Made Tech Group PLC Reports Strong H1 FY26 Performance, Trading Significantly Ahead of Expectations

Made Tech’s H1 FY26 beats: stronger revenue, margin and cash, with full-year now set to top forecasts

Made Tech Group PLC has served up a punchy first-half trading update for the six months to 30 November 2025. Revenue was c.£27.7 million, up c.27% year-on-year, and Adjusted EBITDA was c.£2.4 million, up c.33%. Margins ticked up, cash improved, and the Board now expects FY26 trading to be significantly ahead of current market expectations.

There is one caveat: Contracted Backlog is lower than at year end, and sales bookings in H1 were softer than the strong prior year period. Management, however, says the pipeline is active and they expect to add to backlog in H2. Overall, this is a confident update with clear operational progress.

Key numbers at a glance

Metric	H1 FY26	Comparator	Change
Revenue	c.£27.7 million	H1 FY25: £21.8 million	c.+27%
Adjusted EBITDA	c.£2.4 million	H1 FY25: £1.8 million	c.+33%
Adjusted EBITDA margin	c.8.7%	H1 FY25: 8.2%	+50 bps
Net cash (period end)	£11.9 million	FY25: £10.4 million; H1 FY25: £9.1 million	Up period-on-period
Contracted Backlog	c.£74.0 million	FY25: £92.2 million; H1 FY25: £80.8 million	Lower vs year end

All figures are unaudited. Made Tech remains debt-free.

Guidance now “significantly ahead” of market expectations

The Board expects FY26 to be significantly ahead of current market expectations, with revenue expected to be c.10% higher and Adjusted EBITDA margins increasing, reflecting improved operational gearing.

What the market was expecting

Consensus (per the Company)	FY26	FY27
Revenue	£50.1 million	£55.1 million
Adjusted EBITDA	£3.9 million	£4.4 million
Cash	£13.1 million	£16.1 million

Management’s signal is clear: revenue in FY26 is expected to come in around 10% above the £50.1 million consensus, with an uplift in margin too. They stop short of giving a specific Adjusted EBITDA number, but the tone is confident.

Operational takeaways: efficiency gains and strong cash, offset by contractor mix

Adjusted EBITDA margin improved from 8.2% to c.8.7%. Management attributes this to operational efficiencies, partly offset by a higher than target contractor base. In plain English, they are getting more from their cost base, but using more contractors than ideal has clipped some of the margin upside.

Cash generation is a clear positive. Net cash rose to £11.9 million, up from £10.4 million at year end, reflecting strong operating cash flow conversion. With no debt, the balance sheet gives Made Tech room to manoeuvre on growth initiatives or to weather bumps in public sector procurement cycles.

Backlog and bookings: softer H1, eyes on H2 conversion

Contracted Backlog was c.£74.0 million at 30 November 2025, down from £92.2 million at the year end and £80.8 million in the prior half year. Management highlights that H1 sales bookings were softer than the very strong prior year performance, but say the pipeline remains very active with opportunities expected to increase backlog in H2.

This is the main watch-out. Backlog is the forward book of contracted revenue yet to be recognised. A dip can be timing-related, especially in government procurement, but investors will want to see that expected H2 bookings land to rebuild coverage into FY27.

Why this update matters for investors

• Growth re-accelerating: Revenue up c.27% year-on-year off the back of good late FY25 bookings, showing momentum into FY26.
• Profitability improving: Adjusted EBITDA up c.33%, with margin moving to c.8.7% despite a higher contractor mix.
• Cash strength: Net cash of £11.9 million and no debt underlines healthy cash conversion and strategic optionality.
• Guidance upgraded: Board expects FY26 revenue c.10% ahead of consensus and higher margins, pointing to operational gearing.
• Risks to watch: Contracted Backlog down to c.£74.0 million and softer H1 bookings; delivery on H2 pipeline conversion is key.

Jargon buster

• Sales Bookings: The total value of new sales contracts awarded in the period, to be delivered over future years (here, FY26-FY30). Net Sales Bookings adjust for any lapsed awards.
• Adjusted EBITDA: Earnings before interest, tax, depreciation and amortisation, excluding impairments, exceptional items and share-based payments. A proxy for underlying operating profitability.
• Contracted Backlog: The value of contracted revenue not yet recognised. Think of it as the forward order book.

How I’m reading the signals

On the positives, this is a high-quality beat. Revenue growth of c.27% with margin expansion and stronger cash is exactly what you want to see. The upgrade language is unambiguous, and the reference to improved operational gearing suggests scale benefits are coming through.

On the negatives, the decline in Contracted Backlog is not ideal, and H1 bookings were softer. That does not derail the thesis, but it raises the bar for H2 execution. The mix shift to more contractors also bears watching because it can suppress margin if it persists.

Overall, sentiment should be supported. The company is trading ahead, cash is building, and management is confident about pipeline conversion and visibility into FY27. If H2 bookings replenish backlog as flagged, the narrative remains very attractive.

What to watch next before February’s interim results

• H2 sales conversion: Do new awards land to lift Contracted Backlog above the c.£74.0 million reported at half year?
• Margin trajectory: Does the contractor mix normalise, allowing further margin expansion on top of c.8.7% in H1?
• Cash progression: With FY26 consensus cash at £13.1 million, does strong cash generation continue into year end?
• Public sector demand: Any colour on the timing of government procurement and the balance between central and local programmes.

Bottom line

Made Tech has delivered a strong first half and raised the tone for the full year. Revenue up c.27%, Adjusted EBITDA up c.33%, margin nudging higher and net cash at £11.9 million all point to a well-managed business benefiting from operational efficiencies. The task now is to convert the active pipeline, rebuild backlog in H2, and lock in those higher margins.

For retail investors, the skew is positive, with execution on bookings the key swing factor. We will get fuller detail with the interim results for the six months to 30 November 2025 in February 2026.