30 sep 25   big technologies plc - interim results for the 6 months to 30 june 2025 big technologies plc | big | 83.5 -0.80 (-1.0%) | mkt cap: 247.1m    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   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.             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 this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. for further information about how rns and the london stock exchange use the personal data you provide us, please see our privacy policy.   end   ir ppubabupagmb return to news summary

Label: Gestiegen