FY23 results are in: https://find-and-update.company-information.service.gov.uk/company/11305402/filing-history
It's early morning but here are a few points I pulled out after having a quick read through.
Refinance
$350m 5 year (SOFR + 775bps = 5.31% + 7.75% = 13.06% = $45.7m interest a year)
$60m 5.5 year (EURIBOR + 1340bps = 3.8% + 13.4% = 17.2% = $10.3m interest a year)
$50m revolver
Estimated annual interest cost $56m
Net cash raised from refinancing over $60m
Other
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FY23 revenue $427.8m, down from $471m (FY22) -9.2%
FY23 EBITDA $116.2m, up from $89.2m (FY22) 30.3%
FY23 cash $18.5m, up from $6.3m (FY22) 194%
Contracted future revenue $406m (2022: $467m)
$274m (2022: $242m) is expected to be recognised within the next year (FY24)
The majority of the remaining amount in the following 12 months (FY25)
Headcount down 20% in the year through natural attrition or redundancy
Avg. employees 3,319, down from 2,667 (FY22) -13.2%
Finance costs were $36.3m, up on $28.1m (FY22)
Net finance charges $50.1m, up from $39.8m (FY22)
Pre-tax loss $15.9m, down from $43.2m (FY22)
Post-tax loss $16.7m, down from $58.9m (FY22)
(Losses include big amortisation charges and redundancy costs)
Close cash at 25 June 2023 was $18.5m with RCF at $0
FY22 equivalent was $6.3m cash with $6m drawn on RCF
RCF while $0 did have $3.7m letters of credit against it at 25 June 2023
"However, to protect against a fall in revenues beyond that what is currently regarded as plausible, the Directors are also developing plans for contingency measures which include careful control of discretionary spend and capital expenditure, and further restructuring initiatives which are within the control of the Directors to implement within the going concern assessment period."