Eagle Eye Sol Gp PLC - Trading Update
("Eagle Eye", the "Group", or the "Company")
Full Year Trading Update
Strong trading performance, successful international expansion and continued
innovation combined with business resilience
Eagle Eye, a leading SaaS technology company that creates digital connections enabling personalised, real-time marketing through coupons, loyalty, apps, subscriptions and gift services, today provides an update on trading for the year ended
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Recurring revenue (subscription fees and transactions)
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Net cash/ (debt) at 30 June
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· Win and rapid deployment for flagship client,
· Successful launch of The Warehouse Group in
· Contract extensions with Sainsbury's and ASDA in the
· Board confident in the long-term growth opportunity for Eagle Eye
Despite the challenges of operating in a global pandemic, the Group has shown its resilience, agility, and innovation to adapt to the new operational environment. The Group has continued to deliver for its major clients, win new business both domestically and internationally, and innovate the product as the need for digital engagement accelerates for retailers. The strong performance by the Group is demonstrated by its 21% revenue growth, significant improvement in adjusted EBITDA1 to
Revenue increased to
Growth in revenues combined with a continued focus on managing the cost base and releasing investment into the business in line with revenue growth, has resulted in a significant improvement at the adjusted EBITDA level. The Group generated adjusted EBITDA1 of
The Group delivered a significantly improved cash performance in the year, driven by both the increase in adjusted EBITDA1 and cash management measures implemented in response to COVID-19. The Group closed the year with a net cash position of
The Group continues to have sufficient headroom within its
We are pleased to report on a positive close to the year, with major customer engagements progressing well and to plan.
International customers go-live
Since the signing of a 5 year contract with
The Warehouse Group, one of the largest retailing groups in
Supporting brands and outlets through the COVID-19 lock-down
The Group has cemented its relevance and innovation by launching initiatives to support our clients in the face of COVID-19. We launched a Text and Trace service within hours of the government announcing the need for hospitality operators to collect guest contact details, which is now live in over 3,000 locations. In addition, we donated the AIR platform to power the
With high levels of recurring revenue, a growing customer base, a well-managed cost base and increased adjusted EBITDA1, the Board is confident in the ongoing resilience of Eagle Eye.
The COVID-19 pandemic continues to impact mainly non-grocery clients, which currently represent approximately 10% of Group revenues on a monthly basis, although we are now starting to see a recovery in F&B issuances as
In the year ahead, we will invest in product development, sales and marketing, and in new geographies to capitalise on the momentum being achieved in the US and
The Board, therefore, continues to be confident in the long-term growth opportunity for Eagle Eye.
"The pandemic has highlighted the need for retailers to digitally engage with their customers in a new world where social distancing is the norm and we believe will cause an acceleration of the digital transformation of loyalty, promotion, and gift markets over the longer-term. With flagship US and Australasian clients now gone live, an expanding partner network providing us with an enhanced offering and an increasingly powerful platform, we believe we are well positioned to support the digital transformation of retail marketing."
All financials based on unaudited figures.
1Adjusted EBITDA excludes share-based payment charges along with depreciation, amortisation, interest and tax from the measure of profit.
For further information, please contact:
Tim Mason, Chief Executive Officer
Lucy Sharman-Munday, Chief Financial Officer
Tel: 0844 824 3686
Investec (Nominated Advisor and Joint Broker)
Corporate Finance: David Anderson, Sebastian Lawrence
Corporate Broking: Sara Hale, Toba Fatimilehin
Tel: 020 7597 5970
Corporate Finance: Hugh Morgan, Daniel Bush, Sarah Mather
Corporate Broking: Henry Willcocks
Tel: 020 7408 4090
Caroline Forde, Harriet Jackson, Robyn Fisher
Tel: 020 3405 0205
About Eagle Eye
Eagle Eye is a leading SaaS technology company transforming marketing by creating digital connections that enable personalised performance marketing in real time through coupons, loyalty, apps, subscriptions and gift services.
Eagle Eye AIR enables the secure issuance and redemption of digital offers and rewards at scale, across multiple channels, enabling a single customer view. We create a network between merchants, brands and audiences to enable customer acquisition, interaction and retention at lower cost whilst driving marketing innovation.
The Company's current customer base comprises leading names in
For more information, please visit www.eagleeye.com
This information is provided by RNS, the news service of the
Quick facts: Eagle Eye Solutions Group PLC
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