Full Year 2026 Made Tech Group PLC Earnings Call

September 29, 2026

Richard Swinyard: Efficiencies imply strict cost discipline to help us improve the overall performance of the business. Our contracted backlog and sales orders were not quite where we had hoped, but at the end of July, our contracted backlog was up at GBP 115 million, showing the strength of our relationships with our existing clients and our continued winning mentality on bids. Importantly for us as well, the profitability that we are driving is translating into cash. We continue to see strong cash generation. We continue to see that as a result of the fact that the revenue increases are high quality, that are driving the right kind of profits. We believe, as Rory just said, that having that amount of cash on the balance sheet puts us in a very strong position strategically to explore inorganic and organic opportunities for growth that come up for the business.

Speaker #1: Efficiencies, employee ticks, strict cost discipline—to help us improve the overall performance of the business. Our contracted backlog and sales orders were not quite where we'd hoped, but at the end of July our contracted backlog was up at £115 million, showing the strength of our relationships with our existing clients and our continued winning mentality on bids.

Speaker #1: Importantly for us as well, the profitability that we're driving is translating into cash. We continue to see strong cash generation, and we continue to see that as a result of the fact that the revenue increases are high quality, driving the right kind of profits.

Speaker #1: We believe, as Rory just said, that having that amount of cash on the balance sheet puts us in a very strong position strategically to explore inorganic and organic opportunities for growth that come up for the business.

Speaker #1: I will hand back over to Rory to talk about our clients.

Richard Swinyard: I will hand back over to Rory to talk about our clients.

Speaker #2: Thanks, Richard. We like to think our customer relationships are really one of the core strengths of our business. We've got a bunch of relationships that are really long-term and of high quality.

Rory MacDonald: Thanks, Richard. Our customer relationships are really one of the core strengths of our business. We have got a bunch of relationships that are really long-term and of high quality. If you look at the logos on the slide here, you will see a number of organizations who you would likely be familiar with, who are critically important for national public service delivery. A number of these relationships have been long-term relationships that have been going on for, some in the region of five to 10 years now. It is worth flagging that these customers are hard to win. Public sector customers of some of the nature we have got are very critically important to lots of organizations, and some of these customers have been really hard to win, and expanding the relationships with these customers over the years is even harder.

Rory MacDonald: Thanks, Richard. Our customer relationships are really one of the core strengths of our business. We have got a bunch of relationships that are really long-term and of high quality. If you look at the logos on the slide here, you will see a number of organizations who you would likely be familiar with, who are critically important for national public service delivery. A number of these relationships have been long-term relationships that have been going on for, some in the region of 5 to 10 years now. It is worth flagging that these customers are hard to win. Public sector customers of some of the nature we have got are very critically important to lots of organizations, and some of these customers have been really hard to win, and expanding the relationships with these customers over the years is even harder.

Speaker #2: If you look at the kind of logos on the slide here, you'll see a number of organizations who you would likely be familiar with, who are critically important for national public service delivery.

Speaker #2: A number of these relationships have been kind of long-term relationships that have been going on for somewhere in the region of kind of 5 to 10 years now.

Speaker #2: It's worth kind of flagging that these customers, they're hard to win, right? Public sector customers or some of the nature we've got, are very kind of critically important to kind of lots of organizations.

Speaker #2: Some of these customers have been really hard to win, and expanding the relationships with these customers over the years is even harder.

Speaker #2: I think we've shown time and time again that our business has been able to do that, win these customers, and kind of build long-term multi-year relationships with the customers kind of listed here.

Rory MacDonald: I think we have shown time and time again that our business has been able to do that, win these customers, and build long-term, multi-year relationships with the customers listed here. It is also worth flagging that the projects and things we are delivering for these customers are of significant scale. High impact digital transformation programs that help public sector bodies serve their clients more and more efficiently. Just to give a few examples. Some of the work we do with Department for Education, running the Reception Baseline Assessment is a national program supporting all reception level children to be assessed as they enter school. Digital driving licenses with DVLA. Lots of really significant programs that we are delivering across government.

Speaker #2: It's also kind of worth flagging that the projects and kind of things we are delivering for these customers are of significant scale. High-impact digital transformation programs that help public sector bodies serve their clients more and more efficiently.

Speaker #2: Just to kind of give a kind of few examples, some of the work we do with kind of Department for Education running the reception baseline assessment is a national kind of program supporting kind of all reception-level children to be assessed as they kind of enter school.

Speaker #2: Digital driving license with DVLA, lots of kind of really significant programs that we are delivering across government. The relationships that we've built here have really been kind of built over many years.

Rory MacDonald: The relationships that we have built here have really been built over many years, and they underpin the historical growth that the business has seen, but also the future opportunity that we see ahead. Talking about the journey, I think it is worth reflecting on the business has evolved considerably over the years since it was founded by me in 2008. In the early years of the Made Tech business, we spent a lot of our time working with high growth technology businesses. That really set the early stage culture and ways of working that have now flown through and support the public sector organizations that we deliver for. We pivoted into the public sector in 2017. We have now been serving that market for nearly 10 years, and really built a strategically valuable position in what is a significant growing market.

Speaker #2: And they underpin the historical growth that the business has seen, but also kind of the future opportunity that we see ahead. Talking about kind of the journey, I think it's kind of worth reflecting on the business has evolved considerably over the years since it was founded by me in 2008.

Speaker #2: In the early years of the Made Tech business, we spent a lot of our time working with high-growth technology businesses.

Speaker #2: And that really kind of set the early kind of stage culture and kind of ways of working that are now flowing through and kind of support the public sector organizations that we deliver for.

Speaker #2: We pivoted into the public sector in 2017, and so we've now been serving that market for nearly 10 years. And kind of really built a kind of strategically valuable position in what is a kind of significant growing market.

Speaker #2: Since we IPO'd in kind of 2021, we've continued to scale the business further, winning kind of larger contracts, expanding our capabilities, and kind of we're really pleased to see the business has achieved a 35% compound annual growth rate over the last five years, or sorry, last six years.

Rory MacDonald: Since we IPO'd in 2021, we have continued to scale the business further, winning larger contracts, expanding our capabilities. We are really pleased to see the business has achieved a 35% compound annual growth rate over the last five years, or sorry, last six years. On that journey, we have materially improved our profit margins, going from 3.8% in FY23 through to 10% in FY26. I wanted to highlight this as the history matters because it shows the growth has been delivered organically through strong execution, deep levels of client trust, and a real continued focus on the UK public sector. That is a really important part of our business, and really the investment case for investing into the Made Tech business.

Speaker #2: And on that journey, we've materially improved our profit margins going from 3.8% in 20 and FY23 through to kind of 10% in FY26. I wanted to kind of highlight this as the history matters because it shows the growth has been delivered organically through kind of strong execution deep levels of kind of client trust and a real continued focus on the UK public sector.

Speaker #2: That's a really important kind of part of our business and kind of really the income investment case for investing into the May Tech business.

Speaker #2: Just to kind of explore that a little bit further, I want to kind of just step back and kind of really explain kind of why we think that the May Tech business represents an attractive long-term investment opportunity for investors in the market.

Rory MacDonald: Just to explore that a little bit further, I want to just step back and really explain why we think the Made Tech business represents an attractive long-term investment opportunity for investors in the market. I think the first thing to flag is we see the market opportunity. Well, we see the business operating within a structural growth market. We see the public sector digital transformation journey being a multi-decade journey that we are still at the relatively early stages on. There are significant amounts of productivity improvements that need to be made in the way public sector delivers technology. Citizens up and down the country are looking for better and better services from their governments, and the way digital transformation drives that is a really important part of how we see the market opportunity for the business moving forwards.

Speaker #2: I think one of the first things to kind of flag is we see the market opportunity well, we see the business operating within a structural growth market.

Speaker #2: We see the public sector digital transformation journey as a multi-decade process that we're still at the relatively early stages of. There are significant amounts of productivity improvements that need to be made in the way the public sector delivers technology.

Speaker #2: There is citizens up and down the country are looking for kind of better and better services from their governments. And the way kind of digital transformation drives that is a really important part of how we see the market opportunity for the business moving forwards.

Speaker #2: The other kind of piece to flag is the supplier dynamics are kind of moving increasingly in our favor. We are a mid-market UK tech company.

Rory MacDonald: The other piece to flag is the supplier dynamics are moving increasingly in our favor. We are a mid-market UK tech company, and that is really important as the government is looking to do more and more work with British technology companies, and we are seeing an increasing trend of that in the market. We think that is going to really drive a multi-decade digital transformation journey. The second area to focus on is we see the business as being a trusted and proven partner to public sector organizations. We have been embedded in the public sector now for a number of years. We have got a number of long-term client relationships in places like the Ministry of Justice, Home Office, Department for Education. That kind of trusted relationship really underpins our ability to win more and continue to scale the business.

Speaker #2: And that is really important as the government is looking to do more and more work with kind of British technology companies and we're seeing kind of an increasing trend of that in the market.

Speaker #2: We think that's going to really drive a kind of multi-decade digital transformation journey. The second area kind of to focus on is the we see the business as being a trusted and proven partner to public sector organizations.

Speaker #2: We've been embedded in the public sector now for a number of years. We've got a number of long-term client relationships in places like the Ministry of Justice, Home Office, and Department for Education.

Speaker #2: And that kind of trusted relationship really underpins our ability to kind of win more and kind of continue to scale the business. The clients we've got, we expect to be able to continue working with them for years and years ahead.

Rory MacDonald: The clients we've got, we expect to be able to continue working with them for years and years ahead, and to expand and build on those relationships into other areas of the public sector. The third pillar we see within the investment case is around AI, and how we see that driving the next wave of transformation that's needed across government. We're increasingly expecting AI to have a massive impact on the way public services are delivered. We're expecting there to be a significant increase in demand as citizens up and down the country use AI to engage increasingly with government and to drive inquiries and information requests into different parts of government. We think this is going to require a step change to the way government delivers its services, and we think we're really well positioned to support government on that transformation journey.

Speaker #2: And to expand and build on those relationships into other areas of the public sector. The third kind of pillar that we see within the investment case is around kind of AI.

Speaker #2: And how we see that kind of driving the next wave of kind of transformation that's needed across government. We're increasingly expecting kind of AI to have a massive impact on the way kind of public services are delivered.

Speaker #2: We're expecting there to be a significant increase in demand as citizens up and down the country use AI to engage increasingly with government and to drive inquiries and information requests into different parts of government.

Speaker #2: We think this is going to require a step change to the way government delivers its services and we think we're really well positioned to kind of support government on that transformation journey.

Speaker #2: We also see our AI as an opportunity for us to look at how we drive, how we continue to operate our business efficiently, and how we improve the service delivery for our customers.

Rory MacDonald: We also see our AI as an opportunity for us to look at how we continue to operate our business efficiently and how we improve the service delivery for our customers. We see lots of opportunities in this space and think it will be a really key driver of opportunity for the business moving forwards. The fourth area we just wanted to highlight is earnings visibility and the kind of balance sheet that underpins our business. The contracts that we've got and we've won over the years have been multi-year contracts from repeat customers. And we've seen really strong customer retention over the last 8, 9 years that we've been operating within this market. 80% of the revenue that we delivered in FY26 have come from customers who we were working with back in FY23, so 4 or 5 years ago.

Speaker #2: So we see lots of opportunities in this space and think it will be a really key driver of opportunity for the business moving forward.

Speaker #2: The fourth area we just wanted to highlight is earnings visibility and the kind of balance sheet that underpins our business. The contracts that we've got and we've won over the years have been multi-year contracts from repeat customers.

Speaker #2: And we've seen really strong customer retention over the last eight or nine years that we've been operating within this market. 80% of the revenue that we've delivered in FY26 has come from customers we've been working with since FY23.

Speaker #2: So four or five years ago. And we're seeing significant runway and opportunities ahead as our contract backlog kind of builds out over the coming years.

Rory MacDonald: And we're seeing significant runway and opportunities ahead as our contract backlog builds out over the coming years. We also have a significant amount of cash in the business and are completely debt-free, so that gives us a number of different options around how we might strategically deploy that cash over the coming months and years. The other thing to point out here is our pipeline is strong going into FY27 and 28. See lots of opportunities for us to win and continue growing the business. That kind of earnings visibility, growth visibility is there, and we have the balance sheet and cash in the business to fund that growth over the coming years. The final point I want to flag on the investment case is around being founder-led and having a proven track record for delivering results.

Speaker #2: We're also holding a significant amount of cash in the business and are completely debt-free. So that gives us a number of different options around how we might strategically deploy that cash over the coming months and years.

Speaker #2: The other thing I want to point out here is that our pipeline is strong going into FY20, as well as into FY27 and FY28. We see lots of opportunities for us to win and continue growing the business.

Speaker #2: So that kind of earnings visibility, growth visibility is there. And we have the balance sheet and cash in the business to fund that growth over the coming years.

Speaker #2: The final point I wanted to flag on the investment case is around being founder-led and having a proven track record for delivering results.

Speaker #2: We've proven now, over a number of years, that the business is resilient and can respond to changes in market conditions. We've got very strong alignment with shareholders, and we've shown we can deliver, execute, and grow the business from what was £13 million when we IPO'd to £59 million in revenue last year.

Rory MacDonald: We've proven now over a number of years that the business is resilient and can respond to changes in the market conditions. We've got very strong alignment with shareholders. And we've shown we can deliver and execute and grow the business from what was GBP 13 million when we IPO'd to GBP 59 million in revenue last year. We expect that trend to continue in the years ahead. Jumping onto the next slide. Just wanted to touch on how we think about the market opportunity. The total UK government technology market is very substantial, and we're expecting it to grow over the medium term. We see our addressable market today being about GBP 4.5 billion in value. And there are clear drivers for how that market is evolving and the opportunities for businesses like us. The supply dynamics are evolving.

Speaker #2: We expect that trend to continue in the years ahead. Jumping onto the next slide, I just wanted to touch on how we think about the market opportunity.

Speaker #2: The total UK government technology market is very substantial, and we're expecting it to grow over the medium term. We see our addressable market today being about £4.5 billion in value.

Speaker #2: And there are clear drivers for how that market is evolving, and the opportunities for businesses like us. The supplier dynamics are evolving. You'll see on the chart on the right how the UK government currently spends about 42% of its technology spend on UK HQ businesses.

Rory MacDonald: You'll see on the chart on the right how the UK government currently spends about 42% of its technology spend on UK HQ'd businesses. We think that is a significant opportunity, and will enable us to continue to grow and see market expansion over the years ahead as the government pushes this buy British agenda. We're interested to see how that plays through over the coming months and years. Overall, the combination of the market, the supply dynamics, and the relatively low penetration we have in quite a significant market gives us a significant runway ahead for us to continue growing the business, and driving things forwards. We're really excited to capture that opportunity looking forwards. Just moving on to how we think about winning within this market. There are five key things we look at.

Speaker #2: We think that is a significant opportunity and will enable us to kind of continue to kind of grow and see market expansion over the years ahead.

Speaker #2: As the government kind of pushes this sort of buy price agenda, we're interested to see how that plays out over the coming months and years.

Speaker #2: So overall, the combination of the market, the supplier dynamics, and the relatively low penetration we have in quite a significant market gives us a significant runway ahead for us to continue growing the business and driving things forwards.

Speaker #2: And we're really excited to capture the opportunity moving forward. Just moving on to how we think about winning within this market.

Speaker #2: So there are five kind of key things we look at. The first thing is we win because we are a trusted public sector delivery partner.

Rory MacDonald: The first thing is, we win because we are a trusted public sector delivery partner. We've proven time and time again, that we can deliver public sector projects at scale. We've got nine years of relationships and work that we've delivered, and we're highly regarded for that. We're public sector native, so we focus our whole organization on delivering outcomes for public sector clients. We don't have our people spread across multiple industries, right? We have people focused all in on public sector delivery, and delivering fantastic outcomes for citizens. That aligns really well with what our stakeholders and our clients in the public sector are looking for. We've got deep client relationships, and evidence of ability to retain and win over and over again. We've got some of the key clients listed out on the slide here.

Speaker #2: We've proven time and time again that we can kind of deliver public sector projects at scale. We've got nine years of relationships and work that we've delivered.

Speaker #2: And we're highly regarded for that. With a public sector-native approach, we focus our whole organization on delivering outcomes for public sector clients. We don't have our people spread across multiple industries, right?

Speaker #2: We have people focused all in on public sector delivery. And delivery kind of fantastic outcomes for citizens. That aligns really well with what our kind of stakeholders and our clients in the public sector are looking for.

Speaker #2: We've got deep client relationships and evidence of our ability to retain and win over and over again. We've got some of the key clients listed out on the slide here.

Speaker #2: We've also got kind of very significant expertise around kind of digital AI transformation, lots of experience in citizen experience and legacy modernization, data modernization, cybersecurity managed services.

Rory MacDonald: We've also got very significant expertise around digital AI transformation, lots of experience in citizen experience, legacy modernization, data modernization, cybersecurity, managed services. So we've got significant technical expertise that is really critical in driving forward the next wave of transformation that's needed for government. The fifth thing and the final point I want to highlight on why we win is we're large enough as an organization now to win the bigger contracts, but we're also agile and able to move really quickly. That's really important for our clients in the public sector who are looking for organizations who can adapt with them and can scale, and meet the evolving needs that are being thrown at our clients day in, day out. That's a really, really important part of what our clients look for in a partner, and we're really well-suited to providing that.

Speaker #2: So we've got significant technical expertise that is really critical in driving forward the next wave of transformation that's needed for government. And the fifth thing and the final point I kind of want to highlight on kind of why we win is we're large enough as an organization now to win the bigger contracts.

Speaker #2: We're also agile and able to move really quickly. And that's really important for our clients in the public sector who are looking for organizations who can adapt with them and can scale and kind of meet the evolving needs that are kind of being thrown at our clients kind of day in, day out.

Speaker #2: That's a really, really important part of what our clients look for in a partner. And we're really well suited to provide that. With that, I'm going to hand across to Richard who's going to talk a little bit about our performance and growth over the last few years.

Rory MacDonald: With that, I'm going to hand across to Richard, who's going to talk a little bit about our performance and growth over the last few years.

Speaker #1: So this slide pulls together the financial evidence to support the story that Rory has just been explaining around Made Tech and our growth. We have now, in the short and the medium term, this consistent performance and growth level.

Richard Swinyard: This slide pulls together the financial evidence to support the story that Rory has just been explaining around Made Tech and our growth. We have now, in the short and the medium term, this consistent performance and growth level. We are seeing on the back of our reputation and our performance, continued and growing demand within our existing core client base. That is building long-term relationships that is enabling us to scale, as Rory just mentioned, at about 35% CAGR. What is also really important for us is that that revenue growth has a quality of earnings around it. Therefore, the fact that we have been able to increase our EBITDA at a faster rate than our revenue is obviously a vindication of the fact that we have a scalable and a repeatable business model that is helping us.

Speaker #1: We are seeing, on the back of our reputation and our performance, continued and growing demand within our existing core client base. This is building long-term relationships that are enabling us to scale. As Rory just mentioned, that's about 35% CAGR.

Speaker #1: What is also really important for us is that that revenue growth has a quality of earnings around it. And therefore, the fact that we've been able to increase our EBITDA at a faster rate than our revenue is obviously an indication of the fact that we have a scalable and a repeatable business model that's helping us.

Speaker #1: On the headcount slide as well, what's very important to draw out from here is that we're delivering more each year from our employees. Our headcount is increasing at a low rate than both our revenue and our EBITDA, which gives us that confidence to believe that we can continue to grow the business forward successfully.

Richard Swinyard: On the headcount side as well, what is very important to draw out from here is that we are delivering more each year from our employees. Our headcount is increasing at a lower rate than both our revenue and our EBITDA, which gives us that confidence to believe that we can continue to grow the business forward successfully. It is also enabling us to generate the cash flow that we need to continue to make the investments in the business, both now and for the future. What we are really saying here as the bottom line is that we are delivering that rare combination of high growth, expanding margins, robust cash conversion, and strict cost discipline.

Speaker #1: It is also enabling us to generate the cash flow that we need to continue to make investments in the business, both now and for the future.

Speaker #1: What we're really saying here is it's a bottom line is that we're delivering that rare combination of high growth, expanding margins, robust cost cash conversion, and strict cost discipline.

Speaker #1: On this next slide, a key theme that we've seen over the last year is that we're starting to win longer and larger contracts.

Richard Swinyard: On this next slide, there is a key theme that we have seen over the last year, is that we are starting to win longer and larger contracts, which is obviously part of the reason why our backlog has increased to GBP 150 million at the end of July. Since that number was produced, we have also had the good news about the Met Office framework, which we have been awarded a place on. Within our core client base, 80% of our revenue over the last four-year period has come from the same clients each and every year. That is really helping us. As we build these relationships, we become a trusted partner to get a great deal of revenue visibility for our current and our future financial years. Importantly, as a milestone for us, we have now gone through winning GBP 250 million worth of contracts since 2023.

Speaker #1: Which is obviously part of the reason why our backlog has increased to £150 million at the end of July. And since that number was produced, we've also had the good news about the Met Office framework, which we've been awarded a place on.

Speaker #1: Within our core client base, 80% of our revenue over the last four-year period has come from the same clients each and every year. So that is really helping us as we build these relationships, we become a trusted partner, to get a great deal of revenue visibility for our current and our future financial years.

Speaker #1: And importantly, as a milestone for us, we've now gone through winning 250 million pounds' worth of contracts 2023. We also believe that that is a trend that will continue and it looks like H1 for 2027 will be a record six-month period for contract wins for us as a business.

Richard Swinyard: We also believe that that is a trend that will continue, and it looks like H1 for 2027 will be a record six-month period for contract wins for us as a business. Something that should not be underestimated as well is the challenges of entering into this market space. There are high barriers to entry in terms of needing to win and get onto frameworks, being able to show a social value proposition that we also are investing heavily in to make sure that we stay in a very strong position. I will hand back to Rory.

Speaker #1: Something that shouldn't be underestimated as well is the challenges of entering into this market space. There are high barriers to entry in terms of needing to win and get onto frameworks, being able to show a safer social value proposition that we also are investing heavily in to make sure that we stay in a very strong position.

Speaker #1: I'll hand back to Rory.

Speaker #2: Thanks, Richard. So, we've spoken a little bit about the kind of journey we've been on. I want to talk now about what the growth strategy looks like moving forward, and how we continue this fantastic momentum we've seen in the business to date.

Rory MacDonald: Thanks, Richard. We've spoken a little bit about the kind of journey we've been on. I want to talk now about what the growth strategy looks like moving forwards and how we continue the fantastic momentum we've seen in the business to date. Our medium-term strategy really is pretty straightforward. We start with expanding and deepening the relationships with our existing customers. These customers will underpin the near-term and the long-term growth of our business. Doing great work for them is absolutely critical, and we will continue to focus on them. Secondly, broadening our reach to adjacent public sector verticals. Areas like defense, doubling down on healthcare. These are areas where we think it is really important to expand our footprint, but also use the delivery model that has worked so well in the other areas of government to deliver more. Third area is around new logo acquisition.

Speaker #2: Yeah. Our medium-term strategy really is pretty straightforward. We start with expanding and deepening the relationships with our existing customers, right? These customers will underpin the near-term and the long-term growth of our business.

Speaker #2: So, kind of doing great work for them is absolutely critical, and we will continue to focus on them. Secondly, broadening our reach to adjacent public sector verticals—so areas like defense, and doubling down on healthcare.

Speaker #2: These are areas where we think it's really important to expand our footprint, but also use the delivery model that's worked so well in the other areas of government to deliver more.

Speaker #2: The third area is around new logo acquisition. There are a number of areas in government where we don't yet have established relationships, and that gives us some opportunities. Areas like DWP are key targets for us, where we think we can win and build our business over the coming years.

Rory MacDonald: There are a number of areas in government where we do not yet have established relationships, and that gives. Some areas like DWP are key targets for us, where we think we can win and build our business over the coming years. We will focus on new logo acquisition and driving that forwards. The fourth point we are really doubling down on is growing the recurring and longer-term revenue visibility. That piece around the long sort of recurring revenue and the quality of earnings is a really important theme for us, and we are going to continue focusing on that over the months and years ahead. We will use reusable solutions and IP to help drive that, and we would expect that to lead to margin expansion in the years ahead. Fifth point we wanted to highlight is around our partnerships and alliances.

Speaker #2: So we will focus on kind of new logo acquisition and kind of driving that forwards. The fourth point we're really kind of doubling down on is growing the recurring and longer-term kind of revenue visibility.

Speaker #2: So that piece around kind of the long sort of recurring revenue and the quality of earnings is a really important kind of theme for us.

Speaker #2: And we're going to continue kind of focusing on that over the kind of months and years ahead. We'll use kind of reusable solutions and IP to kind of help drive that.

Speaker #2: And we’d expect that to lead to margin expansion in the years ahead. The fifth point we want to highlight is around our partnerships and alliances.

Speaker #2: These partners can help us win larger opportunities that we wouldn't be able to access directly ourselves, given our current scale. They also help us reduce the cost to win.

Rory MacDonald: These partners, they can help us win larger opportunities that we would not be able to access directly ourselves, given our current scale. They also help us reduce the cost to win. This is an area of focus for us moving forward, particularly when we are breaking into new areas or areas where we are not, as yet, at this point in time, as well established. The final area, really, of focus is around selective M&A, where it strengthens our strategic positioning. There are a number of areas I have touched on there where we are looking to accelerate our progress, and M&A can help us to do that. We will only do that in a disciplined way that will drive results, but in a very disciplined way, because we are already delivering our business that is growing quickly organically.

Speaker #2: So, this is going to be an area of focus for us moving forward, particularly when we're breaking into new areas or areas where we are not yet, at this point in time, as well established.

Speaker #2: And then, the final area of focus is around selective M&A, where it strengthens our strategic positioning. There are a number of areas I've touched on where we are looking to accelerate our progress, and M&A can help us do that.

Speaker #2: We will only do that in a disciplined way that will kind of drive results, but in a kind of very disciplined way because we are already kind of delivering our business that's growing quickly, organically.

Speaker #2: So we'd want to make sure any M&A we do is additive to that and helps build the business strategically in the right direction.

Rory MacDonald: We would want to make sure any M&A we do is additive to that and help build the business strategically in the right direction. That will be a kind of area we will focus on, and you will hear more from us on in future periods. Together, these six initiatives will really help to drive the business forward and drive the long-term growth and value creation that we know is important for our business and for our shareholders. This is a really key part of how we see the next few years of the business moving forwards. You cannot really give a presentation as a technology company without talking about AI.

Speaker #2: But that will be a kind of area we will focus on and you'll hear more from us on in future kind of periods. Together, these six initiatives will really kind of help to drive the business forwards and drop the kind of long-term growth and value creation that we know is kind of important for our business and for our shareholders.

Speaker #2: So, this is a really key part of how we see the next few years of the business moving forward. You can't really give a presentation as a technology company without talking about AI.

Speaker #2: But we see AI being an increasingly more important part of how we provide services to our customers, how we deliver our service to our customers, and how we operate our business.

Rory MacDonald: But we see AI being an increasingly more important part of how we provide services to our customers, how we deliver our service to our customers, how we operate our business, and the growth and the demand environment from our customers. I touched on earlier about the increase in service demand we are expecting, or we are seeing within public sector organizations that have increasingly been driven by AI. We are increasing how we deliver for our customers and increasingly use AI to deliver our customers. And we are also looking at how we use AI to improve the operational efficiency of our organization and deliver better outcomes.

Speaker #2: And the growth and the sort of demand environment from our customers. I touched on earlier about the increase in kind of service demand we're expecting or we are seeing within public sector organizations that it's increasingly being driven by AI.

Speaker #2: We are increasing how we deliver for our customers and are increasingly using AI to deliver for our customers. We're also looking at how we use AI to improve the operational efficiency of our organization and deliver better outcomes.

Speaker #2: We see all of this as being about enabling better outcomes for our clients and for citizens, who ultimately use the technology that we deliver. And we see it as a really important part of what the journey over the next few years will look like.

Rory MacDonald: We see all of this being about enabling better outcomes for our clients and the citizens who ultimately use the technology that we deliver, and we see it being a really important part of what the journey over the next few years will look like. We will jump onto the next slide. Obviously, just to conclude, we have started FY27 with really good momentum. We have got a really strong platform to build on, and we have already upgraded FY27 expectations back in August, as the business was trading really well. We are really well positioned in this market to deliver on the long-term opportunity. There is significant amounts of modernization required. There is a significant amount of work required to deliver on citizen experiences, the AI transformation opportunity. And the Made Tech business is really well positioned to capture that opportunity as a mid-market British UK HQ'd organization.

Speaker #2: The jump onto the next slide. Ultimately, just to conclude, we've started FY27 with really good momentum. We've got a really strong platform to build on.

Speaker #2: And we've already upgraded FY27 expectations back in August, as the business was trading really well. We are really well positioned in this market to deliver on the long-term opportunity.

Speaker #2: There is a significant amount of modernization required, which requires a significant amount of work to deliver on citizen experiences. The AI transformation opportunity—and the Made Tech business—is really well positioned to capture that opportunity, as a sort of mid-market bridge, as a UK HQ organization.

Speaker #2: So we think that's that kind of really kind of helped the outlook for our organization over the coming years. Alongside that, we see a significant growth in margin upside of the back of the AI opportunity.

Rory MacDonald: So we think that really helped the outlook for our organization over the coming years. Alongside that, we see a significant growth and margin upside off the back of the AI opportunity. As we start to increasingly deliver reusable solutions for both products and more broadly across the organization. We think this will help us to scale and also help us to improve margins over the time. So we think that is a really important dynamic at play. And then finally, we have got a very strong balance sheet, approximately GBP 14.5 million in cash, I think, at the end of the period. And that really provides strategic optionality for the organization moving forwards. There are not too many organizations who have the kind of cash position that we do, and multiple ways to deploy it.

Speaker #2: As we start to increasingly deliver reusable solutions for both kinds of products, and more broadly across the organization, we think this will help us to scale and also help us to improve margins over time.

Speaker #2: So we think that's a really important kind of dynamic at play. And then finally, we've got a very kind of strong balance sheet. Approximately 14 and a half million cash, I think at the end of the period.

Speaker #2: And that really provides strategic optionality for the organization moving forwards. There's not too many organizations who have the kind of cash position that we do and multiple ways to deploy it.

Speaker #2: So that gives us a number of different opportunities to look at how we continue to grow the business over the next few years, and continue to deliver great results.

Rory MacDonald: So that gives us a number of different opportunities to look at how we continue to grow the business over the next few years and continue to deliver great results for shareholders. With that, I am going to hand across to Simon, who is going to moderate Q&A.

Speaker #2: For shareholders. So with that, I'm going to hand across to Simon, who is going to moderate the Q&A.

Speaker #1: Thank you very much, Rory. So good afternoon again, everybody. Please raise your hand if you wish to ask a question. We will endeavor to get to as many questions as possible online today.

[Company Representative] (Canaccord Genuity): Thank you very much, Rory. Good afternoon again, everybody. Please raise your hand if you wish to ask a question. We will endeavor to get as many questions as possible online today. Should we not get to all of your questions in the time we have remaining, please do follow up with us at investor-relations@madetech.com if you wish to discuss anything raised on today's webinar in more detail. We will now take our first question from George O'Connor at Singer Capital Markets. George, unmute and go ahead, please.

Simon McGarry: Thank you very much, Rory. Good afternoon again, everybody. Please raise your hand if you wish to ask a question. We will endeavor to get as many questions as possible online today. Should we not get to all of your questions in the time we have remaining, please do follow up with us at investor-relations@madetech.com if you wish to discuss anything raised on today's webinar in more detail. We will now take our first question from George O'Connor at Singer Capital Markets. George, unmute and go ahead, please.

Speaker #1: But should we not get to all your questions in the time we have remaining, please do follow up with us at investor-relations@madetech.com if you wish to discuss anything raised on today's webinar in more detail.

Speaker #1: We will now take our first question from Georgia O'Connor at Singer Capital Markets. George, unmute and go ahead, please.

Speaker #2: Oh, good morning, team. Many thanks for taking my questions. At the risk of aging myself, there was a time in the late '90s when even my grandmother was making out like a bandit in COBOL programming.

George O'Connor: Good morning, team. Many thanks for taking my questions. At the risk of aging myself, there was a time in the late 90s where even my grandmother was making out like a bandit in COBOL programming. Are we looking at a similar situation right now? UK gov spend looks very large. There is a lean into mid-market and UK technology providers. Is there anything extra you need to do beyond hiring and clearly delivering to spec when you look at your portfolio and the skills in order to execute on TAM? Thank you.

Speaker #2: Are we looking at a similar situation right now? UK government spend looks very large. There is a lean into mid-market and UK technology providers.

Speaker #2: Is there anything extra you need to do beyond hiring and clearly delivering to spec when you look at your portfolio and the skills in order to execute on TAM?

Speaker #2: Thank you.

Speaker #1: Thanks, George. Yeah, yeah. It's certainly a kind of buoyant time in the market. In the public sector market at the moment, there's a lot of opportunity, there's a lot of transformation to go through.

Rory MacDonald: Thanks, George. Yeah, it's certainly a buoyant time in the market, in the public sector market at the moment. There's a lot of opportunity. There's a lot of transformation to go through. Within our business, there's obviously lots we need to do to continue to scale and to capture the opportunities. We have the right foundations and the right people in place across the organization to capture the opportunity that's ahead of us right now. Over a number of years, we have been investing, bringing the right people into different parts of the organization, building out new capabilities and new offerings to make sure we are well positioned to capture the end-to-end transformation opportunity that's occurring. We have a lot of those foundations in place.

Speaker #1: Within our business, there is obviously kind of lots we need to do to kind of continue to scale and to capture the opportunities. But we have the right foundations and the right people in place across the organization to kind of capture the opportunity that's ahead of us right now.

Speaker #1: Over a number of years, we have been investing in bringing the right people into different parts of the organization, building out new capabilities and new offerings to make sure we are well positioned to capture the kind of end-to-end transformation opportunity that's occurring.

Speaker #1: So we have a lot of those foundations in place. We need to execute and continue to grow with new contracts, deliver on those contracts, and make sure we build continue to kind of build the reputation that we've got in the market.

Rory MacDonald: We need to execute and continue to grow with new contracts, deliver on those contracts, and make sure we continue to build the reputation that we've got in the market. I think that if we can deliver on all that as we expect to do, we think we should do very well over the coming years.

Speaker #1: And I think that if we can deliver on all that as we expect to do, we think we should do very well over the coming years.

Speaker #2: Thanks for that. Four-fifths of revenue has come from customers active through the period. What does land and expand look like from a numbers perspective?

George O'Connor: Thanks for that. Four-fifths of revenue has come from customers active through the period.

George O'Connor: Thanks for that. Four-fifths of revenue has come from customers active through the period. What does land and expand look like from a numbers perspective? Any idea what your penetration rate is in your existing customer?

George O'Connor: What does land and expand look like from a numbers perspective? Any idea what your penetration rate is in your existing customer?

Speaker #2: Any idea what your penetration rate is in your existing customer base?

Speaker #1: Yeah, that's a good question. So that does vary by account. So we will see some of our some of the sort of larger departments where we will be sub three to five sub 3% of spend on digital technology at this point in time, where there'll be spending a billion a year on technology and we'll be the single diligent millions of revenue for organizations.

Rory MacDonald: Yeah, that's a good question. That does vary by account. We will see some of the larger departments, where we will be sub 3% of spend on digital technology at this point in time, where they'll be spending GBP 1 billion a year on technology, and we will be the single-digit millions of revenue for our organization. So a significant opportunity ahead. There are other parts of government where we've got a more established, larger percentage of spend coming through to the Made Tech organization. There can be some organizations where we may be 20%, 30% of the spend they're doing in digital will be through the Made Tech business. We will see different kind of percentages in different places. Overall, there's a huge amount for us to go for, though.

Speaker #1: So, a significant opportunity ahead. There are other parts of government where we've got a more established, larger percentage of spend coming through to the Made Tech organization.

Speaker #1: So it can be some organizations where we may be 20, 30% of the spend they're doing. In digital, we'll be through the May Tech business.

Speaker #1: So we will see different kind of percentages in different places. Overall, there's a huge amount for us to go for, though. I'd say we are a relatively early stage on what is a kind of long-term opportunity.

Rory MacDonald: I'd say we are at a relatively early stage on what is a long-term opportunity. There's a huge amount of demand we can capture from a number of the large incumbents, but also from the new programs where there are no incumbency yet. So significant opportunity ahead, relatively low market share, given the size of the TAM.

Speaker #1: There's a huge amount of demand we can capture from a number of the sort of large incumbents, but also from the new programs where there is no incumbency yet.

Speaker #1: So, significant opportunity ahead: relatively low market share, given the size of the TAM.

Speaker #2: Rory, do you need to hire into that sort of customer relationship people carrying guys and girls?

George O'Connor: Rory, do you need to hire into the customer relationship people, quota-carrying guys and gals?

Speaker #1: We do. We have hired people into those roles, and we will continue to hire people into those roles in the weeks and months ahead.

Rory MacDonald: We do. We have hired people into those roles, and we will continue to hire people into those roles in the weeks and months ahead. One of the areas we invest into is some of the key accounts we bring senior client director people into the organization to support the scale-up of certain client accounts, and there is definitely more of that that we need to be doing. We have invested into a number of people in the organization over the last six months. We have got somebody new who has joined the organization to lead strategic growth. But yeah, there is definitely more we can do there.

Speaker #1: One of the areas we invest into is some of the key accounts we bring kind of senior client director people into the organization to support the kind of scale up of certain client accounts.

Speaker #1: And there's definitely more of that that we need to be doing. We have invested in a number of people in the organization over the last six months.

Speaker #1: We've got somebody new who's joined the organization to lead strategic growth. But yeah, there's definitely more we can do there. And I guess the cash position, and sort of the balance sheet position, give us optionality around how and where we deploy that to maximize the opportunity and capture as much of it as possible.

Rory MacDonald: I guess the cash position and the balance sheet position give us optionality around how and where we deploy that to maximize the opportunity and capture as much of it as possible.

Speaker #2: Great stuff. Many thanks. Nice print.

George O'Connor: Great stuff. Many thanks. Nice print.

Speaker #1: Thanks, George.

Speaker #3: Thanks a lot, George.

Rory MacDonald: Thanks, George.

[Company Representative] (Canaccord Genuity): Thanks a lot, George. We'll take our next question from Robert Plant at H2Rador. Robert, please unmute and go ahead.

Simon McGarry: Thanks a lot, George. We'll take our next question from Robert Plant at H2Rador. Robert, please unmute and go ahead.

Speaker #1: We'll take our next question from Robert Plant at H2 Radner. Robert, please unmute and go ahead.

Speaker #2: Hi, Rory, Richard, and Simon. Three questions, please. There was a chart that showed the contracted backlog at 115 million in July and it looked like it had been the highest ever.

Robert Plant: Hi, Rory, Richard, and Simon. Three questions, please. There was a chart that showed the contracted backlog at GBP 115 million in July, and it looked like it had been the highest ever. Does that mean you've got the most revenue visibility at this stage than you've ever had? Secondly, Rory's mentioned the ambition to get to GBP 100 million of revenue. I think that's the first time that figure's been mentioned. What are the building blocks to get there? And related to that, we saw very good operational gearing. The EBITDA margin has gone from 7.5% to 10%. As you move to GBP 100 million, should we expect the same level of operational gearing? Or asked another way, how high could the margin go? Thanks.

Speaker #2: Does that mean you've got the most revenue visibility at this stage than you've ever had? Secondly, Rory's mentioned the ambition to get to £100 million of revenue.

Speaker #2: I think that's the first time that figure has been mentioned. What are the building blocks to get there? And related to that, we saw very good operational gearing, the EBITDA margin has gone from 7.5% to 10%.

Speaker #2: As you move to £100 million, should we expect the same level of operational gearing? Or, put another way, how high could the margin go? Thanks.

Speaker #1: Okay, so maybe if I take the starting on these. So, the £150 million backlog is one of our highest numbers, yes. I think it's also a clear sign of a change that we're starting to see, and we would hope to see more of—which is, we're winning larger and longer-term contracts with a number of multi-year deals. This puts us in, obviously, a very strong position in terms of our revenue visibility.

Richard Swinyard: Okay, so maybe if I take the starting on me. The GBP 150 million backlog is one of our highest numbers, yes. I think it's also a clear sign of a change that we're starting to see and we would hope to see more of, which is we're winning larger and longer term contracts. We've won a number of multi-year deals, which puts us in, obviously, a very strong position in terms of our revenue visibility and what we can see. Now, we appreciate that it's always going to be a little bit lumpy, but so long as we continue to prove ourselves to be a trusted partner, a high-performing delivery partner, we believe we can continue to grow that contracted backlog number, and we can continue to see increased revenue visibility as we look out through the future years.

Speaker #1: What we can see now is that we appreciate it's always going to be a little bit lumpy. But so long as we continue to prove ourselves to be a trusted partner—a high-performing delivery partner—we believe we can continue to grow that contracted backlog number, and we can continue to see increased revenue visibility as we look out through future years.

Speaker #1: I think, in terms of the margin question, that is something we have been very focused on—the importance of the high quality that comes with the revenue growth we're seeing.

Richard Swinyard: I think in terms of the margin question, that is something that we have been very focused on, the importance of the high quality that comes with the revenue growth that we are seeing. We are looking to build, as I say, those relationships within our core client base as well as bringing on the new clients. By doing that, we have been able to generate greater efficiency, greater operational effectiveness in terms of what we are doing. We have also been able to translate some of the services that we are providing to our own clients into our internal business, which has helped us significantly with controlling and managing our overheads and a strict cost discipline there. We do believe that this growth in our EBITDA percentages is a sustainable one.

Speaker #1: We are looking to build, let's say, those relationships within our core client base, as well as bring on new clients. By doing that, we have been able to generate greater efficiency and greater operational effectiveness in terms of what we're doing.

Speaker #1: We've also been able to translate some of the services that we're providing to our own clients into our internal business, which has helped us significantly with controlling and managing our overheads and maintaining strict cost discipline there.

Speaker #1: So we do believe that this growth in our EBITDA percentages is a sustainable one. We believe it's something that we can continue to do and we can continue to do it alongside making the investments we need into the business to have a growth model that's both sustainable and durable.

Richard Swinyard: We believe it is something that we can continue to do, and we can continue to do it alongside making the investments we need into the business to have a growth model that is both sustainable and durable. Sorry, I think Rob had a third question. Sorry, Robert, on me.

Speaker #1: Sorry, I think Robert had the third question. Sorry, Robert, on the—

Speaker #2: What was the third question, Robert? Could you repeat it? How did you get to £100 million?

Rory MacDonald: What was the third question, Robert? Could you repeat it?

Robert Plant: How do you get to GBP 100 million?

Speaker #1: How do we get to £100 million? It's relatively straightforward. Executing well for our customers, continuing to win new contracts within our existing customers, winning a few new customers, and there's a pretty clear path there.

Rory MacDonald: How do we get to GBP 100 million? It is relatively straightforward. Executing well for our customers, continuing to win new contracts within our existing customers, winning a few new customers, and there is a pretty clear path there. So it is just continuing to execute well and winning new contracts and expanding those contracts, which we are already well on the way to.

Speaker #1: So it's just continuing to execute well, winning new contracts, and expanding those contracts, which we're already kind of well on the way to.

Speaker #2: Great. Thanks, guys.

Robert Plant: Great. Thanks, guys.

Speaker #3: Thanks a lot.

[Company Representative] (Canaccord Genuity): Thanks for that. Our next question will come from Kai Korshold of Canaccord Genuity. Kai, unmute, and please ask your question.

Simon McGarry: Thanks for that. Our next question will come from Kai Korshold of Canaccord Genuity. Kai, unmute, and please ask your question.

Speaker #1: Our next question will come from Kai Kosheld at Canoco Juniority. Kai, unmute and please ask your question.

Speaker #2: Yeah, good afternoon, gents. Just connecting on the, I guess, sort of growth question. If you had to sort of rank, I guess, the growth opportunities and between sort of land and expands, so growing with existing customer base, winning some of these large, spending departments, and then some of the new adjacent verticals like defense or healthcare, kind of on a two to three of you, which of those or how would you rank those opportunities?

Kai Korshold: Yeah. Good afternoon, gents. Just connecting on the, I guess, sort of growth question. If you had to sort of rank, I guess, the growth opportunities between sort of land and expand, so growing with existing customer base, winning some of these large spending departments, and then some of the new adjacent verticals like defense or healthcare. On a two to three of you, which of those, or how would you rank those opportunities, was the first question. The second one was just around the balance sheet and capital allocation. In one or two years' time, is it more likely you would have spent some of the cash on M&A or perhaps some cash returns to shareholders? Thank you.

Kai Korschelt: Yeah. Good afternoon, gents. Just connecting on the, I guess, sort of growth question. If you had to sort of rank, I guess, the growth opportunities between sort of land and expand, so growing with existing customer base, winning some of these large spending departments, and then some of the new adjacent verticals like defense or healthcare. On a two to three of you, which of those, or how would you rank those opportunities, was the first question. The second one was just around the balance sheet and capital allocation. In one or two years' time, is it more likely you would have spent some of the cash on M&A or perhaps some cash returns to shareholders? Thank you.

Speaker #2: What was the first question? And then the second one was just around the balance sheet and capital allocation. In sort of one or two years’ time, is it more likely you would have spent some of the cash on M&A or perhaps some cash returns to shareholders?

Speaker #2: Thank you.

Speaker #1: Sure thing. Yeah, I'll start on the first part. I'll hand over to Richard for the second part. But in terms of kind of how we kind of rank the kind of different opportunities, I think for me, the foundation of growth has to come from great delivery for our customers, delivering really well, and then build on that.

Rory MacDonald: Sure thing. I will start on the first part. I will hand over to Richard for the second part. But in terms of how we rank the different opportunities, I think for me, the foundation of growth has to come from great delivery for our customers, delivering really well, then building on that. I think the existing customers we got will underpin the vast majority of what we need to do to drive the top line growth. That is the foundation. We need to get that right. That has got to be the number one. The first thing we have got to do. The second thing then is the customers in the existing parts of the market we play in, expanding into those. There are clear routes to doing that.

Speaker #1: So I think the existing customers we got will underpin the vast majority of what we need, what we need to do to kind of drive the kind of the top line growth.

Speaker #1: That's the foundation. We need to get that right, so that has got to be the number one—right, the first thing we've got to do.

Speaker #1: The second thing, then, is the customers in the existing parts of the market we play in—expanding into those. And there are clear routes to doing that.

Speaker #1: There's a lot of movement of clients between government organizations, and that enables us to open doors and get into new areas. So, to me, that's number two, right?

Rory MacDonald: There is a lot of movement of clients between government organizations, and that enables us to open doors and get into new areas. To me, that is number two. Executing on that, getting into a number of those areas. Then number three for me is these new parts, areas like defense, where there is significant spend going through. This is the thing we have to balance. When there is significant increase in spend and allocation of funding to new areas and there are digital opportunities, sometimes they can be easier to get to than spend within a new area where we are more closely established.

Speaker #1: Executing on that, getting into a number of those areas. And then number three for me is these new parts areas like defense, where there is significant spend going through.

Speaker #1: And this is the thing we have to balance. When there is significant increase in spend and allocation of funding to new areas, and there is digital opportunities, sometimes they can be easier to get to.

Speaker #1: Then spend within sort of new areas where we're more and more closely established. So my sort of position would be that would be the third priority.

Rory MacDonald: My position would be that would be the third priority, but we will look very closely at government priorities and where they are allocating money to make sure we are allocating and prioritizing based on how we can grow the business in the right way. The other thing to say there is that we are very deliberately trying to build a balanced business across multiple areas of the public sector. We do not want to be overly exposed in just one area, because we want to make sure that as government decisions evolve, priorities evolve, that we have got a good balance across lots of different areas of the public sector. That is the other strategic imperative that makes us think about some of these other areas outside of the core that we operate in today. Yeah, that is how I would rank them.

Speaker #1: But we will look very closely at government priorities and where they're allocating money, to make sure we are allocating and prioritizing based on how we can grow the business in the right way.

Speaker #1: The other thing kind of to say there is that we're very deliberately trying to build a balanced business across multiple areas of the public sector.

Speaker #1: We don't want to be overly exposed in just one area, because we want to make sure that as government decisions evolve, priorities evolve, that we've got a good balance across lots of different areas of the public sector.

Speaker #1: So that's the other sort of strategic imperative that kind of makes us think about kind of some of these other areas outside of the kind of core that we're operating in today.

Speaker #1: Yeah, that's how I would rank them. Richard, I'll hand over to you to talk. Second question: capital allocation.

Rory MacDonald: Richard, I will hand over to you to talk second question, capital allocation.

Speaker #3: Yeah, thank you, Kai. I think first and foremost, I was starting point is we want to make sure that the business continues to be cash generative so that the business is self-funding itself.

Richard Swinyard: Yeah. Thank you, Kai. I think first and foremost, our starting point is we want to make sure that the business continues to be cash generative so that the business is self-funding itself, is creating the working capital flows to enable us to make the investments decisions we want to make, both to ensure high quality delivery today, but also we're building those pipelines, we're building future revenue visibility for future years. That is important. With the scale of organic growth we have at the moment, we would be looking in terms of capital, if you're talking out a couple of years' time, for increased and improved capabilities across the whole business, being able to stay agile and flexible so that we can pivot to opportunities that arise very quickly.

Speaker #3: It's creating the working capital flows to enable us to make the investments decisions we want to make, both to ensure high-quality delivery today, but also we're building those pipelines, we're building the future revenue visibility for future years.

Speaker #3: And that is important. With the scale of organic growth we have at the moment, we would be looking in terms of capital, if you're talking about a couple of years' time, for increased and improved capabilities across the whole business—being able to stay agile and flexible so that we can pivot to opportunities that arise very quickly.

Speaker #3: We recognize that having that cash on the balance sheet is very important in that perspective to have that sort of strategic asset that enables us to make those decisions quickly.

Richard Swinyard: We recognize that having that cash on the balance sheet is very important in that perspective to have that sort of strategic asset that enables us to make those decisions quickly. In terms of M&A activity, as Rory said earlier, it's something that we're certainly talking about. It's something that we're looking at, but we will do it with a very strict and controlled discipline to ensure that if we do go down that route, we only do it if it has a shareholder value within it. With the scale of organic growth we have at the moment, we will only consider certain opportunities within that M&A space, and we don't feel that it's something we have to do just for the sake of doing it.

Speaker #3: In terms of M&A activity, as Rory said earlier, it's something that we're certainly talking about. It's something that we're looking at, but we will do it with very strict and controlled discipline to ensure that if we do go down that route, we only do it if it has shareholder value within it.

Speaker #3: With the scale of organic growth we have at the moment, we will only consider certain opportunities within that M&A space. And we don't feel that it's something we have to do just for the sake of doing it.

Speaker #3: We feel if we do it, it's because it has a real value-add to the business and can help us go on the growth journey to the £100 million that Rory talked about.

Richard Swinyard: We feel if we do it's because it has a real value add to the business and can help us go on the growth journey to the GBP 100 million that Rory talked about.

Speaker #2: Thank you.

Kai Korshold: Thank you.

Kai Korschelt: Thank you.

Speaker #1: That's great. Thank you very much, Kai. Thank you very much. That concludes our Q&A session on the call today. Thanks for joining us online, and we hope you found the event useful.

[Company Representative] (Canaccord Genuity): That's great. Thank you very much, Kai. Thank you very much. That concludes our Q&A session on the call today. Thanks for joining us online, and we hope you found the event useful. Please reach out if there are any issues you'd like to discuss in more detail, and we'll be happy to revert. Good afternoon, everybody.

Simon McGarry: That's great. Thank you very much, Kai. Thank you very much. That concludes our Q&A session on the call today. Thanks for joining us online, and we hope you found the event useful. Please reach out if there are any issues you'd like to discuss in more detail, and we'll be happy to revert. Good afternoon, everybody.

Speaker #1: Please reach out if there are any issues you'd like to discuss in more detail, and we'll be happy to revert. Good afternoon, everybody.

Speaker #2: Thanks all.

Rory MacDonald: Thanks all.

Richard Swinyard: Thank you.

[Company Representative] (Canaccord Genuity): I think we need to

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