REG - Made Tech Group PLC - AGM Statement

Made TechAnnouncement

20/11/2024 07:00

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RNS Number : 8599M  Made Tech Group PLC  20 November 2024

 

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 EBITDA(1) performance in Q1 FY25.  I am pleased to
report to shareholders that the business has maintained this strong
performance into Q2, achieving Sales Bookings(2) 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 expectations(3) 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                                                Via Rawlings Financial PR Limited

 Joanne Lake, Chair

 Rory MacDonald, CEO

 Neil Elton, CFO
 Singer Capital Markets (Nominated Adviser & Broker)      Tel: +44 (0) 20 7496 3000

 Jen Boorer/ Asha Chotai
 Rawlings Financial PR Limited (Financial PR)             Email: madetech@rfpr.com

 Cat Valentine                                            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/
(https://investors.madetech.com/) .

 

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