Big Technologies Regulatory News (BIG)

18 March 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 the "Group")

CEO Suspension

Big Technologies plc, the UK-based remote people monitoring technology company, announces that owing to concerns in respect of Sara Murray's conduct which have recently become apparent in connection with the subject matter and conduct of the Litigation (defined below) following proactive steps taken, under the lead of Alexander Brennan, Interim Chairman of Big Technologies, the Company will undertake further investigations. Whilst those investigations are underway the Board has resolved to suspend Sara Murray from her role as Chief Executive Officer with immediate effect.

As previously announced, the Company continues to defend a claim filed with the High Court of Justice of England and Wales in 2023. The claim has been 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 "Litigation"). The Company continues to review its position and to take advice from its Legal Counsel in connection with all aspects of the Litigation and the Board will provide further updates in relation to the Litigation as necessary.

During the period of Sara Murray's suspension, Daren Morris, the current Chief Financial Officer of the Company will assume the role and responsibilities of interim Chief Executive Officer to provide leadership and ensure business continuity.

Charles Lewinton in his role as Chief Operating Officer will continue to work with Daren Morris to ensure operational continuity.

Current Trading and Outlook

The Group has had a positive start to the financial year and continues to perform in line with current market expectations*. The Group had cash balances in excess of £100 million as at the end of February 2025.

As stated in the Trading Update which the Company announced on 28 January 2025, visibility on the base-level of business for 2025 is very good and the Company expects to see growth in the Monthly Recurring Revenue throughout the year, assuming no adverse movements in foreign exchange. Group sales and profitability are still expected to remain in line with current market expectations*, and the start of the current financial year has been positive.

The Group is 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. The electronic monitoring market remains supported by favourable tailwinds and with the Group's clear strategy and market-leading products, the Board remains confident that the Group will return to growth with 2025 Revenues exceeding those achieved in 2024.

* The Company has compiled forecasts from five analysts with current market forecasts for 2024 revenue to be in the range of £50.0 to £50.2m, with a consensus of £50.1m, and for adjusted EBITDA to be in the range of £26.0 to £27.1m, with a consensus of £26.7m.

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