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RNS Number : 5515T
Panoply Holdings PLC (The)
21 July 2020
This announcement contains inside information
21 July 2020
The Panoply Holdings PLC
("The Panoply", or the "Group")
Trading update
and
Notice of Results
The Panoply Holdings PLC, the technology-enabled services group
focused on digital transformation, provides an update on its
trading for the 12 months ended 31 March 2020 together with Q1 FY
2021 . This is to provide transparency at a time of market
uncertainty.
Highlights:
Year ended 31 March 2020
-- Revenue for 12 months ended 31 March 2020 of GBP31.5m (unaudited)
(FY19 GBP22.1m****) with Adjusted EBITDA in line with market
expectations
-- Cash as at 31 March 2020 of GBP4.5m (unaudited) (FY19 GBP5.7m).
This has since risen to GBP6.8m*** as at 30 June 2020
-- Preliminary unaudited results to be announced on 30 July
2020
Q1 FY 2021
-- Record performance for the Group in Q1 FY21, with unaudited
revenue and Adjusted EBITDA* at GBP10.1m and GBP1.7m respectively.
This compares with Q1 FY20 unaudited revenue and Adjusted
EBITDA on a statutory basis of GBP6.3m and GBP0.5m and a
like-for-like basis** of GBP9.2m and GBP1.1m respectively
-- Organic revenue growth of 10% on a like-for-like basis**
-- Organic Adjusted EBITDA growth of 55% on a like-for-like
basis **
-- Significant new contract wins were secured in the quarter
with a value of GBP 14.0m
-- Arthurly integrating well into the Group and have already
participated in winning a significant group wide new client
contract
-- Strong balance sheet with GBP6.8m*** cash as at 30 June
2020 and net cash of GBP1.8m, representing a net cash inflow
of GBP2.3m
-- No use of the government furlough scheme and continuing
to recruit to reflect ongoing growth
*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
exceptional items related to acquisitions made by the Group, fair
value adjustments, share based payment charges and pre IFRS 16
adjustments.
**Like-for-like is a non-GAAP/IFRS measure that presents the
first quarter of the prior year being restated to show the
unaudited numbers of the existing and acquired businesses
consolidated for the same months as in 2021.
*** Actual cash at GBP8.8m taking into account GBP2m of deferred
tax (VAT and National Insurance) that is being paid down in the
current quarter.
**** proforma and on a similar basis as reported in Panoply's
Admission Document on the assumption that Manifesto Digital
Limited, Not Binary Limited, Questers Global Group Limited and Bene
Agere Norden AS were owned for the full period and Deeson Group
Holdings Limited, iDisrupted Ltd and Greenshoot Labs from the date
of acquisition. The information was prepared in this way in order
to provide investors with a clearer picture of the performance of
the entities on a combined basis.
This performance has been achieved through the Group's position
as an alternative digital transformation provider to the UK public
services sector at a time when the increased value provided by
challengers has been acknowledged at senior ministerial level.
Coming off the back of a very strong Q4 FY20 and with momentum
continuing into Q2 FY21, the Board believes the results reflect a
structural change in public sector procurement. As in previous
years, the Group also expects the current fiscal year to be
second-half weighted, reflecting the scheduling of public sector
contract renewals.
As a result of the strong start to the new financial year, in
addition to that momentum continuing into Q2, the Group now expects
revenue and adjusted EBITDA for the year to be significantly above
current market expectations .
Senior appointment
During Q1 FY21 the Group appointed Simon Wakeman, a business
leader with more than 20 years' experience in the private and
public sector, to the role of Chief Operating Officer. Simon brings
a wealth of leadership and technical experience to the role . This
is alongside a strong network and understanding of the sectors in
which The Panoply operates, having been the Managing Director at
Deeson Group Ltd and previously at Medway Council & East Sussex
County Council. Simon has not been appointed to the Board of The
Panoply.
Notice of results
The Panoply will announced its unaudited preliminary results for
the year ended 31 March 2020 on Thursday 30 July 2020.
The Group will be hosting webinars for analysts and retail
investors on Tuesday 30 July at 09:00am and 11:30am,
respectively.
If you would like to register for the analyst webinar, please
contact panoply@almapr.co.uk
Retail investors can sign up for free using the Investor Meet
Company platform, and add to meet The Panoply via
https://www.investormeetcompany.com/the-panoply-holdings-plc/register-investor
. Investors who have already registered and added to meet the
Company will be automatically invited.
Neal Gandhi, CEO of The Panoply commented:
"The 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.
This coincides with HM Government recognising that true
innovation and transformation is more likely to happen if contracts
are awarded to challenger companies that are 21st century cloud and
agile native organisations and that are happy to embrace working
alongside client teams. Indeed Michael Gove's Ditchley Lecture,
delivered on June 27th, spoke directly to this. We have long
forecast this structural change and now that we have begun to reach
critical mass, this seems to be playing out in contract wins.
Our performance goes well beyond Covid-19 related contracts ,
which accounted for just 9% of signed deals in the quarter. With
Covid-19 delayed projects now beginning to come back on stream, we
continue into the rest of FY21 and beyond with increased confidence
and continue to be excited about delivering better outcomes for
service users along with better value for taxpayers.
The Board would like to acknowledge the incredible versatility
and professionalism demonstrated by staff during this unprecedented
period. Many have juggled childcare duties or have worked at home
in less than ideal circumstances yet have continued to deliver at
the highest levels. We thank them for their dedication and
commitment."
Enquiries:
The Panoply Holdings
Neal Gandhi (CEO) Via Alma PR
Oliver Rigby (CFO)
Stifel Nicolaus Europe Limited +44 (0)207 710 7600
(Nomad and Broker)
Fred Walsh
Alex Price
Alma PR panoply@almapr.co.uk
(Financial PR) +44(0)203 405 0205
Susie Hudson
Josh Royston
Harriet Jackson
The person responsible for making this announcement is Oliver
Rigby, CFO.
About The Panoply
The Panoply is a digitally native technology services company,
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 across Europe, the Group collaborates with its clients
to deliver the technology outcomes they're looking for at the pace
that they expect and demand.
More information is available at www.thepanoply.com
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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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