AIM Rule 26
This page contains links to Made Tech’s core management and financial information and has been designed to comply with the requirements of Rule 26 of the AIM Rules for Companies – ‘Company Information Disclosure’.
Made Tech is a provider of digital, data and technology services to the UK public sector. Founded in 2008 and now with a headcount of over 470 across four UK locations (London, Manchester, Bristol and Swansea), Made Tech provides services that enable central government, healthcare and local government organisations to digitally transform.
Name: Made Tech Group plc
Registered Office: 4 O’Meara St, London SE1 1TE
Registration: Registration number 12204805
Country of incorporation and main country of operations: Made Tech Group plc is incorporated in, and its main country of operations is, England.
Made Tech Group plc shares are not traded, or admitted to be traded, on any exchanges or trading platforms other than the AIM market of the London Stock Exchange.
The Company is subject to the UK City Code on Takeover and Mergers. There are no restrictions on the transfer of the Company’s AIM securities.
Half year results announcement
23 February 2023
31 May 2023
Full year results announcement
Posting of annual report
Annual general meeting
Half year end
30 November 2023
Half year end
30 November 2022
Annual general meeting
19 October 2022
Posting of annual report
23 September 2022
Full year results announcement
12 September 2022
31 May 2022
Half year results announcement
28 February 2022
Corporate governance & responsibilities
AIM-quoted companies are required to adopt a recognised corporate governance code with effect from their admission to trading on AIM however, there is no prescribed corporate governance regime for AIM companies. The QCA has published the Quoted Companies Alliance’s Corporate Governance Code (the “QCA Code”), a set of corporate governance guidelines, which include a code of best practice, comprising principles intended as a minimum standard, and recommendations for reporting corporate governance matters. The Directors acknowledge the importance of high standards of corporate governance and intend, given the Company’s size, board structure, stage of development and resources, to comply with the QCA Code.
The Board comprises six Directors, of which three are Executive Directors and three are Non-Executive Directors. The Board considers Joanne Lake, Helen Gilder and Phil Pavitt to be independent Non-Executive Directors under the criteria identified in the QCA Code.
The Company holds regular board meetings and the Directors are responsible for formulating, reviewing and approving the Company’s strategy, budget and major items of capital expenditure. The Directors have established an audit committee, a nomination committee and a remuneration committee with formally delegated rules and responsibilities.
The audit committee comprises Joanne Lake, Phil Pavitt and Helen Gilder, who acts as chair. The audit committee determines and examines matters relating to the financial affairs of the Company including the terms of engagement of the Company’s auditors and, in consultation with the auditors, the scope of the audit. It receives and reviews reports from management and the Company’s auditors relating to the half yearly and annual accounts and the accounting and the internal control systems in use throughout the Company.
The remuneration committee comprises Joanne Lake, Phil Pavitt and Helen Gilder, who acts as chair. The remuneration committee reviews and makes recommendations in respect of the Executive Directors’ remuneration and benefits packages, including share options and the terms of their appointment. The remuneration committee also makes recommendations to the board concerning the allocation of share options to employees under the New Share Plans.
The nomination committee comprises Helen Gilder, Phil Pavitt and Joanne Lake, who acts as chair. The nomination committee is responsible for identifying and nominating for Board approval candidates to fill board vacancies and evaluating the need for and nature of additional appointments.
Environmental, Social and Corporate Governance (ESG) Committee
The ESG committee comprises Helen Gilder, Joanne Lake, Rory MacDonald (Chair), Kate Phillips, Kayleigh Derricutt, Haroon Ahmed and John Godwin. The ESG committee is responsible for measuring and improving the Group’s impact on the environment, generating social value through its work, positively impacting the lives of its employees and stakeholders and operating ethically and with goodwill.
The Company has also adopted a share dealing code for directors and certain employees, which is appropriate for a company whose share is admitted to trading on AIM (particularly relating to the prohibition of dealing during closed periods).
This information was last reviewed on 15 December 2022.
Establish a strategy and business model which promote long-term value for shareholders
Made Tech is a provider of digital, data and technology services to the UK public sector. Founded in 2008 and now with a headcount at 31 May 2022 of over 478 across four UK locations (London, Manchester, Bristol and Swansea), Made Tech provides services that enable central government, healthcare and local government organisations to digitally transform.
The Directors believe that organisations should not just focus on the bottom line but in addition aim to be a broader force for good within society. The Group considers itself to be an organisation that is genuinely purpose-driven and has undertaken strategic planning to identify, agree and communicate the Group’s purpose: “positively impact the future of society by improving public sector technology”.
The Directors believe that they can achieve the Group’s purpose by executing against four strategic missions:
Modernise legacy technology and working practices;
Accelerate digital service and technology delivery;
Drive better decisions through data and automation; and
Enable technology and delivery skills to build better systems.
To guide the Group in scaling its culture, the Directors have adopted the following core values:
Client Focused – Being a trustworthy partner to the public sector to build strong and lasting relationships with the Group’s clients;
Drive to Deliver – Delivering successful outcomes for the Group’s clients, users and citizens; and
Learning & Mentoring – Continuous improvement of oneself or the client team members with whom the Group works.
Seek to understand and meet shareholder needs and expectations
The Board is committed to an open and ongoing engagement with the Company’s shareholders to understand their needs and expectations and to ensure that the Company’s business model, strategy and performance are understood.
Regular communication with shareholders centre around the Annual and Interim Reports, the full and half year results announcements, trading updates (where required or appropriate) as well as the Company’s website which provides access to financial reports, announcements and notifications made via a Regulatory Information Service.
Our Chief Executive Officer is the primary point of contact for shareholders and there is a dedicated email address email@example.com for shareholder questions and comments. The CEO is responsible for ensuring that all such feedback from investors is reported to the Board as a whole.
Regular meetings are held between the Chief Executive Officer, the Chief Financial Officer and institutional investors and analysts to ensure that the Company’s strategy, financials and business developments are communicated effectively. The Independent Non-executive Directors are also available to discuss any matters that shareholders wish to raise and discuss.
Take into account wider stakeholder and social responsibilities and their implications for long term success
The Board recognises that execution of the Company’s strategy depends upon strong relationships with both its internal and external stakeholders and it therefore seeks to understand stakeholder expectations and how they align with the needs of the business. The Board is regularly updated on feedback from stakeholder engagement to ensure that it has a full understanding of the issues that matter most to them so that they can be taken into account in the Board’s decision-making.
The Company is committed to conducting business with integrity, honesty and fairness and operates a Code of Conduct for all of its employees to ensure that everyone is acting in the best interests of the business.
The Board is committed to creating a climate of openness throughout the Company, and to encouraging its employees to provide their feedback through regular employee engagement initiatives and to contribute their own ideas through regular meetings between staff representatives and senior management. The Company uses a variety of channels to keep staff informed of key developments, which have been important during a time when staff have been forced to work from home during the COVID-19 pandemic. The Company continues to provide its employees with regular briefings and updates as well as providing visibility of the Group’s financial performance and future plans.
The Company is committed to developing all members of staff, enabling them to fulfil their potential by providing Learning and Development pathways and career support to all staff across the business, from apprentices to senior management. The Company’s academy programme attracts recruits from diverse backgrounds looking to start their careers in the IT and technology sector. Where appropriate, before searching for external candidates, job vacancies are advertised internally within the Company. The Company also supports employees who seek to acquire professional qualifications or to further their own development.
The Company’s supplier relationships are managed effectively by our managers to ensure that there is no disruption to the Company’s supply chain that could have an adverse impact on the business.
The Company is committed to the ethical sourcing of products and only contracts with suppliers that it believes respects the rights of its employees and requires the same standards from all of its suppliers that it applies in its own business.
All Made Tech clients have a dedicated Client Lead responsible for managing the client relationship. There is a dedicated team including an Executive sponsor, Client Lead, Technical Lead and Delivery Lead to support clients and ensure that we develop the relationship and provide great work to grow our relationship and grow the size of the accounts. Client feedback is regularly communicated back to the Executive Team to enable the Company to improve current and future product development, marketing support and customer service levels.
Community and Environment
The core focus of the Made Tech business is summed up as “Enabling public sector services to digitally transform to provide better services and levels of care and assistance to our communities in a safe, efficient and responsible manner”
The Company aims to challenge itself to develop smarter ideas and to continually improve its technology to enable its clients to meet both business and sustainability goals.
Made Tech complies with The Waste Electrical and Electronic Equipment Regulations and works in compliance with The Restriction of the Use of Certain Hazardous Substances in Electrical and Electronic Equipment Regulations 2004. The Group continues to find ways to reduce energy consumption, reduce waste and increase recycling.
Embed effective risk management, considering both opportunities and threats, throughout the organisation
The Directors are responsible for maintaining the Company’s systems of controls and risk management in order to safeguard the Company’s assets.
Made Tech operates a risk management framework to identify, manage and monitor risks which affect the delivery of its business model. Risk is a standing item on the Board’s agenda with reports provided by the Group’s senior leadership team. In conjunction with these reports, the Board reviews the effectiveness of internal control systems designed to safeguard the business, by monitoring financial performance against budgets and updated financial forecasts. A formal review of risk will be carried out at least on an annual basis and a summary thereof will be included in the Annual Report which will be available on the Company’s website.
Maintain the board as a well-functioning, balanced team led by the chair
The Company’s Board of Directors comprises three executive directors and three non-executive directors. The QCA Code recommends that at least two Board members should be non-executive directors who are independent. The non-executive directors are considered independent for the purposes of the QCA Code and accordingly, the Company complies with its requirements.
The biographies of the directors are included in the Board of Directors section of the website and are included in the Company’s Annual Report. The Board is assisted in its duties by the Audit and Remuneration Committees, further information on which can be found on page 42 and 48 of the Company’s Annual Report and under this Corporate Governance section.
The executive Directors work full time in the business and have no other significant outside business interests. The CEO is responsible for managing the Group’s business and operations within the parameters set by the Board. The Non-Executive Directors are responsible for bringing independent judgement to the discussions held by the Board, using their breadth of experience and understanding of the business. Their key responsibilities are to constructively challenge and contribute to strategic proposals, and to monitor performance, resources and standards of conduct, compliance and control, whilst providing support to executive management in developing the Group. Their time commitment is sufficient for them to perform these responsibilities and details of their external commitments are given alongside their biographies on page 34-35 of the Annual Report.
The Board is satisfied that it has a suitable balance between independence and knowledge of the business to allow it to discharge its duties and responsibilities effectively.
The Board expects to meet at least eight times a year with additional meetings when circumstances and urgent business dictate, and will be responsible for strategy, oversight of the Company’s activities and for reviewing the framework of internal controls.
Briefing papers are distributed to all Directors in advance of Board and Committee meetings and all Directors have access to the advice and services of the Company Secretary, who is responsible for ensuring that Board procedures are followed, that each Director is at all times provided with such information as is necessary for them to discharge their duties, that applicable rules and regulations are followed, in accordance with the QCA Code.
Attendance information on group board meetings can be found in the Board of Directors section on page 34 of the annual report.
Attendance information on committee meetings can be found in the remuneration report on page 42 and the audit committee report on page 48 of the Annual Report.
Ensure that between them the directors have the necessary up-to-date experience, skills and capabilities
Information on each Board member including their experience, skills and qualities they bring to the Board is set out on pages 34 to 35 of the Annual Report and on the website under Board of Directors.
The Directors are satisfied that the balance of Executive and Non-Executive Directors is appropriate and that no individual or group may dominate the Board’s decisions. The Board considers that each of the Directors has the experience and knowledge to constructively challenge the Group’s strategy and to provide the necessary guidance, oversight and advice to enable the Board to operate effectively. The Group believes that the current balance of skills in the Board as a whole reflects a very broad range of commercial and professional skills. The Chair and other Non-Executive Directors communicate with each other as necessary and meet, informally, without the presence of the Executive Directors from time to time during the year. Additionally, they each maintain ongoing communications with Executives between formal Board meetings.
In addition to their general Board responsibilities, Non-Executive Directors are encouraged to participate in other Group meetings or in matters when their individual areas of expertise may be of value.
The Company Secretary ensures that all Directors are kept abreast of changes in relevant legislation and regulations, with the assistance of the Company’s other advisers where relevant, as well as helping the Chair to maintain excellent standards of corporate governance. All Directors were given AIM Rules and Directors’ responsibilities training as part of the IPO process.
The Executive Directors are subject to the Company’s performance and development review process through which their performance against predetermined objectives is reviewed and their personal and professional development needs considered. The Directors are encouraged to raise any personal development or training needs with the Chair.
The Non-Executive Directors have a breadth and depth of skills and experience across many different sectors enabling them to provide the necessary guidance, oversight and advice for the Board to operate effectively.
In order to keep Director skill-sets up to date, the Board uses third parties to advise the Directors of their responsibilities including receiving advice from the Company’s external lawyers and NOMAD Board composition is always a consideration in relation to succession planning. The Board will consider any Board imbalances for future nominations, including Board independence and gender balance.
Evaluate board performance based on clear and relevant objectives, seeking continuous improvement
All Board appointments have been made after consultation and detailed due diligence is carried out on all new potential board candidates. The Board will consider using external advisers to review and evaluate the effectiveness of the Board and Directors in the future to supplement its own internal evaluation processes.
The Board intends to carry out a self-evaluation of its performance in FY23 with a view to setting objectives for the Board for the future and identifying any areas where professional advice should be sought. In subsequent years a review of Board performance will from time to time be externally facilitated. On an ongoing basis, the Board reviews the level of achievement of the executive directors compared with their objectives, assessing their contribution to Company performance and re-appraising future objectives on an annual basis.
The Board reviews the time commitment of non-executives and their re-appointment having regard both to their ability to commit the necessary time to the role, the skills, knowledge and experience required as well as making an assessment of their continuing independence.
Promote a corporate culture that is based on ethical values and behaviours
The board is mindful that the tone and culture set by the Board impacts many aspects of the Company and the way that stakeholders behave and form views.
The Company recognises the importance of establishing a culture of ethical behaviour and applies these standards to all dealings with employees, clients and other stakeholders. Accordingly, Made Tech has developed an ethics policy to ensure that its business is conducted with high ethical and legal principles and sets standards of professionalism and integrity to all employees and Group-wide operations.
The Board has adopted a Bribery and Corruption policy consistent with the requirements of the UK Bribery Act 2010. Compliance with the policy is regularly reviewed at Board meetings.
Maintain governance structures and processes that are fit for purpose and support good decision-making by the board
The Board of directors is responsible for the determination of the investment decisions of the Company and for its overall supervision and the objectives it has set out. The Board is also responsible for the Company’s day to day operations.
The Company has established Remuneration, Audit, Nomination and ESG committees.
The Chair is responsible for leading an effective board, fostering a good corporate governance culture, maintaining open communications with the major shareholders and ensuring appropriate strategic focus and direction.
The Chief Executive Officer has overall responsibility for managing the day to day operations of the Company and the Board as a whole is responsible for implementing the Company’s strategy.
Communicate how the Company is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders
The Board is committed to maintaining effective communication and having constructive dialogue with its shareholders. The Company has established and intends to build ongoing relationships with both its private and institutional shareholders (through meetings and presentations) as well as shareholder analysts, and for them to have the opportunity to discuss issues and provide feedback at meetings with the Company. The Company communicates progress with shareholders and stakeholders throughout the year by publishing announcements via a Regulatory Information Service and its Annual and Interim Report and Accounts (including the Section 172 Statement), and through update meetings as necessary.
The Group’s website is kept up to date with appropriate governance material, and contains details of relevant developments, press and corporate news and presentations.
Constitutional & shareholder documents
Please find a link to a copy of our Constitutional and
Click here to view our Constitutional & Shareholder Documents
Singer Capital Markets Advisory LLP
One Bartholomew Lane
Tel: 020 7496 3000
Singer Capital Markets Securities Limited
One Bartholomew Lane
Tel: 020 7496 3000
No. 1 Spinningfields
1 Hardman Street
Tel: 020 7861 4000
Auditor and Reporting Accountant
Crowe U.K. LLP
55 Ludgate Hill
Tel: 020 7842 7100
Financial PR and IR Advisers
Belvedere Communications Limited
1 King Street
65 Gresham Street
Tel: 020 7954 9603
Shareholder information & major shareholders
As at 14 December 2022, Made Tech Group plc has 149,287,059 Ordinary Share shares in issue. The Company does not hold any shares in treasury. In so far as Made Tech plc is aware, the percentage of shares not in public hands is 42.27%.
Made Tech plc has not applied or agreed to have any of its securities admitted or traded on any other exchanges or trading platforms other than the AIM market of the London Stock Exchange.
There are no restrictions on the transfer of Made Tech plc’s AIM securities.
The Company is subject to the UK City Code on Takeover and Mergers.
|Shareholder||% Share Capital|
|Premier Miton Investors (Guildford)||5.54%|
|Stonehage Fleming Family &|
|Berenberg Bank (Frankfurt)||3.38%|
|Canaccord Genuity Wealth|
|Highclere International Investors (London)||3.10%|
|Sarasin & Partners||3.08%|
AIM Securities in Issue
149,287,059 ordinary shares of 0.05p each
% of AIM Securities That Is Not In Public Hands
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This information was updated on 1 February 2023