Made Tech flags solid growth in year just ended
Public-sector focussed data and technology service provider Made Tech said its revenue for the financial year recently ended was ahead 120% in a trading update on Friday, at £29.3m.
The AIM-traded firm said it maintained its gross profit margin in the 12 months ended 31 May at 38%, while it swung to positive adjusted EBITDA1 of £2.6m, from a loss of £0.5m in the 2021 financial period.
Cash at year-end on 31 May totalled £12.3m, up from £0.9m a year earlier, while sales bookings in the year totalled £51.1m, up 115% from £23.8m, and its contracted backlog grew 133% to £38.2m.
Made Tech said its headcount at the end of the year totalled 478, made up of 414 permanent employees and 64 contractors, rising from 235 year-on-year.
The company’s recruitment target was achieved despite increased demand and competition for talent.
Looking ahead, Made Tech said that with a “robust” balance sheet and “strong” levels of client acquisition and talent recruitment, it was “well-positioned” to capitalise on the “substantial and continuing growth” of the digital transformation market.
It said its robust pipeline and record sales bookings underpinned its confidence in the prospects for the business in the current 2023 financial year and beyond.
“2022 was a very significant year for Made Tech - one in which we delivered exceptionally high levels of organic growth,” said chief executive officer Rory MacDonald.
“We navigated the well-documented macro recruitment challenges to double our headcount year on year and maintain our gross margin.
“We have made a strong start to 2023 and look forward to updating our stakeholders on the group's progress, when we announce the 2022 results in September.”
At 1223 BST, shares in Made Tech Group were up 7.77% at 35.03p.
Reporting by Josh White at Sharecast.com.