28 May 2024
Big Technologies plc
("Big Technologies" or the "Company" and the "Group")
AGM Statement
Big Technologies plc, the UK-based, remote people monitoring technology company provides the following trading update ahead of its Annual General Meeting ("AGM") in London later today.
At the meeting, Simon Collins, Chair of Big Technologies plc will make the following statement:
"Since the announcement of our full year results in March 2024, the Board is pleased to report that the Group continues to perform in line with our expectations for the current year.
In the four months ending April 2024, we have recorded unaudited consolidated revenue of £18.5 million, which is unchanged from that achieved over the same period in 2023. As previously announced, revenues from our contract in Colombia will end in the first half of the year as the customer makes the transition to a new supplier. As a result, revenue is expected to be lower in the second half of the year, versus the first half.
In the US we have started to see some early successes and have added a number of smaller accounts as our new business development efforts gain traction. Overall, the forward visibility from our core global customer base remains excellent - 86% of the revenue from our largest customers is contracted beyond the end of 2026.
Our financial expectations for 2024 are unchanged and the Board remains confident of delivering results in line with current market expectations(1).
Our products and technology deliver benefits for society across the globe. In the criminal justice sector our products facilitate a shift towards rehabilitative community-based sentencing which reduces recidivism and keep communities safer. In the remote care sector our technology helps people live happier, healthier and more independent lives.
Drivers for continued growth across both sectors remain strong in the medium-term. With our clear strategy and market-leading products, we are well positioned to generate strong cash flow and expect a return to growth in 2025 and beyond."
(1) Latest company compiled view of market expectations show adjusted EBITDA of £27.0 million to £29.5 million (stated before share-based payments).
For further information please contact:
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Big Technologies |
+44 (0) 19 2360 1910 |
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Sara Murray (Chief Executive Officer) Daren Morris (Chief Financial Officer) |
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Zeus (Nominated Adviser and Sole Broker) |
+44 (0) 20 3829 5000 |
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Dan Bate / Kieran Russell (Investment Banking) Benjamin Robertson (Equity Capital Markets) |
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