NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION. 

30 September 2021

MADE TECH GROUP PLC

("Made Tech" or "the Group")

Admission to Trading on AIM

&

First Day of Dealings

Made Tech Group plc, a leading provider of digital, data and technology services to the UK public sector, is pleased to announce the admission of its Ordinary Shares to trading on the AIM market of the London Stock Exchange ("Admission"). Dealings in the Ordinary Shares will commence at 8.00 a.m. today, Thursday 30 September 2021, under the ticker MTEC and ISIN GB00BLGYDT21.

About Made Tech

·   Made Tech provides services that enable central government, healthcare, and local government organisations to digitally transform.

·     Founded in 2008 by CEO Rory MacDonald, the primary clients of the Group are the departments, agencies and arm's length bodies of UK Government.  Made Tech has a number of high-profile clients, including the Home Office, DVLA, HMRC, Department for Education, Department for International Trade and the Ministry of Justice.

·      Current projects include delivering and operating the Multichannel Digital Tax Platform (MDTP), which runs HMRC's Making Tax Digital services; supporting the Ministry of Justice to modernise the technology within the prison estate; and working with DVLA to digitally transform key services such as the UK provisional driving licence system.

·      In the financial year ended March 2021, spending by Central Government on digital transformation totalled £3.15 billion¹, and forecasts predict that the UK GovTech market will reach £20 billion by 2025 (and $400bn globally)².

·      Made Tech has a team of approximately 240 staff in the UK, with offices in London, Manchester, Bristol and Swansea.

·      Made Tech has a track record of delivering organic growth, with revenue increasing at a compound annual growth rate of 89 per cent. over the period from the financial year ended 31 May 2018 to the financial year ended 31 May 2021, without taking any external investment.

·      The Group's strategy is to achieve sustained revenue, profit, and cash flow growth by expanding Made Tech's capabilities, building out regional hubs and growing the Group's market share within the health, local government, and central government sectors.

Admission Highlights

·      Made Tech raised gross proceeds of £85.4 million at a placing price of 122 pence per share.

·      The oversubscribed fundraising raised gross proceeds of £15.0 million for the Group, and £70.4m for certain selling shareholders.

·      Upon Admission, Made Tech will have a market capitalisation of approximately £180.7 million at the Placing Price.

·      The Directors believe the placing and Admission will enable the Group to execute its growth plans, further enhance its profile with existing and potential customers and assist with the recruitment, retention and incentivisation of existing and future employees. In particular Admission to AIM will support Made Tech's next stage of growth, including:

o  the opening of new offices in Scotland, the Midlands, and the North of England;

o  the introduction of new service lines, including managed services and cybersecurity; and

o  the expansion of the Group, including hiring senior business leaders, within the health, defence, and local government markets.

·      Singer Capital Markets acted as Nominated Adviser, Joint Broker and Joint Bookrunner alongside Berenberg, which acted as Joint Broker and Joint Bookrunner.

Rory MacDonald, CEO of Made Tech, said: "Our mission is focused on improving public sector technology. Becoming a publicly listed company will raise the profile of Made Tech, and enhance our ability to serve our existing clients across UK Government. In addition, it will support the next stage of our development as we seek to diversify our offer to customers, open new offices across the UK and hire senior business leaders to drive our expansion. We are extremely excited about this next stage of Made Tech's journey.

"I am delighted that Made Tech received such significant interest from investors, this represents a real endorsement of our strategy and growth trajectory. I welcome our new investors and look forward to working together closely in the future."

The Company's AIM admission document was published on 27 September 2021 and is available to view on its website at: www.madetech.com.

¹ Source: Crown Commercial Service 'Digital Futures'

² Source: Public.io

Enquiries:

IMPORTANT NOTICE

This announcement is for information only and does not constitute, or form part of, any offer to issue or sell or an invitation to subscribe for or purchase, or any solicitation of any offer to purchase or subscribe for, or any recommendation regarding any investment in the ordinary shares of the Company or the provision of investment advice. 

This announcement may not be published, distributed or transmitted by any means or media, directly or indirectly, in whole or in part, in or into the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The securities of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "US Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and, subject to limited exceptions, will not be offered, sold, exercised, resold, transferred or delivered, directly or indirectly, in or into the United States or to, or for the account or benefit of, any US person (as defined under Regulation S under the US Securities Act). The Company has not been, and will not be, registered under the U.S. Investment Company Act of 1940, as amended. No public offering of securities is being made in the United States.

Neither this announcement nor any copy of it may be taken, transmitted, published or distributed in or into Australia, Japan or the Republic of South Africa or to any persons in any of those jurisdictions or any other jurisdiction where to do so would constitute a violation of the securities laws or the laws of any such jurisdiction.  Persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.  Any failure to comply with these restrictions may constitute a violation of the securities laws or the laws of any such jurisdiction.

Singer Capital Markets Advisory LLP (the "Nomad") and Singer Capital Markets Securities Limited ("Singer"), which are authorised and regulated in the United Kingdom by the FCA,are acting as nominated adviser, joint broker and joint bookrunner respectively, and Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg"), which is authorised and regulated by the German Federal Financial Supervisory Authority and in the United Kingdom is deemed authorised under the Temporary Permissions Regime and subject to limited regulation by the FCA, is acting as joint broker and joint bookrunner, to the Company in connection with the proposed Placing and Admission and will not be acting for any other person or otherwise be responsible to any person for providing the protections afforded to clients of the Nomad, Singer or Berenberg  or for advising any other person in respect of the proposed Placing and Admission or any transaction, matter or arrangement referred to in this announcement. The Nomad's responsibilities as the Company's nominated adviser, and Singer and Berenberg as joint brokers under the AIM Rules for Nominated Advisers are owed solely to London Stock Exchange and are not owed to the Company or to any Director or to any other person in respect of his decision to acquire shares in the Company in reliance on any part of this announcement.

Apart from the responsibilities and liabilities, if any, which may be imposed on the Nomad, Singer and Berenberg by the FSMA or the regulatory regime established thereunder, the Nomad, Singer and Berenberg do not accept any responsibility whatsoever for the contents of this announcement or the arrangements referred to in it, including its accuracy, completeness or verification or for any other statement made or purported to be made by them, or on their behalf, in connection with the Company, the Ordinary Shares or the Placing and Admission. The Nomad, Singer and Berenberg accordingly disclaim all and any liability whether arising in tort, contract or otherwise (save as referred to above) in respect of this announcement or any such statement.