Trading Statement

Big Technologies plc, the UK-based remote people monitoring technology company, issues the following trading update ahead of the announcement scheduled for 2 April 2025 of its full year results for the year ended 31 December 2024.

The Group has continued to perform in line with the board's expectations with revenue for the year ended 31 December 2024 expected to be £50.3 million (2023: £55.2 million) and adjusted EBITDA to be £27.0 million (2023: £33.0 million). These results are in line with current market expectations and reflect the ongoing investment made in expanding our business development effort in the US market1, which is starting to show positive results, in terms of new customer wins.

Outlook for 2025

The 2024 full year performance reflects the loss of revenue from a former customer in Colombia, from May 2024 onwards. As a result, and as previously described in the Group's H1 2024 financial results published in September 2024, revenue was lower in the second half of 2024, versus the first half of the year. Monthly Recurring Revenue (MRR), which is the exit run rate of monthly recurring revenue in the last month of the reporting period was £4.0 million (H1 2024 £3.9 million). The MRR figure gives the Group visibility over its future revenues derived from its long-term contracts.

Visibility on the base-level of business for 2025 is very good and we expect to see growth in the MRR as we make progress throughout the year, assuming no adverse movements in foreign exchange. As a result, we expect Group sales and profitability for 2025 to be at a similar level to that achieved in 2024, which remains in line with current market expectations.

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 is confident that the Group will return to growth in the near term.

1: 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.