12th Oct 2020 11:44
(Alliance News) -Â Panoply Holdings PLC on Monday reported a strong performance in its first half and looked to the remainder of the year with confidence.
Shares in Panoply were up 15% at 141.10 pence in London on Monday.
Panoply said that for the six months to the end of September, its performance was "robust". Revenue is expected to be "not less" than GBP20.5 million, which would be up 52% on the GBP13.4 million posted a year ago.
Adjusted earnings before interest, tax, depreciation and amortisation is set to be at least GBP2.4 million, versus GBP900,000 a year prior.
Panoply intends to "initiate" a dividend for the current financial year, with an interim payout to be declared following the publication of its half-year results.
The IT service management company is confident in delivering 10% to 15% like-for-like organic revenue growth for the full-year with profit growth "in excess" of revenue growth.
"There is undoubtedly a continued uncertainty among organisations in sectors within which the group operates with respect to pandemic-related disruption, and the board recognises the possibility of increased UK government restrictions in the later months of calendar 2020. However, at present the group continues to see demand for digital transformation among public and private sector organisations," Panoply said.
It added: "Consequently, the board has confidence in the full year outcome and looks forward to reporting strong organic revenue growth during the second half of the year."
Panoply also said it has secured a "significant contract" with Planning Inspectorate. The work is worth GBP4 million in total over two years.
By Lucy Heming;Â [email protected]
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