Boardroom tensions at Big Technologies have flared once more after mediated settlement discussions with founder Sara Murray ended without any agreement.
The AIM-listed electronic monitoring group confirmed on Monday that legal proceedings against Murray would continue unless fresh talks emerge in the coming months.
Murray, who owns around a quarter of Big Technologies, was removed from the company last year amid accusations of concealing beneficial ownership interests and forging documents tied to a share restructuring before its 2021 flotation.
She has consistently denied the allegations and previously told City AM the company had made “a whole heap of false allegations” against her.
Big Technologies stated that its “preferred outcome” remained a settlement but added that, “in the absence of meaningful settlement discussions”, it would continue to litigate.
The renewed conflict comes just three months after Murray attempted to oust four Big Technologies directors at a heated annual general meeting, where one director was ultimately voted off the board.
At June’s AGM, Murray voted against the re-election of all four directors standing for another term, with three surviving on around 60 per cent shareholder backing, while non-executive director Camilla Macun was removed.
Murray told City AM at the time that the vote showed “huge disquiet” among shareholders and called on the board to change course or face replacement.
Despite the ongoing founder dispute, Big Technologies has separately drawn a line under litigation with former shareholder Buddi, agreeing a £38.5m settlement in January that saw £33.4m paid out during the first half.
That payment helped push the company’s cash position down from £96.7m a year earlier to £67.1m, though exceptional legal cash costs actually fell to £2.6m from £5.3m over the same period.
Away from the legal battles, Big Technologies returned to statutory profit in the first half, reporting an operating profit of £9.1m for the six months to June, reversing a £27.1m loss recorded a year earlier.
Revenue climbed to £26.9m from £24.8m, boosted by new contracts coming online across the Americas and Europe, including a seven-year deal in Chile expected to generate around $26m.
The company also secured new business in Peru, Mexico and six separate contracts in the United States, broadening its international footprint considerably.
Free cash flow rose to £9.6m during the period, up from £6.7m a year earlier, reflecting stronger underlying operational performance across the business.
Acting chief executive Charles Lewinton said Big Technologies was “exceptionally well positioned” to accelerate growth after what he described as “a year of transition”.
The company now expects its full-year performance to come in slightly ahead of analysts’ forecasts, offering investors some reassurance amid the continued legal uncertainty surrounding Murray.