(Alliance News) - Made Tech Group PLC on Monday bemoaned the impact of a "tricky" macroeconomic environment, after seeing revenue fall in the first half.
For the six months ended November 30, the London-based provider of digital, data and technology services reported a statutory pretax loss of GBP1.0 million, narrowed from GBP1.7 million a year prior.
Revenue, meanwhile, was GBP19.1 million, down 7.3% from GBP20.6 million the year previously. Made Tech attributed this to a "tricky period", noting that the UK's "challenging macro environment" had impacted client budgets, and in some cases, led to changes in project scope.
Looking ahead, the firm said that it remains on track to meet profit expectations for the current financial year, with revenue slightly down on a year before. Additionally, the board anticipates further improvement in financial 2025, thanks to "ongoing productivity and cost control initiatives".
"Made Tech is focused on ensuring that it is fit and ready to capitalise on the structural growth opportunities that we see in the UK public services market, with an efficient, right-sized cost base, experienced senior management, and an achievable strategic growth plan in place, whilst also maintaining our reputation for excellence amongst our client," said Chief Executive Officer Rory MacDonald.
"We are making progress, delivering improvements on profitability and cash generation and appointing key new members to our team, and I look forward to updating our stakeholders further as we progress through 2024."
Made Tech Group shares were trading 0.6% higher at 8.80 pence each in London on Monday morning.
By Holly Beveridge, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Made Tech (MTEC)