Updates

Made Tech

March 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

There were no material surprises in H1 numbers, which had all been flagged in September. Made ended up reporting organic sales growth of 76% to £20.6m and pretax profit was down 9% to £937k. But from speaking to CEO Rory MacDonald, I can see the underlying picture is much stronger than these numbers suggest. A year ago Made had picked up nine new customers and they were huge - eg. NHS Digital, worth £19m, DVLA £7m and Met Office £7m - but the government turbulence during the Truss period caused some delayed decision-making, signed deals ramping later than expected and new contract go live dates pushed to the right and some contracts saw lower burn down in revenue, says MacDonald. Others, like the NHS Digital contract, moved to NHS ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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