Made Tech Share Discussion Threads

[bobaxe1] 01/2/2023 08:42

70 plus percent growth no debt fantastic!//

[oapknob1] 01/2/2023 08:34

Thanks Bones. Looks like they could be on the turn to being profitable if they get cash burn sorted while gaining new contracts.

[bones] 01/2/2023 08:23

Bottom line loss is very likely (around £2M?) for the half since that’s what the cash drop amounted to. What is this “Adjusted EBITDA” nonsense? For a staff heavy business, how can a company justify adjusting the real bottom line to exclude share based payments to staff? There’s a reason the accounting rules insist on a deduction for these as they are a true cost of employment. Shareholders are diluted every time employees are paid share based payments.

One day this company might make a real profit but it hasn’t happened yet.

[oapknob1] 01/2/2023 08:21

2.1million reduction in cash27million worth of new contracts??

[netcurtains] 01/2/2023 08:13

Why was the update good?
cash pile has shrunk loads...

Doesn't that imply its not making a profit?

[oapknob1] 01/2/2023 08:11

Spiked the update.

[tomps2] 01/2/2023 07:53

Made Tech (MTEC) H1 Results webinar 24th February 12.30
Register: bit.ly/MTEC_H1_results_webinar

[masurenguy] 01/2/2023 07:14

Excellent trading update with some very significant contract wins

H1 Trading Update and Contract Wins

Made Tech is pleased to provide a half year update on trading for the six months ended 30 November 2022. The Group expects to publish its half-year results for the Period on Thursday, 23 February 2023.

Highlights

-- Group revenue growth of 76% to £20.6m (H1 2022: £11.7m)
-- Adjusted EBITDA in line with management's expectations at £0.5m (H1 2022: £1.2m)
-- Net cash at Period end of £9.0m (H1 2022: £11.1m)
-- Sales Bookings rose by 23% to £32.6m (H1 2022: £26.5m)
-- Record Contracted Backlog up 53% to £47.8m (H1 2022: £31.3m)

Contract wins post-period end

The Board is pleased to announce that, in recent weeks, Made Tech has been awarded three substantial new contracts, collectively worth £27m.

Contract & Client Value duration

DVLA: £14.0m: 2 years
Department for Levelling Up, Housing and Communities: £8.0m: 4 years
Cabinet Office (GDS): £5.0m: 2 years

Financials

Made Tech delivered a strong performance in the Period, generating year-on-year revenue growth of 76% to £20.6m. Made Tech entered the second half with a record Contracted Backlog, which positions the Group strongly for the remainder of the year and looking into FY 2024. This strong organic growth was achieved despite industry headwinds, caused by the well-reported Government and market turmoil that occurred during Q2. This resulted in reduced gross margins in the first half, as was flagged in the Group's Final Results in September 2022, due to delays to bid submissions and ongoing project work. However, Made Tech has carefully managed this disruption through right-sizing headcount, reducing contractor numbers to c.10%, and improving its cost controls, such that it expects margins to materially improve in H2.

Made Tech is debt free and has a strong balance sheet with £9m net cash at Period end, positioning the Group well to execute its growth strategy. The Group's performance in the first half, alongside the new customer wins and expansions signed post Period end, has been greatly encouraging and underpins the Board's confidence in the Group's growth prospects.

Rory MacDonald, CEO of Made Tech, said:"We are delighted to have delivered another period of strong growth. It is pleasing to note that our contract sizes continue to grow as we become more established in the market. These wins, together with the new Home Office contract announced in November 2022, demonstrate Made Tech's ability to deliver digital technology successfully, and highlight the strength of our reputation in this growing market. As a result, the Group remains on track to meet market expectations for the full year and deliver value to shareholders over the long term."

[battlebus2] 01/2/2023 07:09

Trading update ✅✅✅;

[oapknob1] 31/1/2023 14:55

28th last year

[1realist] 31/1/2023 14:03

They have previously given notice of results release date in an RNS 10-14 days prior to results as well, but then again they've previously given a reading update RNS 1-2 months prior to results as well and haven't done this time. Website still just says Feb 2023 for results with no set date yet. Think it'll defo be latter half of month either way.

[bones] 31/1/2023 12:18

Results last year were on 28th February, not the 1st.

I still think MTEC may have to say what all its competitors did and that was referencing the freeze up in government procurement during last summer's leadership merry-go-round between Boris, Truss and Sunak. That was all during the interim period which they have yet to report. They did hint at it in the finals commentary in September, so it will be interesting to see.

[cumbrian2] 31/1/2023 11:20

Results last year on Feb 1st so hopefully a positive update this week

[cyberbub] 25/1/2023 19:30

Seems some can't understand the difference between *gross* profit and *net* profit LOL

[bobaxe1] 25/1/2023 09:33

Yes these types turn up just before February results, when the market will find the truth!//

[grezzza1] 25/1/2023 09:26

mmmmm seems some in here cant read 2021 5 million profit, 2022 11.3 million.

A 19 million 2 year contract in NHS Digital

FY23 has started strongly with circa £13.3m new contracts secured and an annualised revenue run rate at 31 August 2022 of circa £40m

Revenue is likely to be more than market cap with a 38%+ profit margin

THATS WHY ITS UNDERVALUED!

[simmsc] 24/1/2023 21:45

I'm on the same page as you are cyber, hence staying clear

[cyberbub] 24/1/2023 21:27

Been looking into this share briefly, as I have some money looking for a home.MTEC made a statutory loss last year (again), revenue jumped but G&A costs went up 50% also, market cap is £40M, and yet people think the company is very undervalued. Why?

[1realist] 20/1/2023 14:28

£16.5m of new contracts signed in Dec 22 alone according to bidstats (search made tech and madetech) and lots of hiring activity. This on top of what was already a fundamentally undervalued company on revenues, growth, profitability and cash generation levels. All points towards a very positive trading update / interim results statement coming up with associated significant share rerate. 76p broker target looks achievable in Q1 IMO. Should never have fallen this far.

[bobaxe1] 20/1/2023 12:45

The fact that the department is renewing and expanding contracts means they are very happy with Mtec hopefully other government departments will catch on

[bobaxe1] 19/1/2023 08:40

Wrong board grrr This will do a harl very soon come on !//

[bobaxe1] 18/1/2023 23:49

Harl already own Appledore asset bought in October umm https://twitter.com/voxmarkets/status/1585563637170708480?s=12