Big Technologies (BIG) Trading Update summary

Financial performance

• Group revenues reached approximately £24.8m for H1 2025, down from £26.5m in H1 2024, but £26.1m on a constant currency basis.

• Criminal Justice revenues were £24.5m, with underlying growth of 4% when excluding the Colombia contract.

• Adjusted EBITDA was about £12.5m, excluding a £4.0m exceptional FX loss related to US Dollar balances.

• Gross margin remained high at 67.5%, a slight decrease from 70% in H1 2024.

• Net cash increased to £94.9m as of 30 June 2025, up from £93.9m at year-end 2024.

Operational and strategic developments

• Two new contracts to commence in H2 2025: Northern Ireland Department of Justice and a renewed, enlarged Queensland Corrective Services contract.

• Queensland contract is a five-year agreement worth AUD 22m, with potential for two additional two-year extensions.

• No impact from US tariffs during the period.

• Significant progress in establishing a new organisation and management structure to drive growth.

• Continued investment in product and market development supported by strong financial flexibility.

Market and business outlook

• Electronic monitoring market continues to experience significant tailwinds, supporting growth strategy.

• The company is positioned to compete for new business globally with market-leading products.

• Interim results for the six months ended 30 June 2025 are expected to be released on 30 September 2025.

• Employees demonstrated resilience and maintained business momentum despite disruptions.

• Ongoing litigation costs noted, but balance sheet remains robust.