What Big Technologies' Litigation Cost the Company
The 2025 audited results show strong underlying operations — £49.7m revenue and £24.6m adjusted EBITDA — alongside a £23m statutory operating loss driven by a £38.5m settlement provision and £8.1m of legal costs.
- 1.2025 revenue was £49.727m; adjusted EBITDA was £24.6m.
- 2.The statutory operating result moved from a £2.22m profit in 2024 to a £23.015m loss in 2025.
- 3.A £38.5m settlement provision and £8.142m of legal costs drove the loss.
- 4.Adjusted EBITDA and statutory results measure different things.
- 5.All figures are drawn from the 2025 audited results (RNS 5284Y).
Big Technologies' 2025 audited results present a striking contrast between the company's underlying operations and the financial consequences of its litigation. All figures on this page are drawn from the audited results announced on 30 March 2026 (RNS 5284Y).
Adjusted EBITDA vs statutory results
Adjusted EBITDA and statutory operating profit/loss measure different things. Adjusted EBITDA is a non-statutory measure that strips out items such as legal costs, settlement provisions, amortisation and other adjusting items to show underlying trading performance. The statutory operating result includes those items. In 2025, Big Technologies reported £24.6m of adjusted EBITDA but a £23.015m statutory operating loss, because £52.319m of adjusting operating items — including the £38.5m settlement provision and £8.142m of legal costs — were charged in arriving at the statutory result.
Revenue vs legal and settlement costs
2024 → 2025 statutory operating result
Legal costs 2024 / 2025
Legal costs were substantial in both years: £9.021m in 2024 and £8.142m in 2025. The persistence of high legal spend across both years reflects the breadth of litigation the group has been managing.
Despite substantial litigation-related charges, the company's underlying operations continued to generate revenue and adjusted EBITDA. Recording this alongside the adverse developments is part of an accurate picture.
Sources & documents used in this article
- [1] Big Technologies plc, Audited Results for the Year to 31 December 2025 (RNS 5284Y), 30 March 2026
- [2] Big Technologies plc, 2024 Audited Results, 22 May 2025
- [3] Big Technologies plc / FCA NSM, RNS 3223P, 19 January 2026