Letter to shareholders
Welcome to our annual report for the financial year 2021-22.
I’m really pleased to present our results for the first time as TPXimpact, showcasing our new name, our new brand, and all the exciting new opportunities that lie ahead for us as an organisation.
It’s also a further chance for me to tell you about why we underwent this change.
We’re in the business of change, and that is reflected in how we look upon ourselves. As an ambitious, purposeful, agile organisation, always looking at the longer term, we’re prepared to make changes that many others would not consider. When we conducted our strategy review in May 2021, we realised that, despite stunning financial results, we needed to become a single, integrated organisation in order to achieve our longer term goals.
The Panoply was built on the idea of complementary companies working together to provide a scaled, digitally native transformation offer to our customers. We sought a middle ground between being a holding company, with different businesses working in isolation from each other, and a fully integrated model. This approach enabled us to collaborate together, drawing on the expertise of different areas of the group, and providing a wealth of capabilities for our clients. However, it also created inefficiencies within our internal operations.
As we grew, and to facilitate our vision for future growth, uniting as one single organisation was the next logical step. We needed to create a robust organisation that wasn’t dependent on a few individuals. We needed to change our acquisition model so that we could integrate acquired companies faster. If we did not, eventually inefficiencies would begin to show, preventing us from achieving our full potential.
So, having spent summer 2021 planning our approach and designing our new identity, we publicly announced our intention to bring the group of companies within The Panoply together under one single brand — TPXimpact. We’ve built a scalable business model, combined seven of our businesses so far, and are currently ironing out the wrinkles before integrating our most recent acquisitions. This in turn will enable us to achieve our ambitious growth goals, and achieve revenues of hundreds of millions of pounds each year in the future.
Integrating seven companies into one — perhaps unsurprisingly — turned out to be harder than we thought, and I’d like to take this opportunity to thank my colleagues for their incredible hard work making this happen throughout this year.
Our goal remains as it always has been, to create meaningful change, at scale, within our clients’ organisations. Our size and scale as TPXimpact mean we can now meet the needs of the organisations we work with in bigger and better ways, and we’ve begun significant programmes of work with the likes of the Department for Education, UNICEF UK and the Welsh Ambulance Services NHS Trust.
We’ve written a book, Multiplied, on the need for new approaches to digital transformation in the public sector, built a new brand, and created a new employee experience offer, making sure we’re looking after the people who make all of this possible.
Throughout this time, we’ve also put our values at the core of everything we do, guided by our promise to create a positive impact for people and the planet. You can read more about this in the report. As we grow, we’re also making sure we stay agile, avoiding the pitfalls of our competitors by giving our people the autonomy they need to do their jobs.
As we wrote in Multiplied, and as this year has shown, everything can change. At TPXimpact, we’re committed to being at the forefront of that change, taking opportunities to create value for our clients every step of the way.
I hope you enjoy reading this report.