TIDMMTEC
RNS Number : 4953O
Made Tech Group PLC
01 February 2023
1 February 2023
MADE TECH GROUP PLC
("Made Tech" or "the Group")
H1 Trading Update and Contract Wins
Made Tech, a leading provider of digital, data and technology
services to the UK public sector, is pleased to provide a half year
update on trading for the six months ended 30 November 2022 (the
"Period"). The Group expects to publish its half-year results for
the Period on Thursday, 23 February 2023.
Highlights
-- Group revenue growth of 76% to GBP20.6m (H1 2022: GBP11.7m)
-- Adjusted EBITDA(1) was in line with management's expectations at GBP0.5m (H1 2022: GBP1.2m)
-- Net cash at Period end of GBP9.0m (H1 2022: GBP11.1m)
-- Sales Bookings(2) rose by 23% to GBP32.6m (H1 2022: GBP26.5m)
-- Record Contracted Backlog(3) up 53% to GBP47.8m (H1 2022: GBP31.3m)
Contract wins post-period end
The Board is pleased to announce that, in recent weeks, Made
Tech has been awarded three substantial new contracts, collectively
worth GBP27m.
Contract
Client Value duration
DVLA GBP14.0m 2 years
Department for Levelling Up, Housing GBP8.0m 4 years
and Communities
Cabinet Office (GDS) GBP5.0m 2 years
Financials
Made Tech delivered a strong performance in the Period,
generating year-on-year revenue growth of 76% to GBP20.6m. Made
Tech entered the second half with a record Contracted Backlog,
which positions the Group strongly for the remainder of the year
and looking into FY 2024.
This strong organic growth was achieved despite industry
headwinds, caused by the well-reported Government and market
turmoil that occurred during Q2. This resulted in reduced gross
margins in the first half, as was flagged in the Group's Final
Results in September 2022, due to delays to bid submissions and
ongoing project work. However, Made Tech has carefully managed this
disruption through right-sizing headcount, reducing contractor
numbers to c.10%, and improving its cost controls, such that it
expects margins to materially improve in H2.
Made Tech is debt free and has a strong balance sheet with GBP9m
net cash at Period end, positioning the Group well to execute its
growth strategy. The Group's performance in the first half,
alongside the new customer wins and expansions signed post Period
end, has been greatly encouraging and underpins the Board's
confidence in the Group's growth prospects.
Rory MacDonald, CEO of Made Tech, said:
"We are delighted to have delivered another period of strong
growth. It is pleasing to note that our contract sizes continue to
grow as we become more established in the market. These wins,
together with the new Home Office contract announced in November
2022, demonstrate Made Tech's ability to deliver digital technology
successfully, and highlight the strength of our reputation in this
growing market. As a result, the Group remains on track to meet
market expectations for the full year(4) and deliver value to
shareholders over the long term."
Online presentations
Made Tech will hold an analyst briefing online at 9.00am
Thursday, 23 February 2023 in respect of its half-year results.
Equity research analysts interested in joining the meeting should
contact Belvedere Communications.
Management will also host an online investor presentation with
Q&A. This will be held at 12.30pm on Friday, 24 February 2023.
Anyone wishing to participate should register for the event with PI
World at: https://bit.ly/MTEC_H1_results_webinar .
Notes:
All financials are based on unaudited figures.
(1) EBITDA has been adjusted for the exclusion of depreciation,
amortisation, exceptional items and share based payment charges
(2) Sales Bookings represent the total value of sales contracts
awarded in the year, to be delivered in FY23-FY26
(3) Contracted Backlog is the value of contracted revenue that
has yet to be recognised
(4) Market expectations for FY23 as published on Bloomberg:
Revenue GBP43m and Adjusted EBITDA GBP3.9m
Enquiries:
Made Tech Group plc via Belvedere PR
Rory MacDonald, CEO
Deborah Lovegrove, CFO
Singer Capital Markets (Nominated Adviser & Broker) Tel: +44 20 7496 3000
Jennifer Boorer / Harry Gooden / Asha Chotai
--------------------------------
Belvedere Communications (Financial PR) Email: madetech@belvederepr.com
Cat Valentine Tel: +44 7715 769078
Keeley Clarke Tel: +44 7967 816525
--------------------------------
About Made Tech:
Made Tech is a provider of digital, data and technology services
to the UK public sector. Founded in 2008 and now with a headcount
of over 480 and offices in four UK locations (London, Manchester,
Bristol and Swansea), Made Tech provides services that enable
central government, healthcare and local government organisations
to digitally transform.
Made Tech's purpose is to "positively impact the future of
society by improving public sector technology". To achieve this the
company has four key strategic missions: Modernise legacy
technology and working practices; Accelerate digital service and
technology delivery; Drive better decisions through data and
automation; and Enable technology and delivery skills to build
better systems.
https://investors.madetech.com/
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END
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