Strong FY 2019 performance
Digital transformation services provider The Panoply has reported FY 2019 results ahead of our forecasts. The group made strong operational progress during the year, delivering double-digit customer growth (+18% YoY) and increasing commercial traction in the public and not-for-profit verticals. With a £5.7m net cash position, the group’s financial position remains strong and management commentary on the outlook is positive. We maintain adjusted earnings estimates and continue to believe The Panoply is strongly placed to capture growth opportunities in digital transformation.