Made Tech lifts revenue 28% while new bookings fall by two-thirds
The public sector digital supplier is trading ahead of upgraded forecasts and has cash for acquisitions. Its order intake shows how uneven government work can be
- Market consensus for the year to 31 May 2026: revenue of £55.1m and adjusted EBITDA of £4.8m
- Adjusted EBITDA margin: 8.7%, up from 8.2%
- New public sector client in the half: the Youth Justice Board
- Staff in the save-as-you-earn share scheme: about 37% of those eligible
Revenue from government can look steady while the order book runs down, so founders selling into the public sector should report bookings and backlog next to revenue and explain the gaps before investors ask. Hedging delivery risk with contractors keeps clients served but costs gross margin until the contractor mix is unwound. A debt-free balance sheet turns a thin bookings period into a buying window rather than a crisis.
“Our sales pipeline remains robust, and while bookings can be lumpy between periods, recent bid activity and conversions support our confidence in continued momentum in H2 FY26 and into FY27.”Rory MacDonald, chief executive, Made Tech Group
Made Tech Group, which sells digital, data and technology services to the UK public sector, reported on 26 February 2026 that revenue rose 28% to £27.8m in the six months to 30 November 2025 and adjusted earnings before interest, tax, depreciation and amortization (EBITDA) grew 35% to £2.4m. Sales bookings fell to £13.4m from £42m a year earlier.
The AIM-listed company says the comparison period included a number of significant wins. Contracted backlog stood at £74.4m, down from £92.2m at the end of May 2025. Made Tech says procurement was subdued early in the half, as departments aligned plans after the Spending Review in June 2025, but built through the autumn, and that sales bookings have picked up significantly since the period ended.
Margin is the other thread. Gross margin fell to 31.2% from 35.8%, which the company puts down to a deliberate increase in contractors in the second half of its last financial year, to protect against volatile demand after the general election and the government’s spending review. Contractors fell from about 19% to about 14% of billable staff in the half, while employee numbers rose 16% to 433. Having raised its full-year expectations in a December trading update, Made Tech now expects adjusted EBITDA to be materially ahead of market consensus.
The company has £11.9m of net cash and no debt, and says it is actively exploring acquisitions, including in software. Richard Swinyard, previously chief financial officer and a board director at public sector IT provider Agilisys, joins as CFO on 2 March 2026.
Sources
- Made Tech Group, “Interim Results”, RNS, 26 February 2026. https://www.investegate.co.uk/announcement/rns/made-tech-group--mtec/interim-results/9447660
- Made Tech Group, “Appointment of Chief Financial Officer”, RNS, 26 February 2026. https://www.investegate.co.uk/announcement/rns/made-tech-group--mtec/appointment-of-chief-financial-officer/9447687
- Made Tech Group, “Trading Statement”, RNS, 10 December 2025. https://www.investegate.co.uk/announcement/rns/made-tech-group--mtec/trading-statement/9286456
