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Made Tech Group PLC on Wednesday hailed a strong performance over the first six months of its financial year, as it enters the second half with a ‘record’ contracted backlog. Made Tech is a London-based provider of digital, data and technology services to the UK public sector. For the six months to November 30, 2022, the company saw group revenue growth of 76% to £20.6 million, from £11.7 million a year prior. Adjusted earnings before interest, tax, depreciation and amortisation fell to £500,000 from £1.2 million a year ago, which Made Tech said was ‘in line with management’s expectations’. Net cash at period end was also down, at £9.0 million from £11.1 million the previous year. The company attributed reduced gross margins in the first half to ‘government and market turmoil’, which contributed to delays in bid submissions and ongoing project work. However, it added that some of this disruption was mitigated through right-sizing headcount, reducing contractor numbers to around 10% and improving its cost controls. Sales bookings were up 23% to £32.6 million, from £26.5 million, while contracted backlog rose 53% to £47.8 million from £31.3 million. Following the period end, Made Tech was also awarded three new contracts, collectively worth £27 million. The first, awarded by the UK’s Driver & Vehicle Licensing Agency, had a value of £14.0 million, while the second and third had values of £8.0 million and £5.0 million respectively. ‘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 and deliver value to shareholders over the long term,’ said Chief Executive Officer Rory MacDonald. The company will publish its half-year results on February 23. Made Tech shares were trading 17% higher at 31.19 pence each in London on Wednesday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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