A strong start to FY 21E
With a record revenue and EBITDA performance announced for Q1, The Panoply has clearly enjoyed a strong start to FY 21E. Operational momentum remains strong, with the group securing £14m of new business during the quarter. Noting that the group entered the current financial year with a £15m order backlog, we believe that visibility on our FY 21E revenue forecast is good. The group’s financial position saw a material improvement during the quarter, the net cash balance improved to £1.8m. The release reveals management’s expectation that the FY 21E revenue and adjusted EBITDA outcome will be significantly above current market expectations. We increase our FY 21E and FY 22E EBITDA estimates by 51% and 19% respectively.