Trading Update

This announcement contains inside information

15 September 2021

The Panoply Holdings PLC

("The Panoply", or the "Group")

Trading update

Trading 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 five month period from 1 April 2021 to 1 September 2021.

The Group is pleased to report a strong first five months of trading in H1 22. During the period, the Group won c.£50m of new contracts (equivalent period in 21: £18m) representing an 177% increase in order intake. These new contracts include a significant win in the utilities sector representing a value of up to £10.0m over five years.

Alongside the continued high demand for digital transformation services across the Group's end markets, this trading performance reflects its growing ability to take on larger and more impactful projects and the expanded capabilities brought about through recent acquisitions.

As a result of this strong trading, the Board is raising guidance for organic like-for-like revenue growth for the full year ended 31 March 2022 to between 15-20% (from the original commercial vision target of 10-15%). The Board now expects to report revenue for the full year in excess of £77m. In light of the growing market opportunity, and in order to execute on the substantial pipeline that has been built, the Company is investing in human capital and a single brand, but still expects to see Adjusted EBITDA margin expansion in the year.   

Neal Gandhi, Chief Executive Officer of The Panoply said:

"I'm delighted to report on an unprecedented period of trading for the Group which has seen a significant number of new business wins over the summer. We are making excellent progress in our move to a  single brand and the substantial benefits of further consolidation through our ability to deliver larger projects and consolidate our capabilities is already evident from the acceleration in momentum over the last five months.

"It is clear the demand for digital transformation services continues at full pace, and with this clear strategy in place I am confident we are well-positioned to take advantage of the significant opportunities ahead across both our existing and new markets.

"We look forward to providing the market with further information around our move to a new, consolidated brand on 23 September."

The person responsible for this announcement is Oliver Rigby, CFO.

*Adjusted EBITDA is a non-IFRS measure that the Company uses to measure its performance and is defined as earnings before interest, taxation, depreciation and amortisation and after add back of costs related to acquisitions, restructuring and other one off costs made by the Group, fair value adjustments and share based payment charge.

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