Made Tech Group, a leading provider of digital, data, and technology services, has projected its revenue for fiscal year 2024 to be in line with the previous fiscal year. The company reported a wider pretax loss for the year due to increased administrative expenses.
Pretax loss for the year ended May 31 amounted to £1.5 million ($1.9 million), compared to a loss of £288,000 in the previous year. After adjusting for certain items, pretax profit decreased to £1.0 million from £2.3 million.
In terms of revenue, the London-listed group recorded an increase to £40.2 million from £29.3 million. Despite near-term political and macro environment challenges, Made Tech Group anticipates reporting a similar figure for fiscal 2024 and remains optimistic about the long-term outlook for the digital transformation market.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) declined from £2.6 million to £1.5 million as expected, when exceptional and other one-off items were taken into consideration.
To preserve cash within the business, the company has decided not to distribute dividends for the fiscal year and will provide an update on the fiscal 2024 dividend at its half-year results announcement in February.