(Alliance News) - Shares in Panoply Holdings PLC shot up on Thursday after it said it expects revenue and earnings for its current financial year to be significantly ahead of figures posted for financial 2020.
Shares in Panoply were trading 22% higher at 195.00 pence each on Thursday morning in London.
The IT service management company said it expects revenue for the financial year ending on March 31 of over GBP47.5 million, and adjusted earnings before interest, tax, depreciation, and amortization of over GBP6.3 million. For comparison, in the year ended March 2020, it recorded revenue of GBP31.5 million and normalised adjusted Ebitda of GBP3.4 million.
London-based Panoply credited the improvement in its earnings to a successful performance in the third quarter that ended December 31, a period in which it achieved GBP15.0 million worth of new contract wins.
Looking ahead, it said: "The group continues to see an ongoing demand for digital transformation across the public and private sectors and looks forward to capitalising upon these opportunities."
Chief Executive Neal Gandhi added: "We look to the final quarter and the new financial year with confidence that our offering as a digitally-native, agile group will continue to be compelling for existing and prospective customers."
By Ife Taiwo; ifetaiwo@alliancenews.com
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