REG - Big Technologies PLC - Trading Update

Big TechnologiesAnnouncement

Tue 07:00

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RNS Number : 9351R  Big Technologies PLC  22 July 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", together with its subsidiaries the
"Group")

Trading Update

Big Technologies plc (AIM: BIG), a leading provider of electronic monitoring
solutions for criminal justice and remote care, provides the following update
for the six months ended 30 June 2025.

Highlights

·      Total Group revenues of approximately £24.8m (H1 2024: £26.5m),
£26.1m on a constant currency(1) basis;

 

·      Criminal Justice revenues of approximately £24.5m (H1 2024:
£26.2m). Underlying revenue growth of 4% when excluding the Colombia
contract;

 

·      Other revenues, including Remote Care revenues were flat in the
period at £0.3m (H1 2024: £0.3m);

 

·      Two new contracts commencing in H2 2025: Northern Ireland
Department of Justice and enlarged renewal of Queensland Corrective Services
contract;

 

·      Adjusted EBITDA(2) of approximately £12.5m (H1 2024: £14.3m),
which excludes an exceptional foreign exchange loss of £4.0m in relation to
US Dollar balances held in anticipation of a potential acquisition; and

 

·      Strong balance sheet with net cash of £94.9m.

 

The Group expects to report revenues for the first half of approximately
£24.8m (H1 2024: £26.5m). The Group has continued to see a steady increase
in demand for its products from Criminal Justice customers with underlying
revenue growth of 4% excluding the Colombia contract from H1 2024.

There has been no impact on the Group from US tariffs during the period.

The gross margin remains high at approximately 67.5% (H1 2024: 70%). This
represents a small reduction of 0.6% from FY 2024.

Underlying administrative expenses(3) were steady with H1 2024 resulting in
Adjusted EBITDA of approximately £12.5m in H1 2025 (H1 2024: £14.3m).
Adjusted EBITDA excludes an exceptional foreign exchange loss of £4.0m. The
Group held a significant cash balance in US Dollars at 31 December 2024 in
anticipation of a potential US acquisition in early 2025. With the acquisition
not proceeding, the cash has now been repatriated.

The Group retains a robust balance sheet, with net cash increasing from
£93.9m at 31 December 2024 to £94.9m at 30 June 2025 (30 June 2024: £92.9m)
notwithstanding the impact of the foreign exchange loss on US Dollar balances
since repatriated and continuing litigation costs.

BIG expects to release its interim results for the six months ended 30 June
2025 on 30 September 2025.

 

(1) Constant currency is calculated by recalculating H1 2025 revenues using
prevailing average foreign exchange rates from H1 2024.

(2) Adjusted EBITDA excludes share-based payments and adjusting items

(3) Underlying administrative expenses excludes share-based payments,
adjusting items and the impact of all foreign exchange rate fluctuations

( )

( )

Ian Johnson, Big Technologies CEO, said:

"Significant progress has been made in establishing a new organisation and
management structure to drive growth in our core markets of Criminal Justice
and Remote Care.

The Group remains well-positioned with the financial flexibility to continue
to invest in product and market development. The electronic monitoring market
continues to experience significant tailwinds, which together with a clear
growth strategy and market leading products, places the Group in a strong
position to compete for new business globally.

Following the announcement earlier this year regarding the award of the
Northern Ireland contract by the Department of Justice, I am delighted to say
that the Company is now able to announce that the Group has resecured the
Queensland Corrective Services contract.  This is a five-year agreement,
with the potential for two additional two-year extension periods. The
expected total contract value for the initial 5 year period is AUD 22m, and
represents an increase of AUD 4.9m from the previous arrangement over the
initial period.

I would like to thank our employees, who despite significant disruption during
the period, displayed great resilience and continued to maintain momentum in
the business.  I would also like to thank our shareholders for their
continued support and look forward to providing a further update at the time
of the Interim results."

 

-Ends-

 

Enquiries

 Big Technologies plc                                +44 (0) 192 360 1910

 Ian Johnson (Chief Executive Officer)

 Mike Johns (Chief Financial Officer)

 Zeus (Nominated Adviser and Joint Broker)            +44 (0) 203 829 5000
 Dan Bate / Kieran Russell (Investment Banking)
 Benjamin Robertson (Equity Capital Markets)

 Singer Capital Markets (Joint Broker)                                 +44 (0) 207 496 3000
 James Moat / James Todd (Investment Banking)

 

About

Big Technologies is a market leader in the remote personal monitoring
industry, operating under the trusted 'Buddi' brand. The Company delivers
innovative, high-quality solutions that combine advanced hardware and software
to support the monitoring of individuals in both the criminal justice and
remote care sectors.

Through its integrated technology platform, Big Technologies offers
state-of-the-art Electronic Monitoring solutions on a subscription-based,
SaaS-like model. This platform is highly flexible and scalable, enabling
tailored deployments across diverse use cases and geographies.

The Company's core technologies are designed to meet the evolving needs of
governments, agencies, and care providers, ensuring safety, compliance, and
peace of mind through reliable, real-time monitoring.

 

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