Made Tech Group PLC (AIM:MTEC), the technology services group focused on the public sector, has seen its share price drop 22% due to its forecast of lower-than-expected revenue for the financial year ending May 31, 2023.
The company now expects to book sales of around £40mln, as several clients have rescheduled work packages scheduled for April and May to the following fiscal year.
This change has also impacted the adjusted EBITDA, now estimated at £1.5mln. Despite these setbacks, Made Tech said it has a strong balance sheet with net cash of £7.9mln and a healthy sales pipeline for its new product lines.
At 9.50am, the shares were changing hands for 21.28p, down 5.97p.