Made Tech Group (MTEC) H1 2025 earnings summary

Executive summary

• H1 FY25 revenue rose 14% to £21.8m and Adjusted EBITDA rose 29% to £1.8m; FY25 revenue and Adjusted EBITDA are expected to exceed recently upgraded market expectations.

• Bookings reached £42.0m and contracted backlog £80.8m; all clients were retained, with renewals and expanded remits.

• Client retention remained strong, with a 92% CSAT score and 70% of bookings from existing clients.

Financial highlights

• Revenue was £21.8m, up 14% YoY; gross profit increased 16% to £7.8m.

• Adjusted EBITDA rose 29% to £1.8m; operating profit was £0.33m versus a £1.09m loss, and statutory profit before tax was £0.45m versus a £0.98m loss in H1 FY24.

• Adjusted profit before tax increased 110% to £1.5m; basic EPS was 0.16p versus a 0.62p loss, while adjusted diluted EPS rose to 0.66p from 0.18p.

• Cash generated from operations was £1.6m, H1 free cash flow was £1.7m, and cash increased to £9.1m from £7.6m at FY24.

Outlook and guidance

• FY25 is expected to deliver double-digit revenue growth, Adjusted EBITDA ahead of recently upgraded expectations, and positive free cash flow.

• Backlog of £80.8m, buoyant bids and a strong pipeline support confidence in near-term wins and the outlook for FY26 and beyond.

• H2 revenue and margins are expected to be lower on a like-for-like basis due to public holidays and annual leave; FY25 outcome is still expected ahead of market expectations.

• Published market consensus was FY25 revenue of £38.0m and Adjusted EBITDA of £2.8m; FY26 revenue of £40.0m and Adjusted EBITDA of £3.0m.