In our view, today’s trading update from The Panoply reassures on the FY 19E financial outcome. Revenue and EBITDA are expected to be in line with market expectations, with growth in the business being driven by increasing customer numbers, and by an increasing workload in the government and third-sector verticals. The release highlights the strong operational progress made since the December 2018 IPO, and the group’s cash position remains strong. We make no changes to forecasts following the announcement and await detailed commentary on business performance in the full-year results announcement expected in July 2019.