LONDON (ShareCast) - (Sharecast News) - Big Technologies reported a decline in revenue and profitability for 2024, with full-year revenue falling to £50.3m from £55.2m and adjusted operating profit dropping to £21.2m from £28.2m.
Adjusted EBITDA fell to £27m, reflecting a margin of 53.7%, down from 59.8% in 2023.

Statutory operating profit dropped sharply to £2.2m due to exceptional items.

Despite the fall in annual performance, the AIM-traded company said it entered 2025 with renewed momentum, delivering 11% underlying revenue growth in the first quarter, excluding the now-ended Colombia contract.

The group maintained a strong balance sheet, with £93.9m in net cash at year-end and continues to benefit from favourable long-term demand drivers in the criminal justice and remote care sectors.

Operational highlights included the rollout of Smart Tag 5.1, continued enhancements to the AI-powered Eagle monitoring platform, and the recent signing of a new contract in Northern Ireland.

A new executive leadership team was installed in May, led by chief executive officer Ian Johnson and chief financial officer Mike Johns.

The company also confirmed ongoing legal action following the dismissal of former CEO Sara Murray.

In March, Big Technologies initiated High Court proceedings and secured an asset-freezing undertaking from Murray covering up to £320m.

The group said it was seeking to add her as a Part 20 defendant in separate litigation involving former shareholders of Buddi Limited, with the aim of recovering any potential liabilities.

Following the cancellation of Murray's 47 A shares in Buddi Limited, the expected dilution from the Growth Share Plan had been reduced by over 17 million shares.

Big Technologies reiterated its confidence in future growth, supported by global opportunities - particularly in the US - and robust structural demand for electronic monitoring solutions.

"With the publication of the group's 2024 results, we also draw a line under a disappointing year, however, I am optimistic that the business will return to growth given the substantial interest in our products and the pipeline of prospects," said chief executive officer Ian Johnson.

"I am focused on restructuring the group and developing the Buddi brand to capitalise on its huge potential.

"I am delighted to be leading the business into a new era of growth, which I have no doubt that our talented team can deliver."

At 1156 BST, shares in Big Technologies were down 0.72% at 103.25p.

Reporting by Josh White for Sharecast.com.

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