Big Technologies PLC AGM Statement (9787M)
May 27 2022 - 2:00AM
UK Regulatory
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
AGMSEIFLMEESEDI
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