This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

MADE TECH GROUP PLC

(“Made Tech” or the “Group”)

Final Results 2026

Revenue up 27% and Adjusted EBITDA up 69%; Cash of £14.5m                    

Operating in a structural growth market

Proven & trusted partner to the public sector

AI creating new product & growth opportunities

High earnings visibility & strong balance sheet

Founder led with a proven track record of performance & growth

London, 29 September 2026 - Made Tech Group Plc, (AIM:MTEC) a leading provider of digital, data, and technology services to the UK public sector, is pleased to announce its audited final results for the year ended 31 May 2026 (“FY26” or the “Period”).

Financial highlights

*Adjusted EBITDA is a non-IFRS measure that the Group uses to measure its performance and is defined as earnings before interest, taxation, depreciation, amortisation of intangibles assets and after profit/(loss) on disposals, add-back share-based payment charge and exceptional items.

**Adjusted basic earnings per share is calculated by dividing adjusted profit after tax for the year by the weighted average numbers of ordinary shares in issue during the period.

***Contracted Backlog is the value of contracted revenue that has yet to be recognised.

Financial and operational highlights

Post year end highlights and outlook

Rory MacDonald, Made Tech CEO, commented: “I’m very pleased with Made Tech’s performance in FY26. Revenue grew by 27%, Adjusted EBITDA increased by 69% and we ended the year with £14.5 million of cash and no debt. This demonstrates the operating leverage in the business as we continue to scale.

We have carried that momentum into FY27. Following the largest contract award in Made Tech’s history, our Contracted Backlog has increased to approximately £115 million as at 31 July 2026, providing strong revenue visibility which gave us the confidence to upgrade our expectations for the current year.

The long-term opportunity remains substantial. The UK Government needs to modernise public services, improve productivity and make greater use of data, digital technology and AI. Made Tech is increasingly well positioned to play an important role in that transformation.

With a strong balance sheet, growing revenue visibility through an increased contracted backlog and an exceptionally talented team, we enter FY27 with confidence and a clear ambition to continue to build a larger, more resilient and higher-quality business.”

Enquiries:

About Made Tech

Made Tech is building the next generation of public services. The Company provides digital, data, AI and technology services to the UK public sector and other regulated industries.

The Company helps clients modernise legacy technology, accelerate digital delivery, strengthen cyber resilience and harness data and AI. Its work enables organisations to operate more efficiently, reduce costs and deliver services that are more accessible, reliable and effective for users.

Made Tech Group plc is quoted on the AIM market of the London Stock Exchange (symbol MTEC.L). For more information, please visit madetech.com.

More information is available at https://investors.madetech.com/    

Chair’s report

Building for the long term

FY26 was another year of progress for Made Tech. The Group delivered strong growth, improved profitability and strengthened its balance sheet. The Chief Executive’s Review covers this performance and the priorities for the current year in detail.

The Board’s focus extends beyond the next reporting period. Our responsibility is to ensure that Made Tech is building the capabilities, culture and financial resilience needed to prosper through FY30 and beyond.

Made Tech is being built to address a long-term need: helping the government provide better public services and make more effective use of public money. We are looking beyond the next procurement cycle, technology trend or political administration.

A multi-decade opportunity

Demand for public services continues to grow while the resources available to deliver them remain constrained. The government must support an ageing population, respond to more complex needs and meet rising expectations from citizens.

Technology is central to that challenge. Modern digital services can make government easier to access and less expensive to operate. Better use of data can help public bodies identify needs earlier, allocate funding more accurately and reduce fraud, error and duplication. Automation can remove routine administration and allow frontline professionals to spend more time supporting citizens.

This is not simply a matter of putting existing processes online. It requires services to be redesigned around people, with information moving securely between organisations and decisions based on a clearer understanding of need.

By FY35, citizens will expect public services to be more connected, responsive and personalised. In many cases, the government should be able to identify when someone is entitled to support and provide it without requiring them to navigate several organisations or repeatedly submit the same information.

Artificial Intelligence (AI) will accelerate this change, but it will not remove the need for strong foundations. AI depends on reliable data, modern platforms, cyber security and clear accountability. Public trust will be as important as technical capability.

The recent change of Prime Minister post year end may affect the emphasis and pace of individual programmes. However, it does not alter the long-term direction of travel for the Government. Every administration faces the same fundamental challenge of improving public services while making better use of limited resources.

Made Tech’s purpose, to provide software and services that run and improve public services, places us at the centre of this long-term growth opportunity.

Building the business for FY30

The Board wants Made Tech to become not only a larger business, but a better and more resilient one.

The Group has established a strong position as a specialist public-sector technology provider. It has trusted client relationships, a record of delivering important programmes and the scale required to take on increasingly complex work.

The next phase is to build on these foundations. This means developing broader relationships with existing clients, creating a more balanced presence across the public sector and increasing the proportion of revenue that is recurring or supported by long-term contracts.

Managed Services will become more important as Made Tech takes greater responsibility for operating and continuously improving the services it helps to create. Software, reusable intellectual property and AI-enabled solutions should also allow the Group to solve common public-sector problems more quickly and at greater scale.

Made Tech’s ambition to become an AI-first business is an important part of this development. The aim is not to adopt technology for its own sake. It is to use AI to improve delivery, increase productivity and help clients create better services. This work must remain grounded in the security, transparency and accountability expected of public services.

Selective acquisitions may accelerate the strategy where they add strong public-sector relationships, complementary capabilities and/or recurring revenue. The Group’s balance sheet provides strategic flexibility, but the Board will remain disciplined. Acquisitions must have a clear purpose, be appropriately valued and add to the strength and quality of our business.

Progress towards FY30 should therefore be measured through more than revenue. The Board expects to see deeper client relationships, stronger margins, greater revenue visibility, more recurring revenue and a growing contribution from software and intellectual property solutions.

Growth is unlikely to be linear. Public-sector procurement can be affected by political change, spending decisions and the timing of major programmes. A long-term perspective, supported by a strong balance sheet and clear strategic discipline, allows the Group to manage those fluctuations.

People and responsible growth

Made Tech’s long-term success depends on its ability to attract, develop and retain talented people.

During FY26, the Group continued to invest in its permanent workforce and reduce its reliance on contractors. A strong permanent team improves delivery consistency, retains knowledge within the business and gives people clearer opportunities to build their careers.

Regional hiring remains an important part of the Group’s approach. Creating skilled technology jobs across the UK gives Made Tech access to a wider talent pool, brings teams closer to clients and allows the benefits of growth to be shared more broadly.

Members of Made Tech’s inaugural apprenticeship program completed their training during the year. This is an important milestone. The technology sector needs more routes for people from different backgrounds to develop valuable skills and build long-term careers.

The Group also continued to support employee share ownership, professional development, flexible working and wellbeing. These initiatives help create a culture in which people can do their best work, feel part of a wider employee community and share in the value they help to create.

Made Tech’s wider social impact is closely linked to its purpose. The services the Group builds can improve access to government, reduce waste and help public money reach those who need it. The Social Value Working Group continued to strengthen how this contribution is planned and measured.

The Group also maintained its commitment to carbon neutrality and continued working to reduce the environmental impact of its operations. As Made Tech grows, the quality and transparency of its environmental and social reporting must grow with it.

Board and governance

Good governance must develop alongside the business.

The Board continued to focus on the Group’s long-term strategy, leadership, risk management, financial controls and capital allocation. Particular attention was given to the capabilities required to manage larger programmes and to scale AI, software and Managed Services responsibly.

Richard Swinyard joined the Board as Chief Financial Officer in March 2026. Richard brings valuable experience in technology services, operational improvement and acquisitions. I would like to welcome Richard and thank Neil Elton for his contribution during an important period in Made Tech’s development.

The Board will continue to constructively challenge while ensuring that management has the support required to execute strategy. Maintaining delivery quality, financial discipline and the trust of clients must remain central as the Group grows.

Made Tech has built strong foundations and operates in a market with substantial long-term growth potential. The opportunity now is to use those foundations to create a more resilient, scalable and valuable business for all our stakeholders in the future.

On behalf of the Board, I would like to thank our people for their contribution, our clients for their trust and our shareholders for their continued support.

Joanne Lake
Non-Executive Chair
 

Chief Executive’s Review

Building the next generation of public services

FY26 was another year of strong performance and growth for Made Tech. We increased revenue, profit and cash, while continuing to strengthen our position as a trusted digital, data and technology partner to the UK public sector.

Revenue increased by 27% to £58.9m. Adjusted EBITDA rose by 69% to £5.9m, with the Adjusted EBITDA margin increasing from 7.5% to 10.0%, and Profit Before Tax increased to £4.7m from £2.0m. We ended the year with £14.5m of cash and no debt. Sales bookings were £50.7m, compared with an exceptional £81.3m in FY25. Contracted backlog at the year-end was £83.5m. Bookings strengthened during the second half and, following the largest contract award in our history after the year-end, contracted backlog increased to approximately £115m as at 31 July 2026.

The progress made during FY26 gives us a stronger platform for the next stage of our growth. We are building a business capable of exceeding £100m in revenue, with deeper client relationships, more recurring revenue, stronger margins and a growing contribution from AI-enabled services, software and intellectual property.

Building the next generation of public services would not be possible without the dedication, diligence and commitment of all our people and the continued support of our clients and shareholders.

A structural growth market

Made Tech exists to help build the next generation of public services.

The government faces a long-term challenge. Demand for public services continues to grow, while budgets remain constrained. Public bodies need to improve productivity, modernise outdated technology and make better use of data. Citizens also expect public services to be as simple, accessible and reliable as the digital services they use elsewhere.

This makes digital transformation a necessity rather than a discretionary programme. It is central to how the government can improve services, reduce costs and direct public money towards the people and communities that need it most.

The opportunity goes beyond putting existing processes online. The government needs to redesign services around citizens, connect information across organisational boundaries and use data to make better and earlier decisions. This can reduce fraud and error, improve the allocation of funding and free frontline staff from routine administration.

The UK is already a leader in digital government, but much of the public-sector technology estate still depends on legacy systems and fragmented data. Modernising this estate will take many years and require sustained investment.

Artificial intelligence adds a further dimension. AI can help public bodies automate routine work, improve decision-making and create more responsive services. However, it depends on modern platforms, reliable data, strong cyber security and clear governance. These are areas in which Made Tech already has significant experience and a successful track record.

Our position in the market

Made Tech is exclusively focused on building the next generation of public services. This focus shapes our people, capabilities, culture and investment priorities.

Winning work in government is difficult. It requires experience, trusted relationships, strong delivery credentials and the ability to work across complex operating and regulatory environments. We have spent nine years building that position.

We now support organisations responsible for some of the UK’s most important public services. A large proportion of our revenue comes from clients that have worked with us over several years. These relationships create a strong base from which we can win larger programmes, broaden the services we provide and build more predictable revenue.

Our position in the market is also distinctive. We have the scale and experience to deliver nationally important programmes, while remaining focused and able to move quickly. Digital transformation is our core business, rather than one service within a much larger organisation.

The government is also seeking more competition, greater supplier diversity and less reliance on a small number of large technology providers. The increased focus on supporting British jobs and skills through public procurement further strengthens the position of established UK suppliers.

Our job is to turn these advantages into consistent delivery, sustainable growth and stronger financial returns.

Our growth strategy

Our growth strategy has six main elements.

First, we will continue to deepen relationships with existing clients. Many of our largest opportunities come from organisations that already know our people and trust our delivery.

Second, we will win new clients. A new public-sector relationship can take time to establish, but often creates a long-term opportunity to grow across several programmes and capabilities.

Third, we will broaden our presence across adjacent parts of the public sector. We see further opportunities across central and devolved government, public safety, national security, health, defence, local government and public infrastructure.

Fourth, we will increase recurring and visible revenue. Managed services and long-term contracts allow us to support services throughout their lifecycle, rather than leaving after the initial transformation programme.

Fifth, we will develop reusable software, AI-enabled solutions and intellectual property. These capabilities can improve the speed and quality of delivery, strengthen margins and allow us to address common problems across several public bodies.

Finally, we will consider selective acquisitions. We are interested in businesses that deepen our public-sector presence, add relevant capabilities or increase recurring and defensible revenue. We will remain disciplined on valuation, integration and returns.

Together, these priorities are intended to create a larger, more resilient and higher-quality business.

Clients & delivery

During FY26, we continued to expand relationships across central government, public safety and other public-sector markets. We secured new clients, contract extensions and several substantial multi-year awards.

Our work increasingly involves critical services of national importance. This brings opportunity, but also greater responsibility. As the size and complexity of our programmes increase, delivery quality must remain our first priority.

We strengthened programme oversight during the year, improved the management information used to assess delivery and invested in senior delivery leadership. This allows us to identify risks earlier, allocate resources more effectively and maintain clear accountability.

Strong delivery supports both client outcomes and future growth. It builds trust, creates referenceable work and makes it more likely that clients will ask us to solve further problems. Our long-term success depends on maintaining that record as we scale.

Central & devolved government

Central and devolved government remained our largest industry and grew significantly during the year. This reflected a combination of new strategic wins and the continued expansion of long-term relationships with key departments. These relationships are increasingly broad, spanning digital transformation, software and cloud engineering, data, cyber security and the operation of live services.

An important milestone was our appointment by the Department for Science, Innovation and Technology as Strategic IT and Security Delivery Partner to the Government Digital Service under a £19m multi-year contract. The programme includes strengthening cyber security across critical government services through the design and implementation of an enhanced Security Operations Centre and a security uplift for existing cloud services.  This is an important cyber security win and strengthens our position at the centre of digital government.

At the Department for Education, we worked with the Standards and Testing Agency to launch the new digital service supporting the Reception Baseline Assessment, a statutory assessment used by schools across England. This was a complex national programme requiring a secure and resilient service capable of operating at scale. It is a strong example of our ability to deliver high-profile digital services that support people across the country.

Our performance in this industry demonstrates the value of long-term client relationships. Strong delivery builds trust and creates opportunities to take on broader and more strategic responsibilities. We see significant further potential as government invests in productivity, cyber resilience, public-service reform and the modernisation of its technology and data estate.

Public safety & defence

We made strong progress across justice, public safety and national security during the year, securing an important new client and expanding our footprint within several major accounts.

We established a significant new relationship with the Legal Aid Agency, securing two contracts to design and build digital services supporting civil legal aid. This includes services for assessing financial eligibility, matching people to legal-aid providers and processing civil legal-aid applications. These programmes extend our track record across the justice system and demonstrate our ability to support services where security, reliability and accessibility are critical.

Alongside new client wins, we expanded the range of work we undertake within several of our major accounts. We won additional programmes and assumed broader responsibilities across justice, offender management, national security and public resilience. This expansion reflects the trust created through successful delivery and is central to our strategy of building deeper, longer-term client relationships.

A highlight of the year was the successful delivery of a major digital weather service for the Met Office, supporting millions of users across the UK with clearer and faster access to trusted forecasts and severe-weather warnings. The programme involved modernising the underlying technology to create a more efficient, resilient and adaptable platform, while maintaining reliable performance at significant national scale. The programme was subsequently named Best Public Sector Project at the National Technology Awards 2026.

We also continued to build our position in defence. This remains an earlier-stage market for Made Tech, but one with clear long-term demand for secure technology, modern data platforms, cyber security and specialist UK delivery capability. We will continue to invest selectively, recognising that the necessary security credentials, partnerships and client trust must be established over time.

Health & life sciences

Health & Life Sciences had a difficult year, largely due to our failure to secure a place on the Digital Capability for Health 2 framework in FY25. As this became an important procurement route for NHS organisations, our ability to compete for new work was constrained. While delivery for existing clients remained strong, completed programmes were not replaced quickly enough, and revenue declined faster than expected.

We have responded by strengthening leadership, investing in client and business-development capability, and deepening relationships with clients and strategic partners. We are also assessing acquisition opportunities that could deliver client access, specialist capability or framework positions.

We expect Health revenue to remain lower in the near term, including during FY27. Recovery will require sustained progress across client relationships, partnerships and procurement access.

The long-term need for digital change across health remains significant, with NHS priorities around productivity, data, legacy technology modernisation and frontline efficiency closely aligned with our capabilities.

AI-enabled today, AI-first tomorrow

AI is changing both the services our clients need and how we deliver them.

We are already embedding AI across software engineering, service design, data analysis and our internal operations. This is beginning to improve productivity, shorten delivery times and increase consistency. Over time, we expect these benefits to improve client outcomes and support further margin growth.

Our ambition is to move from being AI-enabled today to becoming an AI-first business. This does not mean using AI for its own sake. It means considering how AI can improve each service, process and delivery activity while maintaining appropriate human oversight.

The public sector must adopt AI responsibly. Decisions affecting citizens need clear accountability, appropriate controls and reliable data. Security, transparency and trust will be essential.

We are also developing reusable AI-enabled solutions and Intellectual Property that can be deployed across several public-sector organisations. This allows us to capture knowledge gained through delivery, solve common problems more quickly and build revenue that is less dependent on selling additional people.

Since the year-end, we have brought this work together within Autonomous Public Services. The aim is to combine our public-sector expertise, software capability and AI experience to help clients redesign high-volume services around automation and better use of data.

This is an important part of our long-term development from a predominantly services-led organisation into a broader provider of services, software and AI-enabled solutions.

Operational improvement

FY26 demonstrated the operating leverage available within Made Tech. We improved utilisation, reduced our reliance on contractors and managed overhead growth carefully. These actions helped increase our Adjusted EBITDA margin to 10.0%.

There remains further room for improvement. We can increase billed utilisation, reduce delivery leakage, improve account-level margin management and maintain tight control over overheads. We must also continue to develop our systems, controls and leadership to support the Group’s growth and the delivery of larger, more complex programs.

Our balance sheet remains a source of strength. We ended the year with £14.5m of cash, no debt and limited working-capital risk. This gives us the flexibility to invest in people, technology and organic growth while considering acquisitions where they meet our strategic and financial criteria.

Our people and wider impact

Our permanent workforce increased to 482 people during FY26 (FY25: 374) as we invested in delivery capacity and reduced our reliance on contractors.

We continued to recruit people across the UK, creating skilled jobs outside London and bringing our teams closer to clients. Our regional model gives us access to a broader talent pool and supports the Government’s increased focus on growth, jobs and skills across every part of the country.

We also continued to invest in early careers. The first cohort completed our apprenticeship programme during the year, creating a new route into the technology sector and developing skills that are in high demand.

Our second Save As You Earn scheme gave more employees the opportunity to become shareholders. We want our people to share in the long-term value they help create.

Diversity, inclusion and wellbeing remain important. We continued to support employee communities, flexible working, professional development and access to wellbeing services. We recognise that progress requires sustained attention and clear measurement.

Our social and environmental responsibilities are closely linked to our purpose. The services we build can improve access to public services, reduce waste and help public money reach the people who need it. Our Social Value Working Group continued to improve how we plan, deliver and measure this wider impact.

We also maintained our commitment to carbon neutrality and continued working to reduce the environmental impact of our operations.

Richard Swinyard joined Made Tech as Chief Financial Officer in March 2026. Richard brings valuable experience in technology services, operational improvement and M&A. I would also like to thank Neil Elton for his contribution during an important period in Made Tech’s development.

Political context

Since the year-end, Andy Burnham has become Prime Minister.

The early priorities articulated to date by the new administration include public-service reform, stronger devolution, growth across every region and greater use of procurement to support British jobs and skills.

Changes in political leadership and departmental structures can affect decision-making and procurement timing in the short term. However, the underlying direction remains aligned with our market. The government must improve productivity, modernise public services and make better use of technology and data.

The revised Social Value Model also places greater emphasis on good jobs, apprenticeships, skills and opportunities for people facing barriers to employment. Made Tech’s UK workforce, regional presence and investment in early careers position us well, but we will need to demonstrate clear and measurable outcomes through our bids and delivery.

Made Tech is politically neutral. Our role is to help public bodies deliver secure, reliable and effective services under any administration.

Current trading and outlook

We entered FY27 with positive momentum.

After the year-end, Made Tech was appointed as part of a consortium to a four-year contract with a UK government department. The expected value to Made Tech is approximately £40m, making it the largest award in our history (the “Award”).

Together with the stronger level of bookings achieved during the second half of FY26, this increased Contracted Backlog to approximately £115m as at 31 July 2026 and improved revenue visibility into FY27 and beyond.

FY27 is showing strong performance and growth to date and H1 FY27 is expected to be Made Tech’s strongest half-year bookings performance. Following the Award, in August, the Board upgraded FY27 guidance and expects to deliver FY27 revenue of between £63m and £66m and Adjusted EBITDA of between £6.3m and £6.6m. These expectations incorporate a materially lower contribution from Health & Life Sciences.

Our priorities are clear. We will deliver well for clients, convert our pipeline, improve utilisation and margins, grow recurring revenue and continue building our AI, software and managed-services capabilities. We will also pursue selected acquisitions where they strengthen our position and meet clear financial criteria.

The long-term opportunity is substantial. The government needs trusted partners that understand public services, can modernise complex technology and can apply data and AI safely. Made Tech has built a strong position as a trusted partner to our public sector clients.

We enter FY27 with a clear strategy, a strong balance sheet, growing revenue visibility and a talented team. We are well positioned to build a larger, more resilient and higher-quality business.

Rory MacDonald
Founder and Chief Executive Officer
 

Financial review

Overview and Strategic Financial Highlights

FY26 was a landmark year of operational efficiency, scaling, and financial expansion for Made Tech. Against a backdrop of increasing demand for digital transformation and modernisation across the UK public sector, the Group delivered substantial top-line revenue growth accompanied by significant operational leverage and cash generation.

Our financial strategy continues to focus on three core pillars: driving organic top-line expansion, improving delivery margin through disciplined utilisation and capability management, and maintaining a robust balance sheet to support long-term strategic growth.

Key Financial Summary

Revenue Performance and Backlog

Revenue for the year ended 31 May 2026 grew by 26.8% to £58.9m (FY25: £46.4m). Top-line growth was powered by client expansion across major central government departments, including key structural engagements such as our flagship £19m the Government Digital Service (GDS) Strategic IT and Security Delivery Partner win.  Sales bookings during the year reached £50.7m (FY25: £81.3m). While sales bookings declined relative to a strong booking year in FY25, our contracted backlog remains very strong at £83.5m (FY25: £93.4m), ensuring high forward revenue visibility as we enter FY27.

Gross Margin and Operating Efficiency

Gross profit increased by 20.4% to £17.9m (FY25: £14.8m). Gross margin slightly decreased to 30.4% (FY25: 32.0%) due to competitive market conditions and investments in specialist talent.  Administrative expenses (excluding share-based payments, depreciation, and amortisation) were strictly managed, increasing by only 5.5% to £12.0m (FY25: £11.4m). Operational leverage was key to our performance, as capacity planning, better bench utilisation, and administrative efficiency allowed overheads to grow at less than half the pace of revenue.

Adjusted EBITDA and Profitability

Adjusted EBITDA expanded by 69.0% to £5.9m (FY25: £3.5m), with Adjusted EBITDA margin expanding by 250 basis points from 7.5% in FY25 to 10.0% in FY26.

Statutory profit before tax rose 141% to £4.7m (FY25: £2.0m). Net tax expense was £1.3m (FY25: £0.6m), yielding a total profit for the period of £3.4m (FY25: £1.4m). Basic earnings per share expanded to 2.29p (FY25: 0.94p).

Cash Flow and Balance Sheet Resilience

Made Tech maintained strong cash generation throughout the year. Operating cash inflows before working capital movements were £5.9m (FY25: £3.5m). Efficient working capital management and higher profits enabled net cash generated from operating activities to reach £4.2m (FY25: £3.1m):

●         Investing Cash Flows: Net cash outflow of £0.3m (FY25: net inflow of £0.1m), including capital expenditure of £0.6m on tangible assets offset by £0.3m interest received.

●         Financing Cash Flows: Net cash outflow of £0.7m (FY25: £0.4m), comprising lease liability repayments of £0.5m and share-based option exercise costs.

At 31 May 2026, cash and cash equivalents stood at £14.5m (FY25: £10.4m), reflecting a debt-free position and providing total current assets of £22.7m against current liabilities of £5.9m. Total equity strengthened to £18.2m (FY25: £14.5m).

Capital Allocation

Our capital allocation priorities remain centred on organic reinvestment in strategic service capabilities—specifically Digital & AI transformation, Citizen experience, Legacy & data modernisation, Cyber security, Managed services and AI driven software —while evaluating selective value-accretive opportunities. Supported by a strong cash reserve of £14.5m and an £83.5m contracted backlog, the Group is well positioned for sustained profitable growth.

Richard Swinyard

Chief Financial Officer

Consolidated statement of profit and loss and other comprehensive income

For the year ended 31 May 2026

Non-GAAP metric – Adjusted EBITDA1

1 Adjusted EBITDA, which is defined as operating profit before depreciation, amortisation of intangible assets, impairment and after gain/(loss) on disposals and after share-based payment charge and exceptional items, is a non-GAAP metric used by management and is not an IFRS disclosure.

Consolidated statement of financial position

At 31 May 2026

Consolidated statement of changes in equity

At 31 May 2026

Consolidated cash flow statement

For the year ended 31 May 2026

.

Notes to the financial statements

1. Company information

The consolidated financial information represents the results of Made Tech Group Plc (the “Company”) and its subsidiaries, together comprising the Group (“Made Tech” or the “Group”).

Made Tech Group Plc is a company incorporated and domiciled in England and Wales, registration number 12204805. The address of its registered office is Fora, 35-41 Folgate Street, London, E1 6BX.

Made Tech Group Plc is quoted on the London Stock Exchange.

The principal activity of Made Tech Group Plc (the “Company”) is that of a holding company. The main trading company of the Group is Made Tech Limited (registration number 06591591) and the principal activity of this company is a provider of digital, data and technology services to the UK public sector. Service offerings include digital service delivery, embedded capabilities, data infrastructure and insights and legacy application transformation.

2. Accounting policies

Accounting convention

The principal accounting policies adopted in the preparation of the consolidated financial statements are set out below. They have been consistently applied to the periods presented. The financial statements are presented in Pounds Sterling rounded to the nearest thousand (£’000) except where specified.

Basis of preparation of the consolidated financial statements

The Group financial statements have been prepared in accordance with UK-adopted International Accounting Standards and the Companies Act 2006. The Company financial statements have been prepared under FRS 102. Both financial statements have been prepared on the historical cost basis with the exception of certain items which are measured at fair value as disclosed in the principal accounting policies set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The Directors have considered the Group’s cash flow forecasts and have performed a sensitivity analysis based on the latest forecast ending 30 November 2027. This analysis, which excludes non-identified opportunities, reflects the company’s financial position and operational performance under a range of assumptions, including revenue forecasts, cost structures, and working capital requirements. The budget was approved by the Board in August 2026 and is based on a reasonable view of market conditions and operational plans. The Directors have no grounds for concern regarding the Group’s ability to meet its obligations as they fall due and continue to operate within the existing cash balance and working capital facilities. As such, they have concluded that the company does not require additional funding to maintain liquidity over the forecast period. In light of the above, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements. Consequently, they continue to adopt the going concern basis in preparing the Annual Report and Accounts..

Standards and amendments to existing standards adopted in these accounts

In the current year, the Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 June 2025:

• IAS 21 The Effects of Changes in Foreign Exchange Rates (Amendment – Lack of Exchangeability)

The standards and amendments effective have not had any significant impact on the disclosures or on the amounts reported in these financial statements, and no significant impact expected for standards in issue but not in effect.

Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the Company in the 31 May 2026 financial statements

At the date of authorisation of these financial statements, certain new accounting standards and interpretations have been published that are not mandatory for 31 May 2026 reporting periods and have not been early adopted by the Group.

This includes IFRS 18 Presentation and Disclosure in Financial Statements, which will affect the presentation, layout, and disclosures of the statement of profit or loss and related notes in future periods. The Directors are evaluating the specific presentation impacts of IFRS 18, but do not expect the standard, or any other issued standards not yet effective, to have a material impact on the Group’s financial position, recognition, or financial performance.

Basis of consolidation

The Group’s consolidated financial statements incorporate the results of the parent company and its subsidiary undertakings. The parent controls a subsidiary if it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated on the date control ceases.

Inter-company transactions, balances and unrealised gains and losses (where they do not provide evidence of impairment of the asset transferred) on transactions between Group companies are eliminated.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with policies adopted by the Group.

Revenue recognition

Revenue is the fair value of the total amount receivable by the Group for supplies of services. VAT or similar local taxes and trade discounts are excluded. The Group’s source of revenue is from the provision of digital, data and technology services to the UK public sector and product subscription and support services.

The majority of the provision of services contracts are typically “time and materials” whereby the customer is contractually bound to pay for services for each hour or day spent in delivering a contractually agreed services scope. Materials are incidental expenses incurred whilst delivering the services. These contracts typically have no payment milestones or bundling with other services and have no variable element. Revenue is therefore recognised in line with the chargeable “time and materials” which are allocated to the contracted project. The Company recognises revenue each month as it provides these services for the duration of the contract. At the balance sheet date, an asset is recognised for unbilled amounts for services provided yet to be invoiced. Payment for the services is based on the agreed payment terms.

For fixed-price service contracts, the company recognises the revenue when the performance obligation is satisfied, which may be by the completion and approval of milestones described and priced in the contract or based on the actual labour hours and costs incurred at the end of the reporting period when performance obligations over time criteria have been met.

For product subscription contracts the client pays fees at regular intervals to access the functionalities, support and maintenance of the software. Current contracts are recognised ratably over the contract term.

Revenue contract liability is recorded when cash payments are received in advance of satisfying the performance obligation. Contract liabilities are recognised in profit or loss in the period when the Group completes the agreed services to the customers. In all other cases payments are due from customers within 30–60 days (depending on the credit terms applicable) of the service being agreed and invoiced.

Interest income and expenditure are reported on an accruals basis.

EBITDA and adjusted EBITDA

Earnings before interest, taxation, depreciation and amortisation (“EBITDA”) and adjusted EBITDA are non‑GAAP measures used by management to assess the operating performance of the Group. EBITDA is defined as operating profit before depreciation and amortisation. Exceptional items, amortisation of intangible assets, impairment and share-based payment charges are excluded from EBITDA to calculate adjusted EBITDA.

The Directors primarily use the adjusted EBITDA measure when making decisions about the Group’s activities. As they are non-GAAP measures, EBITDA and adjusted EBITDA measures used by other entities may not be calculated in the same way and hence are not directly comparable.

Intangible assets

Internally generated intellectual property

An internally generated intangible asset consisting of intellectual property arising from development (or the development phase) of an internal project is recognised if, and only if, all of the following have been demonstrated:

• the technical feasibility of completing the intangible asset so that it will be available for use or sale;

• the intention to complete the intangible asset and use or sell it;

• the ability to use or sell the intangible asset;

• how the intangible asset will generate probable future economic benefits;

• the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

• the ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognised, development expenditure is charged to profit or loss in the period in which it is incurred.

Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. Internally generated intangibles not yet in use are not amortised but are subject to annual impairment testing.

Internally generated intangible assets have been amortised over three to five years.

Research expenditure is recognised as an expense in the period in which it is incurred.

Tangible assets

Tangible assets are recorded at cost net of accumulated depreciation and any provision for impairment. Depreciation is provided to write off the cost of the asset less any residual value over its useful economic life in line with below. The residual values of assets are reviewed annually and revised where necessary. Assets’ useful economic lives are as follows:

Furniture and fittings                           25% reducing balance

Office equipment                                 3 years straight line

Leasehold improvements                    25% reducing balance

Right-of-use lease assets                    straight line over the lease term

Impairment

For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows. As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level.

Intangible assets not yet available for use are tested for impairment at least annually. All other individual assets or cash-generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount exceeds the recoverable amount of the asset or cash-generating unit. The recoverable amount is the higher of fair value, reflecting market conditions, less costs to sell, and value in use based on an internal discounted cash flow evaluation. The cash flow evaluations are a result of the Directors’ estimation of future sales and expenses based on their past experience and the current market activity within the business. All assets are reassessed and impairment losses previously recognised may be reversed where the recoverable amount exceeds the carrying value in subsequent periods.

Any impairment charge arising from the review of the carrying value of assets, where material, is disclosed separately on the face of the consolidated income statement.

Financial assets

Financial assets and liabilities are recognised when the Group becomes party to the contractual obligations of a financial instrument. They are measured initially at fair value, net of transaction costs. The Group subsequently classifies and measures its financial assets as either financial assets at fair value through profit or loss, at amortised cost, or fair value through comprehensive income, as appropriate. The classification depends on the purpose for which the financial assets were acquired. At the reporting year end the financial assets of the Group were all classified as loans or receivables held at amortised cost.

Trade receivables

These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers but also incorporate other types of contractual monetary assets.

They are initially recognised at fair value and measured subsequent to initial recognition at amortised cost using the effective interest method, less any impairment loss.

The Group’s financial assets comprise trade receivables, other receivables (excluding prepayments) and cash and cash equivalents.

Trade and other receivables – impairment

The Group applies an expected credit loss model to calculate the impairment losses on its trade receivables. The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. Trade receivables at the reporting date have been put into groups based on days past the due date for payment and an expected loss percentage has been applied to each group to generate the expected credit loss provision for each group and a total expected credit loss provision has thus been calculated.

Financial liabilities

The Group’s financial liabilities include trade and other payables and borrowings which include lease liabilities.

Financial liabilities are recognised when the Group becomes a party to the contractual agreements of the instrument. All interest-related charges are recognised as an expense in the income statement.

Trade payables are recognised initially at their fair value, net of transaction costs and subsequently measured at amortised cost less settlement payments.

Leases

At inception the Group assesses whether a contract contains a lease. This assessment involved the exercise of judgement about whether the Group obtains substantially all the economic benefits from the use of that asset and whether the Group has the right to direct the use of the asset.

The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentive received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets which it defines as having a purchase cost of £5,000 or less. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

The lease liability is measured at amortised cost using the effective interest method.

The Group presents right-of-use assets in “property, plant and equipment” and lease liabilities in “borrowings” in the statement of financial position.

Taxation

Current tax

Current income tax assets and liabilities comprise those obligations to fiscal authorities in the countries in which the Group carries out its operations. They are calculated according to the tax rates and tax laws applicable to the fiscal period and the country to which they relate. All changes to current tax liabilities are recognised as a component of tax expense in the income statement unless the tax relates to an item taken directly to equity, in which case the tax is also taken directly to equity. Tax relating to items recognised in other comprehensive income is recognised in other comprehensive income.

Deferred tax

Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases.

A deferred tax asset is recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. Deferred tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit, and at the time of the transaction does not give rise to equal taxable and deductible temporary differences. Deferred tax on temporary differences associated with shares in subsidiaries is not provided if reversal of these temporary differences can be controlled by the Group and it is probable that reversal will not occur in the foreseeable future. In addition, tax losses available to be carried forward as well as other income tax credits to the Group are assessed for recognition as deferred tax assets.

Deferred tax liabilities are always provided for in full. Deferred tax assets, such as those resulting from assessing deferred tax on the expense of share-based payments, are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are calculated at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted at the balance sheet date.

Provisions, contingent liabilities and contingent assets

Provisions are recognised when the present obligations arising from legal or constructive commitment resulting from past events will probably lead to an outflow of economic resources from the Group which can be estimated reliably.

Provisions are measured at the present value of the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date taking into account risks and uncertainties surrounding the obligation.

All provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

Employee benefits

The Group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.

Short-term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Termination benefits are recognised immediately as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution pension plan

The Group operates a defined contribution pension scheme. The assets are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and is further detailed in note 7.

The cost of pensions in respect of the Group’s defined contribution scheme is charged to the income statement in the period in which the related employee services were provided.

Share-based payments

The Group operates equity settled share-based compensation plans for the remuneration of its employees.

All employee services received in exchange for the grant of any share-based compensation are measured at their fair values. These are indirectly determined by reference to the share options awarded. Their value is appraised at the grant date and excludes the impact of any non-market vesting conditions (e.g. profitability or sales growth targets).

All share-based compensation is ultimately recognised as an expense in the income statement with a corresponding credit to the share-based payment reserve, net of deferred tax where applicable. If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. Fair value of the awards are measured using the Black-Scholes valuation model if they are not subject to a market-based performance condition and have a fixed term; Monte Carlo simulations are applied when there are non-market vesting conditions of the shares issued and Finnerty model when the awards are subject to a holding period. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. No adjustment to expense recognised in prior periods is made if fewer share options ultimately are exercised than originally estimated. The impact of the revision of the original estimates, if any, is recognised in the statement of comprehensive income over the remaining vesting period, with a corresponding adjustment to the share-based payment reserve.

Where modifications are made to the vesting or lapse dates of options the excess of the fair value of the revised options over the fair value of the original options at the modification date is expensed over the remaining vesting period.

Equity and reserves

Issued share capital

Ordinary shares are classified as equity. The nominal value of shares is included in issued capital.

Share premium

The share premium account represents the excess over nominal value of the fair value of consideration received for equity shares, net of the expenses of the share issue.

Share-based payment reserve

The share-based payment reserve represents the total value expensed at the balance sheet date in relation to the fair value of the share options at their grant date expensed over the vesting period under the relevant share option schemes.

Accumulated deficit

The retained earnings include all current and prior period results for the Group and the results of the Group’s subsidiaries as determined by the income statement net of dividends paid.

3. Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimations and assumptions that affect the amounts reported for assets and liabilities as at the year-end date and the amounts reported for revenues and expenses during the year. These judgements and estimates are based on management’s best knowledge of the relevant facts and circumstances, their historical experience and other factors including expectations of future events. Actual results may differ from the amounts included in the financial statements. The estimates and assumptions that have a significant risk of material adjustment to the carrying amount of assets and liabilities within the next financial year are summarised below:

Judgements in applying accounting policies

Sources of estimation uncertainty

Intangible assets useful life

The useful life of the Group's intangible assets has been estimated based on the classification of intellectual properties into two categories: Technology Platforms and Capability IP.  Management's judgement in this estimation process incorporates a comprehensive analysis of market conditions, potential client needs, competitive developments, and internal expertise to assess the obsolescence risk associated with the developed technology.

Technology Platforms refer to internal software solutions designed to enhance reporting capabilities, expedite data processing, and prioritise client needs. The Group has determined the useful life of these products to be 5 years, reflecting the expected period over which the software will generate economic benefits.

Capability IP encompasses training materials, organisational assessment tools, and other resources that support the scaling of new practices, thereby enhancing the Group's ability to deliver secure, efficient, and innovative solutions. The useful life of these capabilities has been estimated at 3 years, based on the anticipated duration of their relevance and utility in the Group's operations.

In accordance with IFRS, the Group will review the estimated useful lives of these intangible assets at least annually and adjust them as necessary to reflect changes in circumstances or expectations regarding their economic benefits

4. Financial instruments – risk management

The Board of Directors of Made Tech Group Plc has overall responsibility for the determination of the Group’s risk management objectives and policies. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Group. All funding requirements and financial risks are managed based on policies and procedures adopted by the Board.

The Group does not enter into derivative transactions or trade in financial instruments and the Directors believe the Group is not materially exposed to commodity price risk.

The Group is exposed to the following financial risks:

• credit risk;

• liquidity risk; and

• interest rate risk.

The Group is exposed to risks that arise from its use of financial instruments. The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:

• trade and other receivables;

• cash and cash equivalents; and

• trade and other payables.

To the extent financial instruments are not carried at fair value in the consolidated statement of financial position, book value approximates to fair value.

Trade and other receivables are measured at amortised cost. Book values and expected cash flows are reviewed by the Board and any impairment charged to the consolidated statement of comprehensive income in the relevant period.

Trade and other payables are measured at amortised cost.

Financial instruments by category

Financial assets

Financial liabilities

The key risks to the Group and the policies and procedures put in place by management to manage them are summarised below:

Interest rate risk

The Group is exposed to cash flow interest rate risk arising from its bank borrowings at variable rates. As at 31 May 2026 there are no loans outstanding (FY25: £nil); therefore there is no exposure to interest rate risk.

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. The Group’s net trade receivables for the two reported periods are disclosed in the financial assets table above.

The Group acknowledges its dependence on the central government, public safety, and other public-sector bodies, but considers its exposure to credit risk to be negligible because these organisations do not carry the risks associated with normal commercial credit sales.

The Directors do not consider that there is any concentration of risk within other receivables.

Credit risk on cash and cash equivalents is considered to be small as the counterparties are substantial banks with high credit ratings. The maximum exposure is the amount of the deposit.

Liquidity risk

Liquidity risk arises from the Group’s management of working capital. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due.

Capital management

The Group’s capital is made up as follows:

The Group’s objectives when maintaining capital are:

• to safeguard the entity’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders; and

• to provide an adequate return to shareholders by pricing services commensurately with the level of risk.

The capital structure of the Group consists of shareholders’ equity as set out in the consolidated statement of changes in equity. All working capital requirements are financed from existing cash resources, fundraising and borrowings.

5. Revenue from contracts with customers

Revenue from operations arises from:

The Group has only one segment and therefore the results for the Group comprise the segment performance.

Significant customer

The Group had four customers that exceeded 10% of revenue in the year (FY25: four customers).

Customer A accounted for £12.9m (or 22%) of total Group revenue during FY26 (FY25: £8.7m or 19%).

Customer B accounted for £7.4m (or 13%) of total Group revenue (FY25: £1.0m or 2%).

Customer C accounted for £6.3m (or 11%) of total Group revenue (FY25: £6.3m or 13%).

Customer D accounted for £6.3m (or 11%) of total Group revenue (FY25: £4.6m or 10%).

6. Operating profit

The operating profit has been arrived at after charging:

7. Staff costs

Staff costs (including Directors) consist of:

Key management of the Group is considered to be the Board of Directors. Details of Directors’ remuneration is disclosed in the Report of the Remuneration Committee.

Defined contribution pension scheme

The amount recognised in the income statement as an expense in relation to the Group’s defined contribution pension scheme is £1,571,387 (FY25: £1,314,919). Included within accruals and other creditors is £334,073 (FY25: £260,731) for outstanding contributions to the defined contribution pension scheme.

The average monthly number of employees during the period was as follows:

8. Interest receivable/(payable)

9. Taxation

The following tax was recognised in the income statement:

The tax assessed for the year is different from the standard rate of corporation tax as applied in the respective trading domains where the Group operates.

The Group’s tax charge can be reconciled to the profit in the income statement and effective tax rate as follows:

Consolidated deferred tax liability

Consolidated deferred tax asset

Current taxes comprise the income taxes of the Group companies which posted a taxable profit for the year, while deferred taxes show changes in deferred tax assets and liabilities which were recognised by the Group on the temporary differences between the carrying amount of assets and liabilities and their amount calculated for tax purposes and, on consolidation adjustments, calculated using the rates that are expected to apply in the year these differences will reverse.

The Group has recognised a deferred tax asset of £503,397 (FY25: £253,823) in respect of the likelihood of the options being exercised. The assessment is based on the total share-based expenses of £10,303 (FY25: £802,416).

This deferred tax asset arises from temporary differences between the accounting treatment and the tax deductibility of share-based payment. While the expense is recognised in the income statement over the vesting period, the corresponding tax deduction is generally available only upon exercise of the options.

The deferred tax asset has been measured using the applicable corporation tax rate expected to apply when the temporary difference reverses.

Management has assessed the recoverability of deferred tax assets based on the expected future taxable profits, as reflected in the current budget approved by the Board of Directors.

At the reporting date, the Group has no unused tax losses (FY25: £0.7m) available for offset against future profits.

10. Earnings per ordinary share

For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares. The Company has potentially dilutive ordinary shares arising from share options granted to employees. Options are dilutive under the Group Restricted Share Plan (“RSP”) where the exercise price, together with the future IFRS 2 charge of the option, is less than the average market price of the Company’s ordinary shares during the year. Options under the LTIP schemes, as defined by IFRS 2, are contingently issuable shares and are therefore only included within the calculation of diluted EPS if the performance conditions, as set out in note 20, are satisfied at the end of the reporting period, irrespective of whether this is the end of the vesting period or not.

The calculation of adjusted earnings per share is based on the after tax adjusted operating profit after adding back certain costs as detailed in the table below. Adjusted earnings per share figures are given to exclude the effects of share-based payments and exceptional items, all net of taxation, and are considered to show the underlying performance of the Group.

The adjusted basic earnings per share is calculated by dividing the adjusted profit after tax for the year by the weighted average number of ordinary shares in issue during the period.

11. Intangible assets

Intangible assets relate to development activities to develop new software products (IP) to improve existing and/or create new products. All intangible assets have an identifiable future economic benefit to the Group at the point the costs are incurred.

Up until the end of FY24 the Group capitalised costs relating to the creation of certain intellectual property assets. The Group classified two types of intellectual properties: Technology Platforms and Capability IP.

Capability IP comprises 6 Cash Generating Units (“CGUs”) based around some of the core capabilities of the Group such as Data & AI, and Transformation. Amortisation of all Capability IP CGUs commenced in June 2023 over a useful life of three years, ending on 31 May 2026.

Technology Platforms comprised 5 CGUs and related to investments in SaaS products. Amortisation of four of the CGUs commenced in June 2023 as commercialisation of the products began and were amortised over five years. Impairment tests conducted in FY24 led to an impairment of all Technology Platforms.

At 31 May 2026, the directors had not performed an impairment review, as all the intangible assets had been fully amortised in FY26.

In FY26 research and development was expensed as incurred during the year for a total of £59,173.     

12. Tangible assets

13. Investments (Company)

Investments in subsidiary

The subsidiary undertakings of Made Tech Group Plc, which have been included in the consolidated financial statements, are as follows:

The Directors believe that the carrying value of the investments is supported by their underlying net assets and future trading forecast.

14. Trade and other receivables (consolidated)

The Company has adopted the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables.

Under IFRS 9 the expected loss rates are based on the Company’s historical credit losses experienced over the three year period prior to the period end. The historical loss rates are then adjusted for current and forward‑looking information on macroeconomic and other factors affecting the Company’s customers.

The Company has experienced no credit losses in its history and, because its ultimate customer is substantially the UK government, it does not believe it will do so in the future. As a result, the Company has not made a provision based on expected credit loss.

Trade receivable and other receivables (includes accrued revenue amounting to £0.8m (FY25: £0.8m) have not been discounted as they are short-term debts.

15. Trade and other payables (consolidated)

16. Leases

The Company leases office premises. Under IFRS 16, where appropriate, these leases have been classified as a right-of-use asset. The lease liability is included within tangible assets on the statement of financial position. There are no other long-term leased assets.

Amounts recognised in the consolidated income statement

The consolidated income statement shows the following amounts relating to leases:

Any expense for short-term and low value leases is not material and has not been presented.

17. Analysis of net debt

For the purposes of the statement of cash flows, cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less.

18. Deferred tax

Deferred tax are analysed as follows:

Changes during each year are as follows:

19. Share capital

Made Tech Group Plc’s issued and fully paid share capital is summarised in the table below:

The ordinary shares have full voting, dividend and capital distribution rights, including on winding up. They are non-redeemable.

Movements in share capital and share premium are shown below:

In 2023 the Company established an independent Employee Benefit Trust (“EBT”) for the settlement of employee equity awards. During the year the EBT transferred 223,417 shares in settlement of the exercise of employee share options. As at 31 May 2026 3,124,140 of the 149,287,059 issued share capital were held by the EBT.

There were no movements in share capital and share premium in FY26.

20. Share-based payments

In the year ended 31 May 2026 the Group recognised total expenses of £175,318 (FY25: £884,248) in respect of equity‑settled share-based payment awards under IFRS 2 Share-based Payment.

Details of the maximum number of ordinary shares which may be issued in future periods in respect of LTIP awards and RSAs outstanding at 31 May 2026 are shown below:

At the end of the reporting period, the total number of share options exercised was 653,740, having a weighted average exercise price of 37 pence per share.

Details of share awards granted in the year ended 31 May 2026 are set out below:

*The vesting of these LTIP awards is subject to the Group achieving the following performance targets:

**The vesting of these LTIP awards is subject to the Group achieving the following performance targets:

***The fair value of share awards at grant date was estimated using three valuation methodologies depending on award design: a Monte Carlo model for awards incorporating market-based conditions, a Black-Scholes model for awards with standard vesting terms and fixed maturities, and a Finnerty model to apply a discount for lack of marketability to shares subject to post-vesting transfer restrictions.