Big Technologies (LSE:BIG), the electronic monitoring technology group, said on 14 September 2026 that its cash stood at £67.1m at 30 June after £33.4m of payments to settle the Buddi litigation. The interim results also showed higher adjusted profit, and the board said it expects the full year to be marginally ahead of market consensus.

Interim results

For the six months to 30 June 2026, Revenue was £26.9m, up 6% at constant currency. Annual Recurring Revenue reached £53.2m, up 5% at constant currency. Adjusted EBITDA rose 14% to £14.2m, and adjusted free Cash Flow was £9.6m, an improvement of £2.9m. Legal fees fell from £5.3m to £2.6m, which contributed to the cash flow improvement. The board said it was confident of results marginally ahead of consensus.

The Buddi litigation

The settlement payments of £33.4m were the largest cash call of the period and explain why the cash balance, though healthy, was lower than it would otherwise have been. The company has continued to issue litigation updates, on 14 September, 12 October and 26 October 2026. The detail of each update is contained in the announcements, and the matter remains one that investors monitor closely.

Trading update and contracts

A trading update and notice of results on 27 July 2026 preceded the interim figures. On 22 September LSE:BIG announced a contract extension, which supports the recurring revenue base that forms the core of the Investment case. Audited results for the year to 31 December 2025 were released on 30 March 2026.

Board changes

The company announced a director retirement and board change on 29 June 2026, following changes announced at the annual meeting on 24 June. A further director change, share issue and director dealing were reported on 31 July, and a PDMR dealing notification followed on 22 October. A holdings notice was filed on 7 September.

What the company does

Big Technologies supplies technology and services for electronic monitoring, including tracking devices and software used by criminal justice and similar agencies. Much of its revenue is recurring, because customers pay for ongoing monitoring services and contracts typically run for several years.

Sector and index context

Governments in several countries have looked to electronic monitoring as an alternative to custody and as a way to supervise offenders in the community, which supports long-term demand. Contract awards depend on public procurement, so timing can be uneven. Big Technologies (LSE:BIG) is a significant member of the FTSE AIM All Share Index, standing out for recurring income and a solid cash position among AIM technology names.

Key risks

Litigation remains a risk until all matters are resolved, and legal costs can affect cash flow. Revenue growth of 6% at constant currency is modest, and currency movements can change reported results. The Business depends on a limited number of government customers, and the loss or non-renewal of a major contract could affect revenue materially. Political and public attitudes towards electronic monitoring can also shape procurement decisions, and competition from other suppliers is intense.

What to watch next

The next major event is the full-year trading update and results, which will test the board's expectation of a marginally ahead outcome. Investors will also follow further litigation announcements, new contract wins and extensions, and how the board deploys its £67.1m of cash, including any decision on Capital returns or acquisitions. Given that adjusted free cash flow was £9.6m for the half and legal fees have fallen, the market will want to see whether the cash conversion improvement is sustained once the settlement payments are behind LSE:BIG. Details of any renewed or extended contracts, like the September extension, will also show how secure the recurring revenue of £53.2m is.