Panoply Holdings sees growth in H1 revenues and earnings

Panoply now expects to record revenues of no less than £20.5m for the half, an 18% like-for-like improvement, thanks to a "robust performance" throughout the period. Sales backlogs sat at £17.5m, up from £12.8m a year earlier.

Adjusted underlying earnings were projected to come to £2.4m, a 25% like-for-like increase, partly driven by the £25.0m-worth of total contract value secured by the company during the half.

The AIM-listed group also highlighted its "strong balance sheet", with £6.0m of cash as of 30 September and a net debt standing of £1.0m after having paid out £3.8m of acquisition consideration during the half.

Panoply also highlighted that it intends to initiate a full-year dividend for 2021, with an interim dividend to be declared following the publication of its first-half results.

Looking forward, Panoply said it was "confident" of delivering 10-15% like-for-like organic revenue growth for the full-year, with profit growth in excess of revenue growth in line with its previously stated commercial vision.

As of 1040 BST, Panoply shares were up 17.96% at 144.50p.