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Published on: October 12, 2020

Trading remains robust

The Panoply’s trading update for the six months to September 30 contains a number of positive messages in our view. Trading remained robust in H1 21, with the COVID-19 pandemic driving an acceleration in demand for digital transformation services. Furthermore, the group’s financial position remains solid, with a £1.0m net debt position as at 30 September 2020. The outlook commentary is positive, with management signalling their expectation of double-digit like-for-like (“LFL”) organic revenue growth for FY 21E, and profit growth in excess of revenue growth. We maintain earnings estimates following the release and re-initiate dividend forecasts.

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