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By Andrea Figueras
Big Technologies reported an increase in first-half revenue and earnings on the back of new contracts and higher sales from existing customers.
The remote personal-monitoring company on Tuesday posted a pretax profit of 9.05 million pounds ($11.2 million) for the period ended June 30, compared with GBP8.86 million in the year-earlier period.
Revenue grew 19% to GBP27.3 million after the company booked new contracts in the Asia-Pacific region and Europe, which grew 27% and 44% respectively. In the Americas instead, revenue declined 1.7% due to unfavorable exchange rates, the company said.
Adjusted earnings before interest, taxes, depreciation and amortization rose to GBP16.1 million from GBP13.7 million, while the adjusted Ebitda margin decreased by 100 basis points to 59.1% due to foreign currency movements.
Big Technologies said it has a pipeline of new products in the final stages of development that it expects to release to customers during the second half.
For the full year, the company expects revenue of approximately GBP54 million and an adjusted Ebitda margin of around 60%, which it said is at the lower end of current market expectations of adjusted Ebitda between GBP32.7 million and GBP34.7 million.
Write to Andrea Figueras at [email protected]
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