BIG has released another positive update, whereby the company has outperformed expectations and delivered improved growth metrics in FY25 - reflecting renewed impetus and success under current management. Highlighting this, ARR has grown +12% ccy to £52.4m (+5% a/h), driven by notable success in the strategically important Americas market (ARR +25%), while u/l ccy revenue grew 9% to £49.7m (+1% a/h) and EBITDA is £24.7m, +3% better than expected. Looking ahead, we see continued success in FY26 and beyond, as strong execution, best-in-class technology and a growing Criminal Justice market is combining to achieve compounding ARR growth. Meanwhile, we expect investor attitudes to warm to the story, as litigation matters potentially draw to a conclusion. We increase our TP to 110p, while highlight additional upside, should BIG outperform or remaining specific ‘risks’ be addressed.
