Qualitative and Quantitative Disclosures about Market Risk We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations in foreign exchange rates as well as, to a lesser extent, interest rates and inflation. Foreign Currency Exchange Rate Risk We conduct business in multiple countries and currencies, which exposes us to risks associated with fluctuations in currency exchange rates. Our reporting currency is the British Pound, but we transact business in other currencies as well, principally the Euro, U.S. Dollar and the RON. Any necessary foreign currency transactions, principally re-translation of monetary items such as short-term inter-company balances and borrowings, are effected using the exchange rates prevailing on the dates of the transactions and are recognized in the statement of comprehensive income. In addition, the assets and liabilities of each of our subsidiaries are translated into British Pounds at exchange rates in effect at each balance sheet date and operations accounts are translated using the average exchange rate for the relevant period. Foreign currency translation adjustments are accounted for as a component of comprehensive income and reflected in the foreign exchange translation reserve and in comprehensive income in the statement of changes in equity. In the fiscal year ended June 30, 2025, 29.3% of our sales were denominated in the British Pound, 43.4% of our sales were denominated in U.S. dollars, 19.2% were denominated in Euros and the balance was in other currencies. Conversely, during the same time period, 45.6% of our expenses were denominated in Euros (or in currencies that largely follow the Euro, including the RON) and 21.4% in U.S. dollars. As a result, strengthening of the Euro relative to the British Pound and weakening of the U.S. dollar relative to the British Pound present the most significant risks to us. Any significant fluctuations in currency exchange rates may have a material impact on our business. Since April 2024, we have engaged in foreign exchange hedging by using net investment hedges. A net investment hedge is a financial strategy that companies use to protect themselves from changes in exchange rates by netting off the foreign exchange movements in a borrowing with foreign exchange movements in an investment in a foreign subsidiary. To achieve this we have designated some of our revolving credit facility loan tranches as net investment hedges and matching them with net investments in subsidiaries of the same currency. This helps protect the value of some of our foreign investments. The impact of the net investment hedges to date is immaterial. 118 Interest Rate Risk We had cash and cash equivalents of £59.3 million as of June 30, 2025, which consisted of readily available bank deposits in various currencies, principally Euro, U.S. Dollar, British Pound and RON. These investments earn interest at variable rates and, as a result, decreases in market interest rates would generally result in decreased interest income. We also have a revolving credit facility that bears interest based on SONIA, EURIBOR and SOFR plus a variable margin. Changes in the applicable rate result in fluctuations in the required cash flows to service this debt. For example, a 1% (one hundred basis points) increase in the applicable market interest rate would result in an additional £3.5 million in interest expense if the maximum borrowable amount under the revolving credit facility was outstanding for the entire fiscal year. We do not enter into investments for trading or speculative purposes and have not used any derivative financial instruments to manage our interest rate risk exposure. Inflation Risk A large proportion of our services are delivered from locations in Central Europe and Latin America. Consequently, we are exposed to the risks associated with economies that are undergoing rapid growth with evolving controls and regulations, which can drive inflationary pressure. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and selling, general and administrative expenses as a percentage of sales if the selling prices of our services do not increase in line with increases in costs. Concentration of Credit and Other Risk During the fiscal years ended June 30, 2025, 2024 and 2023, our 10 largest clients based on revenue accounted for 36.2%, 32.5%, and 32.8% of our total revenue, respectively. No client contributed more than 10% of our revenue in the fiscal years ended June 30, 2025 and 2024, and our largest client contributed 10.7% of our revenue in the fiscal year ended June 30, 2023. Credit losses and write-offs of trade receivable balances have historically not been material to our consolidated financial statements. See note 31 to our consolidated financial statements appearing elsewhere in this Annual Report on Form 20-F for more details on financial instruments risk.