Panoply Holdings PLC (The) Contract win, trading update and webinar (8337N)
26 Mayo 2020 - 1:01AM
UK Regulatory
TIDMTPX
RNS Number : 8337N
Panoply Holdings PLC (The)
26 May 2020
26 May 2020
The Panoply Holdings PLC
("The Panoply", the "Group", and the "Company")
Contract win, trading update and private investor webinar
The Panoply (AIM: TPX), a digitally native technology-enabled
services company, is pleased to announce that Group business
FutureGov has signed a significant digital transformation contract
with a large, global philanthropic organisation.
This contract, which is worth a total of US$5.2m over 14 months,
will see FutureGov supporting the organisation's teams across EU
capital cities to focus on and transform local government services
in order to deliver better outcomes. Using its extensive experience
and expertise in the digital transformation sector, FutureGov will
produce bespoke, digitally-enabled community focused services that
seek to address current major issues facing communities.
This contract is another success for the Group in the public
sector, further demonstrating the strength of the Group's offering
in this field, the importance of its purpose-driven work and also
its ability to continue securing significant new business wins even
during this time of heightened uncertainty.
Trading update
Coming into the current financial year, the Group had a
confirmed backlog deliverable in the year, including annualised
recurring revenue, of approximately GBP15m. The contract with the
philanthropic organisation is one of a number of new business wins
the Group has signed in the last eight weeks (since 1 April 2020),
which comprises a total value of GBP9.5m, the majority of which
will be delivered this financial year.
The Group expects to report a strong performance for the first
quarter of FY21 with year-on-year organic growth on a like-for-like
pro forma basis*. Margins are expected at pre-COVID-19 levels,
driven by the volume of new work secured. Alongside this the Group
expects continued profitability and strong cash generation.
Whilst the uncertainty created by the COVID-19 pandemic means it
remains very difficult to predict performance going forward, the
Group remains confident in its market offering that spans
technology, design and strategy, with around 70% of pro forma
revenues now coming from public services.
*Q1 FY20 revenue on a pro forma basis, including Ameo and
FutureGov, would have been approximately GBP9.1m. Ameo and
FutureGov have been included to show a true like-for-like
comparison.
Investor webinar
Further to this update, The Panoply's CEO, Neal Gandhi and CFO
Oliver Rigby will be hosting a private investor webinar on Tuesday,
2 June 2020 at 14.00. Registration for the webinar is available via
the following link: https://bit.ly/TPX_Update
Issue of consideration shares
As announced on 28 April 2020, the acquisitions made by the
Group to date have traded in line with expectations and so it is
anticipated that further consideration in line with previous
guidance of approximately GBP17m will become payable. This
consideration will become payable following the release of the
Group's FY20 results, expected to be in July 2020, and will result
in the issue and allotment of c.21.5m new shares in The Panoply.
This represents c.40% of the current issued share capital.
Neal Gandhi, CEO of The Panoply commented:
"We always believed that our aim of being purposeful in our
approach would deliver great financial returns. This has been
proven so far this year with the group winning GBP9.5m in new work
since April 1st, an eight week period that for many has been the
most challenging in living memory. I'm immensely grateful to our
people who have gone above and beyond in order to deliver what
looks set to be a record Q1 with organic growth on a like for like
basis.
I would particularly like to mention our teams that have been
involved in COVID-19 emergency response related projects. They have
worked tirelessly to deliver projects in difficult circumstances
that have contributed to ensuring those most in need of help have
received it."
Enquiries:
The Panoply Holdings Via Alma PR
Neal Gandhi (CEO)
Oliver Rigby (CFO)
Stifel
(Nomad and Broker)
Fred Walsh
Alex Price +44 (0)207 710 7600
Alma PR panoply@almapr.co.uk
(Financial PR) +44(0)203 405 0206
Josh Royston 07780 901979
Susie Hudson
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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END
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