Big Technologies finishes year just ahead of expectations
Remote monitoring technology company Big Technologies said in a trading update on Friday that it continued to gain momentum in 2022, after its strong set of results for the first half of the financial year.
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The AIM-traded firm said that as a result, revenue for the year ended 31 December was expected to have risen to £50m from £37.6m, and adjusted EBITDA to be in excess of £30m, compared to £20.6m in 2021.
Both of those figures would be marginally ahead of current market expectations.
The company said its net cash, before lease liabilities of £0.7m, as at 31 December increased to £67.5m, providing it with the financial flexibility to continue to invest in operations and technology.
Big Technologies said it was expecting to deliver further revenue growth as it continued to increase its market share, and the scale-up of its operations.
“We are delighted that the business has delivered another year of significant growth, ahead of market expectations,” said chief executive officer Sara Murray.
“Against a challenging backdrop, characterised by supply chain and economic disruption, this performance is even more pleasing.
“The successful implementation of a significant national monitoring contract in New Zealand received positive feedback from the customer.”
Murray said it was a “testament to the strength” of the company’s technology solutions, and the “quality and commitment” of its workforce.
“Market drivers remain strong, with the business well-positioned to maintain delivery of revenue growth in 2023 and beyond.”
At 0826 GMT, shares in Big Technologies were up 2.28% at 273.1p.
Reporting by Josh White for Sharecast.com.