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
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+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)
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+44 (0) 20 3829 5000
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Dan Bate / Kieran Russell
(Investment Banking)
Benjamin Robertson (Equity
Capital Markets)
|
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