Big Technologies PLC

Latest Results (25.07.2026):

Big Technologies PLC — Q2 2024 (covering H1 2024 interim results): The Group reported a robust first half to 30 June 2024 with revenue of £26.5m (down 3% year‑on‑year), strong cash generation and a very healthy net cash position of £92.9m. Adjusted EBITDA was £14.3m (54.0% margin) and management highlights operational progress in the US, the launch of a transdermal alcohol product (Buddi AlcoTag) and continued migration to 4G, while noting headwinds from an ended Colombia contract and adverse foreign‑exchange effects.

Key financials

Revenue: £26.5m (H1 2024) v £27.3m (H1 2023), down 3% (‑1% at constant currency). Adjusted EBITDA: £14.3m (54.0% margin). Adjusted operating profit: £11.5m. Statutory operating profit: £2.4m. Adjusted diluted EPS: 3.9p; statutory diluted EPS: 1.3p.

Margins & profitability

Gross margin was 70.0% (down 330bps) driven by lower revenue, higher depreciation as 4G roll‑out continues and increased operational labour costs. Adjusted operating margin fell to 43.4% from 51.1% a year earlier.

Cash, balance sheet & cash flow

Strong balance sheet: net cash £92.9m at 30 June 2024. Cash generated from operating activities reported at £11.2m in H1 2024; cash conversion about 78% of adjusted EBITDA. Company emphasises financial flexibility to invest and pursue M&A/partnerships.

Revenue drivers & regional notes

Revenue decline largely due to the ending of a criminal justice contract in Colombia and FX headwinds (sterling stronger vs USD/AUD/NZD). Europe grew ~9%; Asia‑Pacific down c.2% (FX); Americas down driven by Colombia exit. Monthly recurring revenue (MRR) at period end: £3.9m (down 11% year‑on‑year).

Operational developments

Expanded US business development efforts showing early traction with new accounts and contract wins; release and initial revenues from Buddi AlcoTag (body‑worn transdermal alcohol monitor); ongoing migration of installed base to 4G technology.

One‑offs, costs & risks

Significant one‑off legal costs of £3.1m related mainly to defending a claim arising from a historic Buddi Limited acquisition; share‑based payments charged £5.7m in the period. Management flags foreign‑exchange exposure (currently largely unhedged) and ongoing legal risk as principal near‑term uncertainties.

Outlook

The Board expects full‑year revenue of circa £50m (assuming no further adverse FX moves) and anticipates results at the lower end of current market expectations for 2024 (company‑compiled adjusted EBITDA range £27.0–£28.3m before SBP and one‑off legal expenses). Management reiterates an expectation of returning to growth in 2025 and beyond.