Revenues and profits have dropped at a listed company embroiled in multiple legal battles.
Big Technologies plc, a provider of Buddi electronic monitoring solutions used in prison services around the world, recently accused founder Sara Murray OBE – which it dismissed as CEO earlier this year – of forging documents to enable its 2021 IPO. You can read full details of the accusation here.
She was already embroiled in a £320 million High Court battle with the Rickmansworth-based firm.
Murray responded last week by joining a group of investors in their bid to oust chairman Alexander Brennan, telling BusinessCloud: “Given the damage he has done to the business, this is not a moment too soon.”
This morning it reported its results for the six months ended 30th June 2025. Total group revenues for the period were £24.8m, compared with £26.5m in the previous year. Adjusted EBITDA was £12.5m (H1 2024: £14.3m).
The firm has no debt and net funds of £94.9m, slightly up on last year.
It said contracts with The Northern Ireland Ministry of Justice, Queensland Corrective Services in Australia, and San Mateo County in the USA are 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, it added, while it had renewed a contract with Corrections Victoria.
Murray – who founded and sold comparison website Confused.com earlier in her entrepreneurial career – launched people monitoring specialist Big Technologies, trading as Buddi, in 2005. It provides the Buddi electronic tagging system to the prison service, among other products.
She led a management buyout for £12.3m in 2018 – the circumstances of which are at the centre of further controversy, after five former shareholders in the firm brought legal action against it, claiming they had been forced to sell their holding during the MBO and were therefore denied the opportunity of cashing in from the float.
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In May Big Technologies plc appointed Ian Johnson as CEO and Mike Johns as director and CFO of the company, while interim CEO Daren Moris stood down. Brennan joined as chair in April.
“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,” said Johnson.
“It is pleasing that a recent employee survey showed a positive response to the changes.”
The firm saw its share price drop from 105p to 64p in March. It recovered most of that value but has dropped to 82p following the recent dramatic developments.
It has a market cap of £243m at the time of writing (8.45am).