REG - Big Technologies PLC - CEO Suspension

Big TechnologiesAnnouncement

18/03/2025 13:00

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RNS Number : 1583B  Big Technologies PLC  18 March 2025

18 March 2025

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.

 

Big Technologies plc

("Big Technologies" or the "Company" and the "Group")

CEO Suspension

Big Technologies plc, the UK-based remote people monitoring technology
company, announces that owing to concerns in respect of Sara Murray's conduct
which have recently become apparent in connection with the subject matter and
conduct of the Litigation (defined below) following proactive steps taken,
under the lead of Alexander Brennan, Interim Chairman of Big Technologies, the
Company will undertake further investigations.  Whilst those investigations
are underway the Board has resolved to suspend Sara Murray from her role as
Chief Executive Officer with immediate effect.

As previously announced, the Company continues to defend a claim filed with
the High Court of Justice of England and Wales in 2023.  The claim has been
brought by a small number of former shareholders in Buddi Limited, a
subsidiary of the Company, relating to the acquisition of Buddi Limited,
dating back to 2018 (the "Litigation"). The Company continues to review its
position and to take advice from its Legal Counsel in connection with all
aspects of the Litigation and the Board will provide further updates in
relation to the Litigation as necessary.

During the period of Sara Murray's suspension, Daren Morris, the current Chief
Financial Officer of the Company will assume the role and responsibilities of
interim Chief Executive Officer to provide leadership and ensure business
continuity.

 

Charles Lewinton in his role as Chief Operating Officer will continue to work
with Daren Morris to ensure operational continuity.

 

Current Trading and Outlook

The Group has had a positive start to the financial year and continues to
perform in line with current market expectations*.  The Group had cash
balances in excess of £100 million as at the end of February 2025.

As stated in the Trading Update which the Company announced on 28 January
2025, visibility on the base-level of business for 2025 is very good and the
Company expects to see growth in the Monthly Recurring Revenue throughout the
year, assuming no adverse movements in foreign exchange. Group sales and
profitability are still expected to remain in line with current market
expectations*, and the start of the current financial year has been positive.

The Group is well-positioned, with the financial flexibility to invest in new
technologies, and has a clear strategy for business development and investment
in target markets, where it is currently under-represented. The electronic
monitoring market remains supported by favourable tailwinds and with the
Group's clear strategy and market-leading products, the Board remains
confident that the Group will return to growth with 2025 Revenues exceeding
those achieved in 2024.

*    The Company has compiled forecasts from five analysts with current
market forecasts for 2024 revenue to be in the range of £50.0 to £50.2m,
with a consensus of £50.1m, and for adjusted EBITDA to be in the range
of £26.0 to £27.1m, with a consensus of £26.7m.

 

 

For further information please contact:

 

 Big Technologies                                  +44 (0) 19 2360 1910
 Alexander Brennan (Interim Chairman)

 Daren Morris (Interim Chief Executive Officer)
 Zeus (Nominated Adviser and Sole Broker)          +44 (0) 20 3829 5000
 Dan Bate / Kieran Russell (Investment Banking)

 Benjamin Robertson (Equity Capital Markets)

 

 

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