Made Tech Group PLC on Monday reported ‘significant growth in revenue and profit’ in its end of year results.

London-based Made Tech helps the UK public sector to improve services using technology and digital delivery.

Pretax loss narrowed to £288,000 in the financial year that ended May 31 from £806,000 the year before.

Revenue more than doubled to £29.3 million from £13.3 million, after strong growth in sales. However, Made Tech recorded a 56% increase in administrative expenses alongside £2.4 million in share-based payments, up from none a year ago, prevented it from registering a profit.

Made Tech has had a ‘strong start’ to the 2023 financial year, signing £13.3 million of new contracts, and achieving an annualised revenue run-rate of £40 million, in the first two months of the year. The company is ‘confident’ that its ‘exceptional organic growth’ is set to continue in 2023 and into 2024.

Looking forward, Made Tech is maintaining its exclusive focus on the public sector and has expanded into the north of England and Scotland in line with the UK government’s so-called levelling up agenda. The company sees ‘clear opportunities to grow our market share further within the health, local government and central government sectors’.

Made Tech do not expect to pay a dividend.

Chief Executive Officer Rory MacDonald commented: ‘The digital transformation market is substantial and growing and Made Tech is well positioned to capitalise on the opportunity. Over the last three years, since focusing solely on the public sector, we have demonstrated our ability to attract, secure and win new clients, new contracts and new talent.’

Shares in Made Tech were trading 7.5% lower at 28.20 pence each in London on Monday morning.

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