customer contracts)) | 6 | ||
Impairment of intangible assets (customer contracts) | 6 | ||
Loss/(profit) on disposal of tangible and intangible fixed assets | 6 | ( | |
Loss on disposal group classified as held for sale | |||
Foreign currency gains | ( | ( | |
Decrease in contract costs | |||
(Increase)/decrease in trade and other receivables | ( | ||
(Decrease)/increase in trade and other payables | ( | ||
Cash generated from operations | |||
Tax paid | ( | ( | |
Net cash from operating activities | |||
| Cash flows used in investing activities | |||
Acquisition of property, plant and equipment | 14 | ( | ( |
Acquisition of intangible assets | 15 | ( | ( |
| 31 March | 31 March | ||
| 2024 | 2023 | ||
| Note | £000 | £000 | |
Acquisition of investments at FVTPL | 16 | ( | ( |
Proceeds on sale of investments at FVTPL | 16 | ||
Proceeds on disposal of property, plant and equipment | |||
Proceeds from derivative instruments | |||
Interest received | 11 | ||
Proceeds from disposal group classified as held for sale | |||
Contingent consideration paid | 24 | ( | |
Acquisition of Wellspring net of cash and cash equivalents acquired | 32 | ( | |
Acquisition of Infrastructure Capital net of cash and cash equivalents acquired | 32 | ( | |
Acquisition of Downing’s technology ventures business net of cash and cash equivalents acquired | 32 | ( | |
Net cash used in investing activities | ( | ( | |
| Cash flows used in financing activities | |||
Dividends and distributions to equity members | 29 | ( | ( |
FGLLP members’ capital contributions | 21 | ( | |
Purchase of own shares | 28 | ( | ( |
Purchase of treasury shares | 28 | ( | |
Principal paid on lease liabilities | 23 | ( | ( |
Interest paid on lease liabilities | 23 | ( | ( |
Principal paid on loan liabilities | 22 | ( | ( |
Interest paid on loan liabilities | 22 | ( | ( |
Other interest paid | 11 | ( | ( |
Net cash used in financing activities | ( | ( | |
Net increase/(decrease) in cash and cash equivalents | ( | ||
Cash and cash equivalents at beginning of period | |||
Cash and cash equivalents at end of period |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
Management fees | 115,580 | 97,373 |
Secretarial fees | 3,152 | 2,719 |
Directors’ fees | 3,640 | 3,116 |
Recurring revenue | 122,372 | 103,208 |
Marketing fees | 9,931 | 6,129 |
Arrangement fees | 5,139 | 4,054 |
Performance incentive fees | 3,879 | 5,740 |
Other income | 5 | 24 |
141,326 | 119,155 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
| Timing of transfer of goods and services: | ||
Point in time | 18,954 | 15,947 |
Over time | 122,372 | 103,208 |
141,326 | 119,155 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| Contract | Contract | |
| liabilities | liabilities | |
| £000 | £000 | |
At beginning of period | (5,790) | (134) |
| Amounts included in contract liabilities that were recognised | ||
as revenue during the period | 5,790 | 134 |
| Cash received in advance of performance and not recognised | ||
as revenue during the period | (7,361) | (5,790) |
At end of period | (7,361) | (5,790) |
| Private Equity | FCM | Total | Infrastructure | Private Equity | FCM | Total | ||
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | ||
Revenue | 84,174 | 47,350 | 9,802 | 141,326 | 73,035 | 33,411 | 12,709 | 119,155 |
Cost of sales | (4,389) | (981) | (1,934) | (7,304) | (714) | (3,349) | (2,240) | (6,303) |
Gross profit | 79,785 | 46,369 | 7,868 | 134,022 | 72,321 | 30,062 | 10,469 | 112,852 |
Administrative expenses | (64,125) | (29,601) | (7,213) | (100,939) | (56,107) | (19,308) | (7,100) | (82,515) |
Acquisition-related costs | — | — | — | — | (415) | (3,295) | (11) | (3,721) |
Operating profit | 15,660 | 16,768 | 655 | 33,083 | 15,799 | 7,459 | 3,358 | 26,616 |
Non-operating items | 733 | 471 | 25 | 1,229 | 430 | 328 | (53) | 705 |
Profit on ordinary activities before taxation | 16,393 | 17,239 | 680 | 34,312 | 16,229 | 7,787 | 3,305 | 27,321 |
Translation differences on foreign subsidiaries | (1,679) | — | — | (1,679) | (2,720) | — | — | (2,720) |
Core EBITDA reconciling items (see appendices – note A5) | 20,378 | 5,382 | 904 | 26,664 | 16,811 | 8,149 | 597 | 25,557 |
Core EBITDA pre-SBP | 35,092 | 22,621 | 1,584 | 59,297 | 30,320 | 15,936 | 3,902 | 50,158 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
United Kingdom | 112,776 | 100,237 |
Australia | 18,442 | 11,010 |
Luxembourg | 6,303 | 5,414 |
Italy | 1,128 | 1,498 |
Spain | 746 | 602 |
Ireland | 1,931 | 394 |
141,326 | 119,155 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
United Kingdom | 33,246 | 32,523 |
Australia | 36,664 | 39,704 |
Luxembourg | 2,571 | 2,584 |
Italy | 685 | 1,353 |
Spain | 453 | 517 |
Ireland | 569 | — |
74,188 | 76,681 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
Staff costs (see note 9) | 59,407 | 48,144 |
Staff costs – acquisitions (see note 9) | 11,947 | 12,667 |
| Amortisation in relation to intangible assets | ||
(customer contracts) (see note 15) | 3,211 | 2,414 |
| Depreciation and amortisation (excluding amortisation | ||
| in relation to intangible assets (customer contracts)) | ||
(see note 14, 15 and 23) | 3,227 | 2,800 |
| Impairment of intangible assets | ||
(customer contracts) (see note 15) | 2,895 | — |
Legal and professional | 5,908 | 5,288 |
| Other administration costs | 14,344 | 11,202 |
100,939 | 82,515 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
Auditor’s remuneration | 641 | 621 |
Net foreign exchange losses/(gains) | 124 | (763) |
Low-value and short-term lease expenses | 49 | 95 |
Bad debt write-offs | — | 64 |
Loss/(profit) on disposal of fixed assets | 5 | (10) |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
| Audit services | ||
Statutory audit – Company | 114 | 136 |
– Subsidiaries | 397 | 323 |
Total audit services | 511 | 459 |
| Non‑audit services | ||
Regulatory assurance services | 22 | 16 |
Other assurance services | 85 | 146 |
Other services | 23 | — |
Total non-audit services | 130 | 162 |
Total audit and non-audit services | 641 | 621 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
| Administrative expenses (see note 6) | ||
Staff costs – acquisitions | 11,947 | 12,667 |
Other administration costs – foreign exchange | — | (782) |
11,947 | 11,885 | |
| Acquisition-related costs (see note 7) | ||
Legal and professional costs in respect of acquisition of Infrastructure Capital | — | 3,121 |
Legal and professional costs in respect of acquisition Downing’s technology ventures business | — | 452 |
Other legal and professional costs | — | 148 |
— | 3,721 | |
Fair value gains on contingent consideration (incl. finance expense) (see note 24) | (190) | (327) |
Gain on business combination (see note 32) | (16) | — |
Total non-underlying items | 11,741 | 15,279 |
| 31 March 2024 | 31 March 2023 | |||||
| Cash settled | Share settled | Total | Cash settled | Share settled | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | |
Initial share consideration | — | 11,066 | 11,066 | — | 8,741 | 8,741 |
Earn-out consideration | 1,093 | 564 | 1,657 | 1,480 | 374 | 1,854 |
Revenue earn-out consideration | (306) | — | (306) | 288 | — | 288 |
Performance consideration | (360) | (110) | (470) | 735 | 399 | 1,134 |
427 | 11,520 | 11,947 | 2,503 | 9,514 | 12,017 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| Number | Number | |
Operations | 207 | 172 |
Sales and Marketing | 54 | 56 |
Administration | 121 | 86 |
382 | 314 |
| 31 March 2024 | 31 March 2023 | |||||
| Staff costs – | Staff costs – | |||||
| Staff costs | acquisitions | Total | Staff costs | acquisitions | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | |
Wages and salaries | 45,649 | — | 45,649 | 39,596 | 586 | 40,182 |
Social security costs | 4,876 | — | 4,876 | 3,981 | 64 | 4,045 |
Pension costs | 1,950 | — | 1,950 | 1,245 | — | 1,245 |
Redundancy payments | 1,615 | — | 1,615 | — | — | — |
| Other staff costs | 3,107 | 427 | 3,534 | 2,177 | 2,503 | 4,680 |
57,197 | 427 | 57,624 | 46,999 | 3,153 | 50,152 | |
Share-based payments (see note 10) | 2,210 | 11,520 | 13,730 | 1,145 | 9,514 | 10,659 |
Total staff costs | 59,407 | 11,947 | 71,354 | 48,144 | 12,667 | 60,811 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
| Included in staff costs (note 6) | ||
Performance Share Plan (equity-settled) | 1,818 | 840 |
UK Share Incentive Plan (equity-settled) | 337 | 239 |
Overseas Phantom Share Plan (cash-settled) | 55 | 66 |
2,210 | 1,145 | |
| Included in staff costs – acquisitions (note 6) | ||
| Infrastructure Capital – post-combination services | ||
(see note 32) (equity settled) | 11,520 | 9,514 |
13,730 | 10,659 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
Equity-settled | 13,675 | 10,593 |
Cash-settled | 55 | 66 |
13,730 | 10,659 |
| 31 March 2024 | 31 March 2023 | |||
| Average | Average | |||
| exercise | exercise | |||
| Number of | price per | Number of | price per | |
| shares | share option | shares | share option | |
| granted | £ | granted | £ | |
At the beginning of period | 2,359,530 | — | 1,071,830 | — |
Granted | 1,162,311 | — | 1,316,700 | — |
Vested | — | — | — | — |
Extinguished | (42,250) | — | (29,000) | — |
| Awards outstanding at end | ||||
of period | 3,479,591 | — | 2,359,530 | — |
| Share options | Share options | |||
| Exercise | 31 March | 31 March | ||
| Expiry date | price | 2024 | 2023 | |
4 September 2021 (FY22 Grant) | 31 July 2024 | — | 1,039,330 | 1,042,830 |
9 August 2022 (FY23 Grant) | 31 July 2025 | — | 1,289,200 | 1,316,700 |
10 August 2023 (FY24 Grant) | 31 July 2026 | — | 1,151,061 | — |
3,479,591 | 2,359,530 | |||
| Weighted average remaining | ||||
| contractual life of options | ||||
outstanding at end of period | 1.37 years | 1.89 years |
| 31 March | 31 March | |
| 2024 | 2023 | |
| Number of | Number of | |
| shares | shares | |
| purchased | purchased | |
At the beginning of period | 218,494 | 152,769 |
Movement | 72,598 | 65,725 |
At end of period | 291,092 | 218,494 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| Number of | Number of | |
| shares | shares | |
| purchased | purchased | |
At the beginning of period | 36,368 | — |
Granted | 7,266 | 36,368 |
Vested | (8,046) | — |
Extinguished | (9,626) | — |
At end of period | 25,962 | 36,368 |
| Share options | Share options | |||
| Exercise | 31 March | 31 March | ||
| Expiry date | price | 2024 | 2023 | |
8 September 2022 | 30 September 2023 | — | — | 2,276,784 |
8 September 2022 | 30 September 2024 | — | 2,088,924 | 2,276,784 |
8 September 2022 | 30 September 2025 | — | 2,088,924 | 2,276,784 |
4,177,848 | 6,830,352 | |||
| Weighted average remaining | ||||
| contractual life of options | ||||
outstanding at end of period | 1 year | 1.5 years |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
| Current tax | ||
UK corporation tax | 6,473 | 3,260 |
Foreign taxation | 2,240 | 1,708 |
Adjustments in respect of prior periods | (105) | — |
Adjustments in respect of prior periods (foreign tax) | (193) | — |
Total current tax charge | 8,415 | 4,968 |
| Deferred tax | ||
Origination and reversal of temporary differences | (537) | (1,272) |
Total deferred tax | (537) | (1,272) |
Tax on profit on ordinary activities | 7,878 | 3,696 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
Profit for the year | 26,434 | 23,625 |
Add back total tax | 7,878 | 3,696 |
Profit before all tax | 34,312 | 27,321 |
Profit before tax at 25% (2023: 19%) | 8,578 | 5,191 |
Profits not assessable to corporation tax | (622) | (410) |
Profit share allocation from partnership funds | 538 | 120 |
Unrecognised deferred tax | (48) | (328) |
Adjustments to previous periods | 92 | — |
Differences on overseas tax rate | (5,150) | (4,368) |
Expenses not deductible for tax purposes | 1,062 | 1,082 |
Other – share-based payments | 311 | 126 |
Staff costs – acquisitions | 2,952 | 2,283 |
Thin Cap adjustment | 169 | — |
Gain on business combination | (4) | — |
Total tax charge | 7,878 | 3,696 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
| Earnings | ||
| Profit for the period for purpose of basic and diluted earnings | ||
per share | 26,434 | 23,625 |
Non-underlying items (see note 8) | 11,741 | 15,279 |
Profit before non-underlying items for the period for purpose of basic and diluted earnings per share before non-underlying items | 38,175 | 38,904 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| ‘000 | ‘000 | |
| Number of shares | ||
Weighted average number of shares in issue during the period | 116,271 | 112,770 |
Less time-apportioned own shares held | (239) | (193) |
Less time-apportioned treasury shares held | (54) | — |
| Weighted average number of Ordinary Shares for the purpose | ||
of basic earnings per share | 115,978 | 112,577 |
| Add back weighted average number of dilutive potential shares | ||
Performance Share Plan | 3,091 | 1,727 |
| Weighted average number of Ordinary Shares for the purpose | ||
of diluted earnings per share | 119,069 | 114,304 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| pence | pence | |
| Earnings per share | ||
Basic | 22.8 | 21.0 |
Diluted | 22.2 | 20.7 |
Basic before non-underlying items | 32.9 | 34.6 |
Diluted before non-underlying items | 32.1 | 34.0 |
31 March 2024 | 31 March 2023 | |||||||
| Fixtures, | Short | Fixtures, | Short | |||||
| fittings and | leasehold | Motor | fittings and | leasehold | Motor | |||
| equipment | property | vehicles | Total | equipment | property | vehicles | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
| Cost | ||||||||
At beginning of period | 917 | 5,690 | — | 6,607 | 454 | 5,474 | 15 | 5,943 |
Additions | 352 | 438 | — | 790 | 413 | 206 | — | 619 |
Business combinations (see note 32) | — | — | — | — | 73 | — | — | 73 |
Foreign exchange movement | (9) | (6) | — | (15) | 26 | 10 | — | 36 |
Disposals | (7) | — | — | (7) | (49) | — | (15) | (64) |
At end of period | 1,253 | 6,122 | — | 7,375 | 917 | 5,690 | — | 6,607 |
| Depreciation | ||||||||
At beginning of period | 381 | 3,704 | — | 4,085 | 173 | 3,106 | 8 | 3,287 |
Depreciation charge for the year | 357 | 619 | — | 976 | 249 | 594 | 2 | 845 |
Disposals | (2) | — | — | (2) | (35) | — | (10) | (45) |
Foreign exchange movement | (9) | (5) | — | (14) | (6) | 4 | — | (2) |
At end of period | 727 | 4,318 | — | 5,045 | 381 | 3,704 | — | 4,085 |
Net book value at end of period | 526 | 1,804 | — | 2,330 | 536 | 1,986 | — | 2,522 |
31 March 2024 | 31 March 2023 | |||||||
| Computer | Customer | Computer | Customer | |||||
| software | contracts | Goodwill | Total | software | contracts | Goodwill | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
| Cost | ||||||||
At beginning of period | 663 | 47,035 | 18,426 | 66,124 | 650 | 4,558 | — | 5,208 |
Additions | 5 | — | — | 5 | 13 | — | — | 13 |
Business combinations (see note 32) | — | 6,422 | — | 6,422 | — | 44,798 | 19,404 | 64,202 |
Foreign exchange movement | — | (1,317) | (554) | (1,871) | — | (2,321) | (978) | (3,299) |
At end of period | 668 | 52,140 | 17,872 | 70,680 | 663 | 47,035 | 18,426 | 66,124 |
| Amortisation/impairment | ||||||||
At beginning of period | 477 | 2,736 | — | 3,213 | 394 | 383 | — | 777 |
Charge for the year | 51 | 3,211 | — | 3,262 | 83 | 2,414 | — | 2,497 |
Impairment | — | 2,895 | — | 2,895 | — | — | — | — |
Foreign exchange movement | — | (54) | — | (54) | — | (61) | — | (61) |
At end of period | 528 | 8,788 | — | 9,316 | 477 | 2,736 | — | 3,213 |
Net book value at end of period | 140 | 43,352 | 17,872 | 61,364 | 186 | 44,299 | 18,426 | 62,911 |
| Remaining | Carrying | |
| amortisation | value | |
| period | £000 | |
Acquisition of Infrastructure Capital (see note 32) | 18.4 years | 24,785 |
| Acquisition of Downing’s technology ventures business (see note 32) | 13.3 years | 9,689 |
Acquisition of PiP Manager Limited | 16.4 years | 2,357 |
Acquisition of FV Solar Lab S.R.L. | 0.6 years | 351 |
| Acquisition of Wellspring (see note 32) | 18.9 years | 6,170 |
| 43,352 |
| Downing’s | ||
| technology | ||
| ventures | Infrastructure | |
| business | Capital | |
| Post-tax discount rate | 14.8% | 13.3% |
| Useful life | 13.3 years | 18.4 years |
| Average revenue growth rate | 5% | 5% |
Long-term growth rate | 2% | 2% |
1. Using a pre-tax discount rate of 21.9% (Downing) and 20.9% (Infrastructure Capital) on pre-tax cash flows does not produce a materially different result. |
| Downing’s | ||
| technology | ||
| ventures | Infrastructure | |
| business | Capital | |
| Impact on | Impact on | |
| Statement of | Statement of | |
| Comprehensive | Comprehensive | |
| Income | Income | |
| £000 | £000 | |
| Impact of a change in discount rate assumptions: | ||
+ 1% | (432) | (151) |
- 1% | 466 | — |
| Impact of a change in revenue growth rate assumptions: | ||
+ 5% | 617 | — |
- 5% | (1,481) | — |
| 31 March | |
| 2024 | |
| £000 | |
Acquisition of Infrastructure Capital (see note 32) | 11,335 |
| Acquisition of Downing’s technology ventures business (see note 32) | 6,537 |
| 17,872 |
| Infrastructure | Private Equity | |
| CGUs | CGUs | |
| Post-tax discount rate | 12.3% | 13.0% |
| Terminal growth rate | 2% | 2% |
Average EBITDA margin | 51.1% | 45.2% |
1. Using a pre-tax discount rate of 15.8% (Infrastructure) and 17.0% (Private Equity) on pre-tax cash flows does not produce a materially different result. |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
At beginning of period | 3,967 | 2,781 |
Additions | 869 | 1,310 |
Fair value movements | 278 | 349 |
Sales proceeds | (388) | (473) |
At end of period | 4,726 | 3,967 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
Derivative assets arising from forward currency contracts, of which: | 473 | 648 |
Non-current assets | — | 245 |
Current assets | 473 | 403 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
Incremental placement agency fees, of which: | 3,375 | 3,965 |
Non-current assets | 2,777 | 3,435 |
Current assets | 598 | 530 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
Trade receivables | 17,808 | 12,956 |
Other receivables | 6,010 | 3,411 |
Prepayments | 3,850 | 3,080 |
Staff advances | 1,060 | 2,295 |
28,728 | 21,742 | |
| Less non-current assets: | ||
Trade receivables | 822 | 1,044 |
Staff advances | 420 | 1,555 |
1,242 | 2,599 | |
| Current assets: | ||
Trade receivables | 16,986 | 11,912 |
Other receivables | 6,010 | 3,411 |
Prepayments | 3,850 | 3,080 |
Staff advances | 640 | 740 |
27,486 | 19,143 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
Current | 14,139 | 10,932 |
| Overdue | ||
< 30 days | 27 | 40 |
30-60 days | 322 | 248 |
60-90 days | 105 | 300 |
> 90 days | 3,215 | 1,436 |
17,808 | 12,956 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
At beginning of period | 61 | 213 |
Written off during the period as uncollectible | — | (216) |
Increase during the period | — | 64 |
At end of period | 61 | 61 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
Cash at banks and on hand | 32,357 | 39,761 |
Short-term deposits | 12,647 | — |
Cash and cash equivalents | 45,004 | 39,761 |
Cash and cash equivalents per Cash Flow Statement | 45,004 | 39,761 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
| Current liabilities: | ||
Trade payables | 1,582 | 1,945 |
Accruals | 16,472 | 17,504 |
Deferred income | 7,361 | 5,790 |
Other payables | 3,228 | 3,993 |
VAT and PAYE | 3,522 | 2,876 |
Corporation tax | 4,892 | 1,559 |
Partnership capital contributions | 971 | 1,715 |
38,028 | 35,382 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
Loans and borrowings, of which: | 509 | 3,131 |
Non-current liabilities | 388 | 485 |
Current liabilities | 121 | 2,646 |
| 31 March | ||||
| 2024 | ||||
| Nominal | Carrying | |||
| interest | Year of | amount | ||
| Currency | rate | maturity | £000 | |
Unsecured loan | GBP | Base rate + 2% | 2027 | 509 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
At beginning of period | 3,131 | 3,690 |
Interest | 53 | 139 |
Repayment – principal | (2,545) | (606) |
Repayment – interest | (130) | (92) |
At end of period | 509 | 3,131 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
| Right-of-use asset | ||
At beginning of period | 7,281 | 8,260 |
Additions | 648 | 706 |
Business combination (see note 32) | — | 560 |
Lease modifications | 48 | — |
Adjustment to dilapidations (see note 25) | — | (334) |
Depreciation | (2,200) | (1,872) |
Foreign exchange movement | (9) | (39) |
At end of period | 5,768 | 7,281 |
| Lease liability | ||
At beginning of period | 9,251 | 10,408 |
Additions | 648 | 722 |
Business combination (see note 32) | — | 619 |
Lease payment | (3,132) | (2,963) |
Interest | 463 | 512 |
Foreign exchange movement | 32 | (47) |
At end of period | 7,262 | 9,251 |
Current | 2,897 | 2,562 |
Non-current | 4,365 | 6,689 |
31 March 2024 | 31 March 2023 | ||||||||
| Less than | One to two | Two to five | More than | Less than | One to two | Two to five | More than | ||
| Total | one year | years | years | five years | Total | one year | years | years | five years |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 |
8,006 | 3,176 | 2,267 | 1,854 | 709 | 10,187 | 2,991 | 3,015 | 3,312 | 869 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
Depreciation expense on right-of-use assets | 2,200 | 1,872 |
Interest expense on lease liabilities | 463 | 512 |
2,663 | 2,384 |
31 March 2024 | 31 March 2023 | |||||
| Remuneration | Remuneration | |||||
| for post- | for post- | |||||
| Contingent | combination | Contingent | combination | |||
| consideration | services | Total | consideration | services | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | |
At beginning of period | 3,470 | 2,503 | 5,973 | — | — | — |
Business combinations | — | — | — | 3,797 | — | 3,797 |
Arising in the period | — | 4,182 | 4,182 | — | 2,485 | 2,485 |
Payments | (1,221) | — | (1,221) | — | — | — |
Interest | 126 | 133 | 259 | 133 | 20 | 153 |
Fair value movements | (316) | (3,888) | (4,204) | (460) | (2) | (462) |
Foreign exchange movement | — | (159) | (159) | — | — | — |
At end of period | 2,059 | 2,771 | 4,830 | 3,470 | 2,503 | 5,973 |
Current liabilities | 1,005 | — | 1,005 | 1,104 | 46 | 1,150 |
Non-current liabilities | 1,054 | 2,771 | 3,825 | 2,366 | 2,457 | 4,823 |
| Remuneration | ||||
| for post- | ||||
| combination | Contingent | combination | ||
| services | consideration | services | ||
| £000 | £000 | £000 | ||
Arising in the period | — | 4,182 | — | 2,485 |
Interest | 126 | 133 | 133 | 20 |
Fair value movements | (316) | (3,888) | (460) | (2) |
(190) | 427 (327) 2,503 |
31 March 2024 | 31 March 2023 | ||||||
| Less than | One to two | Two to five | Less than | One to two | Two to five | ||
| Total | one year | years | years | Total | one year | years | years |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 |
2,140 | 1,070 | 1,070 | — | 3,687 | 1,229 | 1,229 | 1,229 |
31 March 2024 | 31 March 2023 | ||||||
| Less than | One to two | Two to five | Less than | One to two | Two to five | ||
| Total | one year | years | years | Total | one year | years | years |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 |
5,015 | — | 4,168 | 847 | 14,404 | 66 | 316 | 14,022 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
At beginning of period | 800 | 933 |
Additions | 17 | — |
| Adjustment | — | (334) |
Interest | 38 | 201 |
At end of period | 855 | 800 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
At beginning of period | (11,085) | (583) |
| Recognised in Statement of Comprehensive Income | ||
Tax expense | 537 | 1,272 |
Foreign exchange movement | 319 | 673 |
856 | 1,945 | |
| Recognised in equity | ||
Share-based payment reserve | 125 | 44 |
| Arising on business combination | ||
Intangible asset (see note 32) | (1,606) | (12,727) |
Other temporary and deductible differences | — | 236 |
(1,606) | (12,491) | |
At end of period | (11,710) | (11,085) |
31 March 2024 | 31 March 2023 | |||||||
| Credited to | Credited to | Credited to | Credited | |||||
| Asset | Liability | profit or loss | equity | Asset | Liability | profit or loss | to equity | |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
Other temporary and deductible differences | 1,563 | (1,172) | (1,021) | 125 | 1,742 | (416) | 633 | 44 |
Business combinations – intangible asset | — | (12,101) | 1,558 | — | — | (12,411) | 639 | — |
1,563 | (13,273) | 537 | 125 | 1,742 | (12,827) | 1,272 | 44 |
| 31 March | 31 March | 31 March | 31 March | |
| 2024 | 2024 | 2023 | 2023 | |
| Number | £ | Number | £ | |
| Ordinary Shares of no par | ||||
| value allotted | ||||
At beginning of period | 116,271,212 | — | 108,333,333 | — |
| Shares issued on acquisition | ||||
| of Infrastructure Capital | ||||
(see note 32) | — | — | 7,937,879 | — |
At end of period | 116,271,212 | — | 116,271,212 | — |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
At beginning of period | 61,886 | 32,040 |
| Shares issued on acquisition of Infrastructure Capital | ||
– 7,937,879 shares at £3.76 per share (see note 32) | — | 29,846 |
At end of period | 61,886 | 61,886 |
31 March 2024 | 31 March 2023 | |||||||
| Remuneration | Remuneration | |||||||
| for post- | for post- | |||||||
| Performance | Share | combination | Performance | Share | combination | |||
| Share Plan | Incentive Plan | services | Total | Share Plan | Incentive Plan | services | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
| Cost | ||||||||
At beginning of period | 1,139 | 399 | 9,514 | 11,052 | 299 | 160 | — | 459 |
Additions | 1,818 | 337 | 11,520 | 13,675 | 840 | 239 | 9,514 | 10,593 |
| Transfer on vesting of initial consideration shares for Infrastructure | ||||||||
Capital acquisition | — | — | (10,290) | (10,290) | — | — | — | — |
At end of period | 2,957 | 736 | 10,744 | 14,437 | 1,139 | 399 | 9,514 | 11,052 |
| Deferred tax | ||||||||
At beginning of period | 66 | — | — | 66 | 22 | — | — | 22 |
Additions | 125 | — | — | 125 | 44 | — | — | 44 |
At end of period | 191 | — | — | 191 | 66 | — | — | 66 |
Net value at end of period | 3,148 | 736 | 10,744 | 14,628 | 1,205 | 399 | 9,514 | 11,118 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
Final dividend | 18,022 | 10,617 |
Interim dividend | 7,765 | 5,348 |
25,787 | 15,965 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
Final dividend | 18,022 | 18,022 |
31 March 2024 | 31 March 2023 | |||||||||
| Total financial | Non‑financial | Total financial | Non-financial | |||||||
| Amortised cost | FVTPL | instruments | instruments | Total | Amortised cost | FVTPL | instruments | instruments | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
Property, plant and equipment | — | — | — | 2,330 | 2,330 | — | — | — | 2,522 | 2,522 |
Right-of-use assets | — | — | — | 5,768 | 5,768 | — | — | — | 7,281 | 7,281 |
Intangible assets | — | — | — | 61,364 | 61,364 | — | — | — | 62,911 | 62,911 |
Investments at FVTPL | — | 4,726 | 4,726 | — | 4,726 | — | 3,967 | 3,967 | — | 3,967 |
Derivative assets | — | 473 | 473 | — | 473 | — | 648 | 648 | — | 648 |
Deferred tax assets | — | — | — | 1,563 | 1,563 | — | — | — | 1,742 | 1,742 |
Contract costs | — | — | — | 3,375 | 3,375 | — | — | — | 3,965 | 3,965 |
Trade and other receivables | 24,878 | — | 24,878 | 3,850 | 28,728 | 18,662 | — | 18,662 | 3,080 | 21,742 |
Cash and cash equivalents | 45,004 | — | 45,004 | — | 45,004 | 39,761 | — | 39,761 | — | 39,761 |
69,882 | 5,199 | 75,081 | 78,250 | 153,331 | 58,423 | 4,615 | 63,038 | 81,501 | 144,539 |
31 March 2024 | 31 March 2023 | |||||||||
| Total financial | Non‑financial | Total financial | Non-financial | |||||||
| Amortised cost | FVTPL | instruments | instruments | Total | Amortised cost | FVTPL | instruments | instruments | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
Trade payables | 1,582 | — | 1,582 | — | 1,582 | 1,945 | — | 1,945 | — | 1,945 |
| Other payables and partnership | ||||||||||
capital contributions | 4,199 | — | 4,199 | 15,775 | 19,974 | 5,708 | — | 5,708 | 10,225 | 15,933 |
Accruals | 16,472 | — | 16,472 | — | 16,472 | 17,504 | — | 17,504 | — | 17,504 |
Loans and borrowings | 509 | — | 509 | — | 509 | 3,131 | — | 3,131 | — | 3,131 |
Lease liabilities | 7,262 | — | 7,262 | — | 7,262 | 9,251 | — | 9,251 | — | 9,251 |
Acquisition-related liabilities | — | 4,830 | 4,830 | — | 4,830 | — | 5,973 | 5,973 | — | 5,973 |
Provisions | — | — | — | 855 | 855 | — | — | — | 800 | 800 |
Deferred tax liability | — | — | — | 13,273 | 13,273 | — | — | — | 12,827 | 12,827 |
30,024 | 4,830 | 34,854 | 29,903 | 64,757 | 37,539 | 5,973 | 43,512 | 23,852 | 67,364 |
31 March 2024 | 31 March 2023 | |||||||
| Euro | Aus dollar | US dollar | Total | Euro | Aus dollar | US dollar | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
| Financial assets | ||||||||
Cash and cash equivalents | 418 | 2,583 | 83 | 3,084 | 1,993 | — | 69 | 2,062 |
Investments at FVTPL | 2,140 | — | — | 2,140 | 2,078 | — | — | 2,078 |
2,558 | 2,583 | 83 | 5,224 | 4,071 | — | 69 | 4,140 |
31 March 2024 | 31 March 2023 | |||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
| Financial assets | ||||||||
Investments at FVTPL | — | — | 4,726 | 4,726 | — | — | 3,967 | 3,967 |
Derivative assets | — | 473 | — | 473 | — | 648 | — | 648 |
— | 473 | 4,726 | 5,199 | — | 648 | 3,967 | 4,615 | |
| Financial liabilities | ||||||||
Acquisition-related liabilities: Contingent consideration | — | — | 2,059 | 2,059 | — | — | 3,470 | 3,470 |
Acquisition-related liabilities: Remuneration for post-combination services | — | — | 2,771 | 2,771 | — | — | 2,503 | 2,503 |
— | — | 4,830 | 4,830 | — | — | 5,973 | 5,973 |
| 31 March | |||||
| 2024 | Significant | Change in | |||
| Fair value | Valuation | unobservable | Sensitivity inputs | fair value | |
| £000 | technique | inputs | unobservable input | £000 | |
Investments at FVTPL | 4,726 | The fair value is based on the | NAV | +/-5% on closing NAV | +/- 236 |
| closing NAV of underlying investments | |||||
Acquisition-related liabilities: Contingent consideration | 2,059 | The fair value is a ratio of the | NAV | +/-5% on closing NAV | +/ -103 |
| closing NAV of the funds acquired | |||||
| to the NAV on acquisition | |||||
| Acquisition-related liabilities: Remuneration for | 2,771 | The fair value is the current forecasted | Forecast | Applied a sensitivity | Max: +7,139 |
| post-combination services | management fees divided by the | on the maximum and | Min: -2,771 | ||
| management fees required to | minimum payment that | ||||
| achieve the maximum earn-out | could be made | ||||
| multiplied by the maximum earnout payable |
| £000 | |
Cash consideration | 4,870 |
Total carrying value | 4,870 |
| Carrying | Fair | Recognised | |
| amounts | value | amounts | |
| £000 | £000 | £000 | |
Intangible assets – customer contracts | 3,948 | 2,474 | 6,422 |
Trade and other receivables | 70 | — | 70 |
Cash and cash equivalents | 193 | — | 193 |
Trade and other payables | (193) | — | (193) |
Deferred tax liability | — | (1,606) | (1,606) |
Total net assets acquired | 4,018 | 868 | 4,886 |
| £000 | |
Cash paid | (4,870) |
Cash acquired on acquisition | 193 |
Total per Cash Flow Statement | (4,677) |
| £000 | |
Fair value of net assets acquired | 4,886 |
Less total consideration | (4,870) |
Gain on business combination | 16 |
| £000 | |
Revenue contribution | 914 |
EBITDA contribution | 681 |
Profit on ordinary activities before taxation | 521 |
| £000 | |
Revenue contribution | 1,173 |
EBITDA contribution | 848 |
Profit on ordinary activities before taxation | 634 |
| £000 | |
Initial cash consideration | 32,626 |
Initial share consideration | 4,296 |
Total carrying value | 36,922 |
Gross amount | Grant date fair value | |||||
£000 | A$000 | Grant date | £000 | A$000 | Expected vesting date | |
Earn-out consideration | 17,595 | 30,000 | 8 September 2022 | 17,595 | 30,000 | 30 June 2028 |
Revenue earn-out consideration | 2,933 | 5,000 | 8 September 2022 | 1,181 | 2,013 | 30 June 2023‑2026 |
Performance consideration | 14,633 | 25,000 | 8 September 2022 | 10,391 | 17,716 | 30 June 2027 |
| Carrying | Fair | Recognised | |
| amounts | value | amounts | |
| £000 | £000 | £000 | |
Property, plant and equipment | 73 | — | 73 |
Right-of-use assets | 560 | — | 560 |
Intangible assets – customer contracts | — | 30,551 | 30,551 |
Deferred tax assets | 239 | — | 239 |
Trade and other receivables | 3,890 | — | 3,890 |
Cash and cash equivalents | 1,235 | — | 1,235 |
Trade and other payables | (2,706) | — | (2,706) |
Lease liabilities | (619) | — | (619) |
Deferred tax liability | (3) | (9,165) | (9,168) |
Total net assets acquired | 2,669 | 21,386 | 24,055 |
| £000 | |
Cash paid | (32,626) |
Cash acquired on acquisition of subsidiary | 1,235 |
Total per Cash Flow Statement | (31,391) |
| £000 | |
Total consideration (see above) | 36,922 |
Fair value of identifiable net assets acquired (see above) | (24,055) |
| 12,867 |
| £000 | |
Initial cash consideration | 13,425 |
Contingent cash consideration | 3,797 |
Total carrying value | 17,222 |
| Carrying | Fair | Recognised | |
| amounts | value | amounts | |
| £000 | £000 | £000 | |
Intangible assets – customer contracts | — | 14,247 | 14,247 |
Deferred tax liability | — | (3,562) | (3,562) |
Total net assets acquired | — | 10,685 | 10,685 |
| £000 | |
Total consideration (see above) | 17,222 |
Fair value of identifiable net assets acquired (see above) | (10,685) |
| 6,537 |
| 31 March | 31 March | |
| 2024 | 2023 | |
| £000 | £000 | |
| Assets | ||
| Current assets | ||
Cash and cash equivalents | — | 65 |
Total assets | — | 65 |
| Liabilities | ||
| Current liabilities | ||
Trade and other payables | — | (1) |
Total liabilities | — | (1) |
Net assets and liabilities | — | 64 |
| 31 March | ||
| 31 March | 2023 | |
| 2024 | as restated | |
| £000 | £000 | |
Emoluments | 3,156 | 3,078 |
Other benefits | 38 | 37 |
Share-based payments | 425 | 222 |
Total | 3,619 | 3,337 |