- Benefiting from Government digital push
- Shares rally 7% - still a third of 122p IPO
- More than £50 million of future work already booked
Public sector digital technology provider Made Tech (MTEC:AIM) has seen growth accelerate, with full-year revenue soaring 120% thanks to significant contract wins across healthcare, central, and local government organisations.
The company said in a statement that revenue came in at £29.3 million in the year to 31 May 2022, up from £13.3 million the year before, while adjusted underlying profit (earnings before interest, tax, depreciation and amortisation) was £2.6 million. The company made a £500,000 EBITDA loss in the previous 12 months.
STRONG START AND BOLSTERED WORKFORCE
What has really pleased investors are comments that the current year has started strongly. Sales bookings jumped 115% to £51.1 million and the contracted backlog grew 133% to £38.2 million.
Investors will also take heart from Made Tech’s ability to nearly double its workforce to 414 despite stiff competition for skilled technical staff. This was helped by the company launching its own in-house training academy during the year.
Made Tech provides a range of digital consulting and training services to the public sector, largely in central and local government, although also across healthcare, housing, transport and education. Clients include the Ministry of Justice, Hackney Borough Council, and NHS Business Services Authority.
It listed shares on the AIM junior market at 122p in September 2021 for a market cap of £180 million, raising £85 million of new funding, although £70 million of that went to selling shareholders. Made Tech had net cash of £12.3 million at the end of May.
DIGITAL NHS DEALS WORTH £19 MILLION
The company won new clients across central and local government, health and devolved administrations during the year, including a major two-year contract with NHS Digital, worth approximately £19 million. The company also flagged a Met Office contract, worth at least £7 million over two years, that was announced at the start of July.
Based on its ‘robust’ pipeline and record sales bookings, the company said it is confident about the current financial year and beyond.
‘Full year 2022 was a very significant year for Made Tech, one in which we delivered exceptionally high levels of organic growth,’ commented Rory MacDonald, founder and chief executive of Made Tech.
‘We have made a strong start to full year 2023 and look forward to updating our stakeholders on the group’s progress, when we announce the results in September,’ he said.
