Big Technologies (AIM:BIG), the AIM-listed provider of electronic monitoring solutions known for its Buddi tagging technology, reported revenue of £26.9m for the six months to 30 June, up from £24.8m a year earlier.
On a constant currency basis, revenue grew 6%, while annual recurring revenue rose to £53.2m from £50.9m, a 5% constant currency increase driven by new business across the Americas and EMEA.
Adjusted EBITDA climbed 14% to £14.2m from £12.5m, with gross margins holding at 66.7% against 67.5% in the prior period.
Adjusted free cash flow rose to £9.6m from £6.7m, helped by exceptional legal costs falling to £2.6m from £5.3m as litigation expenses eased.
Cash at bank stood at £67.1m, down from £96.7m a year earlier, after the group paid £33.4m in settlement payments during the period following the £38.5m resolution of the Buddi Litigation in January.
The group continues to pursue the separate SM Proceedings and any related settlement.
Contract wins underpinned the period, including a seven-year deal with Chile's Gendarmerie alongside partner Sonda worth approximately $26m, a three-year Guatemala renewal, and six new US contracts spanning Westchester, California, Ohio, Indiana and a Tennessee statewide renewal.
"The Group's recent successes give us a strong platform from which to win more contracts, deepen our presence in existing markets and convert the significant pipeline of opportunities ahead," said Charles Lewinton, Acting Chief Executive Officer.
The board said it is confident results will come in marginally ahead of 2026 market consensus, which currently forecasts revenue of £51.1m and adjusted EBITDA of £25.3m.
News Intelligence what this means for the company
Big Technologies lifted full-year guidance after H1 adjusted EBITDA grew 14% to £14.2m and adjusted free cash flow nearly doubled to £9.6m, driven by contract wins across the Americas and easing litigation costs. The board now expects 2026 results marginally ahead of consensus (£51.1m revenue, £25.3m adjusted EBITDA), marking a shift from the cautious tone of earlier June guidance when the company was still navigating supply-chain headwinds.
The guidance lift rests on two non-recurring tailwinds: exceptional legal costs fell to £2.6m from £5.3m as the £38.5m Buddi Litigation settled in January, and cash flow benefited from £33.4m in settlement payments flowing through the period. Underlying revenue growth of 6% constant currency and 5% ARR growth are solid but modest; the company must demonstrate that contract momentum (Chile, Guatemala, six US wins) sustains organic growth once litigation costs normalize and the cash-out from settlement concludes.
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