Made Tech Group (MTEC) H1 2026 earnings summary

Executive summary

• H1 FY26 revenue rose 28% YoY to £27.8m and adjusted EBITDA rose 35% to £2.4m; adjusted EBITDA margin improved to 8.7%.

• Trading in H2 FY26 continued strongly, with adjusted EBITDA expected to be materially ahead of current market expectations.

• Delivery growth, contractor mix reduction and operational leverage supported stronger profitability and cash generation; net cash was £11.9m with no debt.

Financial highlights

• Gross profit increased 12% YoY to £8.7m, while gross margin declined to 31.2% from 35.8%, primarily due to contractor mix.

• Operating profit rose to £1.2m from £0.3m; statutory profit before tax was £1.3m versus £0.4m, and adjusted profit before tax rose 31% to £1.9m.

• Statutory profit for the period was £0.7m versus £0.2m; basic EPS increased to 0.46p from 0.16p, while adjusted diluted EPS rose to 0.74p from 0.66p.

• Sales bookings were £13.4m, down 68% YoY against an exceptional comparison; net bookings were £9.9m after £3.5m of lapsed contract value.

• Contracted backlog was £74.4m, down 8% YoY, reflecting the timing of large prior-year awards; H1 FY25 bookings included significant wins.

Outlook and guidance

• Management expects FY26 adjusted EBITDA to be materially ahead of market consensus, citing strong H2 trading, improving contractor mix, utilisation and operational leverage.

• Latest published FY26 consensus was revenue of £55.1m, adjusted EBITDA of £4.8m and cash of £13.3m; FY27 consensus was £58.0m, £5.2m and £16.9m, respectively.

• Recent bid conversions and increased late-stage pipeline activity support further bookings momentum in Q4 FY26 and H1 FY27; backlog underpins revenue expectations for the rest of FY26.

• Management expects contractor share to fall further and utilisation to improve in H2 FY26, supporting further gross margin improvement; positive free cash flow is anticipated for FY26.