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Published on: December 9, 2019

Values drive strong delivery

Digital transformation services provider The Panoply’s H1 19/20 results in our view demonstrate impressive momentum and the importance of the group’s core purpose and values in driving financial performance. Revenues grew 33% YoY during the period, and adjusted EBITDA by 38%, reflecting the strong commercial progress made. 209 clients were billed during the half – more than double the comparable period. Commentary on the outlook is positive, with management confident of meeting full-year expectations and underpinned by a £25m sales backlog. We leave estimates unchanged following the release and continue to believe The Panoply is strongly placed to deliver on its targets.

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