A provider of digital, data and technology services to the UK public sector has posted a significant growth in revenues and profits in its first year as a quoted company.
Made Tech, which has bases in London, Manchester, Bristol and Swansea, floated on AIM in October as the business looked forward to drive the next stage of its development.
In a statement on the London Stock Exchange, the company said FY22 was a period of “exceptional and accelerating growth”, achieved by a “dedicated and rapidly expanding team”.
The group said it is “well positioned” to continue to build on its success and structure the group to meet the “significant and long-term market opportunity ahead”.
Audited final results for the year to 31 May 2022 show revenue rose 120 per cent to £29.3m from £13.3m in 2021. Gross profit increased by 125 per cent to £11.3m from £5m.
Rory MacDonald, chief executive, hailed a “landmark year” in the history of Made Tech and said he was “hugely proud” of everything that the business has achieved.
“We have made strong operational and strategic progress, in our first year as a quoted company, and taken significant steps forward in the delivery of our mission to improve public services,” he said.
“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 focussing solely on the public sector, we have demonstrated our ability to attract, secure and win new clients, new contracts and new talent.”
Looking ahead, he added: “Our strong FY22 financial performance and our successful IPO in September 2021 have strengthened the group’s balance sheet, which, together with our ongoing cash generative operations, enables us to continue investing in the high quality strategic opportunities, which will support the sustainable growth of our business.
“As a final point, I would like to thank our employees, partners and clients personally for their contribution and ongoing support.”