Made Tech shares jump 35 per cent as lucrative government contract announced
Shares in Made Tech spiked over 35 per cent on Monday morning after the public sector data services firm said it had secured a government contract worth almost £20m.
The Department for Levelling Up, Housing & Communities (DLUHC) has awarded Made Tech a contract to work on the design and development of new digital tools and services, worth up to £19.5m over a two year period.
Initially, a national private rented sector database will be the first service created through the deal, which has a 12 month extension option.
Rory MacDonald, chief executive of Made Tech, said: “Having supported DLUHC to deliver more than 35 digital projects since 2019 we are excited for the opportunity to continue building our partnership.
“The award of this contract helps underpin our revenue expectations for FY25 and is a testament to the confidence in Made Tech to deliver major new programmes of work.”
Since 2019, Made Tech has won three major government contracts worth a combined total of around £12.6m.
This latest contract has given the firm’s share price a much needed boost. It has plummeted in the past year, down nearly 60 per cent, after Made Tech issued a profit warning last year.
Earlier this year, the firm 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.