Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Big Technologies PLC on Tuesday maintained a positive outlook despite posting a drop in its annual profit.
Big Technologies is a Rickmansworth, England-based remote people monitoring technology company.
Revenue rose 10% to £55.2 million in 2023 from £50.2 million the year before, which Big Technologies attributed to growth from customers in the criminal justice sector, in particular in the European and Asia-Pacific regions.
However, pretax profit dropped 7.6% to £19.4 million from £21.0 million a year prior, as administrative costs grew 41% to £22.2 million from £15.8 million the year before.
Looking ahead, Big Technologies said it has started the new financial year in line with its expectations, adding that it remains ‘well-positioned with the financial flexibility to invest in new technologies and has a clear strategy for business development and investment in target markets where it is currently under-represented.’
Commenting on the results, Sara Murray said: ‘In difficult market conditions, 2023 has seen the group deliver a strong performance with continued growth in sales, profits and our cash reserves. 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. We are obviously disappointed with the outcome in Colombia, with a customer that we have served well for a number of years. We see a pipeline of attractive business opportunities around the globe and will continue to work diligently to grow, and decrease concentration in, our revenue stream.’
Shares in Big Technologies fell 1.5% to 127.50 pence each in London on Tuesday morning.
Copyright 2024 Alliance News Ltd. All Rights Reserved.