Made Tech Group PLC shares jumped on Friday after it said it anticipates a swing to profit and strong growth in revenue in its annual results.

London-based Made Tech provides digital transformation services to the UK public sector. Ahead of its final results for the year ended May 31, the firm said it expects revenue to more than double year-on-year to £29.3 million from £13.3 million.

It expects to swing to positive adjusted earnings before interest, tax, depreciation and amortisation of £2.6 million, from a loss of £500,000.

Made Tech shares were trading up 7.1% to 34.80 pence in London on Friday morning. This is around 70% lower than its initial public offering price of 122p back in September, however.

It noted the achievement of its first major two-year contract with NHS Digital during the year, which is worth around £19 million. It also noted strong client acquisition, which continued into the current financial year.

It managed to maintain a gross profit margin of 38%. At the end of the year, it had strong cash reserves of £12.3 million, compared to £900,000.

Its sales bookings more than doubled to £51.1 million, compared to £23.8 million the year prior.

‘FY22 was a very significant year for Made Tech, one in which we delivered exceptionally high levels of organic growth. We navigated the well-documented macro recruitment challenges to double our headcount year on year and maintain our gross margin. We have made a strong start to FY23 and look forward to updating our stakeholders on the group’s progress, when we announce the FY22 results in September,’ said Chief Executive Officer Rory MacDonald.

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