**Summary of Made Tech Group PLC Interim Results for H1 FY26 (Six Months Ended 30 November 2025)**
**Financial Performance**
**Revenue Growth**Revenue increased by 28% to £27.8 million (H1 FY25: £21.8 million), driven by strong organic growth and execution of the contracted backlog.
**Profitability**Adjusted EBITDA rose 35% to £2.4 million (H1 FY25: £1.8 million), with margins improving to 8.7% (H1 FY25: 8.2%). Statutory profit before tax surged 186% to £1.3 million (H1 FY25: £0.4 million).
**Cash Position**Net cash increased 30% to £11.9 million (H1 FY25: £9.1 million), with no debt, strengthening the balance sheet.
**Contracted Backlog**Decreased slightly to £74.4 million (H1 FY25: £80.8 million) due to timing of large contract awards in the prior year.
**Sales Bookings**Declined 68% to £13.4 million (H1 FY25: £42.0 million) due to a strong comparative period, but management expects momentum in Q4 FY26 and H1 FY27.
**Strategic Highlights**
**Client Delivery**Successfully delivered national programs and AI solutions, including secure patient record sharing, digital assessments for schools, and justice system digitisation.
**Market Opportunity**Leveraging increased UK Government procurement activity since Autumn 2025, with a focus on digital transformation and AI adoption.
**Software Division**Progress in developing scalable SaaS solutions for local government, with disciplined investment and exploration of targeted acquisitions.
**People**Reduced reliance on contractors (from 19% to 14% of billable workforce), improved employee retention (84% annualised rate), and launched an apprenticeship program.
**Outlook**
**Trading Ahead of Expectations**Management anticipates Adjusted EBITDA to exceed market consensus due to improved operational leverage, utilisation, and contractor mix.
**Pipeline Strength**Robust sales pipeline with bid conversions and late-stage opportunities indicating further momentum in H2 FY26 and FY27.
**M&A Exploration**Actively exploring acquisitions to extend digital capabilities and expand the addressable market.
**Management Changes**
**New CFO**Richard Swinyard appointed as Chief Financial Officer, effective 2 March 2026, bringing significant technology sector and M&A experience.
**CEO Commentary**
Rory MacDonald highlighted exceptional H1 performance, strong cash generation, and confidence in continued growth, supported by a robust pipeline and strategic focus on digital transformation and AI.
**Conclusion**
Made Tech Group PLC delivered strong H1 FY26 results, with revenue and profitability growth, a robust balance sheet, and strategic progress in digital and AI capabilities. The company is well-positioned to capitalize on UK public sector opportunities, with a positive outlook for H2 FY26 and beyond.
| Metric | H1 FY26 | H1 FY25 | Change | FY25 |
|---|---|---|---|---|
| Revenue | £27.8m | £21.8m | +28% | £46.4m |
| Gross Profit | £8.7m | £7.8m | +12% | £14.8m |
| Gross Profit Margin | 31.2% | 35.8% | 32.0% | |
| Adjusted EBITDA | £2.4m | £1.8m | +35% | £3.5m |
| Adjusted EBITDA Margin | 8.7% | 8.2% | 7.5% | |
| Statutory Profit before Tax | £1.3m | £0.4m | +186% | £2.0m |
| Adjusted Profit before Tax | £1.9m | £1.5m | +31% | £2.9m |
| Sales Bookings | £13.4m | £42.0m | -68% | £82.1m |
| Contracted Backlog | £74.4m | £80.8m | -8% | £92.2m |
| Net Cash | £11.9m | £9.1m | +30% | £10.4m |
| Debt | £0m | £0m | N/A | £0m |