StockMarketWire.com - Technology services group The Panoply posted a full-year loss after rising revenue was more than offset by expenses, though it upgraded guidance for the current financial year.

Pre-tax losses for the year through March amounted to £1.85 million, compared to year-on-year losses of £3.14 million. Revenue jumped 62% to £51.1 million.

The Panoply declared a final dividend of 0.4p per share, on top of a maiden interim dividend of 0.2p per share.

'Our trading momentum has accelerated further into the current year, and we are delighted to have signed approximately £18.6 million in new contracts in the first quarter,' chief executive Neal Gandhi said.

'This is a record quarter for the group and this performance, together with the existing sales backlog we had built in the 2021 financial year, means we now expect revenue and EBITDA for the 2022 financial year to be significantly ahead of current market expectations and to deliver analysts' expectations for the 2023 financial year a full year early.'

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