Interim Results for the 6 months to 30 June 2025

RNS Number : 2979B

Big Technologies PLC

30 September 2025

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

BIG TECHNOLOGIES PLC
("Big Technologies" or the "Company" and, together with its subsidiaries the "Group")

UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2025

RICKMANSWORTH, UK - 30 September 2025: Big Technologies plc (AIM: BIG), a leading provider of electronic monitoring solutions today announces its unaudited results for the six months ended 30 June 2025.

Financial Highlights

· Annual Recurring Revenue¹ ("ARR") of £48.9m (H1 2024: £43.7m on a constant currency basis²), constant currency growth of 12% reflecting strong base performance in APAC and new business success in the Americas.

· Total Group revenues of £24.8m (H1 2024: £26.5m, £25.0m on a constant currency basis²). Underlying constant currency revenue growth of 9% (excluding the Colombia contract lost in H1 2024).

· Gross margins remain high at 67.5% (H1 2024: 70.0%).

· Adjusted EBITDA³ of £12.5m (H1 2024: £14.3m), excluding an exceptional foreign exchange loss of £4.0m in relation to US Dollar balances held in anticipation of a potential acquisition in H1 2025.

· Adjusted basic earnings per share of 3.2p (H1 2024: 4.1p)

· Net cash generated from operations of £5.4m (H1 2024: £9.5m).

· Strong balance sheet with no debt, and net funds of £94.9m as of 30 June 2025 (30 June 2024: £92.9m).

Financial Progress

£m (unless otherwise stated)	H1 2025	H1 2024
Annual Recurring Revenue ("ARR") and Revenue
Total ARR	48.9	43.7²
Revenue	24.8	26.5
Profit and EPS
Gross Margin	67.5%	70.0%
Adjusted EBITDA	12.5	14.3
Adjusted EBITDA margin	50.4%	54.0%
Adjusted Operating Profit	9.5	11.5
Statutory Operating (Loss)/Profit	(27.1)	2.4
Adjusted basic Earnings per Share	3.2	4.1
Cash and Balance Sheet
Net Funds	94.9	92.9

¹ ARR is the value of continuing revenue from recurring accounts at a specific point in time, normalised to a one year period.

² Constant currency is calculated by recalculating H1 2024 revenues using prevailing average foreign exchange rates from H1 2025 and by recalculating prior period ARR at the prevailing rate at the balance sheet date.

³ Adjusted EBITDA excludes share-based payments and other adjusting items.

Operational highlights

· Appointment of Ian Johnson as CEO and Mike Johns as CFO in May 2025.

· Established new executive leadership team, including appointments of regional Vice Presidents for APAC, EMEA, and the Americas.

Post period end

· Appointment of Sangita Shah as NED and Chair of Audit Committee.

· Reorganised and expanded the team in USA with the appointments of a VP of Operations and a National Sales Director. Set up in-house monitoring centre in the USA.

· Appointment of a QA and Regulatory Manager reporting to the COO, Charles Lewinton.

· Appointment of a Marketing Manager and launched new Group Website.

· The Northern Ireland Ministry of Justice, Queensland Corrective Services, Australia, and San Mateo County, USA contracts - now all operational.

· New wins, commencing later in the year, include two new supplementary contracts in New Zealand and one domestic violence contract in Australia.

· Renewal of the Corrections Victoria contract for an initial three-year term, with two one-year extension options

Commenting on the results, Ian Johnson, Big Technologies CEO, said:

"Significant progress has been made in strengthening the management of the Group. Key appointments have improved the performance culture of the organisation, and I am optimistic that these changes will drive further growth in our business.

The Group remains well-positioned with the financial flexibility to continue to invest in product and market development. We are expanding our operations in the USA and looking at additional markets in Asia.

Following the announcement earlier this year regarding the award of the Northern Ireland contract by the Department of Justice, and the Queensland Corrective Services contract, I am pleased to say that both contracts are now up and running. We recently won additional bids in San Mateo, California; two supplementary contracts in New Zealand and one domestic violence contract in Australia. We anticipate these commencing later in the year. Separately, we also completed the renewal of the Corrections Victoria contract for an initial three-year term.

I would like to thank the executive team and all our employees, for their commitment and enthusiasm in bringing about significant change and momentum in the business. It is pleasing that a recent employee survey showed a positive response to the changes. I would also like to thank our shareholders for their continued support and look forward to reporting further progress at the year-end update."

-Ends-

For further information please contact:

Big Technologies plc	+44 (0) 19 2360 1910
Ian Johnson (Chief Executive Officer)
Mike Johns (Chief Financial Officer)
Zeus (Nominated Advisor and Joint Broker)	+44 (0) 203 829 5000
Dan Bate / Kieran Russell (Investment Banking)
Benjamin Robertson (Equity Capital Markets)
Singer Capital Markets (Joint Broker)	+44 (0) 207 496 3000
James Moat / James Todd (Investment Banking)

About Big Technologies plc

Our mission is to deliver innovative, high-quality electronic monitoring solutions that combine advanced hardware and software to support monitoring of individuals in our core criminal justice business. Big Technologies is a market leader in the electronic monitoring industry, operating under the trusted 'Buddi' brand. Through its integrated technology platform, Buddi offers state-of-the-art Electronic Monitoring solutions on a subscription-based, SaaS-like model. This platform is highly flexible and scalable, enabling tailored deployments across diverse use cases and geographies.

For more information, please visit www.buddi.com

Forward-looking statements

This press release contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of the Group. The use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target" or "believe" and similar expressions (or the negatives thereof) are generally intended to identify forward-looking statements. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Nothing contained in this press release should be construed as a profit forecast or profit estimate. Investors or other recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. The Group undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events or other circumstances.

Operating Review

Introduction

The Group had revenues of £24.8m (H1 2024: £26.5m, £25.0m on a constant currency basis). Underlying constant currency revenue growth was 9% (excluding the Colombia contract lost in H1 2024). The business made a profit at an adjusted EBITDA level of £12.5m (H1 2024: £14.3m).

Business review

Our trusted brand, Buddi, is a market leader in electronic monitoring with sales in most major markets. There continues to be significant demand for the adoption of electronic monitoring of offenders and victims and increasingly for monitoring substance abuse, including alcohol.

Sales to criminal justice customers account for the vast majority of the Group's revenue. A small number of sales, predominantly from UK local authorities for remote monitoring of vulnerable people, contributed £0.3m for the half year, similar to H1 2024.

In constant currency terms, ARR in the APAC region was up 16%, largely through expansion of existing contracts. EMEA ARR was down 28% on a constant currency basis, due to the ending of the temporary Ministry of Justice contract, offset by the addition of a contract from Switzerland. The Americas ARR grew 49% on a constant currency basis driven by new contract wins.

Total ARR in H1 2025 was up 12% on a constant currency basis at £48.9m (H1 2024: £43.7m on a constant currency basis).

Net revenue retention ("NRR") on a constant currency basis was 102% for the year to 30 June 2025, demonstrating a robust and expanding base of contracts. Within this, gross churn was 8%, principally driven by the ending of the temporary Ministry of Justice contract, which has now fully wound down.

Investments

We are investing in the USA, which is the largest market for electronic monitoring, with an expanded sales and operations organisation and the establishment of an in-house monitoring centre.

We have leased further space at our facility in Rickmansworth to accommodate the newly established Northern Ireland monitoring team and provide better accommodation for existing and new members of staff.

Research and development costs for the six months ended 30 June 2025 were £1.9m (H1 2024: £1.7m). We have reorganised the structure of the research and development team, centralising the function in Rickmansworth in order to improve efficiency in future periods.

Outlook

Further growth in ARR is anticipated in H2 as new contracts commence operation, including with Northern Ireland Ministry of Justice and the new contracts won post period end. Significant interest in our AlcoTag, particularly in the USA, is also expected to contribute to growth by the end of the year.

Whilst the Group's underlying trading has been strong, as evidenced by ARR constant currency growth of 12% over the last twelve months, foreign exchange headwinds are expected to impact revenues and EBITDA in the current and future periods. To mitigate against this the Group intends to commence a hedging programme.

The Group's primary focus is to accelerate topline growth and growing its customer base by selectively taking a more competitive approach to winning new contracts, which has already made a promising start, but is expected to slightly reduce gross margins as bids are priced competitively.

In the period we have closed unprofitable, non-core operations and invested in strengthening the management team, which are expected to be cost neutral in future periods.

The impact of foreign exchange headwinds and, to a lesser extent, changes in the margin mix of new contracts won are expected to have a c.5% negative impact on revenues, which translates to a c.10% negative impact on adjusted EBITDA.

However, the Group remains well-positioned with the financial flexibility to continue to invest in product and market development. We are expanding our operations in the USA and looking at additional markets in Asia.

As at 31 August 2025 the Company's cash balance amounted to £96.7m as a consequence of the Group's strong cash generation.

Financial Performance

The Group delivered a robust underlying performance in the first half of 2025, with headline performance mitigated by foreign exchange headwinds.

Recurring Revenues

Total ARR at 30 June 2025 was £48.9m (H1 2024: £43.7m on a constant currency basis), representing constant currency growth of 12%. Constant currency ARR growth of 12% reflects the addition of net new contracts in the Americas region, as well as strong growth from the base in the APAC region.

Net revenue retention for the Group for the year to 30 June 2025 was 102%, driven by expansions within existing APAC contracts and offset by the ending of the temporary MOJ contract in EMEA, which began winding down in H2 2024 and ceased in H1 2025. The contract is attributable to most of the gross churn for the period, with a gross churn rate of 8% in the year to 30 June 2025.

The Group's ARR of £48.9m provides strong visibility of future revenues, derived from long term contracts.

Revenue

Total revenue for the six months ended 30 June 2025 was £24.8m (H1 2024: £26.5m). Adjusting H1 2024 revenues for constant currency using average exchange rates for the first half of 2025, would have resulted in revenues being £25.0m as opposed to £26.5m. On a constant currency basis, revenues in the first half of 2025 would have declined by 1% against revenues in the first half of 2024. The decline relates to the previously announced loss of the Colombia contract but is offset by strong growth from the base within APAC and net new wins in the Americas.

Underlying revenues in the first half of 2025 excluding the Colombia contract grew from £22.7m (adjusted for constant currency) to £24.8m, growth of 9% from the first half of 2024.

Gross Profit

Gross profit for the six months to 30 June 2025 was £16.7m (H1 2024: £18.5m), a reduction of £1.8m. Gross margin for the six months to 30 June 2025 was 67.5% (H1 2024: 70.0%), a reduction of 250 bps.

The reduction in gross margin is principally driven by the effects of foreign exchange on revenues. The Group derives a significant amount of its revenues in Australian Dollars, New Zealand Dollars and US Dollars, but has a cost base that is principally in British Pounds. As a result, adverse movements in revenue exchange rates flow through to underlying profitability.

While revenues will continue to be subject to movements in foreign exchange rates, the Group will look to move toward enacting a hedging policy to mitigate the effect on underlying profitability of the group.

There has been no impact on the Group from US tariffs during the period.

Administrative Expenses

Total administrative expenses for the six months to 30 June 2025 were £43.9m (H1 2024: £16.1m). Underlying administrative expenses, which adjust for exceptional items and share based payment expense, grew from £7.3m to £7.5m, reflecting the impact of inflation on the cost base.

Included within administrative expenses for the six months to 30 June 2025 are research and development costs of £1.9m (H1 2024: £1.7m). Development costs of £0.6m have been capitalised in the six months to 30 June 2025 (H1 2024: £0.5m).

Also included within administrative expenses for the six months to 30 June 2025 are sales and marketing costs of £1.7m (H1 2024: £1.8m).

Non-Underlying Items

As previously indicated, the Group experienced an exceptional foreign exchange loss of £4.0m in the first half of 2025. The Group held a significant cash balance in US Dollars at 31 December 2024 in anticipation of a potential US acquisition in early 2025. With the acquisition not proceeding, the cash was repatriated in H1 2025.

The Group also incurred additional legal and other litigation related costs of £42.6m, of which the majority related to increased provisions of £35.8m, in the six months to 30 June 2025 (H1 2024: £3.1m). The Group continues to incur significant legal fees in relation to two ongoing litigation processes.

In the six months to 30 June 2025, a share-based payment credit of £11.2m (H1 2024: charge of £5.7m) was recognised. The share-based payment credit relates to the unwinding of the growth share charges in relation to bad leavers from the scheme.

Taxation

The total tax charge for the six months ended 30 June 2025 was £3.1m (H1 2024: £0.1m). On an adjusted basis, the total tax charge for the Group was £1.7m (H1 2024: £1.2m), representing an effective tax rate of 15% (H1 2024: 10%).

The Group continues to review potential tax implications arising from ongoing litigation processes.

Statutory Results

The Group reported a loss for the six months ended 30 June 2025 of £28.8m (H1 2024: profit of £3.9m). The loss relates primarily to the increased provisioning in relation to ongoing litigation, as well as the exceptional foreign exchange loss in relation to the repatriation of funds held in anticipation of an acquisition.

Earnings per Share

Adjusted Basic Earnings per Share decreased to 3.2 pence (H1 2024: 4.1 pence). Basic earnings per share fell from 1.4 pence to a 10.0 pence loss per share as a result of the provisioning in relation to ongoing litigation put in place during the six months to 30 June 2025.

Statement of Financial Position

The Group retains a strong balance sheet with net assets at 30 June 2025 of £84.9m (30 June 2024: £133.5m). The net asset position has been impacted in the period by the increased provisioning for litigation at 30 June 2025.

The Group's balance sheet is underpinned by a strong cash position at 30 June 2025 of £96.7m (30 June 2024: £94.8m). The Group's cash position provides stability in the face of ongoing litigation.

Trade debtors at 30 June 2025 were £6.4m (30 June 2024: £5.8m). Of total trade debtors of £6.4m, £0.7m were overdue as at 30 June 2025 (30 June 2024: £1.1m).

Provisions were £42.7m at 30 June 2025 (30 June 2024: £1.9m) and related to ongoing litigation proceedings. The Group continues to defend a claim filed with the High Court in 2023, brought by a small number of former shareholders in Buddi Limited, a subsidiary of the Company, relating to the acquisition of Buddi Limited, dating back to 2018 (the "Buddi Litigation"). The Group also continues to pursue proceedings, commenced on 31 March 2025, against Sara Murray and others in the High Court (the "SM Proceedings"). The provision includes estimated legal fees expected to be incurred in both sets of litigation to settlement, as well as an estimate of the potential liability in relation to the Buddi Litigation. The growth in the provision since 31 December 2024 reflects new provisions of £35.0m (31 December 2024: £nil) in respect of the current estimate of potential liability in the Buddi Litigation and of £4.3m (31 December 2024: £nil) in respect of an estimate of legal fees to be incurred to settle the SM Proceedings. The estimate of the potential liability reflects the Group's current position in the Buddi Litigation, however, there are a range of outcomes possible in the Buddi Litigation and any settlement may substantially differ from the current provision, see Note 9 for further details. The Group is seeking to engage with counterparties in both the Buddi Litigation and the SM Proceedings with a view to minimising or eliminating any direct outflow from the Group.

Cash flow

Net cash flows from operating activities for the six months to 30 June 2025 were £5.4m (H1 2024: £9.5m). Despite significant and ongoing costs in relation to litigation, the Group continued to generate strong levels of cash from operating activities.

Cash outflows from financing activities for the six months to 30 June 2025 were £3.2m (H1 2024: £1.7m). The increase in cash outflows from financing activities related to the share buyback programme, which concluded in April 2025.

Despite outflows from the buyback programme and ongoing litigation costs, the Group cash position increased by £1.9m from the previous year.

Statement on Principal Risks and Uncertainties

Pursuant to the requirements of the Disclosure and Transparency Rules the Group provides the following information on its principal risks and uncertainties. The Group considers strategic, operational and financial risks and identifies actions to mitigate those risks. These risk profiles are updated at least annually. The principal risks and uncertainties detailed within the Group's 2024 Annual Report remain applicable for the first six months of the financial year. The Group's 2024 Annual Report is available from the Big Technologies website: https://www.buddi.com/investors/

Related party transactions during the period are disclosed in Note 13.

Unaudited condensed consolidated statement of comprehensive income
for the six months ended 30 June 2025

		Unaudited six months ended 30 June 2025 £'000	Unaudited six months ended 30 June 2024 £'000	Audited Year ended 31 December 2024 £'000
	Note

Revenue	2	24,796	26,484	50,308
Cost of sales		(8,059)	(7,953)	(16,069)
Gross profit		16,737	18,531	34,239
Administrative expenses		(43,879)	(16,126)	(32,028)
Other operating income		6	7	9
Operating (loss)/profit		(27,136)	2,412	2,220
Analysed as:
Adjusted EBITDA		12,508	14,314	27,002
Amortisation of acquired intangibles		(233)	(234)	(468)
Amortisation of development costs		(666)	(617)	(1,335)
Depreciation		(2,323)	(2,216)	(4,478)
Share-based payments credit/(charge)		11,162	(5,738)	(9,692)
Legal and associated costs		(42,559)	(3,097)	(9,021)
Foreign exchange loss on repatriation		(3,996)	-	-
Acquisition-related costs		(358)	-	(864)
Other exceptional costs		(671)	-	-
Employer's National Insurance Refund		-	-	1,076
Operating (loss)/profit		(27,136)	2,412	2,220
Finance income		1,488	1,702	3,485
Finance expenses		(63)	(71)	(255)
(Loss)/profit before taxation		(25,711)	4,043	5,450
Taxation	4	(3,125)	(106)	(3,028)
(Loss)/profit for the period		(28,836)	3,937	2,422

Other comprehensive (expense) /income:
Exchange differences on translation of foreign operations		(4)	52	156
Total comprehensive (loss)/income for the period		(28,840)	3,989	2,578


Basic earnings per share (pence)	5	(10.0)p	1.4p	0.8p
Diluted earnings per share (pence)	5	(10.0)p	1.3p	0.8p

Unaudited condensed consolidated statement of financial position

as at 30 June 2025

		Unaudited 30 June 2025 £'000	Unaudited 30 June 2024 £'000	Audited 31 December 2024 £'000
	Note
Assets

Goodwill		13,359	13,359	13,359
Acquired and other intangible assets		4,675	5,276	4,850
Property, plant and equipment		4,968	4,828	5,177
Right-of-use assets		1,625	1,772	1,657
Deferred tax assets		172	5,884	410
Other receivables	6	512	969	543
Long-term financial assets		396	-	396
Non-current assets		25,707	32,088	26,392

Inventories		7,272	7,987	7,205
Trade and other receivables	6	9,385	9,150	14,610
Cash and cash equivalents	7	96,699	94,760	95,730
Current assets		113,356	111,897	117,545

Total assets		139,063	143,985	143,937

Liabilities

Lease liabilities		303	304	294
Trade and other payables	8	7,678	6,347	5,852
Provisions	9	42,650	1,877	6,818
Current liabilities		50,631	8,528	12,964
Net current assets		62,725	103,369	104,581

Lease liabilities		1,474	1,573	1,491
Deferred tax liabilities		1,247	260	1,281
Trade and other payables	8	822	173	80
Non-current liabilities		3,543	2,006	2,852

Total liabilities		54,174	10,534	15,816

Net assets		84,889	133,451	128,121

Equity

Share capital	10	2,986	2,907	2,986
Share premium		39,095	39,095	39,095
Own Shares		(13,085)	(5,785)	(10,101)
Other reserves		(97)	(197)	(93)
Retained earnings		55,990	97,431	96,234
Total equity		84,889	133,451	128,121

Unaudited condensed consolidated statement of changes in equity

for the six months ended 30 June 2025

	Share capital £'000	Share premium £'000	Own Shares £'000	Other reserves £'000	Retained earnings £'000	Total equity £'000

Balance at 1 January 2024	2,907	39,095	(4,276)	(249)	83,964	121,441
Profit for the year	-	-	-	-	2,422	2,422
Other comprehensive income for the year	-	-	-	156	-	156
Total comprehensive income for the year	-	-	-	156	2,422	2,578

Share-based payments	-	-	-	-	9,599	9,599
Deferred tax on share-based payments	-	-	-	-	249	249
Issue of shares, net of share issue costs	79	-	-	-	-	79
Movement of shares in the EBT	-	-	(3,591)	-	-	(3,591)
Share buyback programme	-	-	(2,234)	-	-	(2,234)
Balance at 31 December 2024	2,986	39,095	(10,101)	(93)	96,234	128,121


Balance at 1 January 2024	2,907	39,095	(4,276)	(249)	88,257	125,734
Profit for the period	-	-	-	-	3,937	3,937
Other comprehensive income for the period	-	-	-	52	-	52
Total comprehensive income for the period	-	-	-	52	3,937	3,989

Share-based payments	-	-	-	-	5,720	5,720
Deferred tax on share-based payments	-	-	-	-	(483)	(483)
Issue of shares, net of share issue costs	-	-	(1,509)	-	-	(1,509)
Balance at 30 June 2024	2,907	39,095	(5,785)	(197)	97,431	133,451

Balance at 1 January 2025	2,986	39,095	(10,101)	(93)	96,234	128,121
Loss for the period	-	-	-	-	(28,836)	(28,836)
Other comprehensive expense for the period	-	-	-	(4)	-	(4)
Total comprehensive income for the period	-	-	-	(4)	(28,836)	(28,840)

Share-based payments	-	-	-	-	(11,170)	(11,170)
Deferred tax on share-based payments	-	-	-	-	(238)	(238)
Share buyback programme	-	-	(2,984)	-	-	(2,984)
Balance at 30 June 2025	2,986	39,095	(13,085)	(97)	55,990	84,889

Unaudited condensed consolidated statement of cash flows

for the six months ended 30 June 2025

		Unaudited six months ended 30 June 2025 £'000	Unaudited six months ended 30 June 2024 £'000	Audited Year ended 31 December 2024 £'000
	Note

Cash flows from operating activities

(Loss)/profit before tax		(25,711)	4,043	5,450

Adjustments for:

Depreciation of property, plant and equipment		2,192	2,099	4,234
Depreciation of right-of-use assets		131	117	244
Amortisation of intangible assets		899	851	1,803
Share-based payments (credit)/expense	11	(11,170)	5,720	9,599
Finance income		(1,488)	(1,703)	(3,485)
Finance expenses		63	71	255

Changes in:

Inventories		(67)	(781)	1
Trade and other receivables		5,256	(1,264)	(4,549)
Trade and other payables		1,431	798	705
Provisions		35,832	1,213	6,154
Cash generated from operating activities		7,368	11,164	20,411
Taxes paid		(1,985)	(1,635)	(3,656)
Net cash flows from operating activities		5,383	9,529	16,755

Cash flows from investing activities

Purchase of property, plant and equipment		(33)	(86)	(153)
Own work capitalised		(1,946)	(1,915)	(4,336)
Capitalised development costs		(566)	(458)	(985)
Purchase of intangible assets		(159)	-	-
Interest received		1,488	1,703	3,485
Purchase of long-term financial assets		-	-	(396)
Net cash used in investing activities		(1,216)	(756)	(2,385)

Cash flows from financing activities

Purchase of own shares		-	(1,509)	(3,591)
Repayment of lease liabilities		(167)	(142)	(306)
Interest paid		(4)	(11)	(135)
Treasury shares purchased via share buyback scheme		(2,984)	-	(2,234)
Cash flows from financing activities		(3,155)	(1,662)	(6,266)

		1,102
Net increase in cash and cash equivalents		1,012	7,111	8,104
Cash and cash equivalents at the beginning of the period		95,730	87,729	87,729
Effect of exchange rate changes on cash and cash equivalents		(43)	(80)	(103)
Cash and cash equivalents at the end of the period	7	96,699	94,760	95,730

Notes to the unaudited condensed interim consolidated financial statements

For the six months ended 30 June 2025

1. General information and basis of preparation

Big Technologies PLC is a public limited company incorporated in the United Kingdom, listed on the Alternative Investment Market ('AIM') of the London Stock Exchange. The Company is domiciled in the United Kingdom and its registered office is Talbot House, 17 Church Street, Rickmansworth, WD3 1DE. The unaudited interim consolidated financial statements comprise the Company and its subsidiaries (together referred to as the 'Group').

The principal activity of the Group is the development and delivery of remote monitoring technologies and services to a range of domestic and international customers.

The Directors confirm that, to the best of their knowledge, the interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the United Kingdom and the AIM Rules for Companies, and that the interim report includes a fair review of the information required.

The condensed interim financial statements should be read in conjunction with the Group's latest annual consolidated financial statements, for the year ended 31 December 2024.

These interim financial statements do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statements.

The financial information provided for the six-month period ended 30 June 2025 is unaudited, however, the same accounting policies, presentation and methods of computation have been followed in these interim financial statements as those which were applied in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2024.

These condensed consolidated interim financial statements for the six months ended 30 June 2025 do not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the most recent statutory accounts for the year ended 31 December 2024 has been delivered to the Registrar of Companies. The auditor's report on these accounts was unqualified and did not contain a statement under section 498 of the Companies Act 2006.

These interim financial statements were authorised for issue by the Company's board of directors on 29 September 2025.

1.1 Going concern

The Directors have, at the time of approving these interim financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in operation for the foreseeable future. The Group's forecasts and projections, taking into account reasonable possible changes in trading performance, show that the Group has sufficient financial resources, together with assets that are expected to generate cash flow in the normal course of business. Accordingly, the Directors have adopted the going concern basis in preparing these interim financial statements.

2. Segment reporting

The Group derives revenue from the delivery of remote monitoring technologies and services to a range of domestic and international customers. The income streams are all derived from the utilisation of these products which, in all aspects except details of revenue, are reviewed and managed together within the Group and as such are considered to be the only segment. The Group operates across three regions: Europe, Asia Pacific and the Americas, and the Board of Directors monitors revenue on this basis.

Revenue for each of the geographical areas is as follows:

	Unaudited H1 2025 £'000	Unaudited H1 2024 £'000	Audited FY 2024 £'000

Europe	4,063	3,950	7,409
Asia-Pacific	16,557	15,960	32,618
Americas	4,176	6,574	10,281
	24,796	26,484	50,308

Assets and liabilities by segment are not regularly reviewed by the Board of Directors on a monthly basis and, therefore, are not used as a key decision-making tool and are not disclosed here.

Revenues are disaggregated as follows:

	Unaudited H1 2025 £'000	Unaudited H1 2024 £'000	Audited FY 2024 £'000

Sales of goods	41	67	119
Delivery of services	24,755	26,417	50,189
	24,796	26,484	50,308

The nature of the Group's operations mean that recorded financial performance is not seasonal or cyclical in nature. The majority of revenues are derived from delivery of services to customers over time under long-term contracts.

3. Alternative performance measures

These items are included in normal operating costs of the business, but are significant cash and non-cash expenses that are separately disclosed because of their size, nature or incidence. It is the Group's view that excluding them from operating profit gives a better representation of the underlying performance of the business in the period.

	Unaudited H1 2025 £'000	Unaudited H1 2024 £'000	Audited FY 2024 £'000

Amortisation of acquired intangibles	233	234	468
Legal and other litigation-related costs	42,559	3,097	9,021
Foreign exchange loss on repatriation	3,996	-	-
Other exceptional costs	671	-	-
Acquisition related costs	358	-	864
Employer's National Insurance refund	-	-	(1,076)
Total adjusting operating items	47,817	3,331	9,277
Share-based payments (credit)/expense	(11,162)	5,738	9,692
Total adjusting items and share-based payments before tax	36,655	9,069	18,969
Tax effect of adjusting items and share-based payments	1,429	(1,099)	(1,516)
Total adjusting items and share-based payments after tax	38,084	7,970	17,453

Share-based payments expense

These costs are excluded from the adjusted results of the Group since the costs are non-cash charges arising from recognition of the fair value of share options and other share-based incentives granted to employees of the Group. As such, they are not considered reflective of the core trading performance of the Group.

Amortisation of acquired intangibles

These costs are excluded from the adjusted results of the Group since the costs are non-cash charges arising from investment activities. As such, they are not considered reflective of the core trading performance of the Group.

Legal and other litigation-related costs

These costs are excluded from the adjusted results of the Group since the costs are not considered reflective of the core trading performance of the Group. Further details in relation to the ongoing litigation can be found in Notes 9, 14 and 16.

Foreign exchange on repatriation

The Group held a significant cash balance in US Dollars at 31 December 2024 in anticipation of a potential US acquisition in early 2025. With the acquisition not proceeding, the cash has now been repatriated. As such, they are not considered to be a component of the core trading performance of the Group.

Other exceptional costs

These costs, which are related to the impact of Sara Murray's departure, are excluded as they do not relate to the core trading performance of the Group.

Acquisition-related costs

These costs relate to the due diligence exploring possible value-enhancing opportunities and are excluded from the adjusted results of the Group since the costs are not considered reflected of the core trading performance of the Group.

Employer's National Insurance refund

A reversal of the previously adopted tax treatment of a share warrant exercised during 2021, which is no longer considered to be an employment-related security.

4. Taxation

Current tax is charged at 25% for the period, representing the best estimate of the average annual effective current tax rate expected to apply for the full year, applied to the pre-tax income for the current period. An exception has been made for the increase in legal provision, for which the full tax impact has been recognised in H1 2025, to match the recognition of the provision, rather than being pro-rated across the year.

Deferred tax recognised in the period relates to share-based payments, acquired intangible assets and fixed asset timing differences.

The Group continues to assess the tax impact, if any, in relation to ongoing litigation proceedings referred to in Notes 9, 14 and 16.

	Unaudited H1 2025 £'000	Unaudited H1 2024 £'000	Audited FY 2024 £'000
Current tax
For the financial period	3,163	1,205	1,515
Adjustments in respect of prior periods	-	-	961
	3,163	1,205	2,476
Deferred tax
Origination and reversal of temporary timing differences	58	(44)	52
Related to share-based payments	(20)	(1,055)	495
Adjustments in respect of prior years	-	-	5
	(38)	(1,099)	552

Total taxation	3,125	106	3,028

In addition to taxation recognised in the consolidated income statement, the following amounts relating to tax have been recognised directly in equity:

	Unaudited H1 2025 £'000	Unaudited H1 2024 £'000	Audited FY 2024 £'000
Deferred tax
Related to share-based payments	(238)	(483)	249
Total taxation recognised directly in equity	(238)	(483)	249

5. (Loss)/earnings per share

The calculation of the basic and diluted earnings per share is based on the following data:

			Unaudited H1 2025 £'000			Unaudited H1 2024 £'000		Audited FY 2024 £'000

(Loss)/profit for the purpose of basic and diluted earnings per share being net profit attributable to equity holders of the parent			(28,836)			3,937		2,422

Adjustments for:
Adjusting items			47,817			3,331		9,277
Share-based payments (credit)/expense			(11,162)			5,738		9,692
Tax effect of adjusting items and share-based payments			1,429			(1,099)		(1,516)

Adjusted earnings			9,248			11,907		19,875

	Unaudited H1 2025 No. shares			Unaudited H1 2024 No. shares			Audited FY 2024 No. shares

Weighted average number of ordinary shares	298,568,721			290,650,082			293,787,248
Less own shares held (weighted average)	(9,201,223)			(3,462,221)			(4,390,189)
Weighted average number of Ordinary shares for the purpose of basic earnings per share	289,367,498			287,187,861			289,397,059
Effect of dilutive potential Ordinary shares/share options	-			18,465,044			15,126,768

Weighted average number of Ordinary shares for the purpose of diluted earnings per share	289,367,498			305,652,905			304,523,827

Effect of dilutive potential Ordinary shares/share options for the purpose of calculating adjusted diluted earnings per share	3,528,264			-			-

Weighted average number of Ordinary shares for the purpose of adjusted diluted earnings per share	292,895,762			305,652,905			304,523,827

Basic earnings per share		Unaudited H1 2025 Pence			Unaudited H1 2024 Pence		Audited FY 2024 Pence

Basic earnings per share		(10.0)			1.4		0.8
Adjustments for:
Adjusting items		16.5			1.1		3.2
Share-based payments expense		(3.8)			2.0		3.3
Tax effect of adjusting items and share-based payments		0.5			(0.4)		(0.5)
Adjusted basic earnings per share		3.2			4.1		6.8

Diluted earnings per share		Unaudited H1 2025 Pence			Unaudited H1 2024 Pence		Audited FY 2024 Pence


Diluted earnings per share		(10.0)			1.3		0.8
Adjustments for:
Adjusting items		16.4			1.1		3.0
Share-based payments expense		(3.8)			1.9		3.2
Tax effect of adjusting items and share-based payments		0.5			(0.4)		(0.5)
Adjusted diluted earnings per share		3.1			3.9		6.5

The adjusted earnings per share has been calculated on the basis of profit before adjusting items and share-based payments, net of tax. The Directors consider that this calculation gives a better understanding of the Group's earnings per share in the current and prior periods.

6. Trade and other receivables

	Unaudited H1 2025 £'000	Unaudited H1 2024 £'000	Audited FY 2024 £'000

Trade receivables - net	6,395	5,841	6,596
Corporation tax receivable	669	-	1,850
Other taxation and social security	1,470	886	4,741
Prepayments	435	293	366
Other receivables	928	1,432	1,600
Directors' loans	-	1,667	-
	9,897	10,119	15,153
Due for settlement within 12 months	9,385	9,150	14,610
Due for settlement after 12 months	512	969	543
	9,897	10,119	15,153

7. Cash and cash equivalents

The carrying amounts of the cash and cash equivalents are denominated in the following currencies:

	Unaudited H1 2025 £'000	Unaudited H1 2024 £'000	Audited FY 2024 £'000

Pounds Sterling	73,068	47,705	29
US Dollar	2,147	9,736	77,791
Australian Dollar	10,582	21,097	8,790
New Zealand Dollar	8,918	14,113	8,394
Colombian Peso	84	1,017	230
Euro	1,421	252	88
Canadian Dollar	175	604	32
Other	304	236	376
	96,699	94,760	95,730

At 31 December 2024, the Group held a significant cash balance in US Dollars in anticipation of a potential US acquisition in early 2025. With the acquisition not proceeding, the cash has now been repatriated.

Net cash

Net cash comprises cash and cash equivalents and lease liabilities.

	Unaudited H1 2025 £'000	Unaudited H1 2024 £'000	Audited FY 2024 £'000

Cash and cash equivalents	96,699	94,760	95,730
Lease liabilities	(1,777)	(1,877)	(1,785)
	94,922	92,883	93,945

8. Trade and other payables

	Unaudited H1 2025 £'000	Unaudited H1 2024 £'000	Audited FY 2024 £'000

Trade payables	1,728	2,120	1,768
Accruals	3,302	1,670	1,157
Other payables	964	1,269	1,358
Other taxation and social security	506	501	582
Contract liabilities	2,000	960	1,067
	8,500	6,520	5,932
Due for settlement within 12 months	7,678	6,347	5,852
Due for settlement after 12 months	822	173	80
	8,500	6,520	5,932

9. Provisions

The movements were as follows:

	Unaudited H1 2025 £'000	Unaudited H1 2024 £'000	Audited FY 2024 £'000

At the start of the period	6,818	664	664
Charged/(credited) to profit or loss	42,559	1,600	6,818
Utilised	(6,727)	(387)	(664)
At the end of the period	42,650	1,877	6,818

Litigation outside the ordinary course of business

For details of the latest status of ongoing litigation outside the ordinary course of business, see Note 16.

The Buddi Litigation

The Group continues to incur legal fees to defend the Buddi Litigation. The Group has made a provision for estimated legal fees to be incurred to settle the Buddi Litigation, which remains the Group's preferred method of resolving these proceedings and which the Group intends to continue working towards. Total legal fees provided for at 30 June 2025 in relation to the Buddi Litigation were £3.4m (H1 2024: £1.6m).

The Group has also provided against an outflow of £35.0m (H1 2024: £nil) in relation to the Buddi Litigation. Including in light of the matters set out in Note 14 below, the Group has considered the Claimants' position as pleaded in the Buddi Litigation in assessing what it currently considers to be the potential financial exposure. Taking into account the possible quantification of liability based on the value of Buddi Limited's shares by reference to (i) a transaction involving those shares which took place in 2019 (which is currently estimated at £15.0m) and (ii) the placement price at IPO (which is currently estimated at £55.0m), a provision has been recognised at the mid-point of the estimated range of those outcomes. The Claimants' quantification of their loss is expected to be significantly higher than the amounts set out above. None of what is set out above should be taken as the Group's acceptance of the quantification of any loss in the Buddi Litigation, which remains entirely reserved. The outcome of the litigation is highly uncertain and any outflow may differ from the current provision. The Group remains committed to pursuing the SM Proceedings to recover any outflow in relation to the Buddi Litigation, whether through litigation or a consensual outcome on acceptable terms.

The SM Proceedings

The Group continues to incur legal fees in relation to the pursuit of the SM Proceedings. The Group has made a provision for estimated legal fees to be incurred to settle the SM Proceedings. Total legal fees provided at 30 June 2025 in relation to the SM proceedings were £4.3m (H1 2024: £nil).

Other ongoing litigation in the ordinary course of business

The Company and its subsidiaries are, from time to time, parties to legal proceedings and claims which arise in the ordinary course of business. The Directors do not anticipate that the outcome of these proceedings and claims will have a material adverse effect on the Group's financial position or on the results of its operations.

10. Share capital

The allotted, called up and fully paid share capital is made up of 298,568,721 ordinary shares of £0.01 each.

Investment in own shares

At 30 June 2025, the Company held in the Employee Benefit Trust 5,439,379 (H1 2024: 3,478,654) of its own shares, with a nominal value of £53,849 (H1 2024: £34,787). The Employee Benefit Trust has waived any entitlement to the receipt of dividends in respect of its holding of the Company's ordinary shares. The market value of these shares at 30 June 2025 was £5,051,077 (H1 2024: £5,409,307). In the current period, nil (H1 2024: 1,500,000) were repurchased and transferred into the Employee Benefit Trust, with 15,000 (H1 2024: 158,650) reissued on exercise of share options.

11. Share-based payments

The Group has a number of equity-settled share-based payment arrangements in operation, the details of which are disclosed in note 24, on pages 99-101 of the 2024 Annual Report and Accounts. The schemes were established to reward and incentivise the senior management team and employees to deliver share price growth. The charge made in respect of share-based payments is as follows:

	Unaudited H1 2025 £'000	Unaudited H1 2024 £'000	Audited FY 2024 £'000

LTIP	61	154	26
Growth Share Plan	(11,231)	5,566	9,573
Share-based payments charge (IFRS 2)	(11,170)	5,720	9,599
Employers' tax charge in relation to share awards	8	18	93
Total (credit)/charge in respect of share-based payments	(11,162)	5,738	9,692

12. Principal risks and uncertainties

The principal risks and uncertainties impacting the Group are described on pages 34-37 of the 2024 Annual Report and Accounts and remain applicable at 30 June 2025.

They include: reliance on key customers, failure to manage growth, change in government policy, failure to develop new products, competitor actions, reliance on third-party technology and communication systems, reputational risk, dependence on partners, loss of key personnel, supply chain, product liability, foreign exchange risk, credit risk, business taxation, bid pricing/key financial terms, cyber security/business interruption, intellectual property/patents and operating in global markets.

Additionally, a further principal risk and uncertainty to the Group includes ongoing litigation outside of the ordinary course of business in relation the Buddi Litigation. Further information in relation to the ongoing litigation can be found in Note 16.

13. Related party transactions

Transactions between the Company and its subsidiaries have been eliminated on consolidation and therefore not disclosed separately.

Other than the remuneration of key management personnel, which comprised the Directors, the Group's other related party transactions were as follows:

£50,000 (H1 2024: £50,000) was paid to TFM Developments Ltd, a company of which Sara Murray is a director. The transaction related to a license fee paid in respect of a patent owned by the company, used by the Group as part of its continuing research and development activities. The facts and circumstances surrounding the intellectual property in relation to the license fee charged by TFM Developments Ltd is subject to ongoing litigation, see Note 16.

£116,000 (H1 2024: £nil) was paid to Brennan and Partners Limited, a company controlled by Alexander Brennan, for additional fees payable to Mr Brennan over and above his normal contracted days for his role as Non-Executive Chair of the Company. The arrangement ceased on 31 May 2025.

The related party transactions for the year ended 31 December 2024 as defined by International Accounting Standard No 24 'Related Party Disclosures' are disclosed in note 25 of the Big Technologies plc Annual Report for the year ended 31 December 2024.

14. Events after the reporting period

On 12 September 2025, the Group announced that certain new information had come to light regarding the conduct of Sara Murray and persons associated with her that have material adverse implications for the Company's position in the Buddi Litigation.

Notwithstanding that the Group continues to defend the Buddi Litigation, the Company has concluded that it and Buddi Limited are now unlikely to be able to successfully defend material elements of the claim in the Buddi Litigation. However, the Claimants' case is still, in the Company's view, flawed and is therefore denied on a number of other bases, including in relation to the extent of the loss of the Claimants and the remedy that may be available to them. There can be no certainty at this stage as to the precise outcome of the Buddi Litigation, however the Company would like to achieve a consensual outcome, if possible on acceptable terms.

The Group remains resolved to recover from Sara Murray and others any liabilities of the Group in relation to the Buddi Litigation.

The new information outlined in the 12 September 2025 announcement has strengthened the Group's position in the SM Proceedings and the Company has provided draft re-amended particulars of claim to the defendants in the SM Proceedings on this basis. The Company has nonetheless offered to Sara Murray and others that the SM Proceedings be addressed through alternative dispute resolution, as an alternative to what will otherwise be protracted litigation.

Following the period end, the Group has incurred £3.1m in legal fees up to 31 August 2025. Of the £3.1m incurred, £1.1m related to the Buddi Litigation and £2.0m related to the SM Proceedings.

15. Reconciliation of alternative performance measures

	Unaudited H1 2025 £'000	Unaudited H1 2024 £'000	Audited FY 2024 £'000

Statutory operating (loss) / profit	(27,136)	2,412	2,220
Amortisation of acquired intangibles	233	234	468
Litigation and associated costs	42,559	3,097	9,021
Foreign exchange loss	3,996	-	-
Other exceptional costs	671	-	-
Acquisition related costs	358	-	864
Employer's National Insurance refund	-	-	(1,076)
Share-based payments (credit)/expense	(11,162)	5,738	9,692
Total adjusting items and share-based payments before tax	36,655	9,069	18,969

Adjusted operating profit	9,519	11,481	21,189

16. Ongoing litigation

Litigation outside the ordinary course of business

The Buddi Litigation

Noting the events after the reporting period set out at Note 14, the Group continues to defend the Buddi Litigation.

On 31 March 2025 the Group announced that, in the context of the Buddi Litigation, Sara Murray had provided untrue information to the Group and its lawyers (and the court in providing statements of truth in filed documents) in relation to her interests in and relationship with, certain former shareholders of Buddi Limited.

Following the emergence of new information after the reporting period referenced in Note 14, the Company has concluded that it and Buddi Limited are now unlikely to be able to successfully defend material elements of the claim in the Buddi Litigation. However, the Claimants' case is still, in the Group's view, flawed and is therefore denied on a number of other bases, including in relation to the extent of the loss of the Claimants and the remedy that may be available to them. There can be no certainty at this stage as to the precise outcome of the Buddi Litigation, however the Group would like to achieve a consensual outcome, if possible on acceptable terms.

The Group remains resolved to recover from Sara Murray and others any liabilities of the Group in relation to the Buddi Litigation.

In the first six months of the year, the Group incurred £1.7m of legal costs (H1 2024: £1.5m) defending the Buddi Litigation.

The SM Proceedings

The Group continues to pursue the SM Proceedings, including in respect of Sara Murray:

- Failing to disclose her interests in, and relationship with, Zinc Limited, Monitoring Partners Limited, RCP Limited and Romelle Limited (the "Disputed Companies") and therefore failing to disclose properly the extent of her interest in the Company at the time of the IPO;

- Providing untrue information to the Group and its lawyers (and the Court in providing statements of truth in filed documents) in the Buddi Litigation, in relation to her interests in and relationships with the Disputed Companies; and

- Improperly diverting or extracting significant sums of money (currently thought to be in excess of £19 million) from the Group to herself or persons connected with her, including the Disputed Companies.

Following the emergence of new information after the reporting period referenced in Note 14, the Group's position has strengthened in the SM Proceedings and the Group has provided draft re-amended particulars of claim to the defendants in the SM Proceedings on this basis. The Company has nonetheless offered to Sara Murray and others that the SM Proceedings be addressed through alternative dispute resolution, as an alternative to what will otherwise be protracted litigation.

In the first half of the year, the Group incurred £5.0m (H1 2024: £nil) of legal costs in respect of pursuing and/or matters associated with the SM Proceedings. The costs incurred in pursuing the SM proceedings are spent to recover losses incurred by the Group, including but not limited to, outflows in respect of the Buddi Litigation, diversion or extraction of the Group's assets, and costs spent in pursuing the litigation.

Undertakings have been provided to the High Court by Sara Murray, TFM Developments Limited and TFM Inventions Limited agreeing not to dissipate assets in relation to the SM Proceedings. Undertakings have also been provided by other current Defendants to the SM Proceedings and/or the trustee of the Murray Trust to the High Court and/or Guernsey Court.

Other ongoing litigation in the ordinary course of business

17. Statement of directors' responsibilities

The Directors confirm that these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the United Kingdom and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

- An indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

- Material related party transactions in the first six months and any material changes in the related party transactions described in the last annual report.

The Directors of Big Technologies plc are listed in the Big Technologies plc Annual Report for 31 December 2024. A list of current directors is maintained on the Big Technologies plc website: https://www.buddi.com/investors/

Copies of this statement are available on the investor relations page of our website (https://www.buddi.com/investors/)

By order of the Board

Mike Johns

Chief Financial Officer

29 September 2025

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