REG - Made Tech Group PLC - Interim Results
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RNS Number : 4454U Made Tech Group PLC 26 February 2026
26 February 2026
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")
Interim Results for the six months ended 30 November 2025
Trading ahead of recently upgraded expectations
Made Tech Group Plc, a leading provider of digital, data, and technology
services to the UK public sector, is pleased to announce its unaudited half
year results for the six months ended 30 November 2025 ("H1 FY26" and the
"Period").
Financial Summary
H1 FY26 H1 FY25 Change FY25
Revenue £27.8m £21.8m +28% £46.4m
Gross Profit £8.7m £7.8m +12% £14.8m
Gross Profit Margin 31.2% 35.8% 32.0%
Adjusted EBITDA(1) £2.4m £1.8m +35% £3.5m
Adjusted EBITDA Margin 8.7% 8.2% 7.5%
Statutory Profit before Tax £1.3m £0.4m +186% £2.0m
Adjusted Profit before Tax(2) £1.9m £1.5m +31% £2.9m
Sales Bookings(3) £13.4m £42.0m -68% £82.1m
Contracted Backlog(4) £74.4m £80.8m -8% £92.2m
Net Cash £11.9m £9.1m +30% £10.4m
Financial and Strategic Highlights
● Revenue of £27.8m (H1 FY25: £21.8m) up 28%, driven by continued strong
organic growth and good execution against the Contracted Backlog
● Improved Gross Profit Margin in H1 FY26 over H2 FY25 driven by a reduction in
contractor mix
● Successful delivery of national programmes and AI solutions for clients
● Robust balance sheet position with £11.9m (H1 FY25: £9.1m) of cash and no
debt
Current Trading and Outlook
● Trading ahead of recently upgraded expectations(5); management anticipates
Adjusted EBITDA to be materially ahead of market consensus as contractor mix,
utilisation and operational leverage continue to improve
● Increase in UK Government procurement activity seen since Autumn 2025
● Recent bid conversions and increasing late stage sales pipeline activity
indicate further sales booking momentum in Q4 FY26 and H1 FY27
● Continue to actively explore M&A opportunities to extend the Group's
digital capabilities with customers and expand the addressable market
Appointment of New Chief Financial Officer
● As separately announced today, we are pleased to confirm that Richard
Swinyard will be joining the Group as Chief Financial Officer, with effect
from 2 March 2026
Rory MacDonald, CEO of Made Tech, said:
"Made Tech has delivered an exceptional first half, with record revenue and
profitability, and strong current trading ahead of recently upgraded
expectations. We have continued to improve operational leverage and cash
generation, while maintaining a strong balance sheet. Our sales pipeline
remains robust, and while bookings can be lumpy between periods, recent bid
activity and conversions support our confidence in continued momentum in H2
FY26 and into FY27. We look forward to sharing details on contract awards
and progress over the coming months."
Notes:
All financials are based on unaudited figures.
(1) Adjusted EBITDA has been adjusted for the exclusion of impairments,
exceptional items and share-based payment charge.
(2) Adjusted profit before tax means profit before tax, impairments, share based
payment charge and exceptional items
(3) Sales Bookings represent the total value of sales contracts awarded in the
Period, expected to be delivered in FY26-FY30. Net Sales Bookings includes
the value of sales bookings previously recognised that lapsed during the
Period.
(4) Contracted Backlog is the value of contracted revenue that has not yet been
recognised.
(5) Based on the latest published equity research, the Company understands current
market consensus for the year ended 31 May 2026 (FY26) to be revenue of
£55.1m, Adjusted EBITDA of £4.8m and cash of £13.3m, and for the year ended
31 May 2027 (FY27) to be revenue of £58.0m, Adjusted EBITDA of £5.2m and
cash of £16.9m.
Enquiries:
Made Tech Group plc Email: investor-relations@madetech.com
Rory MacDonald, CEO
Neil Elton, CFO
Canaccord Genuity Limited (Nominated Adviser & Broker) Tel: +44 (0) 20 7523 8000
Simon Bridges / Harry Gooden / Andrew Potts / Elizabeth Halley-Stott
CHIEF EXECUTIVE OFFICER'S REVIEW
Building on the Group's strong momentum throughout FY25, the first half of
FY26 has seen a further step forward for the Group. We continued to execute
well against our strategy, delivering strong revenue growth, continued margin
improvement and robust free cash flow despite the challenges of a competitive
market.
Revenue increased by 28% to c.£27.8m (H1 FY25: £21.8m), and Adjusted EBITDA
increased by 35% to £2.4m (H1 FY25: £1.8m). Adjusted EBITDA margin
improved to 8.7% (H1 FY25: 8.2%), reflecting continued operational
efficiencies and improved operational gearing, partly offset by a
higher-than-target contractor base as we invested to support delivery and
growth.
Cash generation in the period was strong. Net cash at 30 November 2025 was
£11.9m (FY25: £10.4m; H1 FY25: £9.1m), and the Group remains debt-free.
This further strengthens our balance sheet and enhances strategic flexibility,
including M&A optionality.
The Contracted Backlog at 30 November 2025 was £74.4m (FY25: £92.2m; H1
FY25: £80.8m), reflecting the timing of large contract awards in the prior
year. Sales Bookings in the first half of FY26 were £13.4m (H1 FY25:
£42.0m), lower than the exceptional comparative period that included a number
of significant wins. As expected, Sales Bookings can be volatile between
periods, particularly where the timing of larger awards varies.
Since the Period end, several opportunities have already converted with
additional awards expected in the coming months, which further extends our
visibility through FY26 and into FY27.
Market Opportunity
Digital transformation and the adoption of modern technology remain central to
improving efficiency and outcomes across the UK public sector. As highlighted
in previous updates, government strategy papers and reviews have consistently
reinforced the role of digital, data, and technology as one of the most
important levers for delivering reform, efficiency, value and better outcomes
in our public services. Against a backdrop of ongoing fiscal pressure, these
priorities remain firmly embedded within departmental plans.
The Spending Review, announced on 11 June 2025, has provided longer-term
budget certainty, enabling Government departments to plan and commit to
multi-year programmes with greater confidence. Following the Review,
departments spent several months aligning priorities and delivery plans,
including over the summer period. Procurement activity was more subdued
earlier in the Period, but momentum began to build through the autumn, with a
clear re-acceleration in opportunities as we approached the end of the
calendar year.
UK public sector organisations continue to face sustained pressure to deliver
more with limited resources, reinforcing the importance of trusted delivery
partners with the capability and experience to execute at scale. Against this
backdrop, we believe Made Tech remains ideally positioned, with deep
public-sector expertise, close client relationships, and a proven track record
of reliable delivery.
Clients & Delivery
We continue to maintain solid client relationships across the Group, securing
a number of renewals, extensions and new engagements during the Period. This
reflects continued confidence in our ability to deliver high-quality outcomes
on complex programmes of national importance.
We also continued to expand our client base, securing several new logo wins
across central government and the wider public sector, including the Youth
Justice Board. These wins further strengthen our position across priority
sectors and demonstrate our ability to support clients operating in highly
regulated and mission-critical environments.
Delivery during the Period has focused on programmes with clear national
impact. We supported healthcare organisations in enabling the secure sharing
of millions of patient records, helped schools move to fully digital
assessment for reception-age children, and continued to support key justice
and public safety programmes, including the digitisation of electronic
monitoring and offender management processes. We also progressed work on
high-profile national platforms, including the reimagined Met Office weather
application and ongoing delivery of the Homes for Ukraine programme.
We are seeing a continued trend towards larger and longer-term engagements,
including growth in Managed Services and alternative delivery models. This
reflects growing trust in Made Tech as a long-term delivery partner.
While we are not successful in every procurement process, and competition
remains high, our pipeline of opportunities remains active across education,
public safety and central government. Client feedback continues to be
positive, and we remain focused on deepening relationships, delivering
reliably at scale and supporting our clients as they modernise critical public
services.
Technology, Data and Artificial Intelligence
Artificial Intelligence ('AI') continues to be a significant focus across
government and the public sector, with the potential to drive meaningful
improvements in public services, from improved healthcare outcomes to more
efficient administration. The successful application of AI depends on reliable
data, modern platforms, and robust digital infrastructure, areas in which Made
Tech has deep expertise.
We continue to invest in AI-enabled delivery and data capabilities, embedding
these approaches across client programmes and internal ways of working. We
anticipate that AI will play an increasingly important role in the next phase
of digital transformation across government, and we are taking active steps to
ensure the Group is well-positioned to support clients in moving from
experimentation to practical, scalable adoption, while remaining mindful of
the associated risks and responsibilities.
Software
Our software product business continues to be an important component of how we
support clients in improving public services, complementing our services-led
model. As set out previously, some of the challenges faced by public sector
organisations are replicated across multiple bodies and are therefore best
addressed through scalable Software-as-a-Service solutions rather than bespoke
delivery.
Our primary focus remains local government, where we continue to work closely
with clients to develop software that addresses clearly defined and repeatable
needs. During the Period, the Software team has made further progress in
developing and refining solutions informed directly by client insight and
operational requirements. While sales cycles in our target markets remain
lengthy and complex, client engagement has continued to strengthen, and
feedback on deployed solutions has been encouraging.
We remain in the early stages of commercialising our software portfolio and
continue to take a disciplined approach to investment, focused on proving the
model, deepening client adoption and building a sustainable platform for
growth. Alongside organic development, we continue to actively explore
targeted acquisitions within software and adjacent capability areas. With a
strong balance sheet and a disciplined approach to capital allocation, we
believe selective opportunities could accelerate progress, broaden our product
offering and support the long-term development of the Software division as a
meaningful contributor to Group growth.
People
Our people remain fundamental to the success and scalability of Made Tech.
During the first half of FY26, the total number of employees increased by 16%
from 374 to 433, reflecting continued investment to support delivery demand
and future growth.
As part of this growth, we made progress in reducing our reliance on
contractors. Contractor numbers decreased from 19% to 14% of the billable
workforce, supporting greater delivery continuity, more collaborative client
relationships and improved margin quality.
Employee retention remains strong, with an annualised retention rate of 84%
(H1 FY25: 80%). We continue to see positive momentum in employee engagement
and satisfaction, reflecting the impact of our focus on a client-centric
culture, continuous professional development and hybrid working. As part of
our commitment to fostering the next generation of software engineers we were
proud to announce the qualification of our first cohort of apprentices under
our own apprenticeship program.
Alongside sustainable growth, we remain focused on building leadership
capability, maintaining clear progression frameworks and supporting flexible
ways of working, ensuring the organisation has the capacity and resilience
required to deliver consistently for clients as we scale.
Management Changes
As previously announced, Neil Elton will be standing down as Chief Financial
Officer, after more than two years at Made Tech and is expected to leave the
Group after a period of handover to his successor. I would like to thank
Neil for his contribution to the business during an important phase of the
Group's development.
As separately announced today, we are pleased to confirm that Richard Swinyard
will be joining the Group as Chief Financial Officer, with effect from 2 March
2026. Richard brings significant experience from the technology services
sector and joins us from a private equity-backed environment, where he has
supported businesses through periods of organic growth, M&A, operational
improvement and value creation.
Current Trading and Outlook
Trading in the second half of FY26 has continued strongly, combined with a
solid Contracted Backlog, further new contract awards and a robust sales
pipeline. As a result of this momentum and improved operational leverage the
Board anticipates that Adjusted EBITDA will be materially ahead of current
market expectations.
Our near-term focus remains unchanged: delivery excellence, disciplined
investment, pipeline conversion, and continued improvement in margins and cash
generation.
We remain committed to supporting our clients as they modernise public
services and respond to increasing pressure on outcomes, efficiency and
delivery. Made Tech is ideally positioned to play a trusted role in that
transformation.
I would like to thank our clients for the continued trust they place in us,
and our colleagues for their commitment and delivery throughout a very strong
first half. We are looking forward to our Capital Markets Day later in FY27,
where we will provide more detailed updates on our ambitions, strategy and
performance.
Rory MacDonald
Chief Executive Officer
CHIEF FINANCIAL OFFICER'S REVIEW
The unaudited half year results for the six months ended 30 November 2025 show
solid growth in revenue, profitability and cash generation.
H1 2026 H1 2025 Change
Revenue £27.8m £21.8m +28%
Adjusted EBITDA £2.4m £1.8m +35%
Operating Profit £1.2m £0.3m +249%
Adjusted Profit before tax £1.9m £1.5m +31%
Basic Earnings per Share (pence) 0.46 0.16 +187%
Adjusted Diluted Earnings per Share (pence) 0.74 0.66 +12%
Revenue and Sales Bookings
Revenue for the Period of £27.8m (H1 FY25: £21.8m) was 28% up compared to
the same period in the prior year as we saw activity build during the half
year.
Gross sales bookings of £13.4m in the Period (H1 FY25: £42.0m) were 68% down
against a particularly strong prior year performance and, in part, reflect a
reduction in the number of contract renewals available to bid in the Period.
Lapsed contracts of £3.5m, being the value of sales bookings recognised in
prior periods, where part of the contract value is not recognised as revenue
prior to the end of the contract, resulted in net sales bookings of £9.9m in
the Period. The resulting Contracted Backlog of £74.4m, representing the
value of contracted revenue that has yet to be recognised, is 8% down on the
prior year period (H1 FY25: £80.8m).
Despite the reduction in the Contracted Backlog bid activity remains
particularly robust, and the business has seen a significant uptick in Sales
Bookings in the second half of the year to date. Management are optimistic
of further sales momentum in the fourth quarter of FY26. The current
Contracted Backlog provides a strong underpin to revenue expectations for the
remainder of FY26.
Gross Profit and Adjusted EBITDA
Gross Profit increased to £8.7m, up from £7.8m in H1 FY25. As expected,
Gross Profit Margin decreased from 35.8% in H1 FY25 to 31.2% in H1 FY26
primarily as a result of a deliberate increase in contractor numbers in the
second half of FY25 to mitigate the risk of volatility in client demand and
project timings following the UK General Election and Government review of
spending priorities. During H1 FY26 the proportion of contractors was
reduced from its peak at the end of FY25. As a result contractors
represented approximately c.14% of billable staff, down from c.19% in the
second half of FY25. It is anticipated that the proportion of contractors
will reduce further in H2 FY26 and that, combined with a further improvement
in utilisation rates, should result in a further improvement in Gross Profit
Margin.
Operating profit of £1.2m in the Period represents a significant increase on
a profit of £0.3m in the same period last year. Operating profit is stated
after share-based payments, depreciation, amortisation of intangibles,
impairments and exceptional items.
Adjusted EBITDA of £2.4m and margin of 8.7% both showed an improvement on H1
FY25 (EBITDA of £1.8m; 8.2% margin). Adjusted EBITDA represents operating
profit before depreciation, amortisation, impairment of intangible assets,
share-based payment charges and exceptional items.
Administrative expenses increased from £6.0m in H1 FY25 to £6.3m in H1 FY26
as the business realised further operational efficiencies whilst at the same
time investing in the commercial and sales operation to help drive top line
growth.
Share-based payments
The share-based payments charge for the Period under IFRS2 'Share-based
payments' was £0.7m (H1 FY25: £1.0m). This charge relates to awards made
under the Long Term Incentive Plan (LTIP), the Group Restricted Share Plan
('RSP') and the Save As You Earn ('SAYE') scheme. LTIP awards are issued to
senior management and are based on demanding performance criteria that align
management with shareholders.
The SAYE scheme allows all employees to participate in the growth journey of
the business. The contributory scheme was launched in October 2024, and given
its success, all eligible employees were invited to participate again in
October 2025. As a result of the take-up circa 37% of all eligible staff are
participating in the SAYE scheme.
Depreciation, amortisation and exceptional costs
The depreciation charge on tangible assets increased to £0.3m (H1 FY25:
£0.1m) and amortisation of intangible assets was maintained at £0.3m (H1
FY25: £0.3m). The higher depreciation charge in part reflects that more of
the Company's office leases are now contracted for more than 12 months, and
therefore operate under IFRS16, resulting in their value being capitalised on
the balance sheet. Management anticipates a moderate increase in capital
expenditure over the forthcoming period as it invests in new IT equipment.
Intangible assets comprise historic investment in Capability IP and are
expected to be fully amortised by the end of FY26. All R&D costs in the
Period, including investment in technology platforms, were charged to the
income statement.
There were no exceptional costs (H1 FY25: £nil) or impairment charges during
the Period (H1 FY25: £nil).
Earnings per Share ('EPS')
Adjusted diluted EPS increased to 0.74 pence (H1 FY25: 0.66 pence), driven
primarily by an increase in underlying operating profit, offset by an increase
in the effective tax charge, as brought forward tax losses were fully utilised
in FY25. No new shares were issued during the Period.
On a statutory basis, basic EPS increased by 187% to 0.46 pence from 0.16
pence in H1 FY25, and diluted EPS increased to 0.43 pence (H1 FY25: 0.15
pence).
Balance Sheet and Cash Flow
The Group has a robust balance sheet with cash increasing by £1.4m during the
Period to £11.9m (FY25: £10.4m)/H1 FY25: £9.1m), and no debt. This strong
net cash position gives Made Tech optionality when considering organic and
inorganic investment. Cash generated from operations in the Period was £1.9m
(H1 FY25: £1.6m).
The Company did not invest further in the Employee Benefit Trust ('EBT')
during the Period (H1 FY25: £0.2m) but did use the EBT to settle various
vested employee options. It also settled £0.2m of share options in cash (H1
FY25: £nil). As a result the EBT held 2.2% of the issued share capital of
the Company at 30 November 2025.
An improvement in client-side payment processes resulted in debtor days
reducing to 46 (H1 FY25: 53). Given that the UK Government is the Company's
primary counterparty, management does not foresee a risk of default.
The Board anticipates that during FY26 the Group will continue to generate
positive free cash flow.
Neil Elton
Chief Financial Officer
Consolidated statement of profit and loss and comprehensive income
6 months to 6 months to 12 months to
30 November 2025 30 November 2024 31 May 2025
£'000 £'000 £'000
Unaudited Unaudited Audited
Revenue 27,802 21,752 46,434
Cost of Sales (19,119) (13,967) (31,592)
Gross Profit 8,683 7,785 14,842
Administrative expense (6,258) (5,993) (11,369)
Share-based payments (652) (1,027) (884)
Depreciation and Amortisation (608) (431) (873)
Operating Profit 1,165 334 1,716
Net Interest 124 116 251
Profit before tax 1,289 450 1,967
Taxation expense (601) (215) (570)
Profit for the period 688 235 1,397
Consolidated statement of financial position
30 November 2025 30 November 2024 31 May 2025
£'000 £'000 £'000
Unaudited Unaudited Audited
Assets
Non-current assets
Tangible assets 1,115 258 1,223
Intangible assets 280 840 560
Deferred tax asset 253 - 204
Total non-current assets 1,648 1,098 1,987
Current assets
Trade and other receivables 9,756 8,087 6,972
Cash and cash equivalents 11,856 9,107 10,415
Total current assets 21,612 17,194 17,387
Total assets 23,260 18,292 19,374
Equity and liabilities
Equity
Share capital 75 75 75
Share premium 13,421 13,421 13,421
Share-based payment reserve 5,231 4,929 4,731
Capital redemption reserve 12 12 12
Retained deficit (3,063) (4,913) (3,751)
Total equity 15,676 13,524 14,488
Non-current Liabilities
Lease liabilities 434 - 630
Deferred tax liability 84 50 -
Total non-current liabilities 518 50 630
Current Liabilities
Trade and other payables 6,647 4,575 3,799
Lease liabilities 419 143 457
Total current liabilities 7,066 4,718 4,256
Total Liabilities 7,584 4,768 4,886
Total equity and liabilities 23,260 18,292 19,374
Consolidated statement of changes in equity
Share-based payment reserve Capital redemption reserve £'000
Share Capital Share Premium £'000 Retained deficit
£'000 £'000 £'000 Total equity
£'000
Balance at 1 June 2024 75 13,421 4,129 12 (5,148) 12,489
Profit for the period - - - - 235 235
Share-based reserve - purchase of shares (200) (200)
Share-based payments charge - - 1,000 - - 1,000
Total transactions with equity owners - - 800 - 235 1,035
Balance at 30 November 2024 75 13,421 4,929 12 (4,913) 13,524
Profit for the period - - - - 1,162 1,162
Share-based payments charge - - (198) - - (198)
Total transactions with equity owners - - (198) - 1,162 964
Balance at 31 May 2025 75 13,421 4,731 12 (3,751) 14,488
Profit for the period - - - - 688 688
Share-based payments charge - - 652 - - 652
Shares exercised - - (152) - - (152)
Total transactions with equity owners - - 500 - 688 1,188
Balance at 30 November 2025 75 13,421 5,231 12 (3,063) 15,676
Consolidated cash flow statement
6 months to 6 months to 12 months to
30 November 2025 30 November 2024 31 May 2025
£'000 £'000 £'000
Unaudited Unaudited Audited
Cash flows from operating activities
Profit for the period 688 235 1,394
Share-based payment 652 1,000 884
Tax charge 601 215 570
Net finance credit in the income statement (124) (116) (251)
Loss on disposal of property, plant, and equipment - - 9
Depreciation of property, plant and equipment and amortisation of intangible 608 431 873
assets
Increase in trade and other receivables (2,783) (1,425) (310)
Increase/(decrease) in trade and other payables 2,281 1,268 (107)
Net cash flows generated by operating activities 1,923 1,608 3,065
Cash flows from investing activities
Purchase of property, plant, and equipment (220) (9) (139)
Interest and other fees received 147 121 265
Net cash flows generated/(used) by investing activities (73) 112 126
Cash flows from financing activities
Purchase of equity shares - (200) (200)
Shares exercised (152) (82)
Interest and other fees paid (2) (2) (5)
Repayment of lease liability (255) (56) (128)
Interest paid on lease liability - (3) (9)
Net cash flows used by financing activities (409) (261) (424)
Net increase in cash and cash equivalents 1,441 1,459 2,767
Cash and cash equivalents at the start of the period 10,415 7,648 7,648
Cash and cash equivalents at end of period 11,856 9,107 10,415
Notes
1. General information
Made Tech Group Plc is a company incorporated on 13 September 2019 and
domiciled in England and Wales, registration number 12204805. The Company's
registered office is 35-41 Folgate Street, London, E1 6BX. The Company's
shares are traded on AIM, a market operated by the London Stock Exchange.
The interim financial information is unaudited.
2. Basis of preparation
The unaudited condensed consolidated interim financial information has been
prepared in accordance with IAS 34 Interim Financial Reporting. They do not
include all disclosures that would otherwise be required in a complete set of
financial statements and should be read in conjunction with the 2025 Annual
Report.
The interim results for the six months to 30 November 2025 are unaudited and
do not therefore constitute statutory accounts in accordance with Section 434
of the Companies Act 2006.
Statutory accounts for the year ended 31 May 2025 have been filed with the
Registrar of Companies and the auditor's report was unqualified, did not
contain any statement under Section 498(2) or 498(3) of the Companies Act 2006
and did not contain any matters to which the auditors drew attention without
qualifying their report.
3. Basis of consolidation
The consolidated financial information comprises Made Tech Group Plc and its
subsidiary Made Tech Limited. Subsidiaries are consolidated from the date of
acquisition being the date on which the Group obtains control.
4. Accounting policies
The accounting policies used in the preparation of the interim consolidated
financial information for the six months ended 30 November 2025 are in
accordance with the recognition and measurement criteria of IFRS and are
consistent with those which were adopted in the annual financial statements
for the year ended 31 May 2025.
5. Earnings per Share
Basic earnings per share is calculated by dividing the profit attributable to
ordinary shareholders of the parent company by the weighted average number of
ordinary shares in issue during the period.
To arrive at the adjusted diluted share number, the Directors have calculated
an adjusted share number by taking the weighted average basic shares and
included the maximum shares to be issued in respect of contingent
consideration to be paid based on performance measures met in the period,
together with the maximum share options outstanding.
H1 FY26 H1 FY25 FY25
'000 '000 '000
Weighted average basic shares for the purposes of basic earnings per share 149,287 149,287 149,287
Effect of dilutive potential ordinary shares from share options in issue 10,294 11,250 10,185
Weighted average number of diluted shares for the purpose of diluted earnings 159,581 160,537 159,472
per share
Basic earnings per share (pence) 0.46 0.16 0.94
Diluted earnings per share (pence) 0.43 0.15 0.88
Adjusted basic earnings per share (pence) 0.79 0.71 1.38
Adjusted diluted earnings per share (pence) 0.74 0.66 1.29
6. Reconciliation to adjusted EBITDA
H1 FY26 H1 FY25 FY25
£'000 £'000 £'000
Operating profit 1,165 334 1,716
Add back Depreciation and Amortisation 608 431 873
Add back Share-based payment expense 652 1,027 884
Adjusted EBITDA 2,425 1,792 3,473
7. Reconciliation to adjusted profit before tax
H1 FY26 H1 FY25 FY25
£'000 £'000 £'000
Profit before tax 1,289 450 1,967
Add back share-based payment expense 652 1,027 884
Adjusted profit before tax 1,941 1,477 2,851
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