Half-year Results
Big Technologies PLC reported unaudited results for the six months ended 30 June 2026, showing a 5% constant currency growth in Annual Recurring Revenue to £53.2m and a 6% constant currency revenue increase to £26.9m. Adjusted EBITDA grew 14% to £14.2m, and Adjusted Free Cash Flow was £9.6m, up £2.9m from the prior year, partly due to reduced legal fees from £5.3m to £2.6m. The company's cash position stands at £67.1m after making £33.4m in settlement payments for the Buddi Litigation. The board is confident that full-year results will be marginally ahead of market consensus.
| Half year to 30 Jun 2026 | Now | Year before | Change |
|---|---|---|---|
| Revenue | £26.9m | £24.8m | +8.6% |
| Operating profit | £9.1m | (£27.1m) | |
| Adj. EBITDA | £14.2m | £12.5m | +13.4% |
| Profit before tax | £9.5m | (£25.7m) | |
| Net income | £7.7m | (£28.9m) | |
| Cash from operations | (£24.2m) | £5.4m | |
| Cash | £67.1m | £96.7m | −30.6% |
Figures as reported, converted to £ where needed – see all financials.
Select text to share a quote on X · sign in to keep highlights & notes in your BIG notes
Big Technologies plc (AIM: BIG), a leading provider of electronic monitoring solutions today announces its unaudited results for the six months ended 30 June 2026 ("H1 2026").
Financial Highlights
- Constant currency ARR1 growth of 5% driven by strong new business success across the Americas and EMEA. ARR increased to £53.2m (H1 2025: £50.9m2)
- Revenues of £26.9m (H1 2025: £24.8m, £25.4m on a constant currency basis2), constant currency growth of 6% driven by new business wins coming online in the period.
- Resilient gross margins of 66.7% (H1 2025: 67.5%) reinforced by disciplined cost-base approach.
- Adjusted EBITDA3 grew 14% to £14.2m (H1 2025: £12.5m) reflecting both the Group's growing revenue and disciplined cost-neutral approach to investment in 2025.
- Adjusted Free Cash Flow4 was £9.6m compared with £6.7m in H1 2025. The increase of £2.9m Adjusted Free Cash Flow reflects the Group's strong underlying cash generation. Exceptional cash outflows in relation to legal fees reduced from £5.3m in H1 2025 to £2.6m in H1 2026.
- Balance sheet remains strong following initial settlement payments in relation to the Buddi Litigation, with cash of £67.1m (H1 2025: £96.7m). Settlement payments of £33.4m were made in H1 2026.
Financial Progress
| £m (unless otherwise stated) | H1 2026 | H1 2025 |
|---|---|---|
| Annual Recurring Revenue ("ARR") and Revenue | ||
| Total ARR | 53.2 | 50.9 2 |
| Revenue | 26.9 | 25.4 2 |
| Profit and EPS | ||
| Gross Margin | 67% | 68% |
| Adjusted EBITDA 3 | 14.2 | 12.5 |
| Adjusted EBITDA 3 margin | 53% | 50% |
| Adjusted Operating Profit 3 | 11.4 | 9.5 |
| Statutory Operating Profit/(loss) | 9.1 | (27.1) |
| Adjusted basic Earnings per Share 3 | 3.5 | 2.8 |
| Cash and Balance Sheet | ||
| Cash at bank | 67.1 | 96.7 |
| Adjusted free cash flow 4 | 9.6 | 6.7 |
Operational highlights
- Contract awarded to Buddi and partner, Sonda SA, for the Gendarmerie of Chile. The contract is for 7 years with total revenues expected to be c. $26m.
- Further success in Latin America following the recent award of the Peru contract, which is expected to generate $0.6m revenue over the two-year contract period, in addition to a recent award for a Mexican municipality.
- US momentum continues to build, with recent contract wins in Westchester, New York, California, Ohio and Indiana, as well as the renewal of the statewide contract in Tennessee, reinforcing the scale of the opportunity in the Group's largest addressable market.
- Guatemala renewal secured for 3-year period following a competitive tender process, demonstrating the reliability and value of the Buddi solution.
- Settlement of the Buddi Litigation for £38.5m in January 2026. The Group continues to pursue the SM Proceedings and/or any settlement related thereto.
- Well positioned for further growth in H2 2026 and beyond following the Chile contract win, three-year Guatemala renewal and six new wins in the US, supported by new product success with AlcoTag and AlcoBreath. Board is confident that results will be marginally ahead of market consensus5 for 2026.
Commenting on the results, Charles Lewinton, Acting CEO, said:
"I am delighted with the continued progress made by the Group in the first half of 2026. We have continued to perform strongly and are exceptionally well positioned in the electronic monitoring industry to accelerate growth in future periods.
Following a year of transition, I am particularly proud of how well the team has performed. Their focus, resilience and commitment have strengthened the Group, leaving us well positioned to push on with an excellent global team with our market-leading product set.
The Group's recent successes give us a strong platform from which to win more contracts, deepen our presence in existing markets and convert the significant pipeline of opportunities ahead."
1 ARR is the value of continuing revenue from recurring accounts at a specific point in time, normalised to a one-year period. ARR is not recognised on contracts for which revenue has yet to commence.
2 Constant currency is calculated by recalculating H1 2025 revenues using prevailing average foreign exchange rates from H1 2026, and by recalculating prior period ARR at the prevailing rate at the balance sheet date.
3Adjusted EBITDA and Adjusted Operating Profit exclude share-based payments and other adjusting items, including but not limited to provisions for legal expenses in relation to ongoing litigation and associated costs relating to the legal proceedings. Adjusted Operating Profit also excludes the amortisation of acquired intangibles. Adjusted Basic Earnings per Share excludes all of the above and the tax effect of these adjustments.
4Adjusted Free Cash Flow in the period is defined as Operating Cash Flows less capital expenditure excluding exceptional cash flows in the period. Exceptional cash flows in both periods include but are not limited to legal fee expenses incurred in relation to litigation. H1 2025 also excludes both a cash inflow of £5.2m in relation to the reversal of previously adopted tax treatment of a warrant exercised in 2021, and the cash outflow impact of an exceptional foreign exchange loss of £4.0m relating to funds held in USD in anticipation of an acquisition.
5The Group has compiled forecasts from five analysts, with current market forecasts for 2026 revenue to be in the range of £50.5m to £52.2m, with consensus of £51.1m, and for adjusted EBITDA to be in the range of £24.7m to £25.9m, with a consensus of £25.3m.
Overview
The Group has made a strong start to 2026 and has returned to growth and profitability in the first half of the year whilst maintaining the strong new business momentum from 2025.
Significant Opportunity
Buddi Limited ("Buddi") is exceptionally well positioned in the growing electronic monitoring market worldwide. Prison overcrowding is a global problem, and electronic monitoring provides a cost-effective solution.
Buddi's industry-leading portfolio of electronic monitoring solutions is uniquely positioned to address the complex and evolving challenges faced by governments and public sector agencies worldwide. The Group offers a comprehensive suite of Radio Frequency ("RF"), GPS and alcohol monitoring technologies, providing customers with a flexible and integrated platform that supports a wide range of public safety and offender management programmes.
Designed with security, reliability and wearer comfort at their core, Buddi's solutions deliver superior outcomes through increased wearer compliance and engagement, enhanced monitoring visibility, and a lower total cost of ownership. Continuous investment in innovation ensures that customers benefit from the latest advances in monitoring technology, a key factor underpinning Buddi's success in securing new contracts and renewing long-standing customer relationships.
Beyond its technology capabilities, Buddi has established itself as a trusted strategic partner to government agencies. The Group is recognised for consistently delivering high-quality services and support, combining operational excellence with deep sector expertise. Its proven track record of implementing complex programmes on time and to a consistently high standard has earned Buddi a strong reputation for reliability, responsiveness and customer success.
Alcohol Monitoring
Alcohol monitoring is the fastest growing area within the electronic monitoring industry and Buddi has two market-leading solutions; the AlcoTag and AlcoBreath. The AlcoTag has been in the market for 2 years and has shown significant growth in that time, setting a new standard for combined Alcohol and GPS solutions.
AlcoTag combines real-time alcohol monitoring with live GPS tracking, allowing officials to intervene swiftly in the event of non-compliance. The AlcoTag is the only solution able to combine both real-time alcohol and live location monitoring. The Group is currently developing the second iteration of the model which will significantly reduce the size of the unit, while ensuring no loss of functionality.
AlcoBreath is the Group's newest offering, and is already receiving strong interest and uptake. The product is targeted toward compliance-based cohorts and allows a more discreet solution that continues to monitor both alcohol intake and location. The AlcoBreath is the only remote breath product on the market which includes real time tracking options, fully automated facial recognition, spoofing detection, and accurate breath alcohol readings.
The inherent complexity in the production of alcohol monitoring products allows for higher margins on these products than the Group's other products. The acceleration of growth of these products in the US reinforces the regional margin, despite the competitive nature of the electronic monitoring market in the US.
Location Monitoring
The Group has solutions for both GPS and RF monitoring, as well as solutions supporting victims of domestic violence. The Group has also been developing a wrist-worn solution with a partner to complete the Group's offering to governments.
Buddi's GPS solution, SmartTag, includes various technologies not seen in some other solutions such as combined location tracking, shielding detection and dual SIM cards. The SmartTag continues to receive upgrades with future versions already in development to increase GPS accuracy, battery life and robustness.
New Business Wins
The Group's return to growth has been underpinned by its strong performance in new business. Revenue growth in the first half was driven by contract wins achieved in H2 2025, including Lithuania, Latvia, Prince Edward Island, and multiple wins across the US and other European jurisdictions.
This momentum has continued in the period, with the Group, together with its partner, Sonda SA, awarded a contract with the Gendarmerie in Chile. The Group also continued to win contracts across the US in the first half of 2026, with 23 wins in the period.
Following the period end, the Group has achieved further new business success, securing a contract in Peru, further strengthening the Group's growing presence in Latin America.
Renewal Success
The Group has also been successful in driving a client focused mindset across the business, which has resulted in a resilient and loyal client base.
In the first half, the Group succeeded in renewing its Guatemala contract for a further three-year period. This renewal followed other extensions during H2 2025 in Australia. Client happiness remains a key focus for the team and continued renewals are testament to the hard work of the wider team in driving client focused results.
People and organisation
Following the appointment of Charles Lewinton as Acting CEO, the Group's leadership has been streamlined, with a smaller number of globally accountable leaders in the business. This approach allows the Group to take a coordinated approach commercially and operationally. Among other key leadership changes, Mike Johns has taken the position of Chief Operating Officer in conjunction with his role as Chief Financial Officer. Completing the Group's streamlined leadership team are Sarah Bodel, who becomes Chief Commercial Officer, and Chris Jakeman, who becomes Chief Technology Officer.
The executive team is supported by our highly capable colleagues in the wider business, delivering best in class service to our expanding global client base.
Outlook
Following a strong first half of the year and positive new business and renewal momentum following the period end, the Board is now confident that performance will be marginally ahead of market expectations5 for 2026.
Financial Performance
The Group delivered a strong financial performance in the first half of 2026, demonstrating a return to growth and profitability, supported by resilient gross margins and a controlled cost base.
Recurring Revenues
Total ARR at 30 June 2026 was £53.2m (H1 2025: £50.9m on a constant currency basis), representing constant currency growth of 5%. Constant currency ARR growth of 5% is driven by strong new business wins in EMEA and the Americas.
Net revenue retention for the Group for the year to 30 June 2026 was 98% (H1 2025: 102%). The reduction in net revenue retention in the period related to the ending of one immigration related contract in Australia. The government programme in Australia received a legal challenge which resulted in the scheme being withdrawn. Excluding this contract, the net revenue retention for the period would have been 100%.
The Group's ARR of £53.2m provides strong visibility of future revenues, derived from long term contracts.
Revenue
Total revenue for the six months ended 30 June 2026 grew to £26.9m (H1 2025: £24.8m). Adjusting H1 2025 revenues for constant currency using average exchange rates for the first half of 2026, would have resulted in revenues being £25.4m as opposed to £24.8m. On a constant currency basis, revenues in the first half of 2026 were 6% higher than revenues in the first half of 2025. All regions experienced growth in the period.
Gross Profit
Gross profit for the six months to 30 June 2026 was £18.0m (H1 2025: £16.7m), an increase of £1.3m. Gross margin for the six months to 30 June 2026 was 66.7% (H1 2025: 67.5%), a reduction of 80 bps.
The reduction in gross margin was anticipated and was principally driven by the commencement of the full-service Northern Ireland contract in the period which has a lower margin profile.
Administrative Expenses
Underlying administrative expenses, which adjust for exceptional items and share-based payment expense/credit, fell from £7.2m to £6.6m, demonstrating the effect of efficiencies generated in H2 2025 and the continuing disciplined approach to the cost base of the Group.
Total administrative expenses for the six months to 30 June 2026 were £8.9m (H1 2025: £43.9m), with H1 2025 impacted by the provision made in relation to the Buddi Litigation.
Included within administrative expenses for the six months to 30 June 2026 are research and development costs of £1.7m (H1 2025: £1.9m). Development costs of £0.5m have been capitalised in the six months to 30 June 2026 (H1 2025: £0.6m).
Non-Underlying Items
The Group also incurred additional legal and other litigation related costs of £1.8m (H1 2025: £42.6m, of which the majority related to increased provisions of £35.8m). At the start of H1 2026, a settlement was agreed in relation to the Buddi Litigation. The Group continues to pursue the SM Proceedings, to which the majority of the non-underlying fees in the period relate. No amounts potentially recoverable from Sara Murray or others have been recognised in these results.
In the six months to 30 June 2026, a share-based payment charge of £0.2m (H1 2025: credit of £11.2m) was recognised, relating to the LTIP scheme and final tranche of growth shares. The prior period share-based payment credit related to the unwinding of the growth share charges in relation to bad leavers from the scheme.
Taxation
The total tax charge for the six months ended 30 June 2026 was £1.8m (H1 2025: £3.2m). On an adjusted basis, the total tax charge for the Group was £1.7m (H1 2025: £1.7m), representing an effective tax rate of 15% (H1 2025: 15%).
The Group continues to review potential tax implications arising from ongoing litigation processes.
Statutory Results
The Group reported a profit for the six months ended 30 June 2026 of £7.7m (H1 2025: loss of £28.9m). The improvement year on year was a result of prior year provisioning for ongoing litigation, now settled, and a prior year exceptional foreign exchange loss in relation to the repatriation of funds held in anticipation of an acquisition.
Earnings per Share
Adjusted Basic Earnings per Share increased to 3.5 pence (H1 2025: 2.8 pence). Basic earnings per share increased from a 10.0 pence loss per share - as a result of the provisioning in relation to ongoing litigation put in place during the six months to 30 June 2025 - to 2.6p earnings per share.
Statement of Financial Position
The Group retains a strong balance sheet with net assets at 30 June 2026 of £99.0m (30 June 2025: £85.4m). The net asset position has strengthened as a result of the return to profitable trading.
The Group's balance sheet is underpinned by a strong cash position at 30 June 2026 of £67.1m (30 June 2025: £96.7m). The reduction in the Group's cash from 2025 relates to payments made in relation to the Buddi Litigation.
Trade debtors at 30 June 2026 were £5.5m (30 June 2025: £6.4m). Of total trade debtors of £5.5m, £0.1m were overdue as at 30 June 2026 (30 June 2025: £0.7m). Trade debtors have benefited from the implementation of weekly debt reporting within the business.
Provisions were £1.1m at 30 June 2026 (30 June 2025: £42.7m) and related principally to fees expected to be incurred to settlement. No legal fees have been provided in relation to ongoing litigation beyond 30 June 2026, which will be expensed as incurred.
Cash flow
Adjusted free cash flow for the six months ended 30 June 2026 was £9.6m (H1 2025: £6.7m) demonstrating strong cash conversion in the period.
Statutory net cash outflow from operating activities for the six months to 30 June 2026 was £24.2m (H1 2025: inflow of £5.4m). Of the cash outflow in the period, £33.4m related to payments in relation to the settlement of the Buddi Litigation. Exceptional cash outflows in relation to legal fees reduced to £2.6m in H1 2026 (H1 2025: £5.3m).
Statement on Principal Risks and Uncertainties
Pursuant to the requirements of the Disclosure and Transparency Rules the Group provides the following information on its principal risks and uncertainties. The Group considers strategic, operational and financial risks and identifies actions to mitigate those risks. These risk profiles are updated at least annually. The principal risks and uncertainties detailed within the Group's 2025 Annual Report remain applicable for the first six months of the financial year. The Group's 2025 Annual Report is available from the Big Technologies website: https://www.buddi.com/investors/
Related party transactions during the period are disclosed in Note 13.
Unaudited condensed consolidated statement of comprehensive income
for the six months ended 30 June 2026
| Unaudited six months ended 30 June 2026 £'000 | Unaudited six months ended 30 June 2025 Restated £'000 | Audited Year ended 31 December 2025 £'000 | ||||
|---|---|---|---|---|---|---|
| Note | ||||||
| Revenue | 2 | 26,922 | 24,796 | 49,727 | ||
| Cost of sales | (8,962) | (8,059) | (16,874) | |||
| Gross profit | 17,960 | 16,737 | 32,853 | |||
| Administrative expenses | (8,878) | (43,879) | (55,890) | |||
| Other operating income | 14 | 6 | 22 | |||
| Operating (loss)/profit | 9,096 | (27,136) | (23,015) | |||
| Analysed as: | ||||||
| Adjusted EBITDA | 14,182 | 12,508 | 24,600 | |||
| Amortisation of acquired intangibles | (234) | (233) | (443) | |||
| Amortisation of development costs | (445) | (666) | (1,340) | |||
| Depreciation | (2,295) | (2,323) | (4,730) | |||
| Share-based payment (expense)/credit | (216) | 11,162 | 10,774 | |||
| Legal and associated costs | (1,781) | (7,559) | (8,142) | |||
| Other exceptional costs | (115) | (671) | (880) | |||
| Foreign exchange loss on repatriation | - | (3,996) | (3,996) | |||
| Acquisition-related costs | - | (358) | (358) | |||
| Provision for settlement | - | (35,000) | (38,500) | |||
| Operating profit/(loss) | 9,096 | (27,136) | (23,015) | |||
| Finance income | 481 | 1,488 | 2,661 | |||
| Finance expenses | (70) | (63) | (131) | |||
| Profit/(loss) before taxation | 9,507 | (25,711) | (20,485) | |||
| Taxation | 4 | (1,812) | (3,166) | (2,700) | ||
| Profit/(loss) for the period | 7,695 | (28,877) | (23,185) | |||
| Other comprehensive (expense) /income: | ||||||
| Exchange differences on translation of foreign operations | (340) | (4) | (253) | |||
| Cash flow hedges reclassified to income statement | 7 | - | - | |||
| Gain on effective cash flow hedges | 112 | - | - | |||
| Deferred tax on cash flow hedges | (30) | - | - | |||
| Total comprehensive income/(loss) for the period | 7,444 | (28,881) | (23,438) | |||
| Basic earnings per share (pence) | 5 | 2.6p | (10.0)p | (8.0)p | ||
| Diluted earnings per share (pence) | 5 | 2.6p | (10.0)p | (8.0)p | ||
| Unaudited condensed consolidated statement of financial position | ||||||
| as at 30 June 2026 | ||||||
| Unaudited 30 June 2026 £'000 | Unaudited 30 June 2025 Restated £'000 | Audited 31 December 2025 £'000 | ||||
| Assets | Note | |||||
| Goodwill | 13,359 | 13,359 | 13,359 | |||
| Acquired and other intangible assets | 4,310 | 4,675 | 4,465 | |||
| Property, plant and equipment | 4,638 | 4,968 | 4,657 | |||
| Right-of-use assets | 1,758 | 1,625 | 1,932 | |||
| Deferred tax assets | 1,358 | 906 | 1,142 | |||
| Other receivables | 6 | 591 | 512 | 807 | ||
| Long-term financial assets | 396 | 396 | 396 | |||
| Non-current assets | 26,410 | 26,441 | 26,758 | |||
| Inventories | 6,575 | 7,272 | 7,136 | |||
| Trade and other receivables | 6 | 15,802 | 8,716 | 16,932 | ||
| Financial assets | 170 | - | - | |||
| Cash and cash equivalents | 7 | 67,083 | 96,699 | 93,367 | ||
| Current assets | 89,630 | 112,687 | 117,435 | |||
| Total assets | 116,040 | 139,128 | 144,193 | |||
| Liabilities | ||||||
| Lease liabilities | 322 | 303 | 321 | |||
| Financial liabilities | 51 | - | - | |||
| Trade and other payables | 8 | 12,857 | 7,678 | 9,876 | ||
| Corporation tax liability | - | 510 | - | |||
| Provisions | 9 | 1,130 | 42,650 | 39,695 | ||
| Current liabilities | 14,360 | 51,141 | 49,892 | |||
| Net current assets | 75,270 | 61,546 | 67,543 | |||
| Lease liabilities | 1,627 | 1,474 | 1,784 | |||
| Deferred tax liabilities | 178 | 251 | 199 | |||
| Trade and other payables | 8 | 921 | 822 | 1,026 | ||
| Non-current liabilities | 2,726 | 2,547 | 3,009 | |||
| Total liabilities | 17,086 | 53,688 | 52,901 | |||
| Net assets | 98,954 | 85,440 | 91,292 | |||
| Equity | ||||||
| Share capital | 10 | 3,009 | 2,986 | 3,009 | ||
| Share premium | 39,095 | 39,095 | 39,095 | |||
| Own Shares | (13,085) | (13,085) | (13,085) | |||
| Other reserves | (648) | (97) | (346) | |||
| Retained earnings | 70,583 | 56,541 | 62,619 | |||
| Total equity | 98,954 | 85,440 | 91,292 | |||
| Unaudited condensed consolidated statement of changes in equity | ||||||
| for the six months ended 30 June 2026 | ||||||
| Share capital £'000 | Share premium £'000 | Own Shares £'000 | Other reserves £'000 | Retained earnings £'000 | Total equity £'000 | |
| Balance at 1 January 2025 (as previously reported) | 2,986 | 39,095 | (10,101) | (93) | 96,234 | 128,121 |
| Prior period restatement* | - | - | - | - | 592 | 592 |
| Balance at 1 January 2025 (restated) | 2,986 | 39,095 | (10,101) | (93) | 96,826 | 128,713 |
| Loss for the year | - | - | - | - | (23,185) | (23,185) |
| Other comprehensive expense for the year | - | - | - | (253) | - | (253) |
| Total comprehensive loss for the year | - | - | - | (253) | (23,185) | (23,438) |
| Share-based payments | - | - | - | - | (10,774) | (10,774) |
| Deferred tax on share-based payments | - | - | - | - | (238) | (238) |
| Issue of shares, net of share issue costs | 23 | - | - | - | - | 23 |
| Stamp duty on purchase of shares | - | - | - | - | (10) | (10) |
| Share buyback programme | - | - | (2,984) | - | - | (2,984) |
| Balance at 31 December 2025 | 3,009 | 39,095 | (13,085) | (346) | 62,619 | 91,292 |
*The prior period restatement is detailed further in note 15.
| Share capital £'000 | Share premium £'000 | Own Shares £'000 | Other reserves £'000 | Retained earnings £'000 | Total equity £'000 | |
|---|---|---|---|---|---|---|
| Balance at 1 January 2025 (as previously reported) | 2,986 | 39,095 | (10,101) | (93) | 96,234 | 128,121 |
| Prior period restatement* | - | - | - | - | 592 | 592 |
| Balance at 1 January 2025 (restated) | 2,986 | 39,095 | (10,101) | (93) | 96,826 | 128,713 |
| Loss for the period (restated) | - | - | - | - | (28,877) | (28,877) |
| Other comprehensive expense for the period | - | - | - | (4) | - | (4) |
| Total comprehensive loss for the period (restated) | - | - | - | (4) | (28,877) | (28,881) |
| Share-based payments | - | - | - | - | (11,170) | (11,170) |
| Deferred tax on share-based payments | - | - | - | - | (238) | (238) |
| Share buyback programme | - | - | (2,984) | - | - | (2,984) |
| Balance at 30 June 2025 (restated) | 2,986 | 39,095 | (13,085) | (97) | 56,541 | 85,440 |
*The prior period restatement is detailed further in note 15.
| Share capital £'000 | Share premium £'000 | Own Shares £'000 | Other reserves £'000 | Retained earnings £'000 | Total equity £'000 | |
|---|---|---|---|---|---|---|
| Balance at 1 January 2026 | 3,009 | 39,095 | (13,085) | (346) | 62,619 | 91,292 |
| Profit for the period | - | - | - | - | 7,695 | 7,695 |
| Exchange differences on translation of foreign operations | - | - | - | (340) | - | (340) |
| Cash flow hedges reclassified to income statement | - | - | - | 7 | - | 7 |
| Gain on effective cash flow hedges | - | - | - | 112 | - | 112 |
| Deferred tax on cash flow hedges | - | - | - | (30) | - | (30) |
| Total comprehensive (expense)/ income for the period | - | - | - | (251) | 7,695 | 7,444 |
| Share-based payments | - | - | - | - | 210 | 210 |
| Deferred tax on share-based payments | - | - | - | - | 8 | 8 |
| Recycled from cumulative translation reserve | - | - | - | (51) | 51 | - |
| Balance at 30 June 2026 | 3,009 | 39,095 | (13,085) | (648) | 70,583 | 98,954 |
| Unaudited condensed consolidated statement of cash flows | ||||||
| for the six months ended 30 June 2026 | ||||||
| Note | Unaudited six months ended 30 June 2026 £'000 | Unaudited six months ended 30 June 2025 £'000 | Audited Year ended 31 December 2025 £'000 | |||
| Cash flows from operating activities | ||||||
| Profit/(loss) before tax | 9,507 | (25,711) | (20,485) | |||
| Adjustments for: | ||||||
| Depreciation of property, plant and equipment | 2,161 | 2,192 | 4,424 | |||
| Depreciation of right-of-use assets | 134 | 131 | 306 | |||
| Amortisation of intangible assets | 679 | 899 | 1,783 | |||
| Share-based payments expense/(credit) | 11 | 210 | (11,170) | (10,774) | ||
| Finance income | (481) | (1,488) | (2,661) | |||
| Finance expenses | 70 | 63 | 131 | |||
| Changes in: | ||||||
| Inventories | 560 | (67) | 69 | |||
| Trade and other receivables | 1,419 | 5,256 | (270) | |||
| Trade and other payables | 2,683 | 1,431 | 4,782 | |||
| Provisions | (38,565) | 35,832 | 32,877 | |||
| Cash (used in)/generated from operating activities | (21,623) | 7,368 | 10,182 | |||
| Taxes paid | (2,555) | (1,985) | (6,426) | |||
| Net cash flows (used in)/generated from operating activities | (24,178) | 5,383 | 3,756 | |||
| Cash flows from investing activities | ||||||
| Purchase of property, plant and equipment | (48) | (33) | (123) | |||
| Purchase of intangible assets | - | (159) | (180) | |||
| Own work capitalised | (1,969) | (1,946) | (3,804) | |||
| Capitalised development costs | (525) | (566) | (1,218) | |||
| Interest received | 481 | 1,488 | 2,626 | |||
| Net cash used in investing activities | (2,061) | (1,216) | (2,699) | |||
| Cash flows from financing activities | ||||||
| Repayment of lease liabilities | (222) | (167) | (389) | |||
| Interest paid | (6) | (4) | (7) | |||
| Treasury shares purchased via share buyback scheme | - | (2,984) | (2,994) | |||
| Cash flows used in financing activities | (228) | (3,155) | (3,390) | |||
| Net (decrease)/increase in cash and cash equivalents | (26,467) | 1,012 | (2,333) | |||
| Cash and cash equivalents at the beginning of the period | 93,367 | 95,730 | 95,730 | |||
| Effect of exchange rate changes on cash and cash equivalents | 183 | (43) | (30) | |||
| Cash and cash equivalents at the end of the period | 7 | 67,083 | 96,699 | 93,367 | ||
Notes to the unaudited condensed interim consolidated financial statements
For the six months ended 30 June 2026
General information and basis of preparation
Big Technologies PLC is a public limited company incorporated in the United Kingdom, listed on the Alternative Investment Market ('AIM') of the London Stock Exchange. The Company is domiciled in the United Kingdom and its registered office is Talbot House, 17 Church Street, Rickmansworth, WD3 1DE. The unaudited interim consolidated financial statements comprise the Company and its subsidiaries (together referred to as the 'Group').
The principal activity of the Group is the development and delivery of remote monitoring technologies and services to a range of domestic and international customers.
The Directors confirm that, to the best of their knowledge, the interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the United Kingdom and the AIM Rules for Companies, and that the interim report includes a fair review of the information required.
The condensed interim financial statements should be read in conjunction with the Group's latest annual consolidated financial statements, for the year ended 31 December 2025.
These interim financial statements do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statements.
The financial information provided for the six-month period ended 30 June 2026 is unaudited, however, the same accounting policies, presentation and methods of computation have been followed in these interim financial statements as those which were applied in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2025.
These condensed consolidated interim financial statements for the six months ended 30 June 2026 do not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the most recent statutory accounts for the year ended 31 December 2025 has been delivered to the Registrar of Companies. The auditor's report on these accounts was unqualified and did not contain a statement under section 498 of the Companies Act 2006.
1.1 Going concern
The Directors have, at the time of approving these interim financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in operation for the period to 30 September 2027. The Group's forecasts and projections, taking into account reasonable possible changes in trading performance, show that the Group has sufficient financial resources, together with assets that are expected to generate cash flow in the normal course of business. Accordingly, the Directors have adopted the going concern basis in preparing these interim financial statements.
Segment reporting
The Group derives revenue from the delivery of remote monitoring technologies and services to a range of domestic and international customers. The income streams are all derived from the utilisation of these products which, in all aspects except details of revenue, are reviewed and managed together within the Group and as such there is only considered to be one segment. The Group operates across three regions: Europe, Asia-Pacific and the Americas, and the Board of Directors monitors revenue on this basis.
Revenue for each of the geographical areas is as follows:
| Unaudited H1 2026 £'000 | Unaudited H1 2025 £'000 | Audited FY 2025 £'000 | |
|---|---|---|---|
| Europe | 3,989 | 4,063 | 6,369 |
| Asia-Pacific | 17,948 | 16,557 | 33,657 |
| Americas | 4,985 | 4,176 | 9,701 |
| 26,922 | 24,796 | 49,727 |
Assets and liabilities by segment are not regularly reviewed by the Board of Directors on a monthly basis, nor are they used as key decision-making tools, and therefore are not disclosed here.
Revenues are disaggregated as follows:
| Unaudited H1 2026 £'000 | Unaudited H1 2025 £'000 | Audited FY 2025 £'000 | |
|---|---|---|---|
| Sales of goods | 22 | 41 | 61 |
| Delivery of services | 26,900 | 24,755 | 49,666 |
| 26,922 | 24,796 | 49,727 |
The nature of the Group's operations mean that recorded financial performance is not seasonal or cyclical in nature. The majority of revenues are derived from delivery of services to customers over time under long-term contracts.
Alternative performance measures
These items are included in normal operating costs of the business, but are significant cash and non-cash expenses that are separately disclosed because of their size, nature or incidence. It is the Group's view that excluding them from operating profit gives a better representation of the underlying performance of the business in the period.
| Unaudited H1 2026 £'000 | Unaudited H1 2025 Restated £'000 | Audited FY 2025 £'000 | |
|---|---|---|---|
| Amortisation of acquired intangibles | 234 | 233 | 443 |
| Provision for settlement | - | 35,000 | 38,500 |
| Legal and other litigation-related costs | 1,781 | 7,559 | 8,142 |
| Foreign exchange loss on repatriation | - | 3,996 | 3,996 |
| Other exceptional costs | 115 | 671 | 880 |
| Acquisition related costs | - | 358 | 358 |
| Total adjusting operating items | 2,130 | 47,817 | 52,319 |
| Share-based payments expense/(credit) | 216 | (11,162) | (10,774) |
| Total adjusting items and share-based payments before tax | 2,346 | 36,655 | 41,545 |
| Tax effect of adjusting items and share-based payments | 93 | 415 | (256) |
| Total adjusting items and share-based payments after tax | 2,439 | 37,070 | 41,289 |
Share-based payments expense
These costs are excluded from the adjusted results of the Group on the basis the costs are non-cash charges arising from recognition of the fair value of share options and other share-based incentives granted to employees of the Group. As such, they are not considered reflective of the core trading performance of the Group.
Amortisation of acquired intangibles
These costs are excluded from the adjusted results of the Group since they are non-cash charges arising from investment activities. As such, they are not considered reflective of the core trading performance of the Group.
Legal and other litigation-related costs
These costs are excluded from the adjusted results of the Group as they are not considered reflective of the core trading performance of the Group. Further details in relation to the ongoing litigation can be found in Note 9.
Foreign exchange on repatriation
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 was repatriated. As such, the amount is not considered to be a component of the core trading performance of the Group.
Other exceptional costs
These costs, which relate to one-off overseas tax remediation costs incurred in the period, and the substantial changes in Board composition in the prior year, are excluded since they do not relate to the core trading performance of the Group.
Acquisition-related costs
These costs relate to the due diligence exploring possible value-enhancing opportunities and are excluded from the adjusted results of the Group since the costs are not considered reflective of the core trading performance of the Group.
Taxation
Current tax is charged at 25% for the period, representing the best estimate of the average annual effective current tax rate expected to apply for the full year, applied to the pre-tax income for the current period.
Deferred tax recognised in the period relates to share-based payments, acquired intangible assets and fixed asset timing differences.
The Group continues to assess the tax impact, if any, in relation to ongoing litigation proceedings referred to in Note 9.
| Unaudited H1 2026 £'000 | Unaudited H1 2025 Restated £'000 | Audited FY 2025 £'000 | |
|---|---|---|---|
| Current tax | |||
| For the financial period | 1,593 | 3,292 | 2,964 |
| Adjustments in respect of prior periods | - | - | (141) |
| Overseas tax payable | 494 | - | 287 |
| 2,087 | 3,292 | 3,110 | |
| Deferred tax | |||
| Origination and reversal of temporary timing differences | (256) | (146) | (426) |
| Related to share-based payments | (19) | 20 | 16 |
| (275) | (126) | (410) | |
| Total taxation | 1,812 | 3,166 | 2,700 |
In addition to taxation recognised in the consolidated income statement, the following amounts relating to tax have been recognised directly in equity:
| Unaudited H1 2026 £'000 | Unaudited H1 2025 £'000 | Audited FY 2025 £'000 | |
|---|---|---|---|
| Deferred tax | |||
| Related to share-based payments | 8 | (238) | (238) |
| Related to cashflow hedges | 30 | - | - |
| Total taxation recognised directly in equity | 38 | (238) | (238) |
Earnings/(loss) per share
The calculation of the basic and diluted earnings per share is based on the following data:
| Unaudited H1 2026 £'000 | Unaudited H1 2025 Restated £'000 | Audited FY 2025 £'000 | |
|---|---|---|---|
| Profit/(loss) for the purpose of basic and diluted earnings per share being net profit attributable to equity holders of the parent | 7,695 | (28,877) | (23,185) |
| Adjustments for: | |||
| Adjusting items | 2,130 | 47,817 | 52,319 |
| Share-based payments expense/(credit) | 216 | (11,162) | (10,774) |
| Tax effect of adjusting items and share-based payments | 93 | 415 | (256) |
| Adjusted earnings | 10,134 | 8,193 | 18,104 |
| Unaudited H1 2026 No. shares | Unaudited H1 2025 No. shares | Audited FY 2025 No. shares | |
| Weighted average number of ordinary shares | 300,944,313 | 298,568,721 | 299,525,466 |
| Less own shares held (weighted average) | (10,384,944) | (9,201,223) | (9,797,948) |
| Weighted average number of Ordinary shares for the purpose of basic earnings per share | 290,559,369 | 289,367,498 | 289,727,518 |
| Effect of dilutive potential Ordinary shares/share options | 1,146,416 | - | - |
| Weighted average number of Ordinary shares for the purpose of diluted earnings per share | 291,705,785 | 289,367,498 | 289,727,518 |
| Effect of dilutive potential Ordinary shares/share options for the purpose of calculating adjusted diluted earnings per share | - | 3,528,264 | 2,752,684 |
| Weighted average number of Ordinary shares for the purpose of adjusted diluted earnings per share | 291,705,785 | 292,895,762 | 292,480,202 |
The calculation of the basic and diluted earnings per share is based on the following data:
| Basic earnings per share | Unaudited H1 2026 Pence | Unaudited H1 2025 Restated Pence | Audited FY 2025 Pence |
|---|---|---|---|
| Basic earnings per share | 2.6 | (10.0) | (8.0) |
| Adjustments for: | |||
| Adjusting items | 0.7 | 16.5 | 18.0 |
| Share-based payments expense | 0.1 | (3.8) | (3.7) |
| Tax effect of adjusting items and share-based payments | 0.1 | 0.1 | (0.1) |
| Adjusted basic earnings per share | 3.5 | 2.8 | 6.2 |
| Diluted earnings per share | Unaudited H1 2026 Pence | Unaudited H1 2025 Restated Pence | Audited FY 2025 Pence |
| Diluted earnings per share | 2.6 | (10.0) | (8.0) |
| Adjustments for: | |||
| Adjusting items | 0.7 | 16.5 | 18.0 |
| Share-based payments expense | 0.1 | (3.8) | (3.7) |
| Tax effect of adjusting items and share-based payments | 0.1 | 0.1 | (0.1) |
| Adjusted diluted earnings per share | 3.5 | 2.8 | 6.2 |
The adjusted earnings per share has been calculated on the basis of profit before adjusting items and share-based payments, net of tax. The Directors consider that this calculation gives a better understanding of the Group's earnings per share in the current and prior periods.
Trade and other receivables
| Unaudited H1 2026 £'000 | Unaudited H1 2025 Restated £'000 | Audited FY 2025 £'000 | |
|---|---|---|---|
| Trade receivables - net | 5,478 | 6,395 | 6,843 |
| Corporation tax receivable | 4,619 | - | 4,116 |
| Other taxation and social security | 3,980 | 1,470 | 3,713 |
| Prepayments | 1,107 | 435 | 1,591 |
| Other receivables | 827 | 928 | 926 |
| Contract assets | 382 | - | 550 |
| 16,393 | 9,228 | 17,739 | |
| Due for settlement within 12 months | 15,802 | 8,716 | 16,932 |
| Due for settlement after 12 months | 591 | 512 | 807 |
| 16,393 | 9,228 | 17,739 |
Cash and cash equivalents
The carrying amounts of the cash and cash equivalents are denominated in the following currencies:
| Unaudited H1 2026 £'000 | Unaudited H1 2025 £'000 | Audited FY 2025 £'000 | |
|---|---|---|---|
| Pounds Sterling | 57,375 | 73,068 | 82,620 |
| US Dollar | 2,498 | 2,147 | 3,915 |
| Australian Dollar | 3,605 | 10,582 | 2,886 |
| New Zealand Dollar | 1,082 | 8,918 | 2,131 |
| Euro | 898 | 1,421 | 717 |
| Swiss Francs | 931 | 207 | 560 |
| Canadian Dollar | 329 | 175 | 346 |
| Other | 365 | 181 | 192 |
| 67,083 | 96,699 | 93,367 |
Net cash
Net cash comprises cash and cash equivalents and lease liabilities.
| Unaudited H1 2026 £'000 | Unaudited H1 2025 £'000 | Audited FY 2025 £'000 | |
|---|---|---|---|
| Cash and cash equivalents | 67,083 | 96,699 | 93,367 |
| Lease liabilities | (1,949) | (1,777) | (2,105) |
| 65,134 | 94,922 | 91,262 | |
| 8. Trade and other payables | |||
| Unaudited H1 2026 £'000 | Unaudited H1 2025 £'000 | Audited FY 2025 £'000 | |
| Trade payables | 1,923 | 1,728 | 2,835 |
| Accruals | 3,004 | 3,302 | 3,125 |
| Other payables | 6,491 | 964 | 1,349 |
| Other taxation and social security | 294 | 506 | 623 |
| Contract liabilities | 2,066 | 2,000 | 2,970 |
| 13,778 | 8,500 | 10,902 | |
| Due for settlement within 12 months | 12,857 | 7,678 | 9,876 |
| Due for settlement after 12 months | 921 | 822 | 1,026 |
| 13,778 | 8,500 | 10,902 | |
Included within other creditors is £5.1m relating to the settlement of the Buddi Litigation. The remaining payment will be made in equal instalments over the next 13 months.
Provisions
The movements were as follows:
| Unaudited H1 2026 £'000 | Unaudited H1 2025 £'000 | Audited FY 2025 £'000 | |
|---|---|---|---|
| At the start of the period | 39,695 | 6,818 | 6,818 |
| Charged to profit or loss | 380 | 42,559 | 46,216 |
| Utilised | (38,945) | (6,727) | (13,339) |
| At the end of the period | 1,130 | 42,650 | 39,695 |
Litigation outside the ordinary course of business
The Buddi Litigation
On 16 January 2026, the Group entered into a settlement agreement in respect of a claim filed with the High Court in 2023 by shareholders who represented an interest of approximately 7.9% of the share capital of Buddi Limited as at May 2018. The Group agreed to pay £31.5m immediately, and the remaining £7.0m in equal instalments over 18 months. Following the agreement in the period, the remaining provision has been utilised and a creditor recognised in respect of the remaining outstanding payments.
The SM Proceedings
The Group continues to incur legal fees in relation to the pursuit of the SM Proceedings. The Group has made a provision for estimated legal fees to be incurred to settle the SM Proceedings, based on the assumption that settlement will occur in H2 2026. No amounts have been provided in relation to ongoing litigation costs, which will be expensed in future periods as they are incurred. Total legal fees provided at 30 June 2026 in relation to the SM proceedings were £0.6m (H1 2025: £4.3m).
No amounts potentially recoverable from Sara Murray or others as a result of these proceedings have been recognised.
Other ongoing litigation in the ordinary course of business
The Company and its subsidiaries are, from time to time, parties to legal proceedings and claims which arise in the ordinary course of business. The Directors do not anticipate that the outcome of these proceedings and claims will have a material adverse effect on the Group's financial position or on the results of its operations. As at 30 June 2026 the Group has provided £0.5m (H1 2025: £nil) in relation to employment claims raised against the Group.
Share capital
The allotted, called up and fully paid share capital is made up of 300,944,313 ordinary shares of £0.01 each.
Investment in own shares
At 30 June 2026, the Company held 5,384,944 (H1 2025: 5,384,944) of its own shares in the Employee Benefit Trust, with a nominal value of £53,849 (H1 2025: £53,849). The Employee Benefit Trust has waived any entitlement to the receipt of dividends in respect of its holding of the Company's ordinary shares. The market value of these shares at 30 June 2026 was £5,169,546 (H1 2025: £5,051,077). In the current period, nil (H1 2025: nil) were repurchased and transferred into the Employee Benefit Trust, with nil (H1 2025: 15,000) reissued on exercise of share options.
Share-based payments
The Group has a number of equity-settled share-based payment arrangements in operation, the details of which are disclosed in note 23, on pages 77-79 of the 2025 Annual Report and Accounts. The schemes were established to reward and incentivise the senior management team and employees to deliver share price growth. The charge made in respect of share-based payments is as follows:
| Unaudited H1 2026 £'000 | Unaudited H1 2025 £'000 | Audited FY 2025 £'000 | |
|---|---|---|---|
| LTIP | 42 | 61 | 103 |
| Growth Share Plan | 168 | (11,231) | (10,877) |
| Share-based payments charge (IFRS 2) | 210 | (11,170) | (10,774) |
| Employers' tax charge in relation to share awards | 6 | 8 | - |
| Total (credit)/charge in respect of share-based payments | 216 | (11,162) | (10,774) |
Principal risks and uncertainties
The principal risks and uncertainties impacting the Group are described on pages 15-18 of the 2025 Annual Report and Accounts and remain applicable at 30 June 2026.
They include: reliance on key customers, failure to manage growth, change in government policy, challenges in expanding the product portfolio, competitor actions, reliance on third-party technology and communication systems, reputational risk, dependence on partners, loss of key personnel, supply chain, product liability, foreign exchange risk, credit risk, business taxation, bid pricing/key financial terms, litigation, cyber security and business interruption, intellectual property/patents and operating in global markets.
Related party transactions
Transactions between the Company and its subsidiaries have been eliminated on consolidation and therefore not disclosed separately.
Other than the remuneration of key management personnel, which comprised the Directors, the Group's other related party transactions were as follows:
£nil (H1 2025: £50,000) was paid to TFM Developments Ltd, a company of which Sara Murray is a director. The transaction related to a license fee paid in respect of a patent owned by the company. The facts and circumstances surrounding the intellectual property in relation to the license fee charged by TFM Developments Ltd is subject to ongoing litigation.
£nil (H1 2025: £116,000) was paid to Brennan and Partners Limited, a company controlled by Alexander Brennan, for additional fees payable to Mr Brennan over and above his normal contracted days for his role as Non-Executive Chair of the Company. The arrangement ceased on 31 May 2025.
The related party transactions for the year ended 31 December 2025 as defined by International Accounting Standard No.24 'Related Party Disclosures' are disclosed in note 25 of the Big Technologies plc Annual Report for the year ended 31 December 2025.
Reconciliation of alternative performance measures
| Unaudited H1 2026 £'000 | Unaudited H1 2025 £'000 | Audited FY 2025 £'000 | |
|---|---|---|---|
| Statutory operating profit / (loss) | 9,096 | (27,136) | (23,015) |
| Amortisation of acquired intangibles | 234 | 233 | 443 |
| Litigation and associated costs | 1,781 | 7,559 | 8,142 |
| Provision for settlement | - | 35,000 | 38,500 |
| Foreign exchange loss | - | 3,996 | 3,996 |
| Other exceptional costs | 115 | 671 | 880 |
| Acquisition related costs | - | 358 | 358 |
| Share-based payments expense/(credit) | 216 | (11,162) | (10,774) |
| Total adjusting items and share-based payments before tax | 2,346 | 36,655 | 41,545 |
| Adjusted operating profit | 11,442 | 9,519 | 18,530 |
Prior period adjustment
The Group manufactures devices, which it then leases out to customers. Historically, it was elected to take super deductions of the Annual Investment Allowance, and fully expense these.
In the preparation of the 2025 Annual Report, following the receipt of new tax advice and considering the impact of relevant tax case law, the Group concluded that the appropriate treatment would have been to cap this at the amount of the Annual Investment Allowance. Accordingly, the Group restated its financial statements in accordance with IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors'.
As a result of this change, an insufficient deferred tax asset was recognised in the H1 2025 results.
The impact of the restatements on the consolidated statement of financial position is presented below:
| As previously reported 30 June 2025 | Restatement as at 1 January 2025 | Restatement half year-ended 30 June 2025 | Restatement cumulative to 30 June 2025 | Restated 30 June 2025 | |
|---|---|---|---|---|---|
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Non-current assets/liabilities | |||||
| Deferred tax asset | 172 | 670 | 64 | 734 | 906 |
| Deferred tax liabilities | (1,247) | 972 | 24 | 996 | (251) |
| Current assets/liabilities | |||||
| Trade and other receivables | 9,385 | (669) | - | (669) | 8,716 |
| Corporation tax liability | - | (381) | (129) | (510) | (510) |
| Equity | |||||
| Retained earnings | 55,990 | 592 | (41) | 551 | 56,541 |
The impact of the restatements on the consolidated statement of comprehensive income is presented below:
| As previously reported H1 2025 £'000 | Impact of restatement - deferred tax £'000 | Impact of restatement - current tax £'000 | Restated H1 2025 £'000 | |
|---|---|---|---|---|
| Taxation | 3,125 | 129 | (88) | 3,166 |
Statement of directors' responsibilities
The Directors confirm that these condensed interim financial statements have been prepared in accordance with UK-adopted International Accounting Standard 34, 'Interim Financial Reporting'.
A list of current directors is maintained on the Big Technologies plc website: https://www.buddi.com/investors/
Copies of this statement are available on the investor relations page of our website (https://www.buddi.com/investors/)
By order of the Board
Mike Johns
Chief Financial Officer
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.