LONDON (ShareCast) - (Sharecast News) - Panoply on Monday reported that annual revenue jumped and earnings beat analysts' expectations in its first full-year results since admission to London's AIM market in December, though the company's loss deepened as cost increases outweighed sales growth.
The technology consultant's revenue for the year ended 31 March came in at £22.1m, for an increase of 42% compared to the year before, while earnings before interest, tax, depreciation and amortisation climbed 30%, coming in ahead of market expectations to reach £3.5m.

Customer numbers rose from 162 to 191 as the AIM traded company said it saw particularly strong growth from the not-for-profit, health and public sectors, with notable customers including the DVLA, Ministry for Housing, Communities and Local Government, News UK and the National Trust.

However, losses before tax deepened from £0.5m to £1.6m as administrative expenses came in ten times higher than the year before, jumping from £0.5m to £5.0m.

Neal Gandhi, chief executive of Panoply, said: "The strong ongoing performance of the group businesses, contracts won post period end and the growing pipeline of opportunity underpins the board's confidence in achieving market expectations for the year as a whole. In line with the board's confidence for the second half FY20, the company makes no changes to its full year guidance."

Gandhi added that the board intend to pay a dividend following the conclusion of the results for the financial year ended 31 March 2020.

Panoply's shares were up 2.56% at 100.00p at 0944 BST.

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