22nd May 2025 12:12
(Alliance News) - Big Technologies PLC on Thursday reported a fall in its profit and revenue in 2024, but the company, under new leadership, said the new year has started in line with expectations.
Big Technologies is a Rickmansworth, England-based specialist in electronic monitoring for the criminal justice and remote care sectors.
The company had a pretax profit of GBP5.5 million in 2024, down 72% from GBP19.4 million in 2023. Its revenue was down 10% to GBP50.3 million from GBP55.2 million.
This was attributed to the loss of revenue from a contract with a former Colombian customer from May 2024.
The company is confident in its growth outlook, bolstered by new leadership, successful product launches, and a solid cash position.
Former chief executive officer Sara Murray was ousted from the position at the end of March 31. This followed a probe which concluded that Murray failed to disclose certain information to the company.
The company accused her of failing to disclose interests in entities that collectively hold 17.3% of Big Technologies' shares. The firm alleges that Murray also improperly diverted significant funds from the group prior to 2019. Legal proceedings were launched in the High Court, including a request for a freezing order against Murray and associated entities.
Big Technologies then announced a series of executive changes, including the formal appointment of Alexander Brennan as chair and Mike Johns as chief financial officer.
Earlier in May, the company named Ian Johnson as CEO.
Big Technologies said revenue in the first quarter of 2025 rose 11% to GBP12.9 million, from GBP11.6 million a year earlier, when excluding the Colombia contract.
Chief Executive Officer Ian Johnson said: "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.
"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."
Big Technologies shares were down 0.7% to 103.25 pence in London on Thursday morning.
By Olivia Mason-Myhill, Alliance News reporter
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