Made Tech Group PLC (MTEC) AI Stock Analysis

• Market Cap: £59.34M
• Dividend Yield: N/A
• Average Volume (3M): 852.62K
• Price to Earnings (P/E): 32.1
• Beta (1Y): 1.71
• Revenue Growth: 20.40%
• EPS Growth: N/A
• Country: UK
• Employees: 426
• Sector: General
• Sector Strength: N/A
• Industry: Information Technology Services
• EPS (TTM): <0.01
• Shares Outstanding: 149,287,060
• 10 Day Avg. Volume: 1,467,301
• 30 Day Avg. Volume: 852,616
• PEG Ratio: -0.22
• Price to Book (P/B): 3.37
• Price to Sales (P/S): 1.05
• P/FCF Ratio: 16.68
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.02
• Revenue Forecast (FY): £56.30M

• Rating: 69 Neutral
• Price Target: 44.00p ▲(31.34% Upside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is driven primarily by improving financial performance (return to profitability, stronger cash flow, low leverage) and supportive technical momentum. These positives are partially offset by a high P/E valuation and the company’s history of earnings and cash-flow volatility, while recent corporate updates provide an additional positive tilt.

Positive Factors

Return to profitability and revenue growth

The FY2025 turnaround — revenue +12.7% and a return to profit — indicates the business can convert project wins into recurring earnings. Sustained top-line growth with profitable delivery improves capacity to reinvest in talent and platforms, supporting medium-term contract competitiveness and operational resilience.

Improved cash generation and free cash flow

Material FCF improvement and a free cash flow to net income ratio near 0.95 in FY2025 signal stronger earnings quality and internal funding capacity. Reliable cash generation reduces dependence on external financing, supports managed services growth, and provides buffer for uneven client billing cycles.

Conservative balance sheet with very low leverage

Very low leverage and positive equity create long-term financial flexibility to invest in bids, absorb contract timing variability, and pursue strategic hires or M&A. A stronger capital base lowers refinancing risk and supports multi-year delivery contracts typical in public-sector engagements.

Negative Factors

Multi-year earnings and cash-flow volatility

Historical swings in profitability and cash flow mean earnings are not yet reliably repeatable; prior negative equity and negative FCF years show sensitivity to project timing and contract mix. This volatility raises execution risk when scaling bids or converting build work into longer-term run revenue.

Modest margin profile limits buffer

Thin EBITDA and net margins reduce the firm's ability to absorb cost inflation, invest in productised offerings, or accumulate reserves. In a services model with variable utilisation, modest margins make profitability highly sensitive to utilisation dips and pricing pressure from procurement processes.

Concentration on UK public sector contracts

Heavy reliance on UK public procurement and framework access concentrates revenue risk around government budgets, tender outcomes, and political/regulatory shifts. This limits diversification and can produce lumpy revenue timing, making medium-term revenue visibility dependent on successful re-awards and framework placements.

Made Tech Group PLC Business Overview & Revenue Model

Company Description

Made Tech Group Plc provides digital, data, and technology services to the public sector in the United Kingdom. The company offers digital delivery, data infrastructure and insights, embedded capabilities, and legacy application transformation services. It serves central and local government, housing, healthcare, transport, and education; police, justice, and emergency; and space, defense, and security sectors. The company was formerly known as Made Tech Group Limited and changed its name to Made Tech Group Plc in September 2021. Made Tech Group Plc was founded in 2008 and is based in London, the United Kingdom.

How the Company Makes Money

Made Tech Group PLC generates revenue primarily through the provision of consulting services and digital transformation projects for public sector clients. The company engages in long-term contracts with government agencies and departments to deliver customized technology solutions, which include software development, IT infrastructure modernization, and data analytics services. Key revenue streams include project-based fees for service delivery, subscription models for ongoing support and maintenance, and consulting fees for strategic digital advisory services. Made Tech's earnings are significantly influenced by its ability to secure government contracts and maintain strategic partnerships within the public sector.

Made Tech Group PLC Financial Statement Overview

Summary

FY2025 shows a clear turnaround with revenue up ~12.7%, a return to profitability, and materially improved operating/free cash flow. The balance sheet is conservatively financed (debt-to-equity ~0.08) with positive equity, but multi-year volatility (prior losses and choppy cash flow, including negative periods) keeps the score below top-tier.

Income Statement

The business returned to profitability in FY2025, with revenue up ~12.7% and positive operating and net margins after losses in FY2023–FY2024. Gross margin remained solid (~32%), but overall profitability is still modest (net margin ~3.0%, EBITDA margin ~5.6%) and the recent history shows earnings volatility, including negative margins in the prior two years.

Balance Sheet

The balance sheet looks conservatively financed in FY2025, with very low leverage (debt-to-equity ~0.08) and positive equity (~£14.5m). Return on equity improved to ~9.6% alongside the earnings recovery. A key watch-out is the uneven historical profile (including a prior year with negative equity), which suggests the capital base and profitability have not been consistently stable over time.

Cash Flow

Cash generation strengthened in FY2025, with operating cash flow of ~£3.1m and free cash flow of ~£2.9m, and free cash flow growth of ~50.7% versus the prior year. Free cash flow was broadly in line with reported profit (free cash flow to net income ~0.95), supporting earnings quality. However, cash flow has been choppy historically (including negative operating/free cash flow in FY2023 and negative free cash flow in FY2024), so consistency remains a risk.

Breakdown	TTM	May 2024	May 2023	May 2022	May 2022	May 2021
Income Statement
Total Revenue	52.48M	46.43M	38.57M	40.20M	29.29M	13.33M
Gross Profit	15.13M	14.84M	14.01M	14.39M	11.26M	5.01M
EBITDA	2.88M	2.59M	-1.77M	-1.10M	49.00K	-511.00K
Net Income	1.85M	1.40M	-2.45M	-1.60M	-308.00K	-781.00K
Balance Sheet
Total Assets	23.26M	19.37M	15.63M	20.18M	21.18M	4.22M
Cash, Cash Equivalents and Short-Term Investments	11.86M	10.41M	7.65M	8.47M	12.33M	922.00K
Total Debt	1.29M	1.09M	0.00	140.00K	320.00K	1.73M
Total Liabilities	7.58M	4.89M	3.14M	4.97M	6.39M	5.01M
Stockholders Equity	15.68M	14.49M	12.49M	15.21M	14.79M	-787.00K
Cash Flow
Free Cash Flow	3.17M	2.93M	-568.00K	-3.69M	-661.00K	48.00K
Operating Cash Flow	3.52M	3.06M	778.00K	-521.00K	1.68M	320.00K
Investing Cash Flow	-350.00K	126.00K	-1.10M	-3.14M	-2.34M	-272.00K
Financing Cash Flow	-567.00K	-424.00K	-506.00K	-194.00K	12.07M	-112.00K

Made Tech Group PLC Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 33.50
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:MTEC, the sentiment is Positive. The current price of 33.5 is below the 20-day moving average (MA) of 37.71, below the 50-day MA of 36.29, and below the 200-day MA of 34.29, indicating a bullish trend. The MACD of 0.60 indicates Negative momentum. The RSI at 60.19 is Neutral, neither overbought nor oversold. The STOCH value of 87.70 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:MTEC.

Made Tech Group PLC Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SCT	75 Outperform	£2.24B	17.11	41.77%	2.05%	51.50%	11.62%
FDM	74 Outperform	£150.67M	9.99	24.53%	13.93%	-27.01%	-49.07%
TRD	72 Outperform	£52.29M	27.45	44.27%	2.69%	30.01%	138.65%
MTEC	69 Neutral	£59.34M	32.06	10.36%	―	20.40%	―
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
RCN	54 Neutral	£195.94M	77.58	1.35%	3.01%	-31.46%	297.44%
TPX	52 Neutral	£35.28M	-4.69	-17.47%	―	-5.84%	55.30%

Made Tech Group PLC Corporate Events

Made Tech powers past forecasts with record first-half revenue and profit

Made Tech reported a strong first half for the six months to 30 November 2025, with revenue up 28% to £27.8m and adjusted EBITDA up 35% to £2.4m, as it executed against a substantial contracted backlog and reduced its reliance on contractors, lifting margins and cash generation. Despite a sharp year-on-year fall in new sales bookings from an exceptionally strong prior period and a modest reduction in contracted backlog, the group is trading ahead of upgraded expectations, benefiting from a rebound in UK government procurement, growing demand for large, long-term programmes and AI solutions, and has strengthened its balance sheet with £11.9m net cash and no debt, while adding further strategic depth through the appointment of a new chief financial officer.

The most recent analyst rating on (GB:MTEC) stock is a Hold with a £41.00 price target. To see the full list of analyst forecasts on Made Tech Group PLC stock, see the GB:MTEC Stock Forecast page.

Made Tech appoints seasoned finance leader as new CFO to drive next growth phase

Made Tech Group PLC, a UK-focused digital, data and technology services provider to the public sector, has appointed Richard Swinyard as its new Chief Financial Officer, effective 2 March 2026. Swinyard brings extensive experience in technology and managed services finance, including senior roles at a private equity-backed IT and managed services firm in New York and at UK public-sector specialist Agilisys.

The company’s leadership emphasised that his track record in driving growth, improving margins, cash generation and operational discipline will support the next phase of Made Tech’s growth strategy. The appointment is intended to strengthen the Group’s financial performance and execution of its digital transformation and software-led growth plans, with Swinyard focused on enhancing long-term value creation for shareholders.

The most recent analyst rating on (GB:MTEC) stock is a Hold with a £41.00 price target. To see the full list of analyst forecasts on Made Tech Group PLC stock, see the GB:MTEC Stock Forecast page.

Made Tech Group PLC Reports Strong First Half Performance, Expects to Surpass Market Expectations

Made Tech Group PLC announced a significant trading update for the first half of FY26, reporting a 27% increase in revenue to approximately £27.7 million and a 33% rise in adjusted EBITDA to around £2.4 million. The company remains debt-free with strong cash flow, and its contracted backlog provides solid coverage for future operations. Despite softer sales bookings compared to the previous year, the company expects to exceed market expectations for FY26, driven by operational efficiencies and a strong sales pipeline. The UK Government’s emphasis on technology positions Made Tech well for future growth, with the company expressing confidence in its outlook.