20 November
2024
This announcement
contains inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR"), and is disclosed in accordance with the Company's
obligations under Article 17 of MAR.
MADE TECH GROUP
PLC
("Made
Tech" or the "Group")
AGM
STATEMENT
Strong sales performance in HY25 with
trading ahead of expectations
Made Tech Group plc, a leading provider of
digital, data and technology services to the UK public sector will
be holding its Annual General Meeting at 12.30pm today at the
offices of Singer Capital Markets, One Bartholomew Lane, London
EC2N 2AX. The Group's Chair, Joanne Lake, will give the
following update to shareholders at the meeting.
"In the FY24 Results announcement,
issued on 30 September 2024, we
stated that the new financial year had started well, with the Group
delivering a robust revenue and Adjusted EBITDA1 performance in Q1
FY25. I am pleased to report to shareholders that the
business has maintained this strong performance into
Q2, achieving Sales Bookings2 in the year to date of
£37.5 million which is already ahead
of the £36.0 million bookings achieved for the whole of the prior
year.
"The board now anticipates that, as a result of
these encouraging sales bookings and ongoing delivery momentum,
Group revenue for FY25 will be ahead of market
expectations3
set at the start of the financial year. Adjusted EBITDA
is expected to increase as margins are maintained, and the Group
continues to be on track to generate positive free cash flow in
FY25.
"The commitment to digital transformation that
the UK Government signalled in the recent Budget is expected to
unlock a number of further public sector digital transformation
programmes in early 2025, and in particular following the UK
Government Spending Review in Spring 2025.
"The structural growth drivers of our market
undoubtedly remain strong. The action we have taken to strengthen
our business is beginning to deliver results and we are
well-positioned to capitalise on the significant opportunities
which lie ahead. As such, the board continues to view the mid to
long-term prospects for the Group with confidence.
"We look forward to updating shareholders
further on the Group's progress in a half year update on trading
for the six months to 30 November 2024, which we expect to announce
no later than early February 2025."
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1
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EBITDA has been adjusted for the exclusion of depreciation,
amortisation, impairments, exceptional items and share based
payment charges
|
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2
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Sales Bookings represent the total value of sales contracts
awarded in the year, to be delivered in
FY25-FY28
|
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3
|
Based on the latest published equity research, the company
understands current market consensus for the year ended 31 May 2025
to be revenue of £35.2m and Adjusted EBITDA of
£2.6m
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Enquiries:
|
Made Tech
Joanne Lake, Chair
Rory MacDonald, CEO
Neil Elton, CFO
|
Via
Rawlings Financial PR Limited
|
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Singer Capital Markets (Nominated Adviser &
Broker)
Jen Boorer/ Asha Chotai
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Tel: +44
(0) 20 7496 3000
|
|
Rawlings Financial PR Limited (Financial PR)
Cat Valentine
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Email: madetech@rfpr.com
Tel: +44
(0) 7715 769078
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About Made Tech
Made Tech is a provider of digital, data and
technology services, which enable central government, healthcare,
local government organisations and other regulated industries to
digitally transform.
Made Tech's purpose is to "positively impact
the future of society by improving public services 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.
The Group operates from four locations across
the UK - London, Manchester, Bristol, and Swansea.
More information is available at https://investors.madetech.com/.