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Big Technologies, the AIM-listed specialist in electronic monitoring for criminal justice and remote care sectors (best known by its brand name Buddi), has reported a 9% revenue decline to £50.3m for the year ended 31st December 2024, down from £55.2m in FY23. The company attributed the drop primarily to the loss of a significant criminal justice contract in Colombia (as we reported at the halfway point – see Big Technologies dips in H1).
Despite the revenue setback, the firm maintained robust profitability with adjusted EBITDA of £27.0m, representing a healthy margin of 53.7%, though down from 59.8% in the previous year. The company strengthened its balance sheet, increasing net cash to £93.9m from £85.9m in FY23.
The results come amidst significant corporate upheaval, with the company dismissing founder and former CEO Sara Murray in March 2025 and subsequently initiating legal proceedings against her. A new executive leadership team is now in place, with Ian Johnson appointed as CEO and Mike Johns as CFO earlier this month.
The company has already shown signs of recovery, reporting 11% underlying revenue growth in Q1 2025 (excluding the Colombia contract), and last month the company secured a 5+3+2 year contract (worth up to £10m) to provide electronic monitoring services to the Department of Justice in Northern Ireland.
Big Technologies’ latest version of its Smart Tag device (v5.1) has now been rolled out across its client base, and its Eagle monitoring system now includes multiple AI features (with work on further analysis and prediction tools ongoing). The company has identified the US market as a significant growth opportunity, which could help offset the revenue lost from Colombia.
Despite the challenges of 2024, Big Technologies remains well-positioned in the electronic monitoring market with strong cash reserves and renewed leadership focus.
Posted by: Craig Wentworth at 09:50
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criminal justice