Big Technologies (LSE:BIG)
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TIDMBIG

RNS Number : 9787M

Big Technologies PLC

27 May 2022

27 May 2022

Big Technologies plc

("Big Technologies" or the "Company" and the "Group")

AGM Statement

Big Technologies plc, the UK-based, remote people monitoring technology company, will hold its first Annual General Meeting in London later today.

At the meeting, Simon Collins, Chairman of Big Technologies plc will make the following statement for the four months ended April 2022.

Following our initial public offering in July 2021, I am pleased to report that the team at Big Technologies has adjusted well to life as a listed business and we are confident in the future prospects for the Group. Our customers, suppliers, employees and shareholders have all benefitted from our listing, which brings increased disclosure, scale, financial strength and flexibility.

We have made good progress so far in 2022, continuing to increase the number of individuals that we track around the globe and expanding into new territiories. The pipeline of future opportunities remains strong and we expect to convert new customers to our products and services, steadily increasing our 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. As we grow, the increasing cost efficiencies in our SaaS-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 ending April 2022, we have recorded unaudited consolidated revenue of GBP13.9 million, an increase of 18% versus the same period in 2021. Monthly Recurring Revenue in April 2022 was GBP3.9 million and net cash as at 30 April 2022 increased to GBP52.6 million. 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(1) .

We believe that our products and technology deliver benefits for society across the globe. In the criminal justice sector our products facilitate a shift towards rehabilitative community-based sentencing which reduces recidivism and keeps communites 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.

(1) Latest company compiled view of market expectations show adjusted EBITDA of GBP25.0 to GBP25.5 million (stated before share-based payments expense).

For further information please contact:

 
                                                       +44 (0) 19 2360 
 Big Technologies                                       1910 
 Sara Murray (Chief Executive Officer) 
  Daren Morris (Chief Financial Officer) 
 
                                                       +44 (0) 20 3829 
 Zeus (Nominated Adviser and Sole Broker)               5000 
 Jamie Peel / Dan Bate / Kieran Russell (Investment 
  Banking) 
  Benjamin Robertson (Equity Capital Markets) 
 
 

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(END) Dow Jones Newswires

May 27, 2022 02:00 ET (06:00 GMT)