Custom Homepages display as blank

I've set a custom panels page to be my homepage. The Panels page does not display when one navigates to it. It displays when set as the homepage for the stock theme and (slightly oddly, no columns) on the stock adaptaptivetheme.

But when I set the theme to Sky, the homepage is empty, though the title is rendered in the browser's title bar...

Promoted content also does not display.

Not sure what further information is needed.

Thanks