Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Big Technologies ends 2023 in line with expectations
(Sharecast News) - Remote people monitoring technology company Big Technologies said in a trading update on Friday that its performance in 2023 was in line with expectations, with revenue set to reach £55m, up from £50.2m in 2022. The AIM-traded firm said adjusted EBITDA was projected to be £33m, up from £30.5m year-on-year, also in line with current market forecasts.
Looking ahead to 2024, Big Technologies anticipated the end of its contract for electronic monitoring services with a major customer in Colombia during the first half.
The contract had been subject to short-term renewals since September 2021, and to offset potential revenue losses, Big Technologies said it had secured several new contracts in recent times.
In the latter part of 2023, the company said it made significant strides in expanding its business development efforts within the US market, recognised as the world's largest market for electronic monitoring and substance detection.
Although the investment was expected to drive medium-term sales growth, it was also anticipated to temporarily reduce operating profit margins in the US for 2024, until new sales materialise.
Given those developments, Big Technologies said it expected group sales for 2024 to at least match the levels achieved in 2022.
More comprehensive guidance for 2024 would be provided with its results in March.
"In difficult market conditions, 2023 has seen the group deliver a strong performance with continued growth in sales, profits and our cash reserves," said chief executive officer Sara Murray.
"We continue to invest in the business and in our market-leading suite of monitoring products and expect to see growth in the coming years."
Murray said the firm was "obviously disappointed" with the outcome in Colombia, with a customer that it had served for a number of years.
"We see a pipeline of attractive business opportunities around the globe and will continue to work diligently to replace this revenue stream."
At 1110 GMT, shares in Big Technologies were down 23.28% at 99p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
