Digital transformation services provider The Panoply has announced contract wins with HM Land Registry with an aggregate £4.8m value. The group’s FutureGov subsidiary has been selected to be the client’s usercentred design research and capability partner within its digital and data transformation programme. NotBinary will become the client’s partner specialising in Product Management. Following on from confirmation in the recent trading update that £13m of new business was secured in Q1 21E, the group seems firmly on track to reach our (upgraded) FY 21E estimates. We leave forecasts unchanged following this positive news and continue to believe that the group is strongly placed to capture growth opportunities in digital transformation – particularly in the public sector.
The Panoply has announced contract wins with an aggregate £4.8m value with HM Land Registry. FutureGov was selected over 25 other bids and will be the client’s usercentred design research and capability partner within its digital and data transformation programme. NotBinary was selected over 36 other bids to become HM Land Registry’s partner specialising in Product Management, improving the client’s service delivery capability. Both contracts are expected to be recognised over the next twenty-four months.
Around 70% of group revenue now comes from public sector organisations. Today’s announcement heralds the welcome addition of a new blue-chip client to the group. In addition to further demonstrating commercial traction in public sector digital transformation, in our view these contracts wins demonstrate the value of the group’s service offering, its ability to successfully deliver larger projects and the benefits of the group’s new full-stack brand-driven marketing.
As confirmed in the recent trading update, The Panoply entered FY 21E with a £15m sales backlog and in Q1 21E won new contracts with a total value of £13m. With today’s announcement signalling an additional £4.8m of new business, albeit to be recognised over the next two years, we continue to believe the group has good visibility on our FY 21E forecasts.