Big Technologies PLC on Friday touted the strength of its product offering, after annual revenue rose marginally compared to market expectations.

The Rickmansworth, England-based people-monitoring technology company expects revenue of £50 million for 2022, up from £37.6 million in 2021.

Adjusted earnings before interest, tax, depreciation and amortisation is expected to be in excess of £30 million, up from £20.6 million the previous year and ‘marginally ahead’ of current market expectations.

Net cash as at December 31 increased to £67.5 million, which Big Technologies said would give the company ‘significant financial flexibility’ to continue to invest in its operations and technology.

Looking ahead, the company expects to deliver further revenue growth as it scales-up business operations into 2023.

‘We are delighted that the business has delivered another year of significant growth, ahead of market expectations. Against a challenging backdrop, characterised by supply chain and economic disruption, this performance is even more pleasing,’ said Chief Executive Officer Sara Murray.

‘The successful implementation of a significant national monitoring contract in New Zealand received positive feedback from the customer. This is a testament to the strength of our technology solutions and the quality and commitment of our people. Market drivers remain strong, with the business well-positioned to maintain delivery of revenue growth in 2023 and beyond.’

Big Technologies will publish its full-year results on March 29.

Big Technologies shares were trading 2.3% higher at 273.10 pence each in London on Friday morning.

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