Made Tech: Public sector data firm gives mixed picture for first half
Public sector data services firm Made Tech provided a mixed picture to markets this morning, with its revenue down but losses narrowed for the first half of the financial year.
The firm which provides services to public sector bodies said its revenue was seven per cent down on the first half last year, the six months to November 2023, to £19.1m. Overall in the last financial year in 2023, it had a revenue of £40.2m.
According to its website, Made Tech works with government departments including the Ministry of Justice, the Department for Education. It also works with councils like Essex and Hackney, the Met Office and NHS.
Made Tech’s share price has plummeted in the last year, down more than 75 per cent, after it issued a profit warning last year.
Last month, Made Tech announced that Neil Elton, formerly the CFO at Learning Technologies Group, would succeed Debbie Lovegrove as chief executive.
Made Tech reported a significant fall in sales bookings on the same period last year, to £12.6m compared to £32.6m, a steep decline of -61 per cent.
However, its contracted backlog, representing the contracted revenue that has yet to be recognised, was at £61.3m, a 28 per cent rise on the previous half-year, and approaching the £67.9m made in the 2023 financial year overall.
Its gross profit, was up by four per cent compared to last year at £7.1m, while the gross profit margin had gone up from 33 per cent to 37 per cent.
It reported a £1m loss before tax which had narrowed from £1.7m last year, while its adjusted profit before tax was up 343 per cent, to £1.3m, after previously making just £0.3m.
Rory MacDonald, CEO of Made Tech, said: “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 clients.
“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.”