REG - Big Technologies PLC - AGM Statement

Big TechnologiesAnnouncement

28/05/2024 07:00

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RNS Number : 8552P  Big Technologies PLC  28 May 2024

 

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:

 

 Big Technologies                                +44 (0) 19 2360 1910
 Sara Murray (Chief Executive Officer)

 Daren Morris (Chief Financial 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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