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The Panoply declares maiden dividend as underlying profit improves
StockMarketWire.com
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Technology consultancy The Panoply declared a maiden dividend after its underlying performance in the first half was boosted by contract wins.
The company declared an interim dividend of 0.2p per share.
Revenue jumped 58% to £21.2 million and adjusted pre-tax profit more than doubled to £2.1 million, up from £0.8 million, as The Panoply notched £25 million in total contract wins during the half
At the bottom-line level, pre-tax losses for the six months through September amounted to £1.57 million, compared to a profit of £0.08 million year-on-year.
The company said the loss stemmed from a £2.5 million value adjustment, 'reflecting additional share consideration payable to vendors as a result of their actual performance exceeding the initial accounting estimates'.
Chief executive Neal Gandhi said the outlook remained positive with a brand consolidation programme well underway and a number of significant new contracts being signed post-period end.
He said the company remained on track to achieve its commercial vision of both £100 million revenue and £12 million-to- £14 million adjusted earnings before interest, tax, depreciation and amortisation, on a run rate basis, by 31 March 2023.
At 8:05am: (LON:TPX) share price was 0p at 116p
Story provided by StockMarketWire.com
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