TIDMMTEC
RNS Number : 7742Q
Made Tech Group PLC
23 February 2023
23 February 2023
MADE TECH GROUP PLC
("Made Tech" or "the Group")
Half Year Results for the six months ended 30 November 2022
Strong organic revenue growth and record Contracted Backlog
Made Tech Group plc, a leading provider of digital, data and
technology services to the UK public sector, is pleased to announce
its unaudited half year results for the six months ended 30
November 2022 (the "Period").
Financial highlights
H1 FY23 H1 FY22 Change FY22
Revenue GBP20.6m GBP11.7m +76% GBP29.3m
--------- --------- ------- ---------
Gross Profit GBP6.8m GBP4.6m +48% GBP11.3m
--------- --------- ------- ---------
Gross Profit Margin 32.9% 39.1% -6.2% 38.43%
--------- --------- ------- ---------
Adjusted EBITDA(1) GBP0.5m GBP1.2m -58% GBP2.6m
--------- --------- ------- ---------
Adjusted Profit GBP0.3m GBP1.0m -70% GBP2.3m
before Tax(2)
--------- --------- ------- ---------
Sales Bookings(3) GBP32.6m GBP26.5m +24% GBP51.1m
--------- --------- ------- ---------
Contracted Backlog(4) GBP47.8m GBP31.3m +54% GBP38.2m
--------- --------- ------- ---------
Cash GBP9.0m GBP11.1m -19% GBP12.3m
--------- --------- ------- ---------
-- Strong organic revenue growth of 76%
Adjusted EBITDA in line with management expectations
-- Record Contracted Backlog, providing strong revenue visibility
over the remainder of the year and looking into FY24
-- Strong cash management with average debtor days reduced to
37 (FY22: 58)
Operational highlights
-- Employee retention rate increased to 85% (H1 FY22: 80%)
-- Active clients increased to 23 (H1 FY22: 19) of which 10
are strategic (H1 FY22: five)
-- Average contract size rose by 69% to GBP1.5m (H1 FY22: GBP0.9m),
demonstrating the Group's strengthened position within its
marketplace
-- Continued investment in own software product development
in line with expectations. Strong sales pipeline being built
for new propositions with first client secured (revenue expected
to be recognised in FY24)
Outlook
-- Positive trading in Q3 to date, in line with the Board's
expectations
-- Enter the remainder of the year in a strong position, as
shown by new contract bookings of GBP29m so far in Q3 over
5 years, including the three substantial new contract wins
announced earlier this month
-- Utilisation levels have increased post period end and margins
are expected to materially improve in H2
-- The Group remains on track to achieve FY23 results in line
with market expectations(5)
Rory MacDonald, CEO of Made Tech, said:
"Both our client base and the depth of our client relationships
continue to build. In the Period under review, we added nine new
clients, including the Met Office, Government Digital Service (GDS)
and Crown Commercial Service (CCS). We won a larger mandate with
the Home Office and, post the Period end, have secured larger
mandates with existing clients, including the DVLA and the
Department of Levelling Up, Housing and Communities. Our strong
sales performance underlines our success in winning extensions to
existing contracts, additional projects with existing and new
clients.
"We look ahead with confidence, based on excellent pipeline
visibility, strong alignment of cost base with work streams, and
good progress on our strategy to broaden and deepen our client
relationships and accelerate product development."
Online investor presentation
An online investor presentation with Q&A 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. Adjusted EBITDA means operating profit before depreciation,
amortisation, exceptional items and share based payment charge
2. Adjusted profit before tax means profit before tax before
amortisation of intangible assets, share based payment charge and
exceptional items
3. Sales bookings represent the total value of sales contracts
awarded in the year, to be delivered in FY22-FY26
4. Contracted Backlog is the value of contracted revenue that
has yet to be recognised
5. 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 Tel: +44 20 7496 3000
Adviser & Broker)
Jennifer Boorer / Harry Gooden /
Asha Chotai
--------------------------------
Belvedere PR (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/
CHIEF EXECUTIVE OFFICER'S REPORT
Made Tech delivered a strong performance in the Period,
generating year-on-year revenue growth of 76% to GBP20.6m. We
entered the second half with a record contracted backlog (GBP48m
+53% y/y), which positions the Group strongly for the remainder of
the year and looking into FY24 and beyond.
This strong organic growth was achieved despite industry
headwinds caused by the well-reported Government and market turmoil
that occurred during Q2. As expected at the time of the Company's
final results in September 2022, this resulted in reduced gross
margins in the first half, due to increased contractor numbers,
client 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 our cost controls, such that we expect margins to
materially improve in H2.
The Group's client base and depth of client relationships
continue to strengthen. As we have previously announced, post
period end we have been awarded three substantial new contracts,
collectively worth GBP27m. Made Tech now has 23 active clients,
with ten of those being strategic client accounts, contributing
between GBP1m and GBP10m a year on an annualised run-rate
basis.
Market Opportunity
The digital transformation market in the UK public sector is
large and growing rapidly. TechMarketView estimates that the UK
public software sector will be worth GBP17.6bn per annum by 2025, a
GBP3.4bn increase from 2021. The Group is confident that its
growing reputation and presence in the UK marketplace, combined
with a track record for successful project delivery, will ensure
that Made Tech continues to grow its market share of this digital
transformation drive.
Strategic progress
Made Tech continues to deliver on its strategy to achieve
sustained revenue, profit and cash flow growth through the
following initiatives:
1) Maintaining an exclusive focus on government services:
The Group continues to maintain an exclusive focus on government
services as this delivers a competitive advantage through a deep
understanding of and close alignment with our public sector
clients' needs. The government is a complex, highly regulated, and
constantly changing market and by focusing exclusively on
government services, the Group has developed a deep understanding
of the sector and the specific needs of government
organisations.
This focus has enabled the Group to build strong relationships
with clients. By working closely with clients to understand their
unique needs and to develop solutions that meet those needs. This
close collaboration has resulted in long-term relationships with
our clients, which have been a key driver of our success.
Made Tech is proud to report that it has won new mandates with
many of its existing clients, including the Home Office, the
Ministry of Justice, DVLA, the Department for International Trade,
Skills for Care, the Department of Levelling Up, Housing and
Communities (DLUHC) and London Borough of Hackney.
One of the key trends we have observed is the trend of long-term
client relationships. We have built strong relationships with our
clients, which has resulted in repeat business and ongoing
projects. We now have ten clients with annualised revenue of
between GBP2.5m and GBP10m, and these relationships have been a key
driver of our growth.
2) Expanding UK regional coverage:
As part of our growth strategy, the Group continues to expand
its regional coverage across the UK. This enables us to serve our
customers more effectively, as we better understand and respond to
their regional needs and requirements.
We now have employees in Scotland, the North East, and the
Midlands and have increased our headcount from 224 to 484,
demonstrating our commitment to growth and expansion. We plan to
continue expanding our presence in our key regions by recruiting
more talented individuals, building our relationships with clients,
local businesses and communities, and developing our brand.
As we expand our regional coverage, we are reviewing our
existing office footprint and future office requirements to ensure
our approach is cost-effective, fit-for-purpose and aligned with a
hybrid working strategy. We recognise that our employees have
different needs and preferences regarding working arrangements, and
we are committed to providing a supportive and inclusive working
environment for all.
3) Growing our market share within the health, local government
and central government sectors:
The Group is pleased to report on our progress towards expanding
its market share within Central Government, Health and Local
Government sectors.
In H1 FY23, 67% of our revenue is derived from Central
Government (FY22: 67%), 20% from Local Government (FY22: 20%), and
13% from Healthcare (FY22: 13%). We have seen material revenue
growth in all industry verticals year on year.
In the Period under review, we have been pleased to win nine
major new customers, including the Met Office, Cabinet Office, and
Crown Commercial Services. This achievement is a testament to our
team's hard work, dedication, and expertise. These new clients
bring in significant new multi-year revenue streams for our
organisation.
4) Extending our services and solutions:
In the Period under review, the Group has continued to expand
its digital transformation services for clients. The Group operates
three broad service lines: Transform, Deliver, and Run. This
structure helps the Group to provide end-to-end transformation
offerings and win more significant mandates.
-- The Transform service line advises clients on their digital
transformation journey, supporting them with changes to their
operating model, strategies for disaggregation of legacy contracts,
and business case creation for submission to the treasury. The work
in this area is nearly always in very early stages and delivered by
a small team of specialist experts.
-- The Deliver service line works with clients to deliver on
their digital transformation plans. Our Deliver group is the bulk
of our workforce and is split into individual practices around
Cloud & Engineering, Delivery Management, User Centred Design,
Data & AI, and Cyber Security. These practices work together to
deliver outcomes for clients in cross-functional teams.
-- The Run service line supports clients in running their live
systems through a managed service offering, our industry-specific
solution, and cyber offerings.
In the Period, Made Tech expanded its User Centred Design and
Data practices, now making a material contribution to revenue. We
have also been gradually building our Managed Service offering,
which enables Made Tech to securely run live services for clients
and contracts over longer durations. In addition, we have expanded
our Advisory team, with key hires from both central and local
government.
The Group has also continued to invest in developing
industry-specific products and has three products in development
with an active pipeline of potential clients, including one client
already signed. These products are expected to generate revenues
from FY24 onwards.
In November, Tim Bardell joined Made Tech as Executive Director
for Capabilities. Tim's significant expertise and experience will
help us expand our business capabilities and provide further value
to our clients.
Overall, the Group is pleased with the progress made during the
year's first half and confident that its strategic direction will
enable the business to win larger contracts and scale its impact
with our public sector clients.
People
Our people are at the heart of our vision and our success is a
testament to their hard work and resourcefulness. Our ambition
remains to be a great workplace where people want to stay and
develop their careers. Our team continuously strives to provide a
supportive work environment that encourages employees to grow and
excel in their roles. To measure our performance, we use Employee
Net Promoter Score (eNPS) to gauge our employees' level of
satisfaction with our company. This feedback helps us identify
areas where we need to improve and where we are doing well.
We continue to take measures to ensure that our employees'
wellbeing remains a priority, providing a comprehensive range of
benefits to support their financial security, including private
health insurance, life insurance, income protection, and a
comprehensive health plan. This includes 24/7 counselling, health
assessments and alternative therapies to assist employees and their
families in maintaining good health and wellbeing.
Talent
We work hard to retain our best people and create a welcoming
and inclusive workplace. Our headcount has grown year on year by
86% to 484 (444 permanent employees and 40 contractors). The number
of contractors is significantly lower than the previous year, with
10% (H1 FY22: 15%) of staff members now contractors.
Unfortunately, we had to say goodbye to 18 of our colleagues as
we right-sized our staffing mix at the end of November. It was a
difficult decision to make, but it was necessary to ensure that we
remained competitive in the market and provide the best services to
our clients.
Our Academy is our entry-level training programme for people
joining the business out of university, career changes and
self-learners. We took 28 people through our Software Engineering
and Design programmes. All have graduated and joined the company
permanently. Our team continues to review, refine and fine-tune the
programme to ensure it remains relevant and effective. The next
Academy will run in Q1 2024 and we expect strong competition for
places on this sought-after programme.
Summary and Outlook
We continue to deliver against our strategy and have made major
progress in key areas in the first half of the year.
With the targeted contractor to employee ratio achieved,
headcount fully aligned to deliver on the contracted backlog and a
strong sales pipeline, the Group is confident that utilisation
rates and margins will be considerably higher in H2 and these
factors underpin the Board's confidence in delivering market
expectations for the full year.
We have also invested in our senior teams and proprietary
product development as well as building a record contracted backlog
providing strong revenue visibility, all of which positions the
Group well as we look forward into 2024 and beyond.
Rory MacDonald
Chief Executive Officer
CHIEF FINANCIAL OFFICER'S REPORT
The unaudited half year results for the six months ended 30
November 2022 reflect the short-term impact of a number of
strategic initiatives, primarily right-sizing headcount, that
position the business for future growth in the medium and
long-term. The timing of these initiatives, however, coincided with
a period of industry headwinds, caused by the well-reported
Government and market turmoil that occurred during Q2, which
resulted in delays in implementing projects and being awarded
contracts, which had a short-term effect on utilisation in the
Period under review.
H1 2023 H1 2022 Change
%
Revenue GBP20.6m GBP11.7m +76%
------------- ----------- -------
Adjusted Profit/(loss)
after tax GBP937k GBP1,034k -9%
------------- ----------- -------
Adjusted EBITDA GBP0.5m GBP1.2m -58%
------------- ----------- -------
(Loss)/Profit for the (GBP1,712k) GBP121k
period
------------- ----------- -------
Basic Earnings per share GBP0.00 GBP0.00
------------- ----------- -------
Adjusted diluted earnings GBP0.01 GBP0.01
per share
------------- ----------- -------
Diluted earnings per GBP0.00 GBP0.00
share
------------- ----------- -------
Revenue
Revenue for the period was a record GBP20.6m (H1 22: GBP11.7m)
an increase of GBP8.9m (76%) compared to the same period and strong
comparator in the prior year.
Gross Margins
Gross Margins were in line with management expectations at 32.9%
against 39.1% in H1 FY22.
The Group continually assesses the appropriate mix of permanent
headcount and contractors within cost of sales with a view to
optimising efficiencies in servicing the needs of our clients. This
was more challenging in H1 23 due to the changes in the political
landscape, which led to client delays in implementing projects and
awarding new contracts. In addition, average Contractor usage
during the period was 12%, slightly higher than our internal
target, due to the winding down of contractors and replacing them
with permanent employees. Contractor usage reduced from a high of
16% in June 2022 to under 10% by November 2022. As a direct result,
utilisation levels in H1 23 were lower than usual levels at 68% (H1
22: 79%), adversely impacting our cost of sales in the Period. To
mitigate this, we introduced a series of cost saving measures
including a reduction in senior manager headcount, reallocating and
redeploying resources into growth areas of the business and
improving the efficiency of the Made Tech Academy.
The Group continues to focus on capacity, utilisation and the
right mix of contractors to drive sustainable, profitable growth.
Our momentum, allied to contracted new business and a healthy
long-term pipeline, and focus on capacity and utilisation is
expected to lead to improvements in utilisation, gross margins and
Adjusted EBITDA from H2 23 onwards.
Adjusted EBITDA
Adjusted EBITDA was in line with management expectations at
GBP0.5m (H1 22: GBP1.2m), and the adjusted EBITDA margin was 2.4%,
down from 10.11% in the prior year.
Administrative expenses (including depreciation, share-based
payment charge and exceptional costs) increased by 100% to GBP8.5m
(H1 22: GBP4.4m), as anticipated by the Group in order to meet the
new demand for services. The growth in administrative expenses is
in line with business and headcount growth and reflects the
continued investment in areas such as recruitment, HR, sales and
marketing, training, compliance and governance costs, share-based
payment charge and exceptional costs. Administrative costs
excluding depreciation, share-based payment charge and exceptional
costs were up 94% to GBP6.3m (H2 22: GBP3.4m).
Share-based payments
The total share-based payment charge for the Period under IFRS2
"Share-based payments" was GBP1.5m (H1 22: GBP0.7m). This charge
related to the awards made to Long Term Incentive Plan (LTIP) and
the Group Restricted Share Plan ("RSP").
The Company intends to cancel 1,229,507 LTIP awards granted to
certain Executive Directors, in the current financial year. This
will increase the share based payment charge for the full year.
Exceptional costs
Administrative costs include GBP0.5m of exceptional costs (H1
22: GBP0.2m) associated with integration and restructuring actions
taken in the first six months of this financial year.
Dividends
On admission to AIM in September 2021, the Group's stated
intention was to invest to deliver capital growth for shareholders.
The policy remains in place. We believe the opportunities ahead of
us are significant, and see the government's increasing spend in
digital as a long-term trend. As a result, we have taken the
decision to retain cash in the business and not pay an interim
dividend in FY23. The timing of implementing our stated dividend
policy will be considered again against the Group's full year
progress and an update provided at that time.
Cash Flow and Cash Conversion
The Group had a cash balance of GBP9.0m at 30 November 2022 (30
November 2021: GBP11.1m) and the Group remains debt-free. One of
the most significant outflows during H1 23 was the ongoing
investment in IP to generate new products (GBP1.3m in H1 FY23,
GBP0.5m in H1 FY22) and provide a new revenue stream. The Group has
a strong balance sheet enabling it to fund the Group's geographic
expansion, continued product development and additional working
capital as the business continues to grow.
Current trading and Outlook
Trading post-period end has continued to be strong with
utilisation levels increasing and trading in line with our
expectations. The long term-market opportunity remains very
exciting and Made Tech remains extremely well placed to take
advantage of the increasing demand.
The Directors believe that the Group's continued delivery
performance and sales executions, and consequent increase in
contracted backlog underpins market expectations for FY23 and
beyond.
Debbie Lovegrove
Chief Financial Officer
Consolidated statement of comprehensive income
6 months to 30 6 months to 30 12 months to
November 2022 November 2021 31 May 2022
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
--------------- --------------- -------------
Revenue 20,552 11,720 29,289
--------------- --------------- -------------
Cost of Sales (13,787) (7,137) (18,032)
--------------- --------------- -------------
Gross Profit 6,765 4,583 11,257
--------------- --------------- -------------
Administrative
expense (6,256) (3,397) (8,608)
--------------- --------------- -------------
Share-based
payments (1,549) (707) (2,376)
--------------- --------------- -------------
Depreciation (209) (132) (308)
--------------- --------------- -------------
Exceptional
items (455) (206) (224)
--------------- --------------- -------------
Operating Profit/(loss) (1,704) 141 (259)
--------------- --------------- -------------
Finance Expense (8) (20) (29)
--------------- --------------- -------------
Profit/(loss)
before tax (1,712) 121 (288)
--------------- --------------- -------------
Taxation 644 0 (20)
--------------- --------------- -------------
(Loss)/Profit
after tax (1,068) 121 (308)
--------------- --------------- -------------
Consolidated statement of financial position
6 months to 30 6 months to 30 12 months
November 2022 November 2021 to 31 May 2022
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
--------------- --------------- ----------------
Assets
--------------- --------------- ----------------
Non-current assets
--------------- --------------- ----------------
Intangible assets 3,373 453 1,904
--------------- --------------- ----------------
Property, plant
and equipment 726 675 879
--------------- --------------- ----------------
Total non-current
assets 4,099 1,128 2,783
--------------- --------------- ----------------
Current assets
--------------- --------------- ----------------
Trade and other
receivables 6,402 4,616 6,065
--------------- --------------- ----------------
Cash and cash equivalents 8,952 11,147 12,333
--------------- --------------- ----------------
15,354 15,763 18,398
--------------- --------------- ----------------
Total assets 19,453 16,891 21,181
--------------- --------------- ----------------
Current Liabilities .
--------------- --------------- ----------------
Trade and other
payables 3,958 3,102 6,054
--------------- --------------- ----------------
Loans and borrowings 184 0 180
--------------- --------------- ----------------
Total current
liabilities 4,142 3,102 6,234
--------------- --------------- ----------------
Non-current Liabilities
--------------- --------------- ----------------
Loans and borrowings 47 243 140
--------------- --------------- ----------------
Deferred tax liability 20 0 20
--------------- --------------- ----------------
Total non-current
liabilities 67 243 160
--------------- --------------- ----------------
Total Liabilities 4,209 3,345 6,394
--------------- --------------- ----------------
Net assets 15,244 13,546 14,787
--------------- --------------- ----------------
EQUITY
--------------- --------------- ----------------
Share capital 75 1 74
--------------- --------------- ----------------
Share premium 13,433 13,506 13,421
--------------- --------------- ----------------
Share-based payment
reserve 3,900 707 2,376
--------------- --------------- ----------------
Deferred share
reserve 0 0 12
--------------- --------------- ----------------
Retained earnings/(deficit) (2,164) (668) (1,096)
--------------- --------------- ----------------
Total equity 15,244 13,546 14,787
--------------- --------------- ----------------
Consolidated statement of changes in equity
Share Share Share -based Deferred Retained Total
Capital Premium payment Share reserve Earnings
reserve GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Deficit as
at 01 June 2021 1 0 0 0 (788) (787)
--------- --------- ------------- --------------- ---------- ---------
Profit for the
period 0 0 0 0 121 121
--------- --------- ------------- --------------- ---------- ---------
Shares issues 0 13, 506 0 0 0 13,506
--------- --------- ------------- --------------- ---------- ---------
Share -based
payments charge 0 0 707 0 0 707
--------- --------- ------------- --------------- ---------- ---------
Total Transactions
with equity
owner 0 13,506 707 0 121 14,249
--------- --------- ------------- --------------- ---------- ---------
Balance at
30 November
2021 1 13, 506 707 0 (668) 13, 546
--------- --------- ------------- --------------- ---------- ---------
Loss for the
period 0 0 0 0 (428) (428)
--------- --------- ------------- --------------- ---------- ---------
Shares issues 73 (85) 0 12 - 0
--------- --------- ------------- --------------- ---------- ---------
Share-based
payments charge 0 0 1,669 0 0 1,669
--------- --------- ------------- --------------- ---------- ---------
Total Transactions
with equity
owners 73 0 1,669 12 - 1,754
--------- --------- ------------- --------------- ---------- ---------
Balance at
31 May 2022 74 13,421 2,376 12 (1,096) 14,787
--------- --------- ------------- --------------- ---------- ---------
Loss for the
period 0 0 0 0 (1,068) (1,068)
--------- --------- ------------- --------------- ---------- ---------
Cancellation
of Deferred
Shares 0 12 0 (12) 0 0
--------- --------- ------------- --------------- ---------- ---------
Shares issues 1 0 0 0 0 1
--------- --------- ------------- --------------- ---------- ---------
Share-based
payments charge 0 0 1,524 0 0 0
--------- --------- ------------- --------------- ---------- ---------
Total Transactions
with equity
owners 1 12 1,524 (12) 0 1,525
--------- --------- ------------- --------------- ---------- ---------
Balance at
30 November
2022 75 13,433 3,900 0 (2,164) 15,244
--------- --------- ------------- --------------- ---------- ---------
Consolidated statement of cash flow
6 months to 6 months to 12 months
30 November 30 November to 31 May
2022 2021 202 2
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
------------- ------------- -----------
Cash flows from operating
activities:
------------- ------------- -----------
(Loss)/Profit before
tax (1,712) 121 ( 308)
------------- ------------- -----------
Tax expense/(income) 0 0 20
------------- ------------- -----------
Share -based payment
expense 1,549 707 2,376
------------- ------------- -----------
Finance expense 8 20 29
------------- ------------- -----------
Loss on disposal of property,
plant and equipment 0 0 0
------------- ------------- -----------
Depreciation of property,
plant and equipment 209 132 308
------------- ------------- -----------
Decrease/(increase) in
trade and other receivables 527 (2,072) ( 3,521)
------------- ------------- -----------
(Increase)/Decrease in
trade and other payables (2,330) (338) 2,771
------------- ------------- -----------
Cash (used)/generated
by operations (1,749) (1,430) 1,675
------------- ------------- -----------
Income taxes (paid)/received 0 0 0
------------- ------------- -----------
Net cash flows from
operating activities (1,749) (1,430) 1,675
------------- ------------- -----------
Investing activities
------------- ------------- -----------
Purchase of property,
plant and equipment (62) (52) ( 432)
------------- ------------- -----------
Addition of intangible
assets (1,469) (453) (1,904)
------------- ------------- -----------
Net cash used by investing
activities (1,531) (505) ( 2,336)
------------- ------------- -----------
Financing activities
------------- ------------- -----------
Share issue 0 13,506 13,506
------------- ------------- -----------
Interest paid (4) 0 ( 12)
------------- ------------- -----------
Dividend paid 0 0 0
------------- ------------- -----------
(Repayment) / drawdown
of loans and borrowings 0 (1,250) (1,250)
------------- ------------- -----------
Repayment of directors
loan 0 0 0
------------- ------------- -----------
Repayment of lease liability (93) (86) (155)
------------- ------------- -----------
Interest paid on lease
liability (4) (9) ( 17)
------------- ------------- -----------
Net cash (used)/generated
by financing (101) 12,161 12,072
------------- ------------- -----------
Net decrease)/increase
in cash and cash equivalents (3,381) 10,226 11,412
------------- ------------- -----------
Cash and cash equivalents
at beginning of year 12,333 921 9 21
------------- ------------- -----------
Cash and cash equivalents
at end of year 8,952 11,147 12,333
------------- ------------- -----------
Notes
1. General information
Made Tech Group Plc is a company incorporated on 13 September
2019 and domiciled in England and Wales, registration number
12204805. The Company's registered office is 4 O'Meara Street,
Southwark, London, SE1 1TE. The Company's shares are traded on AIM,
a market operated by the London Stock Exchange.
The interim financial information is unaudited.
2. Basis of preparation
The financial information has been prepared in compliance with
International Financial Reporting Standards (IFRSs) and IFRS
Interpretations Committee (IFRIC) interpretations as adopted by the
UK.
The presentation currency of the financial information is Pounds
Sterling, rounded to the nearest thousand (GBP'000) unless
otherwise indicated. Made Tech Limited and Made Tech Group Plc's
functional currency is also Pounds Sterling as this is the currency
of the primary economic environment in which the entity
operates.
3. Basis of consolidation
The consolidated financial information comprises Made Tech Group
Plc and its subsidiary Made Tech Limited. Subsidiaries are
consolidated from the date of acquisition being the date on which
the Group obtains control.
4. Accounting policies
The accounting policies used in the preparation of the interim
consolidated financial information for the six months ended 30
November 2022 are in accordance with the recognition and
measurement criteria of IFRS and are consistent with those which
were adopted in the annual financial statements for the year ended
31 May 2022.
5. Earnings per Share
Basic earnings per share is calculated by dividing the profit
attributable to ordinary shareholders of the parent company by the
weighted average number of ordinary shares in issue during the
period.
To arrive at the adjusted diluted share number, the Directors
have calculated an adjusted share number by taking the weighted
average basic shares and included the maximum shares to be ussie in
respect of contingent consideration to be paid based on performance
measures met in the period, together with the maximum share options
outstanding.
H1 FY23 H1 FY22 FY22
Weighted average basic shares for the
purposes of basic earnings per share 149,287 135,729 135,729
-------- -------- --------
Effect of dilutive potential ordinary
shares from share options in issue 5,481 2,208 3,962
-------- -------- --------
Weighted average number of diluted shares
for the purpose of diluted earnings
per share 154,768 137,937 139,691
-------- -------- --------
Adjusted basic earnings per share GBP0.00 GBP0.00 GBP0.00
-------- -------- --------
Adjusted diluted earnings per share GBP0.01 GBP0.01 GBP0.01
-------- -------- --------
6. Reconciliation to adjusted EBITDA
H1 FY23 H1 FY22 FY22
GBP'000 GBP'000 (GBP'000)
Operating (Loss)/Profit (1,704) 141 (259)
---------- ---------- ------------
Add back Depreciation 209 132 308
---------- ---------- ------------
Add back Share-based payment
charge 1,549 707 2,376
---------- ---------- ------------
Add back IPO costs 0 180 180
---------- ---------- ------------
Add back Exceptional items 455 26 44
---------- ---------- ------------
Adjusted EBITDA 509 1,186 2,649
---------- ---------- ------------
7. Reconciliation to adjusted profit/(loss) before tax
H1 FY23 H1 FY22 FY22
GBP'000 GBP'000 (GBP'000)
(Loss)/profit before
tax (1,712) 121 (288)
---------- ---------- ------------
Add back share -based
payment charge 1,549 707 2,376
---------- ---------- ------------
Add back IPO costs 0 180 180
---------- ---------- ------------
Add back Exceptional items 455 26 44
---------- ---------- ------------
Adjusted profit/(loss)
before tax 292 1,034 2,312
---------- ---------- ------------
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END
IR DBGDDDUDDGXD
(END) Dow Jones Newswires
February 23, 2023 02:00 ET (07:00 GMT)
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