Panoply Holdings sees growth in H1 revenues and earnings

Technology-enabled services group Panoply Holdings said on Monday that both interim revenues and underlying earnings had improved in the six months ended 30 September.

Panoply now expects to record revenues of no less than £20.5m for the half, an 18% like-for-like improvement, thanks to a "robust performance" throughout the period. Sales backlogs sat at £17.5m, up from £12.8m a year earlier.

Adjusted underlying earnings were projected to come to £2.4m, a 25% like-for-like increase, partly driven by the £25.0m-worth of total contract value secured by the company during the half.

The AIM-listed group also highlighted its "strong balance sheet", with £6.0m of cash as of 30 September and a net debt standing of £1.0m after having paid out £3.8m of acquisition consideration during the half.

Panoply also highlighted that it intends to initiate a full-year dividend for 2021, with an interim dividend to be declared following the publication of its first-half results.

Looking forward, Panoply said it was "confident" of delivering 10-15% like-for-like organic revenue growth for the full-year, with profit growth in excess of revenue growth in line with its previously stated commercial vision.

As of 1040 BST, Panoply shares were up 17.96% at 144.50p.