2023 Resultados preliminares auditados
grandes tecnologías plc
("la Compañía" o "el Grupo")
Anuncio preliminar de los resultados auditados del Grupo para el ejercicio finalizado el 31 de diciembre de 2023
"Continued growth and strong cash generation"
Big Technologies plc (AIM: BIG), la plataforma de tecnología integrada líder para el monitoreo remoto de personas, se complace en anunciar sus resultados auditados preliminares para el año que finalizó el 31 de diciembre de 2023.
£ m (a menos que se indique lo contrario) | auditado 2023 | auditado 2022 |
Ingresos | 55.2 | 50.2 |
Margen bruto (%) | 70.7% | 72.5% |
Beneficio operativo legal | 16.8 | 20.6 |
Beneficio operativo ajustado * | 28.2 | 27.1 |
EBITDA ajustado * | 33.0 | 30.5 |
Margen EBITDA* ajustado (%) | 59.8% | 60.7% |
Efectivo generado por actividades operativas | 31.7 | 25.7 |
El efectivo neto | 85.9 | 66.8 |
Pence | Pence | |
Ganancias por acción diluidas ajustadas* | 8.6p | 8.1p |
Utilidad básica ajustada por acción * | 9.2p | 8.6p |
Utilidad por acción diluida legal | 5.7p | 6.5p |
Utilidad básica legal por acción | 6.1p | 6.9p |
*Before adjusting items and share-based payments
|
Rendimiento financiero
· Double-digit organic revenue growth of 10% driven by both new contract wins and an increase in revenues earned from existing customers;
· Gross margin of 70.7%, a decrease of 180 bps versus prior year as a result of one-off charges for higher inventory provisioning and an impairment loss recognised against other fixed assets;
· Adjusted EBITDA of £33.0 million with adjusted EBITDA margin of 59.8%;
· Cash generated from operating activities of £31.7 million, delivered by the strong trading performance during the year. The Group has a significant net cash balance of £85.9 million at the end of the year underpinning a very strong balance sheet. Net cash is stated after deducting £1.9 million of lease liabilities.
Desempeño operativo y estratégico
· Established an additional office in Latin America to support a new customer in the region;
· Mobilised equipment and a team of people at very short notice to support a new customer in the Asia-Pacific region;
· Significantly expanded business development efforts in the United States, building a new team of sales executives and support staff to drive growth in the country;
· Launched Buddi substance detection technologies and finalised development of our first body-worn alcohol detection technology, the Buddi AlcoTag.
Perspectivas y comercio actual
· The Group has started the new financial year in line with the Board's expectations;
· The Group remains well-positioned with the financial flexibility to invest in new technologies and has a clear strategy for business development and investment in target markets where it is currently under-represented;
· Future prospects remain supported by long-term growth drivers in criminal justice, where electronic monitoring offers a viable alternative to incarceration;
· Despite some short-term headwinds to sales and profits expected in 2024 as a result of the ending of a contract in Colombia, the Group expects to remain highly profitable and cash-generative and there is a solid pipeline of future opportunities. The Board is confident of a return to growth in 2025 and beyond.
Al comentar sobre los resultados, Sara Murray OBE, directora ejecutiva, dijo:
"In difficult market conditions, 2023 has seen the Group deliver a strong performance with continued growth in sales, profits and our cash reserves. We continue to invest in the business and in our market-leading suite of monitoring products and expect to see growth in the coming years. We are obviously disappointed with the outcome in Colombia, with a customer that we have served well for a number of years. We see a pipeline of attractive business opportunities around the globe and will continue to work diligently to grow, and decrease concentration in, our revenue stream."
Para más información, póngase en contacto con:
Grandes tecnologías | +44 (0) 1923 601910 |
Sara murray (Director Ejecutivo) daren morris (Director financiero) | |
Zeus (Asesor Designado y Único Broker) | +44 (0) 2038 295000 |
Dan Bate / Kieran Russell (Banca de inversión) |
La persona responsable de organizar la divulgación de esta información es Daren Morris, director financiero y secretario de la empresa.
revisión del director general
General
I am pleased to report that we have delivered another strong set of results, in line with market expectations for 2023. There was continued growth in revenues, adjusted profits and net cash. This performance shows the strength and resilience of our cash-generative business model against a backdrop of persisting uncertainty in global macroeconomic conditions. I would like to thank our teams across the globe for their contribution to these results and their continued commitment to our strategy of delivering innovative remote people monitoring solutions to improve people's quality of life and make societies safer.
Rendimiento financiero
The Group continued to deliver double-digit organic revenue growth in the year of 10%, to £55.2m (2022: £50.2m). The second half of the year saw revenues increase to £27.9m for the most recent six-month period (H1 2023: £27.3m), reflecting the contribution of new contract wins and an increase in revenues earned from existing customers. The growth in full year revenue was delivered by growth from customers in the criminal justice sector, in particular those in the European and Asia-Pacific regions.
The 2023 year saw the Group maintain consistently strong levels of profitability from the revenue growth demonstrating our scalable operating model. Gross margins fell by 180 bps to 70.7% (2022: 72.5%) as a result of one-off charges in cost of sales for higher inventory provisioning for previous generation components and an impairment loss recognised against other fixed assets held by Buddi Colombia, linked to the ending of a customer contract.
Adjusted EBITDA increased by 8% to £33.0m (2022: £30.5m) with Adjusted EBITDA margin falling slightly by 90bps to 59.8% (2022: 60.7%).
The Group generated £31.7m in cash from operations, with the net cash position at the end of the year being £85.9m, underpinning a very strong balance sheet.
Operaciones y desarrollo de productos.
We continued to increase our international footprint and global presence in the criminal justice sector, with new contract wins and more feet on the ground in new countries, whilst delivering more for existing customers, resulting in increased revenues.
We established an additional office in Latin America to support a new customer, which was won and onboarded during the second half of the year and is now contributing revenue.
We mobilised equipment and a team of people, at very short notice, to support a new customer in the Asia-Pacific region with a critical new programme.
We significantly expanded our business development resources in the United States, building a new team of sales executives and support staff, to enable engagement with new customers in the country. The US market is the largest market in the world for electronic monitoring and we have historically been under-represented locally.
We were disappointed not to be selected by the UK Ministry of Justice for the national contract to supply electronic monitoring services in England and Wales. In this instance, the customer chose to remain with their existing long-term supplier primarily due to up-front cost considerations, despite their admission of over-charging in a previous contract and fine following investigation by the Serious Fraud Office. We will continue to work hard to educate potential customers on the benefits that our leading-edge technology brings.
We remain committed to ensuring that our products maintain their competitive advantage in the criminal justice sector and continue to invest in research and development to support our future product roadmap. This roadmap includes the development of a range of technologies, which meet the growing needs of our current and potential customers. Our recent focus has been in the area of substance detection technologies, as well as improving and extending our range of location solutions. This has enabled us to provide an integrated monitoring offering for our customers and future customers, which meets the majority of their current needs and requirements. We finalised the development of our first real-time alcohol detection technology, the Buddi AlcoTag, which has now entered production and is being offered to priority customers.
Prioridades estratégicas
Big Technologies remains focused on its robust and stable business model, with the Board and senior management team prioritising three key strategic imperatives for the year ahead. These priorities will enable us to deliver long-term value for all our stakeholders.
1) Increase US market presence
We have historically been under-represented in the United States, which is the largest market in the world for electronic monitoring and substance detection technologies. We have significantly expanded our business development efforts in the country, with additional sales executives and support staff in place and a clear strategy to educate customers in the benefits of newer technologies.
2) Launch Buddi substance detection technologies
We have finalised the development of our first body-worn alcohol detection technology, the Buddi AlcoTag, and its supporting software. This solution is now being offered to priority customers. It combines our proven Smart Tag® location and communication technologies with real-time alcohol detection, delivering the world's first combined tag. The subject of a number of patents, it has several advanced features, improving upon industry standard devices, which only provide location or alcohol detection. It is no longer necessary for any individual to wear a tag on each leg, when subject to both alcohol abstinence and location monitoring court orders.
3) Pursue acquisitions and partnerships
We are well positioned, with the financial resources in place, to invest in the right value-enhancing acquisitive growth opportunities. We will continue to actively seek partners in the Americas region, who can help us access these promising markets. We believe that enhancing our local presence, and routes to market, will enable us to scale the business more quickly and provide further efficiency savings to our customers.
Resumen y perspectiva
A contract in Colombia, which has been subject to short-term renewals for a number of years, is expected to end during the first half of 2024. Although we are disappointed with this outcome, we continue to see a strong pipeline of opportunities across our many geographies, which will help to replace this revenue stream in due course. The electronic monitoring market remains supported by favourable tailwinds and a continued global shift towards community-based sentencing.
The Group is well-positioned, with the financial flexibility to invest in new technologies, and has a clear strategy for business development and investment in target markets, where it is currently under-represented. Despite some short-term headwinds to sales and profits in 2024, as a result of the ending of the contract in Colombia, the Group expects to remain highly profitable and cash-generative and we are excited about the pipeline of future opportunities. The Board is confident of a return to growth in 2025 and beyond.
Revisión financiera
Ingresos
Revenue increased by 10% to £55.2m (2022: £50.2m) on an organic basis, driven by both new contract wins and an increase in revenues earned from existing customers. The second half of the year saw revenues increase to £27.9m for the most recent six-month period (H1 2023: £27.3m) with the majority of revenues continuing to be derived from customers in the criminal justice sector, which accounts for more than 98% of reported revenue (2022: 98%).
Revenue growth was driven by the European and Asia-Pacific regions, which grew at 50% and 11% respectively. Growth in Europe was primarily delivered by a new government contract in the UK criminal justice sector awarded in 2022 which increased in volume during the year. The Group's eight-year national monitoring contract with the New Zealand Department of Corrections has now achieved its full run-rate and was a key growth driver in Asia-Pacific. Revenue in the Americas region declined by 4%.
The Group has been impacted by adverse foreign currency movements in the year with sterling strengthening against the US dollar, Australian dollar and New Zealand dollar, the Group's main sales currencies. On a constant currency basis, revenue would have been £1.6m higher than reported if exchange rates had remained the same as the 2022 average. On a constant currency basis, revenue increased by 13% versus last year.
Monthly Recurring Revenue (MRR), which is the exit run rate of monthly recurring revenue in the last month of the financial year, was £4.1m (2022: £4.6m), a decrease of 11% due to the anticipated ending of a contract in South America during the first half of 2024 which has been excluded from the MRR figure. The MRR figure gives the Group visibility over its future revenues derived from its long-term contracts.
Rentabilidad
Gross profit increased by 7% to £39.0m (2022: £36.4m), with gross margin decreasing by 180bps to 70.7% (2022: 72.5%) as a result of one-off charges in cost of sales for higher inventory provisioning for previous generation components (£0.7m) and an impairment loss recognised against other fixed assets held by Buddi Colombia linked to the ending of a customer contract in the country (£0.4m). Gross margin excluding these one-off charges for higher inventory provisioning and impairment of other fixed assets was 72.7%, up 20 bps on 2022.
The Group continues to report high levels of gross profitability due to its scalable operating model, which allows for the deployment of additional electronic monitoring devices to customers with increased efficiency. Gross profits earned on incremental revenues were able to offset increases in labour, freight and manufacturing costs caused by the current inflationary environment.
Adjusted operating profit of £28.2m increased by 4% against 2022, with a decrease in adjusted operating margin to 51.2% (2022: 54.1%). The largest driver for the decrease was a less favourable foreign currency position compared with last year when the Group benefitted from a one-off gain on the revaluation of US Dollar denominated cash deposits. There were also increases in labour costs during the year. Statutory operating profit (which includes adjusting operating items and share-based payments) decreased by 18% to £16.8m (2022: £20.6m).
Adjusted administrative expenses (defined as administrative expenses before share-based payments and amortisation of acquired intangible assets) increased by 17% from £9.3m in 2022 to £10.8m in 2023. The largest driver for the increase was a less favourable foreign currency position compared with last year when the Group benefitted from a one-off gain on the revaluation of US Dollar denominated cash deposits. The benefit from foreign currency movements in 2023 was £0.4m (2022: £1.0m). There were also increases in labour costs during the year. Statutory administrative expenses (which includes adjusting operating items and share-based payments) increased by 41% to £22.2m (2022: £15.8m).
Finance income was £2.7m (2022: £0.4m) and reflects the interest earned by the Group on its significant cash balances held in interest bearing deposit accounts and in money-market instruments. Finance expenses increased slightly during the year due to interest recognised on newly capitalised lease liabilities.
Comparable
Adjusted EBITDA, which provides a more consistent comparison of trading, year-on-year, increased by 8% to £33.0m (2022: £30.5m), with adjusted EBITDA margins falling slightly by 90 bps to 59.8% (2022: 60.7%). Statutory EBITDA (which includes share-based payments) decreased by 10% to £22.0m (2022: £24.4m).
Taxation
The Group's total tax charge for the year (including deferred taxes) was £1.8m (2022: £1.0m), an effective tax rate of 9.2% (2022: 4.9%). The Group's tax and the effective tax rate is affected by a number of factors including the recognition of deferred tax assets in relation to share-based payments and the tax deductibility of exercised employee share awards. The Group also benefits from enhanced capital allowances, allowances for R&D expenditure and the UK Patent Box. The effective tax rate is lower than the current UK corporation tax rate, but is expected to increase in future years. Deferred taxes debited directly in equity totalled £0.4m (2022: £1.6m credit).
Ganancias por acción
Adjusted diluted earnings per share (EPS), which excludes adjusting items and their associated tax effect as well as the dilutive impact of shares issuable in the future, was 8.6p (2022: 8.1p), reflecting the increase in underlying profitability of the Group. Adjusted basic EPS, which excludes adjusting items and their associated tax effect was 9.2p (2022: 8.6p). Diluted EPS, which includes the dilutive impact of shares issuable in the future, was 5.7p (2022: 6.5p). Basic EPS was 6.1p (2022: 6.9p). The dilutive impact of shares issuable in the future relates to the expected settlement of the Group's employee share scheme obligations. Shares held by the Group's Employee Benefit Trust are excluded on a weighted basis from the calculation of EPS.
Generación de efectivo
The Group increased its net cash balances (defined as cash and cash equivalents less lease liabilities) to £85.9m (2022: £66.8m) at 31 December 2023.
The Group delivered strong cash flow from operations (before the payment of taxes) of £31.7m (2022: £25.7m) including a £1.6m (2022: £5.1m) net working capital outflow. The cash conversion rate (defined as percentage of adjusted EBITDA converted to cash from operations) increased from 84.4% to 96.2% of adjusted EBITDA. Taxation payments for the year totalled £3.7m (2022: £1.8m).
Net cash utilised in investing activities of £3.2m (2022: £5.1m) reflects the continued expenditure on electronic monitoring devices, which are manufactured in-house and leased to the Group's customers. The Group continued to invest in research and development activities and also benefitted from increased interest income, reflecting interest earned on its cash balances at improving interest rates.
Net cash used / (generated) from financing activities of £4.5m (2022: £0.3m) reflects the purchase of shares by the Employee Benefit Trust during the year and the repayment of lease liabilities, offset by proceeds received from the exercise of employee share options.
Investigación y desarrollo
Research and development (R&D) activities remain a priority for the Group to ensure its products retain their competitive advantage. Development costs of £1.1m (2022: £1.1m) have been capitalised. Total R&D costs (including those charged as an expense) expressed as a percentage of adjusted administrative expenses stood at 31% (2022: 31%).
Exposición a moneda extranjera
The Group faces currency exposure on its foreign currency transactions and translation exposure in relation to its overseas subsidiaries and foreign currency sales. The Group maintains a natural hedge whenever possible to transactional exposure by matching the cash inflows and outflows in the respective currencies.
Foreign exchange translation has provided a slight headwind for revenue and profit during the year (2022: tailwind), with sterling strengthening against the Group's main sales currencies compared with last year.
Las exposiciones más importantes del Grupo son a dólares estadounidenses, dólares australianos y dólares neozelandeses. La sensibilidad a un debilitamiento/fortalecimiento del 10% de la libra esterlina frente a estas monedas en conjunto (excluyendo los importes mantenidos en el balance) equivale a un aumento (o disminución) del beneficio anualizado de aproximadamente £2.4 millones. La exposición a divisas a plazo del Grupo actualmente no está cubierta.
Medidas de desempeño alternativas
En el análisis del desempeño y la posición financiera del Grupo, los resultados operativos y los flujos de efectivo, se presentan medidas de desempeño alternativas para proporcionar a los lectores información adicional. Las principales medidas presentadas son medidas ajustadas de ganancias que incluyen la ganancia operativa ajustada, el margen operativo ajustado, la ganancia antes de impuestos ajustada, el EBITDA ajustado y las ganancias por acción ajustadas.
The Annual Report includes both statutory and adjusted non-GAAP financial measures, the latter of which the Directors believe better reflect the underlying performance of the business and provide a more meaningful comparison of how the business is managed and measured on a day-to-day basis. The Group's alternative performance measures and KPIs are aligned to the Group's strategy and together are used to measure the performance of the business and form the basis of the performance measures for remuneration. Adjusted results exclude certain items because, if included, these items could distort the understanding of the performance for the year and the comparability between periods.
We provide comparatives alongside all current year figures. The term 'adjusted' is not defined under IFRS and may not be comparable with similarly titled measures used by other companies. All profit and earnings per share figures in this Annual Report relate to underlying business performance (as defined above) unless otherwise stated.
A reconciliation of adjusted measures to statutory measures is provided below:
2023 | 2022 | ||||||
Estatutario | Ajustes | Equilibrado | Estatutario | Ajustes | Equilibrado | ||
Beneficio operativo (£ '000) |
16,813 |
11,436 |
28,249 |
20,590 |
6,524 |
27,114 | |
Margen operativo (%) | 30.4 | 20.8 | 51.2 | 41.0 | 13.1 | 54.1 | |
Gastos administrativos (£ '000) | 22,246 | (11,436) | 10,810 |
15,800 |
(6,524) |
9,276 | |
Beneficio antes de impuestos (miles de libras esterlinas) | 19,374 | 11,436 | 30,810 |
20,995 |
6,524 |
27,519 | |
Taxation (£'000) | 1,792 | 2,392 | 4,184 | 1,033 | 1,641 | 2,674 | |
Beneficio después de impuestos (£'000) | 17,582 | 9,044 | 26,626 | 19,962 | 4,883 | 24,845 | |
EBITDA (£'000) | 22,037 | 10,968 | 33,005 | 24,409 | 6,056 | 30,465 | |
Margen EBITDA (%) | 39.9 | 19.9 | 59.8 | 48.6 | 12.1 | 60.7 | |
Cash generated from operating activities (£'000) | 31,748 | - | 31,748 |
25,725 |
- |
25,725 | |
Utilidad básica por acción (peniques) | 6.1 | 3.1 | 9.2 |
6.9 |
1.7 |
8.6 | |
Ganancias por acción diluidas (peniques) | 5.7 | 2.9 | 8.6 |
6.5 |
1.6 |
8.1 |
Los ajustes comprenden:
2023 | 2022 | |
Amortización de intangibles adquiridos | 468 | 468 |
Total de elementos operativos de ajuste | 468 | 468 |
Gastos de pagos basados en acciones | 10,968 | 6,056 |
Total de partidas de ajuste y pagos basados en acciones antes de impuestos | 11,436 | 6,524 |
Efecto impositivo de partidas de ajuste y pagos basados en acciones | (2,392) | (1,641) |
Total de partidas de ajuste y pagos basados en acciones después de impuestos | 9,044 | 4,883 |
Amortización de intangibles adquiridos
Estos costos están excluidos de los resultados ajustados del Grupo ya que los costos son cargos no monetarios que surgen de las actividades de inversión. Como tales, no se consideran un reflejo del desempeño comercial central del Grupo.
Gastos de pagos basados en acciones
Estos costos se excluyen de los resultados ajustados del Grupo dado que los costos son cargos no monetarios que surgen del reconocimiento del valor razonable de las opciones sobre acciones y otros incentivos basados en acciones otorgados a los empleados del Grupo. Como tales, no se consideran un reflejo del desempeño comercial central del Grupo.
Efecto impositivo de partidas de ajuste y pagos basados en acciones
The tax impact of these adjustments was as follows: amortisation of acquired intangibles of £0.1m (2022: £0.1m) and share-based payments expense of £2.3m (2022: £1.6m).
Puntos destacados del balance
The Group has continued to strengthen its balance sheet during the year with net assets increasing from £102.5m to £125.7m at the 31 December 2023.
Current assets increased by £19.7m to £103.3m, mainly due to a £20.3m increase in cash and cash equivalents driven by the strong underlying trading performance in the year and more favourable working capital movement. Trade and other receivables decreased by £0.9m, driven by a reduction in trade receivables due to quicker cash collection, with debtor days (calculated using annualised December revenue) now at 44 days (2022: 50 days). Inventories increased by £0.4m with the Group holding adequate levels of inventory to support customers during 2024. Some previous generation components in inventory were provided for during the year.
Non-current assets increased by £2.0m to £31.7m, mainly due to increases in property, plant and equipment and deferred tax assets, offset by a reduction in other receivables. Property, plant and equipment increased by £0.8m, due to continued expenditure on electronic monitoring devices to support revenue growth in the year, offset by depreciation and a one-off impairment charge. Deferred tax assets increased by £1.6m, due to the continued recognition of balances related to the share-based payment arrangements through the income statement with a partial reversal in equity. Other receivables decreased by £1.1m.
Current liabilities decreased by £2.1m to £7.1m, mainly due to a decrease in trade payables and contract liabilities. Non-current liabilities increased by £0.6m to £2.1m, mainly due to an increase in lease liabilities as a result of new leases entered into during the year.
Litigación
During the year, legal proceedings have commenced against the Group, with an amended claim being filed with the High Court of Justice in England and Wales in November 2023. As set out within the admission document in July 2021 (the "Admission Document"), a letter of potential claim had been received from a small number of former shareholders of Buddi Limited, one of the subsidiaries of the Group, in respect of the acquisition of Buddi Limited, dating back to May 2018. The Group has taken advice from its lawyers and from King's Counsel and remains of the view that the claim lacks legal and factual merit and intends to defend its position robustly.
Perspectiva financiera
The Group is well-positioned with the financial flexibility to invest in new technologies and has a clear strategy for business development and investment in target markets, where it is currently under-represented. Despite some short-term headwinds to sales and profits in 2024 as a result of the ending of the contract in Colombia, the Group expects to remain highly profitable and cash-generative and we are excited about the pipeline of future opportunities. The Board is confident of a return to growth in 2025 and beyond.
?
Declaración de Responsabilidad de los Consejeros sobre la Memoria y las Cuentas Anuales
La siguiente declaración de responsabilidad se ha preparado en relación con el informe anual completo y las cuentas del Grupo para el año finalizado el 31 de diciembre de 2023. Ciertas partes de la misma no se incluyen en este anuncio preliminar.
Corresponde a los Consejeros la elaboración del Informe Estratégico, el Informe de Gestión, cualquier otra información relativa al mismo y las Cuentas Anuales del Grupo y de la Sociedad Dominante de conformidad con la legislación y normativa aplicable. La ley de sociedades requiere que los Consejeros preparen los estados financieros del Grupo y de la Sociedad Dominante para cada ejercicio. En virtud de esa ley, han elegido preparar los estados financieros del Grupo de acuerdo con las Normas Internacionales de Contabilidad adoptadas en el Reino Unido y la ley aplicable y han elegido preparar los estados financieros de la Compañía Matriz de acuerdo con las Normas de Contabilidad del Reino Unido y la ley aplicable (Práctica Contable Generalmente Aceptada del Reino Unido) . De acuerdo con la ley de sociedades, los directores no deben aprobar los estados financieros a menos que estén convencidos de que ofrecen una imagen fiel de la situación del Grupo y de la sociedad matriz y de sus beneficios o pérdidas para ese año. En la preparación de cada uno de los estados financieros del Grupo y de la Sociedad Dominante, los Administradores están obligados a:
· seleccionar políticas contables adecuadas y aplicarlas de manera coherente;
· hacer juicios y estimaciones contables que sean razonables y prudentes;
· declarar si se han seguido las normas contables aplicables, sujeto a cualquier desviación material revelada y explicada en los estados financieros; y
· preparar los estados financieros sobre la base de negocio en marcha a menos que sea inapropiado suponer que el Grupo y la Sociedad Dominante continuarán en el negocio.
Los directores son responsables de mantener registros contables adecuados que sean suficientes para mostrar y explicar las transacciones de la empresa matriz y divulgar con precisión razonable en cualquier momento la posición financiera de la empresa matriz y permitirles garantizar que los estados financieros cumplan con la Ley de Sociedades de 2006. También son responsables de salvaguardar los activos de la Sociedad Dominante y, por tanto, de tomar las medidas razonables para la prevención y detección de fraudes y otras irregularidades. Son además responsables de asegurar que el Informe Estratégico y el Informe de los Consejeros y demás información incluida en el Informe y las Cuentas Anuales se elabore de conformidad con la legislación aplicable en el Reino Unido. El mantenimiento y la integridad del sitio web de Big Technologies plc es responsabilidad de los Directores; el trabajo realizado por el auditor no implica la consideración de estos asuntos, por lo que el auditor no asume ninguna responsabilidad por los cambios que se hayan podido producir en las cuentas desde su presentación inicial en la página web. La legislación en el Reino Unido que rige la preparación y difusión de las cuentas y la otra información incluida en los Informes Anuales puede diferir de la legislación en otras jurisdicciones.
Esta declaración de responsabilidad fue aprobada por el Consejo de Administración el 25 de marzo de 2024 y está firmada en su nombre por Sara Murray y Daren Morris.
Declaración consolidada de ingreso comprensivo
Por el año terminado el 31 de diciembre de 2023
Note | 2023 000 £ | 2022 000 £ | ||
Ingresos | 2 | 55,223 | 50,164 | |
El costo de ventas | (16,176) | (13,781) | ||
Beneficio bruto | 39,047 |
| 36,383 | |
Gastos administrativos | (22,246) | (15,800) | ||
Otros ingresos operativos | 12 | 7 | ||
Beneficio operativo | 16,813 |
| 20,590 | |
Analizado como: | ||||
EBITDA ajustado | 33,005 | 30,465 | ||
Amortización de intangibles adquiridos | (468) | (468) | ||
Amortización de costos de desarrollo | (921) | (806) | ||
Depreciación | (3,835) | (2,545) | ||
Gastos de pagos basados en acciones | 8 | (10,968) | (6,056) | |
Beneficio operativo | 16,813 |
| 20,590 | |
Ingresos financieros | 2,656 | 449 | ||
Gastos financieros | (95) | (42) | ||
Participación en la pérdida de la empresa conjunta | - | (2) | ||
Beneficio antes de impuestos | 19,374 |
| 20,995 | |
Taxation | 4 | (1,792) | (1,033) | |
Ganancias del año | 17,582 |
| 19,962 | |
Otros (gastos) / ingresos integrales: | ||||
Diferencias de cambio en la conversión de operaciones en el extranjero | (663) | 139 | ||
Resultado integral total del año | 16,919 |
| 20,101 | |
| ||||
| ||||
| ||||
Utilidad básica por acción (peniques) | 6.1p | 6.9p | ||
Ganancias por acción diluidas (peniques) | 5.7p | 6.5p |
Estado consolidado de posición financiera
Al 31 de diciembre de 2023
Note | 2023 000 £ | 2022 000 £ | ||
Activos |
| |||
Goodwill | 13,359 | 13,359 | ||
Adquiridos y otros activos intangibles | 5,668 | 6,000 | ||
Propiedad, planta y equipo. | 4,993 | 4,178 | ||
Activos por derecho de uso | 1,782 | 705 | ||
Activos por impuestos diferidos | 5,310 | 3,725 | ||
Otros ingresos | 583 | 1,684 | ||
Activos no corrientes | 31,695 |
| 29,651 | |
Los inventarios | 7,206 | 6,823 | ||
Cuentas comerciales y otras cuentas por cobrar | 8,328 | 9,222 | ||
Efectivo y equivalentes de efectivo | 6 | 87,729 | 67,474 | |
Activos circulantes | 103,263 |
| 83,519 | |
los activos totales | 134,958 |
| 113,170 | |
Pasivos | ||||
Pasivos por arrendamiento | 274 | 247 | ||
Comerciales y otras cuentas a pagar | 6,146 | 8,153 | ||
Provisiones | 664 | 800 | ||
Pasivo circulante | 7,084 |
| 9,200 | |
Pasivos por arrendamiento | 1,579 | 460 | ||
Pasivos por impuestos diferidos | 302 | 412 | ||
Comerciales y otras cuentas a pagar | 259 | 625 | ||
Pasivos no corrientes | 2,140 |
| 1,497 | |
Pasivos totales | 9,224 |
| 10,697 | |
Activos netos | 125,734 |
| 102,473 | |
Equidad | ||||
Capital social | 7 | 2,907 | 2,904 | |
Compartir premium | 7 | 39,095 | 39,031 | |
Reserva de Fideicomiso de Beneficios para Empleados | (4,276) | - | ||
Otras reservas | (249) | 414 | ||
Ganancias retenidas | 88,257 | 60,124 | ||
Equidad total | 125,734 |
| 102,473 |
Estado de cambios en el patrimonio neto consolidado
Por el año terminado el 31 de diciembre de 2023
Capital social 000 £ | Compartir premium 000 £ | Reserva EBT 000 £ | Otras reservas 000 £ | Ganancias retenidas 000 £ | Total equidad 000 £ | |
Saldo al 1 de enero de 2022 | 2,885 | 38,535 | - | 275 | 32,536 | 74,231 |
Ganancias del año | - | - | - | - | 19,962 | 19,962 |
Otro resultado integral del año | - | - | - | 139 | - | 139 |
Resultado integral total del año | - | - | - | 139 | 19,962 | 20,101 |
Pagos basados en acciones | - | - | - | - | 6,026 | 6,026 |
Impuesto diferido sobre pagos basados en acciones | - | - | - | - | 1,600 | 1,600 |
Emisión de acciones, neto de costos de emisión de acciones | 19 | 496 | - | - | - | 515 |
Saldo al 31 de diciembre de 2022 | 2,904 | 39,031 | - | 414 | 60,124 | 102,473 |
Saldo al 1 de enero de 2023 | 2,904 | 39,031 | - | 414 | 60,124 | 102,473 |
Ganancias del año | - | - | - | - | 17,582 | 17,582 |
Otro resultado integral del año | - | - | - | (663) | - | (663) |
Resultado integral total del año | - | - | - | (663) | 17,582 | 16,919 |
Pagos basados en acciones | - | - | - | - | 10,951 | 10,951 |
Impuesto diferido sobre pagos basados en acciones | - | - | - | - | (400) | (400) |
Emisión de acciones, neto de costos de emisión de acciones | 3 | 64 | - | - | - | 67 |
Compra de acciones por la EBT | - | - | (4,276) | - | - | (4,276) |
Saldo al 31 de diciembre de 2023 | 2,907 | 39,095 | (4,276) | (249) | 88,257 | 125,734 |
Estado de flujos de efectivo consolidado
Por el año terminado el 31 de diciembre de 2023
Note | 2023 000 £ | 2022 000 £ | ||
flujos de efectivo por actividades operacionales |
| |||
Beneficio antes de impuestos | 19,374 |
| 20,995 | |
Ajustes para: | ||||
Depreciación de propiedades, planta y equipo | 3,595 | 2,328 | ||
Depreciación de activos por derecho de uso | 240 | 217 | ||
Amortización de activos intangibles | 1,389 | 1,274 | ||
Impairment charges on property, plant and equipment | 392 | - | ||
Participación en la pérdida de la empresa conjunta | - | 2 | ||
Amortización de inversiones | - | 426 | ||
Gastos de pagos basados en acciones | 8 | 10,951 | 6,026 | |
Ingresos financieros | (2,656) | (449) | ||
Gastos financieros | 95 | 42 | ||
Cambios en: | ||||
Los inventarios | (383) | (3,744) | ||
Cuentas comerciales y otras cuentas por cobrar | 2,405 | (2,986) | ||
Comerciales y otras cuentas a pagar | (3,518) | 794 | ||
Provisiones | (136) | 800 | ||
Efectivo generado por actividades operativas | 31,748 | 25,725 | ||
Impuestos pagados | (3,739) | (1,801) | ||
Efectivo neto generado por actividades operativas | 28,009 |
| 23,924 | |
Flujos de efectivo de actividades de inversión | ||||
Compra de propiedad, planta y equipo | (508) | (142) | ||
Trabajo propio capitalizado | (4,303) | (4,098) | ||
Costos de desarrollo capitalizados | (1,057) | (1,132) | ||
Interés recibido | 2,569 | 295 | ||
Efectivo neto utilizado en actividades de inversión | (3,299) |
| (5,077) | |
Flujos de efectivo de actividades de financiación | ||||
Producto de la emisión de acciones | 67 | 515 | ||
Compra de acciones propias | (4,276) | - | ||
Reembolso de los pasivos por arrendamiento | (240) | (238) | ||
Pago interesado | (35) | (25) | ||
Efectivo neto (usado) / generado por actividades de financiación | (4,484) |
| 252 | |
Aumento neto de efectivo y equivalentes de efectivo | 20,226 | 19,099 | ||
Efectivo y equivalentes de efectivo al inicio del año | 67,474 | 48,317 | ||
Efectos de los cambios en el tipo de cambio en efectivo y equivalentes de efectivo | 29 | 58 | ||
Efectivo y equivalentes de efectivo al final del año | 6 | 87,729 |
| 67,474 |
Notas a los estados financieros consolidados
Por el año terminado el 31 de diciembre de 2023
1. Información general y base de preparación
Big Technologies plc is a public limited company incorporated in the United Kingdom, listed on the Alternative Investment Market ('AIM') of the London Stock Exchange. The Company is domiciled in the United Kingdom and its registered office is Talbot House, 17 Church Street, Rickmansworth, WD3 1DE. The consolidated financial statements comprise the Company and its subsidiaries (together referred to as the 'Group').
The principal activity of the Group is the development and delivery of remote monitoring technologies and services to a range of domestic and international customers.
The preliminary announcement for the year ended 31 December 2023 has been prepared in accordance with the accounting policies as disclosed in the Group's annual financial statements for the year ended 31 December 2022. Information in this preliminary announcement does not constitute statutory accounts of the Group within the meaning of section 434 of the Companies Act 2006.
The annual financial information presented in this preliminary announcement is based on, and is consistent with, that in the Group's audited financial statements for the year ended 31 December 2023, and those financial statements will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The financial statements of the Group are prepared in accordance with UK-adopted international accounting standards and applicable law. The independent auditors' report on those financial statements is unqualified and does not contain any statement under section 498 (2) or 498 (3) of the Companies Act 2006.
Preocupación continua
Los estados financieros del Grupo han sido preparados sobre la base de negocio en marcha, que contempla la continuidad de la actividad comercial normal y la realización de activos y la liquidación de pasivos en el curso normal de los negocios.
Los Directores han revisado las previsiones para el Grupo para el período hasta el 31 de diciembre de 2026 y tienen una expectativa razonable de que no existen incertidumbres materiales que arrojen dudas significativas sobre la capacidad del Grupo para continuar en funcionamiento durante al menos 12 meses a partir de la fecha de firma. estos estados financieros. En consecuencia, continúan adoptando la base de negocio en marcha en la preparación de los estados financieros consolidados.
Este anuncio preliminar fue aprobado por el Consejo de Administración el 25 de marzo de 2024.
2. Presentación de informes por segmentos
The Group derives revenue from the delivery of remote monitoring technologies and services to a range of domestic and international customers.
The income streams are all derived from the utilisation of these products and services which, in all aspects except details of revenue, are reviewed and managed together within the Group and as such are considered to be the only segment. The Group operates across three regions: Europe, Asia-Pacific and the Americas, and the Board of Directors monitors revenue on this basis.
Los ingresos por cada una de las áreas geográficas son los siguientes:
2023 000 £ |
| 2022 000 £ | |
Europa | 7,555 | 5,048 | |
Asia-Pacífico | 32,289 | 29,165 | |
América | 15,379 | 15,951 | |
55,223 |
| 50,164 |
Assets and liabilities by segment are not regularly reviewed by the Board of Directors on a monthly basis and are not used as key decision-making tools and are therefore not disclosed here.
Los ingresos se desagregan de la siguiente manera:
2023 000 £ |
| 2022 000 £ | |
Venta de bienes | 97 | 97 | |
entrega de servicios | 55,126 | 50,067 | |
55,223 |
| 50,164 |
Información sobre los principales clientes
Three (2022: three) of the Group's customers individually account for more than 10% of total Group revenue. These customers operate in the criminal justice sector and account for 55% (2022: 51%) of total Group revenue.
Obligaciones de desempeño futuro
The amount of a customer contract's transaction price that is allocated to the remaining performance obligations to provide electronic monitoring software, hardware and related support services which has not yet been recognised. Including amounts recognised as contract liabilities and amounts that are contracted but not yet delivered. The transaction price allocated to these performance obligations that are unsatisfied or partially unsatisfied as of 31 December 2023 is £12,166,000 (2022: £14,791,000).
Management expects that £7,791,000 in 2023 (2022: £6,125,000) of the amount allocated to the future performance obligations as of 31 December 2023 will be recognised during 2024. £4,375,000 (2022: £8,666,000) is expected to be recognised as revenue within two to five years. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.
3. Medidas de desempeño alternativas
Estos elementos se incluyen en los costos operativos normales del negocio, pero son gastos significativos en efectivo y no en efectivo que se revelan por separado debido a su tamaño, naturaleza o incidencia. La opinión del Grupo es que excluirlos de la utilidad operativa brinda una mejor representación del desempeño subyacente del negocio en el año.
2023 000 £ |
| 2022 000 £ | |
Amortización de intangibles adquiridos | 468 | 468 | |
Total de elementos operativos de ajuste | 468 |
| 468 |
Gastos de pagos basados en acciones | 10,968 | 6,056 | |
Total de partidas de ajuste y pagos basados en acciones antes de impuestos |
11,436 |
6,524 | |
Efecto impositivo de partidas de ajuste y pagos basados en acciones |
(2,392) |
(1,641) | |
Total de partidas de ajuste y pagos basados en acciones después de impuestos |
9,044 |
|
4,883 |
Amortización de intangibles adquiridos
Estos costos están excluidos de los resultados ajustados del Grupo ya que los costos son cargos no monetarios que surgen de las actividades de inversión. Como tales, no se consideran un reflejo del desempeño comercial central del Grupo.
Gastos de pagos basados en acciones
Estos costos se excluyen de los resultados ajustados del Grupo dado que los costos son cargos no monetarios que surgen del reconocimiento del valor razonable de las opciones sobre acciones y otros incentivos basados en acciones otorgados a los empleados del Grupo. Como tales, no se consideran un reflejo del desempeño comercial central del Grupo.
Efecto impositivo de partidas de ajuste y pagos basados en acciones
The tax impact of these adjustments was as follows: amortisation of acquired intangibles of £110,000 (2022: £89,000) and share-based payments expense of £2,282,000 (2022: £1,552,000).
4. Impuestos
2023 000 £ |
| 2022 000 £ | |
Impuesto corriente |
|
|
|
Para el año fiscal | 3,673 | 2,218 | |
Ajustes con respecto a años anteriores | 217 | (13) | |
3,890 |
| 2,205 | |
Impuesto diferido | |||
Origen y reversión de diferencias temporales temporales | 184 | 389 | |
Ajustes con respecto a años anteriores | - | (9) | |
Relacionado con pagos basados en acciones | (2,282) | (1,552) | |
(2,098) |
| (1,172) | |
|
|
| |
Impuestos totales del año | 1,792 |
| 1,033 |
El impuesto de sociedades del Reino Unido se calcula al 23.5 % (2022: 19.0 %) del beneficio imponible del año. La tributación para otras jurisdicciones se calcula a las tasas vigentes en las respectivas jurisdicciones.
5. Beneficio por acción
El cálculo de la utilidad por acción básica y diluida se basa en los siguientes datos:
| 2023 000 £ |
| 2022 000 £ |
|
|
| |
|
|
|
|
Profit for the purpose of basic and diluted earnings per share |
17,582 |
19,962 | |
Ajustes para: | |||
Ajustar elementos | 468 | 468 | |
Gastos de pagos basados en acciones | 10,968 | 6,056 | |
Efecto impositivo de partidas de ajuste y pagos basados en acciones | (2,392) | (1,641) | |
|
|
| |
Ingresos ajustados | 26,626 |
| 24,845 |
2023 Nº acciones |
| 2022 Nº acciones | ||
|
|
|
| |
Número medio ponderado de acciones ordinarias | 290,531,356 | 289,950,953 | ||
Less shares held by the Employee Benefit Trust (weighted average) | (416,300) | - | ||
Número promedio ponderado de acciones ordinarias a efectos de la utilidad básica por acción | 290,115,056 | 289,950,953 | ||
Efecto del potencial dilutivo Acciones ordinarias/opciones sobre acciones | 19,840,468 |
| 16,800,389 | |
Número promedio ponderado de acciones ordinarias a los efectos de las ganancias por acción diluidas | 309,955,524 |
| 306,751,342 | |
Ganancias básicas por acción | 2023 Pence |
| 2022 Pence | |
|
|
|
| |
Ganancias básicas por acción | 6.1 | 6.9 | ||
Ajustes para: | ||||
Ajustar elementos | 0.2 | 0.2 | ||
Gastos de pagos basados en acciones | 3.8 | 2.1 | ||
Efecto impositivo de partidas de ajuste y pagos basados en acciones | (0.9) | (0.6) | ||
Utilidad básica ajustada por acción | 9.2 |
| 8.6 |
Ganancias diluidas por acción | 2023 Pence |
| 2022 Pence |
|
|
|
|
Ganancias diluidas por acción | 5.7 | 6.5 | |
Ajustes para: | |||
Ajustar elementos | 0.2 | 0.2 | |
Gastos de pagos basados en acciones | 3.5 | 2.0 | |
Efecto impositivo de partidas de ajuste y pagos basados en acciones | (0.8) | (0.6) | |
Ganancias por acción diluidas ajustadas | 8.6 |
| 8.1 |
The adjusted earnings per share have been calculated on the basis of profit before adjusting items and share-based payments, net of tax. The tax effect of adjusting items and share-based payments is equal to the deferred tax charge (or credit) recognised in the consolidated income statement for these items. The Directors consider that this calculation gives a better understanding of the Group's earnings per share in the current and prior year.
6. Efectivo y equivalentes de efectivo
Los valores en libros del efectivo y equivalentes de efectivo están denominados en las siguientes monedas:
2023 000 £ |
| 2022 000 £ | |
Libra esterlina | 53,831 | 58,386 | |
Dólar estadounidense | 6,105 | 3,389 | |
Dólar australiano | 13,760 | 2,480 | |
Dolar de Nueva Zelanda | 11,420 | 2,674 | |
Peso colombiano | 1,627 | 318 | |
Euro | 438 | 20 | |
Dolar canadiense | 342 | 126 | |
Otro | 206 | 81 | |
| 87,729 |
| 67,474 |
£203,000 (2022: £nil) of the Group's cash and cash equivalents are held by the trustees of the Big Technologies PLC Employee Benefit Trust in Pounds Sterling.
El efectivo neto
2023 000 £ |
| 2022 000 £ | |
Efectivo y equivalentes de efectivo | 87,729 | 67,474 | |
Pasivos por arrendamiento | (1,853) | (707) | |
| 85,876 |
| 66,767 |
7. Capital social
El capital social asignado, exigido y totalmente desembolsado está compuesto por 290,650,082 acciones ordinarias de 0.01 libras esterlinas cada una.
Note | Número de acciones | Compartir capital | Compartir producto de más alta calidad. | Total | |
|
| 000 £ | 000 £ | 000 £ | |
Al 1 de enero de 2022 | 288,505,082 | 2,885 | 38,535 | 41,420 | |
Emisión de acciones | (I) | 1,895,000 | 19 | 496 | 515 |
Al 31 de diciembre de 2022 |
| 290,400,082 | 2,904 | 39,031 | 41,935 |
Emisión de acciones | (Ii) | 250,000 | 3 | 64 | 67 |
Al 31 de diciembre de 2023 | 290,650,082 | 2,907 | 39,095 | 42,002 |
(i) During 2022, 1,795,000 EMI share options and 100,000 non-EMI share options were exercised into shares with a nominal value of £0.01 each for £0.27 and £0.34 respectively.
(ii) During 2023, 250,000 EMI share options were exercised into shares with a nominal value of £0.01 each for £0.27.
8. Pagos basados en acciones
The Group has a number of equity-settled share-based payment arrangements in operation, the details of which are disclosed in the 2023 Annual Report. The schemes were established to reward and incentivise the senior management team and employees to deliver share price growth.
El cargo realizado con respecto a los pagos basados en acciones es el siguiente:
| 2023 000 £ |
| 2022 000 £ |
|
|
| |
Plan No-EMI (Presidente) | 51 | 112 | |
LTIP | 267 | 145 | |
Plan de acciones de crecimiento | 10,633 | 5,769 | |
Share-based payments expense (IFRS 2 charge) | 10,951 |
| 6,026 |
Carga fiscal de los empresarios en relación con las adjudicaciones de acciones | 17 |
|
30 |
Cargo total con respecto a los pagos basados en acciones |
10,968 |
|
6,056 |
9. Principales riesgos e incertidumbres
The principal risks and uncertainties impacting the Group are described in the 2023 Annual Report. They include: reliance on key customers, failure to manage growth, change in government policy, failure to develop new products, competitor actions, reliance on third-party technology and communication systems, reputational risk, dependence on partners, loss of key personnel, supply chain, product liability, foreign exchange risk, credit risk, business taxation, bid pricing, cyber security/business interruption, intellectual property/patents and operating in global markets.
10. Transacciones con partes relacionadas
Las transacciones entre la Compañía y sus subsidiarias, que son partes relacionadas, han sido eliminadas en la consolidación y no se revelan en esta sección de las notas.
The Group's other related party transactions were the remuneration of key management personnel. Details of Directors' remuneration for the year are provided in the Remuneration Committee Report in the 2023 Annual Report.
In addition to these transactions, £100,000 (2022: £100,000) was paid to TFM Developments Ltd, a company of which Sara Murray is a director. The transaction relates to a licence fee paid in respect of a patent owned by the company used by the Group as part of its continuing research and development activities.
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