Panoply secures 'significant' digital transformation contract

By Iain Gilbert

Date: Tuesday 26 May 2020

Panoply secures 'significant' digital transformation contract

(Sharecast News) - Technology-enabled services group Panoply has signed a "significant" digital transformation contract with an unnamed global philanthropic organisation.
Panoply said on Tuesday that its new contract was worth a total of $5.2m over 14 months and would see its FutureGov business support the mystery client's teams across several European capital cities.

The AIM-listed group labelled the contract as "another success" in the public sector and a demonstration of its ability to continue securing significant new business wins "even during this time of heightened uncertainty".

Elsewhere, Panoply said it expects to report a strong performance for the first quarter of 2021 with year-on-year organic growth on a like-for-like pro forma basis and margins projected to be at pre-Covid-19 level.

However, the uncertainty created by the Covid-19 pandemic meant it remained "very difficult" for the firm to predict performance going forward.

Chief executive Neal Gandhi said: "We always believed that our aim of being purposeful in our approach would deliver great financial returns.

"This has been proven so far this year with the group winning £9.5m in new work since April 1st, an eight week period that for many has been the most challenging in living memory."

As of 1050 BST, Panoply shares had skyrocketed 45.26% to 69p.


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