Big Technologies PLC (AIM:BIG) shares edged 5% higher to 66.29p on Monday after the electronic-monitoring group unveiled a string of new international contract awards and the regulatory approval of a key new product in the US.
The company said it had secured fresh business in Lithuania, Latvia and Pierce County in Washington state, all subject to final contract terms, along with a signed deal in Prince Edward Island, Canada.
These agreements are expected to generate annual recurring revenue through 2026 and help diversify the customer base.
Lithuania is the largest of the wins, with initial annual recurring revenue of £0.6 million and scope for the contract to reach about €6 million over three years.
Big Technologies also announced a strategic partnership between its Buddi unit and Recovery Monitoring Solutions, a long-established US provider of compliance and rehabilitation technologies.
The tie-up will see Buddi supply GPS and alcohol-monitoring products to RMS clients, expanding its reach across the American market.
A newly developed handheld breath-alcohol device, AlcoBreath, has received approval from the US Federal Communications Commission.
The unit combines breath testing with GPS tracking and facial recognition, and the company believes it can tap into growing demand for court- and compliance-based alcohol monitoring in the United States.
Chief executive Ian Johnson said recent wins demonstrated the competitiveness of the group’s technology and that trading remained on track with expectations ahead of January’s full-year update.
In the wake of the update, Panmure Liberum repeated its 'buy' advice and 115p price target. Peel Hunt says 'hold'.