Made Tech Group (MTEC) Trading update summary

FY24 trading

• FY24 revenue expected at £38.5m (FY23: £40.2m), in line with consensus, following good H2 momentum; results subject to audit.

• Adjusted EBITDA expected at £2.3m (FY23: £1.5m), slightly ahead of consensus; adjusted margin rose to 6.0% from 3.8% on operational efficiencies.

• Net cash was £7.6m (FY23: £8.5m), materially ahead of consensus; strong H2 collections and lower capitalised R&D spend supported cash, with no debt.

Sales and backlog

• FY24 sales bookings were £36.0m (FY23: £69.9m) in a challenging procurement market; included a two-year £19.5m Department for Levelling Up, Housing & Communities contract, plus a 12-month extension option.

• Contracted backlog remained strong at £65.4m (FY23: £67.9m).

FY25 outlook

• ~£11m of contracts were awarded in June, including a two-year £7.5m Met Office contract and a two-year £2.3m Department of Health & Social Care award.

• FY25 revenue and profit guidance maintained, underpinned by recent wins; positive cash flow expected, with year-end cash anticipated to improve substantially further.