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Wednesday 15 September 2021

The Panoply increases full year guidance

The Panoply Holdings logoRecent performance has allowed The Panoply to announce a big uplift in its revenue growth prediction for its full year (to 31st March 2022). The original target was 10-15% growth. The company now thinks organic like-for-like revenue growth will be between 15% and 20%, leading to revenue in excess of £77m.

The confidence comes after a strong five-month period to the end beginning of September. Order intake was up 177% with c£50m of new contracts won. The wins include a five-year contract with a utilities company valued at up to £10m.

The higher target for organic growth is worthy of note because, as we noted in July, if The Panoply can achieve to the higher end of the new target range, it will not require any further funding to make the acquisitions it will require to make its £200m revenue target by 2025 (see The Panoply: Ambitious new FY25 target).  

The Group has been investing in creating a single brand and further consolidating its various acquisitions. Signs are that is having a great impact, allowing it to win larger digital transformation projects. The expanded capabilities, e.g., the managed services brought into the fold through the acquisition of Keep IT Simple (see The Panoply keeps it simple with its biggest acquisition) are also having a positive impact. And, although 75% of The Panoply’s turnover is from the public sector, a recent major win in the utilities sector suggests success in other new markets shouldn’t be ruled out.

Posted by: Georgina O'Toole at 08:00

Tags: publicsector   digital   utilities   tradingupdate   digital+transformation  

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