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20 Nov 2024 07:00
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."
1 | EBITDA has been adjusted for the exclusion of depreciation, amortisation, impairments, exceptional items and share based payment charges |
2 | Sales Bookings represent the total value of sales contracts awarded in the year, to be delivered in FY25-FY28 |
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 |
Enquiries:
Made Tech Joanne Lake, Chair Rory MacDonald, CEO Neil Elton, CFO | Via Rawlings Financial PR Limited |
Singer Capital Markets (Nominated Adviser & Broker) Jen Boorer/ Asha Chotai | Tel: +44 (0) 20 7496 3000
|
Rawlings Financial PR Limited (Financial PR) Cat Valentine | Email: madetech@rfpr.com Tel: +44 (0) 7715 769078 |
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/.
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