Panoply FY revenues surge

Technology-enabled services group Panoply said on Tuesday that revenues had shot up in the twelve months ended 31 March.

Panoply said sales increased to £31.5m from £22.1m a year earlier, while adjusted underlying earnings ended the period in line with market expectations.

As far as the new year was concerned, the AIM-listed group said it had delivered a record performance in the first quarter, with unaudited revenues and adjusted underlying earnings at £10.1m and £1.7m, respectively.

Panoply added that significant new contract wins totalling £14m had been secured in the quarter, while organic revenue growth came in at 10% and organic adjusted EBITDA growth was 55% on a like-for-like basis.

Thanks to the strong start to the new financial year, Panoply now expects full-year revenues and adjusted EBITDA to be "significantly above" current market expectations.

Chief executive Neal Gandhi said: "Panoply finds itself in one of the few sweet spots in the economy; that of digital transformation in public services. Our strong start to the year, which comes off the back of a good performance in Q4 FY20, and has continued into Q2 shows that momentum and excitement around the Group is increasing."

As of 1030 BST, Panoply shares had surged 27.57% to 94.40p.