Business
Audited Final Results 2023
Audited Final Results 2023.
About this update from Made Tech Group Plc
[{"type":"text","content":"\n\n13 September 2023\nThis 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.\n \nMADE TECH GROUP PLC\n(\"Made Tech\" or the \"Group\")\n \nAUDITED FINAL RESULTS 2023\n \nMade Tech Group plc, a leading provider of digital, data and technology services to the UK public sector, announces its audited final results for the year to 31 May 2023 (\"FY23\" or the \"period\").\n \nFinancial summary\n \n\n\n\n\n\n\n\nFY23 \n \n\n\nFY22\n \n\n\nChange\n \n\n\n\n\nRevenue\n\n\n£40.2m\n\n\n£29.3m\n\n\n£10.9m\n\n\n\n\nGross profit\n\n\n£14.4m\n\n\n£11.3m\n\n\n£3.1m\n\n\n\n\nGross profit margin\n\n\n35.81%\n\n\n38.43%\n\n\n(2.6pp)\n\n\n\n\nAdjusted EBITDA1\n\n\n£1.5m\n\n\n£2.6m\n\n\n(£1.1m)\n\n\n\n\nAdjusted EBITDA margin\n\n\n3.79%\n\n\n9.04%\n\n\n(5.25pp)\n\n\n\n\nAdjusted profit before tax2\n\n\n£1.0m\n\n\n£2.3m\n\n\n(£1.3m)\n\n\n\n\nSales Bookings3\n\n\n£69.9m\n\n\n£51.1m\n\n\n£18.8m\n\n\n\n\nContracted Backlog4\n\n\n£67.9m\n\n\n£38.2m\n\n\n£29.7m\n\n\n\n\nCash\n\n\n£8.5m\n\n\n£12.3m\n\n\n(£3.8m)\n\n\n\n\n \n\n\n\n\n●\n\n\nRevenue up 37% (organic) to £40.2m (FY22: £29.3m) and CAGR of over 80% over the last 5 years\n\n\n\n\n●\n\n\nAdjusted EBITDA at £1.5m (FY22: £2.6m) impacted by unexpected delays to scheduled work streams towards year end\n\n\n\n\n●\n\n\nCash at 31 May 2023 at £8.5m (FY22: £12.3m), following a £3.1m strategic investment in new SaaS products and expanding capabilities\n\n\n\n\n●\n\n\nContracted Backlog growth of 44% to £67.9m (FY22: £38.2M) and Sales Bookings up 37% to £69.9m (FY22: £51.1m) \n\n\n\n\n \nOperational highlights\n \n\n\n\n\n●\n\n\nTrend of increased contract sizes continued during FY23, with two contracts won over £10m, seven over £5m and 10 over £2m during FY23, reflecting the Group's growing stature in the market\n\n\n\n\n●\n\n\nFirst of three, higher margin, recurring revenue SaaS products successfully launched in the year for local au...