Endava PLC (DAVA): Canvas Business Model [Jan-2025 Mis à jour]

Dans le paysage rapide de la transformation numérique, Endava Plc (DAVA) apparaît comme une puissance de l'innovation technologique, naviguant stratégiquement sur le terrain complexe des services technologiques mondiaux. En tirant parti d'un modèle commercial sophistiqué qui mélange de manière transparente l'expertise à côte, l'ingénierie numérique de pointe et les partenariats stratégiques, Endava s'est positionné comme une force dynamique dans la fourniture de solutions numériques complètes à travers diverses verticales de l'industrie. Leur approche unique combine les prouesses technologiques avec un cadre flexible et centré sur le client qui permet aux entreprises d'accélérer les initiatives numériques, de réduire les coûts et de débloquer un potentiel technologique sans précédent.

Endava PLC (DAVA) - Modèle commercial: partenariats clés

Alliances de technologie stratégique

Endava maintient des partenariats stratégiques avec les principaux fournisseurs de technologies mondiales:

Partenaire	Focus de partenariat	Année établie
Microsoft	Solutions de transformation cloud et numérique	2015
Amazon Web Services (AWS)	Infrastructure et services cloud	2017
Salesforce	CRM et Solutions d'entreprise	2016

Collaborations de cabinets de conseil

Les principaux partenariats de conseil comprennent:

• Deloitte Digital
• Services technologiques d'accenture
• Pratique de transformation numérique PWC

Centres de livraison à terre

Endava exploite des centres de livraison à côtes de près dans:

Pays	Nombre de centres de livraison	Total des employés
Roumanie	4	2,350
Bulgarie	2	1,100
Macédoine du Nord	1	550

Partenariats académiques

Endava collabore avec les universités pour l'acquisition de talents:

• Université technique de Cluj-Napoca
• Université de Bucarest
• Université Sofia "St. Kliment Ohridski"

Partenariats de l'écosystème technologique

Les partenariats de transformation numérique comprennent:

Domaine technologique	Partenaires clés	Domaine de mise au point
Intelligence artificielle	Google Cloud AI	Solutions d'apprentissage automatique
Cybersécurité	Réseaux palo alto	Cadres de sécurité d'entreprise
Plateformes IoT	IBM Watson IoT	Solutions de périphériques connectés

Endava PLC (DAVA) - Modèle d'entreprise: activités clés

Services de développement de logiciels personnalisés et d'ingénierie

Endava a généré 706,1 millions de livres sterling de revenus pour l'exercice 2023. La société a employé 8 350 professionnels de la technologie dans plusieurs centres de livraison mondiaux.

Catégorie de service	Contribution des revenus	Ventilation géographique
Ingénierie logicielle personnalisée	42% des revenus totaux	Royaume-Uni: 35,2%
Solutions technologiques d'entreprise	33% des revenus totaux	Amérique du Nord: 29,7%
Développement de produits numériques	25% des revenus totaux	Europe continentale: 35,1%

Conseil de transformation numérique

Endava fournit des stratégies de transformation numériques complètes sur plusieurs verticales de l'industrie.

• Services financiers Transformation numérique
• Modernisation des technologies de la santé
• Solutions numériques de vente au détail et grand public
• Conseil des technologies des médias et du divertissement

Services de migration et de modernisation du cloud

Les services cloud représentaient 28% des offres de services totales d'Endava en 2023.

Plate-forme cloud	Services de migration	Focus de la modernisation
AWS	35% des migrations de cloud	Transformation du système hérité
Microsoft Azure	30% des migrations de cloud	Refonte de l'architecture d'entreprise
Google Cloud	15% des migrations de cloud	Développement d'évolution des infrastructures

Développement de produits logiciels Agile

Endava maintient Taux de rétention de 85% à travers des méthodologies agiles avancées.

• Implémentation du cadre de mêlée
• Intégration DevOps
• Pratiques de livraison continue

Expérience utilisateur (UX) et services de conception

Les services axés sur la conception ont représenté 22% du portefeuille de services total d'Endava en 2023.

Service de conception	Spécialisation	Industries des clients
Conception UX / UI	Prototypage interactif	Technologie financière
Recherche de conception	Analyse du comportement des utilisateurs	Soins de santé
Conception de produits numériques	Conception d'interaction	Commerce de détail et e-commerce

Endava PLC (DAVA) - Modèle d'entreprise: Ressources clés

Professionnels de la technologie hautement qualifiés

Au 31 décembre 2023, Endava employait 8 561 professionnels de la technologie dans plusieurs géographies.

Région géographique	Nombre de professionnels
Roumanie	3,456
Royaume-Uni	1,287
l'Amérique latine	2,134
Autres régions	1,684

Expertise technologique avancée

Endava démontre une expertise en ingénierie numérique dans plusieurs domaines technologiques.

• Ingénierie du cloud
• Intelligence artificielle / apprentissage automatique
• Solutions de cybersécurité
• Conception de produits numériques

Capacités de transformation numérique

Pour l'exercice 2023, Endava a déclaré un chiffre d'affaires de 1,43 milliard de dollars, avec 92% sur les services de transformation numérique.

Modèle de livraison évolutif

Composant du modèle de livraison	Capacité
Centres de livraison mondiaux	12
Emplacements à terre	7
Taille moyenne de l'équipe du projet	15-25 professionnels

Propriété intellectuelle et innovation

Endava a investi 42,3 millions de dollars dans la recherche et le développement au cours de l'exercice 2023.

• Demandes de brevet: 8
• Laboratives d'innovation: 3
• Investissement annuel sur l'innovation: 3,2% du total des revenus

Endava PLC (DAVA) - Modèle d'entreprise: propositions de valeur

Solutions d'ingénierie numérique de bout en bout

Endava fournit des services d'ingénierie numérique complets en mettant l'accent sur:

• Conseil de transformation numérique
• Développement de produits logiciels
• Migration et modernisation du cloud

Catégorie de service	Contribution des revenus	Segments du client
Ingénierie numérique	622,3 millions de dollars (FY 2023)	Services financiers, technologie, médias

Accélération du temps de marché pour les initiatives numériques des clients

Endava fournit une implémentation rapide de la solution numérique à travers:

• Méthodologies de développement agile
• Intégration continue / déploiement continu (CI / CD)
• Capacités de prototypage rapide

Métrique	Performance
Délai de livraison du projet moyen	30 à 40% plus rapides que les approches traditionnelles

Services technologiques à terreins normes rentables

Endava offre des prix compétitifs à travers des emplacements géographiques stratégiques:

• Centres de livraison en Europe de l'Est
• Réduire les coûts opérationnels
• Piscine de talents de haute qualité

Emplacement	Nombre de centres de livraison	Économies de coûts
Roumanie, Bulgarie, Macédoine du Nord	16 centres de livraison	Réduction des coûts de 25 à 40% par rapport aux services onshore

Expertise verticale de l'industrie spécialisée

Les capacités verticales de l'industrie ciblée comprennent:

• Services financiers
• Technologie
• Médias et divertissement
• Télécommunications

Industrie verticale	Pourcentage de revenus
Services financiers	37.4%
Technologie	28.6%

Solutions technologiques innovantes et adaptables

Domaines d'innovation technologique:

• IA et apprentissage automatique
• Technologies natives dans le cloud
• Internet des objets (IoT)
• Solutions de blockchain

Investissement en innovation	Montant
Dépenses de R&D (FY 2023)	45,2 millions de dollars

Endava PLC (DAVA) - Modèle d'entreprise: relations clients

Modèle d'engagement consultatif

Le modèle d'engagement consultatif d'Endava se concentre sur les solutions technologiques sur mesure avec les caractéristiques suivantes:

Profondeur de l'engagement	Conseil stratégique à tacs élevé
Fréquence d'interaction client	Réunions stratégiques hebdomadaires / bihebdomadaires
Niveau de personnalisation	Conception de solution personnalisée à 90%

Approche de partenariat stratégique à long terme

Endava entretient des relations avec les clients à long terme avec les mesures suivantes:

• Durée moyenne des relations avec le client: 5,7 ans
• Taux de rétention de la clientèle: 92%
• Répéter le pourcentage d'entreprise: 78%

Équipes de gestion des comptes dédiés

La structure de gestion des comptes comprend:

Taille moyenne de l'équipe	3-5 professionnels dévoués
Couverture client	48 pays à l'échelle mondiale
Spécialisation de l'équipe	Expertise spécifique à l'industrie

Mécanismes d'amélioration des services continus

Stratégies d'amélioration des services:

• Enquêtes trimestrielles de satisfaction des clients
• Score de promoteur net (NPS): 71
• Réévaluation des capacités technologiques annuelles

Plateformes de collaboration numérique

Infrastructure d'interaction numérique:

Outils de collaboration	Microsoft Teams, Slack, portails personnalisés
Canaux de communication en temps réel	Plates-formes de support numérique 24/7
Plates-formes de fiançailles numériques	Système de gestion de la clientèle propriétaire

Endava PLC (DAVA) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis 2023, l'équipe de vente directe d'Endava se compose d'environ 250-300 professionnels des ventes dédiés dans plusieurs régions géographiques.

Région	Taille de l'équipe de vente	Domaines d'intervention clés
Amérique du Nord	85-100 professionnels	Transformation numérique, services cloud
Europe	120-140 professionnels	Services financiers, technologie de santé
l'Amérique latine	45-60 professionnels	Solutions numériques du marché émergent

Plateformes de marketing numérique

Endava utilise plusieurs canaux de marketing numérique avec les mesures suivantes:

• LinkedIn adepte: 120 000+
• Visiteurs mensuels du site Web: environ 75 000
• Taux d'engagement des médias sociaux: 3,5%

Conférences de technologie et événements de l'industrie

Statistiques annuelles de participation à l'événement:

Type d'événement	Nombre d'événements	Les pistes estimées générées
Conférences technologiques majeures	18-22 par an	350-450 Leads potentiels Client
Séminaires spécifiques à l'industrie	35-40 par an	250-300 Interactions potentielles du client

Plateformes de proposition en ligne et d'engagement

Métriques de la plate-forme d'engagement numérique:

• Taux de soumission des propositions en ligne: 65%
• Utilisateurs de la plate-forme d'engagement numérique: 2 500+
• Temps de réponse moyen: 24 à 48 heures

Acquisition de clientèle basée sur la référence et le réseau

Données de performance du canal de référence:

Source de référence	Taux de conversion	Acquisition annuelle de nouveaux clients
Références des clients existants	42%	85-100 nouveaux clients
Références du réseau partenaire	28%	55-70 nouveaux clients
Références de réseau professionnel	22%	40-55 nouveaux clients

Endava PLC (DAVA) - Modèle d'entreprise: segments de clientèle

Clients de technologie des grandes entreprises

Depuis 2023, Endava dessert 185 clients de grandes technologies d'entreprise à travers plusieurs géographies. Ces clients représentent environ 71% des revenus totaux de l'entreprise.

Catégorie client	Nombre de clients	Contribution des revenus
Fortune 1000 Companies	42	48% du segment d'entreprise
Entreprises technologiques mondiales	67	35% du segment d'entreprise

Organisations de services financiers

Le segment des services financiers d'Endava a généré 266,3 millions de livres sterling de revenus au cours de l'exercice 2023.

• Clients bancaires: 53 institutions financières
• Compagnies d'assurance: 22 clients actifs
• Sociétés de technologie de paiement: 16 clients

Entreprises de soins de santé et de technologie médicale

Les revenus du segment des soins de santé ont atteint 124,7 millions de livres sterling en 2023.

Sous-segment des soins de santé	Nombre de clients	Contribution des revenus
Sociétés de dispositifs médicaux	37	42% des revenus des soins de santé
Fournisseurs de technologies de santé	28	33% des revenus des soins de santé

Sociétés de télécommunications

Les clients de télécommunications ont contribué 189,5 millions de livres sterling aux revenus d'Endava en 2023.

• Opérateurs de télécommunications de niveau 1: 12 clients
• Fournisseurs de réseaux mobiles: 18 clients
• Entreprises de télécommunications numériques: 22 clients

Entreprises des médias et du divertissement

Le segment des médias et du divertissement a généré 97,6 millions de livres sterling de revenus pour l'exercice 2023.

Sous-segment des médias	Nombre de clients	Contribution des revenus
Plates-formes de streaming	14	38% des revenus des médias
Fournisseurs de contenu numérique	22	45% des revenus des médias

Endava PLC (DAVA) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition du personnel et des talents

Pour l'exercice 2023, Endava a déclaré des dépenses totales de personnel de 459,7 millions de dollars. L'entreprise a employé environ 8 800 professionnels sur plusieurs emplacements mondiaux.

Catégorie de dépenses	Montant (USD)
Salaires	382,5 millions de dollars
Frais de recrutement	24,3 millions de dollars
Formation et développement	12,9 millions de dollars

Investissements infrastructures technologiques

Endava a investi 67,2 millions de dollars dans les infrastructures technologiques au cours de l'exercice 2023.

• Infrastructure de cloud computing: 28,5 millions de dollars
• Investissements matériels et logiciels: 22,7 millions de dollars
• Systèmes de cybersécurité: 16 millions de dollars

Coûts de recherche et de développement

Les dépenses de R&D pour l'exercice 2023 ont totalisé 35,6 millions de dollars, représentant 4,2% des revenus totaux.

Dépenses de marketing et de développement commercial

Les dépenses de marketing et de développement des entreprises sont équipées de 42,1 millions de dollars Au cours de l'exercice 2023.

Canal de marketing	Dépenses (USD)
Marketing numérique	18,3 millions de dollars
Conférences et parrainages d'événements	9,7 millions de dollars
Ventes et développement commercial	14,1 millions de dollars

Frais généraux opérationnels et administratifs

Les frais opérationnels et administratifs pour l'exercice 2023 étaient 92,4 millions de dollars.

• Loyer de bureau et installations: 35,6 millions de dollars
• Frais administratifs: 28,9 millions de dollars
• Services professionnels: 27,9 millions de dollars

Endava PLC (DAVA) - Modèle d'entreprise: Strots de revenus

Services de conseil en technologie

Pour l'exercice 2023, Endava a déclaré un chiffre d'affaires total de 696,8 millions de livres sterling, les services de conseil technologique contribuant à une partie importante de ce chiffre.

Catégorie de service	Contribution des revenus	Pourcentage du total des revenus
Conseil technologique	268,3 millions de livres sterling	38.5%

Contrats de développement de logiciels personnalisés

Le développement de logiciels personnalisés représente une source de revenus de base pour Endava.

• Valeur du contrat moyen: 350 000 £ à 1,2 million de livres sterling
• Durée du contrat typique: 6 à 18 mois

Type de contrat	Revenus annuels	Taux de croissance
Développement de logiciels personnalisés	245,6 millions de livres sterling	15.2%

Frais de projet de transformation numérique

Les services de transformation numérique ont généré 182,4 millions de livres sterling de revenus pour Endava en 2023.

Segment de l'industrie	Frais de projet	Pourcentage de revenus de transformation numérique
Services financiers	87,3 millions de livres sterling	47.8%
Secteur technologique	52,1 millions de livres sterling	28.6%

Services gérés et soutien continu

Les revenus des services gérés pour Endava ont atteint 134,5 millions de livres sterling au cours de l'exercice 2023.

• Revenus récurrents mensuels moyens par client: 45 000 £
• Longueur de contrat typique: 24-36 mois

Services d'ingénierie des produits et d'innovation

Les services d'ingénierie des produits ont généré 96,2 millions de livres sterling de revenus pour Endava.

Type de service	Revenus annuels	Taux de rétention des clients
Génie des produits	96,2 millions de livres sterling	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.