LONDON - Big Technologies (LON:BIGB) plc, a UK-based company specializing in remote people monitoring technology, has announced the suspension of its CEO, Sara Murray. The decision follows concerns related to Murray’s conduct in connection with ongoing litigation, which prompted an internal investigation led by Interim Chairman Alexander Brennan.
The litigation in question involves a claim filed with the High Court of Justice of England and Wales in 2023 by former shareholders of Buddi Limited, a subsidiary of Big Technologies. The claim dates back to the 2018 acquisition of Buddi Limited. The company is currently reviewing its legal position and has stated it will provide updates as necessary.
During Murray’s suspension, Daren Morris, the current Chief Financial Officer, will serve as the interim CEO to ensure leadership continuity. Additionally, Charles Lewinton, as Chief Operating Officer, will support Morris to maintain operational continuity.
Despite the executive upheaval, Big Technologies reported a positive start to the financial year and expects to continue performing in line with market expectations. The company highlighted a strong cash position, with balances exceeding £100 million as of the end of February 2025. Furthermore, the company anticipates growth in Monthly Recurring Revenue throughout the year, assuming stable foreign exchange conditions.
The Group’s strategy includes investing in new technologies and expanding into markets where it is currently underrepresented. With favorable conditions in the electronic monitoring market and a focus on market-leading products, the Board expressed confidence in the company’s growth prospects for 2025, projecting revenues to surpass those of 2024.
Analyst forecasts compiled by the company predict 2024 revenue to range from £50.0 to £50.2 million, with a consensus at £50.1 million, and adjusted EBITDA to be between £26.0 to £27.1 million, with a consensus of £26.7 million.
This article is based on a press release statement from Big Technologies plc.
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