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IN BRIEF: Made Tech shares down as eyes revenue to fall below guidance

2nd May 2023 11:04

Made Tech Group PLC - London-based provider of digital, data and technology services to the UK public sector - Says March has delivered a strong financial performance. Trading in the second half of financial year ending on May 31 is going well, with improved utilisation levels and continued momentum in its sales bookings and contracted backlog. However, expects to report lower than anticipated revenue for financial 2023 of GBP40 million. Earnings before interest, tax, depreciation and amortisation is estimated to be at least GBP1.5 million. Made Tech says several of its clients have moved the start date of work packages, previously scheduled for April and May, into financial 2024. In financial 2022, revenue was GBP29.3 million.

Chief Executive Officer Rory MacDonald says: "We continue to make significant progress as a business, delivering substantial revenue growth and progress against our strategic priorities."

In February, Made Tech reported revenue of GBP20.6 million for the six months ended on November 30, up 76% from GBP11.7 million the year before. Swings to pretax loss of GBP1.7 million from a profit of GBP121,000.

Current stock price: 20.18 pence each, down 26% on Tuesday morning in London

12-month change: down 46%

By Xindi Wei, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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