As recently reported the company has stabilised the business and improved profitability. Over 7 plus million in cash and Zero debt. Interest Aligned Management with over 43% ownership of the company is focusing on generating more profits more cash with Elections out of the way things are now looking really good. Remembering #MTEC CEO and COO both together permitted to acquire ordinary shares in the Company up to 43.04% of the Company's issued share capital (as agreed with the Takeover Panel).-:- Both of these guys together own shares equivalent to 43.03%. Just shy of 43.4% permitted limit. Now that's what you call a proper skin in the game. |
yes, decent accumulation going on here. Have been adding. EV is only £19.79m against a mkt cap of £27.6m with all the net cash it has.
A read across from TPX Impact results:
"The current pipeline of new business opportunities is robust and despite the phasing effect of an early General Election, has not diminished the appetite for the digital transformation services..." |
Pattern for a number of days now. Seems encouraging. |
a 30p bid would be lovely...... |
We have not seen volumes like this for quite a while, this is looking promising, imho. |
Indeed....... |
There is steady accumulation going on here. |
Interesting late move.,........ |
Share price up on no news?!? |
Switched to RNK [better change to capital gains] 4 brokers issued strong BUY |
Decent volume and momentum again today......... |
Some solid buying today with 2.25m shares traded by 11.30am today compared to an average daily trading volume of 550,000 over the past 3 months. Just touched a 9 month high this morning. |
Or today... Lol. |
 TechMarketView
Made Tech has reported its results for the year to 31st May 2024 revealing good momentum in H2. Following a 7% decline in revenues in H1, the provider of digital, data, and technology services to the UK public sector finished the year with revenues down 4.2% to £38.5m.
Meanwhile, as a result of pursuing operational efficiencies across the Group, the company grew its adjusted EBITDA by 53% to £2.3m, increasing the margin from 3.8% to 6.0%. Net cash stood at £7.6m (FY23: £8.5m), “materially221; ahead of consensus estimates due to good cash collection in H2 and a reduction in capitalised R&D spend as the company focuses on the early commercialisation of its SaaS portfolio of products.
Made Tech refers to a “challenging procurement market”, which resulted in a significant reduction in new sales bookings, at £36.0m for the year, compared to £69.9m in FY23. Its biggest win during the year was a £19.5m contract with the Department for Levelling Up, Housing & Communities (DLUHC) (see Made Tech wins big with long-term client, DHLUC | TechMarketView). We know that FY23 was a very strong year for bookings, including some longer-term deals, which made for a difficult comparator. But there also appears to be an element of pressure on departmental budgets, which is leading central government organisations to rationalise their supplier base and make it easier to manage. Looking at our analysis of company results for last calendar year, this appears to be benefiting the larger players to the detriment of the small and mid-sized players (more in our upcoming Supplier Rankings reports).
Within that environment, CEO, Rory MacDonald, spoke to us about concentrating hard on delivery excellence, something which is now strongly reflected in client satisfaction scores. The aim is to continue scaling up in key accounts while also attracting new logos.
The good news is that the contracted backlog is strong, at £65.4m (vs. £67.9m in FY23), providing a solid foundation to meet the company’s unchanged FY25 revenue and profit guidance. Already this FY, in June, Made Tech has won £11m in new contracts, including a £7.5m contract with the Met Office and a further Department for Health & Social Care award worth £2.3m. Both are two-year deals. Rory also tells us that the company is making strong progress in its Data & AI practice, which has more than doubled in size in the last year or so; the practice now accounts for c10% of Group revenues. |
Looks good, push for 20p as year progresses..... |
@SCSWSharewatch
#MTEC another Scsw Nap firing up
FY25 has started strongly, with £11 million in new contracts awarded within the first month. This adds to the contracted backlog of £65.4 million at the close of FY24, underpinning our confidence… |
Don't tell me your buying APH |
All numbers are down YOY basis |
Full Year Trading Update
Trading in line with consensus expectations and cash ahead
Made Tech is pleased to announce a trading update for the year ended 31 May 2024 ("FY24").
The Board expects to deliver revenue of c.£38.5 million (FY23: £40.2 million), in line with consensus expectations following good momentum in the second half of the year.
*Adjusted EBITDA1 is expected to be c.£2.3 million (FY23: £1.5 million), slightly ahead of consensus expectations and substantially ahead of the prior year, representing an increase in margin from 3.8% to 6.0% as a result of operational efficiencies implemented across the Group.
*Net cash was £7.6 million (FY23: £8.5 million), materially ahead of consensus expectations. This strong performance primarily reflects good cash collection in the second half of the year and a reduction in capitalised R&D spend as the Company focuses on the early commercialisation of its SaaS portfolio of products. Made Tech remains debt free.
*During the year, Made Tech won £36.0 million in new Sales Bookings2 (FY23: £69.9 million) in a challenging procurement market, including a two year £19.5 million contract with The Department for Levelling Up, Housing & Communities and a 12 month extension option. Work has already commenced under this contract. The Contracted Backlog3 remains strong at c.£65.4 million (FY23: £67.9 million).
*FY25 has started positively with c.£11 million in new contracts awarded in June, including a £7.5 million contract with the Met Office and a further Department of Health & Social Care award worth £2.3 million, both over two years. The Company maintains its revenue and profit guidance for FY25, underpinned by the recent contract wins. The Board anticipates that the Group will generate positive cash flow in FY25 and as a result expects the cash position at the end of FY25 to be further substantially improved.
The Group will announce its results for the year ended 31 May 2024 in September 2024, at which time it will provide further guidance on the year ahead.
Rory MacDonald, Chief Executive Officer, commented: "Our financial year FY25 has started strongly, with £11 million in new contracts awarded within the first month. This adds to the contracted backlog of £65.4 million at the close of FY24, underpinning our confidence as we begin the new financial year. The snap General Election announcement was a positive surprise, eliminating timing uncertainty for our clients and the Group. During this pre-election period, we are seeing minimal operational impact on our current contracts and pipeline, with the business continuing to perform well.
We are pleased to see the main party manifestos emphasise the significant role technology will play in delivering their priorities and expect the Group to be well-positioned to capitalise on the post-election opportunities. We anticipate this will lead to increased trading momentum for the Group over the coming years and the beginning of a new wave of growth. I would like to thank our employees for their hard work and dedication, and our clients for their continued trust and partnership. Together, we are driving forward and improving public services."
1. EBITDA has been adjusted for the exclusion of depreciation, amortisation, impairments, exceptional items and share based payment charges
2. Sales Bookings represent the total value of sales contracts awarded in the year, to be delivered in FY25-FY28
3. Contracted Backlog is the value of contracted revenue that has yet to be recognised
4. FY24 results are subject to audit |
Strong update from TPX. |
And a 459K buy :) |
I want to know who this continuous big buyer is. Another 400K buy this morning. Would not be surprised one bit to see a buyout here, possibly a MBO. |
Nice buying last couple of sessions. £7.8m cash, directors have skin in the game, mkt cap only £25m. Tempted to top up here. Dyor |
Not far off breaking above one year highs. |
@BigBit
A really useful post, especially the research tree link, I found it thought provoking reading... |
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