FY 20: A year of growth and expansion
Digital transformation services provider The Panoply has reported FY 20 results (to the end of March) slightly ahead of our forecasts. The period saw impressive revenue growth and expansion of the platform. However, the FY 20 financial year only saw a short window impacted by COVID-19. The subsequent operating environment has changed markedly. The group responded quickly and has already reported a record performance in Q1 21E, with a stronger financial position at the end of June. We maintain our underlying FY 21E and FY 22E estimates and introduce FY 23E numbers. We continue to believe that the group is strongly placed to capture growth opportunities in digital transformation – particularly in the public sector.