(Alliance News) -Â Panoply Holdings PLC on Tuesday said it expects a strong first quarter performance, as it reported a contract win for group business FutureGov worth USD5.2 million over 14 months with a "large, global philanthropic organisation".
Shares in the technology services group were up 41% at 19.50 pence in London on Tuesday.
The "significant digital transformation contract" will see FutureGov support the organisation's teams across EU capital cities to focus on and transform local government services.
"Using its extensive experience and expertise in the digital transformation sector, FutureGov will produce bespoke, digitally-enabled community focused services that seek to address current major issues facing communities," said Panoply.
Coming into the current financial year, the group had a confirmed backlog deliverable in the year, including annualised recurring revenue, of around GBP15 million.
The new contract is one of "a number" of new business wins the group has signed in the last eight weeks, which comprises a total value of GBP9.5 million, the majority of which will be delivered in the current financial year ending March 31.
Panoply expects to report a "strong" performance for the first quarter of its current financial year with year-on-year organic growth on a like-for-like pro forma basis.
Margins are expected at pre-Covid-19 levels, driven by the volume of new work secured. Alongside this, the group expects continued profitability and strong cash generation.
"Whilst the uncertainty created by the Covid-19 pandemic means it remains very difficult to predict performance going forward, the group remains confident in its market offering that spans technology, design and strategy, with around 70% of pro forma revenues now coming from public services," said Panoply.
By Lucy Heming;Â lucyheming@alliancenews.com
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