Last checked at 21 Jan 2021 07:00
This announcement contains inside information
21 January 2021
The Panoply Holdings PLC
("The Panoply", or the "Group")
Trading update
Strong progress leads to performance significantly ahead of expectations
The Panoply Holdings PLC (AIM: TPX), the technology-enabled services group focused on digital transformation, announces an update on trading for the nine months to 31 December 2020 and full year outlook.
The Group is pleased to report a successful Q3 FY21 in which it achieved £15.0m of new contract wins. As a result of these wins, together with general business performance, the Board now expects the Group to report FY21 revenue in excess of £47.5m and adjusted EBITDA in excess of £6.3m (on a post-IFRS 16 basis).
This success in winning new business reflects the significant operational developments the Group made in calendar 2020, including an expanded reach into the healthcare sector and the establishment of its two full-service brands, FutureGov and Foundry4, alongside the continuing hard work and commitment of its staff throughout the pandemic.
Looking ahead to the final quarter, 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.
Neal Gandhi, CEO of The Panoply commented:
"We're delighted to report on another quarter of strong trading which has left us tracking in line to significantly exceed our expectations for the full year to 31 March 2021. The benefits of having two full-service brands in place are becoming increasingly clear, supporting our competitive positioning. In addition, our presence in the health sector, augmented through the acquisition of Difrent, continues to drive growth.
"With this in mind, 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.
"I would like to reiterate my thanks to all of our staff for their ongoing commitment and dedication to delivering a first-class service to our clients, despite the external pressures of national lockdowns and disruption to daily life."
The person responsible for this announcement is Oliver Rigby, CFO.
Enquiries:
The Panoply Holdings Neal Gandhi (CEO) Oliver Rigby (CFO)
Stifel Nicolaus Europe Limited (Nomad and Joint Broker) |
Via Alma PR
+44 (0)207 710 7600 |
Fred Walsh Alex Price |
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Dowgate Capital Limited (Joint Broker) James Serjeant David Poutney
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+44 (0)203 903 7715 |
Alma PR (Financial PR) Susie Hudson Josh Royston Harriet Jackson | panoply@almapr.co.uk +44 (0)203 405 0209
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About The Panoply
The Panoply is a technology-enabled services group, built to service clients' digital transformation needs. Founded in 2016, with the aim of identifying and acquiring best-of-breed specialist information technology, design and innovation consulting businesses, the Group collaborates with its clients to deliver the technology outcomes they're looking for at the pace that they expect and demand.
The Group is being increasingly recognised as a leading alternative digital transformation provider to the UK public services sector, with c.70% of its client base representing the public sector and c.30% representing the commercial sector.
More information is available at www.thepanoply.com