The Panoply, a digitally native technology services company, today announces a trading update for the year ended 31 March 2019.
The Board is pleased to announce that it expects to report revenue and EBITDA performance in line with expectations when it publishes its maiden full year results, following its successful IPO and Admission to trading on AIM in December 2018. This performance has been driven by an increase in customer numbers across its constituent companies and particularly from work in the government and not-for-profit sectors. At the year end the Group had net cash* of £4.9 million.
Since the Group's IPO, a further three acquisitions have been concluded and the relevant integration of those businesses largely completed. Investments have also been made into new business units which complement and expand the Group's existing services and expertise, and which can generate future revenue streams, including TPX human+ which was launched at the end of February.
Neal Gandhi, CEO of The Panoply, stated:
"I'm delighted with the progress that we have made in the year. The IPO was clearly the most significant milestone as it brought together four outstanding companies, ideally placed to manage the digital transformation needs of today's world, and provided us with the platform to attract other, like minded visionary companies. It has been particularly pleasing to witness the high levels of collaboration across the business units as they each strive to maximise opportunities for the wider Group.
"With a healthy pipeline of potential acquisition opportunities and as our investment opportunities develop further, we look forward to the future with confidence."
* net cash is cash at bank (£5.6m) less consideration payments to be made in connection with acquisitions made by the Group (£700k)