Made Tech expands annual profit as revenue rises 27%

Made Tech ($MTEC) reported £58.9 million of annual revenue, up 26.8%, and a 69% increase in adjusted EBITDA to £5.9 million. The adjusted EBITDA margin widened to 10% from 7.5%, while statutory pretax profit more than doubled to £4.74 million. The public-sector technology-services provider ended its May financial year with £14.5 million of cash and no debt.

Efficiency gains and cost control helped earnings grow faster than sales, despite gross margin narrowing to 30.4% from 32%. Contracted backlog at year-end declined to £83.5 million, but subsequently reached approximately £115 million following additional awards. That backlog represents contracted work not yet recognized as revenue. Management reiterated confidence in the current year; its forecast upgrade had already occurred in August and is not a fresh guidance increase in these results.

Sources:

• Made Tech RNS announcement via Investegate