Made Tech
UK consultancy that staffs government digital projects for GDS, DLUHC, and other departments.
On the record
Checkpoint: UK government Spending Review budget allocations released, could tighten or loosen contract flow
The call
Made Tech is growing bookings fast but runs on thin margins in a business AI coding tools are built to shrink.
Made Tech helps British government agencies build and update software systems. It has real advantages: long-term relationships with agencies like the Government Digital Service (since 2018) and security clearances that take years to earn. But about 20 other companies have the same advantages, and much larger firms like Accenture or Deloitte could take these contracts anytime they want. The real threat is AI: tools that write code are getting better and faster, which means government agencies might need fewer contractors to do the same work, shrinking the money Made Tech makes per project. With only a 10% profit margin, the company has little room to absorb a drop in either the size of contracts or the daily fees it charges.
Why
01
AI pressure: AI coding assistants and agentic automation tools. AI tools cut the hours needed per project, squeezing the billable-hours model Made Tech charges day rates on. Could AI do the core job? Yes, likely.
02
Bigger players: Accenture, Capgemini, Deloitte, CGI. These giants can outbid Made Tech on any contract but mostly skip mid-sized government deals for now. Could a giant copy it? Yes, easily.
03
What protects it. Long-standing security clearances and multi-year relationships with GDS and DLUHC that take years for rivals to replicate.
What would change this call
FY26 audited results (15 Sep 2026) show day-rate or margin compression versus 10% EBITDA margin. Would show AI tools are eroding billable-hour pricing rather than adding demand.
Loss of a GDS or DLUHC contract renewal to Kainos, Tpximpact, Triad, or Softwire. Would show peer incumbency moat is breachable and bookings are as lumpy as flagged.
April 2026 Spending Review budgets show further government tech spend tightening. Would show the backlog and bookings pipeline face macro headwinds.
Loss of a GDS or DLUHC contract renewal to Kainos, Tpximpact, Triad, or Softwire. Would show peer incumbency moat is breachable and bookings are as lumpy as flagged.
April 2026 Spending Review budgets show further government tech spend tightening. Would show the backlog and bookings pipeline face macro headwinds.
Key numbers
- FY26 revenue £58.9m, up 27% year on year
- Adjusted EBITDA margin only ~10%
- Contracted backlog £92.2m, up 52% on FY24
Named risks
- AI coding and agentic tools compressing billable delivery hours per contract.
- Lumpy bookings mean loss of a single GDS or DLUHC renewal could swing annual results.
- UK government budget tightening reducing public-sector digital spend.
- Leadership transition: new CFO from March 2026 and COO departure in August 2025.
- Shares trade well below IPO value, limiting capital-raising flexibility.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Kainos | contesting | Larger AIM-listed UK public-sector peer, both competing for government digital contracts as of 2026 |
| Tpximpact | contesting | Similarly sized AIM-listed public-sector digital transformation rival compared to Made Tech in FT profiles, 2026-07-01 |
| Accenture | gaining on | Generic SI alternative that could enter mid-sized government contracts if segment attractiveness improves |
| Capgemini | gaining on | Dominates larger government framework spend, cited as alternative to Made Tech, 2025 |
| CGI and Sopra Steria | gaining on | Larger incumbents in UK government IT not structurally excluded from Made Tech's contract tier |
| Agilisys | contesting | Rival UK public-sector supplier; Made Tech's incoming CFO (March 2026) previously worked there |
Questions people ask
- Is Made Tech profitable in 2026?
- Made Tech reported adjusted EBITDA of £5.9m on revenue of £58.9m for the year to 31 May 2026, a margin of about 10%, up 69% year on year, with net cash of £14.5m and no debt, per its June 2026 trading update.
- Could AI replace Made Tech?
- Made Tech's core business is billable staff-augmented delivery and legacy system modernisation for UK government, work directly exposed to AI coding and agentic tools. Its defense is clearance-gated government relationships (GDS since 2018, DLUHC since 2019), not a proprietary AI product, as of mid-2026.
- Who is Made Tech's biggest competitor?
- Made Tech competes most directly with similarly sized UK public-sector digital consultancies Kainos and Tpximpact, both AIM-listed, plus Triad and Softwire. Larger SIs like Accenture, Capgemini, CGI and Deloitte operate adjacent but generally avoid Made Tech's mid-sized government contracts as of 2026.
- Who owns Made Tech Group plc?
- Made Tech is publicly traded on London's AIM market under ticker MTEC since its 30 September 2021 IPO at 122p per share. Founder and CEO Rory MacDonald, who started the company in 2008, retains a significant stake and has stated intent to keep the company independent.
- Has Made Tech's stock recovered since its IPO?
- No. Made Tech IPO'd at 122p in September 2021 with an admission market cap of about £180.7m, fell to an all-time low of 8p in February 2024, and traded around 37-40p in June-July 2026, giving a market cap of roughly £54-58m, still well below IPO value.
- How fast is Made Tech growing revenue?
- Made Tech's FY26 (year to 31 May 2026) revenue reached £58.9m, up 27% year on year, following FY25 revenue of £46.4m (up 20%). H1 FY26 revenue was £27.8m, up about 45%, per its December 2025 trading statement.
Timeline
- 2026-06-30FY26 results: revenue £58.9m (+27%), adjusted EBITDA £5.9m (+69%), 10% margin, net cash £14.5m
- 2026-04-15Awarded £19m three-year GDS Strategic IT and Security Delivery Partner contract
- 2026-04-15Awarded ~£19.5m DLUHC national private rented property database project
- 2026-03-02Richard Swinyard appointed CFO, effective 2 March 2026
- 2025-12-10H1 FY26 trading statement: revenue £27.8m (+45%), net cash £11.9m
- 2025-09-24FY25 final results: revenue £46.4m, backlog £92.2m, bookings £82.1m
- 2025-08-31COO and Software Division lead Chris Blackburn departs
- 2024-02Shares hit all-time low of 8p
- 2021-09-30IPO on AIM at 122p/share, raising £85.4m, market cap ~£180.7m
- 2008Made Tech founded by Rory MacDonald
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Made Tech expects FY26 results ahead of market forecasts after revenue and EBITDA growth (2026-06-30)
- Trading Statement, Company Announcement (2025-12-10)
- Made Tech Group PLC Final Results (2025-09-24)
- Made Tech awarded £19m contract with the GDS (2026-04-15)
- A Foothold in the UK's Digital Infrastructure S-Curve (2026-04-15)
- Made Tech delivers strong earnings growth as AI-driven public sector demand accelerates (2026-06-30)
- London Stock Exchange welcomes Made Tech Group plc to AIM (2021-09-29)
- Made Tech Group PLC, MTEC:LSE profile (2026-07-01)
- EverybodyWiki Bios & Wiki (2025-09-28)
- Products, Competitors, Financials, Employees, Headquarters Locations (2026-06-30)
- Made Tech Investors (2023-08-25)
- MTEC Number of Employees (2025-11-29)