Big Technologies (BIG)

Sector:

IT Services

Index:

FTSE AIM 50

140.50p
   
  • Change Today:
    -0.50p
  • 52 Week High: 277.00
  • 52 Week Low: 105.50
  • Currency: UK Pounds
  • Shares Issued: 290.62m
  • Volume: 9,307
  • Market Cap: £408.32m

Big Technologies confident in return to growth after decent year

By Josh White

Date: Tuesday 26 Mar 2024

LONDON (ShareCast) - (Sharecast News) - Remote monitoring technology specialist Big Technologies reported double-digit organic revenue growth of 10% in its preliminary results on Tuesday, reaching £55.2m compared to £50.2m in 2022.
The AIM-traded firm said that despite a slight decrease in gross margin to 70.7% in 2023 from 72.5% a year earlier, it maintained strong profitability, with statutory operating profit at £16.8m, down from £20.6m, and adjusted operating profit rising to £28.2m from £27.1m.

Adjusted EBITDA reached £33m, up from £30.5m year-on-year, with the margin relatively stable at 59.8%, compared to 60.7% a year earlier.

Operational highlights included the establishment of a new office in Latin America and the mobilisation of resources to support a new customer in the Asia-Pacific region.

The company said it also expanded its business development efforts in the US, bolstering its sales team to drive growth in the country.

Additionally, Big Technologies launched Buddi substance detection technologies and finalised the development of its first body-worn alcohol detection technology, the Buddi AlcoTag.

Looking ahead, the company said it anticipated maintaining momentum into the new financial year, supported by a solid pipeline of opportunities and a clear strategy for business development and investment.

Despite potential short-term headwinds resulting from the end of a contract in Colombia, Big Technologies said it expected to remain highly profitable and cash-generative in 2024.

The board said it was confident in a return to growth in 2025 and beyond, buoyed by long-term growth drivers in criminal justice, where electronic monitoring offered a viable alternative to incarceration.

"In difficult market conditions, 2023 has seen the group deliver a strong performance with continued growth in sales, profits and our cash reserves," said chief executive officer Sara Murray.

"We continue to invest in the business and in our market-leading suite of monitoring products and expect to see growth in the coming years."

Murray said the company was "obviously disappointed" with the outcome in Colombia, with a customer that it had served for a number of years.

"We see a pipeline of attractive business opportunities around the globe and will continue to work diligently to grow, and decrease concentration in, our revenue stream."

At 1356 GMT, shares in Big Technologies were up 2.34% at 132.53p.

Reporting by Josh White for Sharecast.com.

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BIG Market Data

Currency UK Pounds
Share Price 140.50p
Change Today -0.50p
% Change -0.35 %
52 Week High 277.00
52 Week Low 105.50
Volume 9,307
Shares Issued 290.62m
Market Cap £408.32m

BIG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
73.74% below the market average73.74% below the market average73.74% below the market average73.74% below the market average73.74% below the market average
32.53% below the sector average32.53% below the sector average32.53% below the sector average32.53% below the sector average32.53% below the sector average
Price Trend
62.62% below the market average62.62% below the market average62.62% below the market average62.62% below the market average62.62% below the market average
80.22% below the sector average80.22% below the sector average80.22% below the sector average80.22% below the sector average80.22% below the sector average
Income Not Available
Growth
34.42% above the market average34.42% above the market average34.42% above the market average34.42% above the market average34.42% above the market average
6.02% above the sector average6.02% above the sector average6.02% above the sector average6.02% above the sector average6.02% above the sector average

BIG Dividends

No dividends found

Trades for 16-Jul-2024

Time Volume / Share Price
12:37 1,500 @ 140.50p
12:33 1,500 @ 140.50p
12:33 1,500 @ 140.00p
12:33 100 @ 140.00p
12:33 1,400 @ 140.00p

BIG Key Personnel

CEO Sara Elizabeth Murray
CFO Daren John Morris

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