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Sales and profits jump at listed MSP Panoply

AIM-listed managed service provider The Panoply has posted a very positive trading update for its year ended 31 March 2021.

“Trading during the period was strong and ahead of the group's expectations,” it said, with sales expected to be “not less than £51m” - an increase of 62% on FY2020.

Adjusted EBITDA of “not less than” £6.9m has been slated, which is an increase of 79% on last year. News of the performance, helped by a string of acquisitions, sent the share price up 8%.

“Alongside the impact of three acquisitions made during the year, the FY2021 results will show like-for-like organic revenue growth above the group's stated objective of 10-15%,” said the firm.

The group will end the year with a £39m backlog in business for FY2022 and a “strong pipeline” that supports further organic growth in the year ahead.

The Panoply added that it had also made “strong progress” with its ESG commitments and will report improvements in both diversity and inclusion statistics across the group, as well as progress towards its commitment to be carbon neutral - including historic emissions - by March 2023.

Around 70% of the company's sales are generated in the public sector and about 30% in the commercial sector. The full and final results for the year will be posted on 5 July 2021.

Earlier this year, Panoply made its biggest acquisition to date, acquiring fellow MSP Keep IT Simple (KITS) for £26m. Panoply was founded four years ago with two employees and now employs over 420 plus contractors, with a market capitalisation of around £140m in December 2020 - compared to the £30m valuation at its IPO two years ago.