Big Technologies confident in ongoing growth
By Josh White
Date: Friday 27 May 2022
(Sharecast News) - People monitoring technology company Big Technologies said in an update on Friday that it was "confident" in its future prospects, given its performance since initial public offering in July last year.
The AIM-traded firm, which was holding its annual general meeting, said it had made good progress in the year to date, increasing the number of individuals it was tracking and expanding into new territories.
Chairman Simon Collins told shareholders that the pipeline of future opportunities remained "strong", with the company expecting to convert new customers to its products and services, steadily increasing its market share.
"We continue to work hard to overcome the well documented global supply chain challenges and have increased our levels of inventory to secure certain long lead-time components," Collins said.
"As we grow, the increasing cost efficiencies in our software-as-a-service-like delivery model have enabled us to improve operating profit margins offsetting the inflation that we see in our manufacturing costs."
In the four months through April, Big Technologies recorded unaudited consolidated revenue of £13.9m, up 18% year-on-year.
Monthly recurring revenue in April totalled £3.9m, and net cash at the end of the month had increased to £52.6m.
"These positive trends lead the board to remain confident in the group's ability to deliver results at least in line with current market expectations," Collins said.
"We believe that our products and technology deliver benefits for society across the globe."
In the criminal justice sector, Simon Collins said the company's products facilitated a shift towards rehabilitative community-based sentencing, reducing recidivism and "keeping communities safer".
"In the care sector our technology helps people live happier, healthier and more independent lives.
"Our business has a clear strategy and strong values which underpin everything that we do.
"Our systems are trusted the world over to make a tangible difference to people's lives and we look forward to the next few years with confidence."
At 1017 BST, shares in Big Technologies were up 6.99% at 283p.
Reporting by Josh White at Sharecast.com.
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