(Sharecast News) - Remote people monitoring technology company Big Technologies said in a trading update on Friday that its performance in 2023 was in line with expectations, with revenue set to reach £55m, up from £50.2m in 2022.
The AIM-traded firm said adjusted EBITDA was projected to be £33m, up from £30.5m year-on-year, also in line with current market forecasts.
Looking ahead to 2024, Big Technologies anticipated the end of its contract for electronic monitoring services with a major customer in Colombia during the first half.
The contract had been subject to short-term renewals since September 2021, and to offset potential revenue losses, Big Technologies said it had secured several new contracts in recent times.
In the latter part of 2023, the company said it made significant strides in expanding its business development efforts within the US market, recognised as the world's largest market for electronic monitoring and substance detection.
Although the investment was expected to drive medium-term sales growth, it was also anticipated to temporarily reduce operating profit margins in the US for 2024, until new sales materialise.
Given those developments, Big Technologies said it expected group sales for 2024 to at least match the levels achieved in 2022.
More comprehensive guidance for 2024 would be provided with its results in March.
"In difficult market conditions, 2023 has seen the group deliver a strong performance with continued growth in sales, profits and our cash reserves," said chief executive officer Sara Murray.
"We continue to invest in the business and in our market-leading suite of monitoring products and expect to see growth in the coming years."
Murray said the firm was "obviously disappointed" with the outcome in Colombia, with a customer that it had served for a number of years.
"We see a pipeline of attractive business opportunities around the globe and will continue to work diligently to replace this revenue stream."
At 1110 GMT, shares in Big Technologies were down 23.28% at 99p.
Reporting by Josh White for Sharecast.com.
Big Technologies (BIG)