Made Tech Group (MTEC) Trading update summary

FY25 trading

• FY25 revenue expected at ~£46.4m, up ~20% from £38.6m in FY24 and ahead of consensus expectations, which had been raised in February. Figures are unaudited.

• Adjusted EBITDA expected at ~£3.4m versus £2.4m in FY24, up ~42%; adjusted margin expected to rise from 6.2% to ~7.3%, with efficiencies partly offset by a higher-than-target contractor base.

• Net cash was £10.4m versus £7.6m in FY24, ahead of consensus; operations remained debt free.

Sales bookings and backlog

• FY25 Sales Bookings reached ~£82.1m versus £36.0m in FY24, an increase of ~128% against a weak prior-year comparison.

• Contracted Backlog rose to ~£92.0m from £60.6m in FY24; FY24 backlog was reduced by £5.0m for prior-period contract expiries.

• Recent wins included an £8.4m, three-year Ministry of Justice Legal Aid Agency contract and smaller contracts with clients including the Department of Health and Social Care.

Outlook and governance

• FY26 trading is expected to be ahead of current market expectations; consensus as of 25 June was revenue of £45.0m, adjusted EBITDA of £3.4m and cash of £10.8m.

• The outlook anticipates profitable growth and positive free cash flow throughout FY26 and FY27, supported by backlog, cost control and UK public-sector digital investment.

• Chris Blackburn intends to step down as an Executive Director on 25 July 2025 after 13 years’ service.