Big Technologies PLC on Thursday reported double-digit rises in both interim revenue and profit, as it expects its adjusted earnings margin to top current market expectations for 2022.

Shares were up 6.4% at 292.50 pence each on Thursday morning in London.

For the six months that ended on June 30, the UK-based remote people monitoring technology company said revenue rose by 27% to £22.9 million from £18.0 million a year earlier as a result of ‘new contract wins and an increase in business from existing customers’.

Pretax profit increased by 11% to £8.9 million from £8.0 million, despite administrative expenses rising by 53% to £7.5 million from £4.9 million a year ago.

Finance expenses fell 19% to £17.0 million from £21.0 million.

Chief Executive Officer Sara Murray said: ‘I am very pleased with our continued growth in revenue and profit during the first half of the financial year, which clearly illustrates the progress we are making against our strategic objectives.’

Adjusted earnings before interest, tax, depreciation and amortisation grew by 34% to £13.7 million from £10.2 million, with adjusted Ebitda margin increasing to 60.1% from 56.7% a year ago, as a result of increased scale and favourable foreign-exchange movements, the company said.

Looking ahead, Big Technologies expects to deliver a full-year revenue of at least £48.0 million with an adjusted Ebitda margin of in excess of 58%, which is ahead of market expectations. In 2021, revenue was £37.6 million and the adjusted Ebitda margin was 54.7%.

Copyright 2022 Alliance News Limited. All Rights Reserved.