Big Technologies suspends CEO amid litigation

(Sharecast News) - Big Technologies announced the suspension of its chief executive officer Sara Murray on Tuesday, following concerns about her conduct related to ongoing litigation. The AIM-traded remote monitoring technology company cited recent revelations that prompted further internal investigations.

It said the probe would be led by interim chairman Alexander Brennan.

The litigation in question stemmed from a claim filed in 2023 with the High Court of Justice of England and Wales.

It said the case, brought by former shareholders of Buddi Limited, a subsidiary of Big Technologies, related to its 2018 acquisition.

The company said it was continuing to review its legal position and woul provide updates as necessary.

During Murray's suspension, chief financial officer Daren Morris would assume the role of interim CEO, while chief operating officer Charles Lewinton would support him to maintain operational stability.

Despite the leadership turmoil, Big Technologies reported a strong start to the financial year, with performance aligning with market expectations.

As of February, the company held more than £100m in cash reserves.

Analysts forecast 2024 revenue between £50m and £50.2m, with a consensus of £50.1m, and adjusted EBITDA ranging from £26m to £27.1m, with a consensus of £26.7m.

The company said it was optimistic about its growth trajectory, expecting revenue expansion in 2025, aided by favourable conditions in the electronic monitoring market.

Reporting by Josh White for Sharecast.com