Made Tech Group PLC (MTEC) AI Stock Analysis

• Market Cap: £54.49M
• Dividend Yield: N/A
• Average Volume (3M): 852.62K
• Price to Earnings (P/E): 15.2
• Beta (1Y): 1.68
• 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: 41.00 p ▲(22.39% 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 & revenue growth

The FY2025 turnaround evidences restored delivery economics and demand for services. Consistent revenue growth and returned profits improve cash generation and credibility with public-sector buyers, supporting sustainable reinvestment in capabilities and reducing reliance on external financing over time.

Conservative balance sheet and low leverage

Very low leverage and positive equity provide financial flexibility to absorb contract timing, invest in growth, or bid for larger frameworks. A conservative capital structure reduces refinancing risk and supports stable operations through public procurement cycles and multi-month contracting timelines.

Strengthening cash generation and FY26 H1 momentum

Robust FY26 H1 growth and improved EBITDA, alongside a debt-free stance and stronger cash flow, point to improving operating leverage and recurring revenue conversion. This momentum can expand managed-service annuities and stabilize long-term revenue visibility if execution holds.

Negative Factors

Multi-year earnings and cash-flow volatility

A history of volatile earnings and intermittent negative cash flow undermines predictability of free cash generation and makes budgeting for reinvestment or hiring harder. This inconsistency increases execution risk on fixed-price projects and raises sensitivity to contract delays or client procurement timing.

Modest profitability and tight margins

Relatively low net and EBITDA margins limit the company's ability to self-fund growth, absorb cost inflation, or withstand prolonged pricing pressure. In a competitive services market, modest margins reduce buffer against project overruns and constrain capital for strategic initiatives such as productization or geographic expansion.

Concentration on UK public-sector clients

Heavy reliance on UK public-sector demand and procurement frameworks concentrates revenue risk to government budgets, policy shifts, and long tender cycles. This reduces diversification, increases sensitivity to regulatory changes, and can create lumpy revenue from framework awards and call-offs.

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 generates revenue by providing professional services and managed services to customers—primarily UK public sector organisations—under contract. Key revenue streams include: (1) Digital delivery / consulting-style services, where it is paid for teams and project work to design and build digital products, migrate or modernise systems, implement cloud and data platforms, and deliver user-centred service redesign; revenue is typically recognised based on time-and-materials billing, fixed-price milestones, or delivery-based contracts depending on the engagement terms. (2) Managed services / run operations, where it is paid recurring fees to operate, support, and improve digital services or platforms over time (e.g., service management, reliability, and ongoing enhancements), usually under multi-month or multi-year agreements. (3) Framework-based public procurement, where a meaningful portion of work is sourced via government procurement frameworks; winning places on these frameworks can increase access to tenders and provide a repeatable route to market, with revenue then earned through call-off contracts. Significant factors contributing to earnings include the ability to win and retain public sector contracts, maintain high utilisation of delivery staff, and expand work within existing accounts from build phases into longer-term run/managed service engagements. Specific named partnerships (e.g., cloud vendor alliances) and their direct revenue contribution: null.

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:MTEC, the sentiment is Neutral. The current price of 33.5 is below the 20-day moving average (MA) of 37.67, below the 50-day MA of 37.38, and below the 200-day MA of 34.84, indicating a neutral trend. The MACD of -0.10 indicates Positive momentum. The RSI at 45.28 is Neutral, neither overbought nor oversold. The STOCH value of 27.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	£2.44B	10.91	42.93%	2.05%	51.50%	11.62%
TRD	72 Outperform	£51.42M	14.63	38.65%	2.69%	30.01%	138.65%
MTEC	69 Neutral	£54.49M	15.19	12.27%	―	20.40%	―
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
RCN	54 Neutral	£186.79M	18.70	4.57%	3.01%	-31.46%	297.44%
TPX	52 Neutral	£29.55M	-2.77	-18.74%	―	-5.84%	55.30%
FDM	51 Neutral	£121.80M	25.88	10.20%	13.93%	-27.01%	-49.07%

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.