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Endava (DAVA) investor relations material
Endava Citi’s 2025 Global Technology, Media and Telecommunications Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Industry trends and demand environment
IT services experienced a post-COVID digital transformation surge, followed by a recent slowdown as enterprises tightened technology budgets and faced macroeconomic headwinds.
Current market uncertainty is driven by rapid AI advancements, causing clients to delay large-scale projects and extend ideation phases up to 18–24 months.
Despite concerns, Gen AI and Agentic AI are expected to create deeper, more transformative opportunities, requiring significant core system changes.
Delays in project scaling are attributed to the complexity and depth of AI-driven programs, which surpass previous digital transformation efforts.
Client concerns have shifted from security and scalability to managing rapid technology change and business case clarity.
Deal pipeline, revenue, and guidance
Eight large deals were closed in Q4, contributing to the largest order book ever, though revenue impact is back-end loaded and not yet fully visible.
The pipeline includes 24–25 large deals (over $5 million each), with only landed deals included in guidance; timing of conversion remains uncertain.
Larger deals are trending toward longer contract durations and outcome-based pricing, moving away from traditional time-and-materials models.
About 70% of annual revenue is contracted and committed, with growth expected to accelerate in the second half as large deals ramp up.
Profitability is expected to decline in Q1 due to bonus reinstatement and AI investments, with adjusted PBT projected to end the year at 8%.
Client and sector focus
Strategic focus is shifting toward larger clients, reducing the number of smaller, less profitable accounts.
Top 10 clients now account for 37% of revenue, up from 32%, with continued commitment and increased spend among this group.
North America shows good momentum, while payments and TMT sectors remain under pressure; banking and capital markets are growing, and automotive is recovering.
Weakness in payments is driven by new competitors, margin pressure, and a shift toward M&A over technology investment among traditional players.
The technology vertical remains stable, with some declines due to specific client events, such as project cancellations in media.
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