(Alliance News) - Big Technologies PLC on Tuesday maintained a positive outlook despite posting a drop in its annual profit.
Big Technologies is a Rickmansworth, England-based remote people monitoring technology company.
Revenue rose 10% to GBP55.2 million in 2023 from GBP50.2 million the year before, which Big Technologies attributed to growth from customers in the criminal justice sector, in particular in the European and Asia-Pacific regions.
However, pretax profit dropped 7.6% to GBP19.4 million from GBP21.0 million a year prior, as administrative costs grew 41% to GBP22.2 million from GBP15.8 million the year before.
Looking ahead, Big Technologies said it has started the new financial year in line with its expectations, adding that it remains "well-positioned with the financial flexibility to invest in new technologies and has a clear strategy for business development and investment in target markets where it is currently under-represented."
Commenting on the results, Sara Murray said: "In difficult market conditions, 2023 has seen the group deliver a strong performance with continued growth in sales, profits and our cash reserves. 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. We are obviously disappointed with the outcome in Colombia, with a customer that we have served well for a number of years. We see a pipeline of attractive business opportunities around the globe and will continue to work diligently to grow, and decrease concentration in, our revenue stream."
Shares in Big Technologies fell 1.5% to 127.50 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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Big Technologies (BIG)