Digitally native technology-enabled services company, The Panoply (TPX) has reported encouraging preliminary results for the year ending in March 2019, their first year as a publicly listed company.
In fact, the first year end results were ahead of the company’s market expectations. Chief among these was an adjusted EBITDA of £3.5m, which is 30% ahead of market expectations.
Revenue was also up 42% to a total of £22.1, largely as a result of organic growth based on the original four companies Panoply acquired at their IPO.
And the company seems to be growing in terms of a dependable customer base as well, sharing in these results that 68% of customers billed in 2018 were also billed in 2019. Establishing a loyal clientele is likely to increase the company’s visibility and facilitate continued growth.
CEO Neal Gandhi commented on the results, “Since we joined the market, our existing businesses have experienced strong continued growth and in the period we successfully completed a further three acquisitions, bringing two leading companies in key technologies, and D/SRUPTION into the Group. We also launched human+, enabling The Panoply Group to deliver robotic process automation to our clients…
We are very excited by the opportunity ahead, particularly as we begin to combine our offerings into specific vertical markets. We are beginning to reach critical mass in the public sector, health and not for profit sectors and at the same time are beginning to win substantially larger commercial sector clients.
At the same time, we continue to focus on M&A that strengthens our business. As a result of both strategies running in parallel, we are confident that the Group will be able to sustain momentum over the year and achieve market expectations for FY2020."
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