Made Tech Group PLC (AIM:MTEC) saw growth accelerate in the year to May, with revenue soaring 120%, and said the current year has started strongly.
Revenue came in at £29.3mln in the year to 31 May 2022, up from £13.3mln the year before, while adjusted underlying profit (EBITDA) was £2.6mln compared with a loss of £0.5mln, the provider of digital, data and technology services to the UK public sector said in a trading update.
Gross margin was unchanged at 38%.
Sales bookings jumped 115% to £51.1mln and the contracted backlog grew 133% to £38.2mln.
The company achieved its recruitment target despite increased demand and competition for talent, with headcount doubling to 478 from 235.
Made Tech had cash of £12.3mln at end-May, up from £0.9mln a year earlier.
The company won new clients across central and local government, health and devolved administrations during the year, including a major two-year contract with NHS Digital, worth approximately £19mln.
“The strong level of client acquisition achieved in FY22 has continued into the new financial year,” it said, highlighting the recently announced Met Office contract, worth at least £7mln over two years.
Based on its “robust” pipeline and record sales bookings, the company said it is confident about the current financial year and beyond.
"FY22 was a very significant year for Made Tech, one in which we delivered exceptionally high levels of organic growth,” commented Rory MacDonald, CEO of Made Tech.
“We have made a strong start to FY23 and look forward to updating our stakeholders on the group's progress, when we announce the FY22 results in September."