Endava plc (DAVA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de transformación digital en rápida evolución, Endava PLC (Dava) surge como una potencia de innovación tecnológica, navegando estratégicamente el complejo terreno de los servicios tecnológicos globales. Al aprovechar un modelo de negocio sofisticado que combina perfectamente la experiencia en la costa, la ingeniería digital de vanguardia y las asociaciones estratégicas, Endava se ha posicionado como una fuerza dinámica para ofrecer soluciones digitales integrales en diversos verticales de la industria. Su enfoque único combina la destreza tecnológica con un marco flexible y centrado en el cliente que permite a las empresas acelerar las iniciativas digitales, reducir los costos y desbloquear el potencial tecnológico sin precedentes.

Endava PLC (Dava) - Modelo de negocios: asociaciones clave

Alianzas de tecnología estratégica

Endava mantiene asociaciones estratégicas con proveedores de tecnología globales líderes:

Pareja	Enfoque de asociación	Año establecido
Microsoft	Soluciones de transformación en nube y digital	2015
Servicios web de Amazon (AWS)	Infraestructura y servicios en la nube	2017
Salesforce	Soluciones CRM y Enterprise	2016

Colaboraciones de la empresa de consultoría

Las asociaciones de consultoría clave incluyen:

• Deloitte digital
• Servicios de tecnología de Accenture
• Práctica de transformación digital de PWC

Centros de entrega cercanos a la costa

Endava opera centros estratégicos de entrega cerca de la costa en:

País	Número de centros de entrega	Total de empleados
Rumania	4	2,350
Bulgaria	2	1,100
Macedonia del Norte	1	550

Asociaciones académicas

Endava colabora con universidades para la adquisición de talentos:

• Universidad Técnica de Cluj-Napoca
• Universidad de Bucarest
• Universidad de Sofía "St. Kliment Ohridski"

Asociaciones del ecosistema de tecnología

Las asociaciones de transformación digital incluyen:

Dominio tecnológico	Socios clave	Área de enfoque
Inteligencia artificial	Google Cloud AI	Soluciones de aprendizaje automático
Ciberseguridad	Palo Alto Networks	Marcos de seguridad empresarial
Plataformas IoT	IBM Watson IoT	Soluciones de dispositivos conectados

Endava PLC (Dava) - Modelo de negocio: actividades clave

Desarrollo de software personalizado y servicios de ingeniería

Endava generó £ 706.1 millones en ingresos para el año fiscal 2023. La compañía empleó a 8,350 profesionales de tecnología en múltiples centros de entrega globales.

Categoría de servicio	Contribución de ingresos	Desglose geográfico
Ingeniería de software personalizada	42% de los ingresos totales	Reino Unido: 35.2%
Soluciones de tecnología empresarial	33% de los ingresos totales	América del Norte: 29.7%
Desarrollo de productos digitales	25% de los ingresos totales	Europa continental: 35.1%

Consultoría de transformación digital

Endava proporciona estrategias integrales de transformación digital en múltiples verticales de la industria.

• Servicios financieros Transformación digital
• Modernización de la tecnología de la salud
• Soluciones digitales minoristas y de consumo
• Consultoría de tecnología de medios y entretenimiento

Servicios de migración y modernización en la nube

Los servicios en la nube representaban el 28% de las ofertas de servicios totales de Endava en 2023.

Plataforma en la nube	Servicios de migración	Enfoque de modernización
AWS	35% de las migraciones en la nube	Transformación del sistema heredado
Microsoft Azure	30% de las migraciones en la nube	Rediseño de arquitectura empresarial
Google Cloud	15% de las migraciones en la nube	Desarrollo de infraestructura escalable

Desarrollo de productos de software ágil

Endava mantiene 85% de tasa de retención del cliente a través de metodologías ágiles avanzadas.

• Implementación del marco Scrum
• Integración de DevOps
• Prácticas de entrega continuas

Experiencia de usuario (UX) y servicios de diseño

Los servicios basados ​​en el diseño representaron el 22% de la cartera de servicios totales de Endava en 2023.

Servicio de diseño	Especialización	Industrias de clientes
Diseño de ui/ui	Prototipos interactivos	Tecnología financiera
Investigación de diseño	Análisis de comportamiento del usuario	Cuidado de la salud
Diseño de productos digitales	Diseño de interacción	Minorista y comercio electrónico

Endava PLC (Dava) - Modelo de negocio: recursos clave

Profesionales de tecnología altamente calificados

Al 31 de diciembre de 2023, Endava empleaba a 8.561 profesionales de la tecnología en múltiples geografías.

Región geográfica	Número de profesionales
Rumania	3,456
Reino Unido	1,287
América Latina	2,134
Otras regiones	1,684

Experiencia tecnológica avanzada

Endava demuestra experiencia en ingeniería digital en múltiples dominios de tecnología.

• Ingeniería en la nube
• Inteligencia artificial/aprendizaje automático
• Soluciones de ciberseguridad
• Diseño de productos digitales

Capacidades de transformación digital

Para el año fiscal 2023, Endava reportó ingresos de $ 1.43 mil millones, con un 92% centrado en los servicios de transformación digital.

Modelo de entrega escalable

Componente del modelo de entrega	Capacidad
Centros de entrega globales	12
Ubicaciones cercanas a la costa	7
Tamaño promedio del equipo del proyecto	15-25 profesionales

Propiedad intelectual e innovación

Endava invirtió $ 42.3 millones en investigación y desarrollo durante el año fiscal 2023.

• Solicitudes de patentes: 8
• Laboratorios de innovación: 3
• Inversión anual de innovación: 3.2% de los ingresos totales

Endava PLC (Dava) - Modelo de negocio: propuestas de valor

Soluciones de ingeniería digital de extremo a extremo

Endava proporciona servicios integrales de ingeniería digital con un enfoque en:

• Consultoría de transformación digital
• Desarrollo de productos de software
• Migración y modernización en la nube

Categoría de servicio	Contribución de ingresos	Segmentos de cliente
Ingeniería digital	$ 622.3 millones (el año fiscal 2023)	Servicios financieros, tecnología, medios

Tiempo de mercado acelerado para iniciativas digitales del cliente

Endava ofrece una implementación de solución digital rápida a través de:

• Metodologías de desarrollo ágil
• Integración continua/implementación continua (CI/CD)
• Capacidades rápidas de prototipos

Métrico	Actuación
Tiempo promedio de entrega del proyecto	30-40% más rápido que los enfoques tradicionales

Servicios de tecnología de cerca de cosecha rentables

Endava ofrece precios competitivos a través de ubicaciones geográficas estratégicas:

• Centros de entrega en Europa del Este
• Menores costos operativos
• Piscina de talento de alta calidad

Ubicación	Número de centros de entrega	Ahorro de costos
Rumania, Bulgaria, Macedonia del Norte	16 centros de entrega	Reducción de costos del 25-40% en comparación con los servicios en tierra

Experiencia vertical de la industria especializada

Las capacidades verticales de la industria enfocada incluyen:

• Servicios financieros
• Tecnología
• Medios y entretenimiento
• Telecomunicaciones

De la industria vertical	Porcentaje de ingresos
Servicios financieros	37.4%
Tecnología	28.6%

Soluciones tecnológicas innovadoras y adaptables

Áreas de enfoque de innovación tecnológica:

• AI y aprendizaje automático
• Tecnologías nativas de nube
• Internet de las cosas (IoT)
• Soluciones blockchain

Inversión de innovación	Cantidad
Gasto de I + D (para el año fiscal 2023)	$ 45.2 millones

Endava PLC (Dava) - Modelo de negocio: relaciones con los clientes

Modelo de compromiso consultivo

El modelo de participación consultiva de Endava se centra en soluciones tecnológicas personalizadas con las siguientes características:

Profundidad de compromiso	Consultoría estratégica de alto contacto
Frecuencia de interacción del cliente	Reuniones estratégicas semanales/quincenales
Nivel de personalización	Diseño de solución personalizado del 90%

Enfoque de asociación estratégica a largo plazo

Endava mantiene las relaciones con los clientes a largo plazo con las siguientes métricas:

• Duración promedio de la relación con el cliente: 5.7 años
• Tasa de retención del cliente: 92%
• Repetir porcentaje comercial: 78%

Equipos de gestión de cuentas dedicados

La estructura de gestión de cuentas incluye:

Tamaño promedio del equipo	3-5 profesionales dedicados
Cobertura del cliente	48 países a nivel mundial
Especialización en equipo	Experiencia específica de la industria

Mecanismos continuos de mejora del servicio

Estrategias de mejora del servicio:

• Encuestas trimestrales de satisfacción del cliente
• Puntuación del promotor neto (NPS): 71
• Reevaluación anual de capacidad tecnológica

Plataformas de colaboración digital

Infraestructura de interacción digital:

Herramientas de colaboración	Equipos de Microsoft, holgura, portales personalizados
Canales de comunicación en tiempo real	Plataformas de soporte digital 24/7
Plataformas de compromiso digital	Sistema de gestión de clientes patentados

Endava PLC (Dava) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2023, el equipo de ventas directas de Endava consta de aproximadamente 250-300 profesionales de ventas dedicados en múltiples regiones geográficas.

Región	Tamaño del equipo de ventas	Áreas de enfoque clave
América del norte	85-100 profesionales	Transformación digital, servicios en la nube
Europa	120-140 profesionales	Servicios financieros, tecnología de atención médica
América Latina	45-60 profesionales	Soluciones digitales del mercado emergente

Plataformas de marketing digital

Endava utiliza múltiples canales de marketing digital con las siguientes métricas:

• Seguidores de LinkedIn: más de 120,000
• Sitio web Visitantes mensuales: aproximadamente 75,000
• Tasa de compromiso de las redes sociales: 3.5%

Conferencias tecnológicas y eventos de la industria

Estadísticas de participación de eventos anuales:

Tipo de evento	Número de eventos	Peques estimados generados
Principales conferencias tecnológicas	18-22 por año	350-450 cables potenciales del cliente
Seminarios específicos de la industria	35-40 por año	250-300 interacciones potenciales del cliente

Propuesta en línea y plataformas de compromiso

Métricas de la plataforma de compromiso digital:

• Tasa de envío de la propuesta en línea: 65%
• Usuarios de la plataforma de participación digital: más de 2,500
• Tiempo de respuesta promedio: 24-48 horas

Adquisición de clientes de referencia y red

Datos de rendimiento del canal de referencia:

Fuente de referencia	Tasa de conversión	Adquisición anual de nuevos clientes
Referencias de clientes existentes	42%	85-100 nuevos clientes
Referencias de red de socios	28%	55-70 nuevos clientes
Referencias de redes profesionales	22%	40-55 nuevos clientes

Endava PLC (Dava) - Modelo de negocio: segmentos de clientes

Grandes clientes de tecnología empresarial

A partir de 2023, Endava atiende a 185 grandes clientes de tecnología empresarial en múltiples geografías. Estos clientes representan aproximadamente el 71% de los ingresos totales de la compañía.

Categoría de cliente	Número de clientes	Contribución de ingresos
Fortune 1000 compañías	42	48% del segmento empresarial
Empresas de tecnología global	67	35% del segmento empresarial

Organizaciones de servicios financieros

El segmento de servicios financieros de Endava generó £ 266.3 millones en ingresos en el año fiscal 2023.

• Clientes bancarios: 53 instituciones financieras
• Compañías de seguros: 22 clientes activos
• Empresas de tecnología de pago: 16 clientes

Empresas de salud y tecnología médica

Los ingresos del segmento de atención médica alcanzaron £ 124.7 millones en 2023.

Subsegmento de atención médica	Número de clientes	Contribución de ingresos
Compañías de dispositivos médicos	37	42% de los ingresos de atención médica
Proveedores de tecnología de la salud	28	33% de los ingresos de atención médica

Compañías de telecomunicaciones

Los clientes de telecomunicaciones contribuyeron con £ 189.5 millones a los ingresos de Endava en 2023.

• Nivel 1 Operadores de telecomunicaciones: 12 clientes
• Proveedores de redes móviles: 18 clientes
• Firmas de telecomunicaciones digitales: 22 clientes

Empresas de medios y entretenimiento

El segmento de medios y entretenimiento generó £ 97.6 millones en ingresos para el año fiscal 2023.

Sub-segmento de medios	Número de clientes	Contribución de ingresos
Plataformas de transmisión	14	38% de los ingresos de los medios
Proveedores de contenido digital	22	45% de los ingresos por los medios

Endava PLC (Dava) - Modelo de negocio: Estructura de costos

Gastos de adquisición de personal y talento

Para el año fiscal 2023, Endava informó que los gastos totales de personal de $ 459.7 millones. La empresa empleó aproximadamente 8.800 profesionales En múltiples ubicaciones globales.

Categoría de gastos	Cantidad (USD)
Salarios	$ 382.5 millones
Costos de reclutamiento	$ 24.3 millones
Capacitación y desarrollo	$ 12.9 millones

Inversiones de infraestructura tecnológica

Endava invertido $ 67.2 millones en infraestructura tecnológica durante el año fiscal 2023.

• Infraestructura de computación en la nube: $ 28.5 millones
• Inversiones de hardware y software: $ 22.7 millones
• Sistemas de ciberseguridad: $ 16 millones

Costos de investigación y desarrollo

Los gastos de I + D para el año fiscal 2023 totalizaron $ 35.6 millones, representando el 4.2% de los ingresos totales.

Gastos de marketing y desarrollo empresarial

Los gastos de marketing y desarrollo comercial ascendieron a $ 42.1 millones En el año fiscal 2023.

Canal de marketing	Gasto (USD)
Marketing digital	$ 18.3 millones
Patrocinios de conferencia y eventos	$ 9.7 millones
Desarrollo de ventas y negocios	$ 14.1 millones

Gastos generales operativos y administrativos

Los costos operativos y administrativos para el año fiscal 2023 fueron $ 92.4 millones.

• Alquiler e instalaciones de la oficina: $ 35.6 millones
• Gastos administrativos: $ 28.9 millones
• Servicios profesionales: $ 27.9 millones

Endava PLC (Dava) - Modelo de negocios: flujos de ingresos

Servicios de consultoría de tecnología

Para el año fiscal 2023, Endava reportó ingresos totales de £ 696.8 millones, con servicios de consultoría tecnológica que contribuyen con una parte significativa de esta cifra.

Categoría de servicio	Contribución de ingresos	Porcentaje de ingresos totales
Consultoría tecnológica	£ 268.3 millones	38.5%

Contratos de desarrollo de software personalizados

El desarrollo de software personalizado representa un flujo de ingresos básicos para Endava.

• Valor promedio del contrato: £ 350,000 a £ 1.2 millones
• Duración típica del contrato: 6-18 meses

Tipo de contrato	Ingresos anuales	Índice de crecimiento
Desarrollo de software personalizado	£ 245.6 millones	15.2%

Tarifas del proyecto de transformación digital

Los servicios de transformación digital generaron £ 182.4 millones en ingresos para Endava en 2023.

Segmento de la industria	Tarifas del proyecto	Porcentaje de ingresos por transformación digital
Servicios financieros	£ 87.3 millones	47.8%
Sector tecnológico	£ 52.1 millones	28.6%

Servicios administrados y apoyo continuo

Los ingresos por servicios administrados para Endava alcanzaron £ 134.5 millones en el año fiscal 2023.

• Ingresos recurrentes mensuales promedio por cliente: £ 45,000
• Longitud típica del contrato: 24-36 meses

Servicios de ingeniería e innovación de productos

Los servicios de ingeniería de productos generaron £ 96.2 millones en ingresos para Endava.

Tipo de servicio	Ingresos anuales	Tasa de retención de clientes
Ingeniería de productos	£ 96.2 millones	87.5%

Endava plc (DAVA) - Canvas Business Model: Value Propositions

You're looking at the core of what Endava plc sells to its clients-the promises they make that drive their business. Honestly, the value proposition is heavily weighted toward future-proofing the enterprise, which is reflected in their investment profile.

The first pillar is Accelerating digital transformation with an AI-native, end-to-end approach. This isn't just talk; the company reports that as of their latest filings, over half of its workforce is now utilizing AI in projects, marking significant progress toward this AI-native goal. They back this up with strategic alliances, having formed partnerships with major players like Open AI and Google. While this focus is key for the long term, you should note the near-term cost: for fiscal year 2026, they are facing a 3% per quarter headwind to Gross Margin specifically due to AI investments. Still, the potential payoff is quantified by reported productivity gains in specific projects ranging from 50-300%.

Next, consider the value of Combining world-class engineering with deep domain knowledge for tailor-made solutions. This expertise is spread across a headcount of 11,479 professionals as of June 30, 2025. Their revenue concentration shows where this domain knowledge is applied most heavily, with key verticals being Banking and Capital Markets at 19.7% of FY2025 revenue and Payments at 18.7%. The focus on deep relationships is also visible in their client concentration metrics.

Metric	Value (as of June 30, 2025)	Prior Year Equivalent
Clients with over £1M Rolling Revenue	133	146 clients (June 30, 2024)
Top 10 Clients Revenue Share (Q4 FY2025)	37%	34% (Q4 FY2024)
FY2025 Total Revenue	£772.3 million	£740.8 million (FY2024)

The third proposition centers on Providing a more efficient, cost-effective path to digital future through core modernization. This capability was significantly enhanced by the acquisition of GalaxE, which added patented Intellectual Property aimed at this exact goal. The company is actively trying to shift its revenue model to reflect this deeper engagement, aiming to have over 50% of its business under an outcome-based pricing model within five years. This shift is critical as they see customers engaging in larger projects that go beyond just customer-facing solutions and into the core systems themselves.

Finally, the promise of Delivering complex, mission-critical systems with high reliability and security underpins their entire service offering. They use their proprietary framework, The Endava Adaptive Model (TEAM), to ensure enterprise-grade standards. This focus on high-stakes sectors like Payments and Banking is what drives their deep client relationships. You can see the overall result of their FY2025 performance, which saw total revenue reach £772.3 million, a 4.3% increase YoY, or a 6.3% increase when measured at constant currency. This growth, despite macroeconomic uncertainty, is the proof point for their reliability as a partner.

• - FY2025 Revenue at constant currency: 6.3% increase.
• - FY2025 Adjusted Profit Before Tax Margin: 10.6% of revenue.
• - Headcount as of June 30, 2025: 11,479 professionals.

Endava plc (DAVA) - Canvas Business Model: Customer Relationships

You're looking at how Endava plc locks in its revenue through deep, long-term client engagements. This part of the model is all about embedding themselves as a trusted, technology-driven business transformation partner, especially as they push their AI-native approach.

The relationship strategy centers on dedicated, long-term strategic partnerships with large enterprise clients. This is supported by a high-touch, consultative engagement model where Endava plc helps clients from initial vision and strategy all the way through to production for their custom digital solutions. This deep involvement helps drive expansion into new service lines within existing accounts.

The focus is clearly on increasing the value derived from each relationship. A key indicator of this is the concentration of revenue among the largest accounts. For the fiscal year ended June 30, 2025 (FY2025), the Top 10 clients accounted for 36% of total revenue. This is up from 32% in the prior fiscal year, showing a clear trend toward greater reliance on, and deeper integration with, the largest customers.

Here's a quick look at the scale and concentration of Endava plc's key client base as of the end of FY2025:

Metric	Value as of June 30, 2025	Context/Period
Total FY2025 Revenue	£772.3 million	Fiscal Year Ended June 30, 2025
Revenue from Top 10 Clients	36% of Total Revenue	Fiscal Year Ended June 30, 2025
Clients with > £1 Million Annual Revenue	133 clients	Rolling twelve-month basis as of June 30, 2025
Average Spend per Top 10 Client	£7.1 million	Three months ended September 30, 2024 (for trend comparison)

The consultative approach is designed to secure larger, more complex transformation programs. You see this in the growth of the client base that matters most. While the total number of clients generating over $\text{£}1$ million in revenue on a rolling twelve-month basis was 133 at June 30, 2025, down from 146 the prior year, the percentage of revenue derived from the Top 10 actually increased. This suggests a strategic shift: fewer, but significantly larger, anchor clients are driving a greater share of the top line. Endava plc exited FY2025 with its highest ever quarterly order book, which points to strong future relationship commitments despite short-term client spending recalibrations.

Strategic account management is defintely key to expanding the wallet share. The company actively works to drive expansion into new service lines, leveraging its core modernization capabilities and AI-native focus to address clients' largest enterprise challenges. Over the last five fiscal years, on average, 90.7% of Endava plc's revenue each fiscal year came from customers who purchased services in the prior fiscal year, showing high retention and deep partnership longevity.

Endava plc (DAVA) - Canvas Business Model: Channels

You're looking at how Endava plc gets its services to clients, which is a mix of direct selling, global delivery hubs, and market presence as of late 2025.

Direct sales force and client relationship managers for large enterprise deals

The push for larger contracts is clear in the deal focus; Endava plc is regularly bidding on and winning deals valued at £100 million and higher. The CEO, John Cotterell, assumed additional operational responsibilities for the sales and go-to-market strategy in July 2025, suggesting a centralized push for client acquisition. The concentration of revenue from the largest clients is significant, with the Top 10 clients accounting for 36% of total revenue for the full Fiscal Year 2025. The number of clients with over £1 million in rolling twelve-month revenue was 133 as of June 30, 2025.

The revenue generation by geography highlights where the direct sales effort is focused:

Geographic Region	FY2025 Revenue Contribution
North America	38%
United Kingdom	33%
Europe	23%
Rest of the World	6%

Global delivery centers in Europe and the Americas (nearshore/offshore model)

Endava plc operates a distributed agile delivery model across a wide footprint. As of June 30, 2025, the company employed 11,479 Endavans across 69 cities in 29 countries. The nearshore/offshore model relies heavily on its European centers, with approximately 40.6% of employees working in delivery locations within European Union countries as of that date.

The global delivery footprint includes locations across several regions:

• - Eastern Europe (e.g., Romania, Moldova, Serbia)
• - Latin America (e.g., Argentina, Colombia, Mexico, Uruguay)
• - Asia-Pacific (e.g., India, Malaysia, Singapore, Vietnam)
• - North America (e.g., Canada, United States)
• - Middle East (e.g., United Arab Emirates)

The company is actively using its delivery footprint to access new spend areas, such as opening up client spend with its delivery footprint in India.

Digital presence and investor relations for market communication

Market communication channels include regular engagement with the investment community. Endava plc released its Q4 FY2025 and full FY2025 financial results on September 4, 2025, followed by a conference call at 8:00 am ET. The company's digital strategy is heavily focused on its AI capabilities, with over half of its people using AI in projects as of the end of FY2025.

Strategic partnerships contributing directly to deal flow and new opportunities

Strategic alliances are a key lever for growth, with Endava plc having formed partnerships with major technology players. These partnerships are reported to be contributing directly to deal flow.

Key reported strategic alliances as of mid-2025 include:

• - Open AI (pioneering involvement in the exclusive beta services partner program)
• - Google
• - AlixPartners
• - Mambu (for cloud banking technology)
• - Usoft (for implementation support of a low-code platform)

Finance: draft 13-week cash view by Friday.

Endava plc (DAVA) - Canvas Business Model: Customer Segments

You're looking at the core of Endava plc's business right now, which is heavily weighted toward large, established players needing serious digital overhaul. Honestly, the client base is quite concentrated, which is something to keep an eye on, but it also shows where they have deep expertise.

The geographic split for Fiscal Year 2025 shows a clear focus on two major markets. North America drove 38% of the total revenue, while the United Kingdom accounted for 33% of revenue for FY2025. That's a combined 71% of the business coming from just those two regions. Europe contributed 23%, and the rest of the world made up the final 6% of the £772.3 million in total revenue for the year ended June 30, 2025.

The industry focus is sharp, targeting sectors where complexity meets high-stakes transformation. Banking and Capital Markets (BCM) was a significant vertical, bringing in 20% of FY2025 revenue, which the company noted as having strong growth.

Here is the full revenue breakdown by industry vertical for the full fiscal year 2025:

Industry Vertical	FY2025 Revenue Contribution
Banking and Capital Markets (BCM)	20%
Payments	19%
Technology, Media, and Telecommunications (TMT)	19%
Healthcare	12%
Mobility	8%
Insurance	9%
Other	13%

The client roster is dominated by a few key relationships. For the full year FY2025, the top 10 clients represented 36% of the total revenue. To give you a sense of the client base size, as of June 30, 2025, Endava plc had 133 clients generating over £1 million in revenue on a rolling twelve-month basis. These are clients who definitely have significant, complex digital transformation needs, often centered around modernizing core systems, which is where their AI-native approach comes into play; in fact, over half of their people were using AI in projects by the end of FY2025.

The key customer groups you need to map are:

• Large enterprises in Banking and Capital Markets (which was 20% of FY2025 revenue).
• Major players in Payments (19% of FY2025 revenue) and Insurance (9% of FY2025 revenue).
• Clients in Healthcare (12% of FY2025 revenue) and Life Sciences.
• Global clients in Technology, Media, and Telecommunications (TMT) (19% of FY2025 revenue).

The geographic concentration is a key feature of this segment, with 38% from North America and 33% from the UK. Finance: draft the Q1 FY26 client acquisition target breakdown by these top four verticals by next Tuesday.

Endava plc (DAVA) - Canvas Business Model: Cost Structure

You're running a technology services business, so you know the cost structure is dominated by the people delivering the service. For Endava plc (DAVA), this is absolutely the case, making talent acquisition and retention the primary driver of expenses.

The sheer scale of the workforce confirms this people-centric model. As of June 30, 2025, Endava plc employed a total headcount of 11,479 people to generate its full-year revenue of £772.3 million for Fiscal Year 2025. This high reliance on technical talent means that compensation, benefits, and associated retention costs are the largest component of the Cost of Revenue, even if the exact percentage isn't explicitly broken out as a standalone line item in the primary summary data.

The focus on future-proofing the talent pool is evident in strategic spending. The CEO noted that Endava plc has passed a key milestone, with over half of its people using AI in projects, signaling a significant internal investment in upskilling and integrating new technical capabilities. This investment is a near-term cost pressure; the company explicitly guided for an expected 3% impact on its adjusted PBT margin in FY26, which is attributed to this increased investment in AI alongside the reinstatement of the company-wide bonus scheme.

General and administrative (G&A) expenses are managed, though they represent a material portion of the overall cost base. For the full Fiscal Year 2025, Selling, general and administrative expenses totaled £159.568 million against revenue of £772.3 million. This translates to G&A representing approximately 20.66% of total revenue for FY2025.

Here's a look at the key cost-related metrics for the end of the fiscal year:

Metric	FY 2025 Amount / Percentage	Q4 FY2025 Amount / Percentage
Total Revenue	£772.3 million	£186.8 million
Selling, General and Administrative Expenses (Absolute)	£159.568 million	£37.746 million
Selling, General and Administrative Expenses (as % of Revenue)	20.66%	20.21%
Capital Expenditure (as % of Revenue)	0.6%	0.9%

The structure is definitely asset-light, which is typical for a professional services firm. Capital expenditure is minimal when compared to revenue generation. For the full Fiscal Year 2025, CapEx was only 0.6% of revenue, a slight decrease from 0.7% in the prior year. Even in the final quarter, Q4 FY2025, CapEx remained low at 0.9% of revenue. This low CapEx confirms that the primary investment is in human capital, not physical assets.

The focus on cost control is implied by the management of the adjusted PBT margin, which was 10.6% for FY2025, down from 11.2% in the prior year, even as the company signaled future margin pressure from planned investments and bonus reinstatements.

• Headcount at June 30, 2025: 11,479 employees.
• FY2025 Adjusted Profit Before Tax Margin: 10.6%.
• FY2026 expected margin impact from AI/Bonus: 3% reduction in adjusted PBT margin.

Finance: draft 13-week cash view by Friday.

Endava plc (DAVA) - Canvas Business Model: Revenue Streams

You're looking at how Endava plc actually brings in the money as of late 2025, and it's still heavily weighted toward traditional service delivery models, though the mix is evolving. The primary revenue stream for Endava plc comes from charging clients on a time-and-materials (T&M) basis for services like consulting, development, and quality assurance. Endava has noted that fixed-price contracts are typically structured as flat-rate recurring service arrangements, recognized on a straight-line basis over the service period.

For the full fiscal year 2025, Endava plc's total revenue reached £772.3 million. This represented a year-over-year increase of 4.3% on a reported basis, or 6.3% in constant currency.

The shift toward more stable income is visible in the move toward recurring engagements. While T&M is primary, the fixed-price contracts, described as predominantly flat-rate recurring service arrangements, contribute to a more predictable revenue base over time. Furthermore, the company's strategic push to become AI-native, with over half of its people using AI in projects by the end of FY2025, is designed to drive more deeply embedded, ongoing work, which naturally leans toward managed services and recurring revenue streams.

In specific verticals, Endava plc is actively engaging with innovative pricing structures. For instance, in the Payments vertical, the company has been involved in modernizing platforms that previously introduced interchange pricing flexibility to buyers, suppliers, and commercial card issuers, indicating a move beyond pure service hours into models tied to transaction volume or value.

Still, you need to watch the concentration risk. The top 10 clients generated 36% of the total FY2025 revenue. To give you a clearer picture of where that revenue is coming from, here's the breakdown by industry vertical for the full year 2025:

Industry Vertical	FY2025 Revenue Percentage
BCM	20%
Payments	19%
TMT	19%
Healthcare	12%
Insurance	9%
Mobility	8%
Other	13%

It's also worth noting that the largest single client, Mastercard, contributed around 10% of group revenue in the period, which is a significant anchor point for the top 10 concentration. The overall client base saw a reduction in active clients to 619 as of June 30, 2025, compared to 695 the prior year, reflecting macroeconomic headwinds.

Here are a few other key metrics related to the revenue base:

• Top 10 clients accounted for 36% of FY2025 revenue.
• Average spend of the 10 largest clients in FY2025 was £27.9 million.
• Revenue from North America was 38% of total FY2025 revenue.
• Revenue from the United Kingdom was 33% of total FY2025 revenue.
• The company exited FY2025 with its highest ever quarterly order book.

Finance: draft the Q1 FY2026 revenue variance analysis against the guidance range by Monday.